THE SPINAL TRACK ANNUAL REPORT FOR 1/1/23 – 31/12/23
REG CHARITY NUMBER: 1173285
Summary of the purposes of the charity:
The charity was set up to provide incredible driving experiences simply not available to disabled drivers. It was noted that there were no available cars on hand controls (or other adaptions) for disabled drivers in the UK to take part in track driving. We then added a disabled rally school to our experiences, to become the World leading supplier of disabled driving experiences.
2023 Charity achievements:
We ran 8 rally experience days with 48 drivers in total. Unfortunately the rally school from where this was all run went into liquidation and closed towards the end of the year. Everything was perfectly set up to run smoothly with disabled drivers and sadly we weren’t able to find an alternative venue. We have kept the rally cars and are actively seeking another venue to run from.
We ran 6 track days, with a total of 24 drivers on them. The venue – Silverstone- was booked for a large part of the year for filming, so the days we could run were limited.
Due to these unforeseen and unfortunate issues with the venues, we could only supply driving experiences to 72 disabled people. To make up for this, we introduced social meets, including giving 50 beneficiaries free tickets to Silverstone Festival, organising tours of the Aston Martin F1 Campus and a Christmas party. These have been hugely successful and are a fantastic way of knowledge sharing between people
We used the downtime to upgrade our track day fleet, buying a Mini Cooper S JCW and selling some of the older cars. We also used the ex-Top Gear Toyota GT86(Gifted by Toyota) as our other car for track days. This was due to be a rally car, but the loss of venue meant a change of plans. The car has been faultless, so many thanks to Toyota for the car (donated in a previous year).
Fundraising:
We became the official charity partner of the Aston Martin F1 team. This was a huge moment for the charity and shows that volunteer led smaller charities can be taken seriously by large organisations. We are working closely with them on aspects of disability. They have also provided
volunteers to help on our days. We are very excited to see how this relationship grows.
Our long term sponsors are still raising money for us and we have been working hard at setting up fundraising events. One of which was a very successful quiz at the Hagerty UK headquarters. We ran an auction with some incredible lots (thanks to kind companies supporting us) and this proved a good way of raising funds and getting the charity seen by important people in and out of the automotive sector. We will aim to more events like this.
Trustees:
Richard Solomons (Chair). Richard was appointed as a Trustee in early 2023 and took up position as chair. He brings a wealth of financial and corporate knowledge to the team.
Simon Evans
Mike Simpson
Signed on behalf of the Trustees:
Andrew Bayliss Co-founder 22/10/20234
IM irwinmitchell SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 FINANCIAL STATEMENTS For the ear ended 31 December 2023 (Ref- 054103301
SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 Contents to Financial Statements for the ear ended 31 December 2023 Pa Annual Report of the Trustees Independent Ex8minefs Report Balance Sheet Statement of Financial Activities 6-11 Notes to Financial Statements
Page 1 SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the ch8rily for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the ye8r ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 110 the accounts and comply with the charity's governing docurnent, the Companies Act 2006 and"Accounting 8nd Reporting by Charities." Statement of Recommended Pr8Ctice applicable to ch8rities prepsring their accounts in 8e>rdan with the Financial Reporting Standard spplicable in the UK and Republic of Ireland IFRS1021. REFERENCE AND ADMINISTRATION DETAILS Registered Company nurnber 10514904 (England and Wale51 Registered Charity number 1173285 Reglstered ¢)ffi¢e Thomas Eggar House. Friary Lane Chichester. West Sussex P019 1UF Trustees SJWEvans M Simp50 R Solotnons Independent examiner clai Norwood Bsc FCA ATII Carpenter Boy Limited Piper House. 4 Dukes Court Brynor Road, Chichester Wesl Sussex P019 8FX Solicitor5 I1n Mitchell LLP Thotnas Eggar house Friary Lane, Chichester Wesl Sussex P019 1UF Bankers HSBC UK STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Spinal Track is controlled by its governing docurnent, a deed of trust. and constitutes a limited cornpany, limited by gusrantee, as defined by the Companies Act 2006
