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← Bdrhof Benevolent Fund

2023-12-31-accounts

Registered Charity No. 1167197

BDRHOF BENEVOLENT FUND

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

BDRHOF BENEVOLENT FUND

CHARITY INFORMATION

Trustees

Mr S N Groves Mr G Beckwith Mr P Cottingham Mr I R Marshall Mr R W Jackson Mr I Messenger

Chairman and Secretary

Registered Charity number Registered office

Mr S Groves (Resigned 31 December 2023) 1167197

227 Cassiobury Drive Watford Herts WD17 3AN

BDRHOF BENEVOLENT FUND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

BDRHOF BENEVOLENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2023. 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).

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BDRHOF BENEVOLENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

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 12 business sponsors of the Hall of Fame and the Gala Dinner is attended by over 200 individuals.

Plans for Future Periods

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

  1. Surpluses arising from the operations of the British Drag Racing Hall of Fame Limited

  2. Donations from sponsor companies interested in providing for the needs of those involved in organised drag racing events as stated above

  3. 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 Motorsport 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 2023 there was a net deficit for the year of £1,410 (2022: deficit of £1,531).

Reserves Policy

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BDRHOF BENEVOLENT FUND

The charity 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 charity and to provide sufficient time to replace existing funding sources. These reserves are now in place.

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

The following Trustees held office during the year to 31 December 2023:

Mr G Beckwith Mr I R Marshall Mr P Cottingham Mr R W Jackson Mr S N Groves Mr I Messenger

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:

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

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BDRHOF BENEVOLENT FUND

ROBIN JACKSON - TRUSTEE

Approved by the Trustees on 19 June 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Income from:
Donations
Total income
Expenditure on:
Fundraising costs
Charitable grants
Total expenditure
Net
income/(expendit
ure) and net
movement in
funds for the year
Total funds
brought forward
Total funds
carried forward		 Unrestric
ted funds
Period
ended 31
Decembe
r
2023
£
150
150
60
1,500
1,560
(1,41
0)
6,0
54
4,6
44		 Total
funds
Period
ended
31
Decemb
er
2023
£
150
150
60
1,500
1,560		 Unrestric
ted
funds
Period
ended
31
Decemb
er 2022
£
191		 Total
funds
Period
ended
31
Decemb
er 2022
£
191
191
61
1,662
1,723
(1,532)
7,586
6,054		 191
61
1,662
1,723
(1,410)
6,054
4,6
44		 (1,532)
7,586
6,054

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BDRHOF BENEVOLENT FUND

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

All income and expenditure derive from continuing activities.

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BDRHOF BENEVOLENT FUND

BALANCE SHEET

AS AT 31 DECEMBER 2023

Current assets
Cash at bank and in
hand
Less: current
liabilities
Accrued expenses
Total assets less
current liabilities
Funds -
unrestricted
Capital and
reserves		 2023
£
4,644
4,6
44
4,644
4,644		 2022
£
6,060
6
6,054
6,054
6,054

Approved by the Trustees for issue on the 19th June 2024

The notes on pages 9-10 form part of these financial statements.

Mr R.W. Jackson Mr P. Cottingham Trustee Trustee

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BDRHOF BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

1.1 General information and basis of preparation

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

2023 2022
£ £
Bank charges 60 61

3 Trustees remuneration and expenses

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BDRHOF BENEVOLENT FUND

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

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BDRHOF BENEVOLENT FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

No trustee or other person related to the charity had any personal interest in any contract entered in to 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 2023.

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