The Speedwell Trust Liniited Statement of Finaiicial Activltfies for the Yeai" Elided 31 Mai'cli 2023 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Uni'estrlctcd funds Resti'ieted funds Total 2023 Note liicoiiie and Enduwments fj'om: Doiiations alld legacies Charitable activilLes Iiiveslinenl ir)eome Olhci. ineoiiie 10,1 I I 241,701 149 42,601 4,250 149 42,601 237,451 Tolal ]Conte 57,111 237,451 294 562 Lxpendlture on: Cliarilable aciivities (97.454) {218,795 (316,249 Total Expcnditure {97,454 218,795) 316,249 Net {expenditure)lincome T1'ansf'S bettveen ndS (40.343) (1,172) 18,656 ,172 (21,687) Net Inoveiment in funds (41,515) 19.828 (21,687) Reconciligtion of funds Tot81 fiu]ds brought fOrw.d 124,633 124,633 Total fijnds Carried foiward 16 83,118 19,828 102,946 All of Il)e charity's activities derive fiDm continuing operations durAn8 Ilie above period. Page 10
The Speedwell Trust Liinited (Registratioll numbei.: N1682767) Balance Sheet as at 31 Mai"¢h 2023 2023 Note Fixed assets Tangible assets 13 8,690 Ciii'i'enl assets Dcbtoi's Casli 21 bank and in l)and 14 15,678 102,829 118,507 Ci'edltors., Aniounts falllng due iyltliln one yeAr 15 24,251 Net eurrent assets 94,256 Net assets 102,946 Fundi of tlie cliai'lty: Restylcted fundy 19,828 Unrestvicted Income funds Unrestriclcd funds Total funds 16 102,946 Tlie financial staleineiits on pages 10 10 20 werc approved by the Irustees, and authorised for issue on 3 l July 2023 and signcd on tlieir bellalf by: Laura Swaile (Cliaily50n) Trustee Pagell
The Speedwell Ti'ust Limited Notes to the Finaiicial Statements for tlie Yeai" Ellded 31 Mydrch 2023 I Chai"lty status Tlie ¢liarity is a cliarity liniiled by guai?nleg and consequently does llot llave sl)are capital. Eacli of the trustecs is liable to conli'ibute an amounl not exceeding £Nil towai'ds thc assets of tl)e cllarity ill the eveiil of liquidation. 2 Accouiitiiig policies SunimAry of sl£nificaiit accountiiig pollcies key aeeounting estlmales The pi'iii¢ipal accountiiig policies applied in tlie prepai'ation of Iliese financial staternei)ts a get oiit below. These policies liave been consistetjtly applied to all the years presentcd, unlS oiheiwise slated. SIAtenieiit of conlpllance Tl)e fanCIaL slalcnients have been prepared in accordance with Accounting and Repth'ling by Cllarities: Statenieiit of RecoiDmeiided Practice applicable lo charities prepai-illg tiieir accouiits in 8¢coI'daiice witl) tlie Financial RcportinE Standard applicuble iii the UK aiid Republic of Ireland (FRS 102) (effcclive l J8IIU8ry 2015) (Cl)arilies SORP (FRS 102)), tlie Financial Reportii)g Siandai'd applicable in Ilie UIC aiid Republic of reland (FRS 102) alld the Coinpanies Act 2006. Basis of pi'epfiratlon Tlie Speedwell Twst Liiiiiied Iheels tlie definitioi) of a public bei)¢fit en¢ity under FRS 102. Assets aiid liabilities are initially recognised al histori¢al cost or transaction value unless o¢henYisc slated in tiic i'¢levant accountlllB policy iioles. Goliig coiieeni Tiie ti'uste¢s con$ider Iliai there al'e iio matei'ial uncertainlies aboul tlie cliui'ity's ability to conliniie as a 8OILig concern nor any significant areas of uncertainty tl)Rt affcct Ihe carying value of assets licld by tlie cliai'ity. E%eIttptlDn from prcparliig A ells11 flow statenieiit Tlie charity opted lo e81.ly adopt Bulletin I publislicd oll 2 Febii]ary 2016 and liav¢ thei'efoiE not included a cash flow stat¢ni¢i)l in Iliese financial statements. Inenme and endowiiients All iiicoiiie 15 Ircognised