Charity registration number 1146159
Company registration number 07862605 (England and Wales)
MISSION MOTORSPORT
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
MISSION MOTORSPORT
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A D Compson
Mr J B Baguley
Commander C Chew
Mr M Cornelius
Lieutenant General R E Nugee
Mr C J Tate
Mx E M Dutton
(Appointed 27 September 2024)
Ms J R Kelway
(Appointed 27 September 2024)
Mr I S Burgess
(Appointed 27 September 2024)
Secretary
Mrs S Taberner
Key Management
Mr A J Cameron (CEO)
Mr A Brown (COO)
Charity number
1146159
Company number
07862605
Principal address
Unit 11, W&G Industrial Estate
Faringdon Road
East Challow
Oxfordshire
United Kingdom
OX12 9TF
Registered office
Unit 11, W&G Industrial Estate
Faringdon Road
East Challow
Oxfordshire
United Kingdom
OX12 9TF
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Bankers
Lloyds Bank
25 Gresham Street
London
EC2 7HN
MISSION MOTORSPORT
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent auditor's report
6 - 8
Consolidated statement of financial activities
9
Consolidated balance sheet
10
Charity balance Sheet
11
Consolidated statement of cash flows
12
Notes to the consolidated financial statements
13 - 27
MISSION MOTORSPORT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The trustees present their report and financial statements for the year ended 29 February 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 and “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

The charity's objects continue to be: to assist wounded, injured and sick (WIS) service personnel and veterans, by advancing any lawful charitable purpose at the discretion of the directors and in particular but not exclusively:

• By raising awareness of and educating the general public and WIS servicemen and women themselves about the problems faced by service personnel and veterans, to encourage social inclusion, and to use sporting and training activities to help boost confidence, inspire others and aid in the rehabilitation and recovery of WIS service personnel.

• By empowering, engaging and inspiring the disabled and disadvantaged community by the provision of training and assistance to a team of wounded service personnel and veterans by enabling them to participate in motorsport.

• By providing training, education and any other assistance to enable former Armed Forces personnel to find employment.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

2023-2024 has been a great period for the charity on two fronts. The focus of Mission Motorsport remains on the outcomes for the Armed Forces Community through our mantra of Race / Retrain / Recover: that is our output pillars of sport, training and vocation – the charity’s work continues to be relevant and impactful, and the charity’s reputation in these areas is very strong. In delivering a calendar of confident and compelling sport and activity to a widening pool of beneficiaries in need through open and effective collaboration with other charities as well as with MoD; Mission Motorsport’s relevance remains strong as is borne out by positive feedback and a series of exemplar individuals.

The charity has no difficulty in finding engagement – and so using recovery sport as a compelling platform for our own and other entities means that MoD recovery services and fellow service charities are able to reach the cohort in need at MM events in a positive and collaborative way. As an example, the NHS ‘OP COURAGE’ veteran mental health programme now sends caseworkers to MM Goodwood and Silverstone events, both bringing clients to find a wider community as well as to engage a new audience. Charities such as the Royal Marines Association use the MM calendar as a tool, sending case workers with selected beneficiaries in order to maximise impact.

Where our annual National Transition Event is an exemplar for community building, such platform sharing has not gone unnoticed and the charity’s work has been recognised for support by the Office for Veterans’ Affairs in order to expand the ‘sector initiatives’ into new areas of UK industry. These industry advocacy initiatives were first pioneered by the charity in partnership with The Royal Foundation of the Prince and Princess of Wales (then Duke and Duchess of Cambridge), MoD and SMMT in 2019, expanding in 2021 to include the fast-growing UK Renewables sector.

A ‘Sector Initiative’ is an Armed Forces engagement initiative linked to a UK industry body or trade association to serve a sector of industry.  

Sector initiatives promote and share best practice, harness exemplars and helps companies to access and retain ex-Forces talent.

They make the commercial case for Armed Forces community engagement and use the industry bodies as advocates for that cause.

MISSION MOTORSPORT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

They reinforce and connect government and third sector support, promoting and rewarding collaboration.

