**REGISTERED CHARITY NUMBER: 1179582** 

**Report of the Trustees and** 

**Unaudited Financial Statements** 

**for the Year Ended 31 August 2023** 

## **for** 

**Maverick Stars Trust** 

Boardman Conway 23A High Street Weaverham Northwich Cheshire CW8 3HA 



**Maverick Stars Trust** 

**Contents of the Financial Statements for the Year Ended 31 August 2023** 

|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|11|
|**Detailed Statement of Financial Activities**||12||





**Maverick Stars Trust** 

**Report of the Trustees for the Year Ended 31 August 2023** 

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. 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 for the public benefit** 

To advance such charitable purposes (according to the law of England and Wales) as the charity trustees see fit from time to time concentrating on the assistance of underprivileged children and the promotion of amateur boxing. Particular objects are as follows but the objects of the organisation are not limited exclusively to the same. 

(i) To advance in life and help young people through any of the following. 

(a) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life. 

(b) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. 

(c) The promotion of community participation in healthy recreation by the provision of facilities for amateur boxing  in particular but not exclusively encouraging the use of boxing and its training and techniques as a means of improving health and fitness and encouraging people to make healthy life choices. 

(ii) To help young people, especially but not exclusively through leisure time activities, so as to develop their capabilities that they may grow to full maturity as individuals and members of society. 

(iii) In particular to act as a resource for young people up to the age of 25 by providing advice and assistance and organising programmes of physical, educational and other activities as a means of promoting the following objectives. 

(a) Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them  to participate in society as independent, mature and responsible individuals. 

(b) Advancing education. 

(c) Relieving unemployment. 

(d) Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons. 

(e) Promoting the advancement of the physical education of young people (whether or not undergoing formal education) in the interests of social welfare and with the object of tackling juvenile delinquency. 

(iv) To undertake like activities as set out above but not restricted by reason of youth in order to advance in life and help individuals who have need of such facilities by reason of age, infirmity or disablement, financial hardship or social and economic circumstances in the interests of social welfare and with the object of improving the condition of life of the said persons. 

(v) To support veterans through boxing. 

The trustees confirm they have reviewed the guidance contained in the Charity Commission's general guidance on  public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy. 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

In 2019 the Trust launched an anti-knife/serious youth violence campaign across Greater Manchester. This linked 11 amateur boxing clubs across the region and is supported by the Mayor of Manchester, Andy Burnham. This project is still going strong in 2023. 

In the current period the Trust has agreed to fund 27 separate projects across England in addition to the 111 up to 2022. 

The Veterans Project - Operation Warrior which started in 2021 has now engaged with around 2200 ex service men  and women.  This project has taken place in 17 different amateur boxing clubs nationwide. 

Page 1 



**Maverick Stars Trust** 

**Report of the Trustees for the Year Ended 31 August 2023** 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Investment performance** 

The trustees of the Maverick Stars Trust have agreed to incorporate an Environmental, Social and Governance (ESG) stance into the ongoing management of the trust's assets. Specifically, organisations directly involved in the following areas are to be excluded from all future investments undertaken by the trust: - 

## **i  Labour supply & the supply chain** 

* Child labour - no direct investment in a company that has a history of involvement in child labour related legal cases. 

* Discrimination & workforce diversity - no direct investment into a company that has controversies relating to a firm's workforce diversity. 

## **ii  Human Rights & the Community** 

* Human rights concerns - no direct investment in a company that, as an example, has a history of involvement in human rights related legal cases, complicity in killings or physical abuse. 

* Impact on local communities - no direct investment in a company that has a history of involvement in land use or development related legal cases impacting on communities. 

## **iii  Animal Welfare** 

* Non-medical testing - no direct investment in a company that conducts animal testing for non-pharmaceutical products. 

* Licensed breeder - no direct investment in a company that is licensed to breed animals for use in laboratory testing. 

## **iv  Governance** 

* Bribery & fraud - no direct investment into a company that has a history of involvement in (but not limited to) instances of widespread bribery, tax evasion, insider trading. 

The above criteria will be reviewed by the Trustees at least annually with any agreed changes to remain in place for the subsequent twelve-month period. 

## **FINANCIAL REVIEW** 

## **Principal funding sources** 

The funds have been invested into investment funds and interest bearing bank accounts, which have generated £11,319 (2022 - £13,151) in the year. There is also donations received from partner organisations to help fund ongoing  projects of £17,730 (2022 - £13.013). 

## **Investment policy and objectives** 

The Trustees have a duty to preserve the purchasing power of the trust capital. There is no requirements for the trust to generate a specific level of income. There are no restrictions in relation to the range of assets and geographical allocation the trustees can consider. 

## **Reserves policy** 

Free reserves at 31 August 2023 amounted to £493,284 (2022 - £679,270). These are held for future donations and support costs in 2023/24 in unrestricted funds. At all times the Trust has an uncommitted reserve of £100,000. Interest and dividends will continue to be received on investments and the trustees consider there are sufficient reserves to cover all expenditure in the coming year. 

