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:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP 2015 (FRS102)
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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:
- To find the next generation of high performing athletes by running an elite training system giving raw talented youngsters the opportunity to work with high performance specialists. This system will include coaching, therapy and classroom modules to prepare them for a competitive environment both on and off the track and later in life.
- The charity receives donations and subsidised coaching fees to fund these activities.
- The support and development of athletes to a national and international ranking.
Reserves– The charity’s policy is as follows:
- The charity will utlitise reserves for the future development of young athletes.
## Related parties
- During the year Speedworks Training Ltd loaned the charity £2,600, this will be paid back when funds allow and without interest.
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:
- a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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
- 9 Movement in Funds
|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|
|---|---|---|---|---|---|---|
- 10 Analysis of net assets between funds
- 14 Trustees’ Remuneration, Benefits and Expenses
None of the trustees received any remuneration or benefits from the charity during the year.
- 15 Related party transactions
- During the year Mr and Mrs Jonas Dodoo loaned £2,600 to the charity via their trading company Speedworks Training Ltd this will be repaid when funds allow and without interest
- 16 Ultimate controlling party
- The charity is controlled by the trustees.
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