oiice tlie cliarity lias entitlemellt to tbe iiiconie, At is probable diat the income will be eceived and Ihe amount of the ii)¢ome i'eccivable can be ineasured reliably. Donftfloiis aiid lÉgo£les Donations arc ircognised when the chaiily has been notified in writing of both die amount and settl¢nient date. In Ilie event that a donalioji is subject to conditions tliat require a level of perfonnance by the clrity befoi-e the cliai'ity is eiititled lo thc thnds, the incoine is deferkrd and iiot recognised ulltil eithej. those conditions are llY illet, th tlie fulfiliiienl of th(kse coiiditions is wliolly withitl the conirol of the charity and it is probable tliat tliese ¢ondilions will be fulfilled in the reporllng period. Page 12
Tlie Speedwell Trust Limited Notes to the Fiiiallcial Statements for the Year Elided 31 M21'ch 2023 Defej'i'eil iiicojiie Defei'i-ed inconie i'epi'esents amoiints received for futtllf perAods and is released to ineoniing resources in the period foi. whicli, it ilas been received. Suckn income is only defay¢d when: The donor specifies tlial tbe granl or donalion must only be used in futuiy accowiiing peiiods. o Tlie donor hds illiposed conditioiis which musl be iiiet before the cl)arity has unconditional entitleii)eiit. liivestiiieiif liiconie Dividends are recognised once the dividend has becn de¢ld and notification has been received of tlie divid¢nd dLI¢. Expeiidltui'e All expenditui'e 18 I'ecogniscd once thcic is a legal ui. constnjctive obligation lo that cxpeiidituie, il is probable seltleinenl is requii'ed ai)d th¢ amount Can be ineasured reliably. All Costs allocated lo Ilie applieable expeiidibjir l)eading Iliat aggi'egale siiiiilai. costs to that category. Wlieir costs caill)ot be dii'ectly ath'ibuled to pai'licular heading.4 they have beei) allocated on a basis consistent witli the use of i'esoui'ces, witli cenli'al staff costs allocated on the basi5 of lime spei)t, aiid depreciation cl]arges allocated on tlie portion of the asset's Use. Other support costs are allocated based on tlie spread of staff costs. Cliaylldble nctlvllies Cliaritable expenditure comprises those costs incurred by tjie chirity in the delivci'y of its aclivities and services for ils beiieficiaries. It includes botli costs that can be allocated dirwtly to such activities aiid tliose costs of an indirect iiature necessary lo suppoi'l ththn. Suppovt costs Support ¢o$ls include central functions and Iiave been allocated io activity cost eategoi'ies on a basis coiisisteijt with tlie use of i'esources, for exainple. allocating property eosts by floor areas, or per capita, staff costs by Ilie tiiiie spent and otlier costs by their usage. Govei'iiaiice costs Tliese incliide the Costs attributable to Ilie cl).1tY's conipliance with constithtional and 5talutoiy I'equii'cnienls, iiicluding audit, sli'ategic man8gclenÉ and tru51ees's meetings and iriiiibiirscd expenses. T&xatlon The chai'ity is considered to pass tl)e l¢sls scl out in Paragraph I Schedule 6 of thg Finance Act 2010 and Ihcrefoi'e it meets the definition of a charitable company for UK coii)oraLion tax piityoses. Accoi'dingly. tlie charity is poteiitially exempt froni taxation in respect of IcO]ne oi. capital gaiiis rcceived within categoi'i COVCLcd by Chaptei. 3 Part I l of the CorpoJTtion Tax Act 2010 or Section 256 of tlie Taxation of Cliargcable Gains Act 1992, to tli¢ extent that such incoiiie or gains al'e opplied excI81Ve1Y lo Chtable purposes. Tallglble red assets T]gible fixed assets are initially measured at cos¢ and subsequetLily measured at cost, net of depreciation and any iinpairnient losses. Tlie cl)&rity bas a fixed asset capilalisation Ihresliold of £500. DeprulAtloii and amoi'tlsation Depi'ccialion is providcd on laE]gible fixed asscls so as lo write off tlie cost or valuation, less any estimated i'esidual value, ovei. their expected usefiil ccoiiomic life as follows: Page 13
