2020-12-31-accounts - Bdrhof Benevolent Fund

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Registered Charity No. 1167197

BDRHOF BENEVOLENT FUND

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

BDRHOF BENEVOLENT FUND

CHARITY INFORMATION

Trustees

Mr S N Groves Mr G Beckwith Mr P Cottingham Mr I R Marshall Mr S D Bradbury (deceased 10[th] July 2020) Mr R W Jackson Mr I Messenger

Chairman and Secretary Mr S Groves Registered Charity number 1167197 Registered office 227 Cassiobury Drive Watford Herts WD17 3AN

BDRHOF BENEVOLENT FUND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Contents	Pages
Trustees' report	4-6
Statement of financial activities	7
(including income and expenditure
account)
Balance sheet	8
Notes to the financial statements	9-10

BDRHOF BENEVOLENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland.

Principal activity

BDRHoF Benevolent Fund is a Charitable Incorporated Organisation (CIO) set up as a foundation to provide for relief of people involved in the sport of drag racing, a branch of motorsport, who have need of financial support through injury, accident or financial circumstance, including organisations that operate in drag racing but also for the public benefit, for instance the air ambulance services operating for the various counties in which the sport takes place.

History

The company is governed by its Constitution which was formally adopted by the Trustees on 21 January 2016. On 20 May 2016 the company was entered onto the Register of Charities (number 1167197).

Risk Management

The trustees have examined the major strategic, business and operational risks which the Company faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.

Aims and Objectives

The objectives of the charity are stated as 'the relief of need by reason of youth, age, ill health, disability or financial hardship, for the public benefit, amongst persons involved in the participation, promotion or administration of motorsport and their families and dependents. Such persons shall include, but not be limited to, competitors, marshals, officers and employees at motor racing venues and those involved in the design, construction, testing, repair and supply of vehicles and parts intended for competition use'.

How Our Activities Deliver Public Benefit

Organised drag racing in the UK started in 1964 with a 'Dragfest' involving many US and UK racers at temporary venues in the UK. Various tracks, permanent and temporary have been used since then around the UK. The main permanent track is Santa Pod Raceway (established in 1966 at Podington in Bedfordshire).

BDRHOF BENEVOLENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2019

In 2006 the British Drag Racing Hall of Fame was established to honour those involved with the sport for their achievements, and in 2016 it was incorporated as a limited company.

In recent years there has been a desire to make financial awards to those connected with the sport and deserving that have fallen on hard times through injury, accident or financial circumstance.

There is also a desire to make awards to third party organisations who provide services to the community as a whole as well as drag racing, such as the local air ambulance services.

Since 2014, Gala Dinners have been held for the British Drag Racing Hall of Fame to celebrate new inductees, other awards and VIP guests. These events are sponsored and there is an opportunity for the public and businesses to donate to a charity set up for the benefit of participants in the sport. There are currently 18 business sponsors of the Hall of Fame and the Gala Dinner is attended by over 200 individuals. In 2020, as a result of the Covid-19 pandemic, no Gala Dinner was held; the next one is planned for November 2021

Plans for Future Periods

The sources of donations for the charities will include the following main constituents.

Surpluses arising from the operations of the British Drag Racing Hall of Fame Limited
Donations from sponsor companies interested in providing for the needs of those involved in organised drag racing events as stated above
Individuals attending or involved in drag racing events in the UK

Drag racing events eligible for inclusion in fund raising are those regulated by a recognised organisation including but not limited to Motorsports UK, Auto Cycle Union and The International Organisation of Professional Drivers Ltd.

Financial Review

The accounts cover all activities controlled by BDRHOF Benevolent Fund.

The results for the Period are shown on the Statement of Financial Activities. For the year ended 31 December 2020 there was a net surplus for the year of £100.

Reserves Policy

The company will endeavour to maintain unrestricted funds not committed or invested in fixed assets, i.e. 'free reserves' at a level of between one and two years of unrestricted expenditure. This provides sufficient levels of funds to be able to continue the current activities of the company and to provide sufficient time to replace existing funding sources. These reserves are now in place.

BDRHOF BENEVOLENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

The following Trustees held office during the year to 31 December 2020:

Mr S D Bradbury (deceased 10[th] July 2020) Mr I R Marshall Mr G Beckwith Mr R W Jackson Mr P Cottingham Mr I Messenger Mr S N Groves

Charitable contributions

No charitable contributions were made during the year.

Statement of trustees' responsibilities for the financial statements

The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the balance sheet date and of the incoming resources and application of resources, including income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principle in the Charities SORP 2015 (FRSSE);
Make judgements and estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustees

ROBIN JACKSON - TRUSTEE

Approved by the Trustees on 25[th] October 2021

BDRHOF BENEVOLENT FUND

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2020

Total funds Period ended 31 December 2020 £ 100 100 - - -	Unrestricted funds Period ended 31 December 2019 £ 2,073	Total funds Period ended 31 December 2019 £ 2,073
	2,073 (477) (3,594) (4,071) (1,998) 8,223 6,225	2,073
		(477) (3,594)
		(4,071)
100 6,325 6,325		(1,998) 8,223 6,225

The statement of financial activities includes all gains and losses recognised during the year.

All income and expenditure derive from continuing activities.

BDRHOF BENEVOLENT FUND

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes Current assets Cash at bank and in hand Total assets less current liabilities Capital and reserves Funds - unrestricted	2020 £ 6,325 6,325 6,325 6,325	2019 £ 6,225
		6,225
		6,225 6,225

Approved by the Trustees for issue on 25th October 2021

The notes on pages 11-12 form part of these financial statements.

Mr R.W. Jackson Mr S.N. Groves Trustee Trustee

BDRHOF BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

1.1 General information and basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014 and the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy notes.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.

1.4 Expenditure recognition

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

2 Fundraising expenses

	2020	2019
	£	£
Bank charges	-	-
Printing	0	477
	0	477

3 Trustees remuneration and expenses

The trustees were not paid any remuneration or received any other benefits during the period.

BDRHOF BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

No trustee or other person related to the charity had any personal interest in any contract entered into by the charity company during the period.

4 Taxation

As a charity, BDRHOF Benevolent Fund is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

5 Related Party Transactions

There were no related party transactions during the period.

6 Capital commitments

There were no capital commitments at 31 December 2020.