Company Registration: 05746680 (England & Wales) Registered Charity Number: 1119931
THE BOXING ACADEMY FOUNDATION
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
THE BOXING ACADEMY FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
| Page | |
|---|---|
| Report of the Trustees | 1 - 4 |
| Report of the Independent Examiners | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 - 9 |
| Notes to the Financial Statements | 10 - 15 |
THE BOXING ACADEMY FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2020
The trustees, who are also directors for the purposes of the Companies Act, are pleased to present their report and the independently examined financial statements of the charity for the year ended 31st August, 2020.
OBJECTIVES AND ACTIVITIES
The Boxing Academy Foundation: Public Benefit
The work of the Boxing Academy Foundation meets the requirement for public benefit by supporting the Boxing Academy Trust which provides an alternative to mainstream school for disadvantaged 13-16 year olds who are in danger of social and educational exclusion. The Boxing Academy Foundation can therefore confirm that we have complied with the duty in Section 4 of the Charities Act 2006 by referring to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Academy.
The Boxing Academy Trust operates The Boxing Academy AP Free School (“The Boxing Academy”), an alternative provision free school situated at 1 Monteagle Way, Hackney, London, E5 8PH.
ORGANISATION
The Boxing Academy Foundation is a company limited by guarantee, with company registration number of 05746680, and a registered charity governed by its memorandum and articles of association. The charity registration number of the organisation is 1119931.
The charity’s registered office is at 1 Monteagle Way, Hackney, London, E5 8PH.
In accordance with the company's memorandum, any surplus of income over expenditure is retained in the business and utilized for the charities' principal charitable purpose of supporting the Boxing Academy Trust in providing education, mentoring and training to young people in danger of exclusion from mainstream school. The charity carries no debt.
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
1. Background
The Boxing Academy started life as a small community project in a boxing gym in Tottenham. It was registered as a charity in 2007 and opened its doors to 12 students in the first year. Anna Cain was appointed Chief Executive in 2009 and in 2010 she opened the school on our current site in Hackney. As the Academy grew to 40 students the curriculum expanded to 5 GCSEs and results improved year on year. The Academy was registered as an Independent School in 2014 and underwent an Ofsted inspection in Nov 2016 resulting in the grading of 'Good' overall, with 'Outstanding' for Personal Development, Behaviour and Welfare.
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THE BOXING ACADEMY FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2020
1. Background continued
The charity signed a funding agreement with the Department for Education and converted to become an Alternative Provision Free School, the Boxing Academy Trust, on 1st May 2017. At this point, many of the trustees resigned and transferred over to the governing body of the new trust. All assets were accounted for and transferred at this time. The charity has filed new objects to amend its purpose to supporting the school and alumni and is in the process of recruiting a new chair and trustee board.
The new charitable Objects of the Charity are: for the benefit of the public, the advancement of education of pupils at the school currently run by The Boxing Academy Trust (an exempt charity with registered company no. 09876066) in particular but not exclusively by:
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(1) providing and assisting in the provision of facilities, support and resources for education at the school;
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(2) providing education, training, mentoring and healthy lifestyles for current and former pupils of the school, to complement provision made by the school or where the school does not make such provision; and
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(3) developing effective relationships between the staff, parents and other stakeholders associated with the school.
2. Board of Trustees and Governance
Trustees are recruited in accordance with the trustee recruitment policy and elected by the board at the AGM. All new trustees have been DBS checked and signed the declaration of eligibility form CSD-138. There is an induction pack for new trustees and trustee code of conduct.
The charity's board of trustees at this time, consist of;
Paul Buchanan (Chair) Anna Cain, Domini Pettifar, Dior Bediako, Verity Myers
3. Activities
The Trustees are keen to support activities that advance the Objects in an effective way. The Charity Trustees' current funding priorities are, but are not limited to, the funding of:
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(a) alumni support programmes to assist pupils of The Boxing Academy to remain in education or
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training after leaving the school, for example, the fees for attending a training course;
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(b) staff posts at The Boxing Academy;
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(c) alumni personal costs, for example, the cost of buying a suit for or the cost of travel to attend a first job interview;
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THE BOXING ACADEMY FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2020
3. Activities continued
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(d) out of school activities, for example, skiing trips;
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(e) boxing equipment as required;
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(f) out of school hours activities, for example, an after-school drama group;
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(g) research and the development of related models for the advancement of education, for example, on issues such as efficiency at The Boxing Academy; and
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(h) capacity building and/or leadership development at The Boxing Academy.
During this reporting period the Foundation funded a number of activities to further its objects, including another ski trip to Prato Nevoso in Italy. The school trip was paid for in its entirety by the Foundation and included the costs of the excursion as well as such items as passports and basic items of clothing for many of the children. Within a few weeks of their return the closure of schools due to the COVID-19 pandemic caused unprecedented challenges for everyone involved.
