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2023-12-31-accounts

CHARITY NO: 273828

BRITISH MOTOR SPORTS TRAINING TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

British Motor Sports Training Trust 141 The Command Works Southern Avenue Bicester Heritage Bicester Oxfordshire OX27 8FY

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) CONTENTS

Page
Charity Information 3
Trustees' Annual Report 4-12
Independent Auditors' Report to the Trustees of the British Motor Sports Training Trust 13-15
Statement of Financial Activities 16
Balance Sheet 17
Notes to the Financial Statements 18-23

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BRITISH MOTOR SPORTS TRAINING TRUST ‘BRITISH MOTORSPORT TRUST’) CHARITY INFORMATION

(OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’)

TRUSTEES

The trustees who served throughout the year 2023, and since, are as follows:

R K Parkin - Chair
N E H Moffitt
H B Chambers
J Morris
D Ostrowski
P Foster
K E Traxton
Dr B J Shippey
OTHER OFFICIALS A Dean-Lewis, MBE, Trust Secretary
C Murray, Treasurer
CHARITY NUMBER 273828
CHARITY OFFICES 141 The Command Works
Southern Avenue
Bicester Heritage
Bicester
Oxfordshire
OX27 8FY
Telephone – 01753 765000
Email - gensec@bmstt.org
AUDITORS Haysmacintyre LLP
10 Queen Street Place
London EC4R 1AG
INVESTMENT MANAGERS Investec Wealth & Investment Ltd
30 Gresham Street
London EC2V 7QP
And
Evelyn Partners Investment Management LLP
(formerly Smith & Williamson Investment LLP)
45 Gresham Street
London EC2V 7BG
PRINCIPAL BANKERS National Westminster Bank PLC
118 High Street
Slough
Berks
SL1 1JH

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2023

Chairman’s Introduction

The past year again provided a mix of opportunities and challenges for the Trust – opportunities as motorsport continued to build its event activities and profile, but also challenges caused by continuing geo-political difficulties in several global arenas, not least the ‘cost of living’ crisis fuelled by high inflation here in the UK, and which collectively had a generally negative to neutral effect on the financial markets and hence the performance of our investments during the year, although there was some improvement identifiable towards the year-end despite increased turmoil in the Middle East.

Despite this generally uncertain background, the grant aid programmes of the Trust continued to be delivered and targeted wholly in line with the aims and objectives of the Trust, using the three identified pillars of support, as detailed in the Trust’s agreed guideline document “How the Trust operates its grant aid schemes”- copy of which is appended to this report.

Together, these pillars of support very much surround the safety training of volunteer officials and the further enhancement of safety and rescue standards in our sport, and these areas remain continuing major strands in the times ahead, The Trust’s role is education and training, and its paramount priority is safety. Motor sport could not exist without the thousands of volunteers, be they marshals, doctors and paramedics or rescue teams, and the training and accreditation of volunteers remains crucial to their own safety and that of participants and spectators. Encouraging the wider adoption of on-line training where possible and appropriate is also seen as a cost effective way for the Trust to extend its range of Training Programmes, something that has been actively adopted in Scotland and which is also being further encouraged elsewhere.

Following the adoption of a new ‘working’ title for the Trust (as the ‘British Motorsport Trust’) as approved by the Charity Commission (without changing the current legal name of the Trust as the ‘British Motor Sports Training Trust’) on the 6[th] June last year (2022), this year has seen much time spent in finalising and launching a new website during Summer 2023, in tandem with other marketing and communication aspects and a fresh look at creating new fundraising opportunities to further extend the sustainability of the Trust for the future so that extension of the current grant aid programmes could be undertaken where and when considered appropriate by the Board of Trustees.

During 2023 the Trustees also conducted a planned review of the Trust’s Reserves Policy which had been amended in January 2021 to allow a temporary breach for a specific period (up to a maximum of 3 years to the end of 2023) because of the special circumstances occasioned by the Covid-19 pandemic and its longer term effects. Paramount in the Trustees consideration was that this further review of the Trust’s Reserves Policy would primarily focus on ensuring at all times that the Trust could continue its good work, whilst also ensuring that the resources of the Trust were not depleted to a point where the Trust’s future as a going concern might be prejudiced. After appropriate Trustees discussions during the course of the year, a new Reserves Policy was unanimously agreed in November 2023, for implementation from January 2024, specific details of which are described in the relevant section of this report.

