Registered number:
10071079
Charity number:
1167276
MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Company, its Trustees and Directors and advisers
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Trustees' responsibilities statement
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND DIRECTORS AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2022
Trustees and Directors
Company registered number
10071079
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Charity registered number
1167276
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Registered office
Mascalls
,
Mascalls Lane
,
Great Warley
,
Brentwood
,
Essex
,
CM14 5LJ
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Company secretary
W F Barker
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Accountants
Barnes Roffe LLP
,
Leytonstone House
,
Leytonstone
,
London
,
E11 1GA
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The trustees present their annual report together with the financial statements of the Matchroom Charitable Foundation for the period 1 July 2021 to 30 June 2022. The Annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
Objectives and activities
a. Policies and objectives
The charity's objectives are to administer and promote grants, awards and donations to various charities in the United Kingdom from income received from a percentage of ticket sales to sporting events in partnership with Matchroom Sport Limited.
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
b. Activities for achieving objectives
The Foundation collects £1 from the sale of each ticket to sporting events by Matchroom Sport Limited and its subsidiaries, The Professional Darts Corporation Ltd, World Series of Darts Ltd and World Snooker Ltd (its Partner Companies) in order to fund its charitable aims.
Achievements and performance
a. Review of activities
Within the year we have received numerous grants from our core donators, which the Trustees have then decided the relevant charitable organisation to gift these incomes to.
Financial review
a. Financial review
During the period the charity raised £360,560
(2021 - £14,039)
in donations from the sale of tickets and distributed £491,500
(2021 - £454,000)
to UK charities.
The charity also raised £1,155
(2021 - £626,783)
in additional donations.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
Financial review
(CONTINUED)
b. Reserves policy
Reserves of £155,057
(2021 - £291,912)
are held ready for distribution to selected charities following the agreement of the Trustees.
The chairty does not have a policy in respect of the retention of reserves. The funds retained at the year end are awaiting completion of the boards process to approve the distribution of the relevant grants.
c. Principal risks and uncertainties
The charity's principle risk is its reliance on the sale of tickets to sporting events by Matchroom Sport Limited and its subsidiaries, The Professional Darts Corporation Ltd, World Series of Darts Ltd and World Snooker Ltd which determines the level of donations received.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee governed by its Memorandum and Articles of Association dated 10 March 2016. The company is a registered charity with the Charity Commission with number 1167276. The company registration number is 10071079.
The principal address of the charity is Mascalls, Mascalls Lane, Great Warley, Brentwood, CM14 5LJ.
The company was incorporated on 18 March 2016.
b. Methods of appointment or election of trustees
The appointment of Trustees is the responsibility and subject to the approval of the Trustees under the terms of the Articles of Association.
c. Organisational structure and decision-making policies
S J Hearn - Chair, Director & Trustee
W F Barker - Secretary
J E Ferguson - Director & Trustee
C L Godding - Director & Trustee
C G Hearn - Director & Trustee
E R C Lowy - Director & Trustee
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Approved by order of the members of the board of trustees on
21 March 2023
and signed on their behalf by:
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2022
The trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the 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 . Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees on 21 March 2023 and signed on its behalf by:
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
Independent examiner's report to the trustees of Matchroom Charitable Foundation ('the Company')
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I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2022.
Responsibilities and basis of report
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As the trustees of the Company
(and 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')
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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 the Company's accounts 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
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Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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).
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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.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
This report is made solely to the Company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's trustees as a body, for my work or for this report.
Signed:
Dated: 24 March 2023
Andrew May
FCCA
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
Leytonstone
London
E11 1GA
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 JUNE 2022
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Other charitable activities
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Total funds brought forward
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Total funds carried forward
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The notes on pages 9 to 17 form part of these financial statements.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
REGISTERED NUMBER:
10071079
BALANCE SHEET
AS AT 30 JUNE 2022
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Creditors: amounts falling due within one year
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The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees on
21 March 2023
and signed on their behalf by:
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The notes on pages 9 to 17 form part of these financial statements.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
1.
ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Matchroom Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Matchroom Charitable Foundation is a company limited by guarantee, incorporated in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. Its registered office is Mascalls, Mascalls Lane, Great Warley, Brentwood, Essex, CM14 5LJ.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are notes as a commitment, but not accrued as expenditure.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
1.
ACCOUNTING POLICIES (CONTINUED)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the Bank.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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LIABILITIES AND PROVISIONS
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Grants to Institutions
2022
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Grants to welfare charities
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Grants to Institutions
2021
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Grants to welfare charities
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
ANALYSIS OF GRANTS
(CONTINUED)
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The Company has made the following material grants to institutions during the year:
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Alexandra Park and Palace Charitable Trust
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Microphthalmia, Anophthalmia & Coloboma Support
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Haven House Children's Hospice
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Handicapped Childrens Action Group
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Addenbrookes Charitable Trust
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England and Wales Blind Golf
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Paces School for Cerebral Palsy
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British Disabled Angling Association
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Hopefield Animal Sanctuary
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Strongbones Children's Charitable Trust
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Royal Society for Blind Children
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Other grants to insitutions
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
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ANALYSIS OF EXPENDITURE BY ACTIVITIES
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Grant funding of activities
2022
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
4.
ANALYSIS OF EXPENDITURE BY ACTIVITIES
(CONTINUED)
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Grant funding of activities
2021
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ANALYSIS OF SUPPORT COSTS
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Governance Independent examination fee
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Governance Annual return fee
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Other administrative costs
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Governance independent examination fee
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Governance annual return fee
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Other administrative costs
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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INDEPENDENT EXAMINER'S REMUNERATION
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The independent examiner's remuneration amounts to an independent examiner fee of £
4,800 (
2021
-
£
4,800
).
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The average number of persons employed by the Company during the year was as follows:
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No employee received remuneration amounting to more than £60,000 in either year.
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During the year, no trustees received any remuneration or other benefits
(2021 - £NIL
)
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During the year ended 30 June 2022, no trustee expenses have been incurred
(2021 -
£
NIL
)
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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STATEMENT OF FUNDS - CURRENT YEAR
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Balance at 30 June 2022
£
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General Funds - all funds
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STATEMENT OF FUNDS - PRIOR YEAR
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Balance at
30 June 2021
£
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SUMMARY OF FUNDS - CURRENT YEAR
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Balance at 30 June 2022
£
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SUMMARY OF FUNDS - PRIOR YEAR
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Balance at
30 June 2021
£
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MATCHROOM CHARITABLE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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ANALYSIS OF NET ASSETS BETWEEN FUNDS
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ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
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Creditors due within one year
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ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
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Creditors due within one year
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RELATED PARTY TRANSACTIONS
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The charity received donations of £360,560
(2021 - £14,039)
from companies of which some of the Trustees are also directors.
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