Blast Trustees Annual Report 2019/2020
This year has proven to be a very difficult year for Blast.
After six years of running the Blast Transform programme at the Mount we were preparing to run our first programme at HMP Springhill in March 2020 when the full impact of Covid and Lockdown meant that we had to postpone the course just two weeks before it started.
We are hoping to commence the course with a new group of prisoners as soon as the prison authorities and government allow it.
Over the years in the Mount we have dealt with 72 prisoners, of which over fifty have been released. On release we have helped them with probation, accommodation and into employment. All of the prisoners who we work with have been accommodated upon release and 95% of them have found employment within three months.
This has continued to be the primary focus of the charity. Our Caseworker is currently working with around thirty men in total, most of whom have been released but some remain in prison. For those who have been released he is working with them through a mixture of face to face telephone and email contact. (During Lockdown no face to face contact took place). In addition he is working with eight prisoners currently in Springhill. Finally, he remains in contact with those Blast Transform prisoners who are still in prison (requiring travel to some ten different prisons).
Around 80% of our funding is spent on the Caseworker and their expenses. Funding has become our greatest issue as the drop in personal donations combined with the inability to run an in-prison programme has depleted the small reserves we had.
Draft Financial Statements at 15 March 2021 at 11:32:02
Company Registration No. 7398503 (England and Wales)
BLAST FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
COMPANY INFORMATION
Directors
Mr R S P Silman Mr M Hooley Mr H J Stanley Mrs D Tyler Mrs P M Hooley
(Appointed 12 February 2020) (Appointed 12 February 2020) (Appointed 12 February 2020)
Secretary Mr R Findlay
Company number 7398503 Registered office 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ Accountants Dashwoods Accountants Limited 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 |
| Accountants' report | 2 |
| Income and expenditure account | 3 |
| Balance sheet | 4 |
| Statement of changes in equity | 5 |
| Notes to the financial statements | 6 - 9 |
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2020
The directors present their annual report and financial statements for the year ended 31 October 2020.
Principal activities
The principal activity of the company continued to be that of providing training and education to prisoners prior to release.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R S P Silman Mr M Hooley Mr H J Stanley (Appointed 12 February 2020) Mrs D Tyler (Appointed 12 February 2020) Mrs P M Hooley (Appointed 12 February 2020)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
.............................. Mr R S P Silman Director
Date: .............................................
- 1 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BLAST FOUNDATION
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blast Foundation for the year ended 31 October 2020 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/ rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Blast Foundation, as a body, in accordance with the terms of our engagement letter dated 3 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Blast Foundation and state those matters that we have agreed to state to the Board of Directors of Blast Foundation, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/ Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blast Foundation and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Blast Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Blast Foundation. You consider that Blast Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blast Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dashwoods Accountants Limited
.........................
Chartered Certified Accountants
31 Dashwood Avenue High Wycombe Bucks HP12 3DZ
- 2 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Income | 29,619 | 27,416 |
| Cost of sales | (185) | (3,722) |
| Gross surplus | 29,434 | 23,694 |
| Administrative expenses | (26,610) | (24,825) |
| Surplus/(deficit) before taxation | 2,824 | (1,131) |
| Tax on surplus/(deficit) | - | - |
| Surplus/(deficit) for the financial year | 2,824 | (1,131) |
- 3 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
BALANCE SHEET
AS AT 31 OCTOBER 2020
| Notes Fixed assets Tangible assets 3 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilities Reserves Income and expenditure account |
2020 £ 7,578 (348) |
£ 128 7,230 7,358 7,358 |
2019 £ 4,881 (348) |
£ 1 4,533 4,534 4,534 |
|---|---|---|---|---|
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................
Mr R S P Silman Director
Company Registration No. 7398503
- 4 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2020
| Income and | |
|---|---|
| expenditure | |
| £ | |
| Balance at 1 November 2018 | 5,665 |
| Year ended 31 October 2019: | |
| Loss and total comprehensive income for the year | (1,131) |
| Balance at 31 October 2019 | 4,534 |
| Year ended 31 October 2020: | |
| Profit and total comprehensive income for the year | 2,824 |
| Balance at 31 October 2020 | 7,358 |
- 5 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
Company information
Blast Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 31 Dashwood Avenue, High Wycombe, Bucks, HP12 3DZ.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit .
1.4 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
- 6 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
(Continued)
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 7 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
(Continued)
1.7 Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0).
