Company registration number: 07973984 Charity registration number: 1150463 SPEED OF SIGHT LTD. (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 MARCH 2024 Horsf ield & Smith Tower House 269 Walmersley Road Bury Lancashire BL9 6NX
SPEED OF SIGHT LTD. CONTENTS Reference and Administrative Details Trustees, Report 2to4 Statement of Trustees, Responsibilities Independent Examiner's Report 6t07 Statement of Financial Activities Balance Sheet Notes to the Flnancial Statements IOto22
SPEED OF SIGHT LTD. REFERENCE AND ADMINISTRATIVE DETAILS Charity Registration Number 1150463 Company Registration Number 07973984 Registered Office 19 Riverside Drive Radcliffe Manchester M26 IHU Trustees A N Bevan K R Green P J P Collins M J Broadbent Senlor Management / Leadership JJ Galloway Team Independent Examiner Horsfield & Smith Tower House 269 Walmersley Road Bury Lancashire BL9 6NX The charity is incorporated In England,
SPEED OF SIGHT LTD. TRUSTEES, REPORT The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Trustees: A N Bevan K R Green PJ P Collins M J Broadbent Structurei governance and management Nature of governing document The company was incorporated under its Memorandum and Articles on 2nd March 2012 and registered as a charity on 14th January 2013. Orgonlsotionol structure Speed of Sight Limited is a charitable holding company. It owns 100% of the share capital of Speed of Sight Events Limited, a company which supports the charitable objectives of its parent charitv. Objectives and activities Charitable Objectlves and Publlc Beneflt To promote the physical and mental health of people with disabilities whether acquired at birth, in childhood or in adult life, who would otherwise be excluded by enabling them to enjoy the pleasures and benefits of taking part in motorsport track events, by the provision of adapted and modified vehicles, alongside other people with disabilities and their friends and family members. The trustees confirm that they have complied with the requirements of section 4 of the Charity Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
SPEED OF SIGHT LTD. TRUSTEES, REPORT Activities this year Events were held at the three main circuits that regularly support Speed of Sight: Three Sisters, Wigan, Teesside Autodrome, Middlesborough and Llandow circuit in South Wales. In addition, we held an event at Trac Mon, Anglesey and an offroad event at Cardenden Motorcross Circuit in Scotland. We are indebted to the circuits who have donated their facilities free of charge for us to run events, we have been made very welcome and the circuit staff have been very supportive and understanding of what we do. We get enquiries and requests from all over the country and are always on the search for new venues to meet the demand. Throughout the year we have worked extremely hard in continuing to raise our profile to get our message to as many people as possible using social media, traditional media and networking events. Our volunteer base continues to grow and we have many kind volunteers with a wide-range of skills, enthusiasm and positivity. Some of these volunteers travel many miles to support events. In March we held a training day for our volunteers to ensure everyone is aware of new procedures and safety measures.
SPEED OF SIGHT LTD. TRUSTEES, REPORT Objectives achieved this year We have directly helped many people with disabilities do something they did not believe was possible. Effectiveness From verbal and written feedback we know that participants enjoyed the experience (buzzing, over-joyed, exhilarated, d ream come true is how people describe their feelings after having driven). We also receive feedback of participants feeling an increase in 5elf-e5teem and confidence. Plans for the future We will continue to market and promote Speed of Sight to track circuits around the UK with the intention of getting more venues for events, makin8 the experience more accessible. Financial review The results for the year and the charity's financial performance at the year end are in the attached financial statements. Reserves The Trustees, policy on reserves is to attempt to retain at least three months of current expenditure to ensure that the trustees and the charity may meet their contractual and statutory obl igations. The annual report was approved by the trustees of the charity on behalf by: and signed on Its K R Green Trustee
SPEED OF SIGHT LTD. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are also the directors of Speed Of Sight Ltd. for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the U K and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable com pany and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charitie5 SORP; make judgements and estimates that are reasonable and prudent; state whether applica ble accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the fina ncial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable com pany will continue in business, The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable com pany and enable them to ensu re that the financial statements com ply with the Companies Act 2006. They are also responsible for 53fe8uarding the assets of the charitable com pany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from le8islation in other jurisdictions. Approved by the trustees of the charity on and signed on its behalf by: K R Green Trustee
SPEED OF SIGHT LTD. INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF SPEED OF SIGHT LTD. ('THE COMPANY,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. 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 mv examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies, 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,. l. accounting records were not kept in respect of Speed Of Sight Ltd. 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 lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 10211. 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.
