The Racing Chance Foundation
Trustee’s Annual Report for the period 1 January 2023 to 31 December 2023
Trustee Details
Lorna Side – Chair of Trustees
Heather Bamforth – Charity Treasurer
Leonard Woffindin
Teri Bayliss
Description of the Charity
The Racing Chance Foundation is a Charitable Incorporated Organisation which is governed by a constitution and trustees are appointed by members.
Charitable Objects
The charity aims to provide competitive cycle sport opportunities for women, from the provision of training and racing opportunities in England and Wales.
Summary of Main Activities Undertaken for the Public Benefit During the Year
Racing
We promoted a standalone women’s race in April 2023 which was open to anyone new to competitive cycling. We also supported other similar events, through people resource and advice.
In addition, the Charity coordinated and supported the “Women Race North” league, which was aimed at supporting and encouraging women at a grassroots level into competition on the Road.
Advice
The charity continues to act as a vehicle for leadership within women’s cycling, which includes the provision of advice to British Cycling with regards to its strategic direction for women’s cycle sport in the UK.
Additional Details of Objectives and Activities
In addition to the details mentioned above, the charity also continues to operate as a cycling club, which is affiliated to British Cycling and Cycling Time Trials. This included providing group training rides, which were accessible to all.
We continue to receive support from our media partner, CyclingShorts.cc, who provides our website hosting and server on a voluntary basis, for which we are extremely grateful.
We did not have sufficient funds to provide grants to individuals during this period.
Summary of Main Achievements
We continued to provide assistance and guidance to British Cycling in relation to the women’s competitive sport, with continued representation on the Road and Track Commissions, therefore ensuring that the women’s sport has a voice at a national level for both of these disciplines.
We also supported several women’s races in the North of England, through the provision of officials and in an advisory capacity.
Policy on Reserves
The turnover for the period was insufficient to warrant a substantial policy on reserves, with minimal spending during the year.
Further Financial Review Details
Principal Sources of Funding
The main source of funding was from individual donations and cash generated through race entries and the subsequent profits arising from those events.
Key Objectives and Expenditure
Expenditure during 2023 has been limited to the provision of the promotion of racing opportunities, with a small shortfall arising during the year due from an excess of costs over income from race promotions.
The trustees declare that they have approved the Trustees’ Report above.
Signed on behalf of the Charity’s Trustees
Signature(s) ………………………………… Full name(s) Lorna Side
Position: Chair of Trustees Date 20 September 2024
…………………………………
Heather Bamforth Charity Treasurer
Financial Statements asat 31 December 2023
Racing Chance Foundation
INDEX
Page 3 Independent Examiner's Report Page 4 Statement of Financial Activities Page 5 Balance Sheet Page 6 Notes to the Accounts Page 7 Incoming Resources Resources Expended Page 8 Fixed Assets Debtors & Creditors
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Independent Examiner's Report
to
Racing Chance Foundation
I report on the financial statements of the Charity for the year ended 31 December 2023, which are set out in the accompanying pages.
Respective responsibilities of trustees and examiner
As trustees of the Charity you are responsible for the preparation of the accounts. The Charity’s trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act,
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to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act;
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Paul Wareham
25 July 2024
PS Accountants
5A Church Rd
Lymm Cheshire WA13 0QG
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Racing Chance Foundation
Statement of financial activities for the Year Ending 31 December 2023
| Note INCOMING FROM 2 Donations Other trading activites TOTAL INCOMING RESOURCES EXPENDITURE ON 3(a) Raising funds Charitable activities Other expenditure TOTAL RESOURCES EXPENDED NET MOVEMENT IN FUNDS BALANCES B/FWD 1 JANUARY BALANCES C/FWD 31 DECEMBER The note on pages 6 to 8 form part of these accounts. |
£ 757 1,762 2023 |
|---|---|
| 2,519 | |
| - 3,003 |
|
| 3,003 | |
| 484 - |
|
| 5,315 | |
| 4,831 | |
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Racing Chance Foundation
Balance Sheet at 31 December 2023
| Notes | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| FIXED ASSETS | ||||
| Intangible - Trademark | registrtion | 5(a) | 170 | |
| Net value | 170 | |||
| Tangible - Equipment | 5(a) | 474 | ||
| Net value | 474 | |||
| Tangible - Fixtures and | Fittings | 148 | ||
| Net value | 148 | |||
| 792 | ||||
| CURRENT ASSETS | ||||
| Clothing stock | 6 | 403 | ||
| Debtors | 7 | - | ||
| Cash at bank and in hand | 6,929 | |||
| 7,332 | ||||
| LIABILITIES | ||||
| Creditors - amounts falling due in one year | 8 | 3,293 | ||
| 3,293 | ||||
| NET CURRENT ASSETS / (LIABILITIES) | 4,039 | |||
| TOTAL NET ASSETS | 4,831 | |||
| Charity Funds | ||||
| Unrestricted | 4,831 | |||
| 4,831 | ||||
| Approved by the Trustees on | 2024 and 20 September |
signed on | its behalf by: | |
| Trustee | ||||
| Trustee |
The notes on pages 6 to 8 form part of these accounts
5.00
Racing Chance Foundation
Notes to the financial statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Income is received by way of donated items are offered for sale and the proceeds are included in full in the Statement of Financial Activities when received.
