2024-12-31-accounts

THE BRDC MOTOR SPORT CHARITY (Registered Charity No. 1084173)

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

THE BRDC MOTOR SPORT CHARITY

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

CONTENTS

	Page
Annual Report of the Trustees	1 - 5
Report of the Independent Examiner	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Accounts	9 - 13

Page 1

THE BRDC MOTOR SPORT CHARITY

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED TO 31 DECEMBER 2024

The trustees submit their report and independently examined financial statements of the BRDC Motor Sport Charity (“the Fund” or “the Charity”) for the year ended to 31 December 2024. These have been prepared in accordance with the accounting policies set out in Note 1 and comply with the Charity’s trust deed and applicable law. The comparatives are for the twelve month period to 31 December 2023.

1. REFERENCE AND ADMINISTRATIVE DETAILS

The BRDC Motor Sport Charity, registered charity number 1084173, is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square, London, EC4A 3AQ.

The names of the trustees who served throughout the year and continue to serve at the date of this report’s approval are:

Dario Franchitti (Chairman) Christopher Jan Andrew Bliss (Treasurer) Ian Harrower Stephen Woolfe (appointed on 26 June 2025)

Independent Examiner:

Christopher Hawley FCA, Eighth Floor, 6 New Street Square, London, EC4A 3AQ

Principal Bankers:

Bank of Scotland Plc, 33 Old Broad Street, London, EC2N 1HZ

Coutts & Co. The Composite Office, Level 1, Thanet Grange, Westcliff on Sea, Essex SS0 0EJ

Solicitors:

Stone King,16 St John’s Lane, London, EC1M 4BS

Accountants:

Rawlinson & Hunter LLP, Eighth Floor, 6 New Street Square, London, EC4A 3AQ

Investment Managers:

Cazenove Capital, 1 London Wall, London, EC2Y 5AU

Facilitators:

Mr Charles Burch, 18 Highfield Land, Oving, Chichester, West Sussex, PO20 2DL (appointed on 2 September 2025)

Ms Jenny Brown, 94 Bull Lane, Wombourne, South Staffordshire, WV5 9BZ (retired on 1 December 2025)

Page 2

THE BRDC MOTOR SPORT CHARITY

ANNUAL REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED TO 31 DECEMBER 2024

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Fund was established by a Deed dated 16 November 2000 and is an unincorporated charitable trust bound by the proper law of England and Wales. Initially formed to support BRDC Members, funding was provided by generous benefactors, but the objectives have now broadened as set out in section 3.

All trustees are resident in the United Kingdom and meet on a regular basis. They are all members of the British Racing Drivers’ Club.

The number of trustees shall be a minimum of three at any one time and new trustees shall be appointed by resolution of existing trustees.

The Facilitator assists the trustees with the assessment of possible beneficiaries and the associated administration. Applications received from individuals are reviewed and assessed by the Facilitator, who will then make recommendations to the trustees. If approved, the trustees decide on the level of support and whether the support will be provided by way of a one-off donation or a series of donations. The Facilitator is fully qualified and has a wealth of experience in dealing with individuals such as those approaching the fund for assistance. In many cases the Facilitator can provide assistance to individuals to ensure they are receiving all benefits due to them, therefore improving the individual’s circumstances without unnecessarily defraying the Charity’s funds.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, where relevant the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2015 and 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.

Page 3

THE BRDC MOTOR SPORT CHARITY

ANNUAL REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED TO 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

In accordance with trust law, as charity trustees, we certify that:

• in so far as we are aware, there is no relevant information of which the Charity’s Independent Examiner is unaware; and

• we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity’s Independent Examiner is aware of that information.

Internal Controls

The trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the Charity safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Induction and Training

Training of the trustees is undertaken on an informal basis. All trustees are kept informed at meetings of their duties and obligations under the law, in addition to their proper conduct.

3. OBJECTIVES AND ACTIVITIES

The Objects of the Charity (“Objects”) are the relief of need by reason of youth, age, ill-health, disability or financial hardship for the public benefit among persons involved in the participation, promotion or administration of motorsport, whether or not for remuneration, and their families and dependants.

For the purposes of the Objects, persons involved in the participation, promotion or administration of motorsport shall include, but shall not be limited to, competitors, marshals, officers, employees at motorsport venues and those involved in the design, construction, testing, repair and supply of parts for vehicles intended for competition use.

Grant Making Policy

The Charity has been established to provide grants for purposes that are exclusively charitable under the law of England and Wales. The Charity intends to put in place sound grant arrangements so that it can properly select appropriate grantees and impose prudent terms on grants.

Fundraising

The trustees have referred to the Code of Fundraising Practice (“the Code”) which were developed on 7 July 2016 by the fundraising community through the work of the Institute of Fundraising and Public Fundraising Association, and the Guidance on Charities and Fundraising issued by the Charity Commission (“CC20”) and the Charities (Protection and Social Investment) Act 2016 (“the Act”). As the Charity is engaged in public fundraising activities it needs to ensure that it remains compliant with the guidance listed in the new code, CC20 and the Act.