Objectives and activities for the public benefit

The objects of the Trust are to provide funds for education and training particularly of volunteer officials, and to provide other grants to further improve safety in the sport, including the best practice use of relevant equipment in order to prevent and reduce the incidence and gravity of accidents in motor sport generally. The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit at https://www.gov.uk/guidance/public-benefit-rules-for-charities when reviewing the Trust’s aims and objectives, in planning future activities, and in setting the grant making policy for the year.

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BRITISH MOTOR SPORTS TRAINING TRUST

(OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2023 - CONTINUED

Grant making policy

Through its ‘Training Day programme’, the Trust makes grants to support safety and training projects for volunteer officials, including marshals training days and Advanced Trauma Life Support and other medical training days for Doctors and Paramedics; the training of volunteer members of Rescue and Recovery Crews, and – through its ‘Safety Development Fund’ - provides grant aid to support the purchase, refurbishing and replacement of Rescue and Recovery Units and their specified equipment to ensure the highest standards of safety are maintained in the sport. Through its ‘Special Projects’ grant pillar, the Trust also provides grant aid through partnership funding to assist safety improvements at motor sport venues (e.g. the purchase of LED safety light panels at certain race circuits), and to support certain safety training initiatives delivered by Motorsport UK.

Applications to the Safety Development Fund for grant aid are submitted to the Trust Secretary, who checks the applications for validity and correctness, and they are then considered by an Awards Panel consisting of independent trustee Mr Nicky Moffitt, the Trust Secretary Mr Allan Dean-Lewis MBE, and three other independent members selected for their lifelong breadth of motor sport experience across all disciplines, these throughout 2023 being the Chairman of the Regional Committee, Phil Foster ; previous Secretary of the former Motorsport Safety Fund Charity, Dominic Ostrowski ; and International Training Instructor and Senior Official, Mr Neil Fuller.

Feedback is collated and any queries resolved, and after agreement of the level of support then a formal offer letter is sent by the Trust Secretary. All grants are typically paid at a range of percentages of the value of evidenced actual expenditure for the work or projects involved. Whilst all applications are judged on their individual merit measured against the objectives of the Trust, the Awards Panel use a standardised guideline document - reviewed annually and ratified by the Board of Trustees - to ensure a consistency of award for a given type of application. Details on how to apply for grants, together with the relevant forms are available from the Trust Secretary and are also included on the Trust’s rebranded website at www.britishmotorsporttrust.org .

This provides guidance notes to assist understanding of the grant aid process and availability, and the provision of an on-line, as well as downloadable, application facility. The relaunched and re-branded website developed during 2023 also provides a single point of contact for general information about the Trust and includes unsolicited testimonials from a range of Clubs and organisations who have benefitted from grant aid from the Trust. Importantly, through such as the ‘Donate’ button and greater publicity efforts by the Trust to use the new website to create new or improved income streams, it is hoped that the potential for receipts from this fundraising tool for the Trust can be increased for the future. It is also noted that some legacy bequests were received by the Trust during the year – totalling £27,000 – which identifies another potential future revenue stream for appropriate publicity.

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2023 - CONTINUED

Achievements and Performance

The Trustees consider that the performance of the charity this year has been satisfactory.

During 2023, the Charity considered 30 applications for grant aid under its Safety Development Fund programme which enabled key areas of the sport to progress with safety related projects, with the breakdown of grants benefitting the training and equipping of Medical/ Rescue Units and their volunteer crews (helped by the recovering levels of available income for re-investment into new equipment post-Covid) (54%) whilst improved activity levels also encouraged Venue Safety improvements (34%). Other grants were made to benefit Rally and Closed Roads Safety (1%) and Recovery Unit equipment (11%). Feedback from Clubs and organisations from across the UK and its islands in receipt of this grant aid has remained universally and overwhelmingly positive. Grant aid applications for the Safety Development Fund during 2023 were almost universally made via the online platform on the Trust’s new website, which included supporting guidance notes and other general information.

Unsolicited comments from recipients of grants are displayed on a rolling basis on the relevant pages of the Trust website at www.britishmotorsporttrust.org (Training / Safety / Special Projects) and reflect the real value of the Trust’s grants to the volunteer officials sector of the sport.

Training projects grant aided by the Trust provided support with the delivery of training to a range of volunteer officials across all the disciplines and activities within the sport, and across the whole spectrum of knowledge from newcomers to the sport (a target area to meet increased needs) to those experienced individuals where updating and refreshing their knowledge (according to identified training needs) is an essential part of keeping them up to date. The importance of training especially in safety related areas and the management of incidents is very much recognised by the volunteers in the sport, and local, regional and national delivery using licensed Training Instructors is a key ingredient in being able to deliver those needs, and the Trust’s support is widely acknowledged. It was pleasing to see continued high demand and increased attendance levels at the supported Training Days during 2023, although – very much in line with previous historical patterns - the total grants provided still fell short of the originally budgeted amount based on applicants cost estimates. Changes in the analysis of grant applications received for the Training Day programme, and their assessment on a ‘return on investment’ basis are to be considered by Trustees during 2024, in time for the application process for 2025.

