THE BRDC MOTOR SPORT CHARITY IRegistered Charity No. 1084173} ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 MOTOR SPORT CHARITY
THE BRDC MOTOR SPORT CHARITY ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 CONTENTS Page Annual Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Shèet Notes to the Accounts 9-12
Page 1 THE BRDC MOTOR SPORT CHARITY ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees submit their report and independently examined financial statements of the BRDC Motor Sport Charity {'the Fund" or 'lhe Charity") for the year ended to 31 December 2025. These have been prepared in accordants with the accounting policies sel out in Note 1 and comply wilh the Charity's trust deed and applicable law. The comparatives are for the twelve month period lo 31 Dember 2024. REFERENCE AND ADMINISTRATIVE DETAILS The BRDC Motor Sport Charily, registered charity number 1084173, is based and administered in the United Kingdom. The registered addrèss is Eighth Floor, 6 New Street Square. London, EC4A 3AQ. The names of the Irustees 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) lan 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 1 HZ Coutts & Co. The Composile Offi¢e. Levg11, Thanet Grange, Westcliff on Sea, Essex SSO OEJ 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, Lonéon, EC2Y SAU Facilitator: Mr Charles Burch, 18 Highfield Land, Qving, Chichester, West Sussex. P020 2DL {appoinled on 2 September 2025)
Page 2 THE BRDC MOTOR SPORT CHARITY ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The Fund was eslablished 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 truslees are resident in the United Kingdom and fneet on a regular basis. They are all members of th8 British Racing Drivers, Club. The number of trustees shall be a minimum of three at any one time and new truslees shall be appointed by resolution of existing trustees. The Facilitator assists the trustees with the assessment of possible beneficiaries and the associated administralion. Applications received from individuals are reviewed and assessed by the Facilitslor. who will then make recommendations to the truslees. If approved, the trustees décide on Ihe level of support and whether the support will be provided by way of 8 oneff donation or a series of donations. The Facilitator is fully qualified and has a wealth of experience in dealing with individuals such as Ihose approaching the fund for assistance. In many cases the Facilitator can provide assistance lo individuals to ensure they are receiving all benefits due to them, therefore improving the individual's circumstances without unnecessarily d8fraying the Charity's funds. Statement of Trustees, Responslblllties The trustees are responsible for preparing the trustees, report and the financial ststèments in accordan 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 flnancial statements. the trustees are required lo: select suilable accounting policies and apply them consistently. obseNe the methods and principles in the Charity SORP., make judgemenls 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 slatements., 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 accounling records Ihat disclose with reasonab accuracy al any lirne the financial position of the Charity and enable Ihem to ensure that the financial slatemenls comply wilh the Charities Act 2011, where relevant the Charities Act 2022, the Charity {Accounts and Reports) Regulations 2015 and trusl deed. They are also responsible for safeguarding the assets of Ihe 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 {continuedl FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT {continued) In accordance with trust law. as charity trustees. we rtIfY that: in so far as we are aware, there is no relevant infomiation of whith the Charity's Independent Examiner is unaware; and we have tsken all the steps that we ought lo have taken in order to make ourselves aware of any relevant informalion and to establish that the Charity's Independent Examiner is aware of that infomiation. Internal Controls The trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal ¢onlrols. They are also responsible for keeping proper accounting records which disclose wilh 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 Ihe Charity's safeguarding its assels and hence for taking reasonable steps for the prevention and deleclion of fraud and Other irregularities. The system of internal conlrols is designed to provide reasonable, but not absolute, assuran againsl material misststement or loss. Induction and Training Training of the trustees is undertaken on an infom)al basis. All trustees are kept informed at meelings of their dutie$ and obligations under the law, in addition to their proper conduct. OBJECTIVES AND ACTIVITIES The Objects of Ihe Charity {"Objects"l are the relief of need by reason of youth, age, ill-health, disability or financial hardship for the public benefit among persons involved in Ihe participation, promotion or adminislration of motorsport. whether or nol for remuneration. and their families and dependants. For the purposes of the Objeds, persons involved in the participation, promotion or administration of motorsport shall include. but shall not be limited to, competitors, marshals, officers. employees al motorsport venues and those involved in the design. construction, testing, repair and supply of parts for vehicles intended for competilion use. Grant Maklng Pollcy The Charity has been established lo 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 Ihat il Gan properly selecl appropriate grantees and impose prudent lemis on grants. Fundralslng 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 AssoGiation, and the Guidance on Charities and FundraisiThJ issued by the Charity Commission {'CC20") and Ihe Charities {Prolection and Social Investmenl) Aot 20161.the Act"). As ihe Charity is engaged in public fundraising activities it needs to ensure that il remains compliant with the guidance listed in the new code, CC20 and the Act.
