Scottish charity number SC052934
Company registration number SC720735
GIRL TORQUE TEAM LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
GIRL TORQUE TEAM LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms V Meek
Ms S Longthorne
Ms K Sutherland
Secretary
Ms S Longthorne
Charity number
SC052934
Company number
SC720735
Registered office
The Attic, Flat 3
The Old Post Office
Bridge Street
Avoch
Ross-shire
IV9 8PP
Independent examiner
Rhona Wilson BA, FCCA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
GIRL TORQUE TEAM LTD
CONTENTS OF THE FINANCIAL STATEMENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 13
GIRL TORQUE TEAM LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 January 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

1.    The promotion of equality and diversity in order to promote how females are perceived in the haulage

industry;

2.    The advancement of education by informing the public on the role that women play within the haulage

industry; and

3.    The distribution of funding within and outwith Scotland for: -

a)    the prevention or relief of poverty;

b)    the advancement of education;

c)    the advancement of health;

d)    the saving of lives;

e)    the advancement of citizenship or community development;

f)    the advancement of the arts, heritage, culture or science;

g)    the provision of recreational facilities, or the organisation of recreational activities, with the object of     improving the conditions of life for the persons for whom the facilities or activities are primarily

intended;

h)    the advancement of human rights, conflict resolution or reconciliation;

i)    the promotion of equality and diversity;

j)    the advancement of environmental protection or improvement;

k)    the relief of those in need by reason of age, ill-health, disability, financial hardship or other     disadvantage; and

l)    the advancement of animal welfare.

m)    to normalise and promote hard working females in the transport industry whilst raising money for     charity.

In order to achieve our objectives, the charity carries out promotional events to educate and inform females of the opportunities within the haulage industry, and promote the impact of females within the industry. We also promote the females within the industry to the industry to further enhance the options available and gain recognition for the part females play within the haulage industry.

 

The charity also produces merchandise such as clothing, calendars and stationery in order to increase the recognition of the females within the industry and to raise funds to distribute to charities.

 

Each year a number of charities are chosen to distribute the funds to and this year saw four charities receive £40,000 between them. These charities were:

 

•    The Alzheimer’s Society

•    The Dogs Trust

•    MIND Mental Health

•    Maggie Cancer Support

GIRL TORQUE TEAM LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

In the summer of 2021 trucker Karen Sutherland decided to round up a group of girls she had met in her years working in haulage to make a change on the way females are perceived in the industry. These girls where people she had come across who had inspired her to just roll their sleeves up and “get stuck in”, the attitude of being a driver first and a woman second. You know the ones.

After starting a messenger group with the girls, they picked the charities that were close to them to raise for. The girls submitted their own pictures showing them in their work place environment (normally nowhere clean) in their work clothes, just them being themselves and the calendar was put together. The first 1000 copies were flung in the lorry and away Karen went distributing to various truck stops that agreed to sell them for us and the calendar members up and down the country. She literately went down one side of the country and back up the other trying to cover as wide an area as possible.

 

Calendars were also available online so two calendar members took this on in their spare time posting hundreds of calendars out through royal mail.

 

As time went on the pot kept growing and growing and the stock was getting lower and lower so they ordered another 1000! The girls realised we are onto something here and this is something people want to see, also this promotes woman in the right light within the industry. So, from here they decided to carry it on and register as a business and to apply for charity status.

 

Girl Torques main goal is to normalise and promote hard working females in the transport industry whilst raising money for charity.

 

Girl Torque has attended various truck shows with a stall selling their merchandise and talking to the publishers about their job and roles in the industry. In 2024 we will be working with Volvo attending schools and holding open days in Volvo depots to encourage the younger generation into the industry.

 

We have won a few awards from the transport industry including, driver of the year, hero of haulage and woman in transport award. We have also raised over £100,000 for various charities since we started.

 

A lot of the team have mentioned that whilst out doing their job people pass comment saying your part of Girl Torque and go on to say they respect us for what we are doing. The money we have raised so far we have seen what differences it has made to the charities when we go to attend cheque presentations.

 

We have helped new female drivers find their feet in what can be a daunting industry and coming together let's them know they aren't alone. Various awards as listed above. The first time ever a woman has won the driver of the year award.

Financial review
Reserves policy

As the charity operates on a primarily voluntary basis it does not aim to hold significant reserves. It intends to distribute as much to selected charities as possible.