During 2023 the Trust also continued providing grant aid support for the third year of an extensive training programme being delivered by the Learning and Development Department of the Governing Body, very much focussing on benefitting the safety training and associated aspects for the wide range of volunteer officials who make motorsport possible and which was agreed by the Trustees at its outset, and re-affirmed thereafter, to fully align with the Trust’s Aims and Objectives.

The above comments and feedback speak volumes for the difference which the Trust’s work continues to achieve and enable for its beneficiaries during another year, and the Trustees are justifiably proud of this positive reputation.

Risk management

The Trustees have a process to identify and manage the principal risk the Charity faces. The Treasurer reviews the operational risks and key controls faced by the Charity. The Charity’s main source of income is its investment income. The principal financial risk the Charity faces is not meeting its investment returns along with short term volatility in financial markets and hence having less flexibility to fund its activities. The Trust’s own Investment Advisory Committee meets its investment managers twice a year. The investment mandate allows flexibility around asset allocation, while remaining within the risk/return ratio set by the Trustees. The Trustees are satisfied that the risks to which the Charity is exposed are reviewed and that systems and procedures are in place to manage those risks.

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 - CONTINUED

Investment policy and performance

The Trust’s investment strategy is a total return approach to the investments. We have two independent investment managers – Investec Wealth & Investment Ltd and Evelyn Partners Investment Management LLP (formerly Smith & Williamson Investment LLP).

Both managers are instructed to invest to maximise the total return on investments under their control within the constraints of a medium to low risk investment portfolio with a bias towards income yielding stock. The objectives of the investment policy are to ensure the creation of sufficient income and capital growth to enable the Charity to carry out its purposes consistently year by year with due and proper consideration to the future needs and the maintenance of, and if possible, enhancement of the value of the invested funds while they are retained. Both capital and income may be used at any time for the furtherance of the Charity’s aims. The Trustees may draw upon capital or income without distinction. The assets of a charity must be invested in accordance with the Trustee Act 2000. The investment brief is broadly defined but the ethical criteria prohibit investment in companies which may bring motor sport into disrepute and no investment in unquoted companies.

The above objectives are to be achieved by investing prudently in a broad range of fixed interest securities and equities, which are quoted on a Recognised Investment Exchange and unit trusts and OEICs (open ended investment company), which are authorised under the Financial Services and Markets Act 2000.

With the political and economic challenges especially in late 2022 / early 2023, coupled with the continuing effects of the Russian invasion of Ukraine earlier in 2022, made for a volatile time for the financial markets, and the Trust’s investment funds were far from immune from that effect. Increasing inflation had however reflected in some recovery in the return on cash investments.

By the end of 2023 some degree of market recovery had been evident within the overall volatile pattern, and it was hoped that a degree of settlement might be possible in the following year, although unexpected challenges would still doubtlessly arise.

Investment Advisory Committee (IAC)

In prior years the BMSTT had shared its Investment sub-committee with Motorsport UK, who had appointed Roger Wills as its Investment Committee Chairman. In May 2022 an Investment Advisory Committee (IAC) of the British Motor Sports Training Trust was formally established, with the Trustees being collectively responsible for setting the mandate for the Investment Advisory Committee to manage, report and make recommendations back to the Board of Trustees.

The Investment Advisory Committee is comprised of: The Trust Chairman (as an automatic appointment) ; Roger Wills (as an independent chair of the IAC) ; Jim Morris (as an additional current independent Trustee). Both the Trust Treasurer and Trust General Secretary would also be eligible to attend, but would have no voting rights. It was also agreed that the Trust Chairman Rod Parkin, Roger Wills (IAC Chairman) and Jim Morris, plus the Trust Treasurer, would be the authorised contacts who could instruct on the fund, and that the administrative contacts who would receive investment reports and market updates would be the Trustees, the Trust Treasurer and the Trust General Secretary. Periodic meetings between the IAC and fund managers are arranged by the IAC Chairman, in liaison with the Trust Treasurer. Fund managers also attended the full Trustees Meeting held in November 2023.

