IRIS Accounts Production v24.3.0.553 Other Company accounts True false Pounds 1.3.23 29.2.24 29.2.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071418172023-02-28071418172024-02-29071418172023-03-012024-02-29071418172022-02-28071418172022-03-012023-02-28071418172023-02-2807141817ns0:CharitableCompanyLimitedByGuarantee2023-03-012024-02-2907141817ns15:PoundSterling2023-03-012024-02-2907141817ns11:FRS1022023-03-012024-02-2907141817ns11:IndependentExaminationCharity2023-03-012024-02-2907141817ns11:SmallCompaniesRegimeForAccounts2023-03-012024-02-2907141817ns11:FullAccounts2023-03-012024-02-2907141817ns11:CharitiesSORP2023-03-012024-02-2907141817ns16:EnglandWales2023-03-012024-02-2907141817ns11:RegisteredOffice2023-03-012024-02-2907141817ns0:Trustee22023-03-012024-02-2907141817ns0:Trustee12023-03-012024-02-2907141817ns0:Trustee32023-03-012024-02-2907141817ns0:Trustee42023-03-012024-02-2907141817ns0:Trustee52023-03-012024-02-2907141817ns0:Trustee62023-03-012024-02-2907141817ns0:Trustee72023-03-012024-02-2907141817ns10:WithinOneYear2024-02-2907141817ns10:WithinOneYear2023-02-2807141817ns0:TotalUnrestrictedFunds2024-02-290714181722023-03-012024-02-290714181732023-03-012024-02-29
REGISTERED COMPANY NUMBER: 07141817 (England and Wales)
REGISTERED CHARITY NUMBER: 1137795














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THE BRITISH INSPIRATION TRUST
(A COMPANY LIMITED BY GUARANTEE)

THE BRITISH INSPIRATION TRUST

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Report of the Trustees 1 to 7

Independent Examiner's Report 8

Statement of Financial Activities 9

Balance Sheet 10

Notes to the Financial Statements 11 to 14

THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024



The trustees, who are also the directors for the purposes of company law, present their report with the financial statements of the charity for the year ended 29 February 2024.The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The British Inspiration Trust (BRIT) exists to support and improve the mental health (MH), fitness, and wellbeing, of young adults, students, and staff, throughout the UK. BRIT aspires to be an integral part of sustained change within the Education Sector, and we will continue to act as both an enabler and offer the BRIT Challenge as a catalyst to improve MH, fitness, and wellbeing. BRIT is a collaborative charity and at the heart of all we do is our vision to;

- Improve and support student and staff wellbeing.
- Inspire volunteering and fundraising.
- Destigmatise MH and champion equality, diversity, and inclusion.

We do not employ any staff and rely on gifted support and professional services in order to reduce operational overheads; for example, our home is the University of Chichester for the next four years.

BRIT's uniqueness is our focus on the wellbeing of both students and staff throughout the UK and our determination to support every institution, Students' Union (SU), their communities, and other charities. This approach has been warmly embraced throughout the Higher Education (HE), Tertiary, Further Education (FE), Colleges in Scotland, and Specialist College; Sectors. This has enabled us to forge partnerships/special relationships with a wealth of Agencies/Governing Bodies including;

- NUS (NUS Charity)
- Universities UK (UUK)
- GuildHE
- Independent HE (IHE)
- Association of Colleges (AoC)
- Colleges Scotland
- College Development Network (CDN)
- Colleges Wales
- Natspec - The voice of Specialist Colleges
- AMOSSHE
- NAMSS
- London Higher
- Good For ME Good For FE
- Sixth Form Colleges Association (SFCA)
- Student Minds
- Healthy Universities
- Centres for Excellence in SEND
- Scottish Student Sport (SSS)

THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024



The long-term vision of BRIT is to be a charity that is led, steered, and shaped, by students and staff from the HE, FE, Colleges in Scotland, and Specialist College, Sectors. This is already underway with representatives on our Board of Trustees, the 20 volunteer University Chairs and College Co-Chairs who lead our BRIT Regional Steering Groups, and students and staff who represent their institution on their respective BRIT Steering Group. It remains our intention to invite representatives from Education Sector Agencies and Governing Bodies, and from HE, FE, Colleges in Scotland, Specialist Colleges, and Student Bodies, to join our BRIT Trustees' Board and lead on areas including; Communications; Equality, Diversity, and Inclusion; Safeguarding; and Student Engagement and Enrichment.