In this way, sustainable and relevant employment opportunities for Service Leavers, Veterans, Reservists and their families are generated and enduring Armed Forces communities are created.

Government support for the expansion of the sector initiatives is for £650K over 3 years beginning in November 2023, and is funded through the Armed Forces Covenant Fund Trust. The full amount is already lodged with AFCFT so is insulated from any change of parliamentary term or government sentiment. For Mission Motorsport to be recognised for its impact and reinforced by government to deliver a national advocacy programme has been a important endorsement of the charity’s methodology.

Sharing common roots and serving the same beneficiary audience for clarity of purpose and messaging, the charity’s sporting and engagement activities output should not be confused with the broader advocacy role, and so the sector initiatives work will be conducted under the ‘Mission Community’ banner. In this way, common resources can be used across multiple new sectors, and new board advisors have been brought on to support the Mission Motorsport Trustees in delivering this policy.

 

Governance: The charity’s full and part-time employees are well served by engaged and passionate trustees, with new members of the Board becoming increasingly involved across a range of matters during the year. The Trustees aim has been to offer support and leadership for the executive team not just in financial management but also in sectoral opportunities, in fund raising and issue management. The Executive team saw change in the period under review, with Francis Hale stepping down as CFO, but has been supported since by both Trustees and the Board Advisors to fill this gap – recruiting the financial management expertise to the team is very important and a new role of Finance Manager has been created which is the role which former CFO Francis Hale can now fill.

Financial review: The charity has met its financial obligations for the year and passed stringent tests to qualify for a new £650K three year programme of government support. The charity has therefore invested from reserves to build the capacity required to deliver the programme and secure the income from government. Unfortunately this reporting period of March 2023 to the end of February 2024 misses a key income generating event where two National Transition Events fell just outside the reporting period, one occurring in February 2023 and one on 4 March 2024. Re-organisation of some regular donors also missed an annual £50K donation by one important annual private individual supporter where two donations will both fall into the next reporting period.

During the year the charity and its subsidiaries generated income of £962,171, a decrease of £180,875 compared to the previous year. Expenditure for the year however increased marginally by £15,481 to £1,039,328 from £1,023,847 in the previous year. These movements resulted in an overall deficit for the year of £77,157 compared to a surplus of £119,199 in the previous year, so a closing net assets position of £79,080 compared to £156,237. A strong 2024 NTE which was conducted in March 2024, with a strong forecast with early sponsor commitments for February 2025’s event; along with successful unlocking of AFCFT income gives the Trustee board confidence in future income, with further workstreams including the professionalisation and expansion of livery.

Strategic Aims

The Mission Motorsport strategy continues to be a force for good in Armed Forces Community recovery sport, to offer insight and support both to those in transition and to longer term veterans in need, and to drive the development of comprehensive pathways into relevant, sustainable employment for service leavers, veterans, and their families.

 

The key strategic aims are:

 

Excellence in delivery of recovery sport, tailored to need, linked to recovery outcomes.

 

Building a ‘Community of Armed Forces Communities’ through sector advocacy

 

Developing the ‘Mission Community’ work to stand on its own

 

Securing the long-term financial security of the charity.

MISSION MOTORSPORT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

Fundraising

Mission Motorsport receives voluntary donations, gifts from individuals and corporate donors, alongside grants from other grant giving charities and amounts raised via key events held during the year. Mission Motorsport is registered with the Fundraising Regulator and adheres to their Code of Fundraising Practice as well as following the Charity Commission advice on best practice. All personal data is processed in line with the General Data Protection Regulations and Data Protection Act 2018. Mission Motorsport will only process data of supporters and donors if they have given opt-in consent.

Mission Motorsport organises all fundraising internally and does not engage third parties to seek donations from individuals. The charity remains mindful of people’s privacy and does not exert undue pressure on potential donors. There have been no complaints about fundraising previously nor in the year under review.

Reserves policy

It remains the charity's aim that unrestricted funds which have not been designated for a specific use should ideally be maintained at a level equivalent to 6 months of charity expenditure. Based on current activity this would indicate an aim to maintain reserves in the order of £500k. Clearly there is at present a significant shortfall of reserves to this goal which can in part be explained by the current period in particular being one of ‘investment for future growth’.

