Spearhead Barbell Trustees, Annual Report and Accounts for Years 2023-2024 Charity Number - 1195637 Company Number- CE026540
SPEARHEAD BARBELL Cont•nts Page 2 Legal & Adrnini5trative Information Pa8es4-7 Tru5teé5 Repjrt Page 8 Statement of Finanoal Activities Page 9 Balance She Pages I15 Notes to the Accovnts PG.I
SPEARHEAD BARBELL L al & Administrative Information Sp•arhe•d rbell Trusts•s' Ann1 ROrt •nd A(£ounts for Y••rs 2022-2023 The Trustees present their annual reF4Jrt and financk31 statements for the forfinancial year ending 25 Aust 2022. R•f•r•n(• •nd Admlnlstr•tlv• Inform•don Charity Name- Spearhead Barbell Charity re8istration number.- 1195637 Company registration number.- CE026540 Legal Status- CIO - FOUNDATION Re8iStered 26 Au8 2021 Financial Year Start- 26 Au8 2023 Financial Year End- 25 August 2024 Registered & Corre5pJndence Address: 4 Hicwn Street London E143LW Trust••s on 15th Auwst 2024.. MrDPeden Mr5 Y Zhang Mr5 D Peden Mrj Peden The existing trustees appoint any new trustee5 folh)wing the provisions of the CIO'sgtsverning instrument. PG.2
SPEARHEAD BARBELL TRU5tEES REPORT Introdurtlon The Trustees present their repjrt and financial statement for the period ending 2S August 2024. Thi5 report is presented in accordance with the Charities SORP IFRS 1021 issued in July 2014 and Update Bulletin l issued in February 2016. The financial statements have been prepared in accordance with the accounting policies set out on page 6 and compty with the Charity's Constitution. The Charity is a Charitable Incorporated Organisation ICIOI governed according to the Constitution re8lStered on 26 Aug 2021. The Charities Act 2011 requires the trustees to prepare finanual 5tatement5 for each financial Year which give a true and fair view of the state ol affairs ol the charrty and ol the incoming resource5 and application of resources of the charity for that period. ln preparing these financial statements. the trustees are required to.. Select suf(able accounting pollcies and apply them consistentlv. Observe the methods and principles In the Charities SORP 2W5. Make judgments and accounting estimates that are reasonable and prudent. Departures dls£losed anLI e¥plaSned in the finantlal statemenis. Prepare the flnancial statements on the gn8 concern basis unless it15 Inappropriate to do so. The trustees are responsible fof keepln8 sufficient accountir4 (OrS that dixlose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financki15taternents comply wilh the Charltles kt 2011. They are also responsible for 5afe8uardin8 the assets of the charty and hence for takinB reasonable Steps for the PventIon and detection of fraud and othef irregularities. Ob'ertive5 and Actwities Purposes of the CIO.. the promotion of community participath?n in healthy recreation in Tower Hamlets, London in particular by the provision ol facilities for participatin8 in the sport ol amateur Olympi£ wei8htllffin8, For the purpjses of this clause"facilitie5" mean5 land. buildin85. equipment. access to coachlng and oryaniskn8 SWtI arlties. Main ActSvities The majority of the CIO'S acii¥ilies are concerned with provKlin8 facilities to our members to participate In the sport of Olympic weightliftin8. on Grant Makin The CIO does not make grants. Some travel expenses are reimbursed forcoaches & members who compete in primary strength 5POrts competition5. sanctioned by the relevant NG85. tsn social Investment The CIO doe5 not make sotial inve5trnent5. Contrlbwion made Volunteers PG.3
