Charity rogi5tration number 1158631 THE MARCELLUS BAZ FOUNDATION (FORMALLY NOINGHAm SCHOOL OF BOXING) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOTTINGHAM SCHOOL OF BOXING) LEGAL AND ADMINISTRATIVE INFORMATION Trusteès MBaz J Smalley. Chair M McGralh R Pender F Uddin {Appointed 25 November 2023) (Appointed 1 April 2023) S Haque Charity nufflber 1158631 Principal addre55 163 Woodborou9h Road Nottingham NG3 1AX Independont examiner PKF Smith Cooper Limhted 2 Lace Market Square Nottingham NG1 1PB
THE MARCELLUS BAZ FOUNDATION (FORMALLY NorriNGHAM SCHOOL OF BOXING) CONTENTS Page Trustees. report Independent examiners report Slalement of finanaal aclivfties 8alance sheet Notes to the financial slalements 7-13
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOThINGHAM SCHOOL OF BOXING) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The truslees present Iheir annual report and financial slalements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting polKies set out in note 1 to the accounts and comply with the charity's Constitution. the charit Act 2011 and "Accounting and Rewrting by Charities.. Sialemenl of Recommended Practice applicable lo charities pieparing theif accounts in accofdance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 102)" {as amended f accounting periods cornrnencing from 1 January 20161 Since Ihe charity qualifies as small under section 382 of the Companies Act 2006. Ihe Strategic report required of medium and large companies under the Compan5 Act 201K (Stralegic Report and Directorfs Reporti Regulalions 2013 has been omitted. Objectlves and actlvltles The charity and ils property are managed and administered by a committee comprising Ihe officers and other members elected in accordan with the ConslitulioTr. The officers and other members of the committee are the Iruslees of the charity and in the Conslilulion are logether called 'the trustees.. The charity has a chairperson. secretary and a treasurer. In setting objectives and planning for activities. the Trustees have given due consideralion lo general guidance published by the chafily commission relating lo public benefit at)d in particular lo its supplementary public benefit guidance on Education and learning. The objec15 01 the charity (objects) are. without weference to race. sex. disability. creed or so(ial background, for the benef of children, young people and adults in Nottinghamshire and other counties in the East Midlands.. 1. The advancement ol amaleur 5POrt for children. young people at aduNs lo participate in boxing and other leisure-lime activities so that they might 9row lo maturity as individuals and tIU5tees of society and so that their conditions of life may be improved 2. To act as a resource for children. young people and aduhs ty providing advi and assistance and organising programme5 of physical. educational and other adivilies as a means of.. advancing in life and helping young people by developing their skills. capacilies and capabilities to enable Ihem lo participate in society as independenl. mature and responsible individuals: b. advancing edu¢tIon in such ways as the trustees think fit.. c. the relief of unemployment for Ihe benefrt of the public in suth ways as may be thought fit, induding assislan¢e lo find employment., 3. To Fxomote so(ial inclusion for the public benefrt by preventing people from becoming socially excluded, relvIng the needs of those people who are 50cialty exduded and assisting them ta inlegiate into society. (For the purpose of Ihis dause 'socolly exduded. means being exduded from soaely, OT part of society, as resull of being a member of a soClIY and eccmmically deprived community). The prcnolion of equality and diversity for the puNic benefrt and the elimination of discrimination on the grounds of race, religion. gender. sexual orienlalion or disability- A(Jvanung eilucation and raising awareness in equalrty and diversity and promoting activitie5 to foster underslandin9 behveen people from dNerse backgrounds. The Iruslees have paid due regard to guidance issued by tl Charity CommiOn in dwiding what activities the tharity should undertake.
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOTTINGHAM SCHOOL OF BOXING)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
During this reporting period the socio-economic environment continues to affect our communities. We do not underestimate the pressures felt by them, whether this be due to cost of living or cuts to statuary services, we know the negative impact is significant. That said, MBF remains as a beacon in the community for support in whatever guise.
However, the building in Nottingham continues to cause concern. The list of repairs continues to grow against a backdrop of increased rent proposals. Repairs are not minor. They include whole new flooring, continuous decontamination due to mould however, we remain resolute that we retain a safe and secure environment for the community of Nottingham. At a strategic level MBF (together with Switch Up CIC) continue to be engaged in a well-developed program of work to locate, purchase and build a new location. The trustees are keen to ensure this plan is supported.
