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← Boost Charitable Trust

2023-09-30-accounts

DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

Registered Charity Number: 1111961

BOOST CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Contents

Page
Legal and Administrative Information 1
Trustees’ Annual Report 2-4
Trustees’ Responsibilities Statement 5
Independent Examiner’s Report to the Trustees 6
Statement of Financial Activities 7
Statement of Financial Position 8
Statement of Cash Flows 9
Notes to the Financial Statements 10-15

DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Legal and Administrative Information

Charity Name: Boost Charitable Trust

Registered Charity Number: 1111961

Correspondence Address: 5 St Bride Street London EC4A 4AS

Trustees: Robert Houston MBE (chairman) Oliver Bartrum MBE Alurie Dutton Philippa Fine

Treasurer: Apex Corporate and Business Services UK Ltd (Resigned 30 April 2023) Oakford Advisors Ltd (From 1 May 2023)

Trust Manager: Sarah Johnson

Independent Examiner: Oliver Vigars FCCA 33 Margaret Street London W1G 0JD

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Trustees’ Annual Report for the Year Ended 30 September 2023

The Trustees present their report and financial statements of Boost ~~C~~ haritable Trust (“the Trust”) for the year ended 30 September 2023.

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 Trust Deed dated 30 September 2005 (“the Trust Deed”), the Charities Act 2011 and the 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) (Charities SORP FRS 102) published on 16 July 2014.

Structure, governance and management

The Trustees who held office during the financial period and up to the date of this report were:

Robert Houston MBE Oliver Bartrum MBE Alurie Dutton Philippa Fine

All the Trustees give their time freely and no trustee remuneration was paid during the year.

The Trust’s manager during the year and up to the date of this report is Sarah Johnson.

Aim of the Trust

The general aim of the charity is to award grants to inspiring sports programmes and initiatives which focus on improving the lives of the disadvantaged and disabled.

Boost Charitable Trust supports and complies with the Charity Governance Code for Small Charities.

Sam Sananes Sporting Legacy

The Sam Sananes Legacy was established in May 2017 and is funded through direct donations and fundraising events. It is incorporated into the overall governance and activities of Boost Charitable Trust. Grants awarded out of the Legacy funds are intended to have regard to Sam’s own sporting interests and, where appropriate, his hometown of Leicester.

Funds are raised mainly through donations, the annual St Bride’s v Boost Golf Day and sponsored endurance events. During the financial year, the Legacy funded two projects at a total value of £4,500.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Trustees’ Annual Report for the Year Ended 30 September 2023

Achievements and performance

The Trustees consider that 2022-23 was another successful year for Boost. In particular:

FIVE AREAS OF FOCUS

----- Start of picture text -----
Physical and learning difficulties Financial hardship
Social exclusion Mental health
Medical research and relief
7%
8%
12%
48%
25%
----- End of picture text -----

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Trustees’ Annual Report for the Year Ended 30 September 2023

Reserves Policy

The policy of the Trustees is to maintain sufficient reserves in order to fulfil future expected funding requirements of projects that extend over several years as well as supporting a portfolio of new projects. In determining the appropriate level of reserves, the Trustees take into account the potential fluctuation of its income stream in future years.

The Trust’s reserves have decreased by £15,913 from £1,354,088 at the beginning of the year to £1,338,176 at 30 September 2023. The Trustees are considering numerous new grants for the coming year and anticipate that while reserves may fluctuate from year to year, over time they will remain at a sufficient level to fund all projects.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102).

The law applicable to charities in England and Wales 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 Trust at the year end and of its incoming resources and application of resources during that year. In preparing the financial statements, the Trustees should follow best practice and are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Trust Deed. The Trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Independent Examiner’s Report to The Trustees

I report on the accounts of Boost Charitable Trust for the year ended 30 September 2023.

