Ecosse Motorsport Heritage Centre {forrnally Rest and be Thankful Heritage Centre> (A Scottish Charitable Incorporated Organisationl Trustees, report and financial ststements Charity Number SC048606 31 August 2024
Ec055e Motorswn Heritage Centre IA Scottish Charitable Incorpor6ted Organisationl Rety)rt and unaudited financial statements 31 August 2024 Contents IncorFX)rated Organisalion Information Trustees, annual report Statement of trustees. responsibilities Independent examiners. report Statement of financial acbvities Balance sheet Statement of cash flows Notes to the accounts 10 Charity Number SCI)48606
Etosse Motor5POrt Heritage Centre IAkotttsh Charitable Incorporated Ore3nisationl Report and unaudited financial st3tements 31 Augusi 2024 Incorporated organisation infonnation Principal office Trustees Bankers Bank of Scottand plc The Mound Edinburgh EH1 1YZ Independent Examiner Charity Number SC048606
Ecosse Motorsport HeTlta8e Centre IA Scottish Charrtable Incorwrated Organi5ationl Report and unaudited financial statements 31 Augijst 2024 Trustees, report The Trustees present their report and financial ststements for the year ended 31 August 2024. The name of the charitable trust was changed on 19" July 2024 from Rest and be Thankful Heritage Centre lo Ecosse Molorsport Hentage Centre. Structure, governances and management Ecosse Molorsport Centre Is a Scottish Charrtable Incorporated Organisalion ISCIOI and is recognised as a charity Iscottish Charrty No SC0486061 11 Is governed by a Constitution. Details of the trustees and advisors and other reference infomiation is given on page 3. Objectives and activities The Organisation s principal objethe is to celebrate Scotland's rnolor racing heritage at what has een for many years a classic motorsport venue for hill climb. International and national rallying and motorbike events. whilst also recognising and Interpreting the wider national and cultural heritage of the area. The Trustees are currently in digussn with a VEW lo opening a Motor Racing Heritage Centre in Central Scotland The project is al a very earty stage and to dale il has not progressed beyond a concept which has been discussed at length by the Iruslees and in eonsultalions with potentially interested parties and site owneis. Financial Review The Ideficilllsurplus for the year amounted to £Nil 12023." £6001 refleth'ng Trustees and adviser activity. pursuing the objectives of the Organisation. Risk Assessment The Trustees assess the major risks to which the Organisation is exposed on an annual basis. in particular those related lo the operations and finances of the Organisalion and are satisfied that systems are in place to miligale any such exposure. Reserves Policy Unrestricted funds represent the general funds which the Trustee5 are free to use in accordance with the Organisalion's charitable obiectives. At 31 August 2024 reserves of the charity were £3.991 12023. £3,391) which were all unrestncted. The Trustees confirn tbat in heir opin'or e assets Jf tle Organisation are available and adequate rreyt oblig¥tlOllS Trustee Dale Charity Number SC048606
Ecosse Motorsport Heritage Centre IA Scottish Charitable Incorporated organisatnI Report and unaudited financial 5taterpents 31 August 2024 Statement of trustees. responsibilities The Truslges are responsible for prepanng the annual report and the financial statements in accordance with applicable Law and United Kingdom Generally Accepted Accounting Practice (UK GAAPI. Under the SCIO'S Constitution. the Trustees are required lo ensure that full and punctual accounts are prepared In accordance with the Charities and Trustee Investment (Scotlandl Regulations 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended). The Trustees also have regard lo the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" Issued in 2016. Under this legislatson. the Tnjslees are required lo prepare financial statements for each financial year which give a true and fair vW of the slate of affairs of the SCIO and of the incoming resources and applicats.on of resources of the charity for that period. In preparing these financial slalements. the Trustees are required to". select suitable accounting policies and then apply them consistenuy observe the methods and pnnciples of the Charibes SORP make judgements and eslimales that are reasonab and prudent slate whether applicable accountsng stsndards and statements of recommended practice have been followed. subject to any departures disclosed and explained in the financial ststements prepare the financial statements on a going concem basis L5nless il is inappropriate lo assume the SCIO will continue In operation The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any bme the financial position of the SCIO and enable them to ensure that the financial stslements comply with the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scollandl Regulab"ons 20¢% las amended) and the Constilytion. They are also responsible for safeguarding the assets of the charity and henee for tsking reasonable steps for the prevention and detection of fraud and other irregularities Charity Number SC048606