 

It is increasingly clear that whilst the gradual accumulation of reserves is possible while being grant funded this alone will not provide the ‘step change’ necessary to achieve the desired level in a realistic timeframe. Consequently focus needs and will be given to major commercial funding opportunities and the bigger collaborative projects such as the National Transition Event that show the most promise to lift reserves back towards the level to which the charity aspires.

 

Fundamentally an increased focus on income generation across all areas of activity in addition to current activity is key in achieving this goal.

 

At the end of the year the charity had net assets of £76,011, and the charitable group had net assets of £79,080, so showing a positive overall reserves position at the end of the year.

 

Future Plans

Mission Motorsport’s Trustees and management team continue to work together towards the financial targets we have set, to deliver our charitable objectives.

 

We will continue to raise income – from the smallest personal donations to the major corporate grants – from a diverse stream to ensure continuing delivery of support for our

beneficiaries, with a particular focus on new revenue generating opportunities. We continue to follow our strategy which focuses on creating the relevant financial reserves for the medium and longer term.

 

In the year under review, to February 2024, the Trustees and the executive team have developed new initiatives both in expanding the range of events and in fund raising, all of which has enabled the charity to widen the offer to potential beneficiaries, particularly in employment opportunities.

 

As in previous years, we continue to fund raise through diverse income generating activities:

 

 

MISSION MOTORSPORT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

 

Mr A D Compson
Mr J B Baguley
Commander C Chew
Mr M Cornelius
Lieutenant General R E Nugee
Mr C J Tate
Mr M P J Garside
(Resigned 11 May 2023)
Mx E M Dutton
(Appointed 27 September 2024)
Ms J R Kelway
(Appointed 27 September 2024)
Mr I S Burgess
(Appointed 27 September 2024)

The board of Trustees are responsible for appointing Trustees. The charity during the year under review was governed by a board of Trustees who are committed to the objects of the charity.

 

When selecting and appointing new Trustees the existing trustees are mindful of the guidance provided by the Charity Commission in this respect, particularly in relation to diversity and vetting.

 

During this reporting period the existing Trustees saw the need for an expansion of the Trustee Board, and determined to broaden the recruitment pool, with new candidates sought. They interviewed from industry, finance, the professions, and serving officers of the Armed Forces. This process also provided an opportunity to broaden the recruitment pool in age range and in equality of opportunity. The Chair and the Deputy Chair, as well as the CEO, met with a wide range of potential candidates in this search, and we are now delighted to have added a great variety of skillsets and expertise to the Board.

 

Prior to appointment all potential Trustees are invited to attend board meetings as observers or external advisers and attend charity events to gain a clear picture of the organisation prior to taking up their formal roles. This, together with a structured induction programme and availability of support from all existing board members and executive, ensures that all trustees are best placed to deliver immediately upon appointment. 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 each in the event of a winding up. An induction programme is in place for new trustees.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr C J Tate
Mr J B Baguley
Chair of trustees
Trustee
Dated:26 November 2024
Dated: 26 November 2024
MISSION MOTORSPORT
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -

The charity trustees (who are also directors of Mission Motorsport for the purposes of company law) are responsible for preparing the trustee's annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:

 

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the group and charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MISSION MOTORSPORT
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF MISSION MOTORSPORT
- 6 -

Opinion

We have audited the financial statements of Mission Motorsport (the 'charity') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the consolidated statement of financial activities (including consolidated income and expenditure account), the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the group and parent charitable company's affairs as at 29 February 2024 and of its incoming resources and application of resources, for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

MISSION MOTORSPORT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF MISSION MOTORSPORT
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report or the directors' report included within the trustees' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

MISSION MOTORSPORT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF MISSION MOTORSPORT
- 8 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act and Charities Act.