Page 2 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10614904 REPORT OF THE TRUSTEES IINCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTS AND ACTIVITIES Objettives and aims The charity's objects as set out In the Memorandum and Articles ol Association are". To promote physical and rnental health ol people with disabilrties whether acquId at birth. in Childhood or in adult life. who would othenNise be excluded by enabling them lo enjoy the pleasures and benefits of taking part in motor sports Ira¢k events. by the provision of adapted and modified vehi¢les. alongside other people with disabilities and their friends and family members Publ1¢ beneflt The tru$lee$ ¢onfirm that they h8ve referred to the gllidan ¢ontained in the Charity Commi$sionerts general guidanc* on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees are satisfied that the charity continues to meet the public benefit test through its objectives and activities. ACHIEVEMENT AND PERFORMANCE Charitsble activities The financial r85ults for the period 8re d8tai18d in the Statement of Financial Activ88. During the year the charity has fulfilled it5 objectives by providing track day experiences based at Silver5tone and are lun on the full Grand prix cuicuit. FINANCIAL REVIEW With the additional experiell now up and running, our cost5 hsve increased. We have been incredibly diligent to ensu no money is wasted. bul that the experienct$ and safety are at the highe$l levels. Continuted support by our commercial sponsors make this extra rally experien possible. We have reiVed 8 dellt arnount of doantions from the public and continue to focus on this to cover sny1058 from commer¢ial partnerships. Reserve5 policy The trustees regulady review the level of serVeS to ensure that they a adequate forthe current and proposed levels of charitable activity. The total serveS at the year end are £273,55712022- £226,637) TRUSTEES RESPONSIBILITIES Legislation requi$ the Trustees lo prepare finan¢ial ststements for each finanoal year which show a true and fair view of the stale of affairs of the Charity and of the income and expendiCtu of the Charity for that period. In preparing those finanrial statements, the Trustees a reqUId to". select suitsble accounting policie$ and then apply them consistently.. make judgments and estimates that are reasonable 8nd prudent.. state whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures discolosed and explained in the finanual statements., 8nd prepare the finanual statements on the going concem basis unless it 18 inappropriate to presume that the ch8rity wll continue to Dperate. The Trustees are responsible for keeping proper accounting records which disclose with reasonable 8ccuracy at any liume the fin8nusl postion of the Charity and to ensure that the finanacial 5tat8ments comply with the Charities Act 2011. They are also responsible for safegusrding the assets of the Charity and hen for taking reasonable 5tep5 for the prevention and detection of fraud and othei irregularities Approved by order of the board of trustees on 27.0>2024 And signed on its behalf by". kls M Simpson- Trustee
Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPINAL TRACK I report to the charity trustee5 On tny examination of the accounts of the Company for the year ended 31 December 2023 Responsibilities and basis of report As the charrty's trustees of the Company land a150 Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirement of the Cornpanies Act 20061'lhe 2006 Act"). Having satisfied myself that the acwunts ol the Company are not required to be auditsd under Part 16 of the 2006 Act and a eligible lor independent examination, I report in respect of my examination of the Trust's accounts carried out under section 145 of the Charities Act 20111.the 2011 A¢t"l. In carrying out my examnination I have followed the Dire¢lions given by the Charity Commission under section 14515llbl ol the 2011 A¢t. Independent Examlne*$ Ststement I have ¢ompleted my examination. I confirm that no material matters have come to my attention in connection with the examination giving me ¢ause to believe that in any material re$pe¢t.' acwunting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements concerning of section 396 of the 2006 Act other than 8ny r8quirement that the accounts give a'tru8 and f8ir view which is not a matter considered as part of an independent examin8tion or the accounts have not been prepared in accordance with the methods and principles of the Staternent of Recommended Practi for accounting and reporting by charities piepanng their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Ireland IFRS1021 I have no Con[5 and have Come across no other tnatters in connedion with the examniation to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. ¢lalre Nornyood Bsc F¢A ATII chartered Accountsnt Carpenter Box Limited Piper House 4 Dukes Court BnOr Road Chichester West Sussex P019 8FX Dated .