SPEARHEAD BARBELL The CIO beTrefits from well-qualified volunteer coaches to help with our activities. Thanks to their efforts during thi5 period, by attaining the relevant training qualifications, the CIO is now and an affiliated rnernr club of Brit15h Weightlifb'ng IBWLI and the British Drug-Free Powerfffting Association18DFPAI. We also relyon volunteers lor all mana8ernent and administrat functi5 Achl•v•m•nts •nd P•rlorm•n Speèrhead 8arbell remain committed to our member5 and our kKal community. Our approach to remote learning and outdoor collettive exercise seThe our membership and the people of Tower Hamlets by providin8 support, coaching and trainin8 to all. regardless ol their circumstances. Our tearn has continued to succeed in 23}24. eln8 athletes Ilwn8 and W01n8 In the local area access to the took they need to pursue a healthler lifestyle through weightlifting. We confjnue to pmvlde remote coachlnR seThltes to members who We tralnln6 at home and Sn theSr local gvms. This meant that we were able to achieve our purpose as oudined in (rtjr govemin8 ¢)cument throughout a period of chae and uncertainty.. promotion of comrnunity participation in healthy recreation in Tower Hamlets, London, in parttcular by thè provis)n of faalitie5 for partiapatin8 in the sport of amateur Olympic weightlith'n8. Our club is open to all adults in the local area. willing and able to invest tirne in their health. a5 such the skill level of our rnember5hip is quite diverse and extremely varied in skill lebl. Competition is key part ol the top level of our sport, and thankfully our model has allowed us to 5UPPOrt more athletes to represent our club at competitions across the UK. We hope to be able to support ourtop athletes with their ambitK)ns to represent thelr countries In the future. however we can ne¥ef lose si8ht of the wider purposes of improvin8 health and access to sport io our local community. As such we ask all our top athleies to give their time io help support and train all those who want to learn. rtgardless of ability- Thank5 to this 5UPPOrt ol our founders and rnembers. the dub has procured additional sport5 equlpmenillècilities. meanin8 we are better able to meet the demands of the local communlty in the tomlng years. In order to continue to serve our members and the comrnuThity in the future. it is our ambition to secure physScal premises ol our own. wholly owned and run by the dub, at some point in the future. This ambition will require a decade lon8 commitment by the club as we look io do so while continuing to prowde Servi to the communitV the trustees however, remain confident that ihis tan be done and that a lon8 fun sustainable financial balan£e can be achieved. FSMnd•l R•W PositK)n at End ol Finantial Year The results lor the year and linaficial p051tion are set tyJt in the Profit aNI Loss Attovnt on pa8e 8 and the Balance Sheet on page 9 of the accounts proded. Totsl Incoming resources were £23.693 Resources expended were £10.175 The Net Funds Carried Forward for this year was £4S.840 ReseThos Brief Statement of the ao's Poli on Reserves The Trusiees review the policy on reserves and sei targets at leastonce pef annum wlth refenCe to the guidance and terminology published by the Charity Commission. The policy is also reviewed, when warraTrted PG.4
SPEARHEAD BARBELL by changes in risk assessment or business plans. The review indudes unrestricted funds, designated funds and tangible fixed a55ets. Transfers to and from funds 3ve authorised by the Trustees acting as a whole. Such reserves as we hold are principalty COncerd with the CIO'S ability to maintain those facilitie5 we provh4e to our mernbers. in order to rneet the thariW5 goals. The Trusiees have agreed that we should look to build a General Reserves in order w expand our servKes In the futu., the primary aim of which will be to secure our own physical premises, a 8ym, in the l¢xal areas from which to operate. It is also Unanimously agreed that by the trusrees that buildinR our general reserve in order to expand the services we can offer in hjture. should and will Thever come at the eMFen5e of our existing membership. The General Reserve that part of uniestricted fund5 that are freely available to spend. i.