## **FUTURE PLANS** 

The charity plans to continue the activities in 2023/24 from funds already held. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 

Page 2 



**Maverick Stars Trust** 

**Report of the Trustees for the Year Ended 31 August 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Recruitment and appointment of new trustees** 

The trustees set up the charitable organisation and appointed themselves. There is no intention to recruit any trustees in future. 

## **Organisational structure** 

All decisions are made by the trustees at their meetings. The administration of the Trust is managed by trustee Charlotte Gilley, who deals with applicants for donations and reports to the trustees on the proposed projects and advises on all payments to be made. 

## **Risk management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

1179582 

## **Principal address** 

Pax Meadow Hall Lane Mobberley WA16 7AE 

## **Trustees** 

Mrs C J Gilley A Gilley J Hammond S Mansfield J Moore S Quigg (appointed 28.2.24) 

## **Independent Examiner** 

P D Barrett Boardman Conway 23A High Street Weaverham Northwich Cheshire CW8 3HA 

## **Investment advisers** 

Rosebridge, The Grants, 11 Market Place, Ramsbottom, Bury, BL0 9AJ 

## **Bankers** 

Cater Allen, 9 Nelson Street, Bradford BD1 5AN. 

Approved by order of the board of trustees on 3 May 2024 and signed on its behalf by: 

Mrs C J Gilley - Trustee 

Page 3 



**Independent Examiner's Report to the Trustees of Maverick Stars Trust** 

## **Independent examiner's report to the trustees of Maverick Stars Trust** 

I report to the charity trustees on my examination of the accounts of Maverick Stars Trust (the Trust) for the year ended 31 August 2023. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set  out in the Charities (Accounts and Reports) Regulations 2008 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. 

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. 

P D Barrett 

Boardman Conway 23A High Street Weaverham Northwich Cheshire CW8 3HA 

7 May 2024 

Page 4 



**Maverick Stars Trust** 

## **Statement of Financial Activities for the Year Ended 31 August 2023** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>Investment income<br>2<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Projects<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>fund<br>£<br>17,730<br>11,319<br>29,049<br>196,966<br>(18,069)<br>(185,986)<br>679,270<br>493,284|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|31.8.23<br>Total<br>funds<br>£<br>17,730<br>11,319<br>29,049<br>196,966<br>(18,069)<br>(185,986)<br>679,270<br>493,284|31.8.22<br>Total<br>funds<br>£<br>13,013<br>13,151<br>26,164<br>334,037<br>(82,846)<br>(390,719)<br>1,069,989<br>679,270|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 5 



**Maverick Stars Trust** 

## **Balance Sheet 31 August 2023** 

|Notes<br>**FIXED ASSETS**<br>Investments<br>5<br>**CURRENT ASSETS**<br>Debtors<br>6<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>7<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>8<br>Unrestricted funds<br>**TOTAL FUNDS**|Unrestricted<br>fund<br>£<br>414,862<br>27,000<br>57,956<br>84,956<br>(6,534)<br>78,422<br>493,284<br>493,284|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|31.8.23<br>Total<br>funds<br>£<br>414,862<br>27,000<br>57,956<br>84,956<br>(6,534)<br>78,422<br>493,284<br>493,284<br>493,284<br>493,284|31.8.22<br>Total<br>funds<br>£<br>490,993<br>-<br>195,362<br>195,362<br>(7,085)<br>188,277<br>679,270<br>679,270<br>679,270<br>679,270|
|---|---|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 3 May 2024 and were signed on its behalf by: 

C J Gilley - Trustee 

J Moore - Trustee 

The notes form part of these financial statements 

Page 6 



**Maverick Stars Trust** 

**Notes to the Financial Statements for the Year Ended 31 August 2023** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the  revaluation of certain assets. 

## **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. 

Voluntary income by way of donations are included in full in the Statement of Financial Activities when receivable. 

Investment income by way of dividends and interest are included in full when receivable. 

## **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. The charity is not registered for VAT, and expenditure is analysed inclusive of VAT where this has been incurred. 

## **Allocation and apportionment of costs** 

Support costs comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. 

Governance costs include those costs associated with meeting the constitutional and statutory requirements of  the charity and include the audit fee and costs linked to the strategic management of the charity. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

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. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short  term highly liquid investments with original maturities of three months or less 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at their settlement value. 

## **Trade and other debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. 

continued... 

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**Maverick Stars Trust** 

**Notes to the Financial Statements - continued for the Year Ended 31 August 2023** 

## **1. ACCOUNTING POLICIES - continued** 

## **Trade and other creditors** 

Trade and other creditors are recognised where the charity has a present obligation resulting from a past event and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.. 

## **2. INVESTMENT INCOME** 

||31.8.23|31.8.22|
|---|---|---|
||£|£|
|Dividends|6,412|8,550|
|Deposit account interest|34|1,031|
|Interest on investments|4,873|3,570|
||11,319|13,151|



## **3. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>Investment income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Projects<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>fund<br>£<br>13,013<br>13,151<br>26,164<br>334,037<br>(82,846)<br>(390,719)<br>1,069,989<br>679,270|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Total<br>funds<br>£<br>13,013<br>13,151<br>26,164<br>334,037<br>(82,846)<br>(390,719)<br>1,069,989<br>679,270|
|---|---|---|---|



continued... 

