REGISTERED COMPANY NUMBER: 10062834 (England and Wales) REGISTERED CHARITY NUMBER: 1171312
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
Startermotor Limited (A Company Limited by Guarantee)
Startermotor Limited
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Startermotor Limited
Report of the Trustees for the Year Ended 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Startermotor Limited, is unique as a charity in educating young people in both the use and maintenance of historic vehicles. We work in partnership with colleges, apprenticeships and likeminded companies all with the aim of providing historical vehicle access to young enthusiasts, giving the opportunity to drive, maintain and experience our motoring heritage.
The collective historic vehicle sector has experienced rapid growth in recent years: it is now thought to be worth over £5bn annually to the UK's economy, and it employs some 34,900 people.
However, whilst expanding, it is also ageing, resulting in a younger generation missing out on both the valuable skills required and also historic vehicle ownership, particularly as costs of ownership can be outside the reach of many young enthusiasts. 1,000 new engineers are estimated to be required over the next 5 years just to stem this erosion. The net result is a real possibility of valuable skills being lost, to the detriment of the industry, economy, employment and historic car enthusiasts.
We are continually encouraging companies to take on apprentices and colleges to run courses. And that's working. But to learn to restore a vehicle you need a vehicle to restore. And the parts and tools to do the job. Currently they don't exist. Startermotor Limited is a charity that exists to fulfil that need and to assemble a collection of vehicles that young people can use and enjoy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10062834 (England and Wales)
Registered Charity number
1171312
Registered office
2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL
Page 1
Startermotor Limited
Report of the Trustees for the Year Ended 31 March 2022
Trustees
D J Geoghegan Businessman
P J Harris BA BFP FCA Businessman
A Shooter Businessman
D Bennion Businessman
Approved by order of the board of trustees on 11 May 2022 and signed on its behalf by:
D J Geoghegan - Trustee
Page 2
Independent Examiner's Report to the Trustees of Startermotor Limited
Independent examiner's report to the trustees of Startermotor Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S Buswell FCA
11 May 2022
Page 3
Startermotor Limited
Statement of Financial Activities for the Year Ended 31 March 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 164,438 Charitable activities Support costs 9,688 Total 174,126 EXPENDITURE ON Raising funds - Charitable activities Promotion of the charity 2,400 Support costs 143,287 Total 145,687 NET INCOME/(EXPENDITURE) 28,439 RECONCILIATION OF FUNDS Total funds brought forward 52,727 TOTAL FUNDS CARRIED FORWARD 81,166 |
2021 Total funds £ 56,572 22,269 78,841 4,710 (1) 75,096 79,805 (964) 53,691 52,727 |
|---|---|
The notes form part of these financial statements
Page 4
Startermotor Limited
Balance Sheet 31 March 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 69,922 CURRENT ASSETS Debtors 6 1,960 Cash at bank 9,838 11,798 CREDITORS Amounts falling due within one year 7 (554) NET CURRENT ASSETS 11,244 TOTAL ASSETS LESS CURRENT LIABILITIES 81,166 NET ASSETS 81,166 FUNDS 8 Unrestricted funds 81,166 TOTAL FUNDS 81,166 |
2021 Total funds £ 34,982 360 17,385 |
|---|---|
| 17,745 - |
|
| 17,745 | |
| 52,727 | |
| 52,727 | |
| 52,727 | |
| 52,727 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
Startermotor Limited
Balance Sheet - continued 31 March 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2022 and were signed on its behalf by:
D J Geoghegan - Trustee
The notes form part of these financial statements
Page 6
Startermotor Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting 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 Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Plant and machinery 10% on reducing balance Motor vehicles - No depreciation
In the opinion of the directors, the vehicle assets (and certain other assets of an historical nature) are of an appreciating nature and the residual value is expected to be greater than the cost or donated value. As a result, no depreciation is provided for on these assets in the financial statements.
Donated assets are capitalised at the estimated market value.
