**CHARITY NO: 273828**
## **BRITISH MOTOR SPORTS TRAINING TRUST**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025**
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**|**4-10**|
|**Independent Auditors' Report to the Trustees of the British Motor Sports Training Trust**|**11-13**|
|**Statement of Financial Activities**|**14**|
|**Balance Sheet**|**15**|
|**Notes to the Financial Statements**|**16-21**|
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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 (or during part of) the year 2025, and since, are as follows:
||R K Parkin – Former Chair (resigned 18thFebruary 2026)|
|---|---|
||N E H Moffitt|
||H B Chambers|
||J Morris (appointed Chair 18thFebruary 2026)|
||D Ostrowski (resigned 31stDecember 2025)|
||P Foster|
||A N Fuller (appointed 21stMay 2025)|
||R A (Sandy) Denham (appointed 21stMay 2025)|
|**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**|HaysMac LLP|
||10 Queen Street Place|
||London EC4R 1AG|
|**INVESTMENT MANAGERS**|Rathbones (Formerly Investec Wealth + Investment Ltd)|
||30 Gresham Street|
||London EC2V 7QN|
||And|
||Evelyn Partners Investment Management LLP|
||45 Gresham Street|
||London EC2V 7BG|
|**PRINCIPAL BANKERS**|National Westminster Bank PLC|
||Minns Business Park|
||7 West Way|
||Willow Court|
||Oxford|
||OX2 0JB|
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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 2025**
## **Chairman’s Introduction**
The past year has again provided a mix of opportunities and challenges for the Trust – opportunities as motorsport continued to widen its event activities and profile, amid advancing technological developments - against the financial challenge for the Trust of balancing the increasing demand for grant aid support against its limited resources.
Reassuringly, and despite these challenges, 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 (and previously adopted) guideline document “How the Trust operates its grant aid schemes”.
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. Motorsport could not exist without the thousands of volunteers, be they marshals, doctors and paramedics or rescue teams, and the training and accreditation of volunteer officials remains crucial to their own safety and that of participants and spectators.
The new ‘working’ title for the Trust having been adopted in 2022 (as the ‘British Motorsport Trust’), followed by the development of a new website, this was hoped to enable the Trust to become better known, in tandem with other marketing and communication aspects. Creating new fundraising opportunities to at least retain the sustainability of the Trust for the future has increasingly become a major topic under consideration, whilst always 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.
An opportunity to engage with a possible facilitator of new fundraising schemes had been examined during the year, and briefing meetings held, although no positive outcomes had been achieved by the end of 2025. However there had been unanimous agreement that the Trust needed to look afresh at its ongoing strategy for future years and a complete review of this topic was agreed to be the subject of an extra Trustees Meeting in February 2026, in the expectation of commencing the achievement of a positive direction for the Trust’s financial and operational future.
## **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 2025 - CONTINUED**
## **Grant making policy**
Through its ‘Training Day programme’ grant aid pillar, the Trust traditionally 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, alongside supporting grant contributions towards approved venue safety improvements at multi-discipline venues across the Home Countries of the UK and its islands.
## Training Day programme
During 2025, the Trustees – in liaison with the Club and Volunteer Development Department at Motorsport UK - led a major review of the assessment and management process for 2026 applications for Training Day grants, as a result of which a revised administrative process to manage future Training Day grant applications had been developed, to include a new on-line system which made analysis of the aims and objectives of individual applicants much easier to quantify and assess, and this change was seen as significant and positive, and would enable the Trust to target awarded grants to better match the identified specific safety training needs of the sport.
## Safety Development Fund
Applications to the ‘Safety Development Fund’ grant aid pillar 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 2025 being the Chairman of the Regional Committee, Phil Foster ; previous Secretary of the former Motorsport Safety Fund Charity, Dominic Ostrowski (who retired [also as a Trustee] – at the end of 2025 due to his new tennis career at Wimbledon) after 8 years sterling service with the Trust); and finally International Training Instructor and Senior Official, Mr Neil Fuller, who was also appointed as a new Trustee in April 2025.
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 , which therefore 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 the Trust’s grant aid.
## ‘Special Projects’ Fund
Through its ‘Special Projects’ grant pillar, the Trust may also provide 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 where these fully align with the Trust’s aims and objectives.
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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 2025 - CONTINUED**
## **Achievements and Performance**
The Trustees consider that the performance of the charity this year has been satisfactory.
