The Cycle (INGO) Limited
Annual Report and accounts for the period ending
March 31[st] , 2024
The Cycle (INGO) Limited is a company limited by guarantee Charity Number 1070826 Company Number 03532799
Report of the Board of Trustees
The Board of Trustees is pleased to present its report and financial statements for the period ended March 31[st] , 2024. These have been prepared in accordance with the Companies Act 2006, the charitable company’s Memorandum and Articles of Association and the Statement of Recommended Practice FRS102. The Cycle (INGO) Limited a registered Charity and also a company limited by guarantee. It is governed by its Memorandum and Articles of Association and the Companies Act 2006. Its company registration number is 03532799 and its charity number is 1070826.
It is to be noted that this is a fourteen-month year as it was agreed to change the end of year tax date.
The Trustees would also like to have noted that because of funds raised by The Cycle in the UK and transferred to our sister company in India, Sanitation First India, it was enabled to separately raise approximately £390,000 locally during the corresponding period. This cannot be included within our accounts, per se, but is reflective of our greater global fundraising capacity, and our turnover could be viewed as being significantly higher if it was added.
Revenue Summary 2023/24 £467,086 2022/23 £416,155
We continue to rebuild our fundraising base and increased our income by almost 13% over the previous year. We continue to be efficient in our use of donor funds ensuring as much as possible is delivered to our partners and our actual administrative costs are less than 13% of our total income. We are building a strong, younger team who are opening new fundraising channels that will bear fruit in the years to come.
The trustees are extremely pleased at the progress being made and can report that The Cycle (INGO) Limited is in a fit and healthy financial position.
Funds held as custodian trustee on behalf of others
As of March 31[st] , 2024, The Cycle (INGO) Limited did not hold any funds as custodian trustee on behalf of others.
Reserves policy
The Cycle (INGO) Limited’s reserves policy is to ensure that there are sufficient free reserves to cover a minimum of three month’s operating costs. This was comfortably achieved throughout the year.
Public benefit statement
The Trustees confirm that they have referred to the Charity Commission Guidance on Public Benefit when reviewing the aims and objectives of The Cycle (INGO) Limited and in planning the future activities of the Charity. In the Trustees’ opinion, The Cycle (INGO) Limited fully satisfies the Charity Commission’s Public Benefit test. The Charity provides people in the UK and elsewhere the opportunity to express their compassion and generosity to improving the lives of those who lack basic amenities in India. Through its provision of sustainable toilets, water facilities and personal and menstrual hygiene training, The Cycle (INGO) Limited is, among other things, helping to reduce the spread of disease and increase knowledge, enabling communities to realise their potential through education and work.
Structure, Governance and management
The Cycle (INGO) Limited is governed by the Board of Trustees, which carries overall responsibility for furthering the aims and objectives of the Charity and for upholding its values. The names of the Trustees who held office during the financial year and at the date of this report are set out below.
The Charity is governed in accordance with its Memorandum and Articles and is also registered as a Company limited by Guarantee. The Board of Trustees has the power to appoint any person to be a trustee at each AGM. The Charitable Company can, from time to time, by ordinary resolution, increase or reduce the number of trustees and determine in what rotation such increased or reduced numbers shall stand down from office. Currently the Company’s Memorandum and Articles places no limit on the number of trustees.
The Cycle (INGO) Limited has an open recruitment process for the appointment of new trustees. Selected applicants are invited to meet a panel of serving trustees and also to spend time with the senior management team. Those appointed as new trustees are given a full introduction to the work of The Cycle (INGO) Limited and to the statutory responsibilities of trustees as required by charity law.
The Cycle (INGO) Limited’s Chief Executive is responsible for the operation of the Charity and the management of all staff. The Board of Trustees meets quarterly to review operational performance as presented by the Chief Executive and other executives. The Board also reviews strategic issues regularly.
Directors and Trustees
Trustees and directors of the company who served during the year and up to the date of this report are:
Andrew Barrs, Secretary and current Chairman
Bhavesh Radia (Resigned March 2024)
Jules Peck
Lynn Strongin Dodds
William Flatau, Treasurer (Resigned June 2023)
Manda Lakhani
Mark Collins (appointed May 2023)
Key Management Personnel
The key management personnel consist of Georgina Harding, David Crosweller and the Trustees stated above.
Reference and administrative details
| Name of registered | The Cycle (INGO) Limited |
|---|---|
| Charity | |
| Registered office | 14 King Charles House |
| Cavalier Court | |
| Chippenham | |
| SN14 6LH | |
| Principal office | 54a Murhill |
| Limpley Mill | |
| BA2 7FG | |
| Company number | 03532799 |
| Charity number | 1070826 |
| Accountants | Natural Numbers |
| 14 King Charles House | |
| Cavalier Court | |
| Chippenham | |
| SN14 6LH | |
| Bankers | Nat West |
| 22-26 Eastern Road | |
| Romford | |
| RM1 3PJ |
The Cycle
Water. Women. World.