Respective responsibilities of trustees and examiner

The Trust’s trustees are responsible for the preparation of the accounts. The Trust’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is their responsibility to:

Basis of Independent Examiner’s statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner’s statement

In connection with my examination, no matter has come to my attention

Oliver Vigars

22-Jul-2024

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Statement of Financial Activities for the Year Ended 30 September 2023

Note
Income and endowments from
Income
Donations
2
Investment income
3
Total income
Expenditure on
Charitable activities
Promotion of sporting activities
amongst the disabled and
disadvantaged
4,5
Total expenditure
Net income/(loss before gains
and losses on investments
Fair value (losses)/gains on
investments
6
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
funds
£
174,106
56,765
230,871
197,115
197,115
33,756
-
33,756
121,911
155,667		 Expendable
Endowment
£
-
-
-
-
-
-
(49,668)
(49,668)
1,232,177
1,182,509		 2023 Total
funds
£
174,106
56,765
230,871
197,115
197,115
33,756
(49,668)
(15,912)
1,354,088
1,338,176		 2022 Total
funds
£
119,170
50,948
170,118
212,019
212,019
(41,901)
229
(41,672)
1,395,760
1,354,088

All income and expenditure derive from continuing activities.

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

The notes on pages 10 to 15 form part of these financial statements.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST REGISTRATION NUMBER: 1111961

Statement of Financial Position As at 30 September 2023

Note
Fixed assets
Investments
6
Current assets:
Debtors
7
Cash at bank and in hand
Total current assets
Liabilities:
Creditors due within one year
8
Net current assets
Net assets
Representing:
The funds of the charity:
Expendable endowment
9
Unrestricted income
9
Total charity funds
9		 2023
£
1,182,509
24,207
146,210
170,417
(14,750)
155,667
1,338,176
1,182,509
155,667
1,338,176		 2022
£
1,232,177
25,177
125,769
150,946
(29,035)
121,911
1,354,088
1,232,177
121,911
1,354,088

These financial statements were approved by the Trustees on 2024 and signed on their behalf by: 22 July 2024

R I Houston Chair of Trustees

22-Jul-2024

The notes on pages 10 to 15 form part of these financial statements.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Statement of Cash Flows For the year ended 30 September 2023

Cash flows from operating activities
Net movement in funds
Adjustments for:
Interest receivable
Dividend income from investments
Loss/(gain) on investments at fair value
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash used in operating activities
Cash flows from investing activities
Interest
Dividend income from investments
Additional investment
Cash generated from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash at bank
Total cash and cash equivalents		 2023
£
(15,912)
(1,036)
(55,729)
49,668
970
(13,285)
(35,324)
1,036
55,729
-
56,765
20,441
125,769
146,210
146,210
146,210		 2022
£
(41,672)
(45)
(50,903)
(229)
(6,973)
658
(99,163)
46
50,903
(75,000)
(24,052)
(123,215)
248,984
125,769
125,769
125,769

The notes on pages 10 to 15 form part of these financial statements.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a. Basis of preparation and assessment of going concern.

The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: (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) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Boost Charitable Trust (“the Trust”) meets the definition of a public benefit entity under FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2023-24, the most significant areas of uncertainty that affects the reserves of the Trust is the level of investment returns and the performance of investment markets.

b. Fund’s structure

The charity has a single expendable endowment created by a lump sum donation of £1million. This provides for the Trustees to invest the capital, the income from which is to be wholly unrestricted. The expendable endowment is to be used for the general purposes of the Trust, namely, to promote sporting activities for disabled and disadvantaged children and adults. The terms of the fund allow the capital to be spent if the Trustees so determine.

The charity has also received donations which are wholly unrestricted.

c. Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it can be certain that the resources will be received, and the monetary value of the incoming resources can be measured with sufficient reliability.

Investment income is recognised on a receivable basis.

d. Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

1. Accounting policies (continued)

d. Resources expanded (continued)

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust.

e. Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

f. Allocation of overhead, support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Governance costs and support costs relating to charitable activities have been apportioned over the appropriate categories, as detailed in note 5, on the basis of the number of individual grant awards made in recognition that the administrative costs of assessing, awarding and monitoring each grant is broadly equivalent.

g. Charitable activities

Costs of charitable activities include grants made and an allocation of support costs which are shown in note 4.

h. Policy on recognition of valuation of donated services

The Trust relies on donated time from the Trustees’ and for some administrative and treasury services. These donated services do not incur any financial or legal obligations to the Trust.

i. Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of investments.

j. Fixed asset investment

Investments are stated at fair value. Any gains or losses on the movement in fair value are taken to the statement of financial activities as they arise.

k. Gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

2. Donations

Income from donations totalled £174,106 (2022: £119,170) which was unrestricted.

3. Investment income

Interest on cash deposits
Income from investments		 2023
£
1,036
55,729
56,765		 2022
£
45
50,903
50,948

4. Analysis of expenditure on charitable activities

The charity undertakes its charitable activities through grant making and awarded grants to a number of charities, trusts and other appropriate organisations in furtherance of its charitable activities.

