Trustees' Annual Report for the period
| Period start date | Period start date | Period end date | ||||
|---|---|---|---|---|---|---|
| From | 01 | 01 | 2021 | To | 31 12 |
2021 |
Section A Reference and administration details
Charity name Shadowfax Racing Other names charity is known by Registered charity number (if any) 1160695 Charity's principal address 59 Chiswick Staithe Harrington Road London Postcode W4 3TP
Shadowfax Racing
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| David Rolfe | ||||
| Rebecca Rolfe | ||||
| Nicola Paul | ||||
| Claire Walsh | ||||
| Oliver Bennett | ||||
Names of the trustees for the charity, if any, (for example, any custodian trustees) Name Dates acted if not for whole year
1
Names and addresses of advisers (Optional information)
Type of adviser Name Address
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
Type of governing document
Constitution
- (eg. trust deed, constitution)
How the charity is constituted
CIO
- (eg. trust, association, company)
Elected and appointed by Charity founders and trustees Trustee selection methods
(eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
The charity Trustees are responsible for the overall management and control of the charity and have regular meetings to discuss the charity activities and planning.
All Trustees give their time freely and no remuneration was paid to any of the Trustees during the year.
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
Summary of the objects of the charity set out in its governing document
Promote the advancement of amateur sport for underprivileged young people by the provision of facilities and training for the purposes of sailing and consequently, promote the advancement of the physical health and fitness of participants.
2
Organising and running sailing and yacht racing training days for underprivileged young people who wouldn’t otherwise get the opportunity to learn to sail.
The Trustees have had due regard to the Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
The charity is completely reliant on the huge amount of time and commitment put in by the volunteers who enable the charity to run the sailing programmes.
All of the sailors who run the training days (commercially endorsed skippers and experienced crew) are volunteers and give up their time freely to provide coaching to the trainees.
You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
3
Section D Achievements and performance
The charity was unfortunately on hold for 2021 due to ongoing Covid Summary of the main restrictions and uncertainty, so no charity or fundraising activities were achievements of the charity undertaken. during the year
4
Section E Financial review
Brief statement of the charity’s policy on reserves
The charity’s policy on reserves is that the charity aims to keep a reserve of at least 6 months worth of programme and general charity expenditure. The Trustees regularly review the finances, budget and spend to ensure the amount of reserves held enables us to complete all of our planned programmes and cover any unexpected additional maintenance costs.
Details of any funds materially in deficit
None
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
The charity’s principle sources of funds are fundraising activities and donations.
The charity usually holds a large fundraising ball every year as well as a couple of smaller events throughout the year to maintain funds. The charity also received donations from a number of individual supporters. However due to ongoing covid restrictions and no charity activity, no fundraising was undertaken this year.
- investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Nicola Paul Position (eg Secretary, Chair, Trustee etc) Date 29/10/22
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Charity Registration Number 1160695
SHADOWFAX RACING
UNAUDITED FINANCIAL STATEMENTS
31[st] December 2021
SHADOWFAX RACING
Financial Statements
Year ended 31[st] December 2021
| CONTENTS | |
|---|---|
| Trustee’s Report | 3 |
| Statement of income and retained earnings | 4 |
| Statement of financial position | 5 |
| Notes to the Financial Statements | 6-8 |
| The following pages do not form part of the financial statements | |
| Detailed income statement | 9 |
| Notes to the detailed income statement | 10 |
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SHADOWFAX RACING
Trustee’s Report
Year ended 31[st] December 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31[st] December 2021.
Principal Activities:
The principal activity of the charity during the year was to promote the advancement of amateur sport for young people by the provision of facilities for the purposes of sailing and, consequently, promote the advancement of the physical health and fitness of participants. Due to the COVID pandemic these facilities were restricted.