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**Maverick Stars Trust** 

## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023** 

## **5. FIXED ASSET INVESTMENTS** 

|Listed<br>Unlisted<br>investments<br>investments<br>£<br>£<br>**MARKET VALUE**<br>At 1 September 2022<br>490,993<br>-<br>Additions<br>142,284<br>167<br>Disposals<br>(226,936)<br>-<br>Revaluations<br>8,354<br>-<br>At 31 August 2023<br>414,695<br>167<br>**NET BOOK VALUE**<br>At 31 August 2023<br>414,695<br>167<br>At 31 August 2022<br>490,993<br>-<br>All investment assets were held within UK based investment funds.<br>Cost or valuation at 31 August 2023 is represented by:<br>Listed<br>Unlisted<br>investments<br>investments<br>£<br>£<br>Valuation in 2023<br>(25,033)<br>-<br>Cost<br>439,728<br>167<br>414,695<br>167<br>**6.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.8.23<br>£<br>Other debtors<br>27,000<br>**7.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>31.8.23<br>£<br>Trade creditors<br>5,274<br>Other creditors<br>1,260<br>6,534|Totals<br>£<br>490,993<br>142,451<br>(226,936)<br>8,354<br>414,862<br>414,862<br>490,993<br>Totals<br>£<br>(25,033)<br>439,895<br>414,862<br>31.8.22<br>£<br>-<br>31.8.22<br>£<br>5,825<br>1,260<br>7,085|
|---|---|



continued... 

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**Maverick Stars Trust** 

## **Notes to the Financial Statements - continued for the Year Ended 31 August 2023** 

## **8. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>29,049<br>**TOTAL FUNDS**<br>29,049<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Comparative net movement in funds, included in the above are as<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>26,164<br>**TOTAL FUNDS**<br>26,164|At 1.9.22<br>£<br>679,270<br>679,270<br>Resources<br>expended<br>£<br>(196,966)<br>(196,966)<br>At 1.9.21<br>£<br>1,069,989<br>1,069,989<br>follows:<br>Resources<br>expended<br>£<br>(334,037)<br>(334,037)||Net<br>movement<br>in funds<br>£<br>(185,986)<br>(185,986)<br>Gains and<br>losses<br>£<br>(18,069)<br>(18,069)<br>Net<br>movement<br>in funds<br>£<br>(390,719)<br>(390,719)<br>Gains and<br>losses<br>£<br>(82,846)<br>(82,846)|At<br>31.8.23<br>£<br>493,284<br>493,284<br>Movement<br>in funds<br>£<br>(185,986)<br>(185,986)<br>At<br>31.8.22<br>£<br>679,270<br>679,270<br>Movement<br>in funds<br>£<br>(390,719)<br>(390,719)|
|---|---|---|---|---|



continued... 

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**Maverick Stars Trust** 

**Notes to the Financial Statements - continued for the Year Ended 31 August 2023** 

## **8. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|At 1.9.21<br>£<br>**Unrestricted funds**<br>General fund<br>1,069,989<br>**TOTAL FUNDS**<br>1,069,989|Net<br>movement<br>in funds<br>£<br>(576,705)<br>(576,705)|At<br>31.8.23<br>£<br>493,284<br>493,284|
|---|---|---|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above  are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>55,213<br>55,213|Resources<br>expended<br>£<br>(531,003)<br>(531,003)|Gains and<br>Movemen<br>losses<br>in funds<br>£<br>£<br>(100,915)<br>(576,705)<br>(100,915)<br>(576,705)|
|---|---|---|---|



## **9. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 August 2023. 

Page 11 



**Maverick Stars Trust** 

## **Detailed Statement of Financial Activities for the Year Ended 31 August 2023** 

|**Detailed Statement of Financial Activities**<br>**for the Year Ended 31 August 2023**|||
|---|---|---|
||31.8.23|31.8.22|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|17,730|13,013|
|**Investment income**|||
|Dividends|6,412|8,550|
|Deposit account interest|34|1,031|
|Interest on investments|4,873|3,570|
||11,319|13,151|
|**Total incoming resources**|29,049|26,164|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Donations|6,701|170,418|
|Sponsorship|69,232|13,645|
|Fit and fed projects|2,811|4,600|
|Coaching|15,656|29,663|
|Projects funded|49,510|42,322|
|**Support costs**|143,910|260,648|
|**Management**|||
|Consultancy|47,595|63,998|
|Design|100|400|
|Sundry expenses|-|368|
|Accountancy|1,260|1,260|
|**Finance**|48,955|66,026|
|Bank charges|-|2|
|**Governance costs**|||
|Professional fees investments|4,101|7,361|
|Total resources expended|196,966|334,037|
|**Net expenditure before gains and losses**|(167,917)|(307,873)|
|**Recognised gains and losses**|||
|Realised gains/(losses) on fixed asset investments|(26,423)|(4,133)|
|Unrealised gains/(losses) on fixed asset|||
|investments|8,354|(78,713)|
|**Net expenditure**|(185,986)|(390,719)|



This page does not form part of the statutory financial statements 

Page 12