During 2025, the Charity considered 19 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 (55%) whilst activity levels also encouraged Venue Safety improvements (38%). Other grants were made to benefit Rally and Closed Roads Safety and supporting licensed Recovery Units (together totalling 7%). Feedback from Clubs and organisations from across the UK in receipt of this grant aid has remained universally and overwhelmingly positive. Grant aid applications for the Safety Development Fund during 2025 were predominantly made by electronic submission using an on-line application form (which seemed preferred by especially the smaller clubs), with the General Secretary providing supporting guidance and other general information whenever appropriate.
_Unsolicited extracts of 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) from time to time 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 demand and good attendance levels at the supported Training Days during 2025, 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.
During 2025 the Trust also provided additional grant aid support for safety training related projects delivered by the Club and Volunteer Development Department at Motorsport UK, very much focussing on the wide range of volunteer officials who make motorsport possible – and always limited to those projects which fully align with the Trust’s Aims and Objectives.
It is notable that, over the last 11 years, the Trust’s Safety Development Fund alone has managed 456 grant applications across 206 Motorsport UK Clubs and Registered Organisations, and the £1.25Million total grant awarded has in fact primed total project investment by applicants of some £4.5Million, representing a cost/benefit ratio of 1.00 : 3.61, which speaks volumes for the difference which the Trust’s work continues to achieve and enable for its beneficiaries, and the Trustees remain 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 periodically. 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 2025 - CONTINUED**
## **Investment policy and performance**
The Trust’s investment strategy is a total return approach to the investments. We have two independent investment managers – Rathbones (formerly 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 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 geo-political challenges, including the continuing effects of the Russian invasion of Ukraine and the global uncertainties arising from US-led initiatives (particularly in the Middle East), 2025 has continued to be a variable time for the financial markets, with positive recoveries being somewhat limited and irregular, and consumer confidence having been reduced by increased taxation levels (especially in the licensed and hospitality trades). On the basis that unexpected challenges will always doubtlessly arise, investment returns have probably been satisfactory given the prevailing circumstances.
## **Investment Advisory Committee (IAC)**
Pre-2022 the Trust 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. This structure has remained unchanged during the whole of 2024 and 2025. Periodic meetings between the IAC and fund managers are arranged by the IAC Chairman, in liaison with the Trust Treasurer.
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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 2025 - CONTINUED**
## **Reserves policy**
At 31[st] December 2025, unrestricted funds amounted to £2,713,881.
Historically, it had 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.
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 below 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, and had been wholly occasioned by the Covid-19 pandemic and its longer term effects):
_“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”._
The primary aim of this current reserves policy (which remained in force for the whole of 2025) is to seek to maintain the Trust’s resilience and sustainability for the future,
## **Plans for the future**
Seeking new funding opportunities for the Trust to support its continuing work was a high priority as the Trust entered 2025. Through liaison with the Marketing and Communications Team at Motorsport UK, (whose ‘benefit in kind’ provided by their expertise in this and other respects is gratefully acknowledged), the initiative commenced during the latter months of 2024 - with a promising early degree of success - to provide the opportunity for Motorsport UK Competition Licence holders to include a voluntary donation to the Trust as part of their Licence Renewal process, and this was repeated in 2025, so providing an income stream for the Trust as well as increasing awareness of the Trust’s work across the motorsport community. No legacy bequests were received by the Trust from the estate of deceased Motorsport UK officials during the year, but this area is considered unpredictable in terms of timescale or bequest amounts, and hence not currently actively promoted. A number of individual donations were received during the year, some quite significant, and it had been agreed that these would benefit from the Trust being registered as a ’Gift Aid’ provider with HMRC, and this project remained at the end of 2025 as a ‘work in progress’ to be finalised by the Trust Treasurer (in liaison with the General Secretary) foreseeably early in 2026.
The successful support provided through partnership funding agreements for certain race circuits to have LED Safety Light Panels installed and operational which was commenced in 2022 - and has been selectively continued in following years - has 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. With budget provision having been agreed in late 2024 for a second phase of this support to selected other race circuits to be undertaken during 2025, external factors have meant that delivery has been limited, but this will foreseeably be refreshed during 2026.
The only Trustee changes during the year have been the addition of two new independent Trustees in Spring 2025 (ratified on the 21[st] May 2025) and the natural retirement of one independent Trustee at the end of the year due to a career change, This resulted in the percentage of independent Trustees rising from 66% at the start of 2025 to 71% at the end of 2025, but nevertheless still maintaining - for a fifth consecutive year - 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 2025 – 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 (or during part of) the year were as below:
R K Parkin – Former Chair (resigned 18[th] February 2026) N E H Moffitt
H B Chambers J Morris (appointed Chair 18[th] February 2026) D Ostrowski (resigned 31[st] December 2025) P Foster A N Fuller (appointed 21[st] May 2025) R A (Sandy) Denham (appointed 21[st] May 2025)
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 had also each completed and signed a Charity Commission Eligibility Declaration form during 2023 (which is regarded as good practice), but this requirement is now needed to be fulfilled only at the first point of appointment to validate any new individual as suitable to hold office as Trustee, which has been declared by both newly appointed Trustees during 2025.