Listening to students and staff ensures we understand how best we can support them. Phil, our Founder, has conducted over 900 visits to universities, colleges, specialist colleges, charities, and communities, in every county of the UK including the Isle of Man, Jersey, Guernsey, and Alderney. Visits are also designed to support institutions and SUs and we offer keynote talks on; EDI, MH, Disability Inclusion, Volunteering, Acts of Kindness in the Community, and Resilience; student work placements; and the opportunity for their institution and SU to embrace the BRIT Challenge.

Going forward BRIT intends to implement a BRIT 5-Year Strategic Engagement Strategy (2024 - 2029) to support its vision and achieve its outcomes. This will be worked on throughout 2024 in the hope that the charity will continue to gather momentum and increased support.


THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024


OBJECTIVES AND ACTIVITIES
Significant activities
The overarching strategy was to deliver our inclusive annual BRIT Challenge to support and improve the MH, fitness, and wellbeing, of young adults, students, and staff, throughout the UK.

Every UK university, college, specialist college and SU we have contact with were invited to enter teams in the BRIT Challenge.

With many charities struggling to raise vital funds, as a collaborative charity, BRIT invited every university and college team taking part in the BRIT Challenge to choose a second charity to raise funds for, alongside BRIT, to support local, regional, and national charities. Furthermore, BRIT invited them to choose their own charity or to raise funds solely for BRIT to provide flexible options that empowered students and staff to decide who to raise funds for.

BRIT remains determined to drive change to;

- Improve the wellbeing of students and staff of all abilities.
- Champion inclusion.
- Complement existing University, College, Specialist College, and SU, Health, and Wellbeing Strategies.
- Inspire volunteering and fundraising throughout the UK and assist with social good.

The BRIT Challenge has continued to evolve by listening to, and engaging with, students and staff throughout the UK. By providing flexibility we are enabling every institution and SU to decide;

- When they take part (within the annual two-month BRIT Challenge window).
- What inclusive wellbeing activities they will offer to engage students and staff of all abilities.
- Who (local, regional, and national charities) they raise funds for, alongside BRIT.
- How they can connect with, and contribute to the health, wellbeing, and sustainability, of the wider community (Volunteering and Acts of Kindness in the community).

All our partners agreed that the BRIT 2024 Challenge had a positive impact through UK-wide student and staff participation and increasing awareness of the BRIT Challenge in the HE, FE, and Specialist College, Sectors.

On completion of the BRIT Challenge in 2024, over 130 universities and colleges had taken part; over 530 have now embraced the BRIT Challenge over the past four years.

BRIT will now share the many innovative ways that institutions are participating in order to inspire other universities and colleges to embrace the BRIT Challenge; in 2024 many institutions completed 24 Acts of Kindness in the Community alongside both fundraising activity and engaging students and staff in a wide range of inclusive wellbeing activities.

With so many competing priorities for Vice Chancellors, College Principals, and SU Sabbatical Officers, we have learnt that the BRIT Challenge must have an attractive proposition for Leadership Teams that; has the ability to assist with their MH and Wellbeing Strategies; is an opportunity to measure impact (on both social good and improving student and staff wellbeing and personal development) that can be useful evidence both internally and externally.

Many BRIT Challenge Coordinators have shared that they; struggled to engage key departments; had inadequate resources to implement a whole university or college approach; and felt there are other local/regional health, wellbeing, fundraising, and community initiatives, often led by other departments, that could easily be combined with their BRIT Challenge aims to have a much greater impact.

Since the conclusion of the BRIT 2024 Challenge, all universities, colleges, and SUs, have been thanked for their engagement and support. We have also secured the ongoing support from all our partners or the organisations we have forged special relationships with.

Vice Chancellor, Principal, and SU President, support has proven to be the most effective way of encouraging student and staff participation; especially when they speak on the importance of student and staff MH and wellbeing.


THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024


OBJECTIVES AND ACTIVITIES
Public benefit
BRIT is having a UK-wide impact on; community engagement/social impact; public health; young adult and student mental health, wellbeing, and fitness; helping to destigmatise mental health and; championing equality, diversity and inclusion. Over the past 4 years, over 530 university and college teams have taken part in the annual BRIT Challenges.

