THE MALDON MUD RACE LTD (A cx)mpany limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CHARITY REGISTRATION NUMBER: 1135532 COMPANY REGISTRATION NUMBER: 07102189
THE MALDON MUD RACE LTD CONTENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Legal and Administrative Details Trustees, Annual Report Independent Examinefs Report Statement of Flnandal Acbvitses Balance Sheet Notes to the Financial Statements
THE MALDON MUD RACE LTD Page: 1 LEGAL AND ADMININISTRATIVE DEfAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charlty reglstratlon number. 1135532 Company reglstratlon number. 07102189 Prfnciple address: Office 2 The Reach 687493 London Road. westcfrffTrsea Essex, SSO 9PA Reglst8red office address: 2 The Reach 687-693 Ldon Road, wes1c1lffa Essex. SSO 9PA Truslees: 8rfan Farrlngion Colln Mclntosh Roy Hems*Drth Sarah Wel Tirnothy Lodge Rhiain Oakley Luke Plpe Dlrectors: Brkn Farrfngton Colln Mclntosh Sarah Well8r Timothy Lodge Rhialn Oakley Luke Plpe Bankers: Metro Bank 38 High Street Chelmsford Essex. CM11BE
Page". 2 THE MALDON MUD RACE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees submil thelr annual report and Ihe unaudited firTla1 siatements for the ended 30 September 2024. The trustees have adopted the provbkTh under FRS102 Seclon 1A Small Entlties, tt companles Act 2006 and In ac(xJrdance the Statement of RecOmmded Pract1 (SORP FRS102). Accounllng and Reporting by Charfkn FxA)Ilshed In 2011. The charlty Is a charltabte c(xnpany Ilmlted by guarantse and was set up 11 December 2009. It Is governed by a rnemorandum and artlcles of ass(xlatlon. Its objects are to futher such charllable purposes as th8 Trustees rnay detsmilne, In partlcular by Ihe provlslon of grants to other Charttles. SIN¢ture. governan and management Th8 Maldon Mud Race Umlted Is an Incryrated charfty and a company Ilmlted by guarantee. The pollcy of the charitable company is directed by the Trustees themselves. There are seven honorary offlcers who are regarded as trustees of The Maklon Mud Race Llmlted as they are responsible for the management of the charltable company. The Trustees are also regarded a8 ttk8 diredors of the charitable company fthe charlv) for the purposes of company law and also Its trustees for purposes of charlty law. The trustees, report clarlfies that It Is a dlreGtor8' report requlred by Section 417 of the Companies Act 2006 and that all trustees are dlrectors. Th8 trustees are elected annually at the Annual General Meetlng and those who served durlng the financlal perlod ended 30 September 2024 are listed on the attached schedule of Legal and Admlnistrative Informatlon. Each trustee's rolo on the Board would be revknd at least every 3 years. The board of trustees meet mnthly in order to meet their resrM)nslbI6tl68, and administer the charity. There Is a management team wlth mgrnbers, who monltor the day to day actsvtties, admlnlstrallon and finance of the charlty. Objectlvos and aGtlvltl The objects for whlch th8 company Is establlshed Is to further suth charftsble purposes as the Trustees may d8t8milne, In partlcular by the provlslon of grants to other charlttes. To achleve the objectives of the charity a race across tho river Blackwater is held when It Is at Its lowest tide during Spring each year. This takes place from the quay at Maldon Promenade. Competltors vtho enter ralse sponsorship for the nominated charities of the Maldon Mud Race and can have 50Yo of their sponsorship raised donated to a registered charity of their choice. Other events are being (x)nsidered. We have referred to tr guklance contained Sn Ihe Charity Commlssion's general guidance on public benefit when reviewing our aim and objectives and in plannlng our future athitles. In particular, the trustees conslder how planned actlvSles wlll contnbule to the aims and objectives they have set. The charity has complled wlth ts duty In Seclion 17 of the Charlties Act 201110 have due regard to Ihe publlc benefft guldance wbllshed by the Charity cmISsn. levemonts and perfOn¢0 The state of the company's affairs and the results for the period are shown in the attached accounts.
