Registered number
1164222
Track Academy Charitable Incorporated Organisation
Report and Accounts
30 November 2022
Track Academy Charitable Incorporated Organisation Registered number: 1164222 Trustees' report
The trustees present their report and accounts for the year ended 30 November 2022.
Principal activities
The company's principal activity during the year was a mentoring and education programme for young athletes.
Trustees
The following persons served as trustees during the year:
D Manwani J Okafor S Mckoy M Adam P Ewe C Wilmot
This report was approved by the board on 31st March 2023 and signed on its behalf.
C wilmot
C Wilmot Trustee
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Track Academy Charitable Incorporated Organisation Independent Examiner's report
The charity's trustees 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 Charities 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
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section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
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.
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect.
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that accounting records were not kept in accordance with section 130 of the Charities Act; or
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that accounts did not comply with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
Ashcroft Cameron Bookkeeping Limited 10[th] March 2023
6 The Mead Business Centre Mead Lane Hertford Herts SG13 7BJ
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Track Academy Charitable Incorporated Organisation Profit and Loss Account for the year ended 30 November 2022
| 2022 2021 |
|
|---|---|
| £ £ |
|
| Income | 199,387 325,320 |
| Cost of charitable events | (285,775) (150,666) |
| Gross surplus | (86,388) 174,660 |
| Administrative expenses | (14,341) (15,194) |
| Operating loss | (100,729) 159,466 |
| Loss before taxation | (100,729) 159,466 |
| Tax on profit | - - |
| Surplus for the financial year | (100,729) 159,466 |
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| Track Academy Charitable Incorporated Organisation Registered number: 1164222 Balance Sheet as at 30 November 2022 |
Track Academy Charitable Incorporated Organisation Registered number: 1164222 Balance Sheet as at 30 November 2022 |
|---|---|
| Notes 2022 2021 |
|
| £ £ |
|
| Fixed assets | |
| Tangible assets 2 999 0 |
|
Current assets Debtors 3 1,544 1,544 |
|
| Cash at bank and in hand 206,176 307,872 |
|
| 207,720 309,416 |
|
| Creditors: amounts falling due within one year 4 (1,154) (1,122) |
|
| Net current assets 206,566 308,294 |
|
| Net assets 207,565 308.294 |
|
| Funds of the charity | |
Restricted funds carried forward 158,694 308,294 |
|
| Unrestricted funds carried forward 48,871 |
|
| The unrestricted costs are 4 months of operation costs |
|
| operation costs | |
| 207,565 308,294 |
|
| Total funds |
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Track Academy Charitable Incorporated Organisation Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared on a receipts and payments basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services and grants received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Reserves policy
The charity is working towards having 6 months unrestricted reserves.
2 Tangible fixed assets
| Plant | |
|---|---|
| and | |
| machine | |
| ry | |
| etc | |
| £ | |
| Cost | |
| At 1 December 2021 | _____ 5,118 |
| Additions | _____ 1,249 |
| At 30 November 2022 | 6,367 |
| Depreciation | |
| At 1 December 2021 | 5,118 |
| Charge for the year | 250 |
| At 30 November 2022 | 5,368 |
| Net book value | |
| At 30 November 2021 | 0 |
| At 30 November 2022 | 999 |
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Track Academy Charitable Incorporated Organisation Notes to the Accounts
| 3 | Debtors | 2022 2021 |
|---|---|---|
| £ £ |
||
| Other debtors | 1,544 1,544 |
|
| 2022 2021 |
||
| Creditors: amounts falling due within one year | ||
| £ £ |
||
| Creditors | 1,154 1,122 |
Other information
In 2021, Sport England invested £250,000 into the Back to Movement programme. £108,155 was expended in 2022 contributing to the deficit of £100,729.
Track Academy Charitable Incorporated Organisation is a charitable incorporated organisation.
. Signature:
Claudia wilmot (May 15, 2023 09:47 GMT+1)
Email: claudia.wilmot@leadersinsport.com
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