Page 4 SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 Balance Sheet as at 31 December 2023 Note As at 31.12.2023 As at 31.12.2022 Fixed Asset5 Tangible Assets 26,232 20,060 Current Assets Cash at bank Debtors 246,364 3,661 204.416 3.361 Liabilities falling due within 12 months Creditors 12,7001 11.2001 Net Cllrnt Assets 247,325 206.577 Total Assets less Current L18bllltles 273,557 226.637 Net A$$ets 273,557 226.637 Fund Balan¢e os at 31.12.2023 Unrestricted 273,558 226.637 The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Dember 2023. The members have not QuIred the ¢haritable Company to obtain an audit of its financial ststements for the year ended 31 December 2023 in acwrd8ncÉ Mrith section 476 of the Companies Act 2006. The trustees acknowledge their reponsibilities for. ensuring that the charitable company keeps accounting record8 that comply with Section 386 and 387 of the Companies Act 2006 and prep8ring financial statements which give a true and fair view of the stste of affairs of the charitsble company as al the end of each financial year and of its suiplus or deficit for each finan81 yesr in accordan with the requiiement5 of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 20(6 relating to financial staternents, 50 far as applicable to the charitable company. These financial staternents have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the board of trustees on 27.092024 .and signed on their behalf by M Simpson- Trustee The notes on pages 6-9 form part of these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10614904 Statement of Financial Activities for the ear ended 31 December 2023 Includin Income and Ex enditure Account General Unrestricted Fund5 Year ended 31.12.2023 Year ended 31.12.2022 Pa Income and Endowments from". Donations and Legacies 108,290 70,864 Total Income 108,290 70,884 Expenditure on.. Charitable Activities 61,369 82.666 Total Resources Expended 61,369 82.666 Net income for the yearlNet movement in funds 46,921 Fund balan brought forward 31.12.2022 226,637 238,418 Fund balance carried forward 31.12.2023 273,558 £ 226.637 None of the Charity's activrties were acquired or discontinued during this fiscal period. The Charity has no re¢ognised gains or losses other than those dealt with in the Statement ol Financial Activities. The notes on pages 6-9 form part ol these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 1 ACCOUNTING POLICIES The Spinal Track Charitable Trust is a private company limited by guarantee incorporated in England and Wales, company number 10514904 and Charity Commission number 1173285. The registered address is Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1 UF. 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021"las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows. The accounts are prepared in steding, which is the functional currency of the charity. The principal accounting policies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the awounts, the trustees have reasonable expectation that the charity has adequate resources lo Continue in operational existence for the foreseeable future. Thus the trustees, continue to adopt the going concern basis of aceounling in preparation of the aceounls. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING 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. 1.4 INCOMING RESOURCES All incoming resources are included on the Ststemenl of Financial Activities when the charity is legally entitled lo the income, the amount can be quantified with reasonable accuracy and il is probable that income will be reived. 1.5 CHARITABLE ACTIVITIES Expenditure on charitable activities consists of the costs necessary lo deliver the charities objectives and are accounted for on an accruals basis 1.6 TANGIBLE FIXED ASSETS Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful life. Motor vehides- 25 /0 on a reducing balance
Page 7 1.7 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practi. These costs include costs related lo statutory audit and legal fees together with other overhead and support costs. 1.8 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.9 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11 °Basic Financial Instruments" and section 12 "Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial slalements, when there Is a legally enforable right to sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assots Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impaiment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised al transaction pri unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the present value of the future reiptS discounted al a market rate of Interest. Debt instruments are subsequendy carried al amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised Initially at Iransa¢lion price and subsequently measured al amortised cost using the effective interest method.