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Robin Evans BA FCA CTA DChA (Senior Statutory Auditor)
for and on behalf of Sumer Audit
26 November 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
MISSION MOTORSPORT
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income from:
Donations and legacies
3
510,978
217,607
728,585
845,727
Charitable activities
4
45,761
-
45,761
44,813
Other trading activities
5
187,604
-
187,604
252,492

Investments

221
-
221
14
Total income
744,564
217,607
962,171
1,143,046
Expenditure on:

Raising funds

6
42,390
-
42,390
99,929
Charitable activities
7
741,906
255,032
996,938
923,918
Total resources expended
784,296
255,032
1,039,328
1,023,847
Tax payable
11
-
-
-
-
Net movement in funds
(39,732)
(37,425)
(77,157)
119,199
Fund balances at 1 March 2023
117,980
38,257
156,237
37,038
Fund balances at 29 February 2024
78,248
832
79,080
156,237

The consolidated statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The consolidated statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
MISSION MOTORSPORT
CONSOLIDATED BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
67,999
73,195
Current assets
Stocks
14
4,834
4,906
Debtors
15
130,012
146,464
Cash at bank and in hand
133,796
113,665
268,642
265,035
Creditors: amounts falling due within one year
16
(241,728)
(156,160)
Net current assets
26,914
108,875
Total assets less current liabilities
94,913
182,070
Creditors: amounts falling due after more than one year
17
(15,833)
(25,833)
Net assets
79,080
156,237
Income funds
Restricted funds
21
832
38,257
Unrestricted funds
20
78,248
117,980
79,080
156,237

The trustees have prepared group accounts in accordance with the Companies Act 2006, s398 and the Charities Act 2011, s138.

The financial statements were approved by the Trustees on 26 November 2024
Mr C J Tate
Trustee
Company Registration No. 07862605
MISSION MOTORSPORT
CHARITY BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
67,999
73,195
Investments
13
200
200
68,199
73,395
Current assets
Stocks
14
4,834
4,906
Debtors
15
107,700
125,599
Cash at bank and in hand
109,847
109,532
222,381
240,037
Creditors: amounts falling due within one year
16
(198,736)
(133,781)
Net current assets
23,645
106,256
Total assets less current liabilities
91,844
179,651
Creditors: amounts falling due after more than one year
17
(15,833)
(25,833)
Net assets
76,011
153,818
Income funds
Restricted funds
21
832
38,257
Unrestricted funds
20
75,179
115,561
76,011
153,818
The charity has taken advantage of section 408 of the Companies Act 2006 and has not included its own income and expenditure account in these financial statements. The net of income over expenditure for the period includes a deficit of £77,807 (2023: £169,845 surplus) which is dealt with in the financial statements of the charity.
The financial statements were approved by the Trustees on 26 November 2024
Mr C J Tate
Trustee
Company Registration No. 07862605
MISSION MOTORSPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
38,300
8,810
Investing activities
Purchase of tangible fixed assets
(14,890)
(10,000)
Proceeds on disposal of tangible fixed assets
6,500
8,000
Interest received
221
14
Net cash used in investing activities
(8,169)
(1,986)
Financing activities
Repayment of bank loans
(10,000)
(10,000)
Net cash used in financing activities
(10,000)
(10,000)
Net increase/(decrease) in cash and cash equivalents
20,131
(3,176)
Cash and cash equivalents at beginning of year
113,665
116,841
Cash and cash equivalents at end of year
133,796
113,665
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
1
Accounting policies
Charity information

Mission Motorsport ('the charity') is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 11 W & G Industrial Estate, Faringdon Road, Wantage, England, OX12 9TF.

 

The group consists of Mission Motorsport and its subsidiaries, Mission Motorsport Trading Limited and Mission Consulting Services Limited.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006 and "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)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this charity, which are intended to give a true and fair view of the assets, liabilities, financial position and result for the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements for parent charity information presented within the consolidated financial statements:

 

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

The charity is a company limited by guarantee and has no share capital.