Revenue grants are shown in the Statement of Financial Activities in the year in which they are receivable. Grants received by the Charity specifically for a future period are deferred.
If restricted funds are received, they are used for the specified purposes laid down by the donor. Expenditure which meets these criteria is allocated to the relevant fund together with a fair allocation of management and support costs, where appropriate.
Unrestricted funds are the proceeds of items of sale, donations and other income received or generated for charitable purposes.
Staff costs and overhead expenses are allocated to activities either directly when identifiable or on the basis of staff time spent on those activities.
Depreciation is provided upon all tangible fixed assets at rates calculated to write off the cost of each asset over its estimated useful life, which is set at 50% on a straight line basis for furniture and equipment and at 10% on a straight line basis for leasehold buildings.
The Charity has taken advantage of the exemption in Financial Reporting Standard 1 from preparing a Cash Flow Statement on the grounds that it is a small charity.
The continuation of the Charity's activities is dependent on the receipt of sufficient items to be offered for sale and demand for the purchase of those items. The accounts have been prepared on a going concern basis on the assumption that such funding continues to be available.
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Racing Chance Foundation
Notes to the financial statements for the Year Ended 31 December 2023
| 2 Donations Clothing Other sales Race income Subscriptions Events 3 Race costs Professional fees Advertising Cost of Sales Events Subscriptions Admin Expenses Depreciation of Equipment Depreciation of Fixtures and Fittings Training costs Total Payments Excess of Receipts over Payments Balances at 1 January Surplus / (Deficit) for the year Balances at 31 December Expenditure Running costs Income Sales Total Receipts |
£ £ 757 - 35 1,697 30 - 2,519 1,944 423 - - 250 133 - 158 50 45 3,003 484 - 484 - 484 - 2023 |
£ £ 757 - 35 1,697 30 - 2,519 1,944 423 - - 250 133 - 158 50 45 3,003 484 - 484 - 484 - 2023 |
|---|---|---|
| 1,944 423 - - 250 133 - 158 50 45 |
||
| 2,519 | ||
| 3,003 | ||
| 484 - |
||
| 484 - |
||
| 484 - |
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Racing Chance Foundation
Notes to the financial statements for the Year Ended 31 December 2023
5. FIXED ASSETS (a) Tangible
| Depreciation Brought Forward Depreciation charge for year Depreciation Brought Forward Depreciation charge for year 6 Race clothing stock 7 DEBTORS (UNRESTRICTED FUNDS) 8 The following payments were made on behalf of the charity: Bamforth Loan () Accruals - Professional fees Bank Current Account Trademark registration STOCK LIABILITIES Equipment Value as at 31st December* Fixtures and Fittings |
170 | 170 622 |
|---|---|---|
| 2,000 1,367 - 159 - 625 427 - 50 - 2023 £ 403 |
||
| 792 | ||
| 403 | ||
| £ 6,929 |
||
| 6,929 | ||
| 2023 £ 2,900 393 |
||
| 3,293 |
(* - This loan is interest free and repayable on demand)
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