THE MALDON MUD RACE LTD IA company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 CHARITY REGISTRATION NUMBER.. 1135532 COMPANY REGISTRATION NUMBER.. 07102189 THE MALDON MUD RACE LTD CONTENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Page Legal and Administrative Details Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balan￿ Sheet Notes to the Financial Statements THE MALDON MUD RACE LTD Page.. 1 LEGAL AND ADMININISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Charity registration number.. 1135532 Company registration number.. 07102189 Principle address.. Office 2 The Reach 687-693 London Road, Weslcliff-on-sea Essex, SSO 9PA Registered office address.. Office 2 The Reach 687493 London Road, Weslcliff-on-sea Essex, SSO 9PA Trustees.. Brian Farrington Colin Mclntosh Roy Hemsworth Sarah Weller Timothy Lodge Rhiain Oakley Luke Pipe Directors.. Brian Farringlon Colin Mclntosh Roy Hemsworth Sarah Weller Timothy Lodge Rhiain Oakley Luke Pipe Bankers.. Metro Bank 38 High Street Chelmsford Essex, CM1 1BE Page.. 2 THE MALDON MUD RACE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Iruslees submit their annual report and the unaudited financial statements for the year ended 30 September 2025. The trustees have adopted the provisions under FRS102 Section 1A Small Entities, the companies Act 2006 and in accordan￿ with the Statement of Recommended Practice ISORP FRS1021, Accounting and Reporting by Charities published in 2011. The charity is a charitable company limited by guarantee and was set up 11 December 2009. It is governed by a memorandum and articles of association. Ils objects are lo further such charitable purposes as the Trustees may determine, in particular by the provision of grants lo other Charities. Structurei governance and management The Maldon Mud Race Limited is an incorporated charity and a company limited by guarantee. The policy of the Charitable company is directed by the Trustees themselves. There are seven honorary officers who are regarded as trustees of The Maldon Mud Race Limited as they are responsible for the management of the charitable company. The Trustees are also regarded as the directors of the charitable company I'the charity'l for the purposes of company law and also ils trustees for purposes of charity law. The Iruslees, report clarifies that it is a directors, report required by Section 417 of the Companies Act 2006 and that all trustees are directors. The Iruslees are elected annually at the Annual General Meeting and those who served during the financial period ended 30 September 2024 are listed on the allached schedule of Legal and Administrative Information. Each trustee's role on the Board would be reviewed at least every 3 years. The board of trustees meet monthly in order to meet their responsibilities, and administer the charity. There is a management team with members, who monitor the day to day activib"es, administration and finance of the charity. Objectives and activities The objects for which the company is established is lo further such charitable purposes as the Trustees may determine, in particular by the provision of grants to other charities. To achieve the objectives of the charity a yearly race across the river Blackwater is held when it is al its lowest tide during Spring each year. This takes place from the quay at Maldon Promenade. Competitors who enter raise sponsorship for the nominated charities of the Maldon Mud Race and can have 500/0 of their SF)onsorship raised donated to a registered eharily of their Choice. Other events are being eonsidered. We have referred to the guidance contsined in the Charity Commission's general guidance on public benefi't when reviewing our aim and objectives and in planning our future aclivilies. In particular, the Iruslees consider how planned activities will contribute to the aims and objectives they have set. The charity has complied with the duly in Section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission. Achievements and performance 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 2025 Investment policy and returns The charitable company has the power to invest money not immediately required for its objectives in or upon SLJch investments, securities or propety as the association may think fit, subject to such conditions imposed by law. Financial roVIOW The Iruslees monitor the progress of activities al each monthly meeting and a comprehensive review is carried out annually. Unrestricted funds are needed.. to provide funds which can be designated lo specific projects to enable these projects lo be undertaken al short noli lo cover adminislralion and support costs without which the charity could not function The Iruslees consider it prudent that unrestricted reserves should be sufficient.. lo avoid the ne￿SSIty of realising fixed assets held for the charity's use to cover one year's administration and support costs to provide financial flexibility over the course of forthcoming challenge5 Reserves policy The Iruslees have established a policy whereby the unreslricled funds not committed or invested in tangible fixed assets held by the charity should be sufficient to fund the initial pre-race expenditure. The present level of reserves is considered sufficient for this purpose. The Trustees have established a designated special project fund separate from the general fund. The purpose of this fund is to provide funding for future one off special projects that May be identified from time to time that the trustees feel are worthy of a significant separate donation. It is the intention of the Trustees to build this fund and lo maintain il to a level of £30,000. Funds will be added each year as the Trustees see fit to reach the desired level, without prejudicing current levels of annual donations lo charities. The Iruslees earry out an annual review of the risks which the eharilable company may face and set out the procedures to minimise any potential impact on the charitable company should any of the risks materialise. Charitable Donations The company made charitable donations during the year to a total sum of £22,625 Signed on behalf of the trustees. Mr Brian Farrington Date.. Pa THE MALDON MUD RACE LTD INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 We report lo the Trustees on my examination of the accounts for the year ended 30 Sept 2025 set out on pages 5-9 Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement l am qualified lo undertake the examination by being a qualified member of the Association of Chartered Certified Accounlanls. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. 