1.2
Going concern

These financial statements have been prepared on a going concern basis. The trustees have considered the relevant information, including the annual budget and forecast future cashflows until the end of December 2025 and the impact of subsequent events in making their assessment. The charity has at all times been able to meet its liabilities as they fall due. Whilst the remaining economic impact of the COVID-19 pandemic is reduced, this, when now combined with the current economic environment and ongoing cost of living challenges, has had a significant impact on the charities operations, in particular the changing and challenging nature of fundraising. Whilst the war in Ukraine continues to heighten public awareness of military issues this is not directly beneficial to the charity and indeed puts a further call on already limited available funding. However, the trustees have performed a robust analysis of future cashflows whilst taking into account these potential impacts, including consideration of the effectiveness of available measures to assist in mitigating the impact.

Based on these in depth assessments and having regard to the resources available to the entity, the trustees have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that these conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid tax certificates as income for the year.

Other trading activities are measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5
Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated costs.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33.33% per annum straight line
Fixtures and fittings
10% to 33.33% per annum straight line
Computers
33.33% per annum straight line
Motor vehicles
25% per annum on diminishing balance / 20% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Assets in the course of construction are not depreciated.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The charity and group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity and group's balance sheet when the charity and group become party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Taxation

No provision for taxation, deferred or otherwise, has been made in the charity financial statements as Mission Motorsport is a charity in accordance with the Charities Act 2011 and is exempt from taxation except Value Added Tax, provided that income and gains are applied for charitable purposes under S.505 of the Income and Corporation taxes Act 1998 and S.145 of the Capital Gains Tax Act 1979.

 

For subsidiary undertakings the tax expense represents the sum of the tax currently payable and deferred tax.

 

Current tax

The tax currently payable is based on taxable profit for the year.

 

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.14

Basis of consolidation

The group financial statements consolidate those of the charity and of its subsidiary undertakings made up to 29 February 2024 in full. Subsidiaries are included in these financial statements on a line by line basis.

 

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associated to the extent of the group's interest in the entity.

2
Critical accounting estimates and judgements

In the application of the charity and group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
3
Donations and legacies
Group
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
£
£
£
£
Donations and gifts
510,978
217,607
728,585
845,727
Charity
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
£
£
£
£
Donations and gifts
579,404
-
579,404
777,767
Grants
-
217,607
217,607
162,960
579,404
217,607
797,011
940,727
Within the group comparative period £162,960 of donations and gifts were restricted. All other amounts were unrestricted, including grants received.
4
Charitable activities
Group and charity

Merchandise sales

Merchandise sales

2024
2023
£
£

Sale of goods

45,761
44,813

In the current and comparative periods, all income from merchandise sales was unrestricted.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
5
Other trading activities
Group
Charity
2024
2023
2024
2023
£
£
£
£
Recharge of staff costs
46,500
92,294
86,500
127,294

Income earned by trading subsidiary

141,104
160,198
-
-
Other trading activities
187,604
252,492
86,500
127,294
In the current and comparative periods, all income from other trading activities was unrestricted.
6

Raising funds

Group
Unrestricted
Total
funds
2024
2023
£
£
Fundraising and publicity
Advertising
87
818
Other fundraising costs
16,348
25,825
Fundraising and publicity
16,435
26,643
Trading costs
Support costs
25,955
73,286
42,390
99,929
In the current and comparative periods, all costs of raising funds were unrestricted.
Charity
Unrestricted
Total
funds
2024
2023
£
£
Fundraising and publicity
Advertising
87
818
Other fundraising costs
16,348
25,825
Fundraising and publicity
16,435
26,643
16,435
26,643
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
7
Charitable activities
Restricted
Unrestricted
Group and charity

Other costs

Support costs

Total
2024
Total
2023
2024
2024
£
£
£
£
Audit and accountancy fees
-
34,307
34,307
19,816

Administration costs

-
71,311
71,311
30,390

Delivery costs

255,032
580,042
835,074
819,708

Building overheads

-
56,246
56,246
54,004
255,032
741,906
996,938
923,918
In the comparative period £159,265 of expenditure on charitable activities was restricted and the remainder was unrestricted.
8
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity or its associates and subsidiaries during the current or previous year. No charity trustee received payment for professional or other services supplied to the charity.

9
Non exchange transactions

During the year two track days were provided for free totalling a fair value of £24,000 (2023 - £24,000). The fair value of assets donated to the charity in the current year was £nil (2023 - £10,000).

