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2023-03-31-accounts

Charity Registration No: 1166429 (England)

SPEED WORKS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2023

SPEED WORKS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mike McNeil James Wright Kate Cowley Charity name Speed Works Charity number 1166429 Registered address 64 Turvey Lane Long Whatton Loughborough Leicestershire LE12 5DN Independent Examiner Brooks & Partners Accountants Ltd 22 St Peter’s Street Stamford Lincolnshire PE9 2PF

CONTENTS

SPEED WORKS

Page
Trustees’ Report 1-3
Independent examiner’s report 4
Statement of financial activities 5
Balance Sheet 6-7
Notes to the financial statements 8-12

SPEED WORKS

TRUSTEES’ REPORT

FOR THE PERIOD ENDED 31 MARCH 2023

The trustees present their report and financial statements for the year ending 31[st] March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities Act 2011 and “Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from January 2016).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity Number: 1166429

Registered Office 64 Turvey Lane Long Whatton Loughborough Leics LE12 5DN

Trustees and Directors Kate Cowley M McNeil J Wright

Accountants for this Return Brooks and Partners Accountants Ltd 22 St. Peter’s Street, Stamford Lincs PE9 2PF

Bank Barclays Bank PLC 18 St Peter’s Street St Albans Herts AL1 3NA

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SPEED WORKS

TRUSTEES’ REPORT

FOR PERIOD ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charitable company is a charitable incorporated organisation registered with the charities commission and is controlled by it’s constitution.

Recruitment and Appointment of Trustees and Directors

The trustees may appoint a person who is willing to serve as a trustee on such terms as they may agree from time to time. New trustees are voted and agreed at the AGM.

Induction and Training

The training and induction of new trustees and directors will depend on their existing experience and where necessary, induction and training on charity, legal and financial matters will be on an informal basis tailored to the individual’s and company’s needs. New trustees are selected in order to gain benefit from their skills and experience, to complement the existing trustees and to provide succession.

Organisational Structure

The trustees who served during the year and up to the date of signature of the financial statements were:

J Wright

M McNeil

A Murdoch (Resigned 31/12/2023)

The power to appoint new trustees is vested in the trustees. All trustees give their time freely and no remuneration or benefits were paid.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) regulations 2008, and the provisions of the governing documents. They are also responsible for the safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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SPEED WORKS

TRUSTEES’ REPORT

FOR PERIOD ENDED 31 MARCH 2023

Objectives – The charity’s objectives are specifically restricted to the following:

Reserves– The charity’s policy is as follows:

Related parties

The trustees’ report was approved by the Board of Trustees on 11[th] January 2024.

Kate Cowley

Trustee

11[th] January 2024

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TO THE TRUSTEES OF SPEED WORKS

SPEED WORKS

INDEPENDENT EXAMINER’S REPORT

Independent Examiner's Report to the Trustees of the

SPEED WORKS

I report on the accounts of the charity for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes set out on pages 1 – 12.

This report is made solely to the trustees in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees for my examination work.

Respective responsibilities of Trustees and Examiner

The trustees are responsible for the preparation of the accounts. They 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:

Examine the accounts (under Section 145 of the Charities Act).

To follow the procedures laid down in the General Directions given by the Charity Commissioners (under Section 145(5)(b) of the Charities Act); and to state whether any particular matters have come to my attention.

Basis of Independent Examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, seeking explanations from you as 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, I confirm that no matter has come to my attention which gives me reasonable cause to believe that in any material respect the:

  1. accounting records were kept in accordance with Section 130 of the Charities Act; and

  2. the accounts do accord with the accounting records and do comply with the accounting requirements of the Charities Act 2011.

Name: Kate Howitt
Qualification: FCCA
Address: Brooks and Partners Accountants Ltd
22 St. Peter’s St, Stamford, Lincs. PE9 2PF
Date: 11thJanuary 2024

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SPEED WORKS

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR YEAR ENDING 31 March 2023

Notes
INCOME FROM:
Donations and legacies
3
Coaching fees
3
Total Income
EXPENDITURE ON:
Charitable activities
4,8
Governance costs
5
Other resources expended
6
Total Expenditure
NET INCOME / (EXPENDITURE)
FOR THE YEAR
NET MOVEMENT IN FUNDS
11
FUND BALANCE BROUGHT FORWARD AT 1
APRIL 2022
FUND BALANCE CARRIED FORWARD AT 31
MARCH 2023		 2023
Unrestricted
funds
£
6
1,855
1,861
4,460
960
697
6,117
-4,256
1,820
-2,436		 2023
Restricted
funds
£
0
0
0
0		 2023
Total
funds
£
6
1,855
1,861
4,460
960
697
6,117
-
4,256
1,820
-
2,436		 2022
Total
funds
£
23,518
5,378
28,896
32,110
900
4,837
37,847
-8,950
10,770
1,820