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BRITISH MOTOR SPORTS TRAINING TRUST

(OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2023 - CONTINUED

Reserves policy

At 31[st] December 2023, unrestricted funds amounted to £2,845,652.

Historically, it has been the recorded policy of the Charity (as fully described in the 2018 Trustees Annual Report) to maintain unrestricted funds at a level that generates enough investment income to cover the cost of grants made now and the foreseeable future on the assumption that no further funds are receivable from third parties.

However, after previous discussion at the extra Trustees meeting subsequently held on the 16[th] January 2021, the below resolution was tabled and agreed unanimously for immediate adoption, wholly occasioned by the Covid-19 pandemic and its predicted longer term effects :

“That, for a specific period (up to a maximum of 3 years to the end of 2023, and always subject to subsequent review), the above policy could be temporarily breached because of the special circumstances occasioned by the Covid-19 pandemic and its longer term effects, whilst ensuring at all times that the resources of the Trust are not depleted to a point where the Trust’s future as a going concern could be prejudiced”

At the November 2023 meeting of Trustees (and following discussion at previous Trustees meetings and subsequent exchanges between the Trust Chairman, General Secretary and Trust Treasurer) the following revised Reserves Policy was formally proposed to be agreed for implementation as from 1[st] January 2024 (which marked the end of the previously declared 3 year term of the existing revised policy which had commenced on the 1[st] January 2021).

“To maintain unrestricted funds at a level that generates enough investment income that when combined with donations and other funds from third parties, covers the cost of grants made now and in the foreseeable future. However, a financial deficit of up to 10% of the value of the unrestricted funds could be regarded as admissible, whilst always striving to keep any deficit to the minimum possible, for each single financial year and subject to the majority agreement of the Trustees”.

After some discussion as to whether an unanimous or majority view of the Trustees should prevail, there was full agreement that the ‘majority’ view was the most appropriate in practice. The Trustees unanimously agreed the new reserves Policy for adoption on that basis, to take effect from the 1[st] January 2024, which it was felt would protect the primary aim of maintaining the Trust’s resilience and sustainability for the future.

Plans for the future

Following the new marketing and communication strategy which was developed during late 2022, approval was received from the Charity Commission for the Trust to adopt a new working title (as the ‘British Motorsport Trust’) which enabled the process of bringing new Marketing and Communication approaches to a point of launch in tandem with the re-branding element during 2023 – with appropriate Trustee endorsement at each stage. This aspect – with the new re-launched website having become fully operational during Summer 2023 - is seen as a precursor to greater publicity of the Trust’s continuing good works alongside seeking new funding opportunities for the Trust to support its continuing work. The benefit in kind provided by the Marketing and Communications team at Motorsport UK with their expertise in this respect is gratefully acknowledged.

The successful support provided through partnership funding agreements for certain race circuits to have LED Safety Light Panels installed and operational during 2022/2023 had been universally acknowledged as a major safety enhancement through better visibility especially during inclement weather, as well as affording less exposure for volunteer marshals and officials, and it was foreseeable that this general principle might provide a successful template for a similar pathway for support to primary kart circuits to be explored during 2024, always subject to an universal common technical standard of equipment being agreed by all parties.

With no Trustee changes during the year, the percentage of independent Trustees remained at 75% at the end of 2023, thus maintaining for a third consecutive year the long-held aim to have a majority of independent Trustees, in line with Charity Commission guidelines.

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2023 – CONTINUED

Structure, governance and management

The Charitable Trust is constituted by a Trust Deed executed on the 19th May 1977.

The day to day management of the Trust is undertaken on behalf of the Trustees by the General Secretary.

The trustees who served throughout the year were as below:

R K Parkin - Chair N E H Moffitt H B Chambers J Morris D Ostrowski P Foster K E Traxton Dr B J Shippey

All Trustees give their time freely and no trustee remuneration was paid during the year ). Details of the Trustees’ expenses and any related party transactions are disclosed in Note 9 to the accounts. Trustees are required to disclose all relevant interests and register them with the General Secretary, and in accordance with the Trustees policy withdraw from decisions where a conflict of interest may arise. The Trustees also each completed and signed a Charity Commission Eligibility Declaration form during 2023 (which is regarded as good practice) to validate their suitability to hold office as Trustee.

The automatically eligible Trustees of the Charity during the year to 31[st] December 2023 are the following individuals, for the time being holding office as:

Chief Executive of Motorsport UK (Hugh B Chambers)

Chairman of the Regional Committee of Motorsport UK (Phil Foster )

At the primary bi-annual trustees’ meetings (which can be supplemented by additional virtual trustees meeting in the event of identified need), the trustees agree the broad strategy and areas of activity for the Trust including grant making, investment, risk management policies, performance and reserves. The Trustees are assisted by a sub-committee on investments (the Investment Advisory Committee) and the Treasurer. The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity.