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
10
Employees
Group and charity
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Management
3
3
Administration
6
6
Vocational
4
5
Workshop
2
2
15
16
Wages and salaries
578,415
555,577
Social security costs
54,964
53,703
Other pension costs
12,508
10,744
645,887
620,024
The number of employees whose annual remuneration was £60,000 or more were:
2024
2023
Number
Number
£70,001 - £80,000
-
1
£80,001 - £90,000
1
-
11
Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The activities of charity's trading subsidiaries, Mission Motorsport Trading Limited and Mission Consulting Services Limited, are chargeable to corporation tax at the rate of 19% on profits arising and not distributed to the charity. The combined charge to corporation tax in the year was £nil (2023: £nil)

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
12
Tangible fixed assets
Group and Charity
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
-
16,852
25,944
10,388
256,940
310,124
Additions
8,501
-
-
2,189
4,200
14,890
Disposals
-
-
-
-
(5,000)
(5,000)
At 29 February 2024
8,501
16,852
25,944
12,577
256,140
320,014
Depreciation and impairment
At 1 March 2023
-
16,576
25,944
9,948
184,461
236,929
Depreciation charged in the year
-
276
-
717
18,667
19,660
Eliminated in respect of disposals
-
-
-
-
(4,574)
(4,574)
At 29 February 2024
-
16,852
25,944
10,665
198,554
252,015
Carrying amount
At 29 February 2024
8,501
-
-
1,912
57,586
67,999
At 28 February 2023
-
276
-
440
72,479
73,195
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
13
Fixed asset investments
Group
Charity
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
-
200
200
-
-
200
200
14
Stocks
Group
Charity
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,834
4,906
4,834
4,906
15
Debtors
Group
Charity
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
109,625
141,556
61,975
105,597
Amounts owed by associate undertakings
-
-
28,771
15,694
Prepayments and accrued income
19,787
4,308
16,954
19,787
129,412
145,864
107,700
141,078
Deferred tax asset
600
600
-
-
130,012
146,464
107,700
141,078
16
Creditors: amounts falling due within one year
Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
Bank loans
18
10,000
10,000
10,000
10,000
Other taxation and social security
31,727
23,710
20,023
18,869
Deferred income
19
159,885
60,788
134,191
49,945
Trade creditors
13,312
16,307
12,718
14,979
Amounts owed to associate undertakings
-
24,140
-
-
Other creditors
-
895
-
25,035
Accruals
26,804
20,320
21,804
14,953
241,728
156,160
198,736
133,781
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
17
Creditors: amounts falling due after more than one year
Group and Charity
2024
2023
Notes
£
£
Bank loans
18
15,833
25,833
18
Loans and overdrafts
2024
2023
£
£
Bank loans
25,833
35,833
Payable within one year
10,000
10,000
Payable after one year
15,833
25,833

The bank loan is 100% guaranteed by the government.

The loan carries a fixed interest rate of 2.5% per annum and is payable over 6 years from the date of receipt.

19
Deferred income
2024
2023
£
£
Other deferred income
159,885
60,788
Deferred income at 1 March 2023
60,788
68,485
Released from previous years
(60,788)
(68,485)
Resources deferred in the year
159,885
60,788
Deferred income at 29 February 2024
159,885
60,788

Deferred income relates to grants received with time related terms attached which relate to future periods and income received pre-year end for training courses invoices but not provided at the year end.

 

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
20
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2023
Incoming resources
Resources expended
At 29 February 2024
£
£
£
£
General funds
117,980
744,564
(784,296)
78,248
Previous year:
At 1 March 2022
Incoming resources
Resources expended
At 28 February 2023
£
£
£
£
General funds
2,476
980,086
(864,582)
117,980
21
Restricted funds
Group and charity