Charitable activity
Promotion of sporting
activities amongst the
disabled and disadvantaged		 Support
grants to
institutions
£
163,060		 Allocation of
governance
costs
£
34,055		 Total
expenditure
2023
Total
expenditure
2022
£
£
197,115
212,019

Fees payable to the independent examiner for his independent review were £nil (2022: £nil).

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

4. Analysis of expenditure on charitable activities (continued)

Support grants by institution

All out Africa/ Eswatini
Allsorts
Belvoir Cricket & Countryside Trust
Be Strong project
Better Things
Bonny Downs
Butler Golf Academy
Cleethorpes Community Sports & Education
CP Sport (Race Running)
CRE8 Football Academy
Disabled Sailors Association
Get Set 4 Tennis
Goalball
The Harbour Project
Level Water
Parkinsons
Power2Inspire
Advantage! Barrow Raiders Community Foundation
Rhondda Netball
RISE
Running Charity
Small Awards (25)
South West Powerchair Football
Sport In Mind
Sports Aid
Eswatini Swimming
Swindon Fencing
WFA Powerchair Football
Whitstable Lawn Tennis Club
Kendal Snowsports Club
South Shields Surf CIC
Tim Henman Foundation
EVA Women's Aid		 2023
£
12,000
11,000
-
11,500
4,000
4,438
7,000
5,928
(2,088)
1,612
1,000
7,500
10,000
-
-
10,000
11,000
7,340
-
-
-
15,720
-
7,920
5,000
6,500
-
-
1,200
2,000
5,490
9,000
8,000
163,060		 2022
£
11,500
11,000
6,455
11,500
3,000
3,996
7,000
6,600
-
-
5,050
3,000
10,000
3,228
5,000
10,000
11,000
6,560
5,000
1,970
12,000
16,649
1,781
7,536
5,000
6,000
4,080
10,000
1,200
-
-
-
-
186,075

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

5. Governance costs

Administrative staff
Accountancy fee
Designing & printing
Insurance indemnity
Advertising and sponsorship
Bank fees
Event costs
Other		 2023
£
14,165
11,726
487
874
350
342
5,676
435
34,055		 2022
£
10,189
12,668
1,027
885
480
236
-
459
25,944

Governance costs have been apportioned to charitable activities on a pro rata basis in accordance with the number of grants awarded during the year to each of the charitable activities.

St Bride’s Strategic Advisers and St Bride’s Managers donated time for administration and treasury services as well as making donations. The Trustees are most grateful to St Bride’s for their support.

6. Investments at fair value

At 1 October
Additional investments
Net fair value (losses)/gains on investments
At 30 September		 2023
£
1,232,177
-
(49,668)
1,182,509		 `2022
£
1,156,948
75,000
229
1,232,177

Investments are financial assets held at fair value.

7. Debtors

Investment income
Gift aid on donations
Accrued donations		 2023
£
19,330
4,877
-
24,207		 2022
£
12,070
13,107
-
25,177

All debtors are financial assets held at amortised cost.

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DocuSign Envelope ID: C3C3870D-346A-451C-860A-A50D6F274930

BOOST CHARITABLE TRUST

Notes to the Financial Statements

8. Creditors due within one year

Grant commitments
Accruals		 2023
£
13,500
1,250
14,750		 2022
£
26,635
2,400
29,035

All creditors are financial liabilities held at amortised cost.

All grants are subject to quarterly review and reporting. The Trustees have approved a number of grants during the year to September 2023. These grants relate to where donations have been received by the Trust during the year, and the Trust intends to use these monies for a group of projects which have been supported by the donors. The Trustees have retained the discretion to reallocate these monies if performance criteria are not met. Grant commitments are recognised where performance criteria have been met.

9. Analysis of charitable funds

Expendable endowment fund
Unrestricted income fund		 Investments
£
1,182,509
-
1,182,509		 Net
current
assets
£
-
155,667
155,667		 Total
2023
£
1,182,509
155,667
1,338,176		 Total
2022
£
1,232,177
121,911
1,354,088

10. Related party transactions and Trustees’ remuneration

Trustees choose not to receive any emoluments or reimbursement of expenses during the year (2022: £nil).

The Trustees are the key management personnel of the Trust.

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