Loan vehicles
Where supporters of the charity loan vehicles to it for a period of time, these vehicles are not capitalised as a fixed asset as the vehicles have to be returned to their owners at the end of the loan term.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 7
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Donated goods and services
Where donated goods and services are consumed by the charity in the furtherance of its charitable objectives, the market value of the donated goods and services is included in both donations received and the appropriate cost heading.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 60 | 61 |
| Deficit on disposal of fixed assets | 5,000 | 3,000 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
continued...
Page 8
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricte | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 56,572 | |
| Charitable activities | ||
| Support costs | 22,269 | |
| Total | 78,841 | |
| EXPENDITURE ON | ||
| Raising funds | 4,710 | |
| Charitable activities | ||
| Promotion of the charity | (1) | |
| Support costs | 75,096 | |
| Total | 79,805 | |
| NET INCOME/(EXPENDITURE) | (964) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 53,691 | |
| TOTAL FUNDS CARRIED FORWARD | 52,727 |
continued...
Page 9
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
5. TANGIBLE FIXED ASSETS
| 5. TANGIBLE FIXED ASSETS |
5. TANGIBLE FIXED ASSETS |
||
|---|---|---|---|
| Plant and machinery £ COST At 1 April 2021 853 Additions - Disposals - At 31 March 2022 853 DEPRECIATION At 1 April 2021 121 Charge for year 60 At 31 March 2022 181 NET BOOK VALUE At 31 March 2022 672 At 31 March 2021 732 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Motor vehicles £ 34,250 40,000 (5,000) 69,250 - - - |
Totals £ 35,103 40,000 (5,000) 70,103 121 60 181 69,922 34,982 2021 £ 360 |
|
| 672 732 |
69,250 34,250 2022 £ 1,960 |
continued...
Page 10
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes Other creditors Pension payable |
2022 £ (1) (1) 554 2 554 |
2021 £ - - - - |
|---|---|---|
| - |
8. MOVEMENT IN FUNDS
| At 1/4/21 £ Unrestricted funds General fund 52,727 TOTAL FUNDS 52,727 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 174,126 TOTAL FUNDS 174,126 |
Net movement At in funds 31/3/22 £ £ 28,439 81,166 28,439 81,166 Resources Movement expended in funds £ £ (145,687) 28,439 (145,687) 28,439 |
|---|---|
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/20 | in funds | 31/3/21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 53,691 | (964) | 52,727 |
| TOTAL FUNDS | 53,691 | (964) | 52,727 |
continued...
Page 11
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 78,841 | (79,805) | (964) |
| TOTAL FUNDS | 78,841 | (79,805) | (964) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/20 | in funds | 31/3/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 53,691 | 27,475 | 81,166 |
| TOTAL FUNDS | 53,691 | 27,475 | 81,166 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 252,967 252,967 |
Resources Movement expended in funds £ £ (225,492) 27,475 (225,492) 27,475 |
|---|---|---|
continued...
Page 12
Startermotor Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 13
Startermotor Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Grants Total incoming resources EXPENDITURE Raising donations and legacies Fundraising Costs Other trading activities Loss on sale of tangible fixed assets Charitable activities Rent, storage, HR Advertising Polski Fiat costs Car running costs and travel Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Support costs Management Wages Social security Pensions Telephone Finance Bank charges |
2022 £ 164,438 9,688 174,126 - - 13,000 8,196 - 30,514 60 5,000 56,770 67,628 3,750 1,321 1,005 73,704 - |
2021 £ 56,572 22,269 78,841 1,710 3,000 - - 250 2,957 60 - 3,267 65,700 3,758 1,313 - 70,771 25 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
Startermotor Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| Finance Governance costs Insurance Accountancy and legal fees Subscriptions Bank charges Total resources expended Net income/(expenditure) |
2022 £ 9,393 5,013 465 342 15,213 145,687 28,439 |
2021 £ 393 13 323 303 1,032 79,805 (964) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15