The Cycle is dedicated to creating transformative, long-lasting change for vulnerable and marginalised communities. Join us as we build sustainable sanitation solutions, encourage gender equality and help heal the soil.
One dictionary definition of sanitation is, “the study and application of procedures and measures designed to protect public health, as in the provision of clean water [and toilets] and the disposal of sewage and waste”. We have added [and toilets] because how can you protect both human and planetary health without them?
This fundamental work is at the very core of all the development that we carry out and, where possible, we ensure that everything is ecological and sustainable. We don’t just endeavour to protect humans and the planet, we also educate people to understand why we are doing this and the long-term benefits to all concerned.
Our work has always focused on women. It is women that are the most at risk when there are no toilets, it is women that generally have to collect water when it comes from a communal standpipe, it is women that are disadvantaged when they have their period – it is always women, and girls, who seem to miss out on the opportunity that could transform their lives to something extraordinary.
With all concerned eyes now turned towards the health of the planet, we have refined what we do to further to ensure that through our sustainable toilets, water provision and personal and menstrual education programmes, to ensure we can expand our nourishment of the soil and the planet.
Achievements and performance
During the year we have worked hard to provide support for a range of projects that cover our three key areas of Water.Women.World.
Water. This comprises about a quarter of our day-to-day work and involves us in constructing sustainable toilet solutions for school children, incorporating standalone rainwater harvesting, groundwater recharge, and drinking water facilities. During this tax year we constructed a further three school toilets benefitting
Women. The greater part of our work, our award-winning Happy Periods covers bodily changes in adolescents for school children, personal hygiene and menstrual hygiene. We teach everybody this work, girls, women, boys, men, and teachers. Such as been the success of this programme, by the end of 2023 we have cumulatively trained close to 200,000 people, in schools, and also by reaching out to marginalised communities.
World. We continue with our collaboration with Cornell University and Tamil Nadu Agricultural University in the research of mixing humanure and urine with biochar to see the long-lasting impact this has as a soil regenerative fertiliser. It is also a carbon sequester. Results are expected in August 2024, but the initial results have far exceeded our expectations.
| Unrestricted | Restricted | Period Ending 31/03/24 | Period Ending 31/01/23 | |
|---|---|---|---|---|
| Income from: | £ | £ | £ | £ |
| Donations and Legacies | 271,883 | 193,408 | 465,291 | 415,861 |
| Investment Income (Bank) | 1,795 | 1,795 | 293 | |
| Total Income | 273,678 | 193,408 | 467,086 | 416,154 |
| Expenditure on: | ||||
| Charitable Activities | 64,048 | 183,462 | 247,510 | 227,810 |
| Raising Funds | 159,874 | 159,874 | 134,680 | |
| Total Expenditure | 223,922 | 183,462 | 407,384 | 362,490 |
| Next income/(expenditure) | 49,756 | 9,946 | 59,702 | 53,664 |
| Transfers between funds | ||||
| Total Funds at January 31st | 175,928 | 116,226 |
The charity has no recognised gains or losses other than the results for the period as set out above
The Charity has no recognised gains or losses other than the results for
Period Ending 31/03/24 Period Ending 31/01/23
| Note | |||
|---|---|---|---|
| Fixed Assets | |||
| Tangible Fixed Assets | 1,416 | 1888 | |
| Current Assets | |||
| Debtors | 20,161 | 13,556 | |
| Cash at Bank | 164,506 | 105,664 | |
| Total | 184,667 | 119,220 | |
| Creditors | |||
| Falling due within one year | (10,156) | (4,883) | |
| Net Current Assets | 174,511 | 114,338 | |
| Net Assets | 175,927 | 116,226 | |
| Funds | |||
| Restricted | 78,110 | 68,165 | |
| Unrestricted | 97,817 | 48,061 | |
| Total | 175,927 | 116,226 |
For the period ending 31st March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
-
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
I have examined the books and supporting records and find the accounts to be a true and fair view of the financial transactions.
Jenny Budgell ACMA July 2024
These financial statements were approved by the Trustees on XXX. and are signed on their behalf by:
Andrew Barrs, Chairman. Company number: 03532799
1. Accounting Policies
a) The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006, Financial Reporting Standard 102 and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP FRS102).
The charity is a public benefit entity as defined under FRS102.
b) The financial statements have been prepared on a going concern basis. The Trustees are of the opinion that this basis is appropriate.
c) All income is included in the statement of financial activities when the company is entitled to the income and the amount can be qualified with reasonable accuracy.
The value of services provided by volunteers has not been included as the value of their contribution cannot be reasonably quantified in the financial terms.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenants is recognised at the time of the donation.
d) All expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be recovered and is included in the relevant costs in the statement of financial activities.