The Boxing Academy Foundation supplied free school meal vouchers to all families in need, as well as additional food boxes through our work with Chefs in Schools. These were being hand delivered by our pod leaders so they had some face-to-face contact and ensured that the children were safe and coping. The Boxing Academy implemented a Covid-19 contingency plan which was extremely effective in ensuring safeguarding, with daily contact between pod leaders and teachers through MS Teams, a safe and secure platform. However, this process revealed that not all students had equal access to the Internet and this risked further opening-up already existing attainment gaps for the vulnerable cohort. The Foundation financed the purchase of both refurbished laptops and wireless dongles to supply an Internet connection where there was none.
The Charity Trustees will not normally support activities at The Boxing Academy that are already funded by the Department for Education.
The Charity Trustees will occasionally award grants that fall outside the priorities stated in this policy, provided that they are satisfied that the grant will further the Objects and is an appropriate use of the Charity's funds.
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THE BOXING ACADEMY FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are directors of The Boxing Academy for the purpose of company law) are responsible for preparing the Report of the Trustees and financial statements in accordance with the applicable law and the 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 incoming resources and the application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-select suitable accounting policies and then apply them consistently;
-observe the methods and principles of Charity SORPs;
-make judgements and estimates that are reasonable and prudent;
-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 proper accounting records that 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.
In so far as the trustees are aware:
-there is no relevant information of which the Independent Examiner is unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant independent examination information and to establish that the Independent Examiner is aware of that information.
Approved by the board of trustees.
Dated 25th May 2021
Signed
A Cain, Trustee
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THE BOXING ACADEMY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
I report to the trustees of the Boxing Academy Foundation (Charity No 1119931) on the accounts of the company for the year ended 31st August 2020 which are set out on pages 7 to 15.
Respective responsibilities of the trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("The Charities Act") and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
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 charity 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.
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THE BOXING ACADEMY
INDEPENDENT EXAMINER'S REPORT
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I 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.
Ray Harris
……………………………………
R C Harris BA (Hons) AccFin MAAT Licensed & regulated accountant (License No. 1001948)
Project H Accountants Beadle House Bull Plain Hertford Hertfordshire SG14 1DT
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THE BOXING ACADEMY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR YEAR ENDED 31ST AUGUST 2020
| Note INCOME RESOURCES Donations and legacies 2 Charitable activities: School 4 Investment income 3 Other income Total Income Resources RESOURCES EXPENDED Charitable Expenditure: School 5 Other Total Resources Expended NET INCOME / (EXPENDITURE) Balance brought forward Balance carried forward |
Unrestricted Funds Restricted Funds Restricted Fixed Asset Funds Total Funds 2020 £ £ £ £ 34,042 0 12,569 46,611 0 200 0 200 0 0 0 0 0 0 0 0 34,042 200 12,569 46,811 25,142 200 0 25,342 2,323 0 0 2,323 27,466 200 0 27,666 6,576 0 12,569 19,145 54,720 0 0 54,720 61,296 0 12,569 73,865 |
Total Funds 2019 £ 98,421 0 0 0 |
|---|---|---|
| 98,421 | ||
| 77,921 2,756 |
||
| 80,677 | ||
| 17,744 | ||
| 36,976 | ||
| 54,720 |
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THE BOXING ACADEMY FOUNDATION
BALANCE SHEET AS AT 31ST AUGUST 2020
| Notes FIXED ASSETS CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS: falling within 1 year 12 NET CURRENT ASSETS ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted Funds Restrictive Fixed Asset Funds TOTAL FUNDS |
Unrestricted Funds Restricted Funds Restricted Fixed Asset Funds Total Funds 2020 £ £ £ £ 0 0 0 0 940 0 0 940 60,956 0 12,569 73,525 61,896 0 12,569 74,465 600 0 0 600 61,296 0 12,569 73,865 61,296 0 12,569 73,865 61,296 0 12,569 73,865 61,296 12,569 73,865 |
Total Funds 2019 £ 0 |
|---|---|---|
| 21,077 34,243 |
||
| 55,320 600 |
||
| 54,720 | ||
| 54,720 | ||
| 54,720 | ||
| 54,720 - |
||
| 54,720 |
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THE BOXING ACADEMY FOUNDATION
BALANCE SHEET continued AS AT 31ST AUGUST 2020
For the year ending 31.08.2020 the charitable company was entitled to exception from audit under section 477 of the Companies Act 2016 relating to small companies.
The trustees have not required the charitable company to obtain an audit in accordance with section 476 of the Companies Act 2016.
The trustees acknowledge their responsibility for complying with the requirements of Sections 386 & 387 of the Act with respect to keeping accounting records and Sections 395 & 395 for preparation of the accounts.