The automatically eligible Trustees of the Charity during the year to 31[st] December 2025 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 2025 - 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;
- b) observe the methods and principles in the Charities SORP;
- c) make judgements and estimates that are reasonable and prudent;
- d) state whether applicable accounting standards have been followed, subject to any material
- departures disclosed and explained in the financial statements;
- e) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 26 June 2026 and signed on their behalf by:
## Jim Morris
Jim Morris Chairman of Trustees
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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 2025 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:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- adequate accounting records have not been kept by the charity; or
- sufficient and proper accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 10, 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:
- Inspecting minutes of Trustees’ meetings;
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Reviewing valuations of investments; and
- Challenging assumptions and judgements made by management in their critical accounting estimates. There were no areas within the financial statements that required the Trustees to make significant judgements or estimates during the year.
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.
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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**
## **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.
## HaysMac LLP
## **HaysMac LLP**
Chartered Accountants Registered Auditors 10 Queen Street Place London EC4R 1AG
Date: 26 June 2026
HaysMac LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006
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**BRITISH MOTOR SPORTS TRAINING TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2025**
|**NOTES**
**Income from:**
Donations and legacies
2
Investment income
3
Total income
**Expenditure on:**
Charitable activities:-
Training Grants
4
Safety development grants
4
Raising Funds:-
Investment management costs
Total expenditure
Net expenditure
Investment gains
8
Net movement on funds
Total funds brought forward
Total funds carried forward|**Unrestricted Funds**
**2025**
**2024**
**£**
**£**
56,424
44,884
65,250
76,661
121,674
121,545
318,715
387,560
69,621
66,710
23,502
23,262
411,838
477,532
(290,164)
(355,987)
315,713
198,667
25,549
(157,320)
2,688,332
2,845,652
2,713,881
2,688,332|
|---|---|
The notes on pages 16 to 21 form part of these financial statements.
Page 14 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST BALANCE SHEET AS AT 31ST DECEMBER 2025**
|**NOTES**
**Fixed Assets**
Investments
8
**Current Assets**
Debtors
9
Cash at bank
**Total assets**
**Less Current Liabilities**
Creditors
10
**Total Assets less Current Liabilities**
**Funds**
Unrestricted funds|**2025**
**£**
2,983,523
5,741
71,633
3,060,897
(347,016)
2,713,881
2,713,881||**2024**
**£**
3,021,021
4,881
62,574
3,088,476
(400,144)
2,688,332
2,688,332|
|---|---|---|---|
|||
||
The notes on pages 16 to 21 form part of these financial statements.
Approved by the trustees on 26 June 2026 and signed on their behalf.
Jim Morris ...................................................... ...................................................... **J Morris N E H Moffitt Chair of Trustees Trustee**
Page 15 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **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.
- **b) General information** The Charity is a charity registered in England and Wales (charity number: 273828). The Charity’s registered office address is 141 The Command Works, Southern Avenue, Bicester Heritage, Bicester, Oxfordshire OX27 8FY.
## **c) Preparation of the accounts on a going concern basis**
- The Trustees consider that there are no material uncertainties which would cast doubt on the Charity’s ability to continue as a going concern having reviewed the financial performance to date during 2026 and the financial forecasts through to the end of 2027.
## **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.
## **e) Income**
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**
Short term debtors are measured at transaction price, less any impairment. Prepayments are measured at the amount prepaid net of trade discount due.
## **j) Cash and cash equivalents**
- Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.
Page 16 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **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|**2025**
29,710
26,714
£56,424
65,239
11
£65,250|**2024**
27,030
17,854|
|---|---|---|
|||
£44,884|
|||
76,647
14|
|||£76,661|
## **4. ANALYSIS OF CHARITABLE EXPENDITURE**
The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities
|||**2025**|||**2024**||
|---|---|---|---|---|---|---|
||**Grant**|**Support**|**Total**|**Grant**|**Support**|**Total**|
||**Funded**|**Costs**|**2025**|**Funded**|**Costs**|**2024**|
||**Activity**|||**Activity**|||
|**Unrestricted Funds**|||||||
|Training Day Grants|275,244|43,471|318,715|345,855|41,705|387,560|
|Safety Development|60,079|9,542|69,621|59,350|7,360|66,710|
|Grants|||||||
|**Total**|**335,323**|**53,013**|**388,336**|**405,205**|**49,065**|**454,270**|
An analysis of support costs can be seen in note 7.