Governance costs are those costs incurred in connection with the administration of the company and compliance with constitutional and statutory requirements, these are a support cost included within charitable activities.
Charitable activity and raising funds expenditure comprises the costs associated with attracting income and those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. They include both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
e) Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Furniture, fixtures and equipment 25% per annum on a reducing balance basis Fixed assets are included at cost. Assets costing less than £1,000 are not capitalised.
f) General funds are unrestricted funds which are available for use at the discretion of the trustees in the furtherance of the general objectives of the company and which have not been designated for other purposes.
g) Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
h) The company is registered as a charity and is not liable to United Kingdom income or corporation tax on its income from charitable activities as they are applied wholly to charitable activities.
| 2. Donations and Legacies | Unrestricted | Restricted | Period Ending 31/03/24 | Period Ending 31/01/23 |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Personal Donations | 166,325 | 19,138 | 185,463 | 192,807 |
| Company Donations | 60,769 | 60,769 | 121,538 | 142,857 |
| Trust or Foundation Donations | 6,357 | 113,500 | 119,857 | 45,123 |
| Gift Aid/HMRC | 38,432 | 38,432 | 35,075 | |
| Bank Interest | 1,795 | 1,795 | 293 | |
| 273,678 | 193,407 | 467,086 | 416,155 | |
| 3. Expenditure | **Charitable Activities ** | Rasing Funds | Period Ending 31/03/24 | Period Ending 31/01/23 |
| £ | £ | £ | £ | |
| Grants to Other Organisations | 247,510 | 247,510 | 227,810 | |
| Staff Costs | 71,453 | 71,453 | 29,455 | |
| Other Office Administration | 29,875 | 29,875 | 50,314 | |
| Marketing and Events | 55,960 | 55,960 | 54,348 | |
| Bank Charges | 2,586 | 2,586 | 563 | |
| 247,510 | 159,874 | 407,384 | 362,490 | |
| NET | 59,702 | 53,665 | ||
| Grants Broken Down as Follows: | ||||
| Period Ending 31/03/24 | Period Ending 31/01/23 | |||
| £ | £ | |||
| Wherever the Need India | 247,510 | 227,810 | ||
| Other organisation awarded less than £5,000 | 0 | 0 | ||
| 247,510 | 227,810 |
4. Raising Funds
| 4. Raising Funds | Period Ending 31/03/24 | Period Ending 31/01/23 |
| £ | £ | |
| Staff Costs | 71,453 | 29,455 |
| Marketing and Events | 55,960 | 50,314 |
| Office Administration | 29,875 | 54,348 |
| 157,288 | 134,117 | |
| 5. Net Income | Period Ending 31/03/24 | Period Ending 31/01/23 |
| £ | £ | |
| This is stated after charging: | ||
| Accountants | 0 | |
| Depreciation | 472 | 630 |
| 6. Staff Costs and Numbers | Period Ending 31/03/24 | Period Ending 31/01/23 |
| The aggregate staff costs were: | £ | £ |
| Wages and Salaries | 71,453 | 29,455 |
| Social Security | ||
| Pension | ||
| Redundancy | ||
| 71,453 | 29,455 |
No employee received emoluments of more than £60,000
The total aggregate employment benefits received by key management personal were £71453 (2022: £29455)
| The average number (head count) of staff | Period Ending 31/03/24 | Period Ending 31/01/23 |
|---|---|---|
| during the period was as follows: | 3 | 1 |
7. Trustee remuneration and related transactions
No trustees were remunerated or were reimbursed for expenses during period (2022: Nil)
Agregate donations from trustees during the period was £25,496 (2022: £45,000)
8. Taxation
The charity is exempt from corporation tax on its charitable activities.
| 9. Tangible Fixed Assets | Period Ending 31/03/24 | Period Ending 31/01/23 |
|---|---|---|
| £ | £ | |
| Furniture and Equipment | 1,888 | 2,518 |
| Depreciated | (472) | (630) |
| 10. Debtors | Period Ending 31/03/24 | Period Ending 31/01/23 |
| £ | £ | |
| Gift Aid Reclaim | 19,195 | 12,404 |
| Prepayments | 1,179 | 1,153 |
| 20,374 | 13,557 | |
| 12. Creditors: amounts falling due within one year | Period Ending 31/03/24 | Period Ending 31/01/23 |
| £ | £ | |
| Trade Creditors | 5,974 | 1,688 |
| Tax and NI Costs | 1,458 | 471 |
| Accruals | 2,723 | 2,723 |
| 10,156 | 4,883 |
14. Company Limited by Guarantee
The company is limited by guarantee and as such has no issued share capital In the event of the company being wound up the liability of the members if limited to £5 each. The trustees as a body control the charity.