Trustees:
The trustees who served the charity during the period was as follows:
Mr D Rolfe – appointed 2[nd] February 2015 Mrs R Rolfe – appointed 27[th] February 2015 Ms C L Walsh – appointed 27[th] February 2015 Ms N J Paul – appointed 27[th] February 2015 Mr O Bennett – appointed 17[th] November 2016
Registered Office:
59 Chiswick Staithe Hartington Road London W4 3TP
Approved by the Trustees on the 30[th] October 2022
Signed by:
Ms N J Paul Trustee
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SHADOWFAX RACING
Statement of Income and Retained Earnings
Year ended 31[st] December 2021
| Note Turnover Restricted Grants Fundraising/Donations 1 Direct costs Gross profit Administrative expenses Profit (Loss) for the financial year and total comprehensive income 2 Retained earnings at the start of the year Retained earning at the end of the year |
2021 £ 0 0 0 0 4,014 (4,014) 15,249 11,235 |
2020 £ 0 10,135 0 |
|---|---|---|
| 10,135 14,569 |
||
| (4,434) | ||
| 19,683 | ||
| 15,249 |
All the activities of the charity are from continuing operations
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SHADOWFAX RACING
Statement of Financial Position
| 31st December 2021 2021 Note £ £ Fixed Assets Tangible assets 3 0 Current Assets Debtors Prepayments 4 5 0 889 Cash at Bank and in hand 10,746 11,635 Current Liabilities Creditors: amounts falling due within one year Accruals 6 7 0 400 0 Net current assets 11,235 Total assets less current liabilities 11,235 Capital and reserves Profit and loss account 8 11,235 Charity funds 11,235 |
31st December 2021 2021 Note £ £ Fixed Assets Tangible assets 3 0 Current Assets Debtors Prepayments 4 5 0 889 Cash at Bank and in hand 10,746 11,635 Current Liabilities Creditors: amounts falling due within one year Accruals 6 7 0 400 0 Net current assets 11,235 Total assets less current liabilities 11,235 Capital and reserves Profit and loss account 8 11,235 Charity funds 11,235 |
31st December 2021 2021 Note £ £ Fixed Assets Tangible assets 3 0 Current Assets Debtors Prepayments 4 5 0 889 Cash at Bank and in hand 10,746 11,635 Current Liabilities Creditors: amounts falling due within one year Accruals 6 7 0 400 0 Net current assets 11,235 Total assets less current liabilities 11,235 Capital and reserves Profit and loss account 8 11,235 Charity funds 11,235 |
2020 £ £ 0 0 952 14297 15,249 0 0 0 15,249 15,249 15,249 15,249 |
2020 £ £ 0 0 952 14297 15,249 0 0 0 15,249 15,249 15,249 15,249 |
|---|---|---|---|---|
| 11,635 0 400 |
15,249 0 0 |
|||
| 0 | 0 | |||
| 11,235 11,235 |
15,249 15,249 |
|||
| 11,235 | 15,249 |
These financial statements were approved and signed by the trustees and authorised for issue on the 30[th] October 2022, and are signed on behalf of the trustees
Ms N J Paul Trustee
Charity Registration Number: 1160695
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SHADOWFAX RACING
Notes to the Financial Statements
Year ended 31[st] December 2021
1. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Revenue recognition
The turnover shown in the profit and loss account represents the value of donations received and fundraising done during the year.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that assess as follows:
Equipment - 20% per annum straight line
2. Profit (Loss) for the financial year
Profit for the year is stated after charging:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible assets | 0 | 774 |
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3. Tangible Assets
| Cost Additions (Boat Engine) At 31stDecember 2015 Additions (Sailing Clothing) At 31stDecember 2016 Additions (Sailing Clothing) At 31stDecember 2017 Depreciation At 31stDecember 2015 At 31stDecember 2016 At 31stDecember 2017 At 31stDecember 2018 At 31stDecember 2019 At 31stDecember 2020 Charge for the period At 31st December 2020 Carrying amount At 31stDecember 2021 At 31stDecember 2020 At 31stDecember 2019 At 31stDecember 2018 At 31stDecember 2017 At 31stDecember 2016 At 31stDecember 2015 |
Equipment £ 5,589 3,679 100 9,368 1,118 1,854 1,874 1,874 1,874 774 0 9,368 0 0 774 2,648 4,522 6,296 4,471 |
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|4. Debtors (Amounts falling due within one year)|
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| Autumn Ball – Tickets Autumn Ball - Auction |
2021 £ 0 0 0 |
2020 £ 0 0 0 |
|---|---|---|
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| 5. Prepayments | |||||
|---|---|---|---|---|---|
| 2020 | 2020 | ||||
| £ | £ | ||||
| Insurance | 170 | 259 | |||
| Boat Expenses (Liferafts, | 581 | 543 | |||
| Coding and Mooring) | |||||
| Onshore Storage | 138 | 150 | |||
| 889 | 952 | ||||
| 6. Payables (Amounts falling due | within | one year) | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Administration Support | 0 | 0 | |||
| Boat Expenses | 0 | 0 | |||
| 0 | 0 | ||||
| 7. Accruals | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Administrative Support | 400 | 0 | |||
| 400 | 0 | ||||
| 8. Profit and Loss Account | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Balance brought forward | 15,249 | 19,683 | |||
| Profit (Loss) for the financial year | (4,014) | (4,434) | |||
| Balance carried forward | 11,235 | 15,249 |
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SHADOWFAX RACING
Detailed Income Statement
Year ended 31[st] December 2021
| Turnover Restricted Grants Fundraising/Donations Direct costs Gross profit Administrative expenses Profit (Loss) for the financial year and total comprehensive income |
2021 £ 0 0 0 0 4,014 (4,014) |
2020 £ 0 10,135 0 |
|---|---|---|
| 10,135 14,569 |
||
| (4,434) |
9
SHADOWFAX RACING
Notes to the Detailed Income Statement
Year ended 31[st] December 2021
| Direct Costs: Fundraising Expenses Administration Expenses: Taxis Coach Hire Train Food and Drink Boat Expenses Insurance Volunteer DBS Checks Administration Support Professional Fees Race Entries Student Equipment Onshore Storage Bad Debt Expense Depreciation: boat engine, sailing clothing |
2021 2020 £ £ 0 0 0 0 2021 2020 £ £ 0 0 0 0 0 0 0 0 2,608 7,588 406 826 0 0 435 3,738 0 0 0 0 0 0 565 593 0 1,050 0 774 4,014 14,569 |
|---|---|
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