Page 4

THE BRDC MOTOR SPORT CHARITY

ANNUAL REPORT OF THE TRUSTEES (continued)

FOR THE YEAR ENDED TO 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (continued)

Statement of Public Benefit

The trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of The Charities Act 2011, where relevant the Charities Act 2022, to have due regard to it. They consider the information which follows in this annual report about the Charity’s aims, activities and achievements in the areas of interest that the Charity supports and demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities.

4. ACHIEVEMENT AND PERFORMANCE

Investments

The assets of the Charity consist principally of investments and cash and these are reported on the Balance Sheet and in the supporting notes at their market value at 31 December 2024. The trustees are invested with Cazenove Capital in the Cazenove Charity Multi-Asset (Accumulation) Fund and the Veritas High Equity Protea (Accumulation) Fund and at 31 December 2024 the value of these investments was £1,949,588 (2023 - £1,320,548). Unrealised gains for the period were £163,736 (2023 - £40,072). Partial sales during the period realised a gain of £285 (2023 - £18).

The trustees review the investment policy at their regular meetings.

Charitable Activities

During the period the Charity pledged charitable donations totalling £46,468 to fourteen individuals (2023: £46,924 to thirteen individuals).

5. FINANCIAL REVIEW

Total charitable activities for the period ended 31 December 2024 totalled £62,806 (2023 - £56,608) and included charitable donations together with insurance. Costs of the facilitator’s totalled £15,932 (2023 - £8,386). The grants were made in line with the policies set out in part 3 of this report, Objectives and Activities.

Incoming Resources totalled £495,536 (2023 - £419,679). The trustees would like to express their gratitude to those individuals and organisations that have donated to the Charity.

Reserves Policy

The trustees have examined the Charity’s requirement for resources in light of the main risks to the organisation and have no outstanding commitments or cash demands which are not adequately covered by existing resources. The net assets of the Charity are regarded as free reserves and the funds at 31 December 2024 will be retained to make grants in accordance with the Charity’s charitable objects and any policies. The trustees consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in the future and have at present therefore not designated any specific reserves. However, the trustees will keep this under constant review. In future years a specific reserves policy may be required.

The total Unrestricted Reserves at 31 December 2024 were £1,983,282 (2023 - £1,391,488)

Page 5 THE BRDC MOTOR SPORT CHARITY ANNUAL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED TO 31 DECEMBER 2024 FINANCIAL REVIEW (continued) Rlsk Management A risk assessment has been undertaken which comprises: an annual review of the risks the charity may fa￿. the establishment of systems and procedures to mitigate those risks. and the implementation of procedures designed to minimise any potents'al impact on the Charity should those risks materialise. This continuing process will identify risk areas lo which the Chanty is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these accounts. The trustees have signed fit and proper dedarations in line with HMRC guidance. PLANS FOR THE FUTURE The trusteés do not propose to deviate from the current objectives and actNities of the Charity as t out in part 3 of this report, Objectives and Activities. Approved by the trustees on and slgned on thelr behalf by: Trustee Date

Page 6 THE BRDC MOTOR SPORT CHARITY REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES I report to the charity trustees on my examination of the accounts of the BRDC Motor Sport Charity for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet and the related notes. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,) and where relevant, the Charities Act 2022 ("the Act.). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charily 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: accounting records were not kept in respect of the charity as required by section 130 of the Act. or the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the fomi 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 lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. I IG Izob.& Christopher Hawley FCA Date Eighth Floor 6 New Street Square London EC4A 3AQ RAWLINSON & HUNTER

Page 7

THE BRDC MOTOR SPORT CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED TO 31 DECEMBER 2024

		Unrestricted Funds	Unrestricted Funds
		Total	Total
	Page	31.12.2024	31.12.2023
		£	£
Income from:
Donations and legacies (note 2)	11	451,520	376,135
Investments (note 3)	11	44,016	43,544
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total income		495,536	419,679
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Expenditure on:
Charitable activities (note 4)	11	62,806	56,608
Raising funds (note 6)	11	4,957	4,596
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total expenditure		67,763	61,204
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income before net gains on investment assets		427,773	358,475
Net gains on investment assets (note 7)	12	164,021	40,090
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income		591,794	398,565
Reconciliation of funds:
Total funds brought forward at 1 January 2024		1,391,488	992,923
		ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total funds carried forward at 31 December 2024		£1,983,282	£1,391,488
		══════════════════	══════════════════

There were no recognised gains or losses other than those included in the statement of financial activities. All amounts relate to continuing operations.

Page 8 THE BRDC MOTOR SPORT CHARITY (Registered Charity No. 1084173) BALANCE SHEEr AT 31 DECEMBER 2024 Page 31.12.2024 31.12.2023 Fixed Assets Investments and cash at market value (note 7) 12 1,953,116 1,322,042 Current Assets Cash at bank (note 8) Debtor (note 9) Prepayment 12 12 41,197 2,238 337 74,693 1,764 334 43,772 76,791 Current Llabillties Creditors: amounts falling due within one year (note 10) 12 (13,606> (7,345) Net Current Assots 30,166 69,446 Total assets less current Ilabllltles £ 1,983,282 £ 1,391,488 Total Charity Funds £ 1,983,282 £ 1,391.488 Approved by the trustees on and slgned on thelr behalf b 2< Trustee Date

Page 9

THE BRDC MOTOR SPORT CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

1. ACCOUNTING POLICIES

These financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investments. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) (“Charities SORP FRS 102”) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011, and where relevant the Charities Act 2022. The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102. The principal accounting policies adopted are as follows:

The Charity has applied FRS 102 Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 section 1A.