3 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Fixtures, | |
| fittings & | |
| equipment | |
| £ | |
| Cost | |
| At 1 November 2019 | 1,000 |
| Additions | 191 |
| At 31 October 2020 | 1,191 |
| Depreciation and impairment | |
| At 1 November 2019 | 999 |
| Depreciation charged in the year | 64 |
| At 31 October 2020 | 1,063 |
| Carrying amount | |
| At 31 October 2020 | 128 |
| At 31 October 2019 | 1 |
- 8 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
4 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Other creditors | 348 | 348 |
5 Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
- 9 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| Income Donations and gift aid Golf day Cost of sales Golf day costs Gross surplus Administrative expenses Operating surplus/(deficit) |
£ 185 99.38% |
2020 £ 29,619 - 29,619 (185) 29,434 (26,610) 2,824 |
£ 3,722 86.42% |
2019 £ 21,591 5,825 27,416 (3,722) 23,694 (24,825) (1,131) |
|---|---|---|---|---|
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 OCTOBER 2020
| Administrative expenses Honoraium Repairs and maintenance Travelling expenses Subscriptions Legal and professional fees Accountancy Printing and stationery Advertising Telephone Entertaining - allowable Depreciation |
2020 £ 13,250 55 8,157 481 480 348 1,393 1,022 964 396 64 26,610 |
2019 £ 12,392 - 7,936 125 369 348 990 1,126 976 563 - |
|---|---|---|
| 24,825 |
Draft Financial Statements at 15 March 2021 at 11:32:02
Company Registration No. 7398503 (England and Wales)
BLAST FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
COMPANY INFORMATION
Directors
Mr R S P Silman Mr M Hooley Mr H J Stanley Mrs D Tyler Mrs P M Hooley
(Appointed 12 February 2020) (Appointed 12 February 2020) (Appointed 12 February 2020)
Secretary Mr R Findlay
Company number 7398503 Registered office 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ Accountants Dashwoods Accountants Limited 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 |
| Accountants' report | 2 |
| Income and expenditure account | 3 |
| Balance sheet | 4 |
| Statement of changes in equity | 5 |
| Notes to the financial statements | 6 - 9 |
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2020
The directors present their annual report and financial statements for the year ended 31 October 2020.
Principal activities
The principal activity of the company continued to be that of providing training and education to prisoners prior to release.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R S P Silman Mr M Hooley Mr H J Stanley (Appointed 12 February 2020) Mrs D Tyler (Appointed 12 February 2020) Mrs P M Hooley (Appointed 12 February 2020)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
.............................. Mr R S P Silman Director
Date: .............................................
- 1 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BLAST FOUNDATION
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blast Foundation for the year ended 31 October 2020 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/ rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Blast Foundation, as a body, in accordance with the terms of our engagement letter dated 3 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Blast Foundation and state those matters that we have agreed to state to the Board of Directors of Blast Foundation, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/ Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blast Foundation and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Blast Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Blast Foundation. You consider that Blast Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blast Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dashwoods Accountants Limited
.........................
Chartered Certified Accountants
31 Dashwood Avenue High Wycombe Bucks HP12 3DZ
- 2 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Income | 29,619 | 27,416 |
| Cost of sales | (185) | (3,722) |
| Gross surplus | 29,434 | 23,694 |
| Administrative expenses | (26,610) | (24,825) |
| Surplus/(deficit) before taxation | 2,824 | (1,131) |
| Tax on surplus/(deficit) | - | - |
| Surplus/(deficit) for the financial year | 2,824 | (1,131) |
- 3 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
BALANCE SHEET
AS AT 31 OCTOBER 2020
| Notes Fixed assets Tangible assets 3 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilities Reserves Income and expenditure account |
2020 £ 7,578 (348) |
£ 128 7,230 7,358 7,358 |
2019 £ 4,881 (348) |
£ 1 4,533 4,534 4,534 |
|---|---|---|---|---|
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................
Mr R S P Silman Director
Company Registration No. 7398503
- 4 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2020
| Income and | |
|---|---|
| expenditure | |
| £ | |
| Balance at 1 November 2018 | 5,665 |
| Year ended 31 October 2019: | |
| Loss and total comprehensive income for the year | (1,131) |
| Balance at 31 October 2019 | 4,534 |
| Year ended 31 October 2020: | |
| Profit and total comprehensive income for the year | 2,824 |
| Balance at 31 October 2020 | 7,358 |
- 5 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
Company information
Blast Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 31 Dashwood Avenue, High Wycombe, Bucks, HP12 3DZ.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit .
1.4 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
- 6 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
(Continued)
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 7 -
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
1 Accounting policies
(Continued)
1.7 Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0).
3 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Fixtures, | |
| fittings & | |
| equipment | |
| £ | |
| Cost | |
| At 1 November 2019 | 1,000 |
| Additions | 191 |
| At 31 October 2020 | 1,191 |
| Depreciation and impairment | |
| At 1 November 2019 | 999 |
| Depreciation charged in the year | 64 |
| At 31 October 2020 | 1,063 |
| Carrying amount | |
| At 31 October 2020 | 128 |
| At 31 October 2019 | 1 |
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Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020
4 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Other creditors | 348 | 348 |
5 Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
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Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020
| Income Donations and gift aid Golf day Cost of sales Golf day costs Gross surplus Administrative expenses Operating surplus/(deficit) |
£ 185 99.38% |
2020 £ 29,619 - 29,619 (185) 29,434 (26,610) 2,824 |
£ 3,722 86.42% |
2019 £ 21,591 5,825 27,416 (3,722) 23,694 (24,825) (1,131) |
|---|---|---|---|---|
Draft Financial Statements at 15 March 2021 at 11:32:02 BLAST FOUNDATION
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 OCTOBER 2020
| Administrative expenses Honoraium Repairs and maintenance Travelling expenses Subscriptions Legal and professional fees Accountancy Printing and stationery Advertising Telephone Entertaining - allowable Depreciation |
2020 £ 13,250 55 8,157 481 480 348 1,393 1,022 964 396 64 26,610 |
2019 £ 12,392 - 7,936 125 369 348 990 1,126 976 563 - |
|---|---|---|
| 24,825 |