Ecosse Motorsport Heritage Centre IA Scottish Charitable Incorporated Organi5ationl Rekx)rt and unaudited tinancièl stateFnents 31 August 2024 Independent examiner's report to the members on the unaudited financial statements of the Ecosse Motorsport Heritage Centre (A Charitable Incorporated Organisation) I report on the accounts of the charity for the year lo 31 August 2024 which are set out on pages 6 to Respective responsibiltties of trustees and examiner The charity s trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006. the Charities and Trustees Investment (Scotlandl Act 2005 and the Charities Accounts Iscollandl Regulation 2006 las amended) The chanty s trustees consider that the audit requirement of Regulation 10111 Idl of the Accounts Regulations does not apply. 11 my responsibility to examine the accounts as required under section 44111 ICI of the Charit1es and Trustee Investment Iscottandl Acl 2005 and to stale whether part13r matters have come lo my attention. Basis of independent examiner's statement My examinat50n Is carried out in accordance with Regulation11 of the Charities Accounts (Scotlandl Regulations 2006 las amended). An examination ir*cludes a review of the accounting records kept by the charity and a compallson of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeks explanation from the Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit. and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examinatson. no matter has come to my attention.. Wh1ch gives me reasonable cause to believe that in any material respect the requirement5'. lo keep accounting records in accordance with Section 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations las amended). and lo prepare accounts which accord with the accountsng records and comply with Regulation 8 of the 20C6 Accounts Regulations las arnendedl have not been met. or 2. to which. in my opinion. attention should be drawn in order lo enable a proper understsnding of the accounts to be reached. Date Charity Number SC048606
Ec05se Motorsport Heritage Centre IAScottish Charitable Incorporated Organisationl Report unaudited financial st3ternentg 31 Augusi 2024 ststement of financial activities (incorporating income and expenditure account) for the year end8d 31 August 2020 2024 2023 Income from: Donations 6WJ Total incom• 600 Total expenditurt Net income 600 Total funds brought forward 3.991 3.391 Totsl funds carried fomard 3.991 3.391 All of the charities activities are continuing. The statement of financial activities includes all gains and losses recognised in the year. All fvnds a unrestricted. Charity Number SC048606
Ec055e Motorsport Heritage Centre IA kottish Charitable IncorpDrated Organisationl Report and unaudited financi31 statements 31 August 2024 Balance sheet As at31 August2021 2024 2023 Cash at bank 3.991 3.991 Net current assets 3.991 3.991 Net assèts 3.991 3.991 Funds Jnrestricted funds 3.991 3.991 All funds are unrestricled. Tbese accounts we"e a -oved b the trustees on March 2025 and were signed on their behalf by.. I rusiee Date Charity Number SC048606
£c055e Motorsport Heiita8e Centre IAScotti5h Chaiitable Incorporated Organisètionl Reportand unaudited financial st3ternents 31 August 2024 statement of cash flows As at 31 August 2023 2024 2023 Cash fl¢)ws from operating activities Net income I lexpendrturel 600 Ilncreasel in debtors 16001 Cash pro¥id•d by operating activities Cash and cash equivalents 8t the beginning ofthe year 3,991 3,991 Total cash and cash equivalents at end of the year 3.991 3.991 Cash and cash equivalènts comprise: Cash at bank 3,991 3.991 Charity Number SC048fA)6
