Nutrisport Trust - Charities report

REGISTERED COMPANY NUMBER: 08040214 (England and Wales)

REGISTERED CHARITY NUMBER: 1147530

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 April 2022

for

Nutrisport Trust

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

11

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 30 April 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 principal activity of the charity is to encourage social mobility by assisting high achieving young people from non-privileged backgrounds, principally in the Wigan area, to study STEM (science, technology, engineering and mathematics) subjects at good universities.

Assistance is made by way of mentoring, advice and by providing the loan element of the maintenance grant.

The funds came from Nutrisport Ltd, the inspiration from Scott Adams but the hard work in selecting, paying and monitoring the student beneficiaries of grants was done by retired Headmaster and Trustee Conor Davis. Neither Adams nor Davis has accepted any payments, they have both borne their own out of pocket expenses and the only expenditure other than grants to students has been the trusts yearly accountancy fees.

At the year end of 30 April 2020 the cash at bank was £445 and the charity could therefore no longer achieve its objectives. No movements in the bank have occurred in the year to 30 April 2022. Therefore the Trustees have agreed to wind up the charity with any cash funds remaining donated to one or more charities in the Wigan area.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

We have made no provisions throughout the year.

FINANCIAL REVIEW

Principal funding sources

The principal source of funding was the funds from the donation of £1,000,000 made during the period ended 30 April 2013 from Nutrisport Limited.

Investment policy and objectives

The charity's investment policy is to retain all available funds on deposit to give sufficient liquidity to meet ongoing day-to-day needs.The charity has now ceased activities and the Trustees have agreed to it being wound up.

Reserves policy

The charity holds reserves in order that levels of service provided may be maintained should there be a reduction in incoming resources.

Reserves in this context means funds that are freely available for general purposes after all commitments have been met.

FUTURE PLANS

At the year end the cash at bank was £445 and the charity could therefore no longer achieve its objectives. Therefore the Trustees have agreed to wind up the charity with any cash funds remaining donated to one or more charities in the Wigan area.

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.

The charity was incorporated on 20 April 2012 and is governed by its Memorandum and Articles.

Recruitment and appointment of new trustees

The trustees who have served during the year are set out on page 1. The trustees are appointed by the members of the company. All of the trustees retire each year at the Annual General Meeting and may offer themselves for re-election in accordance with the Articles of Association.

Organisational structure

The trustees meet on a regular basis to discuss the work and development of the organisation. The trustees are responsible for looking at individual grant applications and recommending approval.

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.

The charity has carried out a review to identify major risks and has taken steps to mitigate against them.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08040214 (England and Wales)

Registered Charity number

1147530

Registered office

Midford Castle

Midford Road

Bath

BA2 7BU

Trustees

C M Davis (Retired Headteacher)

K S Adams (Managing Director)

Independent Examiner

M J Miller & Co. Ltd

Chartered Certified Accountants

56 Gidlow Lane

Gidlow

Wigan

Lancashire

WN6 7DP

Approved by order of the board of trustees on 11 October 2022 and signed on its behalf by:

K S Adams - Trustee

Independent examiner's report to the trustees of Nutrisport Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 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:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

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

3.	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

4.

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.

M J Miller

FCCA FMAAT

M J Miller & Co. Ltd

Chartered Certified Accountants

56 Gidlow Lane

Gidlow

Wigan

Lancashire

WN6 7DP

11 October 2022

30.4.22

30.4.21

Unrestricted

fund

Total funds

Notes

£

EXPENDITURE ON

Charitable activities

Accountancy costs

780

NET INCOME/(EXPENDITURE)

(780

)

(780

)

RECONCILIATION OF FUNDS

Total funds brought forward

(334

)

446

TOTAL FUNDS CARRIED FORWARD

(1,114

)

(334

)

30.4.22

30.4.21

Unrestricted

fund

Total funds

Notes

£

CURRENT ASSETS

Cash at bank

446

CREDITORS

Amounts falling due within one year

4

(1,560

)

(780

)

NET CURRENT ASSETS/(LIABILITIES)

(1,114

)

(334

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,114

)

(334

)

NET ASSETS/(LIABILITIES)

(1,114

)

(334

)

FUNDS

5

Unrestricted funds

(1,114

)

(334

)

TOTAL FUNDS

(1,114

)

(334

)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 October 2022 and were signed on its behalf by:

K S Adams - Trustee

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.

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.

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.

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.

2.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.

3.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

EXPENDITURE ON

Charitable activities

Accountancy costs

780

NET INCOME/(EXPENDITURE)

(780

)

RECONCILIATION OF FUNDS

Total funds brought forward

446

TOTAL FUNDS CARRIED FORWARD

(334

)

4.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

Other creditors

780

-

Accrued expenses

780

1,560

780

5.	MOVEMENT IN FUNDS

Net

movement

At 1.5.21

in funds

At 30.4.22

£

Unrestricted funds

General fund

(334

)

(780

)

(1,114

)

TOTAL FUNDS

(334

)

(780

)

(1,114

)

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

-

(780

)

(780

)

TOTAL FUNDS

-

(780

)

(780

)

Comparatives for movement in funds

Net

movement

At 1.5.20

in funds

At 30.4.21

£

Unrestricted funds

General fund

446

(780

)

(334

)

TOTAL FUNDS

446

(780

)

(334

)

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

-

(780

)

(780

)

TOTAL FUNDS

-

(780

)

(780

)

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

Net

movement

At 1.5.20

in funds

At 30.4.22

£

Unrestricted funds

General fund

446

(1,560

)

(1,114

)

TOTAL FUNDS

446

(1,560

)

(1,114

)

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

-

(1,560

)

(1,560

)

TOTAL FUNDS

-

(1,560

)

(1,560

)

6.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 April 2022.

Nutrisport Trust - Charities report - 22.2

Nutrisport Trust - Charities report - 22.2