THE SPINAL TRACK ANNUAL REPORT FOR 1/1/24 – 31/12/24
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.
2024 Charity achievements:
We ran 9 track days at Silverstone, giving 36 drivers an incredible day behind the wheel.
We spent a lot of time trying to find a replacement experience due to sadly losing the rally school venue late in 2023. Unfortunately we couldn’t find a rally school or driving venue that would work for us, but we continued to work hard to find somewhere that would be good, safe and appropriate for our accessibility needs.
We carried on and grew our community events. Events included taking a group of drivers to the Aston Martin F1 factory at Silverstone to watch Free Practice of the British Grand Prix and have a tour, to inviting 50 guests to the Silverstone Festival and then having our Christmas Party at the Aston Martin F1 factory.
Fundraising:
We are still 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.
It was a difficult year for fundraising, but due to holding good reserves, we can run a deficit occasionally but we will try our best to run a positive year end balance.
Trustees:
Richard Solomons (Chair)
Simon Evans
Mike Simpson
Signed on behalf of the Trustees:
Andrew Bayliss Co-founder 28/10/2024
IM irwinmitchell SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 FINANCIAL STATEMENTS For the ear ended 31 December 2024 (Ref: 05410330}
SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Contents lo Financial Statements for the earended 31 December 2024 Pa Annual Report of the Trustees Independent Examinerfs Report Balance Sheet Statement of Financial Activities 6-11 Notes to Financial Statements
Page 1 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. 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 governing document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. REFERENCE AND ADMINISTRATION DETAILS Registered Company number 10514904 IEngland and Wales) Registered Charity nurnber 1173285 Registsred office Thomas Eggar House, Friary Lane Chichester, West Sussex P019 1UF Trustees SJWEvans M Simpson R Solomons Independentexaminer Jordan Abbot Bsc ACA Carpenter Box Limited Piper House, 4 Dukes Court Bognor Road, Chichester West Sussex P019 8FX Solicitors Irwin Mitchell LLP Thomas Eggar house Friary Lane, Chichester West Sussex P019 1UF Bankers HSBC UK STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Spinal Track is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006
Page 2 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 REPORT OF THE TRUSTEES IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTS AND ACTMTIES Objectives and aims The charitys objects as set out in the Memorandum and Arbdes of Association are: To promote physical and mental health of people wlh disabilities whether acquired at birth. in childhood or in adult life, who would othenmise be exduded by enabling them to enjoy the pleasures and benefits of taking part in motor sports track events, by the provision of adapted and modified vehides, alongside other people with disabilities and their friends and family members. Public benefit The trustees confimi that they have referred to the guidan contained in the Charity Commissione¢s general guidance 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 activib"es. ACHIEVEMENT AND PERFORMANCE Charitable activities The financial results for the period are detsiled in the Statement of Financial Acts"vities. During the year the charity has fulfilled rts objectives by providing track day eXperienS based at Silverslone and are run on the full Grand prix curcuit. FINANCIAL REVIEW With the additional experience now up and running, our costs have increased. We have been incredibly diligent to ensure no money is wasted, bul that the experien$ and safety are at the highest levels. Continued support by our commerryal sponsors make this extra rally experien possible. We have from commercial partnerships. Reseries policy The trustees regularly review the level of reserve5 to ensure that they are adequate for the current and proposed levels of charitable activity. The total reserves at the year end are £256,879 {2023- £273.5571 TRUSTEES RESPONSIBILITIES Legislation requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the stale of affairs of the Charity and of the income and expendicture of the Charity for that period. In preparing those financial statements, the Trustees are required to.. select suitsble accounting policies and then apply them consistently", make judgments and estimates that are reasonable and prudent.. - slate whether applicable accounting standards and statements of recommended practi have been followed, subject to any departures discolosed and explained in the financial statements- and prepare the financial stslements on the going )nCern basis unless it is inappropriate to presume that the charity will conb.nue lo operate. The Trustees are responsible for keeping proper accounting records which disdose wth reasonable accuracy al any liume the financial postion of the Charity and to ensure that the finanacial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenb.on and detecb.on of fraud and other irregularibes Approved by order of the board of trustees on . 25.09.25 - And signed on its behalf by.. kls M Simpson - Trustee