## **5. GRANTS TOWARDS TRAINING PROJECTS AND EQUIPMENT**
The grants paid towards training projects and equipment during 2025 amounted to £275,244 paid to 52 organisations ( _2024 - £345,855 paid to 37 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 17 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **5. GRANTS TOWARDS TRAINING PROJECTS AND EQUIPMENT – CONTINUED**
The grants for training and equipment awarded during the year were as below.
|**Grants Approved in 2025**
ANEMMC
Association of Eastern Motor Clubs
Association of Motorsport Recovery Operators
Association of North East & Cumbria Car Clubs
Association of North West Car Clubs
Association Of North Western C C
Association of Northern Car Clubs
Association Of South Eastern M C
ASWMC
Ballynahinch Motorsport Rescue Unit
BARC (Yorkshire Centre)
BMMC Midland Region
BMMC NI Rescue
BMMC North West
BMMC South Midlands
BMMC South West
British Automobile Racing Club
British Motorsports Marshals Club Ltd
British Racing Drivers' Club
British Rally Marshals Club
BRSCC (Head Office)
BRSCC East Anglian
BRSCC Midland
Buccaneer Motor Sports Club
Bugatti Owners Club
Cam Rescue
Castle Combe Racing Club
Darlington & District Motorsport Club
Elite Trauma
Emmu Rescue
Five Hundred Motor Racing Club of Ireland Ltd
Goodwood Marshals Club
High Moor Motor Club
Kirkby Lonsdale Motor Club
Loughborough Car Club Limited
Lydden Hill Motorsport Club
Manx Motor Sport Marshals Association Limited
Midland Motorsport Rescue
MMP
Motorsport Marshalling Partnership
Motorsport UK
MSVR
Northern Ireland Land Rover Club
Sandy Rescue
Scottish Association of Motor Sports Clubs
Southern Rescue Group
Telford Auto Club LimitedTELFORD AUTO CLUB LIMITED
The Crazy Gang Marshals Club
Trent Valley Kart Club
U17MC for ANWCC
Ulster Karting Club LTD
Vintage Sports Car Club|**Grants Approved in 2024 Not Claimed**
1,545
£
116 Car Club
12,806
£
AMRO
12,518
£
ANCC
540
£
ANEMMC
1,230
£
Association of Eastern Motor Clubs
4,117
£
ASWMC
473
£
BMMC Midland Region
2,081
£
BMMC North West
3,321
£
British Automobile Racing Club
2,396
£
British Rally Marshals Club
922
£
BRSCC (Midland Centre)
20,942
£
Darlington & District Motorsport Club
1,350
£
Goodwood Marshals Club
8,498
£
Kirkby Lonsdale Motor Club
2,250
£
Loughborough Car Club Limited
1,709
£
Manx Motor Sport Marshals Association Limited
38,497
£
Midland Motorsport Rescue
5,762
£
Northern Ireland Land Rover Club
2,683
£
Northern Ireland Motor ClubMidland Automobile Club (1901) Ltd
19,934
£
Sandy Rescue
2,965
£
Scottish Association of Motor Sports Clubs
3,531
£
Southern Rescue Group
4,625
£
The Crazy Gang Marshals Club
934
£
U17MC for ANWCC
4,153
£
Vintage Sports Car Club
8,070
£
Other
5,177
£
1,709
£
8,528
£
600
£
4,098
£
3,416
£
1,611
£
488
£
379
£
727
£
3,242
£
4,365
£
1,248
£
7,820
£
120,000
£
8,728
£
1,350
£
3,145
£
27,571
£
4,236
£
2,055
£
716
£
2,890
£
4,736
£
908
£
1,941
£
**389,536**
**£**|1,110
-£
11,708
-£
1,409
-£
1,800
-£
3,639
-£
9,818
-£
3,143
-£
9,332
-£
7,350
-£
10,056
-£
4,628
-£
6,302
-£
2,325
-£
1,943
-£
1,879
-£
1,917
-£
2,183
-£
1,313
-£
4,586
-£
1,799
-£
22,223
-£
2,850
-£
2,343
-£
5,369
-£
2,635
-£
9,368
£|
|---|---|---|
|||**114,292**
**-£**|
||||
|||**275,244**
**£**|
Page 18 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **6. SAFETY DEVELOPMENT GRANTS**
The grants payable towards safety development projects and equipment during 2025 amounted to £60,079 paid to 17 organisations. ( _2024 - £59,350 paid to 17 organisations)._
In 2025, safety development grants contain £10,679 paid to 1 organisations in respect of funding for light panels at FIA Grade 3 and above circuits in the UK (2024: £nil).