The Speedwell Trust Limited Notes to the Finalleial Statemeuts for the Yeai. Elided 31 MArch 2023 Asset class Leasehold Land at]d Building8 Fixlui'es & f4ittings Depi'eciation metliod aild l'ate 4 /• Siraight Line 200/th SIi7iElit Line Ti'adL debtor Trade debioi's al'e aniounts due frojn customers foi. Incrchandise sold or setvices perfonjied in the oilitldly cow'se of business. Trade debtoi's Ri'e recogllised initially At the transaction price. Tliey 8re subsequeiitly rneasured al amoitised ¢ost using the effective inlei'est nietliod, less piovision for impaunienl. A provisioii for the iiiip8iimieiit of li'ade debtors is eslablislied wliei) tllere is objeclive evidence that the charity will not be able to collect all amounts due acco¥ding lo Ilie origiiial terms of tbe receivables. Cash And cash equlvAlents Ca511 and casli equivalents comprise casli on lland and call deposi18, aiid otli¢i' sknor14enn liiglily liqiiid inveslnienLs tliat al'e readily coniiei'lible to a known ainouDt of ¢asli and are subject lo an insigiiificant i'isk of el)ange in value. Ti'ado ci'edltoi'& Ti'8de ci'editoi's al'e obligatioiis to pay for goods or services IhAt h8vc been acquired in the ordinary coiirse of business froni suppliei's. Accounts payable al'e classified as ¢urrciit liabilities if thc chai'ily does not have an unconditional i'ighi, al the end of tlie i'¢POLling period, to defei. seltleincnt of the citditor for al least twelve mont]is aftei. the reporting dale. If tllei'e is 8n unconditional i'iglit to defei. seltleinenl foi. at leasi twelve nionths after the i'epoi'ling dale, they al'e presented as iion-ellrieni liabiliti&s. Ti'ade cieditors are I'ecognised initially al Ihe transaction pricc and siibsequenily Ineasui'ed al aiiioi'¢ised cost iisiiig Ilie ¢ffc¢live inleresl melliod. Boi'roiylngs Ii)lei'e.81-bearing borrowings are initially i'ecorded at fair value, net of transaction costs. Jnlei'est-be&ring boiTowiiigs are siibseqiiently can'ied at unioriised cosl willi Ihe diffeirnctt belweeii Ilie proceeds, nel of li'ai)saction cosl.s, and tlie aiiioiillt due on redeini)tioii being recogniscd as a charge Lo tlie Staleiiienl of Fiiiai)cial Activities ovei. tlie period of die rclcvant borrowing. Inlei'cst expense is iecognised on the basis of the cffcctive interest mclhod and is incliided in interest payable and similar ¢I1.8¢s. BoiTowings al'e classified as current liabilitics unless the chaiily has ali unconditioiial light to defei seltleiiient of the liabilkty foi. at least twelve month8 after the irporting date. Fund stYuctUL'e Unrestricted incorne funds aty genernl liinds that are available for use at Ilie tIuSt'S discittion in thrtlierunce of the objectives of Ihc cliarity. Designated thnds are utll'estricted funds sel aside foi. specific purposes ai the discretion of11)e Iruslees, Restricted incoine thnds al'e those donated for us¢ in a pailicular area oi. for specific purposes. the use of which is Lestrictcd to tlial ea or purpose. Page 14