Pago 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPINAL TRACK I report lo the charity trustees on my examinatson of the accounts of the Company for the year ended 31 December 2024 Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirement of the Companies Act 20061.the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trusfs accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act"). In carrying out my examninab.on I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the Company as required by secb.on 386 of the 2006 Act., or the accounts do not accord wth those records. or the accounts do not comply with the accounb.ng requirements conceming of secb.on 396 of the 2006 Act other than any requirement that the accounts give a Irue and fair view which is not a matter considered as part of an independent examinatson 01 the accounts have not been prepared in accordan wth Ihe methc)ds and prinryples of the Statement of Recommended practi for accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland IFRS1021 I have no concerns and have come across no other matters in connection wth the examniation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jordan Abbott Bsc ACA Chartered Accountant Carpenter Box Limited Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX
Page 4 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Balance Sheet as at 31 December 2024 As at 31.12.2024 As at 31.12.2023 Fixed Assets Tangible Assets 16,720 26,232 Current Assets Cash at bank Debtors 237,329 5,693 246,364 3,661 Liabilities falling due within 12 months Creditors {2,8621 12,7001 Net Current Assets 240,159 247,325 Totsl Assets less Current Liabilities 256,879 273,557 Net Assets 256.879 273,557 Fund Balance as at 31.12.2024 Unrestricted 256,879 273,557 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Dernber 2024 The members have not required the charitable company to obtsin an audit of its financial statements for the year ended 31 December 2024 in accordance wth section 476 of the Companies Act 2006. The trustees acknowledge their reponsibilibes for. lal ensuring that the charitable company keeps accounting records that comply wth Seth'on 386 and 387 of the Companies Act 20[ and preparing financial statements which give a twe and fair view of the stste of affairs of the charitable company as at the end of each financial year and of its surplus or defiat for each financial year in accordan with the requirements of Sections 394 and 395 and which otherwse comply wth the requirements of the Companies Act 2006 relating lo financial statements, so far as applicable lo the charitable company. Ibl These financial statements have been prepared in accordan the speaal provisions of part 15 of the Companies Act 2006 relating to small charitable companies. 25.09.25 The financial statements were approved by the board of trustees on .............................and signed on their behalf by kls M Simpson - Trustee The notes on pages 6-11 fomi part of these accounts.
Page 5 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Stslement of Financial Aclivities for the ear ended 31 December 2024 Includin Income and Ex endituTr Account General Unrestricted Funds Yearended 31.12.2024 Year ended 31.12.2023 Pa Income and Endowments from.. Donations and Legacies 11 49,407 108,290 Total Income 49.407 108,290 Expenditure on: Charitsble Activities 11 66,086 61,369 Total Resources Expended 66,086 61,369 Net income for the yearlNet rnovernent in funds {16,6791 46,921 Fund balance brought forward 31.12.2023 273,558 226,637 Fund balance carried forward 31.12.2024 256.879 £ 273,558 None of the Charity's activities were acquired or discontinued during this fiscal period. The Charity has no recognised gains or losses other than Ihose dealt with in the Statement of Financial Activities. The notes on pages 6-11 fomi part of these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2024 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)"(as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functs-onal currency of the charity. The principal accounting policies adopted are set out below. 1.2 GOING CONCERN At the time of approving the accounts, the trustees have 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 preparation of the accounts. 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 Ststement of Financial Activities when the charity is legally entitled to the income, the amount can be quantified with reasonable accuracy and it is probable that income will be reived. 1.5 CHARITABLE ACTIVITIES Expenditure on charitable activities consists of the costs necessary to 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 to write off each asset over its estimated useful life. Motor vehicles- 250/0 on a reducing balan
Page 7 Impaimient of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.7 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability ofthe charity and its compliance with regulation and good practi. These costs include costs related to 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 to 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 statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneousty- Basic financial assets Basic financial assets, which includes debtors and cash and bank balans, are initially measured at transaction pri including transaction costs and are subsequently carried at 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. Impaimient of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment 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 beeen the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomel{expenditure) for the year. If there is a decrease in the impairment 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 net incomel(expenditure) for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 8 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 attransaction price and subsequently measured at amortised cost using the effective interest method. 