Page 8 Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required lo 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Page 9 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 Note Year ended 31.12.2023 Year ended 31.12.2022 3 DONATIONS AND LEGACIES Donations and gifts 108,290 70,884 Year ended 31.12.2023 Year ended 31.12.2022 4 TANGIBLE FIXED ASSETS COST At 1 January 2023 Additions Disposals As at 31 December 2023 64,885 21,181 119 7901 66,276 57.885 7.000 64,885 DEPRECIATION At 1 January 2023 Charge for year Eliminated in respect of disposal As at 31 December 2023 44,827 8,744 113,5251 40,046 38.142 8.685 44,827 NET BOOK VALUE At 31 December 2023 26,230 20.058 At 31 December 2022 20,058 19.745 6 DEBTORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2023 Year ended 31.12.2022 PpaYMentS 3,661 3.361 6 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2023 Ye8r ended 31.12.2022 Accrued expenses 2,700 1.200 7 SUPPORT AND GOVERNANCE COSTS Accountant fee Audit fee Company Secretarial Insuran Postage Advertising costs Website costs Sundries Bank charyes 1.500 1.200 9,892 13 6.114 25 609 799 961 1,107 110 Basis of Allocation. All of the governan and support costs ale allocated to the charitable adivitie5 totalling £12.909 in 20231£9.517 in 20221
Page10 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 8 MOVEMENT IN FUNDS Net movement in funds At 31.12.2023 At 1.1.2023 Unrestrlcted funds General fund 226,637 46,921 273,558 TOTAL FUNDS Net movement in fund8, included in the above are as follow8.. Incoming resourTrs Resources ex ended Movement in funds Unrestrlcted funds General fund 108,290 161,3691 46,921 TOTAL FUNDS Comparative net movement in funds, included in the above are as follow8.. Incoming resourc8 Resources ex ended Movement in funds Unrestricted funds General fund 70,884 182,6661 111.7821 TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows.. Net movement In funds At 31.12.2023 At 1.1.2022 Unrestricted funds General fund 238,418 35,139 273.557 TOTAL FUNDS Net movement in funds, included In the above are as follows. A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows. Incoming resour$ Resources ex ended Movement in funds Unrestricted funds General fund 179,174 1144,0351 35.139 TOTAL FUNDS 179,174 1144,0351 35.139 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Decernber 202312022 ".nill 10 EMPLOYEES The were no employees during the year12022".nill 11 TRANSACTIONS WITH TRUSTEES The We no payrnents for muneratIon or expenses to trustees during the year12022'.nill
Page11 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 D8taili8d Stat8ment of Financial Activitie5 for the 8ar ended 31 D8cemb8r 2023 Note Year ended 31.12.2023 Year ended 31.12.2022 INCOME AND ENDOIPIMENTS Donations and legacies Donations ceiVed Sponsorship reiVed 108,290 15,864 55.000 Total incoming SoUrceS 108,290 70.884 EXPENDITURE other Motoring expenses Track Day costs Motor vehides- depreciation Profit on sale of asset 36,076 11,675 8,744 18,0351 48,460 43,372 23,091 6,685 73,148 Supportcosts Management Insurance Postage and stationery Advertising Sundries 9,892 13 609 799 11,313 6,114 25 961 1.107 8,208 Finance Bank chaiges 110 Governance costs Accountancy and legal fees Total outgoing resources 1,500 61,369 1,200 82.666 Net income 46,921 111.7821
IM irwinmitchell SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 FINANCIAL STATEMENTS For the ear ended 31 December 2023 (Ref- 054103301
SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 Contents to Financial Statements for the ear ended 31 December 2023 Pa Annual Report of the Trustees Independent Ex8minefs Report Balance Sheet Statement of Financial Activities 6-11 Notes to Financial Statements
Page 1 SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who are also directors of the ch8rily for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the ye8r ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 110 the accounts and comply with the charity's governing docurnent, the Companies Act 2006 and"Accounting 8nd Reporting by Charities." Statement of Recommended Pr8Ctice applicable to ch8rities prepsring their accounts in 8e>rdan with the Financial Reporting Standard spplicable in the UK and Republic of Ireland IFRS1021. REFERENCE AND ADMINISTRATION DETAILS Registered Company nurnber 10514904 (England and Wale51 Registered Charity number 1173285 Reglstered ¢)ffi¢e Thomas Eggar House. Friary Lane Chichester. West Sussex P019 1UF Trustees SJWEvans M Simp50 R Solotnons Independent examiner clai Norwood Bsc FCA ATII Carpenter Boy Limited Piper House. 4 Dukes Court Brynor Road, Chichester Wesl Sussex P019 8FX Solicitor5 I1n Mitchell LLP Thotnas Eggar house Friary Lane, Chichester Wesl Sussex P019 1UF Bankers HSBC UK STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Spinal Track is controlled by its governing docurnent, a deed of trust. and constitutes a limited cornpany, limited by gusrantee, as defined by the Companies Act 2006