The continuing Trustees, with the assistance of the General Secretary, recruit and appoint new Trustees if and when considered appropriate. The Trustees agree what skills, experience and knowledge are needed and write it down in the form of a short job description and ideal person specification. The continuing trustees agree responsibilities and a process for recruitment but the whole trustee Board remains in full control of the decision making process.

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 - CONTINUED

Trustees' responsibilities in the preparation of the financial statements

The charity trustees are responsible for preparing the Trustees’ annual report and the financial statements for each financial year in accordance with applicable law and UK Generally Accepted Accounting Practices.

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which gives a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial statements, the trustees are required to:-

a) select suitable accounting policies and apply them consistently;

departures disclosed and explained in the financial statements;

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 20 September 2024 and signed on their behalf by:

Roderick K Parkin Chairman of Trustees

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 - APPENDIX

HOW THE TRUST OPERATES ITS GRANT AID SCHEMES

There are 3 Pillars of activity associated with the Trust:

  1. TRAINING

  2. SAFETY

  3. SPECIAL PROJECTS

It is anticipated that Pillars 1 & 2 would be supported and financed by income revenue (including investment income).

Pillar 3 would be subject to individual authorisation utilising revenue and, where appropriate, capital – always ensuring that the Trust has sufficient capital to remain effective as a going concern in future years, in accordance with the Reserves Policy as declared in the current Trustees Annual Report.

1. TRAINING (Training Day programme)

Invitations to bid for training grants in the following year are issued to Recognised Clubs and Organisations by Motorsport UK (using Trust letterhead against the signature of the Trust General Secretary) in Q3 each year, and the applications received are all collated into a single document ahead of the Q4 Trustees meeting for overall budget approval by the Trustees.

Options to consider a range of percentage grants are prepared by the General Secretary in liaison with the Learning & Development Department Administrator at Motorsport UK, which reflects the type of training to be delivered and the organisation requesting it, against the anticipated available budget from the Trust for the following calendar year. The larger and more commercial Clubs generally receive lower grants, with the greatest level of benefit being focused on the smaller volunteer-run Clubs and organisations. Trustees may also reduce the level of grant according to the total estimated costs of a particular larger application, or by some other measure according to identified need. Overall budget approval by the Trustees is agreed by the Trustees at their Q4 meeting, but the funding does not become available until after the 1st day of the following calendar year. The Trustees do not set budgets for individual applications other than in exceptional circumstances.

An independent subgroup of the Trustees (being the Awards Panel, which includes both independent Trustees and other independent members), is available to consider any queries that may arise, whether regarding applications or grant offers or claims subsequently made. Where considered appropriate, the Awards Panel may refer higher value applications of suitable merit to the Trustees for consideration of funding under the ‘Pillar 3’ system.

The administration of the Training Day grants is undertaken by the Learning & Development Department Administrator at Motorsport UK, who provides regular reports to the Trust General Secretary, and to whom any queries or concerns regarding claims made are raised and resolved, with reversion to the Trustees if appropriate. When claims are fully validated, payment approval is given by the Learning & Development Department Administrator / Manager at Motorsport UK to the Trust Treasurer. The payment process is administered by the Motorsport UK Finance Team, on behalf of the Trust.

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BRITISH MOTOR SPORTS TRAINING TRUST (OPERATING UNDER ITS WORKING TITLE ‘BRITISH MOTORSPORT TRUST’) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 – APPENDIX CONTINUED

2. SAFETY (Safety Development Fund)

Applications are received either from Recognised Clubs or relevant Organisations, and are usually completed on-line from the Trust’s website (or alternatively by hard copy form if downloaded, or specifically requested from the General Secretary).

In a similar way to the Training grants, applications are subject to a range of percentage awards as reviewed by the Awards Panel each year in their ‘Safety Development Fund – Awards Guidelines’ document and then endorsed by the Trustees at their Q4 meeting for actioning in the following year.

The administration of the Safety Development Fund is undertaken entirely by the General Secretary, who summarises each batch of applications (usually on a monthly basis) for the Awards Panel to include a recommended level of award based on the Awards Guidelines, taking into account a range of criteria similar to the Training Day grants, and any additional positive endorsements (e.g., by Motorsport UK Safety Executive) and the previous history of safety awards made to the same applicant, always on the principle that the greatest level of benefit is focused on the smaller volunteer-run Clubs and organisations, but that also – as far as possible - a discipline and geographical spread of awards is demonstrable relative to levels of participation and identified needs. The maximum level of grant for any single application within a calendar year is currently £8,500. Where considered appropriate, the Awards Panel may refer higher value applications of suitable merit to the Trustees for consideration of funding under the ‘Pillar 3’ system.