è. excluding designated funds and tangible fixed assets. Fundknl 5oui¢•s Grants and Donations The CIO is currenrly not in feceipt of any grants. Equipmeni and Funds have been donated throughout the year from our trustees. thi5 is our principal source of operating income. Income from Charitable Tradin Member5 who ch005e to rnake use of the CIO'S trainin8 lacilitits pay a mofith training fee of £1 lo The CIO has no employees. The majority ol coaching is pfovhled by suitably qualified members on a volunteer basis. The CIO does not make use of surtably qualified independent subcontrattors Iwhich is ionventional practite in the fitnes5 industry). All mana8ernent and administration functions are provided by volunteer members. PrIncIp Rlsks Demand for the CIO'S servi$ is heawly influenced by the COVID-19 pandemic. the risk here would be that excessive demand wouhj put a strain on the CIO'5 ability to provide servKe5 to the ILKal membership, which may expose the CIO to repLrtational risks and impact our b)ng run sustainabillty. A5 the CIO Lloes not maintain phlea1 premises or employees at this time. however theve are limited e£onomic risks io the CIO'S on8oinE wability. Accountin Policies The accounts w0ded have been prepared In accordance wsth UK Generally Accepted Accounting Practice The Charities SORP IFRS 1021 (July 20141 and Update Bulletin I IFebruary 20161 The Charities Art 2011 The CIO was regISted on 25 August 2021. Assets. liabilities and funds We transferred. PG.5
SPEARHEAD BARBELL Material Future Commitments The Tru51ees have no material future commitments as at 25 Au8U5t 2024 other than those shown in the accounts. StNrturn, Go1¢* •nd M•n4ym•rt Spearhead 8arbell is constituted as a CIO on the Assocyation Model. The governing duMent 15 registered with the Charity Commission and is also availaUe directly from the aub. The affairs of the CIO are manaRed by the Charity Trustees. There must be at least 3 and not more than 12 Trustees. Trustees are selected by election to 3 3-year term. Ml membefs of the CIO are eli8¢ble to vote on Trustees. The Members or Trustee5 may appoint new Trustees at any time provided that new Trustees appointed by Trustees must retire land may be re-appointed) at the next AGM. Dl$lOn5 a made by simple majority of votes at a meetin8 of Tnjstees or by resolution made in writing or in electronic form and agreed by all Trustees. Induction ol Trustees is overseen by the Secretary. Rd•r•nr• •nd Admlnlstr•tlw D•tsll¥ The CIO'5 lull name is Spearhead Barbell. The Charty registration number 1$ 1195637 al Contact.. Daniel Peden 4 HIcn Street London E143LW Trustees on 25th Au ust 2024.. MrDPeden Mrs Y Zhang Mr5 D Peden Mrj Peden PG.6
SPEARHEAD BARBELL ofaffa15 oftre CIO •xl (tr ottr x that trKtse fmnd stat&ints the uu4ees &Te rnquwJ 10. nancwl $wterrls. lkn• the pcobJn ol ip 00. ar? INsaliyr+*nq Otim CIO hen fur PG.7
SPEARHEAD BARBELL Statement of Financial Artivtties Notes Unrestrfcted Funds Rest118d FuTrJs Total 2024 Incomlng Re$our¢es From Donaticffls, Legades & Similar Income 3a £23,500 £23,500 other TradirvJ Activities 3b £193 £193 Total Inc¢Jmlng Resources £23 693 £0 £23,693 Re$our¢¢$ Expended From Costs of Charitabb Ath'vtti'es 4a £10.156 £10,156 Govern8rKe Costs 4b £19 £19 T¢tal Resources Expended £10.175 £0 £10.175 Net Incomlng IOutgolng} R•sourc•s £13,518 £0 £13,518 Funds Brwght Forwar £0 £0 £0 Total Funds Carried Forward £13,518 £0 £13,518 PG.8