We are proud of the support we offer at MBF. We have had great success in boxing with several athletes achieving awards across the United Kingdom. We have many examples supporting those in crisis and making a positive impact in building a positive future.
Regarding funding, we continue to apply for and secure additional grants, but this work needs to continue.
Financial review
The Marcellus Baz Foundation entered the year with a healthy balance on its account £377,623 and continue to operate efficiently ending the year on £509,588 of which all was unrestricted. The organisation received a donation of £145,635 (2023: £54,671) from Switch Up CIC, which was a continuation of the close and supportive relationship between two organisations. Switch Up continues to fund the lease of the gym and act as an employer for MBF’s coaches and other staff. Income increased to £266,489 (2023: £146,342) along with expenditure to £134,524 (2023: £111,455). This saw an increase in operating surplus to £131,965 (2023: decrease of £34,887)
Reserves policy
The board review the reserves of the charity periodically.
The boards aim is to maintain unrestricted general reserves of approximately 6 months expenditure in order to mitigate the risk of any such periods of reduced or non-income or unforeseen expenditure. Furthermore, the board transferred £450,000 from the unrestricted fund to restricted. This restricted fund will be used for the development of a community facility for the organisation.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements, Further details regarding the adoptation of the going concern basis can be found in the accounting policies.
Risks and uncertainties
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The organisation is a charity set up under a Constitution dated 22 September 2014. The registered charity number is 1158631. The principal object of the charity is the promotion of community participation in healthy recreation in particular by the provision of facilities for boxing, for the benefit of the inhabitants of Nottingham and surrounding areas.
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THE MARCELLUS BAZ FOUNDATION (FORMALLY NorriNGHAM SCHOOL OF BOXING) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees who served during the year and up to the date ofsgnalure of the finanaal slalemenls were.. MBaz J Smalley, Chair McGralh R Pender F Uddin S Haque (Appointed 25 November 2023) (Appointed 1 Awl 20231 The management of the ¢h8rity is Ihe responsibility ol Ihe Trustees who are elerAed and co-opted under the lerrns of the Conslilulion. The Conslrtulion slales_' The charity in general meeling musl elecl Ihe officers and Ihe other tmstees. The Iruslees may apin1 any person who is willing lo act as a trustee. They may a150 appoint Iruslees lo act as officers bul musl not appoint a perwn lo be an oificer if a person has already been elected or appointed lo Ihal of[e and has not ¥acated the office. Each of the Ifuslees must retire wilh effect from the condusion of the annual general meeting next after hi5 or her appointment but are eligible for r&eleclion at that annual general meeting. No-one may be elected a Iruslee or an Offer at any general meeling unless prior to the meeting the charity is given a notice that: is signed by a member enlilled to vole at the rneeting., stales the membefs intention to wopose at the appointment of a person as a trustee or as an officer," is signed by the person who is to be proposed to show his or her willingness to be appointed. The appoÈnlment of a Iruslee. whether by the charity in genefal meeting or by the other trustees, musl not cause the number of Iruslees lo exceed any number fixed in accordance with the Constitution as the maximum number of tmslees. None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity and guarantee lo contribute £1 in the event of a winding up. The trustees, re ort was approved by the Board of Tmstees. J Smalley, Chair Trustee Dated.. 10 January 2025
