## **Trustees’ Annual Report for the period**
**From** 01/01/2022 **Period start date To** 31/12/2022 **Period end date**
## **Charity name:** Shadowfax Racing
## **Charity registration number:** 1160695
## **Objectives and Activities**
||SORP reference||
|---|---|---|
|Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|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.|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|This year we have made some changes to
our charity model, moving away from
organising and running sail training
ourselves to providing funding to enable
underprivileged young people to take part
in externally organised sail training
programmes. This change is due to a
number of factors: since Covid many of our
volunteers have moved onto other things,
during covid we had to reduce activity and
could no longer justify the cost of our admin
support who managed much of the logistics
of our training days, and we also gave up
our charity boat, as the associated costs
could not be justified when we were not
able to run programmes.|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|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.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
||SORP reference||
|---|---|---|
|Policy on grant making|Para 1.38|The young people are selected to take part
in the programme with support of our
partner school in Tottenham, North London,
and are identified as being underprivileged
and who wouldn’t otherwise get the
opportunity to learn to sail.|
||Para 1.38||
Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other
## **Achievements and Performance**
||SORP reference||
|---|---|---|
|Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|This year the focus of our work has been
on looking at how we can continue the
charity post covid, and restructuring the
charity to a new delivery model.
The Trustees identified a strong and
enthusiastic partner school – the London
Academy of Excellence, Tottenham, and
worked with them to agree a new
programme delivery model that would still
benefit as many of their underprivileged
students as possible, but work with our
charity’s reduced funds and assets.
We agreed on a model where the charity
would support them in funding places for
their underprivileged students on external
sail training courses, with the first
programme due to run in 2023.|
**Additional information (optional)** You may choose to include further statements where relevant about:
||||
|---|---|---|
|Achievements against
objectives set|Para 1.41||
|Performance of fundraising
activities against objectives
set|Para 1.41||
|Investment performance
against objectives|Para 1.41||
Other
## **Financial Review**
|**Financial Review**|||
|---|---|---|
|Review of the charity’s
financial position at the end
of the period|Para 1.21|The charity’s financial position is that we
have enough cash for the funding of around
15 disadvantaged students on an external
sail training programme in 2023, as per our
new delivery model.|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|Given that the new charity model has very
few associated costs beyond the funding
we provide for the young people to attend
external activities we do not hold reserves
over and above the funds required to
facilitate this in 2023.|
|Amount of reserves held|Para 1.22|£0|
|Reasons for holding zero
reserves|Para 1.22|We do not hold any reserves as, due to the
change in how the charity delivers its
activities there are no longer any ongoing
expenses for the boat, administration
support or costs of running of the
programmes.|
|Details of fund materially in
deficit|Para 1.24||
|Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|If we want to continue to run the charity
beyond 2023 and provide funding for more
young people to undertake external sailing
activities, we will need to organise some
fundraising activities in 2023.|
## **Additional information (optional)** You may choose to include further statements where relevant about:
|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47||
|---|---|---|
|Investment policy and
objectives including any
social investment policy
adopted|Para 1.46||
|A description of the principal
risks facing the charity|Para 1.46||
|Other|||
## **Structure, Governance and Management**
|Description of charity’s
trusts:|||
|---|---|---|
|Type of governing document
(trust deed, royal charter)|Para 1.25|Constitution|
|How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|CIO|
|Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|Elected and appointed by Charity founders
and Trustees|
## **Additional information (optional)** You may choose to include further statements where relevant about:
||||
|---|---|---|
|Policies and procedures
adopted for the induction
and training of trustees|Para 1.51||
|The charity’s organisational
structure and any wider
network with which the
charity works|Para 1.51|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
duringtheyear.|
|Relationship with any
related parties|Para 1.51||
|Other|||
## **Reference and Administrative details**
|Charity name|Shadowfax Racing|
|---|---|
|Other name the charity uses||
|Registered charity number|1160695|
|Charity’s principal address|59 Chiswick Staithe
Harrington Road
London
W4 3TP|
|||
## **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(if any)**|
|---|---|---|---|---|
||David Rolfe||||
||Rebecca Rolfe||||
||Nicola Paul||||
||Claire Walsh||||
||Oliver Bennett||||
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## – Corporate trustees names of the directors at the date the report was approved
**Director name**
Name of trustees holding title to property belonging to the charity
**Trustee name Dates acted if not for whole year**
## **Funds held as custodian trustees on behalf of others**
Description of the assets None held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets
## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
|**Type of**
**adviser**
**Name**
**Address**|**Type of**
**adviser**
**Name**
**Address**|**Type of**
**adviser**
**Name**
**Address**|
|---|---|---|
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|**Name of chief executive or names of senior staff members (Optional information)**|||
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## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
**n/A**
## **Other optional information**
**Declarations**
**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,** Trustee **Chair, etc) Date** 25/10/2023
## **Charity Registration Number 1160695**
## **SHADOWFAX RACING**
## **UNAUDITED FINANCIAL STATEMENTS**
**31[st ] December 2022**
2
## **SHADOWFAX RACING**
## **Financial Statements**
## **Year ended 31[st ] December 2022**
## **CONTENTS**
|**CONTENTS**||
|---|---|
|Trustee’s Report|3|
|Statement of income and retained earnings|4|
|Statement of financial position|5|
**SHADOWFAX RACING**
3
## **Trustee’s Report**
## **Year ended 31[st ] December 2022**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31[st] December 2022.
## **Principal Activities:**
This year we have changed our charity model, moving away from organising and running sail training ourselves to providing funding to enable underprivileged young people to take part in externally organised sail training programmes. This change is because since Covid many of our volunteers have moved onto other things and we also gave up our charity boat, as the associated costs could not be justified when we were not able to run programmes.
## **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 2023
## **Signed by:**
Ms N J Paul Trustee
**SHADOWFAX RACING**
4
## **Statement of Income and Retained Earnings**
## **Year ended 31st December 2022**
||**2022**|**2021**|
|---|---|---|
||||
||£|£|
|**Turnover**|||
|Restricted Grants|0|0|
|Fundraising/Donations|0|0|
||||
|Direct costs|0|0|
||||
|**Gross Profit**|0|0|
||||
|Administrative expenses|400|4,014|
||||
|**Profit (Loss) for the financial**
**year and total comprehensive**
**income**|(400)|(4,014)|
|**Retained earnings at the start**
**of the year**|11,235|15,249|
|**Retained earnings at the end**
**of the year**|10,835|11,235|
All the activities of the charity are from continuing operations
5
## **SHADOWFAX RACING**
## **Statement of Financial Position**
## **31[st ] December 2022**
|||2022|2021|2021|
|---|---|---|---|---|
||£|£|£|£|
|**Fixed Assets**|||||
|Tangible assets||0||0|
||||||
|**Current Assets**|||||
|Debtors|0||0||
|Prepayments|489||889||
|Cash at Bank and in hand|10,347||10,746||
||10,836||11,635||
|**Current Liabilities**|||||
|Creditors|0||0||
|Accruals|0||400||
||0||400||
|**Net current assets**||10,836||11,235|
|**Total assets less current**
**liabilities**||10,836||11,235|
|**Capital and reserves**|||||
|Profit and loss account||10,836||11,235|
|**Charity funds**||10,836||11,235|
6
These financial statements were approved and signed by the trustees and authorised for issue on the 30[th ] October 2023, and are signed on behalf of the trustees
Ms N J Paul Trustee
Charity Registration Number: 1160695