Tlie Speedwell Trust LimRted Notes to the Fiiiaiiclal Statements foi. the Yeai. Ended 31 March 2023 Financial iiistruments Classificutinii Financial assets and fLnancial liabilitics are recognised when thc charity becoiiics a party to Ilie contracttl pi'ovisions of11)e insts'ument. Financial liabilities and equity instNmeDts are elassified accoirftng to die siibsl8ncc of tl)e coThts'actual ai'i'angements entei'ed into. Arn cqiiity instrunicnt is any Lontract that evidcnces a residual interest in Ilic asseis of the chai'ity after dediicting 811 of its liabilities, Recogiiilioii aiid iiieusiii'éiiiÉiil All fiiiancial asscls and liabilities aTe initially Ineasured at tt2nsaction price (including transaction costs), except fur Il)ose financial as.qets classified as ai fair va5ue Illlx)iigh profit or loss. wliicli ale initially ine8su1.ed at fair VAILIC (wliicli is noi'nially tlie trnnsaction price exeluding transaction costs), unless tlie an'angenient constitutes a finanLing transaLtion. If an anangeineni eonslittiles a financing transaction. Ilie financial asset or financial liability 18 measiiird at thc pi'esent valu¢ of tlie future paynlents discounted ai a Maet imle of inl¢i'est foi. a siniilai- debt insttiinienl. Fi118iicial assets and liabilities are only offset in the ststement of finaiiciAI position when, and Only wheii Iliere exists a legally enforceable rigl)t to sel off the recognised amounts 3nd the charity intettds either to settle oil a net basis, or to i'ealise tlie asset and settle the liAbilily siniultaneously. Financial &s5eL% .# d¢reColIs¢d when and only when a) the contractual riglils to di¢ ¢Asli flows froiii tlie financial asset expire or are setllel b) tlle cliarity transfe lo anothei. p81.ty substantially 811 of tlie i'isks and i'ewayds of owrtersliip of Il)e finAncial asset. or ¢) tlie cliarity, despite l)avii)g i'elained sonie, but iiol all, signifLcant i'isks aiid rewards of ownersliip) 1rallsfeed control of tlie asset lo anoilier pai'ty. Financial liabilities are derecognised only when the obligaiion specified in the coiitrllct is discliarged, cancelled or expires. Ilivesliiieiil Investments in non-converlible preference sliares and non-pultable ordinary oi. pi'efereiice sbai'es (whei'e sliai'es are publicly ti'aded oi. Ilieir fail. valiie 15 reliably iiieasiii'ablc) are nieasui'ed at ftlir valiie Ilii'ough i)IDfit oi. loss. Wliere faiL' value cannol be measur¢d reliably, uivesuneiits are Liieasured 31 cost less iiiipaii'nienl. Iiiveslinents in subsidi.LeS and associales In¢asured at cosl less ii)IpairLncnl. For inveslnienls in 8ubsidiai.ies acquii'ed for considcration including the issue of sl)ares qualifying foi. iiiei'gei. relief, cost 1.8 Ineasui'ed by i'efcirnce lo tlie noininal value of the sbairs issiied plus fair valu¢ of oLlier Co1lde1.tl0rt, Ally preniium is ignoi'ed. Fiii). valiie imeftsureiiieiil Tlie best evidence of fair value is a quoted price for an identical asset in an 8Ctive market. Wlien qU0d pi'ices are utiavailable, the price of a recent li'ansaction for an identical asset provides evidence of fair vJlue as long as Iliere has not been a significant cbange in econoinic circuins(ances or a significant lapse of tirti¢ su)ce tlie transaelion took place. If the market is not aclTve and recent ts'&Dsactions of an ideiilical asset on Il)eir own al'e not a good eslitmale of fair value, tlie fair valuc is estiEllatcd by usiiig a valuation kclinique. Page 15