Ecosse Motorsport Heritage Centre IA kottish Charitable Incorporated Organisationl Report and unaudited finantial statements 31 August 2024 Notes (forming part of the financial staternentsl 1. Incorporated Organisation Constitution The Rest and Be Thankful Heritage Centre is a Scottish charitable in¢orporated organisalion that Is governed by a conslitulion. 2. Accounting policie5 Accounting Convention The financial statements have been prepared on a going conrn basis under the histoncal cost convention and are in accordance wrth Applicable Accounting Standards. the Statement of Recommended Practice FRS102 ISORP FRS 1021-Accounting and Reporting by Charities.. the Charities Act 2011. The Charlties and Trustees Investment Iscotlandl Act 2005. The Charities Accounts Iscotlandl Regulations 2006 las arnendedl. the Chanties Act 2011. the Companies Act 2006 and in accordance with the Financial Reporting Standard 102 FRS IFRS 1021. The financial slalements are prepared in Sterfing. which Is the functional currency of the company. Monetary amounts in these financial statements are rounded lo the nearest pound. Going concem These financial stslements have been prepared on a going cOnM basis which assumes that the charity will continue ils operations. There are no material uncertainties that exist or matenal changes in the way the charity operated and the Truslees consider it appropriate to prepare financial slalemenls on a going concem basis. In¢ome- Donations Income is recognised when the charty ha5 enlrtlement to the funds. when il is probable that the income will be received and the arnovnl can be measured reliably. Nel donations are accounted for in the period in which they are receivable wrth any recoverable tax being included to record the donations at their gross value. Donated Services and Gifts in Kind Donated services and facilities are included at the value to the charity where this can quantified which is the value the charity would have pard on the open market. No amounts are 1ncluded in the financial stalement for *rvices donated by volvnleers. Expenditure Expenditure is Included on an accrua15 basis and is recognised when there Is a legal or conslruclive obligation to pay for expenditure All costs have been directly attnbuled lo one of the functional calegones of expenditure in Ihe Statement of Financial Activities. Chantsble activities include expendrture associated wrth hosting conferences. awardin9 prizes and govemance. Governance costs include those incurred In the governanee of the charity and ils assets and are primarily associated with constitutional and statutory requirements. The charity is not registered for VAT and accordingly expenditure is shown gross. Cash Cash al bank Includes cash and highly liquid short temi Investments until a maturity of three months or less from the dale of aequisilion of the deposit or similar account. Charity Number SC048606 io
Ecosse Motorsport Heritage Centre IA Scottish Charitable 1ncorporated Organisationl Rewjrt and unaudrtÈd financial statements 31 August 2024 Notes {¢ontinued) Principle accounting policies {Continued) Creditors and provisions Cfeditors and provisions are recognised where the chanty has a present obligation resulting from a past event that will Probably result In a transler 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 setuemenl amount. FinaneiTal instruments The charity only has financial assets and financial liabilits.es of a kind that qualify as basi financial instruments Basic financial Instruments are Initially recognised al transaction value and subsequently measured at their settlement value. Funds All the charity's funds are unrestricted and available for rts charitsble purposes at the discretion of the Iruslees. Taxation The Incorporated association is recognised by HMRC as a charrty and no charge for taxation arises on the results of the year. 3. Remuneration of trustees and staff The Trust has no employees and the Iruslees (who are considered to be key managemenll receive no remuneration or expenses for work perfomied In connection with the affairs of the incorporated association. 4. Donations 2024 2023 Individual donab'on Charity Number SC048606 li
Ecosse Motorsport Heritage Centre IA kottish Charitsble Incorwrated Organisationl Report and unaudTtÈd financial statements 31 August 2024 Notes {continuedl S. Resepies 2024 2023 As at 31 July 2024 3.991 3.391 Total incomè Total expen¢Jiture Surpluslldeficitl for thè year As at 31 Au9USt 2023 3.991 3.991 6. Related party transactions Duiing the year there were no related paty transactsons. 7. Trustee loan$ The totsl amount loaned to the Fijnd during the year by trustees was £Nil {2022' £6001. 8. Ultimate controlling party The charity is controlled by rts Trustees. Charity Number SC048606 12