Page: 3 THE MALDON MUD RACE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Imiestrnent pollcy and rnturns The charitable company has tha power to Invest money fK)t Immedlatety requlred f(w Its objectlves In or upc such Investments, securthes or property as the assoclatlon may thlnk fic subject lo such condidons Imposed by law. Flnanclal revlew The trustees MonIt the progress of actlvllles at each m(xthly meellry and a c<xmprehenslve revlew Is carrled out annually. Unrestrkled funds are needed: to fvnds whlch can be designated to speclk projects to enable these projects to be undertaken at short nollce to cover admlnlstratlon and supwt costs wlttwt whlch the charlty could not func The trustees conslder It pnKlent thal unrestrlded reserves should be sufficlenL' to avold the necesslty of reallslng fixed assets held for the charlty8 US8 to cover one yearfs admlnlstratlon and support rx)8ts lo wovlde finandal flaxlblllty over th& ccmjrse of forthc¢xnkng challenges R•serv•s poncy The truslees have 8stabllshed a pollcy whereby the unrestrlcted fvnds not commltted or Inve8ted In tanglblè flxed assets held by the charlty should be sufficient to fuThl the Inltlal pr&race expendlbjre. Th8 present18vel of r&8erves Is consldered sufflcknt for thls purpose. The Trustees have estsblished a desfgnated spedal project fund separale from the general fund. Th8 purpose of thls fund Is to provide funding for fvlure one off spedal projects that may be identified from Ilme to tAme that the trustees feel are worthy of a slgnifKant separate donation. It Is the intentlon of the Trustees to build thls fvnd and to malntaln It to a level of £30.000. Fun(ts will be added each year as the Trustees see fft to reach the desired level, without prejudicing current levels of annual donations to charltles. The trustees carry an annual revlew of the rlsks th1¢h the chariiable company may face and set out Ihe procedures to mlnlmlse ary potentlal impact on th8 charitable company should any of the rlsks materlalS8e. Charitsble Donatlons The company made charftable donallons duth the year to a lotal sum of £22.626 Stgned on half of the trustees. F rrf gton Dats: I
Pa THE MALDON MUD RACE LTD INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 We report to the Trustees on my exarnination of the accounts for the year ended 30 Sept 2024 set out on pages &9 ResponslbllItl and bas18 of report As the charws trustees, are responsible for the preparallon of the accounts In accordance the requirements of the Chariti6s Act 2011 (1h8 Acr). I report In respect of my examinatlon of the Trusfs accounts c*rfed out ulthr sedon 145 of the 2011 Act and In carrylng out my examtnatlon. I have follo11 all the appllcable Dlrectlons glven by the Charlty Commlsslon under sectlon 145(5Xb) of the ACL Independent examlnarfs statement l am qualified to undertake the examlnatlon by belng a qualifd member of the Assodatlon of Chartered I have completed my examlnalEon. I confirm that no materfal matters have come to my attentlon In connecllon wlth the examinatlon glving me cause to believe thai In any material rospecL' 1. accountlng records were not kept In acCdanCe 1h sectbn 130 of the Charltss Ac(. or 2. the aclnts do not accord wlth those recuds: rx 3. the accounts dkl not comply the appllcable requlrwnwts concemlng the form and content of accounts I have no conc8ms and have come acros8 no other matters In connectlon wlth the examlnatlon to whoch attentlon should be dravm In thls report In order to enable a proper understsndlTVJ of the accounts to be Adam Hotson FCCA APH Accountancy Servlces Ltd Offlce 2 The Reach 687493 London Road Westcllffwon4oa Essex SSO 9PA
Page". 5 THE MALDON MUD RACE LTD STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Deslgnated Funds Unrestrlcted Year Year Funds 2024 2023 Incoming Resources Incoming resources from generating funds- Acivities for generating funds: Corporate Sponsorship Competitors donations Race Entry Fees Return of entry fees for cancelled event Events Income Stalls Merchandise and concessions Trailer Hire Misc income Total Incoming Resources 20,534 20.534 33.038 33,038 25,950 25,950 21,378 29,845 16,200 60 60 79,581 79,581 13 67,436 Resources Expended Cost of generating funds: Direct charity expenditure: Sound and vision costs Event health and safety, medical and security costs Competitors race packs Merchandise Signage, banners and equipment hire costs Event sundry costs Insurance Trailer repairs Maldon District Council Prorn rent Paypal charges Just giving charges Stripe charges Facebook advertising Depreciation Governance costs: Website expenses Independent examiners fee Sundry expenses Directorfs insurance Total Resources Expended Net movement on funds Donalions to institutions Net incoming resources {SOurceS expended) Movements between funds Funds at 1 October 2022 Funds at 30 September 2023 12.168 12.168 13.317 13.317 3.665 3.665 556 556 1,946 1,946 891 891 2,889 2,889 1,680 1,680 3,000 3,000 14,889 4.930 465 1.607 6,378 2,733 1.477 1,700 562 1,108 510 562 1,108 510 353 996 680 522 300 522 300 498 300 272 272 43,385 43,385 36.196 36.196 22,626 22,626 13,570 13,570 5,174 21.018 26.192 39.763 39.763 260 37,266 30,170 22,587 7,583 -5,174 5,174 18,609 26,192