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 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 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 2024 Year ended 31.12.2024 Year ended 31.12.2023 3 DONATIONS AND LEGACIES Donations and grfts 49,407 108,290 Yearended 31.12.2024 Year ended 31.12.2023 4 TANGIBLE FIXED ASSETS COST At 1 January 2024 Additions Disposals As at 31 Dember 2024 66,276 64,885 21,181 119,790} 66.276 17,0001 59.276 DEPRECIATION Al 1 January 2024 Charge for year Eliminated in respect of disposal As at 31 Dember 2024 44,827 8,744 13,5251 40.046 5,573 13,0631 42.556 NET BOOK VALUE At 31 Dernber 2024 16,720 26,230 At 31 Dember 2023 26,230 20,058 5 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2024 Year ended 31.12.2023 Refund due from Zest Racecar Engineering Ltd Prepayments 1,255 4,438 3,661 6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Yearended 31.12.2024 Year ended 31.12.2023 Accrued expenses 2,862 2,700 7 SUPPORT AND GOVERNANCE COSTS Accountant fee Audit fee Company Secretarial Insuran Postage Advertising costs Website costs Sundries Bank charges 1,482 1,500 10,467 301 9,892 13 330 365 609 799 96 Basis of Allocation.. All of the govemance and support costs are allocated to the charitsble activities tolalling £13,041 in 20241£12,909 in 20231
Page 10 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2024 8 MOVEMENT IN FUNDS Net movement in funds At 31.12.2024 At 1.1.2024 Unrestricted funds General fund 273,558 {16,6791 256,879 TOTAL FUNDS Net movement in funds, included in the above are as follows.. Incoming resources Resour$ ex ended Movement in funds Unrestricted funds General fund 49.407 {66,0861 116,6791 TOTAL FUNDS Net movements in funds for comparative year Incoming resources Resour$ Movement in funds Unrestrictsd funds General fund 108,29) {61,3691 46,921 TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows". Net movement in funds At 31.12.2024 At 1.1.2023 Unrestricted funds General fund 226.637 30,242 256,879 TOTAL FUNDS Net movement in funds, included in the above are as follovts". A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resour Resour$ ex ended Movement in funds Unrestricted fvnds General fund 157.697 {127,4551 30,242 TOTAL FUNDS 157,697 1127,4551 30,242 9 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Dember 202412023 ."nil) 10 EMPLOYEES There were no employees during the year12023."nill 11 TRANSACTIONS wrrH TRUSTEES There were no payments for remuneration or expenses to trustees during the year12023."nil)
Page11 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Detailed Statement of Financial Activities for the ear ended 31 December 2024 Year ended 31.12.2024 Year ended 31.12.2023 INCOME AND ENDOWMENTS Donations and legacies Donations reiVed Sponsorship received 49,407 108,290 Totsl incoming resources 49,407 108,290 EXPENDITURE Other Motoring expenses Track Day costs Motor vehicles- depreciation Loss I (Profit) on sale of asset 37,672 8,212 5,573 1,587 53,044 36,076 11,675 8,744 18,0351 48,460 Supporteosts Management Insurance Postage and stationery Advertising Sundries 10,467 301 330 365 11.463 9,892 13 609 799 11,313 Finance Bank charges 96 Governance costs Accountancy and legal fees Total outgoing resources 1,482 66,086 1,500 61,369 Net income 116,679 46,921
IM irwinmitchell SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 FINANCIAL STATEMENTS For the ear ended 31 December 2024 (Ref: 05410330}
SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Contents lo Financial Statements for the earended 31 December 2024 Pa Annual Report of the Trustees Independent Examinerfs Report Balance Sheet Statement of Financial Activities 6-11 Notes to Financial Statements
Page 1 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. 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 governing document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. REFERENCE AND ADMINISTRATION DETAILS Registered Company number 10514904 IEngland and Wales) Registered Charity nurnber 1173285 Registsred office Thomas Eggar House, Friary Lane Chichester, West Sussex P019 1UF Trustees SJWEvans M Simpson R Solomons Independentexaminer Jordan Abbot Bsc ACA Carpenter Box Limited Piper House, 4 Dukes Court Bognor Road, Chichester West Sussex P019 8FX Solicitors Irwin Mitchell LLP Thomas Eggar house Friary Lane, Chichester West Sussex P019 1UF Bankers HSBC UK STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Spinal Track is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006
Page 2 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 REPORT OF THE TRUSTEES IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTS AND ACTMTIES Objectives and aims The charitys objects as set out in the Memorandum and Arbdes of Association are: To promote physical and mental health of people wlh disabilities whether acquired at birth. in childhood or in adult life, who would othenmise be exduded by enabling them to enjoy the pleasures and benefits of taking part in motor sports track events, by the provision of adapted and modified vehides, alongside other people with disabilities and their friends and family members. Public benefit The trustees confimi that they have referred to the guidan contained in the Charity Commissione¢s general guidance 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 activib"es. ACHIEVEMENT AND PERFORMANCE Charitable activities The financial results for the period are detsiled in the Statement of Financial Acts"vities. During the year the charity has fulfilled rts objectives by providing track day eXperienS based at Silverslone and