SPEARHEAD BARBELL l•nce Sheet Noles Unrestricted FuThJs Resthcted FlS Total 2023 Fixed Assets Tangible Assests £15.169 £0 £15.169 Investments £0 £0 £0 Total Fbxed Assets £15.169 £0 £15,169 Current Assets Debtors & Prepayments £0 £0 £0 Cash at the Bank and In Hand É45.840 £0 £45,840 Total Curr•nt Assels £45,840 £0 £45,840 Credllor8.' amounts falllng due thin txe year £0 £0 £0 N•t Curr•nt A¥¥•ts £45,840 £0 £45,840 Total Assets less current £61.(9 £0 £61,W9 Creditors.. amounts falling duo In more than one year 10 £0 £0 £0 Nel Assets £61.009 £0. £61,IX)9 Funds of the Charity General Fund £45.840 £0 £45,840 Reslmcted Funds £0 £0 £0 Total Funds £45.840 £o.Tr) £45,840 PG.9
SPEARHEAD BARBELL Not•5to the kcountsforth• Ywr End•d 25th Au¢u5t 2022 Ac¢ountSn¢ Polkles The principal actounting policies are summarised below. The accountin8 policies have been applled consistently throughout the year. B•sls ol Pr•por•0n.' The financial statements have been prepad under the historital cost convention with items recognised at cost or transaction value unless otherwise 5tsted In the relevant rw)tes. The financial staternents have been prepared in accordance wf(h the Statement of Recommended Practice.. ACCnting and Reporting by Charlties preparing their accounts in accordance wr(h the Financial ReportlllB Standard applicable in the UK and Republic of Ireland IFRS1021 leffectNe l January 20151 Icharities SORP- FRS1021 and the Charities Aci 2011. The CIO meets the delinition of a publK benefit entity under FRS102. Assets and liabilities are initiallv reco8ni5ed at historical tost unless Otherwise stated in the relevant accountin8 policy notes. AM•ssm•nt of Golni Con¢•rn Preparation of the accounts is on a 804n8 concem basis. The trusiees conSer that the are no material uncertalntles about the CIO'S abillty to contlnue as a 804ng concem. R•co8nltlon of Incornln8 R•wur¢ These are included in the Statement of Financial Activr(ies ISOFAI when= The charty Èecomes entitled to the resources. The trustees are virtually certain they will receive the resources. The monetary value can be measured with suffioent reliability. In¢ornln8 R•stsuvc•5 wilh R•l•f•d •xp•ndltur• Where incoming fesources have related expenditure las with fundraising or toniract incomel the Incomlng resources and relaied expenditu a reported 8ross in the SOF fjrints •nd Dontlons Grants and donations a only Included in the SOFAwhen the charity has uncondltlonal entitlement to the resource5. T•x R•¢l•lms M Don•tknns Gwts Incorning resources from tax reclairns are induded in the SOFA at the Same time a5 the gift to which they relate. Contrn¢tu•l Incorne •rKI Perlorni•nce Rted Gr•nts This is only included in the 50FA once the lated goods or semces has been delNeied. Gffts In Klnd Gifts in kind are accounted for at a reasonable estimate of their value tothe CIO or the amount actual realised. Gifts in kind lor sale or distribution are included in the accounts as gifts onty when sold or distributed by the cio. PG. 10
SPEARHEAD BARBELL Gifts in kind for use by the CIO are included in the SOFA as Iorne receivable. Notes to the Accounts l¢ontlnuedl for the Yur Ended 25th Awst 2022 l. Accountlnl Pollcl•s IcortlN•dl Volunt••r H•lp The value of any voluntary help received is not irKIed in the accounts is described in the Report of the Trustees. Donat SeNk•s and Fatlmtles These are only included in incoming resources (with an equivalent amouni in resources expended) where the benefit to the CIO is reasonably quantifiable, measurable and material. The value placed on these resources 15 the e5tirllated value to the CIO ol the seryice or facility received. Inv•stm•nt Incorn• Thi5 is included in the accounts when receivable. Inwstm•nt G•lns •nd LoM•s Thls Included any gain or loss on the sale of Investments and any 8aln or loss resultlng from revalvlng Investments to market value at the end of rhe year. Exp•ndltur• Ll•bllltl•s Ll•bllty R•Coltbon Liabilities are reco8nised as soon as the is a legal or conslrurtive