Fixed asset investments

Investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised as they arise and any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFA). The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period.

Income recognition

Investment income is derived from dividends receivable from investments and is accounted for in the period in which the Fund is entitled to receipt.

Voluntary donations include donations under Gift Aid with the associated tax relief included when receivable. Interest from deposit accounts are included when receivable. All incoming resources are included in the Statement of Financial Activities (“SOFA”) when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure recognition

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.

Charitable activities comprise grants and donations made during the period together with grant support costs and governance costs and are expended through the SOFA when the offer is conveyed to the recipient. The trustees have made the decision not to discount grants committed for future periods.

Status of funds

The entire resources of the Fund are unrestricted and the trustees have complete discretion for their use in pursuance of its objectives.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

Page 10

THE BRDC MOTOR SPORT CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

1. ACCOUNTING POLICIES (continued)

Provisions

Provisions are recognised when i) the Foundation has an obligation at the Balance Sheet date as a result of a past event, ii) it is probable that an outflow of economic benefit will be required in settlement and iii) the amount can be reliably estimated.

Taxation

The Charity is not subject to any taxes on its charitable activities.

Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including cost inflating factors, have increased financial pressure on charities. The Trustees have considered the level of funds held, the expected level and security of income and committed expenditure for twelve months from the date of signing of these financial statements, and are satisfied that forecast income and reserves are sufficient to cover budgeted expenditure. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Page 11

THE BRDC MOTOR SPORT CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

		Page	31.12.2024	31.12.2023
			£	£
2.	INCOME FROM DONATIONS AND LEGACIES
	Legacy received		431,080	301,707
	Donations received		20,415	73,672
	Gift Aid Reclaim		25	756
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		7	£ 451,520	£ 376,135
			═══════════════	═══════════════
3.	INCOME FROM INVESTMENTS
	Income from UK quoted equities		41,219	39,767
	Deposit interest		2,797	3,777
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
	Total investment income	7	£ 44,016	£ 43,544
			═══════════════	═══════════════
4.	CHARITABLE ACTIVITIES
	Charitable grants to individuals		46,468	46,924
	Support costs
	Facilitator fees		15,932	8,386
	Governance costs
	Insurance		406	428
	Legal fees		-	870
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
	Total charitable activities	7	£ 62,806	£ 56,608
			═══════════════	═══════════════
5.	DONATED SERVICES
	Rawlinson & Hunter have donated their technical and advisory services in preparing the			financial
	statements and other charity administration. The value	of these services has been estimated at
	£16,800 plus VAT for the period ended 31 December 2024 (2023 - £15,500 plus VAT).
6.	EXPENDITURE OF RAISING FUNDS
	Investment management fees		4,842	3,717
	Sundry expenses		115	879
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		7	£ 4,957	£ 4,596
			═══════════════	═══════════════

Page 12

THE BRDC MOTOR SPORT CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

		Page	31.12.2024	31.12.2023
			£	£
7.	FIXED ASSET INVESTMENTS
	Market value of investments		1,949,588	1,320,548
	Cash held as part of the investment portfolio		3,528	1,494
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		8	£1,953,116	£1,322,042
			═══════════════════	═══════════════════
	Quoted investments
	Market value at 1 January 2024		1,320,548	944,367
	Additions at book cost		471,219	339,767
	Sale proceeds		(6,200)	(3,676)
	Net realised gains on sales		285	18
	Net unrealised gains on revaluation		163,736	40,072
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
	Market value at 31 December 2024		£1,949,588	£1,320,548
			══════════════════	══════════════════
	Historical cost at 31 December 2024		£1,627,669	£1,161,615
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
	Net gains on investment assets
	Net realised gains on sales		285	18
	Net unrealised gains on revaluation		163,736	40,072
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
	Total net gains on investment assets	7	£ 164,021	£ 40,090
			══════════════════	══════════════════
8.	CASH AT BANK
	Coutts & Co.		25,575	63,158
	Bank of Scotland		15,622	11,535
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		8	£ 41,197	£ 74,693
			══════════════════	══════════════════
9.	DEBTOR
	Gift Aid reclaim		1,789	1,764
	Sundry		449	-
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		8	£ 2,238	£ 1,764
			═════════════════	══════════════════
10.	CREDITORS - Amounts falling due within one year
	Donation commitments due		10,500	4,950
	Facilitator fees		1,750	1,428
	Investment management fees		1,356	967
			ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
		8	£ 13,606	£ 7,345
			═════════════════	══════════════════

Page 13

THE BRDC MOTOR SPORT CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED TO 31 DECEMBER 2024

11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS

No trustee received any remuneration or refund of expenses during the period ended 31 December 2024. There were no employees during the period and the ultimate controlling party is the board of trustees.