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 I￿15
Notes to the Accovnts
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SPEARHEAD BARBELL
L al & Administrative Information
Sp•arhe•d ￿rbell
Trusts•s' Ann￿1 R￿Ort •nd A(£ounts for Y••rs 2022-2023
The Trustees present their annual reF4Jrt and financk31 statements for the forfinancial year ending 25 A￿ust
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.
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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 g￿n8 concern basis unless it15 Inappropriate to do so.
The trustees are responsible fof keepln8 sufficient accountir4 ￿(Or￿S 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 P￿ventIon 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￿ a￿r￿lties.
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
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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 rnern￿r
club of Brit15h Weightlifb'ng IBWLI and the British Drug-Free Powerfffting Association18DFPAI. We also relyon
volunteers lor all mana8ernent and administrat￿￿ functi￿5
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. el￿n8 athletes Ilwn8 and W0￿1n8 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 cha￿e 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 leb*l. 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 pro￿ded.
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 refe￿nCe to the
guidance and terminology published by the Charity Commission. The policy is also reviewed, when warraTrted
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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 COncer￿d 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 ph￿lea1 premises or employees at this time. however theve are limited e£onomic
risks io the CIO'S on8oinE wability.
Accountin
Policies
The accounts w0￿ded 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 regISte￿d on 25 August 2021. Assets. liabilities and funds We￿ transferred.
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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, Go￿1￿￿¢* •nd M•n4ym•rt
Spearhead 8arbell is constituted as a CIO on the Assocyation Model. The governing d￿uMent 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.
D￿l$lOn5 a￿ made by simple majority of votes at a meetin8 of Tnjstees or by resolution made in writing or in
electronic form and agreed by all Trustees.
Induction ol Trustees is overseen by the Secretary.
Rd•r•nr• •nd Admlnlstr•tlw D•tsll¥
The CIO'5 lull name is Spearhead Barbell. The Charty registration number 1$ 1195637
al Contact..
Daniel Peden
4 HIc￿n Street
London
E143LW
Trustees on 25th Au
ust 2024..
MrDPeden
Mrs Y Zhang
Mr5 D Peden
Mrj Peden
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SPEARHEAD BARBELL
ofaffa15 oftre CIO •xl (*tr* ottr* *x that trKtse fmnd
stat&i*nts the uu4ees &Te rnqu*wJ 10.
nancwl $wterr￿ls.
lkn• the pco*bJn ol ip* 00. ar? INsaliyr+*nq Otim CIO hen￿ fur
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SPEARHEAD BARBELL
Statement of Financial Artivtties
Notes
Unrestrfcted
Funds
Rest1￿18d
FuTrJs
Total 2024
Incomlng Re$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
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SPEARHEAD BARBELL
l•nce Sheet
Noles
Unrestricted
FuThJs
Resthcted
Fl￿￿S
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
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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 prepa￿d 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.. ACC￿nting 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 conS￿er 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 Don*tlons
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 R*￿ted 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.
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SPEARHEAD BARBELL
Gifts in kind for use by the CIO are included in the SOFA as I￿orne 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 irKI￿￿ed 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•Co￿ltbon
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.
Gr*nts wlth P•rlomi*nt• 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.
In￿stments
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
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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 Fina￿131 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
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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 & A￿o￿ntan(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
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SPEARHEAD BARBELL
£45,840
£o.(M)
£32.322
E45,840
8. Debtors •nd pr*pa￿￿nts
The CIO hekl no debtors during this financial period
9. fJ•dltors and Attruals Abnounts F*lllni 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￿¥lL￿5 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