Pa9e 4 THE BRDC MOTOR SPORT CHARITY ANNUAL REPORT OF THE TRUSTEES {continued) FOR THE YEAR ENDED 31 DECEMBER 2025 OBJECTIVES AND ACTIVITIES (continued) Statement of Public Benefit The trustees are aware of the Chanty Commission guidance on Public Benefil and Gonfirm that they have complied with the duty in S8¢tion 4 of The Charities Act 2011, where relevant the Charities Acl 2022, to have due regard lo 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. ACHIEVEMENT AND PERFORMANCE Investments The assets of the Charily consisl principally of investments and cash and these are reported on the Balance Sheet and in the supporting notes at their market value al 31 December2025. The trustees, investmont portfolio is managed by Cazenove Capilal and invested in their Cazenove Charity Multi- Asset (Accurnulation} Fund and the Navera High Equity Protea (Accumulation) Fund and at 31 December 2025 the value of these investments was £1,965,57012024 - £1,949,588). Unrealised gains for the period were £24,240 (2024 £163,736). Partial sales during the period realis8d a loss of £203 (2024- gain of £285). The trustees review the investmènt poli¢y and manager performance al their regular meetings. Charilable Activitles During the period the Charity pledged charitable donations totalling £47,982 to ten individuals {2024- £46,468 to fourteen individuals). FINANCIAL REVIEW Total charitable activities for the period ended 31 December 2025 totalled £72.324 (2024- £62,806) and included charitable donalior)s together wilh insuran¢e. Costs of the facilitator totalled £11.478 {2024 - £15,932) and consultancy fees totalled £11,700. The grants were mad8 in line with the policies set out in part 3 of this report, Objectives and Adivities. InGoming Resources lotslled £85,743 (2024 - £495,536). The trustees would like to express Iheir gratitudè to those individuals and organisations that have donaleé to the Charity. Reserves Pollcy The trustees have examined the Charity's requirement for reSoUrS in light of the main risks lo 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 202S will be retained to make grants in accordance with the Charity's haritable objecls and any policies. The trustees consider that the freely expendable funds are appropriate and adequate taking into account plans for grants lo be awarded in the future and have at present Iherefore nol 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 Decamber 2025 were £2,015,584 (2024 - £1,983,282)
P•38 S THE BRDC MOTOR SPORT CHARrrY ANNUAL REpoirf OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW (conllnued) Rlsk Managoment A risk as9esgnwtt has been undertaken whth compri an annual review of the rfsks the ch8rity may fa. the establlshmenl of ayst•ms and proc&Yures to mtyate those riski and the ImpMental10n of kyocedures deslgned to minimi5e any potential Impact on the Chadty should thry6e risks malèrialise. Thls continuing process WFII Identfy risk areas to whlch the Charlty Is vulnerable and highlight ary necessary $8leguards that wlll need to bs PLrt in place. No majLY rtsk8 were Idenffied at the date of Ihese af%ounts. The trust888 havo slgned fft arKJ proper dearat)nS in line wlth HMRC guldan¢è. PLANS FOR THE FLTfuRE In July 2025. the Tru8t885 commissioned research Into the Lwe After Motor Spcfft (LAMS) project and appointed Oanny Watts as an indep6nd¢nt consuttant and Project Lead for an in5tlal 12-month period. The role has been established to supPt the devdopment of projed and onhan¢e tr chaiity's abilty to asslst boneficiarie5 eXperc1n9 menlal health and w411n9 challenges. The trustees do nol prop)se to deviate fr¢>m the current 0e¢lIVeS and acilvities of the Chlty as set out In part 3 of th18 report Objectfves and Activities. Approved by the trustees on and slgned on thelr bthaif by:
2 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 Ihe BRDC Motor Sport Charity for the year ended 31 December 2025 whlch comprise the Slatement of Financial Activities, Balance Sheet and the related notes. Responsibilltles and basls of report As the charity's trus18es you are responsible for the preparation of the accounts in accordance with the requir8menls of the Charities Act 2011 {'the Act,) and where relevanl, the Charities Act 2022 (Ihe AcY'}. I report in respect of my examination of the charity's accounts carried out und6r section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under seotion 145{5Xb) of the Act. Independent Examiner's statement I have completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect: accounting records were not kept in resped of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records- or 3. Ihe accounts do not comply with the applicable requirements conrning the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounls 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 connèction 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. Chr opher Hawley FCA Date Eighth Floor 6 New Street Square London EC4A 3AQ RAWLINSON & HUNTER
Pag8 7 THE BRDC MOTOR SPORT CHARITY (Registered Charity No. 1084173) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricled Funds Total Total 31.12.2025 31.12.2024 Pago Income from: Investments Inole 2) Donations and legacies (note 3) 10 10 47,900 37,843 44,016 451,520 Total Income 85,743 495,536 Expendlture on: Charitable 8clivilies (note 41 Raising funds {note 6} 10 72,324 5,154 62,806 4,957 Total expenditure 77,478 67,763 Net income before net gains on investment assets 8,265 427,773 Net gains on investment assels (not8 7) 24,037 164.021 Net income 32,302 591,794 Reconciliation of funds: Total funds broughl foNard at 1 January 2025 1.983,282 1,391,488 Total funds carried fOnard at 31 December 2025 £ 2,015,584 £ 1,983.282 There were no recognised gains or losses other than those included in the slatemenl of financial activities. All amounts relate lo continuing operations. The notes on pages 9 to 12 form part of these financial slalements.
Pago 8 THE BRDC MOTOR SPORT CHARITY (Rgglst•rad Charlty No. 1084173 BALANCE SHEET AT 31 DECEMBER 2028 Total Totsl 31.12.2026 31.12.2024 Pago Fixèd Assets Investrnents arKI cash at market value (note 7) Currènt Assets 11 1,969,044 1,953.116 Cash at bank {nole 8) Prepayment Debtor {not8 9} 12 55,295 233 149 41,197 337 2,238 12 Currenl LlabSlltlÈ• 55,677 43.772 Credltors: amounts fslling due within ono yèar (note 10) Ngt Current Asg•ts 12 (9,13T) (13,608) 30.186 46,540 Total a880ts1os3 eurrent Ilabllltle8 £ 2,015,584 £ 1,983.282 Total Charity Fund8 £ 1015,584 £ 1,983,282 Approvad by tho tru8tegs on alld 8igned on thelf behalf by: rust8e Dato The noteB on page8 9 to 12 fom part ofth•8e fmanGig18tgtements.