Page 2 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10614904 REPORT OF THE TRUSTEES IINCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTS AND ACTIVITIES Objettives and aims The charity's objects as set out In the Memorandum and Articles ol Association are". To promote physical and rnental health ol people with disabilrties whether acquId at birth. in Childhood or in adult life. who would othenNise be excluded by enabling them lo enjoy the pleasures and benefits of taking part in motor sports Ira¢k events. by the provision of adapted and modified vehi¢les. alongside other people with disabilities and their friends and family members Publ1¢ beneflt The tru$lee$ ¢onfirm that they h8ve referred to the gllidan ¢ontained in the Charity Commi$sionerts general guidanc* on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees are satisfied that the charity continues to meet the public benefit test through its objectives and activities. ACHIEVEMENT AND PERFORMANCE Charitsble activities The financial r85ults for the period 8re d8tai18d in the Statement of Financial Activ88. During the year the charity has fulfilled it5 objectives by providing track day experiences based at Silver5tone and are lun on the full Grand prix cuicuit. FINANCIAL REVIEW With the additional experiell now up and running, our cost5 hsve increased. We have been incredibly diligent to ensu no money is wasted. bul that the experienct$ and safety are at the highe$l levels. Continuted support by our commercial sponsors make this extra rally experien possible. We have reiVed 8 dellt arnount of doantions from the public and continue to focus on this to cover sny1058 from commer¢ial partnerships. Reserve5 policy The trustees regulady review the level of serVeS to ensure that they a adequate forthe current and proposed levels of charitable activity. The total serveS at the year end are £273,55712022- £226,637) TRUSTEES RESPONSIBILITIES Legislation requi$ the Trustees lo prepare finan¢ial ststements for each finanoal year which show a true and fair view of the stale of affairs of the Charity and of the income and expendiCtu of the Charity for that period. In preparing those finanrial statements, the Trustees a reqUId to". select suitsble accounting policie$ and then apply them consistently.. make judgments and estimates that are reasonable 8nd prudent.. state whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures discolosed and explained in the finanual statements., 8nd prepare the finanual statements on the going concem basis unless it 18 inappropriate to presume that the ch8rity wll continue to Dperate. The Trustees are responsible for keeping proper accounting records which disclose with reasonable 8ccuracy at any liume the fin8nusl postion of the Charity and to ensure that the finanacial 5tat8ments comply with the Charities Act 2011. They are also responsible for safegusrding the assets of the Charity and hen for taking reasonable 5tep5 for the prevention and detection of fraud and othei irregularities Approved by order of the board of trustees on 27.0>2024 And signed on its behalf by". kls M Simpson- Trustee
Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPINAL TRACK I report to the charity trustee5 On tny examination of the accounts of the Company for the year ended 31 December 2023 Responsibilities and basis of report As the charrty's trustees of the Company land a150 Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirement of the Cornpanies Act 20061'lhe 2006 Act"). Having satisfied myself that the acwunts ol the Company are not required to be auditsd under Part 16 of the 2006 Act and a eligible lor independent examination, I report in respect of my examination of the Trust's accounts carried out under section 145 of the Charities Act 20111.the 2011 A¢t"l. In carrying out my examnination I have followed the Dire¢lions given by the Charity Commission under section 14515llbl ol the 2011 A¢t. Independent Examlne*$ Ststement I have ¢ompleted my examination. I confirm that no material matters have come to my attention in connection with the examination giving me ¢ause to believe that in any material re$pe¢t.' acwunting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements concerning of section 396 of the 2006 Act other than 8ny r8quirement that the accounts give a'tru8 and f8ir view which is not a matter considered as part of an independent examin8tion or the accounts have not been prepared in accordance with the methods and principles of the Staternent of Recommended Practi for accounting and reporting by charities piepanng their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Ireland IFRS1021 I have no Con[5 and have Come across no other tnatters in connedion with the examniation to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. ¢lalre Nornyood Bsc F¢A ATII chartered Accountsnt Carpenter Box Limited Piper House 4 Dukes Court BnOr Road Chichester West Sussex P019 8FX Dated .
