**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**
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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||||
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**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
5
## **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|
2
## **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
3
## **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
4
## **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
5
## **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|
6
## **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)|
**----- End of picture text -----**
|Autumn Ball – Tickets
Autumn Ball - Auction|**2021**
**£**
**0**
**0**
**0**|**2020**
£
0
0
0|
|---|---|---|
7
|**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|||
8
## **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|
|---|---|
10