When claims are fully validated, payment approval (usually on a monthly basis) is given by the General Secretary (with copy to the Trust Treasurer) to the Motorsport UK Finance Team for the payment process to be undertaken on behalf of the Trust.

3. SPECIAL PROJECTS

This pillar category is limited to worthwhile projects initiated by :

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BRITISH MOTOR SPORTS TRAINING TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH MOTOR SPORTS TRAINING TRUST

Opinion

We have audited the financial statements of British Motor Sports Training Trust for the year ended 31 December 2023 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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BRITISH MOTOR SPORTS TRAINING TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH MOTOR SPORTS TRAINING TRUST - CONTINUED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to taxation and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 14 of 23

BRITISH MOTOR SPORTS TRAINING TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRITISH MOTOR SPORTS TRAINING TRUST - CONTINUED

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP

Haysmacintyre LLP

Chartered Accountants Registered Auditors 10 Queen Street Place London EC4R 1AG

Date: 23/09/24

Haysmacintyre LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006

Page 15 of 23

BRITISH MOTOR SPORTS TRAINING TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

NOTES
Income from:
Donations and legacies
2
Investment income
3
Total income
Expenditure on:
Direct charitable:-
Training Grants
4
Safety development grants
5
Other expenditure:-
Wages & salaries
10
Office Costs
10
Auditors' remuneration
Bank charges
Donations
Consultancy – fees & expenses
Insurance
Investment management fees
Taxation fees
Marketing
Trustee expenses
Total expenditure
Net expenditure
Investment gains / (losses)
6
Net movement on funds

Total funds brought forward
Total funds carried forward		 Unrestricted Funds
2023
2022
£
£
52,663
47,998
91,287
88,153
143,950
136,151
337,141
243,056
102,494
131,911
16,352
15,460
9,272
8,868
5,792
4,020
100
107
-
5,000
10,117
9,417
4,042
3,000
26,655
28,140
-
192
9,786
2,585
-
540
521,751
452,296
(377,801)
(316,145)
105,784
(441,535)
(272,017)
(757,680)
3,117,669
3,875,349
2,845,652
3,117,669

The notes on pages 17 to 22 form part of these financial statements.

Page 16 of 23

BRITISH MOTOR SPORTS TRAINING TRUST BALANCE SHEET AS AT 31ST DECEMBER 2023

NOTES
Fixed Assets
Investments
6
Current Assets
Debtors
7
Cash at bank
Total assets
Less Current Liabilities
Creditors
8

Total Assets less Current Liabilities
Funds
Unrestricted funds		 2023
£
3,090,135
3,950
124,371
3,218,456
(372,804)

2,845,652
2,845,652		 2022
£
3,449,954
4,807
13,472
3,468,233
(350,564)
3,117,669
3,117,669

The notes on pages 17 to 22 form part of these financial statements.

Approved by the trustees on 20 September 2024 and signed on their behalf.

...................................................... ...................................................... R K Parkin N E H Moffitt Trustee Trustee

Page 17 of 23

BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

a) Basis of preparation of accounts

The financial statements have been prepared in accordance with the Charities (Accounts and Reports) Regulations, the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP FRS102 Second Edition, effective 1 January 2019) and Financial Reporting Standards applicable in the UK and Republic of Ireland. The particular accounting policies adopted are described below. They are prepared on the historical cost basis of accounting as modified to include the revaluation of investments which are carried at market value. Figures are presented in sterling and rounded to the nearest pound.

British Motor Sports Training Trust meets the definition of a public benefit entity under FRS102.

c) Preparation of the accounts on a going concern basis

d) Significant judgements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. There are no significant areas where management have applied key judgements.

Legacies and donations are recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount receivable can be measured reliably.

f) Expenditure

Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure.

Expenditure on charitable activities comprises of grants payable. Grants awarded are included in the statement of financial activities when approved by the trustees and agreed with the recipient. The value of grants unpaid at the year-end is accrued.

Support costs represent indirect costs relating to raising funds and the Charity’s charitable activities.