Page". 6 THE MALDON MUD RACE LTD BALANCE SHEET AS AT 30 SEPTEMBER 2024 Not¢& 2024 2023 Tangible fixed assets 1,530 2,040 Current assets Stock Trade debtors, prepaid expenses and accrued income Cash at bank and in hand 982 1,232 62,375 64,888 41,045 44,317 Current liabilities Accruals and prepaid income -25,125 -18,125 Total assets less current liabilities 39,763 26,192 Funds Unrestricted funds - General Designated funds - Half Marathon Designated funds - Special Projects 39,763 26,192 Total funds 39,763 26,192 For the financial year ended 30 September 2024 the company was entitled to exemption to audit under the provisions of sections 475 and 477 of the Companies Act 2006. No member or members eligible has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for: Complying with the requiremenls of Ihe Companies Act 2006 with respect to accounting record5', and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its surplus or deficit for the period in accordance with the requiremenls of section 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of that Act relaling to financial statements so far as they are applicable to the company. Approved ylhe Board of Trustees and signed on its behalf by: r Bria Date: rr gton Company registration number: 07102189 Charity registration number- 1135532
Page: 7 THE MALDON MUD RACE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1 Accountlng pollcl•s The followlng accountlng 1cleS have been used consistenlly In deallng wlth iiems which are considered material In relation to the charitys financial statements. 1.18asls of a¢¢ountlng The financlal statemerrts have been prepared under the histofical cost convention and are Sn accordance with the the FRS 102 Section 1A Small Entllles. the Compansls Act 2006 and In accordance with the Statement of Recommended Practice (SORP FRS102}, Accounting and Reporting by Charities published In 2011 and applteAble accounting stsndards. 12 Company status The CharSty Is a company Ilmrted by guarantea. Th8 m8mb8r8 of th8 company are th8 truslees named in page 1. In the evenl of the tharity belng wound up, th6 Ilability In repsect of the guarantee Is Ilmlted lo £1 per member of the d)arfty. 1.3 Incomlng resourc•8 All Sncome resources are Included in the SOFA when the charity Is legally entitled to the Income and the amount can be quantlfied vAth reasonable accuracy. For legacles. entltlement Is the oarfler of tho charity being nOtifd of an impending distribution or the legacy being received. Income18 deferred onty when the charlty has lo fvffil corKllt1o bofore becom1 entllled to IL Donatlon$ Incom8 frorn donatlons ar6 induded In Inrxjmlng resourr*s VA It Is recelved. Investment Income Investrnent Income is recognised in the acLxwits kn it Is recelved. 1A Rewur oxpended Resources expended are induded in the Statement of Financial Activities on an accruals basls, excludlng VAT where applicable. Certain expendltures are dlrecty attributab lo tharitable actlvitles and have been included in Direct Charitable expenditure. Glfts Sn klnd donated for dlstribulion are Induded at valuallon and recognlsed as Incorne when they are distributed to the proiecls. Gifts donated for resale are included as income when they are sold. Donaled facilities are included at ts value io the charity this can be quantlfied and a third party is bearing the cost. No amounts are Iluded In the financial statements for servlces donated by volunteers. Stock Stock conslsts of wrchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items dmated for resale or distritKrtion are not induded in the financial statements until they are sokl or distributed.
Page: 8 THE MALDON MUD RACE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Taxatlon The company Is a charfty wlthln the meanlng of the Charflles Act 2011 and as such Is a charlty thln the meanlng of part 11, Corporation Tax Act 2010. Accordlng the company is potentlally exempt from taxation In respect of Income or gains receSved with categories covered by Part11, Corporatlon Tax Act 2010 or Secllon 256 of the T8xatSon of Chargeable Galns Act 1992 to the extent that such Income or galn8 are applled excluslvety lo Its charltable purpose. Fund a¢countlng Funds held by tho charlty are e1th8r; Unrnstrl¢ted general funds - these are funds whlch are availab18 for use at the d58cretlon of the trustees In furtherance of the goneral obiectlv68 of th6 charity and which have not bean deslgnated for other purposes. Doslgnated funds - these are fund8 that comprfse unrestrlcted funds that have been set aside by the truslees for partlcular purposes. The alm and use of each deslgnated fund Is set out In the notes to the flnanclal statements. Restrlcted funds are funds whlch are to be used In accordan¢e wlth 8peclfic rastrlctlons Imposed by donors or whlch have been raSsed by the charlty for partlcular purposes. Th8 Cost of ralslng and admlnlsterfng such funds are charged agalnsl the speGlftG fvnd. The alm and u88 of each restrlcted fund18 set out In Ihe notss to the financlal statements. Restrlcted funds - these are funds that can only be used for paCUlar restrlcted purposes thin the objects of the charfty. Restrlctlons arlsa when speclfied by the donor or when funds are ralsed for partlcular reslrlcled purposes. Investsnent Income and galns are allocaled to the approprfate fund. Trusts• dlrectors and employees The tru8tees neither received nor walved any emoluments duriTVJ th8 year, and were not pald or relmbursed for expenses durSng the current year. Legal Status The charity is a company Ilmlted by guarantee and has no share capltal. The Ilabillty of each member in the event of wlndlng-up Is Ilmlted to £1. For thSs purpose 'members' includes persons who ceased to be members within one year of such winding up. 2024 Members at the financial year end.
Page: 9 THE MALDON MUD RACE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Tangible fixed assets Vehlcles & equlpment Cost At l October 2023 Addltlons Dlsposals At 30 September 2024 22,683 22,683 Deprnclatlon At l October 2023 Charg8 In year At 30 Septembw 2024 20,643 510 21.153 Net book valu• At 30 S•ptember 2024 At 30 September 2023 1,530 2.040 Stock 2024 2023 Goods and olher assets purchased for resale Consumable stores 982