are run on the full Grand prix curcuit. FINANCIAL REVIEW With the additional experience now up and running, our costs have increased. We have been incredibly diligent to ensure no money is wasted, bul that the experien$ and safety are at the highest levels. Continued support by our commerryal sponsors make this extra rally experien possible. We have from commercial partnerships. Reseries policy The trustees regularly review the level of reserve5 to ensure that they are adequate for the current and proposed levels of charitable activity. The total reserves at the year end are £256,879 {2023- £273.5571 TRUSTEES RESPONSIBILITIES Legislation requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the stale of affairs of the Charity and of the income and expendicture of the Charity for that period. In preparing those financial statements, the Trustees are required to.. select suitsble accounting policies and then apply them consistently", make judgments and estimates that are reasonable and prudent.. - slate whether applicable accounting standards and statements of recommended practi have been followed, subject to any departures discolosed and explained in the financial statements- and prepare the financial stslements on the going )nCern basis unless it is inappropriate to presume that the charity will conb.nue lo operate. The Trustees are responsible for keeping proper accounting records which disdose wth reasonable accuracy al any liume the financial postion of the Charity and to ensure that the finanacial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenb.on and detecb.on of fraud and other irregularibes Approved by order of the board of trustees on . 25.09.25 - And signed on its behalf by.. kls M Simpson - Trustee
Pago 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPINAL TRACK I report lo the charity trustees on my examinatson of the accounts of the Company for the year ended 31 December 2024 Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordan with the requirement of the Companies Act 20061.the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trusfs accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act"). In carrying out my examninab.on I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the Company as required by secb.on 386 of the 2006 Act., or the accounts do not accord wth those records. or the accounts do not comply with the accounb.ng requirements conceming of secb.on 396 of the 2006 Act other than any requirement that the accounts give a Irue and fair view which is not a matter considered as part of an independent examinatson 01 the accounts have not been prepared in accordan wth Ihe methc)ds and prinryples of the Statement of Recommended practi for accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland IFRS1021 I have no concerns and have come across no other matters in connection wth the examniation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jordan Abbott Bsc ACA Chartered Accountant Carpenter Box Limited Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX
Page 4 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Balance Sheet as at 31 December 2024 As at 31.12.2024 As at 31.12.2023 Fixed Assets Tangible Assets 16,720 26,232 Current Assets Cash at bank Debtors 237,329 5,693 246,364 3,661 Liabilities falling due within 12 months Creditors {2,8621 12,7001 Net Current Assets 240,159 247,325 Totsl Assets less Current Liabilities 256,879 273,557 Net Assets 256.879 273,557 Fund Balance as at 31.12.2024 Unrestricted 256,879 273,557 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Dernber 2024 The members have not required the charitable company to obtsin an audit of its financial statements for the year ended 31 December 2024 in accordance wth section 476 of the Companies Act 2006. The trustees acknowledge their reponsibilibes for. lal ensuring that the charitable company keeps accounting records that comply wth Seth'on 386 and 387 of the Companies Act 20[ and preparing financial statements which give a twe and fair view of the stste of affairs of the charitable company as at the end of each financial year and of its surplus or defiat for each financial year in accordan with the requirements of Sections 394 and 395 and which otherwse comply wth the requirements of the Companies Act 2006 relating lo financial statements, so far as applicable lo the charitable company. Ibl These financial statements have been prepared in accordan the speaal provisions of part 15 of the Companies Act 2006 relating to small charitable companies. 25.09.25 The financial statements were approved by the board of trustees on .............................and signed on their behalf by kls M Simpson - Trustee The notes on pages 6-11 fomi part of these accounts.
Page 5 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Stslement of Financial Aclivities for the ear ended 31 December 2024 Includin Income and Ex endituTr Account General Unrestricted Funds Yearended 31.12.2024 Year ended 31.12.2023 Pa Income and Endowments from.. Donations and Legacies 11 49,407 108,290 Total Income 49.407 108,290 Expenditure on: Charitsble Activities 11 66,086 61,369 Total Resources Expended 66,086 61,369 Net income for the yearlNet rnovernent in funds {16,6791 46,921 Fund balance brought forward 31.12.2023 273,558 226,637 Fund balance carried forward 31.12.2024 256.879 £ 273,558 None of the Charity's activities were acquired or discontinued during this fiscal period. The Charity has no recognised gains or losses other than Ihose dealt with in the Statement of Financial Activities. The notes on pages 6-11 fomi part of these accounts.