The Speedwell Ti'ust Limited Notes to the Fillancial Statements foi. the Yeai. Ended 31 MarLh 2023 3 Income froni d(bnations amd legacles Unrestricted runds Total 2023 General Donations and legacies. Doualions from individuals 10,&ii io,iii io,iii 4 Income fi'lhm chai'itable activities Uni'estricted funds Resti'icted funds I'ot#l 2023 General Comniunity Relatioiis Educalioii 4,250 237 451 241701 S Inve5tnient lJicoJne Unreyti'lcted ruiids Total 2023 GenerAI Inteirsl receivable and siniilar income. Intei'est CeIVable on bai]k dcposils 149 149 6 Othei. liiconie Total 2023 Page 16
The Speedwell Trust Limited Notes to the FiuanciaI Statemeiits for the Year Elided 31 March 2023 7 ExpenLlitui'e on cli#i'itable 9etivities Unrestrlcted funds Resti'icted fuiids Total 2023 Gejieval Note Comniiiiiity Relations EdutiOn Staff cosls Allocated SLlPPOrt costs Goven)ance costs 33,789 52,177 9,468 2,020 28,604 188.433 1,75S 62,393 240,610 11,226 2,020 316,249 97,454 218,795 8 AiiAly$ls of govei'nance lli)d support costs Govei'ii&iice costs Unrestt'lcted funds TotAI 21123 Genei'91 Independent ex8mineL fees EX1)Ination of the [ancIal $18tements 2,020 2,020 2,020 9 Ti'ustees i'eniunei'atioii alld expeiise5 No trustees, nor any persons connected with thll, bave received ally remuneratioii froiii the cliai'ity dw-iiig the year. 10 Staff costs Tli¢ aggi'eg8te payroll costs werc as follows: 2023 Staff costs dui'ing the yoar were: Wages and salaiies Social security costs Pension costs Olhei. siaff costs 202,125 19,944 9,953 8,588 240,610 Page 17
The Speedwell Ti"ust Limited Notes to the Fillaiicial Statements for the YeaR' Ended 31 March 2023 Tlie moiiilily average niimber of pci'sons (includiDg senior Managennt teain} Ciiiployed by Ilie cl)arity durii tlie yeai. exyi-&ssed as full timc CqLEivalents was as follows: 2023 Employee Nunibers No employee rcLeived emoliinicnts of more t117 £60.IKIO durinE the year. 11 Indepeiident exAnilner's remun¢rAtlon 2023 Exaniination of Ilie financial staleinents 2,020 Page 18
The Speedwell Ti'ust Limited Notes to the Finallcial Statemeiits fol. the Year Elided 31 March 2023 12 Taxation Tlie cliarily is a L'egislered cbarity and is tliereforc exeJ)Jpt fiY)in taxalioii. l.l Tajigible flxed assets Laiid aiid buildings r¢ui'iiSture and equlpmenl Total Cost At l Api'il 2022 Additions 87,217 66.573 5,209 153,790 5,209 At 31 Mat'ch 2023 87,217 71,782 158,999 DepreciRti4)11 At I April 2022 Cliai'ge foi. the yeai. 87,217 59,088 4,004 146,305 4,004 At 3 L Mai-¢lJ 2023 87,217 63,092 150,309 Net bo()Ii value At 31 Mai'cli 2023 8,690 8,690 At 7,485 7,485 14 Debtoi's 2023 Ti'ade debtors PrepaY1n1S Acciiied income 12,301 2,752 625 15,678 15 Ci'edltoi's: ainounts fallliig due wltliill one year 2023 Trade creditots Othel ci'editots Acciuals Deferi'ed income 1,649 7,096 2,506 13,000 24,251 Page 19
The Speedwell Trust Limited Notes to the Financial Stateinents for the Year Elided 31 MAI'ch 2023 16 Fund8 Balance at 31 March 2023 Balaiiee At I Api'il 2022 Ineoiiiing esourees Resources expended Ti'Ansfei's Uni'e$ti'icted fundi Gcnei'al (63,847) {57.111) 97,454 1,172 (22,332) 60,786 Designated Tot81 unresti'lcted fullds 60,786 (124,633) {57.111) (237,451) 97,454 1,172 (83,118) Resli'ictL'd funds 218,795 (1,172 (19,828 Total I'und5 124,633 (294,562 3 5 6,249 102,946 17 Analysls of net assets betivccn funds Unresti'ieted fund5 Rcsti'itted funils Gciieral Total funds Tangible fixed assets Cuent asscls Current liabilities 8,690 98,678 24,251 8,690 118,507 24,251 19,829 Yolal rAel assets 83,117 19,829 102,946 18 Analysls of net fuiids At 31 Marcli 2023 At l Api'il 2022 C2sh flow C88h at bank and in Ind 102,829 102,829 Net debt 102,829 102,829 Page 20