SPEED OF SIGHT LTD. INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF SPEED OF SIGHT LTD. ('THE COMPANY,) P G Nicol FCA ICAEW Tower House 269 Walmersley Road Bury Lancashire BL9 6NX .181.-1.Il..IC:' Date:...
SPEED OF SIGHT LTD. STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Other income 353,780 251 15,600 369,380 251 206,749 1,375 Total Income 354,031 15,600 369,631 208,124 Expendlture on; Raisingfunds Charitable activities 118,8361 1250,0911 118,8361 1265,6911 {14,6251 1186,4451 115,6001 Total Expenditure 1268,927} 115,6001 1284,5271 1201,0701 Net income 85,104 85,104 7,054 Net movement in funds 85,104 85,104 7,054 Reconclliation of funds Total funds brought forward 74,609 74,609 67,554 Total funds carried forward 15 159,713 159,713 74,608 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 15.
SPEED OF SIGHT LTD. BALANCE SHEET AS AT 31 MARCH 2024 (REGISTRATION NUMBER: 07973984) 2024 2023 Note Fixed assets Tangible assets Investments io 128,000 loo 75,700 loo li 128,100 75,800 Current assets Debtor5 12 11,497 50,613 20,910 18,242 Cash at bank and in hand 13 62,110 39,152 Creditors: Amounts falling due within one year 14 130,4971 140,3441 Net current assets/{liabllitles) 31,613 11,1921 Net assets 159,713 74,608 Funds of the charity: Unrestricted income funds Unrestricted ftjnds 159,713 74,608 Total funds 15 159,713 74,608 For the flnancial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibillties: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities for com plyin8 With the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 8 to 22 were approved by the trustees, and authorised for issue on,.....,...,.,..,,... and signed on their behalf by: K R Green Trustee
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting policies I.ICharity status The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: 19 Riverside Drive Radcliffe Manchester M26 IHU summary of slgnlflcant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recom mended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repu blic of Ireland IFRS 1021) lissued in October 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Com panies Act 2006. Basis of preparation Speed Of Sight Ltd. meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The charity and the group headed by it qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption from preparing consolidated flnancial statements, the statements are therefore separate flnancial statements and present information about the charity as an individual undertaking and not as a group. Going concern The financial statements have been prepared on a going concern basis due to the continued support of the directors. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. io
SPEED OF SIGHT LTD. NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Defvrred Income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income Is only deferred when: The donor specifies that the grant or donation must only be used in future accou nting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Donated services ondfvcilities Donated services and facilities are recognised as income at the amount that the charity would pay for the services and facilities in the open market with an equivalent amount recognised as an expense under the appropriate heading in the statement of financial activitles, Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. RuisingAunds These are costs incurred in attr3ctinE voluntary income, the management of investments and those incurred in trading activities that raise funds. li
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charitable artivities Charitable expenditure com prises those costs incurred by the charity in the delivery of its activities and services for its beneficiarie5. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to su pport them. Support costs Su pport costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes, Tan8ible fixed assets Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to wrlte off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Motor vehicles Fixtures and Fittin8S Plant and Equipment Depreclation method and rate 20% straight line 20% straight line 20% straight line The unique, specially constructed and adapted track cars, included in motor vehicles, are not depreciated but are subject to an annual review. Research and development Research and development expenditure is written off as incurred. 12
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Flxed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost. and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for im pairment. A provision for the im pairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables, Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highlv liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligation5 to pay for goods or services that have been acquired in the ordinarv course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reportin8 period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current Trade creditors are recognised initially at the transaction price and subsequently measured at amorti5ed cost using the effective interest method. Fund structure Unrestricted income fu nds are general funds that are available for use at the trustee5 discretion in fu rtherance of the objectives of the charity. 13
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Financial instruments Classificotion Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 14