Additionally, BRIT have forged strong and strategic special relationships and partnerships with sport and education governing bodies and charities. Our charity is uniting the sectors to improve the MH, fitness, and wellbeing, of young adults, student, and staff; influencing a multi-agency approach to mental health support and provision; and complimenting the mental health and wellbeing strategies of the universities and colleges that we are engaging with.

We are also building a network of hundreds of universities and colleges through their leadership teams, sport, mental health, student services, and wellbeing departments, and also Students' Unions.

Grantmaking
BRIT is not a grant awarding body at this time and has no immediate plans to become one.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
2023/4 was another challenging year going into the planning of the BRIT 2024 Challenge. Pre-BRIT Challenge, Phil, our Founder and Non-Paid CEO spent another 4 months of UK-wide engagement by visiting as many institutions as possible and this culminating in over 130 universities, colleges, and specialist colleges, taking part in the BRIT Challenge in 2024.

BRIT continues to retain partnerships, special relationships, and support, from education sector agencies and governing bodies, charities, voluntary/charitable organisations, education institutions, and inspirational figures. The philosophy of BRIT is to encourage people to gift their time and talents in order to be integral to the success of the charity and to reduce operational overheads.

BRIT is actively supported by a wealth of individuals and organisations that generously give their time without remuneration.

BRIT seeks to provide opportunities for young adults, students, and staff, through their university, college, or specialist college, to work with BRIT and be a part of its vision. This will be achieved through the implementation of our 10 BRIT Steering Groups in the eight regions of England and in Scotland and Wales.

Fundraising activities
Due to the cost of living crisis, universities and colleges have continued to struggle to engage their students and staff in fundraising activity to the level usually seen both pre-pandemic and pre-cost of living crisis. That said, our charity's engagement with universities and colleges has been very positive and with 130 institutions taking part in the BRIT Challenge, we know that our work is supporting and improving the mental health, fitness, and wellbeing, of tens of thousands of students and staff throughout the UK.


THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024


FINANCIAL REVIEW
Financial position
Income for the year was £24,611 and outgoings totalled £2,850, giving a net income of £21,761.

Costs were, once again, kept to a minimum, and we are aware that Phil had previously accrued some travel and accommodation expenses to enable him to visit institutions in order to strengthen and build relationships.

Like previous years, BRIT could not have survived as a charity without Phil's flexibility and generosity to be reimbursed when we are in a healthy position to do so. It is important to state that we have continued to deliver our support to improve the MH, fitness, and wellbeing, of young adults, students, and staff, throughout the UK with minimal funding, by securing gifted professional services and through Phil coordinating and delivering the majority of our charity's responsibilities and roles.

As Chair of Trustees, and with the support of my fellow Trustees, we have supported this decision and the funds owed to Phil will remain a deficit on our charity accounts. The Charity Commission are aware that BRIT have not yet been in a position to reimburse our Founder and will do so when we have sufficient donations to do so.

The amount owed to Phil at the end of this year amounted to £83,080 (2023: £83,080).

It is worthy of note that there is the inclusion of unavoidable monthly and annual operating costs through media platforms and annual licenses that enable the Charity to continue operating from a technology perspective. These costs will continue to be paid for, and donated, by Phil until such time that the Charity is in a healthier position to cover these going forward.

Principal funding sources
As has been reported in previous annual returns, the Charity Commission were made aware that there is a deficit due to funds owed to Phil for expenses accrued pre-COVID-19 pandemic. Sufficient funds have not yet been raised since the pandemic to repay this deficit and Phil has kindly agreed that he is willing to wait until we are in a healthier financial position to do so. This has been agreed by the Board of Trustees.

The lingering impact of the pandemic on fundraising, and more recently, the cost of living crisis throughout this reporting period was unforeseen so it became evident that it will take a considerable time for the charity to be in a healthy financial position to repay Phil. That said, Phil has secured sufficient funding for other operational costs to enable the charity to deliver its annual BRIT Challenge.

Reserves policy
It is the charity's aim to hold a minimum of three months' reserves of running costs. This level would demonstrate financial stability and security to beneficiaries, funders and supporters.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
BRIT is a charitable company limited by guarantee, founded in 2010, launched in 2011.