Governance costs comprise the costs of running the charity, including auditors’ remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings and of preparing the statutory accounts.

g) Taxation

The charity is exempt from tax on its charitable activities.

h) Fixed asset investments

Fixed asset investments are stated at market value. Gains and losses on disposal and revaluation of fixed asset investments are taken to the statement of financial activities.

i) Debtors

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BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2023

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Funds

General funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. The charity does not currently hold any restricted or designated funds.

m) Cash flow statement

The charity qualifies as a small charity under the Charities SORP (FRS102). A cash flow statement is therefore not required.

2. DONATIONS
Motorsport UK Association - running costs
Sundry donations
3. INVESTMENT INCOME
Income from listed investments
Interest receivable on cash deposits		 2023
25,624
27,039

£52,663

91,276
11
£91,287		 2022
24,328
23,670

£47,998

88,130
23
£88,153

4. GRANTS TOWARDS TRAINING PROJECTS AND EQUIPMENT

The grants paid towards training projects and equipment during 2023 amounted to £337,141 paid to 46 organisations ( 2022 - £254,531 paid to 39 organisations ).

The grant applications considered during the year from clubs and allied organisations throughout the UK and its islands resulted in grant aid being awarded to cover safety training in each of the below disciplines, specifically matched to the different needs of new, intermediate and experienced volunteer officials:

Race, Rally, Speed Kart, Rescue, Extrication, Recovery, Cross Country, Autotest, First Aid, First Response, Fire Training, Radio and Medical.

Page 19 of 23

BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2023

4. GRANTS TOWARDS TRAINING PROJECTS AND EQUIPMENT – CONTINUED

The grants for training and equipment awarded during the year were as below.

----- Start of picture text -----
||||| |---|---|---|---| |Grants Approved in 2023|Grants Approved in 2022 Not Claimed| |AMRO|£ 14,175|ACSMC|-£ 1,463| |ANCC|£ 3,675|AEMC|-£ 2,925| |ANEMMC|£ 2,175|AMRO|-£ 6,061| |Association of Eastern Motor Clubs|£ 5,850|ANCC|-£ 4,577| |Association of Motorsport Recovery Operators|£ 2,025|ANECC|-£ 2,736| |Association of North East & Cumbria Car Clubs|£ 1,200|ANWCC|-£ 2,970| |Association of North West Car Clubs|£ 1,425|ASWMC|-£ 4,989| |Association of Northern Car Clubs|£ 1,200|BARC|-£ 7,499| |ASWMC|£ 10,650|BMMC NE Region|-£ 6,773| |Ballynahinch Motorsport Rescue Unit|£ 3,161|BMMC South Midlands|-£ 2,717| |BARC (Yorkshire)|£ 1,281|BMMC SW|-£ 1,956| |BMMC Midland Region|£ 11,398|BRMC|-£ 13,298| |BMMC NI Rescue|£ 1,193|BRSCC East Anglian|-£ 2,430| |BMMC North West|£ 14,451|Darlington & District MC|-£ 2,595| |BMMC South Midlands|£ 3,167|Goodwood Marshals Club|-£ 3,000| |BMMC South West|£ 1,526|Hagley & District Motor Club|-£ 1,485| |Bristish Automobile Racing Club|£ 7,933|MHCC|-£ 1,022| |British Automobile Racing Club|£ 38,871|Midland Automobile Club|-£ 2,640| |British Rally Marshals Club|£ 14,850|Rotating Ferrets Motor Club|-£ 1,875| |BRSCC East Anglian|£ 3,495|SAMSC|-£ 5,726| |BRSCC Midland|£ 3,915|Southern Rescue Group|-£ 3,057| |Bugatti Owners Club|£ 6,300|U17MC for ANWCC|-£ 2,787| |Cam Rescue|£ 7,620|VSCC|-£ 1,230| |Camarthen Motor Club Ltd|£ 2,431|Grants Under £1,000 & Other Movements|-£ 8,624| |Castle Combe Racing Club|£ 4,097| |Darlington & District Motorsport Club|£ 4,804| |E & N Herts NHS Trust Lister Hospital|£ 7,705| |Emmu Rescue|£ 2,055| |Five Hundred Motor Racing Club of Ireland Ltd|£ 3,350| |Goodwood Marshals Club|£ 3,150| |Longton & District Motor Club|£ 1,418| |Midland Motorsport Rescue|£ 5,036| |MMP|£ 2,651| |Motorsport Marshalling Partnership|£ 7,125| |Motorsport UK|£ 150,000| |MSVR|£ 10,390| |Northern Ireland Motor Club|£ 4,676| |Sandy Rescue|£ 4,405| |Scottish Association of Motor Sports Clubs|£ 34,799| |Silverstone Marshals Team/BRDC|£ 4,531| |Southern Rescue Group|£ 9,326| |Trent Valley Kart Club|£ 2,600| |U17MC for ANWCC|£ 2,147| |Vintage Sports Car Club|£ 2,487| |Grants Under £1,000 & Other Movements|£ 857| |£ 431,574|-£ 94,43294,432|