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:
## **Type of award of above grants:**
|**2025**||
|---|---|
|Rally & Closed Roads Safety|1%|
|Venue Safety and Sustainability|38%|
|Rescue Units and Equipment|55%|
|Recovery Units and Equipment|6%|
## **2024**
Rally & Closed Roads Safety 5% Venue Safety and Sustainability 49% Rescue Units and Equipment 46% Recovery Units and Equipment 0%
## **Geographical distribution of above grants:**
**2025** England 66% Wales 0% Scotland 30% Northern Ireland 1% British Isle – Isle of Man, Jersey 3%
**2024** England 71% Wales 11% Scotland 0% Northern Ireland 18% British Isle – Isle of Man, Jersey 0%
Page 19 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2025**
## **6. SAFETY DEVELOPMENT GRANTS – CONTINUED**
The grants for safety development paid during the year were as below:
|Association of Motorsport Recovery Operators
BARC (Pembrey)
BARC (Yorkshire Centre)
Crossrigg 1 Recovery
Isle of Wight Car Club
Invicta Motorsport Rescue
Jersey Motor Cycle & Light Car Club
Lothian Car Club
Loughborough Response
Midland Motorsport Rescue
Motorsport Vision Racing
North of Scotland Kart Club
Piper 8 Recovery
Scottish Motorsport Marshals Club
Stoke Rescue Safety Group
Westcountry Rescue
Worksop & District Motor Club|900
10,679
6,500
1,800
400
4,500
1,200
5,000
200
5,500
5,700
4,000
200
5,500
5,000
800
2,200|
|---|---|
||£60,079|
## **7. ANALYSIS OF SUPPORT COSTS**
|Wages & salaries
Office Costs
Auditors' remuneration
Bank charges
Consultancy – fees & expenses
Insurance
Marketing
Trustee expenses
**Total**|**2025**
21,546
8,164
5,380
102
11,811
4,400
532
1,078
**£53,013**|**2024**
17,535
9,495
5,040
108
10,649
4,400
1,539
299
**£49,065**|
|---|---|---|
Page 20 of 21
**BRITISH MOTOR SPORTS TRAINING TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2025**
|**8. INVESTMENTS**
Opening Balance at 1 January 2025
Additions
Disposals
Movement in Market Value
Closing Balance at 31 December 2025
**Investment Gains**
Movement in Market Value
Profit/Loss on Sale
**Analysis of investments held:**
Cash
Listed investments
Market value at 31 December 2025
**9. DEBTORS**
Accrued income
**10. CREDITORS**
Grant Commitments
Other creditors
Accruals|**2025**
2,941,387
307,713
(483,466)
188,783
£2,954,417
188,783
126,930
£315,713
29,106
2,954,417
£2,983,523
**2025**
5,741
£5,741
**2025**
298,080
18,858
30,078
£347,016|**2024**
3,022,577
424,886
(686,339)
180,263
£2,941,387
180,263
18,404
£198,667
79,634
2,941,387
£3,021,021
**2024**
4,881
£4,881
**2024**
343,469
44,960
11,715
£400,144|
|---|---|---|
||
|
|
Other creditors includes £18,858 ( _2024: £44,960_ ) owed to Motorsport UK Association Limited relating to grant funding for their 2025 training projects.
## **11. TRANSACTIONS WITH TRUSTEES**
No remuneration was paid to any of the Trustees during the year. The Trustees give their time and expertise freely and do not receive any form of payment for their services.
Expenses totalling £203 (2024: £299 paid to two Trustees) were reimbursed to two Trustees during the year. In addition, accommodation costs amounting to £875, incurred by Motorsport UK on behalf of the Trustees, were paid during the year.
There were no other related party transactions during the year.
## **12. 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 £120,000 during the year which were eligible for grant funding _(2024: £150,000)_ .
Motorsport UK made no gift aid contribution during the year to 31 December 2025 ( _2024 - £Nil_ ) but did provide accommodation, secretarial, accounting, administration and marketing support required for day to day operations free of charge. The value of these services totalled £29,710 ( _2024: £27,030_ ).
Page 21 of 21