The Charity is governed by its Memorandum and Articles of Association, incorporated 1st February 2010 and updated and approved by the Charity Commission on the 2nd December 2019. The trustee board presents its annual report and the financial statements, together with the independent examiners' report, for the year ended 29th February 2024.

Recruitment and appointment of new trustees
Trustees are appointed by election at the Annual General Meeting or by invitation as required. All trustees give their time voluntarily and receive no remuneration or other benefits from the charity. The exception is Phil, who is listed as a Trustee but is also the Founder and Non-Paid CEO. Phil does not take a wage but he has accrued expenses from his work to grow the charity and travel throughout the UK to gather momentum, forge relationships and continue to deliver a positive impact.

Trustees are experienced trustees or leaders in their field; however, newly appointed trustees receive briefings and spend additional time with other trustees along with the Non-Paid CEO of the Charity. They receive an induction pack including key policies, guides, financial statements, and strategy.

We have kept our Board of Trustees to a minimum to enable focus on our core activities. It is our intention to expand our Board to be a diverse and experienced team of volunteers who will assist in driving the charity forward to have even greater influence and impact.

THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
BRIT has remained a lean charity and upheld its ethos to operate by securing gifted professional services and voluntary support in order to reduce operational overheads and keep staff costs to a minimum.

It is important to state that BRIT is also a personal journey for its Founder and Non-Paid CEO, Phil Packer MBE. Phil is the driving force behind the charity, single-handedly managing every aspect of the charity and therefore the trustees continue to give Phil the flexibility and support to continue on what continues to be both a physically and psychologically exhausting personal education.

Phil continues to surround our charity with senior advisors, subject matter experts (SMEs) and influential leaders from the sport, education and charity sectors.

BRIT Advisors are voluntary Senior Advisors and Influencers that provide support, introductions and guidance on sector policy issues and strengthening the BRIT strategy. This is all managed by Phil.

This expansive and impressive list of advisors, SMEs and influential leaders is contained on our websites where they are listed, with their photographs and quotes of support or endorsements to champion the work of BRIT.

THE BRIT ETHOS

BRIT is a collaborative organisation that supports and works with other charities. This has always been an integral element to how we work and has resulted in a wealth of successful long-term relationships.

The Founder gifts his time as a Non-Paid CEO to set an example in order to encourage others to volunteer their time and experience, and to encourage businesses to provide gifted professional (Pro Bono) services or donations.

BRIT has not employed anyone during this reporting period.

Operational costs are dramatically reduced by securing gifted professional services, not employing staff and striving to obtain voluntary support. The gifting of time and talents is an integral part of the BRIT ethos.

Risk management
The trustees consider all major risks to which the Charity is exposed and develop systems and procedures to manage them. Risk assessment is conducted on an annual basis and changes to policies and procedures are made per the results at board meetings.

One area of risk that was identified by our trustees was the impact on the charity if something happened to Phil. To proactively reduce this risk, Phil re-wrote his will to reflect that any money owed to him by the charity in the result of his death, would be written off and this would be his gift to the charity. Additionally, Phil has left a considerable amount of money in his will to BRIT to enable the charity to continue to operate.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07141817 (England and Wales)

Registered Charity number
1137795

Registered office
C/o University Of Chichester
College Lane
Chichester
West Sussex
PO19 6PE


THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024


Trustees
A J Burton (resigned 7/5/2024)
A Reynolds - Chair
P M Packer
Ms C F Buckle
Ms A Woodward
I Massa-Harris-Mcfeely
Mrs C Johnson (resigned 7/5/2024)

Independent Examiner
Melanie Welsh FCCA ACA
Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 27 November 2024 and signed on its behalf by:





A Reynolds - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE BRITISH INSPIRATION TRUST


Independent examiner's report to the trustees of The British Inspiration Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 February 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Melanie Welsh FCCA ACA

Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

27 November 2024

THE BRITISH INSPIRATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 24,396 20,758

Investment income 3 215 -
Total 24,611 20,758

EXPENDITURE ON
Raising funds 925 8,388


Other 4 1,925 1,310
Total 2,850 9,698

NET INCOME 21,761 11,060


RECONCILIATION OF FUNDS
Total funds brought forward (75,936 ) (86,996 )