Page 9 THE BRDC MOTOR SPORT CHARI NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES These financial statements have been prepared on a going conrn basis under the historical cost convention, modified lo 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 ¢hariti6s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 { 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 Charity constitutes a public benefit entity as defined by Charities SORP FRS 102. The principal accounling policies adopted are as follows: The Charity qualifies as a small entity under FRS 102 Section 1A and, in accordance with the Charities SORP, has therefore not prepared a cash flow statement. Flxed asset investments Investments are included at closing mid-market value al the Balance Sheet date. Realised gains and losses on investment5 are recognised as they arise and any gain or loss on revaluation is taken to the Slalemenl of Financial Activilies (SOFA). The delennination of any gains and losses is calculated by reference lo the valu8 of such assets al the beginning of the accounting period. Income recognltlon Investsnent income is derived from dividends receivable from inveslments and is accounted for in the period in which the Fund is entitled to receipt. Voluntary donations include donations under Gift Aid with the associaled 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 Charity is entitled to th8 income and the amount can be quantified with reasonable accuracy. Expenditure recognition All expenditure is included on an accruals basis and is recognised when Ihere is a legal or constructive obligation to pay for expenditure. Charitable activities comprise grants and donations made during the period together with gr8nt 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 Irusle8s have complete discretion for their use in pursuance of its objectives. Debtors and creditors receivable I payable wlthin ono year Debtors and creditors with no stated interest rate and receivable or payable within one year are rècorded 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 31 DECEMBER 2025 ACCOUNTING POLICIES lcontinued) Provisions Provisions are recognised when il the Foundation has an obligation al the Balance Sheet daté as a result of a past event, ii) it is probable that an oufflow of economic benefil 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. GoSng Concem The financial statements have been prepared on a going concern basis. The Trustees have considered the level of reserves held, together with forecast income and committed expenditure for the twelve months from the dale of approval of these financial statements, and are satisfied that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore consider il appropriate to adopt the going concern basis in preparing these financial statements. Page 31.12.2025 31.12.2024 INCOME FROM INVESTMENTS Income from UK quoted equities Deposit interesl 46,945 955 41,219 2,797 Total Investment Income 47,900 £ 44,016 INCOME FROM LEGACIES AND DONATIONS Legacy received Donations received Gift Aid reclaim Gift Aid supplementary interest 26.879 10.749 149 66 431.080 20,415 25 37,843 £ 451,520 CHARITABLE ACTIVITIES Charitable grants to individuals 47,982 46,468 Support costs Consultant fees Facilitator fees 11.700 11.478 15,932 Governance costs Legal fees Insurance 639 525 406 Total charitable activities 72,324 £ 62,806
Page 11 THE BRDC MOTOR SPORT CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 5. DONATED SERVICES Rawlinson & Hunter have donated their technical and advisory setvices in preparing the financial statements and other charity administration. The value of these services has been estimaled at £18,000 plus VAT forthe period ended 31 December 202512024- £16,800 plus VAT). Page 31.12.2025 31.12.2024 EXPENDITURE OF RAISING FUNDS Investment management fees Sundry expenses 5,154 4,842 115 5,154 £ 4.957 FIXED ASSET INVESTMENTS Market value of investments 1.965.570 1,949.588 Cash held as part of the investment portfolio 3,474 3,528 £ 1,969.044 £ 1,953,116 Quoted investments Market value at 1 January 2025 Addition5 at book cost Salè proceeds Net realised {10ss) I gains on sales Net unrealised gains on revaluation 1,949.588 46,945 (55.000) {203) 24,240 1,320.548 471,219 (6,2001 285 163,736 Market value al 31 December 2025 £ 1.965,570 £ 1.949.588 Historical cost al 31 December 2025 £ 1,630,302 £ 1,627,669 Net gains on investment assets Nel realised (loss) I gains on sales Nel unrealised gains on revaluation {2031 24,240 285 163,736 Total net galns on Inveslmont assèts 24,037 £ 164,021
P4e 12 THE BRDC MOTOR SPORT CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Page 31.12.2025 31.12.2024 CASH AT BANK Coutls & Co. Bank of Scolland 52.315 2.980 25,575 15,622 55,295 £ 41,197 DEBTOR Gift Aid reclaim Sundry 149 1,789 449 149 £ 2.238 10. CREDITORS- Amounts falling due within one year Donation commitinents du8 Facilitator fees Investment management fees 6,000 1,750 1,387 10,500 1,750 1,356 9,137 £ 13,606 11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS During the year. one trustee donated one hundred and thirty pounds to the Charity. The donation was unrestricted and no amount was outstanding at the year end.