----- End of picture text -----

-£ 94,43294,432 £ 337,141

Page 20 of 23

BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2023

5. SAFETY DEVELOPMENT GRANTS

The grants payable towards safety development projects and equipment during 2023 amounted to £102,494 paid to 24 organisations. ( 2022 - £131,911 paid to 26 organisations).

In 2023, safety development grants contain £20,004 paid to 1 organisation in respect of funding for light panels at FIA Grade 3 and above circuits in the UK (2022: £63,301 paid to 4 organisations).

The grant applications considered during the year reflected the below spread of grant awards paid during the year, both by type of award and by geographical distribution:

2023
Rally & Closed Roads Safety 1%
Venue Safety and Sustainability 34%
Rescue Units and Equipment 54%
Recovery Units and Equipment 11%

2022

Rally & Closed Roads Safety 3% Venue Safety and Sustainability 42% Rescue Units and Equipment 22% Recovery Units and Equipment 33%

Geographical distribution of above grants:

2023
England 67%
Wales 3%
Scotland 11%
Northern Ireland 19%
British Isle – Isle of Man, Jersey 0%

2022

England 43% Wales 13% Scotland 19% Northern Ireland 11% British Isle – Isle of Man, Jersey 14%

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BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2023

5. SAFETY DEVELOPMENT GRANTS – CONTINUED

The grants for safety development paid during the year were as below:

Association of Motorsport Recovery
Ballynahinch Rescue Unit
British Automobile Racing Club (North West)
British Racing & Sports Car Club (Midlands)
British Racing & Sports Car Club (North West)
CAM Rescue
Calder Rescue
EMMU Rescue
Five Hundred Motor Racing Club of Ireland
Hunts Kart Racing Club
Motorsport Vision Cadwell Park
North Scotland Kart Club
Rubi Rescue
Sandy Rescue
Stoke Rescue Safety Group
Trent Valley Kart Club
Grants under £1,000
6. INVESTMENTS
Opening Balance at 1 January 2023
Additions
Disposals
Movement in Market Value

Closing Balance at 31 December 2023

Investment Gains
Movement in Market Value
Profit/Loss on Sale
Analysis of investments held:
Cash
Listed investments
Market value at 31 December 2023

7. DEBTORS
Accrued investment income		 8,600
7,500
4,500
3,750
7,000
1,500
4,000
3,000
7,500
8,000
20,004
4,500
1,500
3,000
6,000
8,000
4,140
£102,494
2023
3,294,320
1,001,348
(1,290,120)
17,029
£3,022,577
17,029
88,755
£105,784
67,558
3,022,577
£3,090,135
2023
3,950
£3,950		 2022
4,001,490
647,648
(812,444)
(542,375)


£3,294,320
(542,375)
100,840
(£441,535)
155,634
3,294,320
£3,449,954
2022
4,807
£4,807




Page 22 of 23

BRITISH MOTOR SPORTS TRAINING TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CREDITORS
Grant Commitments
Other creditors
Accruals		 2023
303,267
25,666
43,871
£372,804		 2022
299,742
5,806
45,016

£350,564

Other creditors includes £25,666 ( 2022: £5,000 ) owed to Motorsport UK Association Limited relating to grant funding for their 2023 training projects.

9. TRANSACTIONS WITH TRUSTEES

No remuneration was paid to the Trustees. The Trustees give freely their time and expertise without any form of remuneration. Expenses amounting to £108 on behalf of one Trustee were reimbursed during the year (2022 - £540 on behalf of four Trustees) . There were no other related party transactions during the year.

10. RELATED PARTY TRANSACTIONS

Messrs Chambers and Moffitt are directors of Motorsport UK Association Ltd trading as Motorsport UK, a company limited by guarantee. As disclosed in Note 4, Motorsport UK completed a number of training projects totalling £150,000 during the year (2022: £104,519) which were eligible for grant funding.

Motorsport UK made no gift aid contribution during the year to 31 December 2023 ( 2022 - £Nil ) but did provide accommodation, secretarial and accounting support required for day-to-day operations free of charge. The value of these services totalled £25,624 ( 2022: £24,328 ).

Page 23 of 23