Plans for future periods

The charity is in the process of choosing next years charities to whom donations will be given. The team of 90 girls now submit suggestions and the board research and vote for the 4 charities. But out aim to is continue the way we are to keep raising money.

Structure, governance and management

The organisation is a company limited by guarantee, incorporated on 24 January 2022, and was recognised as a Scottish charity on 8 November 2023. It is governed by its Memorandum and Articles of Association. In the event of the charity being wound up, each member is liable to pay a maximum of £1 to the charity to cover any shortfall of assets.

GIRL TORQUE TEAM LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms V Meek
Ms S Longthorne
Ms K Sutherland
Recruitment and appointment of trustees

The directors of the company are also the charity trustees for the purposes of the charity. Potential new trustees are identified from within the industry and are elected at an AGM. New trustees are provided with the Office of the Scottish Charity Regulator booklet – Guidance for charity Trustees – “Acting with care and diligence”.

The trustees' report was approved by the Board of Trustees.

Ms S Longthorne
Ms K Sutherland
Trustee
Trustee
11 July 2024
GIRL TORQUE TEAM LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GIRL TORQUE TEAM LTD
- 4 -

I report on the financial statements of the charity for the year ended 31 January 2024, which are set out on pages 5 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Girl Torque Team Ltd for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees 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 financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Rhona Wilson BA, FCCA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Dated: 12 July 2024
GIRL TORQUE TEAM LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
6,280
634
Charitable activities
3
44,882
44,487
Other trading activities
4
28,200
27,920
Investments
5
272
-
Total income
79,634
73,041
Charitable activities
6
73,780
32,736
Net income and movement in funds
5,854
40,305
Reconciliation of funds:
Fund balances at 1 February 2023
40,305
-
Fund balances at 31 January 2024
46,159
40,305

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GIRL TORQUE TEAM LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
333
-
Current assets
Debtors
12
1,274
9,139
Cash at bank and in hand
46,817
41,820
48,091
50,959
Creditors: amounts falling due within one year
13
2,265
10,654
Net current assets
45,826
40,305
Total assets less current liabilities
46,159
40,305
The funds of the charity
Unrestricted funds
14
46,159
40,305
46,159
40,305

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 11 July 2024
Ms K Sutherland
Trustee
Company registration number SC720735 (Scotland)
GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
1
Accounting policies
Charity information

Girl Torque Team Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is The Attic, Flat 3, The Old Post Office, Bridge Street, Avoch, Ross-shire, IV9 8PP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies (Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies (Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
6,280
634
3
Charitable activity income
Charitable activities
Charitable activities
2024
2023
£
£

Sale of goods

44,882
44,487
Analysis by fund:
Unrestricted funds
44,882
44,487
GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Sponsorships and social lotteries
28,200
27,920
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
272
-
6
Charitable activitiy expenditure
Charitable activities
Charitable activities
2024
2023
£
£
Direct costs

Materials

23,461
14,132

Printing

6,060
5,957

Postage

989
1,738

Sub contractors

360
-

Charitable donations

40,250
200
71,120
22,027
Share of support and governance costs (see note 7)
Support
296
9,509
Governance
2,364
1,200
73,780
32,736
Analysis by fund
Unrestricted funds
73,780
32,736
GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
7
Support costs allocated to activities
2024
2023
£
£
Depreciation
166
-
Advertising
70
40
Sundry
60
15
Corporation tax
-
9,454
Governance costs
2,364
1,200
2,660
10,709
Analysed between:
Charitable activities
2,660
10,709
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

During the year the company was recognised as a Scottish charity by The Office of the Scottish Charities Regulator (OSCR). Following recognition as a charity the charity the charity became exempt from taxation on its activities because all its income is applied for charitable purposes.

GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
11
Tangible fixed assets
Computers
£
Cost
Additions
499
At 31 January 2024
499
Depreciation and impairment
Depreciation charged in the year
166
At 31 January 2024
166
Carrying amount
At 31 January 2024
333

 

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,274
9,139
13
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax payable
-
9,454
Trade creditors
615
-
Accruals and deferred income
1,650
1,200
2,265
10,654
GIRL TORQUE TEAM LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
14
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 February 2023
Incoming resources
Resources expended
At 31 January 2024
£
£
£
£
General funds
40,305
79,634
(73,780)
46,159
Previous year:
At 1 February 2022
Incoming resources
Resources expended
At 31 January 2023
£
£
£
£
General funds
-
73,041
(32,736)
40,305
15
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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