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOThINGHAM SCHOOL OF BOXING) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARCELLUS BAZ FOUNDATION (FORMALLY NOThINGHAM SCHOOL OF BOXING) I report to the trustees on my examination of the financial stalemenls of The marlIuS Baz Foundation (Fomially Noltingham School of Boxing) Ilhe charity) for Ihe year ended 31 March 2024. R•$poDsibilities and basis of report As the trustees of the charity you are responsible for the preparation of Ihe financial slalements in accordance with the requirements of the Charities Act 2011 (Ihe 2011 Act). I report in respect of my examination of Ihe charity's finan(ial slalemenls carried out under section 145 of the 2011 Act. Ill carrying out my examination I have followed all the applicable Directtons given by the Charity Commission under section 145{51(bl of the 2011 Act. Independent examlner's statement Since the charity's gross incorne exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualrfied lo undertake the examination because l am a member of Ihe Association ol Chartered Certified Accounlanls. which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come to my attention in connection wilh the examination giving me cause lo believe that in any material respect- aixounlin9 records were not kept in respecl of the charity as required by section 130 of the 2011 Ad.. or the financial slalements do not accord with those records.. or the financial statements do not comply with the applicable requ1MentS conceming the fomi and conlenl Df accoLJn1s sel out in the Charilies (Accounts and RepcKtsI Regulations 2(M)8 other than any requiremenl Ihal the acc£bunts give a true and fair View which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conneclion with the examination lo which attention should be drawn in this report in OTder lo enable a proper understanding of ihe financial slatements to be reached. This report 15 made soldy to the charity's trustee5. as a body. in accordance with Part 4 of Ihe Charities (Accounts and Reportsl Regul81ion$ 2008. My work has been undertaken so that I might stale lo Ihe charty's Iruslees those matters l am required lo stale lo Ihem in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not acp1 or assume responsit#lrfy to anyone other than the arity and the charity's trustees as a body. for my work or for Ihls report. Sarah FlearACA for and on behalf of PKF Smith Cooper Limited 2 Lace Markel Square Nollingham NG1 1PB Dated.. 10 January 202S
THE MARCELLUS BAZ FOUNDATION (FORMALLY NorriNGHAM SCHOOL OF BOXING) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted R•strlcted funds funds Total Unrestricted funds 2023 2024 2024 2024 Notss Incom• from.. Donations and legacies Charitable aclwilies 235,669 30,820 235.669 30,820 117.516 28,826 Total Income 266,489 266.489 146,342 Charitable activities 134.524 134.524 111,455 Net Incomln9 resources before transfers 131.965 131, 34,887 Gross transfers betsveen fvnds (450,CKK)) 450,000 Net {expenditure)fincome for the yearl Net movement in fvnds {318.035) 450,000 131, 34,887 Fund balances al 1 April 2023 377.623 377,623 342,736 Fund balances at 31 Mar¢h 2024 59.588 450.C 509,588 377.623 The stalemenl of financial activities incIleS all gains and losses reccsnised in the year. The stalemenl of financial aclivilies includes all gains and losses recognised in the year. All ino)me and expenditure derive from continuing aclivilies.
THE MARCELLUS BAZ FOUNDATION {FORMALLY NOTTINGHAM SCHOOL OF BOXING) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible asset5 7.413 6,891 Current assets Debtors Cash at bank and in harKI 195.635 314,866 54.671 320.999 510,501 375.670 Credltors: amounts falllng du& whhln one year 11 (8.326) (4.938) Net current assets 502.175 370,732 Total as$et$ 19$5 current Ilabllltlo5 377,623 Net as50t$ excluding pension liabllity 509,588 377,623 The funds of tho Gharity Reslricled income funds Unreslricled funds 12 13 450.OCN) 59.588 377,623 509.588 377,623 The finanaal statements were approved by the Iruslees on 10 January 2025 J Smalley, Trustee
THE MARCELLUS BAZ FOUNDATION (FORMALLY NorriNGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢oUnt1r policios Charlty Informatlon The marlIuS Baz Foundation (Formally Noltingharn Schwl of Boxing) is a charity set up under a Conslilulion dated 22 September 2014. The registered number is 1158631_ The registered oftice is 163 Woodborou9h Road, Nottingham. NG3 1AX. 1.1 Ac¢ountlng ¢onvonlion The accounts have been prepared in accordance with the chan$ governing document. the Charities Act 2011 and "Accounting and Reping by Charits.. Statement of RecoTnmended Pra¢Aice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefrt Entity as defined by FRS 102. The charily has taken advantsge of the provisions in the SORP for tharits.es apptying FRS 102 Update Bulletin 1 not lo prepare a Slalemenl of Cash Flows. The financial statements are prepared in sterling. which is the functional ujirency of the charity. Monetary arnounts in Ihese finanal slalements are rounded to Ihe nearest £_ The financial slalements have been prepared under the historical cost cL)nvenlion. The prinapal ac£ounling policies adopted are sel out below. The Iruslees note that events SUTrounding Covid-19 have introduced additional risks for many enlilies. The twslees remain confident Ihal Ihe chafily is well placed to mitigate any additional risks arising. The trustees believe Strong cash reserves held and additional funding available lo the chafity ale sufficient to provide addrtional levels of risk mrtigalion such that the trustees a confent that cld-19 will not adversely affect the on-90ing viability of the charily. 