Page 4 SPINAL TRACK REGISTERED CHARITY NO.1173286 REGISTERED COMPANY NO. 10614904 Balance Sheet as at 31 December 2023 Note As at 31.12.2023 As at 31.12.2022 Fixed Asset5 Tangible Assets 26,232 20,060 Current Assets Cash at bank Debtors 246,364 3,661 204.416 3.361 Liabilities falling due within 12 months Creditors 12,7001 11.2001 Net Cllrnt Assets 247,325 206.577 Total Assets less Current L18bllltles 273,557 226.637 Net A$$ets 273,557 226.637 Fund Balan¢e os at 31.12.2023 Unrestricted 273,558 226.637 The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Dember 2023. The members have not QuIred the ¢haritable Company to obtain an audit of its financial ststements for the year ended 31 December 2023 in acwrd8ncÉ Mrith section 476 of the Companies Act 2006. The trustees acknowledge their reponsibilities for. ensuring that the charitable company keeps accounting record8 that comply with Section 386 and 387 of the Companies Act 2006 and prep8ring financial statements which give a true and fair view of the stste of affairs of the charitsble company as al the end of each financial year and of its suiplus or deficit for each finan81 yesr in accordan with the requiiement5 of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 20(6 relating to financial staternents, 50 far as applicable to the charitable company. These financial staternents have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the board of trustees on 27.092024 .and signed on their behalf by M Simpson- Trustee The notes on pages 6-9 form part of these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10614904 Statement of Financial Activities for the ear ended 31 December 2023 Includin Income and Ex enditure Account General Unrestricted Fund5 Year ended 31.12.2023 Year ended 31.12.2022 Pa Income and Endowments from". Donations and Legacies 108,290 70,864 Total Income 108,290 70,884 Expenditure on.. Charitable Activities 61,369 82.666 Total Resources Expended 61,369 82.666 Net income for the yearlNet movement in funds 46,921 Fund balan brought forward 31.12.2022 226,637 238,418 Fund balance carried forward 31.12.2023 273,558 £ 226.637 None of the Charity's activrties were acquired or discontinued during this fiscal period. The Charity has no re¢ognised gains or losses other than those dealt with in the Statement ol Financial Activities. The notes on pages 6-9 form part ol these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 1 ACCOUNTING POLICIES The Spinal Track Charitable Trust is a private company limited by guarantee incorporated in England and Wales, company number 10514904 and Charity Commission number 1173285. The registered address is Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 1 UF. 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021"las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows. The accounts are prepared in steding, which is the functional currency of the charity. The principal accounting policies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the awounts, the trustees have reasonable expectation that the charity has adequate resources lo Continue in operational existence for the foreseeable future. Thus the trustees, continue to adopt the going concern basis of aceounling in preparation of the aceounls. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING 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. 1.4 INCOMING RESOURCES All incoming resources are included on the Ststemenl of Financial Activities when the charity is legally entitled lo the income, the amount can be quantified with reasonable accuracy and il is probable that income will be reived. 1.5 CHARITABLE ACTIVITIES Expenditure on charitable activities consists of the costs necessary lo deliver the charities objectives and are accounted for on an accruals basis 1.6 TANGIBLE FIXED ASSETS Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful life. Motor vehides- 25 /0 on a reducing balance
Page 7 1.7 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practi. These costs include costs related lo statutory audit and legal fees together with other overhead and support costs. 1.8 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.9 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11 °Basic Financial Instruments" and section 12 "Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial slalements, when there Is a legally enforable right to sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assots Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impaiment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised al transaction pri unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the present value of the future reiptS discounted al a market rate of Interest. Debt instruments are subsequendy carried al amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised Initially at Iransa¢lion price and subsequently measured al amortised cost using the effective interest method.