1. accounting records were not kept in accordance with section 130 of the Charib'es Act., or 2. the aceounls do not accord with those records,. or 3. the aceounls did not comply with the applicable requirements eoneerning the form and conlenl of accounts I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be Adam Hotson FCCA APH Accountancy Services Ltd Office 2 The Reach 687-693 London Road Westcliffwon-sea Essex SSO 9PA Date.. Page". S THE MALDON MUD RACE LTD STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Designated Funds Unrestricted Year Year Funds 2025 2024 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 MI￿ income Total Incoming Resources 25,840 25,840 58,712 58,712 25,725 25,725 20,534 33,038 25,950 57 57 110,334 110,334 60 79,582 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 Prom rent Paypal charges Just giving charges Stripe charges Facebook advertising Depreciation Governance costs.. Website expenses Independent examiners fee Sundry expenses Direclorfs insuran Total Resources Expended Net movement on funds Donations to institutions Net incoming resources Iresources expended) Movements between funds Funds at 1 October 2024 Funds at 30 September 2025 14,277 14,277 10,718 10,718 5,140 5,140 12,168 13,317 3,665 556 1,946 891 2,889 1,680 3,000 6,311 3,874 3,069 6,311 3,874 3,069 4,750 4,750 846 1,116 383 562 1,108 510 1,116 383 666 342 17 666 342 17 522 300 272 43,386 36,196 22,626 13,570 51,509 51,509 58,825 58,825 40,417 40,417 18,408 18,408 5,174 34,589 39,763 58,170 58,170 -5,174 5,174 26,192 39.762 Page.. 6 THE MALDON MUD RACE LTD BALANCE SHEET AS AT 30 SEPTEMBER 2025 Notes 2026 2024 Tangible fixed assets 1,148 1,530 Current assets Stock Trade debtors, prepaid expenses and accrued income Cash at bank and in hand 982 982 96,208 98,337 62,375 64,887 Current liabilities Accruals and prepaid income -40,167 -25,125 Totsl assets less current liabilities 58,170 39,762 Funds Unrestricted funds- General Designated funds - Half Marathon Designated funds- Special Projects 58,170 39,763 Totsl funds 58,170 39,763 For the financial year ended 30 September 2025 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 requirements of the Companies Act 2006 with respect to accounting records., and preparing financial statements which give a true and fair view of the slate of affairs of the company as al the end of the fi'nancial period and of its surplus or deficit for the period in accordance with the requirements of section 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of that Act relating to financial statements so far as they are applicable lo the company. Approved by the Board of Trustees and signed on its behalf by.. Mr Brian Farrington Date.. 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 2025 1 Accountlng pollcles The following accounting policies have been used consistently in dealing with items which are considered material in relation lo the charity's financial slatemenls. 1.1 Basis of accounting The financial statements have been prepared under the historical cost convention and are in accordance with the the FRS 102 Section 1A Small Entities, the Company's Act 2006 and in accordance with the Statement of Recommended Practice ISORP FRS1021, Accounting and Reporting by Charities published in 2011 and applicable accounting standards. 1.2 Company status The Charity is a Company limited by guarantee. The members of the Company are the trustees named in page 1. In the event of the charity being wound up, the liability in repsecl of the guarantee is limited to £1 per member of the charity. 1.3 Incoming resources Incoming resources from operating activities All income resources are included in the SOFA when the charity is legally entitled lo the Income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Income is deferred only when the charity has to fulfil conditions before becoming entitled lo it. Donations Income from donations are included in incoming resources when il is received. Investmgnt Incomé Investment income is recognised in the accounts when it is re￿ived. Resources expended ReSoUr￿S expended are included in the Statement of Financial Activities on an accruals basis, excluding VAT where applicable. Certain expenditures are direetly attributable to charitable activities and have been included in Direct Charitable expenditure. Gifts in kind donated for distribution are included al valuation and recognised as income when they are distributed lo the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Stock Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items donated for resale or distribution are not included in the financial stslements until they are sold or distributed. Page: 8 THE MALDON MUD RACE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Taxation The company is a charity within the meaning of the Charities Act 2011 and as such is a charity within the meaning of part 11, CorF)Omtion Tax Act 2010. According the company is potentially exempl from taxation in respect of income or gains received with categories covered by Part11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the exlenl that such income or gains are applied exclusively to its charitable purpose. Fund accounting Funds held by the charity are either.. UnrestriTCted general funds - these are funds which are available for Ljse at the discretion of the Iruslees in furtheran￿ of the general objectives of the charity and which have not been designated for other purposes. Designated funds- these are funds that comprise unrestricted funds that have been set aside by the Iruslees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund Is set out In the notes lo the financial statements. Restricted funds- these are funds that can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular reslricled purposes. Investment income and gains are allocated to the appropriate fund. Trustee directors and employees The trustees neither received nor waived any emoluments during the year, and were not paid or reimbursed for expenses during the current year. Legal Status The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. For this purpose 'members' includes persons who ceased to be members within one year of such winding up. 2025 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 2025 Tangible fixed assets Vohicles & equipment Cost At l October 2024 Additions Disposals At 30 September 2025 22,683 22.683 Depreciation At l October 2024 Charge in year At 30 September 2025 21,153 383 21,535 Alet book value At 30 September 2025 At 30 September 2024 1,148 1,530 Stock 2025 2024 Goods and other assets purchased for resale Consumable stoles 750 232 750 232 982 982 Page". 8