1.2 Golng concern Al the lime of approving the finanual statements, the Iruslees have a reasonable expectation that the chanly has adequale resources lo continue in operational existence lor the foreseeable future. Thus the Iruslees eA)nlinue lo adopt the going concern basis of accounting in preparing Ihe financial 51atement5. 1.3 Charitabl• funds Unrestricted funds are available for use at the disLTetion of the tIUStees in hJrtheran¢e of their charitable objectives Un$S the funds have been destgnaled lor other purpx)ses. Restricted funds are subjecl lo specific corKlilions by donors or grantors as to how they may be used. The purposes and Ljses of the restricted funds are set out in the notes lo Ihe financial statements. 1.4 Incomlng resources Inwme is recognised when Ihe charity is legally ents"Iled lo il after any Performan conditions have been mel. the amounts can be measured reliably, and it is probable Ihal income wiu be re1ve. Donated services or facilities. which comprise donated seN•ces. are included in income al a valualion which 1$ an estimate of Ihe financial cost bome by the donor where such a cost is quantifiable and measureable. No income is recognised where there is no financial costs bome by a third party. Income tax Tecoverable in relatn to donations received under Gift Ad or deeds of co¥enanl is recognised al the lime of donation. Other income is measured at the fair value of the wnsideration re5Ved or receivable and pSents amounls receivable for goods and services provided in the normal Course of business.
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOThINGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclès Iconllnuedl Expenditure is recognised once there 15 a legal or constructive obligation to transfer economic benefit lo a third party, il is probable Ihal a transfer of economic benefits will be required in settlement. and the amount of the obligation can be rneasured reliab. Expenditure is classified by activity. The cosls of eath aclivty we made up of the total of direct costs and shared costs. including support costs invofved in undertaking each aclwity. Direct )SIS attributable to a single activity are allocated directly lo that activity- Shared costs which conltibute to nre than one activity and support costs which are nol allribulable lo a single activty are apportioned between those activities on a basis consistent wlh the use of resources. Central staff costs are allocaled on the basis of time spent, and deprecialbon charges ace allocated on the portion of the asset's use. Expenditure Is accounled for on an accruals basis and has been induded under expense categories that aggregate all costs for allocation lo aclwilies. Where costs cannot be directly attributed lo particular activities they have been allocated on a basis consistent wrth the use of the resources. Support costs are Ihose costs incurred directly in support of expendilure on the objects of the charity and include projed management carried oul al Headquarters. 1.5 Tanglble flx•d assèts Tangible fixed assets are initially mea5uied at cost. nel of 4jepreciatn and any impaimient losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following ba5es'. Sporis equiprnenl Computers 15Vty on cost 33% on cost The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and Ihe carrying value of Ihe assel. and is recognised in the statemenl of financial activities. 1.6 Impalrmènt of flxod a$$*ts Al each reporting end dale, Ihe charity reviews Ihe caTrylllg arnounls of ils tsngible assets lo determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo detemiine the exlenl of the impaittnenl 10ss lif any). 