Page 8 Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required lo 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Page 9 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 Note Year ended 31.12.2023 Year ended 31.12.2022 3 DONATIONS AND LEGACIES Donations and gifts 108,290 70,884 Year ended 31.12.2023 Year ended 31.12.2022 4 TANGIBLE FIXED ASSETS COST At 1 January 2023 Additions Disposals As at 31 December 2023 64,885 21,181 119 7901 66,276 57.885 7.000 64,885 DEPRECIATION At 1 January 2023 Charge for year Eliminated in respect of disposal As at 31 December 2023 44,827 8,744 113,5251 40,046 38.142 8.685 44,827 NET BOOK VALUE At 31 December 2023 26,230 20.058 At 31 December 2022 20,058 19.745 6 DEBTORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2023 Year ended 31.12.2022 PpaYMentS 3,661 3.361 6 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2023 Ye8r ended 31.12.2022 Accrued expenses 2,700 1.200 7 SUPPORT AND GOVERNANCE COSTS Accountant fee Audit fee Company Secretarial Insuran Postage Advertising costs Website costs Sundries Bank charyes 1.500 1.200 9,892 13 6.114 25 609 799 961 1,107 110 Basis of Allocation. All of the governan and support costs ale allocated to the charitable adivitie5 totalling £12.909 in 20231£9.517 in 20221
Page10 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2023 8 MOVEMENT IN FUNDS Net movement in funds At 31.12.2023 At 1.1.2023 Unrestrlcted funds General fund 226,637 46,921 273,558 TOTAL FUNDS Net movement in fund8, included in the above are as follow8.. Incoming resourTrs Resources ex ended Movement in funds Unrestrlcted funds General fund 108,290 161,3691 46,921 TOTAL FUNDS Comparative net movement in funds, included in the above are as follow8.. Incoming resourc8 Resources ex ended Movement in funds Unrestricted funds General fund 70,884 182,6661 111.7821 TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows.. Net movement In funds At 31.12.2023 At 1.1.2022 Unrestricted funds General fund 238,418 35,139 273.557 TOTAL FUNDS Net movement in funds, included In the above are as follows. A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows. Incoming resour$ Resources ex ended Movement in funds Unrestricted funds General fund 179,174 1144,0351 35.139 TOTAL FUNDS 179,174 1144,0351 35.139 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Decernber 202312022 ".nill 10 EMPLOYEES The were no employees during the year12022".nill 11 TRANSACTIONS WITH TRUSTEES The We no payrnents for muneratIon or expenses to trustees during the year12022'.nill
Page11 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 D8taili8d Stat8ment of Financial Activitie5 for the 8ar ended 31 D8cemb8r 2023 Note Year ended 31.12.2023 Year ended 31.12.2022 INCOME AND ENDOIPIMENTS Donations and legacies Donations ceiVed Sponsorship reiVed 108,290 15,864 55.000 Total incoming SoUrceS 108,290 70.884 EXPENDITURE other Motoring expenses Track Day costs Motor vehides- depreciation Profit on sale of asset 36,076 11,675 8,744 18,0351 48,460 43,372 23,091 6,685 73,148 Supportcosts Management Insurance Postage and stationery Advertising Sundries 9,892 13 609 799 11,313 6,114 25 961 1.107 8,208 Finance Bank chaiges 110 Governance costs Accountancy and legal fees Total outgoing resources 1,500 61,369 1,200 82.666 Net income 46,921 111.7821