TOTAL FUNDS CARRIED FORWARD (54,175 ) (75,936 )

THE BRITISH INSPIRATION TRUST (REGISTERED NUMBER: 07141817)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
CURRENT ASSETS
Cash at bank 31,275 8,104

CREDITORS
Amounts falling due within one year 6 (85,450 ) (84,040 )

NET CURRENT ASSETS/(LIABILITIES) (54,175 ) (75,936 )

TOTAL ASSETS LESS CURRENT LIABILITIES (54,175 ) (75,936 )

NET ASSETS/(LIABILITIES) (54,175 ) (75,936 )
FUNDS 7
Unrestricted funds (54,175 ) (75,936 )
TOTAL FUNDS (54,175 ) (75,936 )

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 27 November 2024 and were signed on its behalf by:





A Reynolds - Trustee

THE BRITISH INSPIRATION TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

The presentational currency of the financial statements is in Pound Sterling (£) which is rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements in the knowledge that Founder Phil Packer will continue to financially support the charity going forwards.

The charity continues to review and monitor costs as the situation develops and hopes to accelerate its fundraising activities.

Incoming resources
All income and endowments are accounted for without deduction for any costs of receivability, are recognised when there is evidence of entitlement, receipt is probable, and the amount can be measured reliably.

Voluntary Income
Donations are recognised when received.
Income tax recoverable on Gift Aid donations is recognised when the income is recognised.
Grants and legacies are recognised when the formal offer in writing of the funding is received.

Income from Charitable Activities
Income is recognised when the money is received.

Income from Investments
Dividends are accounted for when due and payable.
Interest entitlements are accounted for as they accrue.
Tax recoverable on such income is recognised when the Gift Aid is received.

All other income
All other income is recognised in the period to which it relates.
Income received in advance is deferred to the period to which it relates.

Resources used
Resources expended are accounted for on an accruals basis and are accounted for gross.

The management and activities of the charity are carried out by volunteers. This income and cost is not included in the financial statements as this voluntary contribution to the work of the charity is incalculable.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.


THE BRITISH INSPIRATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments
Financial instruments are classified by the trustees as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The charity has no advanced financial instruments.

Limited by guarantee
The company is a private company limited by guarantee, has no share capital and is incorporated in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

3. INVESTMENT INCOME
2024 2023
£ £
Deposit account interest 215 -

4. OTHER
2024 2023
£ £
Support costs 1,925 1,310

Support costs £1,925 includes the Independent Examination fee of £1,410 (2023- £1,310 includes a fee of £936).

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.



THE BRITISH INSPIRATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,170 -
Director loan account 83,080 83,080
Accruals and deferred income 1,200 960
85,450 84,040

7. MOVEMENT IN FUNDS
Net
movement
At 1/3/23 in funds At 29/2/24
£ £ £
Unrestricted funds
General fund (75,936 ) 21,761 (54,175 )

TOTAL FUNDS (75,936 ) 21,761 (54,175 )

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 24,611 (2,850 ) 21,761

TOTAL FUNDS 24,611 (2,850 ) 21,761


Comparatives for movement in funds

Net
movement
At 1/3/22 in funds At 28/2/23
£ £ £
Unrestricted funds
General fund (86,996 ) 11,060 (75,936 )

TOTAL FUNDS (86,996 ) 11,060 (75,936 )

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 20,758 (9,698 ) 11,060

TOTAL FUNDS 20,758 (9,698 ) 11,060

THE BRITISH INSPIRATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1/3/22 in funds At 29/2/24
£ £ £
Unrestricted funds
General fund (86,996 ) 32,821 (54,175 )

TOTAL FUNDS (86,996 ) 32,821 (54,175 )

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 45,369 (12,548 ) 32,821

TOTAL FUNDS 45,369 (12,548 ) 32,821

8. RELATED PARTY DISCLOSURES

As at 29 February 2024, Trustee and Founder Phil Packer is owed £83,080 (2023 £83,080) being an accumulation of two Director's Loans and accrued expenses, all to enable the charity to continue to operate and delivering the BRIT Challenge throughout the pandemic to date. Due to the unforeseen impact of the pandemic on fundraising (with university and college campuses closed for almost two years), Mr Packer has agreed not to seek repayment of the monies owed to him until the charity has the funding to do so.