These accounts have been prepared in accordance with the special provisions of Part 15 of the 2016 Companies Act relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (January 2015)
The financial statements were approved by the trustees on 25th May 2021 and were signed on its behalf by:
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A Cain, Trustee
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company have been prepared in accordance with the Charities SORP (FRSSE) 'Accounting and Reporting' by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE), effective 1st January 2015, the Financial Reporting Standard for Smaller Entities (effective 1st January 2015) and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, 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 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.
Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and Fittings - 25% straight line
Computer equipment - 25% straight line
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
1. ACCOUNTING POLICIES continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.
Further explanation of the nature and purposes of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Donations Grants & Awards Grants received, included in the above are as follows; Other awards 3. INVESTMENT INCOME Interest receivable |
2020 £ 45,611 1,000 46,611 1,000 2020 £ 0 |
2019 £ 98,421 0 |
|---|---|---|
| 98,421 | ||
| 0 | ||
| 2019 £ |
||
| 0 |
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
| 4. INCOME FROM CHARITABLE ACTIVITIES Charitable activities 5. CHARITABLE ACTIVITIES COST School 6. SUPPORT COSTS Other resources expended School 7. NET INCOME / (EXPENDITURE) Net income / (expenditure) is stated after charging / (crediting); Independent Examiner's fee Depreciation and loss on disposal of owned assets Other operating leases Amortisation |
2020 £ 200 Direct costs Support costs (note 6) £ £ |
2019 £ |
|---|---|---|
| 0 | ||
Totals £ |
||
| 20,325 5,017 25,342 |
||
| Managemen t Governance costs Totals £ £ £ 2,323 2,323 5,017 5,017 |
||
| 5,017 2,323 7,340 |
||
| 2020 £ 600 0 0 0 600 |
2019 £ 600 0 0 0 |
|
| 600 |
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustee's remuneration or other benefits for the year ended 31st August 2020 nor the year ended 31st August 2019.
Trustees expenses
There were no trustee expenses paid for the year ended 31st August 2020 nor for the year ended 31st August 2019
| 9. STAFF COSTS Wages and salaries Social security costs The average number of employees during the year was as follows: Coaches and mentors |
2020 £ 0 0 0 0 |
2019 £ 0 0 |
|---|---|---|
| 0 | ||
| 0 |
The number of employees who's employee benefits (excluding pensions) exceeded £60,000 was
| £60,001 - £70,000 | 0 | 0 | |||
|---|---|---|---|---|---|
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||||
| Unrestricted | |||||
| Unrestricted | Fixed Asset | Restricted | |||
| Funds | Funds | Funds | Total Funds | ||
| INCOME AND ENDOWMENTS FROM | £ | £ | £ | £ | |
| Donations and legacies | 98,421 | 0 | 0 | 98,421 | |
| Charitable activities | |||||
| School fees | 0 | 0 | 0 | 0 | |
| Investment income | 0 | 0 | 0 | 0 | |
| Other income | 0 | 0 | 0 | 0 | |
| 98,421 | 0 | 0 | 98,421 |
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES continued
| EXPENDITURE ON Charitable activities School Other NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward 11. DEBTORS Prepayments Other debtors 12. CREDITORS Accruals |
Unrestricted Funds Unrestricted Fixed Asset Funds Restricted Funds Total Funds £ £ £ £ 77,921 0 0 77,921 2,756 0 0 2,756 |
Unrestricted Funds Unrestricted Fixed Asset Funds Restricted Funds Total Funds £ £ £ £ 77,921 0 0 77,921 2,756 0 0 2,756 |
Unrestricted Funds Unrestricted Fixed Asset Funds Restricted Funds Total Funds £ £ £ £ 77,921 0 0 77,921 2,756 0 0 2,756 |
|---|---|---|---|
| 80,677 0 0 80,677 |
|||
| 17,744 0 0 17,744 |
|||
| 36,976 0 0 36,976 |
|||
| 54,720 0 0 54,720 |
|||
| 2020 £ 940 0 940 2020 £ 600 |
2019 £ 783 34,243 |
||
| 35,026 | |||
| 2019 £ 600 |
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THE BOXING ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31ST AUGUST 2020
13. MOVEMENT IN FUNDS
| Unrestricted funds General funds Restricted funds Restricted Fixed Asset funds TOTAL FUNDS Net movement in funds, as included above are as follows: Unrestricted funds General funds Restricted funds Restricted Fixed Asset funds TOTAL FUNDS |
At 01.09.2019 Net movement in funds At 31.08.2020 £ £ £ 54,720 6,576 61,296 0 12,569 12,569 |
|---|---|
| 54,720 19,145 73,865 |
|
| Incoming Resources Resources Expended Movement in funds £ £ £ 34,242 -27,666 6,576 12,569 0 12,569 |
|
| 46,811 -27,666 19,145 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions during the year ended 31st August 2020.
15. GOING CONCERN
The financial statements have been prepared on a going concern basis.
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