1.7 Cash and cash equivalonts C85h and cash equivalenls include cash in hand. dewsits held at call with banks. other short-lerm liquid inveslmenls with original malurilies of three monihs or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOTTINGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.8 Financial instruments 8a5iG financial assets Basic financial assets, which include debtors and cash arKI bank balances. are initially measured at Iransacli<)n price including transaction cosls and are subsequently carried al amortised cost using the effective interest method unless the arrangemenl consknlules a finanung Iransaction. where the Iransaclion is measured al the present value of the fulure receipts discounted at a market rale of interest. Financial asse15 classif*d as receivable within one year are not amortised. Baslc Ilnanclal Ilabllitles Basic financial liabilities. induding ueditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a finanung transaction, where the debt inslrumenl is measured al Ihe present value of the future payments discounted at a maTket rate of interest. Financial liatmlities classified as payable within one year are not amortised. DereGognition of financial liabilitie5 Financi81 liabilities are derecognised when the charitys rA)ntraciual oLligatK)ns expire or are discharged or cancelled. Donatlons and l•gaci85 2024 2023 Donations and gifts Grant income 211.871 23.798 73,564 43,952 235.669 117.516 Income from charitable actlvltles Unre¥trlcted Unrostrlcted funds funds 2024 2023 Fee incxjme 30.820 28.826
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOTTINGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltablè a¢tlvltlo$ Dlrect ¢ost$ 2024 Support costs 2024 Total 2024 Total 2023 Recharged staff costs Depreciation and impairment Fees Boxing and sports kil Events Oonations Legal and professional fees Rent Sundries Travel and accommodation Equipment Coaching and mentoring Boxing educalion and tiaining Office and general admirbislrative cosls Independenl examination fee Repairs and maintenance 76.430 1.833 5.872 164 76.430 1.833 5.872 164 72.305 1.337 6,052 91 1,(K]O 991 14.115 1.892 703 645 1.025 8.526 12,] 8.526 12.000 2.311 2.311 865 13.948 260 1.511 2,262 8.540 13.948 260 1.511 2.262 8.540 1,795 9,501 104.825 29,699 134,524 111,455 104.825 29,699 134.524 111,455 Net movement in funds 2024 2023 The nel movemenl in funds is stsled after charging1{cdI¢in9)- Depreciation of owned tangible red assets 1.833 1,337 Trustees None of the InJ$tees (or any persons connected with them) received any rernuneration or benefits from the charity duTin9 the year. None of the trustees re¢eived any reimbursements of expenses during the year. 10-
THE MARCELLUS BAZ FOUNDATION (FORMALLY NorriNGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees There were no employees during the year. R•charged employment costs 2024 2023 Recharged salaries 76,430 72,305 Taxatlon The charity is exempl from taxation on its aclivrties because all its irKome is applied for charitable purposes. Tangiblo fixod assets Sports •qulpmpnt Computers Total Cost Al 1 April 2023 Additions 11.295 2,355 5.494 16,789 2,355 Al 31 March 2024 13.650 5.494 19,144 D¢prè¢latlon and Impalrment Al 1 April 2023 Oeprecialion charged in Ihe year 5,6 1.267 4.202 9,898 1,833 Al 31 March 2024 6.3 4.768 11,731 Carrylng amount At 31 March 2024 6,687 726 7,413 At 31 March 2023 5,599 1.292 6,891 10 Debtors 2024 2023 Amounts falling due within one year: Other debtors 195.635 54,671 11 Creditors: amounts falling due within one year 2024 2023 Accruals 8.326 4,938 11
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOINGHAm SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Restrlcted funds The restricted fund5 of the charity comprise the unexpended balances of donation5 and grants held on Irusl subject to specific conditions by donors as to how they may be used. At 1 Aprll 2023 Transfer5 At 31 March 2024 The Marcellu5 Baz Foundat Cornrnunity Hub 450.000 450,000 The charity is looking lo raise £550.COJ in public donalions. business funding and grants to assist with the construction of the Marcellus Baz Foundation Community Hub. Once achieved ftjrther granl funding and itrkind provisions from the construclion induslry will become available for this new facJlily. 13 UnreStrIct funds Mov•m•nt in funds In¢omlng R•sourc8$ expended Balanu at 1 Aprll 2023 Tran51•r Balance at 31 March 2024 General funds 377.623 266.489 (134.5241 {450,0) 59,588 377.623 266.489 (134.5241 {450,COJ) 59.588 14 Analysis of net assets belwoen funds Unreslricted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current asselsl(liabililies> 7.413 52,175 7,413 502.175 450.000 450.000 509,588 Unrèstrlctod funds 2023 Restricted funql$ 2023 Total 2023 At 31 March 2023= Tangible assels CUent a55elsl(liabililies) 6.891 370.732 6.891 370.732 377.623 377,623 12-
THE MARCELLUS BAZ FOUNDATION (FORMALLY NOTTINGHAM SCHOOL OF BOXING) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 15 Related party transactions Remunorotlon af kèy manag•mont p•rsonn•l The remuneration of key management personnel was as follow5" 2024 2023 Aggregate compensation Other related party transactions Included within unrestricted donations are aTrunts from Switch Up C.l.C totalling £145.63512023'. £54.6711. 13-