BASKETBALL POWER FOUNDATION
Charity number: 1197169
TRUSTEES REPORT AND FINANCIAL STATEMENTS
for the year ended
31 March 2023
BASKETBALL POWER FOUNDATION
TRUSTEES AND OFFICERS
TRUSTEES
Ms Alina Allanson Mrs K Dickson Mr J Mejeras
REGISTERED CHARITY
1197169 (England and Wales)
ADDRESS
3 Roxwell avenue, Chelmsford Essex CM1 2NR
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BASKETBALL POWER FOUNDATION
TRUSTEES’REPORT
The Trustees present their report together with the financial statements of the Charity for the year ended 31 March 2023
Constitution & Objectives
The Trustees hold the funds of the Charity on trust to pay or apply the whole thereof to or towards or for the benefit of or in furtherance of such charitable purposes, institutions or foundations in the United Kingdom or elsewhere, and in such manner and proportions as the Trustees may from time to time in their absolute and uncontrolled discretion determine.
Organisation
The Trustees who have served during the year and since the year end are set out on page 1. The Board of Trustees have the power to appoint additional trustees at their discretion.
Donations and grant making policy
The donations policy of the Trustees is to sponsor developments in medicine, education, social welfare and the arts. Grants will also be made to fund projects to relieve distress and to promote the welfare of the aged and the young.
The charity is particularly concerned with the funding of projects that are new and may require a number of years to establish. In such cases the grant making activity will be related to the development phases of these projects.
Financial review and investment policy
During the year the Trust had no income for the year due to the inactivity.
Reserves policy
The Trustees will endeavour to distribute the net dividend and interest income of the Trust within 18 months of the end of the accounting period in which the income is received. However if the Trustees have identified a specific high value project then funds may be retained to finance this.
Risk management
Investments are held primarily in UK and overseas equities selected by the Trustees based on their assessment of the risk in terms of capital and income the Trust is prepared to accept in order to generate sufficient capital growth and income to achieve its objectives.
The annual report was approved by the trustees of the charity on 2[nd] November 2023 and signed on its behalf by:
Ms Alina Allanson
Trustee
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BASKETBALL POWER FOUNDATION
TRUSTEES’ REPORT
TRUSTEES RESPONSIBILITIES
The Trustees are required under the Charities Act 2011 to prepare the financial statements for each financial year and which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements giving a true and fair view, the Trustees should follow the best practice and:
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a. Select suitable accounting policies and then apply them consistently
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b. Make judgements and estimates that are reasonable and prudent
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c. Observe methods and principles of the Charities SORP
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d. State weather applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements
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e. Prepare financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees confirm that they have complied with the above requirements in the preparing the financial statements.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that financial statements comply with the requirements of the Charities (Accounts and Reports) Regulations 2005 and provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BASKETBALL POWER FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2023
| Notes INCOMING RESOURCES Income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Direct Charitable expenditure: Grants: Governance costs TOTAL RESOURCES EXPANDED Net (outgoing) resources before other recognised gains and losses (Losses)/Gains on disposal of investments Net (outgoing)/incoming resources before revaluations Profit/(Loss) on revaluation of investments NET INCREASE/(REDUCTION) IN FUNDS Funds brought forward at 31 March 2022 Funds Carried forward at 31 March 2023 |
2023 £ 0 |
|---|---|
| 0 | |
| 0 0 |
|
| 0 | |
| 0 | |
| 0 0 |
|
| 0 | |
| 0 | |
| 0 0 |
|
| 0 |
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BASKETBALL POWER FOUNDATION
BALANCE SHEET
For the year ended 31 March 2023
| Notes FIXED ASSETS Investment at market value CURRENT ASSETS Bank Balances CREDITORS: Amounts falling due within one year: Creditors NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS |
2023 £ |
|---|---|
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 0 | |
| 0 |
Approved by the Board of Trustees on 2[nd] November 2023 and signed on its behalf by
Ms Alina Allanson Chairman
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BASKETBALL POWER FOUNDATION
CASH FLOW STATEMENT
For the year ended 31 March 2023
| Notes Cash (outflow) from operating activities Returns on Investment and servicing of finance Interest received Investment income Capital expenditure and financial investments Payments to acquire fixed asset (Decrease) /increase in cash in the year Net cash resources at 31 March 2022 Net Cash resources at 31 March 2023 |
2023 £ 0 - 0 |
|---|---|
| 0 | |
| 0 | |
| 0 | |
| 0 0 |
|
| 0 |
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BASKETBALL POWER FOUNDATION
ACCOUNTING POLICIES
For the year ended 31 March 2023
1 ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention with the exception that investments are stated at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) effective 1[st] January 2019 and with the Charities Act 2011.
INCOMING RESOURCES
All incoming resources are accounted for in the period in which the charity is entitled to receipt.
FUND ACCOUNTING
All of the Trust’s funds are unrestricted, being available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust. Designated funds are unrestricted funds, set aside at the discretion of the Trustees for specific purposes.
RESOURCES EXPENDED
Liabilities are recognised as resources expended as soon as there is a legal or contractual obligation committing the Charity to the expense. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Donations payable are payments made to third parties in the furtherance of the charitable objectives of the trust and are charged in the year in which they are made.
COSTS OF GENERATING FUNDS
The costs of generating funds consist of investment management costs. Management and administration costs are those incurred in connection with the management of the Trust’s assets, organisational administration and compliance with constitutional and statutory requirements.
CHARITABLE ACTIVITIES
Costs of charitable activities include donations made.
GOVERNANCE COSTS
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination.
FIXED ASSET INVESTMENTS
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
UNREALISED GAINS AND LOSSES
All gains and losses are taken to the statement of financial activities as they arise. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later)
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