Page 6 SPINAL TRACK REGISTERED CHARITY NO. 1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2024 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)"(as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functs-onal currency of the charity. The principal accounting policies adopted are set out below. 1.2 GOING CONCERN At the time of approving the accounts, the trustees have 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 preparation of the accounts. 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 Ststement of Financial Activities when the charity is legally entitled to the income, the amount can be quantified with reasonable accuracy and it is probable that income will be reived. 1.5 CHARITABLE ACTIVITIES Expenditure on charitable activities consists of the costs necessary to 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 to write off each asset over its estimated useful life. Motor vehicles- 250/0 on a reducing balan
Page 7 Impaimient of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.7 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability ofthe charity and its compliance with regulation and good practi. These costs include costs related to 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 to 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 statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneousty- Basic financial assets Basic financial assets, which includes debtors and cash and bank balans, are initially measured at transaction pri including transaction costs and are subsequently carried at 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. Impaimient of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment 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 beeen the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomel{expenditure) for the year. If there is a decrease in the impairment 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 net incomel(expenditure) for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 8 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 attransaction price and subsequently measured at amortised cost using the effective interest method. 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 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 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 2024 Year ended 31.12.2024 Year ended 31.12.2023 3 DONATIONS AND LEGACIES Donations and grfts 49,407 108,290 Yearended 31.12.2024 Year ended 31.12.2023 4 TANGIBLE FIXED ASSETS COST At 1 January 2024 Additions Disposals As at 31 Dember 2024 66,276 64,885 21,181 119,790} 66.276 17,0001 59.276 DEPRECIATION Al 1 January 2024 Charge for year Eliminated in respect of disposal As at 31 Dember 2024 44,827 8,744 13,5251 40.046 5,573 13,0631 42.556 NET BOOK VALUE At 31 Dernber 2024 16,720 26,230 At 31 Dember 2023 26,230 20,058 5 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Year ended 31.12.2024 Year ended 31.12.2023 Refund due from Zest Racecar Engineering Ltd Prepayments 1,255 4,438 3,661 6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Yearended 31.12.2024 Year ended 31.12.2023 Accrued expenses 2,862 2,700 7 SUPPORT AND GOVERNANCE COSTS Accountant fee Audit fee Company Secretarial Insuran Postage Advertising costs Website costs Sundries Bank charges 1,482 1,500 10,467 301 9,892 13 330 365 609 799 96 Basis of Allocation.. All of the govemance and support costs are allocated to the charitsble activities tolalling £13,041 in 20241£12,909 in 20231
Page 10 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Notes to the Accounts for the ear ended 31 December 2024 8 MOVEMENT IN FUNDS Net movement in funds At 31.12.2024 At 1.1.2024 Unrestricted funds General fund 273,558 {16,6791 256,879 TOTAL FUNDS Net movement in funds, included in the above are as follows.. Incoming resources Resour$ ex ended Movement in funds Unrestricted funds General fund 49.407 {66,0861 116,6791 TOTAL FUNDS Net movements in funds for comparative year Incoming resources Resour$ Movement in funds Unrestrictsd funds General fund 108,29) {61,3691 46,921 TOTAL FUNDS A current year 12 months and prior year 12 months combined position is as follows". Net movement in funds At 31.12.2024 At 1.1.2023 Unrestricted funds General fund 226.637 30,242 256,879 TOTAL FUNDS Net movement in funds, included in the above are as follovts". A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resour Resour$ ex ended Movement in funds Unrestricted fvnds General fund 157.697 {127,4551 30,242 TOTAL FUNDS 157,697 1127,4551 30,242 9 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Dember 202412023 ."nil) 10 EMPLOYEES There were no employees during the year12023."nill 11 TRANSACTIONS wrrH TRUSTEES There were no payments for remuneration or expenses to trustees during the year12023."nil)
Page11 SPINAL TRACK REGISTERED CHARITY NO.1173285 REGISTERED COMPANY NO. 10514904 Detailed Statement of Financial Activities for the ear ended 31 December 2024 Year ended 31.12.2024 Year ended 31.12.2023 INCOME AND ENDOWMENTS Donations and legacies Donations reiVed Sponsorship received 49,407 108,290 Totsl incoming resources 49,407 108,290 EXPENDITURE Other Motoring expenses Track Day costs Motor vehicles- depreciation Loss I (Profit) on sale of asset 37,672 8,212 5,573 1,587 53,044 36,076 11,675 8,744 18,0351 48,460 Supporteosts Management Insurance Postage and stationery Advertising Sundries 10,467 301 330 365 11.463 9,892 13 609 799 11,313 Finance Bank charges 96 Governance costs Accountancy and legal fees Total outgoing resources 1,482 66,086 1,500 61,369 Net income 116,679 46,921