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Balance at
1 March 2023
Incoming resources
Resources expended
Balance at
29 February 2024
£
£
£
£
Occupational Therapy Support
832
-
-
832
Barclays Grant
-
25,000
(25,000)
-
Veterans Foundation
-
16,612
(16,612)
-
Armed Forces Covenant Fund Trust VPPP - South West
34,303
(34,303)
-
ABF - The Army's National Charity
-
27,000
(27,000)
-
Armed forces covenant Fund Trust VPPP - Wales
-
11,062
(11,062)
-
Armed Forces Covenant Fund Trust VPPP - Midlands
-
25,813
(25,813)
-
Armed Forces Covenant Fund Trust - Woodland Experiences
32,125
-
(32,125)
-
Armed Forces Covenant Fund Trust - Force for Change -Three Sisters
5,300
-
(5,300)
-
Armed Forces Covenant Fund Trust - "Mission Community"
-
77,818
(77,818)
-
38,257
217,608
(255,033)
832
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Restricted funds
(Continued)
- 25 -
Movement in funds
Balance at 1 March 2022
Incoming resources
Resources expended
Balance at 28 February 2023
As restated
£
£
£
£
Occupational Therapy Support
832
-
-
832
Barclays Grant
16,230
25,000
(41,230)
-
Veterans Foundation
-
3,388
(3,388)
-
Armed Forces Covenant Fund Trust VPPP - South West
-
40,697
(40,697)
-
Armed Forces Covenant Fund Trus VPPPt - Wales
-
18,750
(18,750)
-
Armed Forces Covenant Fund Trust VPPP - Midlands
-
43,750
(43,750)
-
Armed Forces Covenant Fund Trust - Woodland Experiences
17,500
18,375
(3,750)
32,125
Armed Forces Covenant Fund Trust - Force for charge - Three Sisters
9,500
(4,200)
5,300
Armed Forces Covenant Fund Trust - Recovery Sport
-
1,750
(1,750)
-
Armed Forces Covenant Fund Trust - Force for Change - Three Sisters
1,750
(1,750)
-
34,562
162,960
(159,265)
38,257
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Restricted funds
(Continued)
- 26 -

Occupational Therapy Support - to provide direct support for the purchase of OT equipment and to cover expenses for OT volunteers working in direct support of MM beneficiaries.

Barclays – Providing multi-year funding  to  UK  charities  working  to  support  vulnerable people impacted by COVID-19, and the associated social and economic hardship caused by the crisis. Funding is focused on supporting charity partners who are meeting the immediate needs of people in our communities, including low income families, those facing financial hardship, isolated elderly people and key workers.

Veterans Foundation - The grant will be used exclusively to part fund the salary of the Training Manager for 12 months who is responsible for delivering practical training to Mission Motorsport beneficiaries and students, including and especially the WIS beneficiaries with unique issues in line with the Mission Motorsport “Retrain” programme.

Armed Forces Covenant Fund Trust – Veterans, Places, Pathways and People (VPPP) South West – One of 10 funded portfolio projects across the UK. The South West portfolio is managed by Invictus Games Foundation. Each portfolio works regionally to develop better, more joined up lasting support for local veterans with mental health needs. 

Armed Forces Covenant Fund Trust – Veterans, Places, Pathways and People (VPPP) Wales – One of 10 funded portfolio projects across the UK. The Welsh portfolio is managed by Adferiad. Each portfolio works regionally to develop better, more joined up lasting support for local veterans with mental health needs. 

Armed Forces Covenant Fund Trust – Veterans, Places, Pathways and People (VPPP) Midlands – One of 10 funded portfolio projects across the UK. The Midlands portfolio is managed by DMWS, ‘Joining the dots’ Midlands Veterans wellbeing alliance. Each portfolio works regionally to develop better, more joined up lasting support for local veterans with mental health needs. 

Armed Forces Covenant Fund Trust - Woodland Experiences - The project will provide over 250 individual opportunities annually for veterans to attend a veteran-led, purpose designed 24hr outdoor experience in the North West of England. Delivered by partner Woodland Experiences, the project provides a welcome break for hard to reach veterans and their families creating memories and developing skills

Armed Forces Covenant Fund Trust - Force for Change - Three Sisters - This group will run activities at Three sisters circuit, created by Wigan Council and used for karting, biking and cars. The events offered by the group will draw veterans into sport and offer a 'level playing field' for disabled and able-bodied veterans. Sessions will include car control, a track experience and driver training.