obli8ation commi(tin8 the CIO to pay out resource5. Gov•m•nc• Costs Include costs of the preparatbon and examination of statutory accounts. the costs of the trustee5 rneetinBS and tost of any legal advice to trustees on govemantt or constitutional matters. Grnts wlth P•rlomint• Condltbns Where the CIO gives 8 8rani with conditions for its payment bein8 a specific level ol seThice or output to be provided. such srants are only recognlsed in the SOFA once the recipient of the grant has pr¢)vlded the specified service or output. Gr•nts P•y•bl• wlthout P•rfonn•nc• Condltlons These are only reco8nised in the accounts when a commltment has been made and there are Tho condltlons to be met relating to a grant whKh remain in control of the CIO. Instments Investment5 quoted on a re(ognised stock exchan8e are valued at market value at the year end. Other investment assets are included * tTUStees' best estimate ol market val. P•nsitins Pen5K)n contributions are tharged to the Statemevt of FinaTKial Actiwties 35 they become payable. Unrestrkted funds PG. 11
SPEARHEAD BARBELL These funds can be used for the general objective5 of the charrty as set out in the trustees, report. The movernent5 of the unrestricte(I funds are given in the Statement of Fina131 Activities. R•strfcted funds These funds are where the donor has specified a purwjse for the donation made. Flx•d Ass•ts Fixed Assets are capit3lised rf they (an be used for more than one year and c05t at least £1.5(. They are valued at cost or, il Bifted, at the value to the chavity on receipL O•pr•tlatl4Jn Exp•ns• Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows.. Fixtures, Fittin8s & Equipment 25%. Reducin8 Balance 8asis 2. T•nilbk• Hx•d latI Unrestricted Funds Restricted Funds Total 2023 Fixtures. FittlTh85 & Equipment £15.169 EO £15,169 £15,169 £0 £15,169 3. InWmI R•50urc•s Unrestricted Funds Restricted Funds Total 2023 al Donatlons, Le8acies & &milar In¢ome Donations and le8acies £23,500 £0 £23,500 bl Charitable Activlties Interest Membership & Trainin8 Fees £134 £59 £0 £0 £134 E59 £23,693 EO £23,693 PG. 12
SPEARHEAD BARBELL 4. R•sourc•s Exp•nd•d Unrestricted Funds Restricted Funds Totsl 2023 al Costs of Charitable Aciiviiies Competition Costs Equipment Costs censes & Subsuiptions Merchandising Costs Printin& Postage & Stationery Repairs & Maintenante Sub-contractor Costs Sundry Expenses Telephone & Intemet Travel & Subsistence Volunteer Training Costs Insurance £756 £1.963 £0 £0 £62 £0 £0 £0 £0 £0 £756 £1,963 £0 £0 £62 £0 £0 £0 E470 £6304 £599 £0 EO £0 £0 £0 £0 £0 £0 £0 £0 £0 £470 £6304 £599 £0 £10,156 £0 £10,156 bl Governance Costs 8ankin8 & Aontan(Y Fee5 £19 £0 £19 £19 £0 £19 5. R•strlct•d Funds The CIO hekl no restrfrted funds durlng thls flnanclal perk*J. 6. Inv•stm•nts The CIO hehl no fixed assets investments durin8 thi5 fmancial period. 7. Cash At Th• Bank ArKI In H•nd Unrestricted Funds RestrKted Funds Total 2023 Total 2024 Current Account- Natwe5t £655 £0 £31,280 £0 £1,041 £655 Savlngs A¢count- Natwest Cash £45.134 £50 £0 £0 E45,134 £50 PG. 13
SPEARHEAD BARBELL £45,840 £o.(M) £32.322 E45,840 8. Debtors •nd prpants The CIO hekl no debtors during this financial period 9. fJ•dltors and Attruals Abnounts Flllni Wlthln (kn• Y••r The CIO hekl 00 relevant lsabilitie5 durin8 this financ$ period. 10. Cr•dltor5 •nd A(cru•15Amounts F•llln¥ Du• In Mor• Than On• Ymr The CIO hekl no lon8.term Irdbilities durin8 thi% financial period. 11. STAFF COSTS AND NVMBERS The CIO employed no members of staff durfjn8 this ty the p¥lL5 linancial period. 11. Trust• •nd Oth•r R•l•t•d Partl•s No payments were made totrustees, or any perso connected with them durire this financial perlod. No other materlal transaction took ace between the or8anls*ion and a trustee, or any person connected wlth them PG. 14