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2 Income from donations and legacies Unrestrlcted funds General Restrlcted funds Total funds Donations and legacies; Donations from community groups Grants, including capital grants; Grants receivable Regular giving and capital donations 13,914 13,914 15,600 15,600 339,866 339,866 Total for 2024 353,780 15,600 369,380 Total for 2023 184,721 22,028 206,749 3 Other Income Unrestricted funds General Total funds Income from trading subsidiary 251 251 Total for 2024 251 251 Total for 2023 1,375 1,375 4 Expendlture on ralslng funds a) Costs of generating donations and legacles Unrestrlcted funds General Total funds Note Other direct costs of generating voluntary income 18,836 18,836 Total for 2024 18,836 18,836 Total for 2023 14,625 14,625 15
SPEED OF SIGHT LTD. NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5 Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Total 2023 Note Provision of motoring experience Employment costs Esta blishment costs Telephone Motor expenses Trade subscriptions Sundry Travelling Insurance 69,800 59,824 28,492 3,355 43,287 545 69,800 75,424 28,492 3,355 43,287 545 27,620 66,328 45,738 2,453 18,875 1,060 2,516 8,384 5,703 15,600 6,769 14,512 8,405 6,769 14,512 8,405 Legal & Professional fees Accountancy fees Bank charges Depreciation, amortisation and othersimilar costs 4,709 1,771 2,039 4,709 1,771 2,039 2,441 1,610 1,817 5,658 5,658 1,900 Allocated support costs 925 925 250,091 15,600 265,691 186,445 16
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6 Net incoming/outgoing resources Net incoming resources for the year include: 2024 2023 Accountancy fees - Independent examination of accounts Depreciation of fixed assets 1,000 5,658 900 1,900 7 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs durlng the year were: Wages and salaries Pension costs 72,391 1,204 63,025 886 73,595 63,911 The monthly average number of persons (including senior management / leadership team) employed by the charity du ring the year expressed as full time equivalents was as follows: 2024 2023 Directors Support staff No employee received emoluments of more than £60,000 during the year. 8 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 17
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 9 Taxation The charity is a registered charity a nd is therefore exempt from taxation. 10 Tangible fixed assets Fixtures and fittin8S Motor vehicles Plant and machlnery Total Valuation At l April 2023 Additions 2,175 1,958 79,500 56,000 1,950 83,625 57,958 At 31 March 2024 4,133 135,500 1,950 141,583 Depreclatlon At l April 2023 Charge for the year 2,175 58 3,800 5,600 1,950 7,925 5,658 At 31 March 2024 2,233 9,400 1,950 13,583 Net book value At 31 March 2024 1,900 126,100 128,000 At 31 March 2023 75,700 75,700 18
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Revaluation The fair value of the company's Motor vehicles was revalued on 31 March 2021 by an independent valuer. Had thi5 class of asset been measured on a historical cost basis, their carrying amount would have been £Nil12023 £N ill, 11 Fixed asset investments 2024 2023 Shares in group undertakings and participatin8 interests loo loo Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At l April 2023 loo loo At 31 March 2024 loo 100 Net book value At 31 March 2024 100 loo At 31 March 2023 100 loo Details of undertakin8S Detalls of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as fol lows: Country of incorporation Proportlon of voting rights and shafes held 2024 2023 Principal activity Undertaking Holding Subsidiary undertaklngs Speed of Sight Events Limited 4D Unit 10 Junction Eco Park, Rake Lane, Swinton, Manchester, M28 8LR Trading company England Ordinary 19
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Trade debtors 11,497 20,910 13 Cash and cash equivalents 2024 2023 Cash at bank 50,613 18,242 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors 13,295 9,974 2,517 764 6,451 9,974 106 Other loans Due to group undertakings Other taxation and social secu rity Other creditors Deferred income 582 3,947 3,228 20,003 30,497 40,344 20
SPEED OF SIGHT LTD. NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Funds Balance at I April 2023 Incoming resources Resources expended Balance at 31 March 2024 Unrestricted funds General 74,609 335,695 1250,5911 159,713 Restricted funds Access to work 15,600 115,6001 Total funds 74,609 351,295 1266,191) 159,713 Balance at I April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestrlcted funds General 67,554 181,471 1174,4171 74,608 Restricted funds Access to work 22,028 122,0281 Total funds 67,554 203,499 1196,4451 74,608 The specific purposes for which the funds are to be applied are as follows: The access to work grant is to support the director in his position in order to negate the effect of his disability in carrying out his role. 21
SPEED OF SIGHT LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets between funds Unrestricted Total funds at funds 31 March General 2024 Tangible fixed assets Fixed asset investments 128,000 loo 128,000 loo Cu rrent assets Cu rrent liabilities 62,110 130,4971 62,110 130,4971 Total net assets 159,713 159,713 Unrestrlcted Total funds at funds 31 March General 2023 Tangible fixed assets Fixed asset investments 75,700 loo 75,700 loo Current assets 39,152 140,3441 39,152 140,3441 Current Ilabilities Total net assets 74,608 74,608 22