Armed Forces Covenant Fund Trust - Recovery Sport - The group will offer outdoor, inclusive activities including visits to Goodwood, Silverstone, Anglesey & Thruxton, car control sessions, 4x4 experiences and driver training. Each activity is designed to be inspirational and inclusive, building confidence and friendships and being veteran led.

ABF The Army's National Charity – Provides grants to service charities to support those in or who have left the British Army. ABF provided £27,000 of funding to cover three elements of the charity, Race – Retrain – Recover, for Army beneficiaries.

Armed Forces Covenant Fund Trust - Three Sisters - This group will run activities at Three Sisters circuit, created by Wigan Council and used for karting, biking and cars. The events offered by the group will draw veterans into sport and offer a 'level playing field' for disabled and able-bodied veterans. Sessions will include car control, a track experience and driver training.

Armed Forces Covenant Fund Trust - Mission Community - Provided a new OVA back grant for 'sector initiative' initiative, in place to promote and share best practice, harness exemplars and help companies to access and retain ex-forces talent.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
22
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
42,740
42,870
Between two and five years
14,117
56,857
56,857
99,727
23
Analysis of net assets between funds
Unrestricted
Restricted
Total
Total
2024
2024
2024
2023
£
£
£
£
Fund balances at 29 February 2024 are represented by:
Tangible assets
67,999
-
67,999
73,195
Net current assets
26,082
832
26,914
108,875
Long term liabilities
(15,833)
-
(15,833)
(25,833)
78,248
832
79,080
156,237

In the comparative period, £38,257 of the net current assets were restricted.

24
Related party transactions
Group and charity
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
160,938
150,037

During the year purchases of £46,500 (2023 - £92,294) were made by a connected company, Mission Renewable CIC. At the year-end a creditor of £nil (2023 - £24,140) was outstanding and included within other creditors.

MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
25
Subsidiaries

Details of the charity's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered
Company
Nature of business
Class of
% Held
office
registration number
shares held
Direct
Mission Motorsport Trading Ltd
As per parent
05785535
Motorsport related activities
Ordinary
100
Mission Consulting Services Ltd
As per parent
11706781
Employment services for veterans
Ordinary
100
MISSION MOTORSPORT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
26
Analysis of changes in net funds
At 1 March 2023
Cash flows
At 29 February 2024
£
£
£
Cash at bank and in hand
113,665
20,131
133,796
Loans falling due within one year
(10,000)
-
(10,000)
Loans falling due after more than one year
(25,833)
10,000
(15,833)
77,832
30,131
107,963
27
Cash generated from operations
2024
2023
£
£
(Deficit)/surpus for the year
(77,157)
119,199
Adjustments for:
Investment income recognised in statement of financial activities
(221)
(14)
Gain on disposal of tangible fixed assets
(6,074)
(7,557)
Depreciation and impairment of tangible fixed assets
19,660
22,524
Donated assets
-
(10,000)
Movements in working capital:
Decrease in stocks
72
3,571
Decrease/(increase) in debtors
16,451
(81,949)
(Decrease) in creditors
(13,528)
(29,267)
Increase/(decrease) in deferred income
99,097
(7,697)
Cash generated from operations
38,300
8,810
2024-02-292023-03-01falsefalseCCH SoftwareiXBRL Review & Tag 2024.2078626052023-03-012024-02-2907862605bus:Director12023-03-012024-02-2907862605bus:Director22023-03-012024-02-2907862605bus:Director32023-03-012024-02-2907862605bus:Director42023-03-012024-02-2907862605bus:Director52023-03-012024-02-2907862605bus:Director62023-03-012024-02-2907862605bus:Director82023-03-012024-02-2907862605bus:Director92023-03-012024-02-2907862605bus:Director102023-03-012024-02-2907862605bus:Director72023-03-012024-02-29078626052024-02-29078626052022-03-012023-02-28078626052023-02-2807862605bus:FRS1022023-03-012024-02-2907862605bus:Audited2023-03-012024-02-2907862605bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP