Chartty registration number 1146159 Company regisiAtion number 07862605 ien9land and Wales) KIN MOTORSPORT ANNUAL REPORT AND HNANCIAL STATEIENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 illiiwiiiiMII ACFLiM495 29111r2(Y23 COMPANIES HCiJSE
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MISSION MOTORSPORT LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ MrADComp Mr J B Baguley (Appoinled 2 September 2022} {Appginted 3 Sèptèrnber 2022} {Appoinled 15 June 2022) {Appoinled 15 June 2022} {Appoinled 2 September 20221 Commander C Chew Mr M Comelius L*utenanl GerEral R E Nugee Mr C Tate Se¢r¢tsry Ms C Fwer-Tdston Key Manayèmènt MrAJ Cameron ICEOI MrA BrOn {COOI Mr F A Hale FCA (CFO) Charity number 1146159 Company Dumber 07862605 Principal address Unil 11. W&G Industrial Estate FarirrfJdon Road East Challow Oxfordshire Unrted Kingdom OX12 9TF R•glslered offKe Unit 11, W&G Industrial Eslale Faringdon Road East Challow Oxfordshire Unrted Kingdom OX12 9TF Auditor Cafpenter Box Amelia House Crescenl Roa Worthing Wesl Sussex BN11 1RL Bank8ts Lloyds Bank 25 Gresham Streei London EC2 7HN
MISSION MOTORSPORT CONTENTS Pa Trustees. report Stalemenl of trustee5' lesponsibilit5 Indendent auditorfs report Consolidated statement of financial a(*Mties Consolidated balance sheet 10 Charity balarKe Sheet Consolidated statement of ¢ash llows 12 Notes to the consolidated financ1 statements 13-27
MISSION MOTORSPORT TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 28 FEBRUAR Y2023 The tru51ees present thgir roport and financial statement5 for the year ènded 28 Febwuary 2023. Thè ffinancial statements have been prepared tn accordance wrth the accounting poIToes set out in nolÈ 1 tts the financial statements and compty wth the charity's Memorandum and Artides of Assoaation, the Charities Act 2011, the Companies Act and 'Accounting and Reporting by Chants.. Statement of Recommended Practice applicable lo charrties preparing thetr accounts in accordance with the FinancAal Reporting Standard applirable in the UK and Republ of Irelwd {FRS 1021. leffeciNe 1 January 2019). Objectivès and activities The tharrty's objeds continue lo be.. to assist wounded, injured and sli (MS) personnèl and veterans. by advancing any lawful charilable purpose at the discrelion of the d1clOr$ and in Pa1#r bui not exclusively. By raising awareness ol and educatirwj the genernl pLe and VWS seNe£mèn and women themsèfvès about Ihe problems faced by seNce personnel and veterans, to encLJurage soaal indusion. and to use sporting and training acbwties to help b)osl COnfi¢Jer, inswre others arKI aid in the rehabilitation and recovery ofWIS service personnel. By ernpowering, engaging and inspiring Ihe dt5abled and disadvantaged community by the provision of training and assistance to a leam of wounded seryice personnel atvj veterans by enabling them to partiupate In motorsport. By providing Iraining. education and any othei assistare to enabk fomer Ard Force5 personnel to find èmployment. The trustees have paid due regafd to guidance issued by the Chan"ty Comrni55ion in deryding what activities the charity should undertake. Aehièvtmènts and perfonnancè The period reflected in this report is Mission Molorsport - The Forces. Motorsport Charity's eleventh year an covers aclivities spanning the celebration of the charity's first decade in existence. The year saw several changes both in personnel, in the thanty executive and trustees, following a penod of fresh consideration ol the organisation's roots, its dIreCtn and motivation_ The focus of Mission Motorsport remains on the outcomes for service lamilies Ihrough our mantra ol Race l Relrain l Recovef.. that is our output pillars ol spcrfi, training and vocalion - the charity's work conts.nues to be relevanl aNI impactful, and Ihe tharty's reputaiion in these areas is very strong. Sport: 2022.23, with a new operalions team tn pta¢e, saw a significant increase in car event activity both sporting and in 'experience' days. The headline events a stdl very strong thanks to Thakeham and other partners al Goodwood, and rernain imporlant dates in Ihe calendar. The programme in the North West at Three Sisters Circurt ai Imgan has expanded encKuragingty. as has our frequent presen al 8icestef Heritage, both in 'sin9le rnake. days and in broader events airned at families. The November 2022 Race of Remembrance had Slgfbificant new participation and prowded many WIS and velerans a stetlar weekend, bolh through Ihe rnain race event at Anglesey and in a simultaneous karb.ng ra¢eday at Thruxton. now in ils second year wilh support from Téam Forces. Training= Thè èncouraging uptake ol technic31 training course5 saw many furtheT'gradvations' frorn our Training Wng. sevèral leading to new ernployment in thè growing EV road ¥ehKJe rnarket. Further development ol the offshore winij induslry conneth.orbs from Ihe chaw]ty has seen the growth of our commeroal training service in High Voltage and EV training acmss the UK. Miswon Aulomotwe has again shown strong growth. continuing to raise the prtsfile of Ihe Armed Forces Community actoss the automotive seclor ind(Ing with*n Jaguar Land Rover. The arrangements with the mUltband group Siellantis has developed furlher and we now have an embedded MM representative in their HR leam prokiding new. supporteil palhways into training and employment for benefvaries. New connedions wrfh specialist brands such as Morgan and Lot¢Js are expected to deliver further opportunities as will our developing relalion5hips with aftearket and acudent repair companies.
MISSION MOTORSPORT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 Govemanee: The tharity's full and part-ti)e employees are well served by engaged and passionate trustees. wrth new members of the Board becoming inueasingly involved across a range of matters during the year. Thè Iruslees aim has been to offef SUPPOrt and leadership for ihe execulive team not just in finanoal management but also in sectoral Oppor1lties. in fund raising and issue management Trustees have also been able to assist in the executive slruclure ol CEO and COO wrth an expanded lime commitment and role fo( the CFO pOtIon. Financial review: The charty has continued to meet all its financaal obligations during the year and rts Undeing financial posthon has improved to Ihe extent that it has ddivered a surplus in Ihe year increasing its reserves accordingly lo ad¢J a greater degree ol resillere for future planning and activity. The Race of Remembrance IRORI was once again a signthcant source of incDme in the ye3r with the support provided by 8RSCC being integial to the success ofAnglesey. and BARC for the karb.ng in ThrUon. Mission Molorsport was ueated initsally as a dèlivery ofganisation. well supported by larger charities but as the abilty of others to shoulder the fundraising burden ha5 reduced. 50 too has Missmjn Motorsport's fundraising abilrty had lo improve. By pfofessionalising Ouf management of fundraising and bringing in-house a Chartered Accountant the charty is ¢Jemonstraling that rt is well pkced to ensure Ihal the inueased actNlty in this area is carefully financially managed, and maintains the posth.ve trajectory that Ihis yeai has seen. Commèrcial activty: Primary puwposè trading th[jgh the aulomotNe livery work has made a >gnificant contribution lo the Charty's bottom line as well as to the thanty's put¥.0n. Again. professonali5atK)n has paid off with the employmènt of an experien Itvery manager. who has been ab to secure commercialty viable and engaging contracts that have generated feal opportun"ÈS for a bènèfioary audience. Elsewhere. training offerings induded the ddivery of a bespoke course for rescue and rewvery crews naiionwide foi MottsrsportUK, the sport gtsveming body, much to thè ¢yedit ol the training and workshop team. Merchandising also has benefitted from a renewed locus and is well managed, LwJikng on a stroThJ braThJ identity and increasingly in demand with ROR a point of key demand. Vocational progrnmmes: The impact of Missw Motorswt's vocacy pro$ is paying off, with new engagements across Ihe aulownotive industry now being mirrored by the renewable sedor. SMMT'S sleadfasl support is powerful advocacy, and the charity's work over 10 years in devdoping amied forces engagement tools and methanisms for industry has translaled well to help industry body Renewable UK emulate SMMT'S progress. RenewableUK snIng the Armed Forces Covenant in Febwary 2023 is very positive indeed and unlo¢ks huge new potential for the charitys audience.. Ihe Armed Forces community. This ffinancial reporting wod induded both the March 2022 and the February 2023 National Transition Events INTE) and saw a near SO°A gro%th year on year in attendees and companies partiupating. Built on a unique sporting draw of the 'Troops TracdaY. the Veteran communth.es that are brought together in 'The Wing, conference centre al Silverstone have stden the shrm from the svpercars in Ihe pitjane below. A showcase for the sector initiatives, the NTE brings logelher MOD. OVA. Ihe tharity sector and Industry in a unique way - by promoting veteran networking and excluding recnjiters the event has generated overwhelmingly positive feedbad( from over 1000 attendees and exhibitors alike. Headline speakers have induded Sil Chns Hoy. polar explorèr Ben Saunders and Veteran's Minister the Rt Hon Johnny Mer MP, Whi Armed Forces Covenant signings have indudèd industy body Renéwa UK alDngsklÈ automolive. renewables and veteran owned businesses. Financial position During the ye8r the thanty and rts $SidaneS gersted wKome of £1.143.046. an increase of £314,931 Compared to the prevK>US year. Expend"rture lor the year also increased lo £1.023.847 frorn £890.192 in the pievious year. These movements ie5ulted in an ovetall stjrplus for the year of £119.199 o)mpared fo a defiat of £61.978 in the previotjs year. so a s9n1rn1 improvement of £181.177 year on year. Th¢s result led to a dosing nel assets position of £156.237. compare(I to £37.038. an inctease of £119.199 over ihe previous year. lIst obviously there 15 Still work to do to incJease the charrties reserves. this year's perfomiance wowdes a strong base from which to continue this woth.
MISSION MOTORSPORT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 Strategic Aims The Mission Molorsport strategy conlinues lo be a force f good in Amied Forces Community recovery sport, lo offer iraining insight and prowsion both to IIKJse in transitK)n and to longer tem) velerans in need, and to drive the development of comprehenswe pathways into relevant, sustainat4e employment for Serv Feavers, veterans. and their families. The key strategic aims are.. Securing the lonterni finanoal security of the charity. Increased commercial aclivty through automofive INery actmties and other chargeable serwces. Working logelher with connecled leams buikling broader naltonwide engagement under the 'umbrella' of 'Mission Group. whilsl ensunng the maintenance of the speoal foGu5 on motorspDrt and related automotive activrties ReinforcirvJ Ihe Governmenf5 aim to'make the country the best pL4¢e in the wodd to be a Veteran, Fundraising Mission Motorsport receive3 yon13ry donati$. grfts from individua15 and cowporate donors. alongsKle grants from other grant gimng charities and arnounts raised key event5 held during ihe yèar_ Mjssion Motorsport is registered with the Fundraising Regulalor and adheres to their Code of Ftjndraising Piaciice as well a5 following the Charity Commission advice on best practice. All personal data 15 proce55eiJ in line wilh the General Dala Protection Regulaiions and Data Protection Acl 2018. Mission Molorsport will orty process data of supwlers and donors if Ihey have given opt-in con5enL Mission Motorsport organise all our fundraing ternalty aThJ do nol engage Ihird path.es to seek donalion5 from individuals. The charity remains mindful of people's privary and does nol exert undue pressure on potential donors. There have been no comptaints about ftJndrai5ing prewousfy nor in the year under review. Resep4es Policy Whilsl it remains the charitys aim that unrestricted lund5 have nol been designaied for a specTfic use should ideally be maintained at a level equwalenl to 6 months expenditure. thi5 ha5 not proven possible in recent years in difficult economic arcumstances where our focu5 has been on the contintjed prowsion of core activities. Whilsl the gradu accumulation ol reserves is possible whde being grant fvnded. it 15 the commerual and the bigger projects that Show the most promise to lfft reserves back lowards the level to which Ihe charity aspires. Increased lo5 on income generation across all areas of activty in addrtion lo ¢urrenl actiw is key in athiewng this goal. At the end of the year the charity had net assets of £156.237, of which £38.257 is reslricted, a result ol the surplus of £119.199 in the year. This is an improvement on the position at the start of the year of £37,038. of which £34.562 was restricted, and represents a real step towards Ihe aims slated above. Fulure Plans Mission Motorsport has dear finanaal targets in striwng to deliver against (Is charitae obJ'ectNes induding'.- To divefsify income sIaM$ to secure the conbnued growth and support provided by the tharity to its benefiaaries with partUlar locus on new revenue generabng opportunities. To pursuè 3 strate9y W"th permits and facilitates the establishment of meaningful ieserves ovèr thè ffledbum to long term. In the year undw review to February 2023. the truslees and exeoJtNe team have been able lo ensure the charty is SucsSfullY recovered fr(yn the difficult years of lo¢kdown5 and economic disrupbon. and to consthrways lo widen the offer lo potential benefioaries. partwlarty in employment opp0rtunrtS.
MISSION MOTORSPORT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2023 The charity relains a strategy based around five CO in(x)me generatmig adivib"es: Charity lundraising through application to 9ranl giwng oiganisalions, the prornolion of individu31 fundraising efforts. online donab"ons. legaues arKI high net worth donatK)ns. Mission Molorsport events- the chanty Gontinue5 to aiffl that all event5 are at the very least ¢osl neulral with a guiding prin&ple of a 3."1 benefil v Cost applied to guide deosh)n making. There has been a sonificantty increased looJs on generab.on across all actimties during the year. MissK)n Automotive is an iniliatNÈ ol MissK)n Motorsport's national automotivè industry focused Armed Forces Engagement program has gèneialed further revenue in the period to February 2023. Training output delivering course income generated from motors and AutontIVe industry training schemes Mission Motorsport trading activities- merchandislng and vehide livery. The charity now employs a lull time vehicle wrapping suite managèr and has secured contracts a number ol very signfficant vehide manUfacturs. This activity is undertaken by the chariws trading subsidiary Mission Motorsport Trading Limited with all profits generated benefil of the charity. Struciur4, gov•rnance and management The charity is controlled by its goveming documenl, a de&Y of Injsl. arKI conslrtutes a &mited company, limited by guarantee, as defined by the Companies Acl 2ThA. The trustees. who are also the directors for the purpose of conwny law. an(1 who served during the yearwere.. MrA D Compson MsAJAbbott RevA J Fellham-white LiÈutèn3nt Colonel C L Coton Mr J B 8aguley Commanijer C Chew Mr M Cornelius Lieutenanl Genwal R E Nugee Mr C Tate Mr l M Comerford Mr M P J Garside IRe&gned 15 June 20221 (Resigned 15 June 2022} (Resigned 6 October 2022) {Appointed 2 Septernber 20221 (Appointeil 3 September 2022) (Apkw)Intet1 15 June 20221 (Appointed 15 June 2022) (Appointeil 2 September 2022) {Resigned 27 May 20221 (Appotnted 2 Septernber 2022 and reswned 11 May 20231 The board of trustees are res51t4e for appointing trustees. The iknrity during the year under review was govemed by a board of trustees who are commffted to ihe obie¢as of the charty. None of the Iruslees has any benefKial interest in the company. Al of the trustees are members of the company and guarantee lo contribute £1 each in the event of a VndIng up. An induciion programme is in place for new trustees. Disclosure of infom)ation to auditor Each of the trustee5 ha5 C4)nfirmed that there is no informalion of which they are aware which is relevanl to the audit. but ol which the auditor is unaware. They have fvrther confirmed that Ihey have taken appropriate steps lo identfy such relevant information and to establish ihal Ihe auditor is awa of such inlomiation. The trustees, port was approved by the Board olTwstee$. Mrc Tate Chair of trustees Dated.. 27 November 2023 MrA D Compson Trust *7 November 2023 Daled".
MISSION MOTORSPORT STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUARY 2023 The charity trustees (who are also directtxs of Mi5siM Molorsport for the purposes of )MpanY lawl are responsible for preparing Ihe trustee'5 annual report and finanual statements in ac(rdan vAlh applb law and United Kingdom Accounts"ng Standards (United lQ"ngdom Generally ApIedA(un1ln9 praCte). Company law requires the trustèes to prepare fTrnancaal statements fw each financial year whth give a true and fair view of the stale of aftairs ol thè chairtable company and the 9roup and of incoming resources and appltiOn of resources, including the income and expendrtuie. of tharitable yrow) loi thal per. In eparing the firban¢ial statements, the tiustees are require¢J to.. select suitable accounting polioes th appty them consistentty". make judgements and accounling estimates that are reasonablè and pftMJent,' state whether ap kcable UK Accounting Standafds have been follovled. sutsect to any material departures disdosed and explained In the financial statements-, prepare the financial sialemenls on the gow)g concem baS UesS it is inappropriale to presume that the group and charily will o)ntinue in business. The trustee5 are responstble for keeping adeqLrate axountiNJ records that disc&)se with asonable accuracy at any tirne the finanryal position of Ihe group and tharty and enable them to ensure that the f nanual statements cDmpty wlh the Companies Act 2006. They are also responstble for safeguarding Ihe assets of the group and charrty and her foi ta"ng reasonable step5 for the prevention and detect of fraud and other irregularilE5.
MISSION MOTORSPORT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MISSION MOTORSPORT Opinion We have aijdited the financial statements of Mission Motorsport {the 'chanty'l and its subsKliarie5 Ithe 'group'l for the year ended 28 FebTuary 2023 which comptise Ihe corFsolidated staternent of financial adiwties (including consolidated 1ncome and expendibjre ac(ounti. the ctsnsolidated balance shèèt, the chanty baLancè sheet, thè consolidated statement of cash flows and the related notes to the financial statements, ineluding a summary of significant accounting poliaes. The financial reporting framework that has been applied in their preparation is applicable law and Unrfed Kingdom AcctIj Standards, induding Finanaal Reporting Slan(Jard 102 The Financial Repoth"ng Stsndwd applicable in the UK and Republ of Ireland (United Kingdom Generally Accepted Accounling Practs"rE}. In our opinn. Ihe finanoal statements= give a truè and fair of the stste ol the group and parent charrtaNe companvs affairs as al 28 February 2023 and of rts inwming iesources and application of resources. for the year then Ènded.. have been properly prepared in acdan with United Trfjngdcn Generalty ACpIed Accounting practi,. and have been prep1 in accordance with the reqwrempJts of Ihe CompaniesAd 2. 8a$ls oplnion We conducted our aui't in accordance wrth Intemabonal Standards on Auditing (UK) IISAS {UK)l and applicable law. Our responsibilitiès under those slandards are further deSbed in the Audilorfs responsltslitS for the audit of the finanal stat8lTlellts secbon of our report. We are independenl ol the charity in accordance with the ethical requirements Ihat are relevanl lo our audit of the fmancial statements in the UK. including Ihe FRC'S Ethical Standard, and we havè lulfilled our olher ethical fesponsibilities in alance wilh Ihese requirernenls. We believe that the audrt èvidÈnce we have obtsinèd is suffKient and appropriatè to provide a basi5 for tyjr opinion. Conclusions retslin9 to going con¢em In audits'ng the financial slatements, we have concluded that the trustees, use of the w.ng conc•m basis of accounting in the preparation of the finCial statements is appropriate. Based on the work we have performed. we have not Idenlrf any material uncertainties relating to events or conditions Ihal, individualty or collecbvely. may cast Signffjnt doubt on the charity's abilrty to continue as a gn9 conc•m for a period of at least fv1¥e monlhs from when the finanoal 5talemènts are authorised for issue. Our responsily'lities and the responsibilities of the Irustees wilh respecl to g¢ing concem are described in the relevant sections of this report. Other Infom)ation The other information cornpnses the infomiabon induded the annual report other than the ancial siatements and our audrtorfs repon thereon. The trustees are responsible lor the other inlorrnation contained within Ihe annual report. Our opini¢M on the ffinanci81 statements does not o)ver the other information and we do not express any form of assurance conclusion Ihereon. Our iesponsily.lity is lo read the other inforrnalion and, in doing 50. cwsider whether the other infomath.on Is materralty inconsistent with the finanoal stalemenls or our knowledge oblatned in the course of the audit, or olherwsè appèafs lo be matenalty misstated. 11 we i(lenlify such rnaterial inconsistencies or apparent material mi5StalemÈnts. WÈ are requwed to determine whether this gives nsè lo a malenal misstalement in the ffinancial statements them5efves. If. based on the work we have performed. we condude that there is a malerral misslalemènt of this olher information. we are requwe(I to report that fa We have nolhing to report in this regard.
MISSION MOTORSPORT INDEPENDENT AUDITOR'S REPORT ICONTINUED} TO THE TRUSTEES OF MISSION MOTORSPORT Opinions on other mattws pres¢ribed by the Companies Act 2006 In our opinion. based on the work undertaken in Ihe course of our au¢Jrt'. the inlormation given in the Irustee$' report for the financkql year for whth the finanual statements are prepared. which Includes Ihe dire&S. report prepared lor the Pu0$e5 9fmpanY law. is consislenl wth Ihe finanual statemènts", and the directors, report included wthin the trustee5' report has been prepared in arLOrdar wih applicable legal requiremenls. MatteTS on which we are qUirEd to report by exception In the li9ht of Ihe knowlèdge and understsnding of Ihe tharity and rt5 environrnent obtwned in the course of Ihe audrt. we have not identrfied material misstatèmènts in the trustees, report or the diredois, report induded within Ihe trusteès, rèport. We have nothing to report in rèspect of the follovAng mattws in relation to whK the Companies Aci 200$ qUIreS us tg reporl lo you rf, in our opinion". adequate anij proper accounting rerdS have not been kept. or retums adequate for c1 audit have not been received from branche5 not visited by us" or the finaneial stalemenls are not in a9reement with the a¢¢ourttiny dS aThJ tM5- or certain disdosures of irustees. remUneraln specjfied by law a not made,. or we havè not rèceivèd all the infomats.on and explanaln5 we iequire for our audit. the trustees were not entrtled to prepare the finanoal statements in accordan¢È wrth the small companies gime and take advantage of the small comparies. exemptions in pceparing the truslees, report and from the requirement to prepare a Strateg report. Rtsponsibilitits of Irustees As explained more fully in Ihe slatefflenl ol Iwstees. $rA)nSibIlitieS. Ihe trustees. who are also the directofs of the arity for the purpose of cofflpany law. are responsible for the preparab.on of the finanoal stalements and for being satisfied that Ihey give a truè and fair view. and for suGh internal conlrot as Ihe trustees determine is necEssary to enable the preparabon of financk21 stalements that 3Tè free trom malenal missialemenl, whelher due lo fraud or error. In preparing the finanaal 51atements. the trustees are responsible for assessing the charity'5 ab'lty to continue as a gryng concern. disdosing. as appli(able. matters related to going concern and vsing the going ¢oncem basis of accounts.ng Un$$ the trustee5 either intend to liquidale the tharilable o)rnpany or lo cease operations, or have no realistic attemalive but lo do 5Q. Auditorfs responsibilities for the audit of the financial statements Our objectives a to obtain reasonable assurance about whether the ffinancial stalements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an audttorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a gLtarantee that an avdit conducted in accordane with ISAS {UK) will always detect a material misstatement when it exists. Misstslements Can arise Irtsm fraud or eOr and are cSidered malerial if. indNidualty or in the aggregatè. thèy could reasonabty be exed to influence the economic decisions of usefs taken on the basis of these fina31 statements. IrregtJlarib"es. induding fraud, are instancès of non-compliance with law5 and regukts"on5. design pror2duiès in line with our responsibiltties, ouuined above. to detect material mt$5taternents in respect of IrregularTbes. including fraud. The exlenl lo whth oui wo(%dures are ¢apable ol detecb.ng iFreguJarth5. 1nckJdg fraud. is detailed below. In identifying and asse5$1ng risks of material rnisstatemenl in respect of irregulaiilies, induding fraud and non- compliance with laws and regula15. our procedures induded the followir@.' Obtaining an understanding of the legal and regulatory framework that the charity operales in. foc#Jsing on those laws and regulalions that had a direct effecl on the ffinanoal statements and 0ratiOnS,. Obtainin9 an understanding of the charitys po$ and prOuTeS on fraud risks, induding kntrIedge of any actual. suspected alleged fraud Discussing among the engagefflenl team how and where fraud might orxur in the financjal Statements and any polerblial indicatOf5 Qf fraud through our knowledge and understanding of the charity and our sedor- specbffic experience.
MISSION MOTORSPORT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MISSION MOTORSPORT As a resuli of these prowlures. wg con%dered Ihe opportunities and intiveS that may exist within the tharitable company for fraud. We are also required to perform speufic procedures to respond to the risk of management override. As a resuh ol perfomiing the above. we identthed the folltrAfing areas as those most likely to have an impact on the financial statements." health & salety. employment law and compliance with the LIK Companies A and Charities A¢t. In addition to the above. our yocedures to respond to risks wjentified Iuded the followThJ.' makn.ng enquiries of management and those charged with govemanct about any known or suspecied instances of non-compliance th laws and regulatn$ and fraud.. ReWIng minute5 of meètsngs of the boaid antj senior management. Challenging assumplions and judgements made by management in their sHJnfficant accounting estimates. Auditing ihè risk ol management override of controls, including through testing joumal entries and other adjuslmgnls appropriatenèss. Due to the Inherenl limitations of an audrt, there is an unavoidabk risk that some material misstatement In the rinancial statèmènis may not be dÈtectet1, even though the audit is properfy planned and perfomied in ColdanCe wilh the ISA5 IUKI. For instan¢e. the further removed non-compliance is from the events and transacti$ refiected in the finanaal statements. thè lèss likety the auditor is to become aware of it or to reo)gnise the non-compliancè. A further dewiplion of our responsi"11&S is availabk on the Financial Reporting Counufs website at.. https-.11 wV.frc.org.UkIaur(0ys$p9n5Ib1IIties. This description fom)s part of our auditorfs report. Use of our feport This report is fflade solely to Ihe charlS trustees. as a body. in accAydance with part 4 of ihe Charities {Acc¢yJnts and Reports) Regulations 2008. Our audit work has been underlaken so that we mighl stale to the charivs trustèes those matters we are requiretl to state to them in an audrtors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsIlity to anyone other than the charity and thè charitys trustees as a body. for our audit work. for Ihis report. or for the opinions we have fomed. Robin Evans BA FCA CTA DChA (Senior Ststutory Auditor) for and QD behalf of Carpenter Box Chartered A¢Gountants Statutory Audltor Worthing 27 November 2023 aenter Box is a trading name ofcarpenler Box Limited
MISSION MOTORSPORT CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES INCLUDING CONSOLIDATED INCOME AND EXPENofTURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2023 uns1T1¢ttd Restricted funds 2023 Tolal Total 2023 2023 2022 Nots¥ Income from: tlonations and legaues Charitable activitiès Other trading aclmties Investments 682.767 44.813 252.492 14 162. 845.727 44,813 252,492 14 596.672 14,115 217,326 Total income 980.086 162,960 1,143.046 828.115 Ex enditure on: Rain9 funds 99.929 99.929 107,332 Charitable activities 764,653 159,265 923,918 782,860 Total rnsourctt •xpÈnd•d 864.582 159,265 1.023,847 890.192 Tax payablè 11 N•t in¢omellexpenditure) 115.504 3,695 119,199 162,0771 Other gains or losses 99 Net moY•mènt In fund$ 115,504 3,695 119,199 181,9781 Fund balanees at 1 March 2022 2.476 37,038 99,016 Fund balances at 28 FebNary 2023 117.980 38.257 156.237 37.038 The consolidated statement of finaniial actiwiiès dudeS al gains and kjsses recognised in the year. All incryne and expendituie derive from cDnb"nuing ath"b"es. The consolidated statement of finanual activilies #150 complies wth the requirerrents for an ir¢ome and expendrture accoLsnt under the Companies Act 2CK6.
MISSION MOTORSPORT CONSOLIDATED BALANCE SHEET AS AT 28 FE&YRUAR Y 2023 2023 2022 As reststed Fixed assets Tangible asseis 12 73.195 76.162 Current as$•ts Sloths Debtors Cash al bank and in hand 14 1S 8.477 64.515 116.641 146,463 113.665 265.034 189,833 Crèditors". amounts falling due T*4ithin onè yèar 16 1156,1591 (193,1241 Nel currènt assetsllliabilities) 108,875 13,291) Total assets less ¢urrMt liabilities 182,070 72.871 Creditors: amounts falling due after than on¢ yéar 17 125.833) 135.833) Net assets 156,237 37,038 Income funds Reslricle(I lund Unrestricted funds 38,257 117.980 34.562 2,476 156.237 37.038 The InJ$tees have prepared grot4) a¢¢ounts in ar[dan¢tr th the Companies Acl 2006. $398 and the Charities Ad 2011, s138. finanual stalements were approved by the Trustees on27 November 2023 MT A D Compson Trustee Company Registration No. 07862605 10-
MISSION MOTORSPORT CHARITY BALANCE SHEET AS AT 28 FEBRUARY2023 2023 2022 As restated Notey Fixed ass•ts Tangible assets Investments 12 13 73.195 200 76,162 200 73.395 76,362 Current assets Stocks Debtors Cash at bank and in hand 14 15 8.477 10.025 59.062 125.599 109.532 240.037 Creditors." amounts falling duè within one year 16 (133.7811 1134,1201 Net current assetsl{liakn"lrtiesl 11A,256 156.5561 Totsl assèts l•ss current liabilitie5 179.651 19,806 creditors: amounts falling due after more than one year 17 125.8331 {35.833) N•t assetsl{Ilabllits•s) 153.818 {16.02n Income fvnds Reslrided fvnds Unrestricted funds 20 36.257 115,561 34.562 (50,5891 153,818 (16.027) The finanr3al stalements were apwoved by the Trustees #.7 NOveMr 2023 MrA D Compson Tru¥tèè Company Rogistration No. Q7862fj05
MISSION MOTORSPORT CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2023 2023 2022 Cash flow5 from operating activities Cash generated from opÈiations 26 8.810 1,216 Investing actÈvities Purchase of tangible fixed assets Proceeds on disposal of tangle fixed assets Interest recewl (10.000) {1.058} 3.522 14 Net cash (used inllgenerated from Investing activities 11,986) 2,466 Flnancing actlv•tles Rèpayment of bank loan$ (10.0(KII 14.167) Met cash used in financing athilS {10.C(MJI 14,16n Met decrease in cash and cash equlvalents (3.1761 14851 Cash and cash equivalents at beginning of year 116,841 117.326 Cash and cash equivalents at end of year 113,665 116.841 12-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY2023 Accounting policies Charity Infr•m7ation Mission Molorsport (tho thafity) is a private company limiled by guarantee incorporated England (1 Wales. The registefed office is Unit 11 W & G Industrial Eslate. Famg¢Jon Road. Wantsge. England, OX12 9TF. The group consists of Mison Motorsport and its subsidiaries, Mission Molofsport TradM)g LinNted and Mission Consvlting Servics Limited. 1.1 Accountlng convèntion The financial slatemenls have been prepared in aczordance wrfh the charivs arttdes of associabon, the Companies Act 20[ and "Accounbng and Reporting by Charrties.. Slaternenl of Recommended Practice applicable lo charities preparing their awjunts in accordan wtth the Financaal Reporting Standard applIe in the UK and Republic of Ireland IFRS 1021" (as amended for accountiThJ per$ commencing from 1 January 20161. The charity is a Public Benefrf Enlity a5 defined by FRS 102. The tharity a Qualifying enlty fiK the purposes of FRS 102. bwng a member of a group where the parent of that group prepares publidy awailabk con501idaled ffinan(xal stalemenls. induding this charity. which are intended to give a tnje and tsir wew of Ihe assets. liabili1$. finanryal position and resuh for the group. The harity ha5 Iherefore taken advantage of exemptions from the following disclosure requirements for parenl ¢harity inforrnation presented wrthin the consolbdated finanryal slalements". Section 7_ Stalemenl of Cash Flows". Pre5enlation of a statement of rash and related notes and disclosures. Section 11 'BaS Financia Instruments. and Section 12 '01hei Finanryal Instrument Issues.: Carrying amounts, interest in¢omelexpense and net gainylosses for each category of financ¢al inslrument,. basis of detemiining values,. delails of collateral. k)an delaults or breaches. details of hedges, hedging fair value changes recJJgnTrsed in wofft or loss in other ¢X)MphenSiVe in(£Jme. A separate Statement ol Financial AciNtties and Incorne and Expendrture Account for the charity has not been presented because the thanty has taken advantage of the exempb.on afforde(I by seclion 408 of the Companie5 Acl 2006. The finan¢ia statements are prepared in sterfing. whth is the fvnctional cJJrrency of the charity. Moneiary amounts in Ihese financ481 statements are founded lo the nearest £1. The financial statèments have been prepared under the historical cosl conventi. Thè prinapal accounts.ng policies adopted are set out below. The charily is a company limited by guaranlee and has no share capiial. 1.2 Going eone•rn These financial Statements have been prepared on a wng concem basis. The trustee5 have considered the relevant information. induding the annual budget and forecast future cashllows until the end of December 2024 and the impact of subsequent events in making their assessment. The charity has at all times been able to meet ils liabilities as they fall due. Whilst Ihe mainIng economic impact of the COVID-19 pandemic is reduced this, when now combinèd wilh the currenl econom envtronment and goIng u)st of living challerbges, has had a snffint irnpact on the charities ¢)peiations, in particular the changin9 and thallenging natu of fundraising. Whilst the war in Ukraine conb.nues to hèightèn public awarenes5 of fflilitary issues this is not direclty benefiual to the charity and indeed puts a lurther eall on already limited available lunding. However, the tnjstees have perfonned a robust anatysis ol lthure Gashflow5 whilst taking into account Ihese potential impacts. induding ojnsideration of ihe effethveness of available measures to assist in mitigating the impact Based on these in depth assessments and hawng regard to the sOurceS available to the èntity. the trustees have ¢onduded that theie is no maierial uncertainty in celats'on to Ihe appropriateness of continuing io adopl the going concem basis in preparing the amual rep and ac£(Jnts. 13-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FE8RUARY 2023 Accountin9 polier•s Icontinuedl 1,3 Charitsble funds Unrestricted funds are available for use at Ihe discretic of the trustees in fijrtherance of their charitable objectives. Reslricted fvnd5 are subjecx to S¢ (xJnditK)ns by donors as to how they may be u5e(l. The purposes and uses of the reslnded lunds a set oul in the notes io the ffinancaal statements. 1.4 Incomin9 rèsourcèg Income is recxjgnrsed when the charty is legalty enlrfed lo rt after any performance conditi'ons have been met. the amounls can be measured reliably. and it is WObab that income will be reived. Donations, granls and grts are re9ned Wh rèter¥able. In the event that a donation 15 subj.ed to fujfjlling performarbce conditions before thè charrty is Èntitled to Ihe fvnds. the incDme 15 deferred and not rècognised until it is probable Ihal Ihese conditK)ns will bè fuKilkd in the reporting period. Income from Gift Aid tsx reclaim5 is recjjgnised for any donab"on$ wrth rebevanl GiftAid ts¥ certy"fficales as income for the year. Other trading actiwtiès ar• measured at Ihe fair vabjè of Iht consideratitsn r•céNed or le1¥able and represents amou15 reeeNable for goods and services provided in Ihe nomial ¢tsurse ol business, net of discounls. VAT and othei salès felated taxes. 1.5 Resourtes •xpÈnd•d Expenditure is accounted for on an acc815 basis and has been dassifd under headings Ihal aggregate all costs related to the calegory. Where costs cannot be directy attributed to parlwlar headings they have been allocated to actNitses on a baS consistent wrth the use of resources. Expenditure on raising fund5 includes all expenditure incurred by Ihe charity to raise funds for ils charitable purposes and includes costs of *1 lundiaisiThJ adiwb.es evenls and nowharitaUe Irading. Expenditure on charilat4e ac1JVes 15 inCued on dyectty undertaknng the actmties which further the Cty'S objectives. as well as any assooaled c£Jsts. 1.6 Tangible fixed assets Tangible fixed assets are initialy measured at cost arW subsequÈntty mèasured at cost or valuation. nel of depreryation and any impairment losses. Dèprèciation is recognised so as to write off the cost C valuation of assets less their residual values over Ir useful lives M the followin9 bases.. Plant and equipment Fixtures and fittings Computers Motor vehides 33.33% per annum straight line 10% to 33.33°k per annum 5traighl l¥ie 33.33% on cost 25% per annum on diminishing balance 120% per annum straight line The gain Of loss arising on Ihe disposal of an asset is detemiined as the difference beeen the sale proceeds and the ¢Arrying value of the asset. and is recognised in Ihe statèment ol finanoal aclivitiès. 1.7 Impairment of fix assèts At eath ieportin9 end dale, the charity revi5 the carrying amounts of its tan9iblè assets to delermine whether there is any indicalion Ihal those assets have suffered an impaimenl loss. 11 any such indtIOn exists, the recoverable amount of the asset is estimated in order lo determine the extent of the irnpairment loss Irf any). 14-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2023 Accounting polici•s {Continu•dl 1.8 Storks Stock5 are slatèd at Ihe lowerof cost and estimated sefiing prkx less (x)sls lo u)mplete and seti. 1.9 Cash and Cash eqvivalents Cash and cash eqvivalents indude cash in hand and deposrts held at call wth banks. 1.10 Financial instrum•nts The charity and group has elected to appty the prowsv)ns of Section 11 'Basic Financial Irtstnjmenls. and Section 12 '0ther FinancAal Instruments Issues. of FRS 102 to al of its finwoal instruments. Financial instruments Ère recognised in the thanty and group's balaThx 51wt when the charity and group become party to the contractual provisions of the instnjment. Finanual assels and liabilities are oltsel. with the nel arnounts presented the financyal slalements, when there 15 a legalty enforceable right to set off the recognised amounts and there is an intention lo Sett on a net basis 01 to reali5e the asset and sellje the lAblty gmuttaneously_ Basic financial assets Bas finanual assets, which indude debtors and cash aThJ bank balances. arè inrtiaNy measured at Iransaction price including transadion costs and are subsequenuy carried at amortlsed Gost using the effectwe interest method unless the arrangemenl consb"tutes a finanong IransactK)n. wthére thè transaction is measured al the present value of the lulure receipts discounted at a mathet rate of interesL FinanGial assets dassifiè(l as receivable within one yèar are not amth"sed. 80si¢ finan¢ial liabililies Basic financial liabililies. induding ueditors and bank loans are initially recognised at transaction price unless the afrangement conststutès a financing transacb'on. where the debt instrument is measured at the psent value ol the future payments discounted al a market rate of interest. Financial Siabilitie$ classified as payable within one year a nol amortisèd. Debt instruments are yjbsequenlty carried at amortised cost, the effeclive intetest rale m8thod. Trade creditors are obligations to pay for goods or seNces that have been acqL[l in the ordinary course of operab.ons from suppliers. Amounts payable are dassified as current liabilities if payment is (Jue wilhin one year or less. If not. they ai¢ piesented as nOrUlrent liabilities. Trade credilots are re¢ognised initially al transacbon price and sUbSUenfy measured at amortised cost using Ihe effective inleiest method. Dereeognitlon of finaneial liabllities Financial liabilities are derecognised when ihe tharty's contraciual oblua1$ èxpire or are discharged or cancelled. 15-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2023 Accounting polici•s ICtsntinu¢dl 1.11 Taxation No provision kn taxatKJn. deferred or othemse. has been madè in the charity financial statèmènts as Mission Motorsport is a chanty in acCOrdar th the chanb.ès Ad 2011 and is exempt from taxabon except Value Added Tax, provided that income and garns afe applied for d)arilable purposes under S.505 of the Income and CwporatKJn taxesAct 1998 and S.145 of Ihe Ca1 GaM)s TaxAct 1979. For sub5ithary undertakings the tax expense represents the sum of the tax ojrrentty payable and deferred lax. Current ta¥ The lax currenljy payable is based on taxable profft for the year. Deferred ta¥ Dèferred tax liabililies are generaly recognised for all drftertCes and defeffed tax assets are recognised to Ihe extent that rt is probable that they will be recovered against the reversal of deferred tax liabilities or other IUre taxable wofts. 1.12 Employee beneffts The cost ol any unuseil holiday enIrt1t is recognised in the period in which the empk)yee's ser¥ices are received. Termination bèneffts are recognised immet1iatety as an expense whw the charity is demonstrably committed to temiinatè the emOyMent of an employee or to prode tèmwwti.on beneffts. 1.13 Basis of consolidatlon The gTOUP financial staternents consolidate those of ihe charity and of ils subsidiary undertakings togeiher with the group's share of the re5uJls of assooales made up to 28 Febrvary 2023 In fvll. Subsidiaries are included in these financial statements on a h'ne by Ine basis. All inlra-gfoup transactions. balances. incomè and expense5 are eliminated on eonsolidation. Adjustments are ma(Je to eliminatè Ihé wofft ot ltsss ansing on transac1K5 Wrth associated to the extent of the group's interest in the entty. Critical a¢eourtting Èstimatès and judgèm•nts In the application of the charity and group's ac(x)unling p(Jic4es. thè Irustees are required lo make judgements. estsmates and assumpts.ons about the carrwng amount of assets and IiabilrtTres that are not readily apparent from other sources. The ests"mates and associated assumptions a based on historical experience and other factors that arè considered to bè rèlevant. A61ual results may dtffèr from thÈsÈ èstimates. The estilnatès and underfying assumptions are MeWed on an ongoing basis. Re510n5 to accounting estimates are rectsgnised in the period in which Ihe esty.mate rs reM5ed where the rewsion affects only that period, or In the riod of Ihe rèvision ana futL*e periods where thè ievisK>n affècts btsth euTrent and future periods. 16-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 Donations and legacies Group UntrICI¢d Reslricted funds funds Total Total 2023 2023 2023 2022 Donations 8nd 9ifts Grants 682.767 162. 845.727 557.618 39,056 682.767 162,960 845,727 596,672 Charity Unrestricted Restricted fun furtds Total Total 2023 2023 2023 2022 Donations and gifts Grants 777.767 162. 940.727 6(,615 39,056 777,767 162. 940,727 645.671 Vlffthin Ihe group eomparath.ve perrod £177.5W of donatK)ns and grfts vthe restricted. All other amounts were unrestricted. induding grants feceived. Charltable activibos Group and charity IAer¢handtse Merchandise sales sa8 2023 2022 Sales within chantable adi¥eS 44,813 14,115 In the cuffent and comparative perilxls. al income fr(Mn mer¢handt5e sales was unstricted. 17-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 0th8r trading activities Group 2023 Charity 2023 2022 2022 Recharge of staff o)st5 Income eamed by tra¢Jing $Lthlary 92,294 160.198 127,294 65,511 217.326 Other Irading 8th"th"es 252.492 217.326 127.294 65,511 In the ojrrent and comparalive periods. atl Inc from other trading a¢thvities was Unstric1ed. Raising funds Gmup Unrnstrlcted funds Total 2023 2022 Fundrxisl Advertising Other fijndraising o)sts and ubli 818 25,825 3,804 13.101 Fundraising and publicity 26,643 16.905 Tradin costs Support costs 73,286 90,427 99,929 107.332 In the Guent and crynparab.ve periods. al u)sts of raising funds were unrestricted. Charity Unrestricted fund5 Totsl 2023 2022 Fundrwsin and ublici Seeking donations. grants and lega(aes Adverljsing Olher fundraising cosls 818 25,825 3,804 13.101 Fundraising and publiGity 26.643 16,905 26,643 16.905 18-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 Charitable aclivities R•stricted Unrestricted Other Costs Support costs Group and charity Totsl 20Z3 Total 2022 2023 2023 Audit and accountancy fees Administratyon cDsts Delivery costs Building overheads 19.816 19,816 30.390 30,390 660.443 819.708 54,1)04 54,004 27.874 22,727 664.804 67.455 159.265 159,265 764.653 923,918 782,860 In the comparative period £143.770 of expendilure on tharitat4e a"vit*S was restricted and the remainder was unrestricted. Trusts•s None of the trustees I any persons connecied wilh them) re1ved any remuneration or benefjts from the arity or its associales and subsidiaries during the current or prewioLts year. No charity trustee received payment fo( professional or oiher services supplied to Ihe charty. Non èxehangè transactions During the year an asset Was donate(I to tharity with a faif valuè of £10.OCK) 12022 - nifj. In addition track days were provi¢Jed fof free t01allg a fa value 01 £24.¢Y)012022- nil). 19-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2023 10 Efflploy Group and charity Number of employees The average morlthty number of empkJyee5 durry thè yèar was: 2023 Number 2022 Number Management Administralion Vocational Workshop 16 14 Wages and salaries Social security costs Other pension ¢osts 555,577 53.703 10.744 446,040 41.834 9.888 620.024 497.760 The number of èmployees whose annual rèmuneration was £60.¢J)O or moce were.. 2023 Nwnber 2022 Numbtr £70,001- £80.000 £80.001 - £90,000 11 Taxation The tharily is exempt from o)rporation tax as all its ir*come is charitable and is applied lor charitable purposes. The activiiies of charitls trading subsidiaries. Mission Motorsport Trading Lirnited and Mission Consulting SeNces Limited, are chargeable lo corporation tax at the rate of 19°A on profrts arisiThJ and not disiributed to the charity. The cbined charge to corporation tax in the year was £nil12022." £nill
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2023 12 Tangible fixed assets Group and Charity Plant and Flxiur•5 •nd ComputW5M¢)torv•hi¢1gs qquipn*nt Total Cost Al l March 2022 Addition5 Disposals 16.852 25,944 10.388 251,240 304.424 20.000 20.000 {14,300} 114.300} Al 28 February 2023 16.852 25,944 10.388 256,940 310,124 Deprtciation and impairmènt At 1 March 2022 Depre(ialion chaiged in Ihe year Eliminated in respect of disposals 15.4 1.086 25,932 12 9.595 353 177,245 228,262 21.073 22,524 113.8571 113,8571 Al 28 February 2023 16,576 25,944 184.461 236,929 Carrylng amount At 28 Febrvary 2023 276 440 72,479 73.195 At 28 February 2022 1,362 12 793 73,995 76.162 13 Fixed asset Investrnents Group 2023 Charity 2023 2022 2022 Investments in sUbSlarIeS 200 200 14 Stocks Group 2023 Charity 2023 2022 2022 Finisheil goods goods for resale 8.477 4.906 8,477 21
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 15 Debtors Group 2023 Charity 2023 2022 2022 Amounts falling due within one year. Trade debttys Amounts owed by associate undertaknn9S Other debtors Prepayrnents and awued incon 141.555 61.923 105.597 15,694 1.484 6.549 591 1.401 591 1.401 4.308 145.863 63.915 125.599 10,025 Delerred tax assel 146.463 64,515 125,599 10,025 16 Crpditorn: arnounts falling due within one year Gwoup 2023 Group 2022 Charity 2023 Charity 2022 Bank loans Other taxation and social secwity Deferred income Trade creditors Amunts owed to associate undertakings Othw creditors Accruals 18 10,OIXJ 23,710 60.788 16,3C6 24.140 895 20.320 10.000 62,325 68.485 28,883 10.(XK) 18,869 49.945 14.979 10,000 33,817 66,403 3.619 19 3.925 19,5( 25.035 14.953 3,925 16,356 156,159 193,124 133.781 134,120 17 Creditors: amounts falling due after more than one year Group and Charity 2023 2022 Bank k)ans 18 25.833 35,833 18 Loans and overdrafts 2023 2022 Bank loans 35,833 45,833 Payable within ore year Payable after onè year 10,CI)O 25,833 lo.(0 35,833 The bank loan is 1NJ% guaranteed by the government.
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 18 Ln$ and overdrafts (Continued) The loan carrie5 a fixed inleresl rale of 2.5% per amum and is payabk over 6 years from the date of receipt. 19 Oeferred in¢omÈ 2023 2022 Other deferred income 60,788 68,485 Deferred incune at 1 March 2022 Released from previous years Resources deferred in the year 68,485 168.4851 60,788 24,109 24.1091 68.485 Deferred income at 28 February 2023 60.788 68,485 Oeferred income relates to grants received wrth bme related terms attached which relate to futtwe periods and income received we-year end fw traintng courses invoices but not proTrAded al the year end. 20 Restricted lunds Group and charity The incryne fund5 of the charity indude restrted fvnds comwising Ihe following unexpended balanrEs of donal¢ons and granis held on trusl for Spear PUTposes' lknement In funds Incomfin9 Rosour¢•s r•souvc¢s 1 Mah 2022 28 February 2023 Oc0Jpalnal Therapy Suppc¥i Barclays Grant Veterans Foundation Amed Forces Covenant Fund Trust VPPP- ScKth West Armed ForGes Covenant Fund Trust- Wales Armed Forces Covenant Fund Trust - Midlands Armed Forces Covenant Fund Trust- Woodlands Experiences Am)ed Forces Covenant Fund Tru5t- Force for charge- Three Sisters Amed ForGe5 Covenant Fund Twst- Recovery Swt Armed Forces Covenant Fund Trust- ThrÈè Sisttrs 832 18.230 832 25.000 3,388 141,2301 13.3881 40,697 18.750 43,750 140,697) {18,7501 {43.750} 17.$00 18.375 13.750} 32.12S 14,2th)1 11,7501 11,7501 5.300 1.750 1,750 34.562 162,960 {159,2651 38,257 23-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 20 R•$trlct•d funds ICortin¥¢dl IAov¢mertt in funds B*ncg at 1 Incoming R•sources 8alanr• at 28 Mah 2021 w•sourc•s p¢ndgd Fobruary 2022 Occupational Therapy Supporl Bardays Grant ABF - The Amiy's National Charty Aimèd Forces Covenant Fund Trust- Kt¥)dland Experiences Armed Forces Covenant Fund Trusl- Three &"sters Armed Forces Covenant Fund TnJst- Recovery Sport Greerwich Hosprtal 832 832 16,230 18.7701 120.0001 20.000 52,500 35.0(K) 35.000 10.orKI I35,0) 135,lJ)01 {35.0001 110,CK)01 17.500 832 177.500 1143,7701 34,562 Occupalional Therapy Support- to PrOe direct support for the PLJrch8se of OT equipment and lo ¢ovef exrenses for OT volunleers wcxknng in direcl svppori of MM beneficaaries. 8arclays- Providing multhyear fvnding to UK chariiies Wong to support vulnerable people impacted by COVltk19, and the asswated social and economic hardship caused by thè uisis. Funding 15 focused Dn supporting charty parlners who are meeling the immediate needs of people in our communNie5, induding low incorne families. those facing finanoal hardship. isoLated elderty people and kèy WOTkers. V•t•rnns Foundation- The granl wdl be used exdusNety to part fvnd the salary of the Training Manager for 12 months who is reSponsie for delivering practical training lo Miswon Motorsport beneficiaries and students, induding and espeaally Ihe Wbs beneffiaaries with urique issues in line with Ihe Mission Motorsport"Relrain" progfamme. Ami•d FO•$ Covenant Fund Trust- Veterans, PlaGe5. Pathways and People IVPPPI South West- One of 10 hjnded portfolKs projects auoss the UK. Thè Souu) West porffolio is managed by Invictus Games Foundation. Each portfdio woths regionally to devekjp Ler, more joined up lasting support for local vetefans with mental health needs. Armed Forc•s Covenant Fund Tt- Veterans, Places. Palhways and People (VPPP) Walès- Onè of 10 funde(6 portfolio Fxojeds across thè UK. The Welsh portfdio is managed by Adferiad. Each portfolio woths regnal to develop bètter. mofejoined up lasb.ng SUPPOrt for kn¢al velefans wth rnentsl healu) needs. Armed Forces Covenant Fund Trust- Veterans. Places. Pathway$ and People PPPI Midlands- One of 10 fund8d portfolio projects across Ihe UK. The Midlands portfolbo is managed by DMWS. 'Joining the ¢Jol5' Midlands Veterans wellbeing alliance. Eath ptsrtfdio works regitsnalty io devekjp better. more joined up lasting support for local veterans Wrth mental health needs. Arnied Forces Covenant Fund Trust- Woodland Experiences- The project wil provhle over 250 individual opporlunities annually fof velerans to attend a veteran-led. purpose designed 24hr outdoor experience in the North West of England. Delivered by partner Woodland ErienceS, the projecl prowdes a wekome break for hard lo reach veterans and their families creating memories and devewng skills For¢es Covenant Fund TN$t- Force for Change - Thiee Sisters - This group wil (un adiwties at Three sisters thrcuit. created by Wigan Coun(il and used foi karb"ng. bikn.ng and cars. The events offered by the group wiu draw veterans inlo sport and offer a'kvel playing lel¢Y for disabled and able-bodd veterans. SeSOn$ will indude car control. a track experwce and driver training. -24-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 20 Restricted funds {Continuedl Arnied Fofces Covenant Fund Tnmt - Recovery Sport - The gflHJP will offer outdoor, incNJ5Ne actsvilie5 including Wslts lo Goodwood. Silverstone. Anglesey & Thruxton. Car conliol Sessions. 4x4 expèriencès and driver training. aclmty is desvJned to be Sl)nal3J ilKU$lVe, budding confiden¢ and fn"end$hips and being veteran led. ABF The SoJd4er5' Charity- Prwdes grants lo ser¥Ke tharilies 10 5UPPOrt those in or whrj have lèft the British Amiy. A8F prowded £20.IW of fun¢*"ng kn ¢over Uwee elements of the ¢harTty. Race - Retrain Recover. forArmy beneficiariès. Amied Forces Covenant Fund Twst- Three Sisters- This group wll run a(aivities at Tree Sisters circuit. created by Wigan Council and used for karting. biknng and cars. The events offered by Ihe group will draw veterans into sport and offer a 'level playing ffielrf for disabled and able-bodd veteran5. Sessions will include car cntr£I. a track experiènce and driver Iraining. Greenwich Hospital Provides grants to Servi charities to support those in or who have lett the Royal Navy. GreenwKh Hosprfal prwded a grant for delNery of sport, training and vocational activities to Navy benefficiaries. 21 Analysls of net assets betwe¢n funds Unrestricled Restrictsd 2023 2023 Totsl 2023 Tolal 2022 As rnstatsd Fund balances at 28 Febwary 2023 are represented by.. Tangible assets Currènt assets1lliabil.eS} Long term liab'lilie5 73.195 70,618 (25.833) 73,195 108,875 {25,833) 76,162 13,2911 135,8331 38,257 117,980 38.257 156,237 37.038 the comparative period. £34,562 ofthg net ¢urrenl IAbilities were restrided. 22 Ral•d party transactions Group and ¢harity Rèmuneration of key management onna1 The remuneration of key managemenl personnel is as folk)ws. 2023 2022 Aggregate compensatk)n 150,037 144,328 During the year purchases 01 £92.29412022- £nil) We made by a eonnected company. Mr$5ion Renewable CIC. At the year-ènd a credrtor of £24.140 {2022- £niD was 0utStsr.ng. 25-
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2023 23 Prior year adjuslment In the previou5 year £17.500 of income and £12.0 of expenditure was mi5-allo¢aled agarnst the Arme(I Forces C(>venant FunE1 Trust VPPP - Midlands inrtiab.ve vthen Ihe £17.500 incx>mè actually related lo the Arrned Forces Covenant Fund Trust - INoodland Experiences. This full irrwne amount of £77,500 should havè bèen carried forward at the end ol the prewous year as it was not spent. This has resufted in a prior year adjuslment to moVe the Arnd Forces Covenant Fund Twst VPPP Income and as a resutt reducing the restricted expendÈture by £12.000 and increasing unrestrided expendrture by the same amount. This resutted in increasing the opening restricted fvnds by £12.(*JO and reilucxng the unrestricted funds by the same amount.
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMEMTS ICOIffiNUEDI FOR THE YEAR ENDED 28 FE8RUARY2023 24 S¢Jbsldkrf R•9lsi•md ss•f Lto Aspw rffj7U$35 un519 LW A¥Jxr 11nfj7$1 Tr*9 L Ljd 72.132 71.186 15.¢154) 1•.3 tt619 17.995 2J14
MISSION MOTORSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 2S Analysis of changes in net funds At 1 2022 C4h Ilows At 28 Fobruary 2023 Cash al bank and in hand 116.841 {3,1781 113.665 Loans falling due within one year Loan5 lalling due aftef more ihan one year 110,000} 135,833} 110,0001 125,8331 10.rK)o 71,()8 6.824 77.832 26 Cash genernted from optrations 2023 2022 Svrpluslldefi¢rtl for the year 119.199 {62,07n Adiuslrnenls for.. Investment income recognised in 5talement ol fin¢14 actmiies ForeMJn exchange drfferÈnces Loss on disposal of fed assets Depreaation and irnpairmeni of tangib fixed assets Oonaled assets {141 12} 99 1,579 30.424 17,557) 22.524 (10.000) Movements in woring (aprtal." Oeuease in slocks (InCaSe1 in debtors (Decreasellincrease in creditors 3,571 (81,948) (36.965) 1.299 129,237} 59.131 Cash generated froffl operations 8.810 1,216 -28-