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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SPEED WORKS

BALANCE SHEET AS AT 31 March 2023

Notes
FIXED ASSETS
Tangible fixed assets
10
CURRENT ASSETS
Cash at bank and in hand
Debtors
11
CURRENT LIABILITES
Creditors: amounts falling due
within one year
12
NET CURRENT
ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted funds
9
Restricted funds
TOTAL FUNDS		 2023
Unrestricted
Funds
£
-
-
164
0
164
2,600
2,600
-2,436
-2,436
-2,436
-2,436		 2023
Restricted
Funds
£
-
-
0
0
0
0
0		 2023
Total
Funds
£
-
-
164
0
164
2,600
2,600
-2,436
-2,436
-2,436
-2,436		 2022
Total
Funds
£
-
-
1,820
0
1,820
0
0
1,820
1,820
1,820
1,820

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SPEED WORKS

BALANCE SHEET

AS AT 31 March 2023

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The financial statements were approved by the Trustees on 11[th] January 2024 and were signed on its behalf by:

K Cowley

Trustee

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SPEED WORKS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 March 2023

1 Accounting policies

1.1. Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value, unless otherwise stated in the relevant notes to the accounts, and in accordance with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitable companies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2. Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3. Incoming resources

Income is recognised when the charitable company is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt.

Grants

Grants that provide core funding or are of a general nature are recognised where the entitlement, certainty of receipt and the amounts can be measured with sufficient reliability. Such income is only deferred when there are imposed conditions which must be met before the charitable company has unconditional entitlement.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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SPEED WORKS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 March 2023

1.4. Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Irrecoverable value added tax is charged against the category of resources expended for which it was incurred.

Governance costs include those incurred in the governance of the charity and its assets are primarily associated with constitutional and statutory requirements.

1.5. Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held with the bank.

1.6. Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off assets over their useful lives.

Plant and machinery 20% straight line

1.7. Taxation

The company is a registered charity and no provision is considered necessary for taxation.

1.8. Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the contributor or when funds are raised for specific purposes.

1.9. Volunteer help

The value of any voluntary help received is not included in the accounts.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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SPEED WORKS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 March 2023

3
Voluntary Income
Coaching fees
Donations
4
Charitable Activities
Consultant coaches and
therapists
Venue hire
Sports equipment
5
Governance costs
Accountancy		 2023
Unrestricted
Funds
£
1,855
6
1,861
2023
Unrestricted
Funds
£
3,500
960
0
4,460
2023
Unrestricted
Funds
£
960
960		 2023
Restricted
Funds
£
0
2023
Restricted
Funds
£
0
2023
Restricted
Funds
£		 2023
Total
Funds
£
1,855
6
1,861
2023
Total
Funds
£
3,500
960
0
4,460
2023
Total
Funds
£
960
960		 2022
Total
Funds
£
5,378
23,518
28,896
2022
Total
Funds
£
31,190
920
0
32,110
2022
Total
Funds
£
900
900

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SPEED WORKS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 March 2023

6
Other Resources Expended
2023
Unrestricted
Funds
£
Travel and subsistence
0
Computers and software
682
Advertising
0
Consultant Administrator
0
Training
0
Stationery/Postage
14
Uniforms
0
Bank Charges
1
697
7
Debtors
2023
Unrestricted
£
Coaching fee awaiting payment
0
8
Creditors: Amounts falling due within one year
2023
Unrestricted
£
Speedworks Training Ltd - Related
Party
2,600
2,600		 2023
Restricted
Funds
£
2023
Restricted
£
-
2023
Restricted
£
-		 2023
Total
Funds
£
0
682
0
0
0
14
0
1
697
2023
Total
£
0
0
2023
Total
£
2,600
2,600		 2022
Total
Funds
£
528
644
375
2,500
665
68
0
56
4,837
2022
Total
£
0
2022
Total
£
0
0

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SPEED WORKS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 March 2023

Unrestricted
Restricted
0
Analysis of net assets between funds
Fund balance at 31 March 2023
are
represented by:-
Tangible assets
Current assets / (liabilities)		 At 31
March
2022
£
1,820
1,820
2023
Unrestricted
£
-2,436
-2,436		 Net
movement
in funds
£
-4,256
-4,256
2023
Restricted
£
0
0		 At 31
March
2023
£
-2,436
-2,436
2023
Total
£
-2,436
-2,436		 2022
Total
£
1,820
1,820

None of the trustees received any remuneration or benefits from the charity during the year.

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