2023-03-31-accounts

Company no. 03836786 Charity no. 1077575 Life Cycle Report and Audited Financial Statements 31 March 2023

Life Cycle Contents For the ear ended 31 March 2023 Page Reference and administrative details Report of the trustees 2-10 Auditor's report ststement of financial activities 15 Balance sheet 16 statement of cash flows 17 Notes to the financial stslemenls

Life Cyclo Reforence and administrative details For the ear ended 31 March 2023 Company number 03836786 Charity number 1077575 Registered office and operational address The CREATE Centre Smealon Road Bristol BS16XN Tel [phone] Email. [e-mail] Website.. www.lifecycleuk.org.uk Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows. S M￿- Chair H Binley - Treasurer K Chaterjee A Dodd (Appointed 12th May 20221 M Hobson (Appointed 1 st August 20231 C Keble (Resigned 6th August 20231 N Key (Appointed 12th May 20221 P Mcmahon (Appointed 12th May 2022, resigned 21 st February 20231 S Mcmillan A Menter (Appointed 12th May 20221 K Norman (Appointed 12th May 20221 N Saba (Appointed 1 Oth November 20221 M Shepherd CBE (Resigned 19th May 20221 A Webber E Williams Chlef executlve Edward Norton Company secretary Edward Norton Bankers Triodos Bank Deanery Road Bristol BS15AS Audltors Godfrey Wilson Limited Chartered accounlanls and statutory auditors 5th Floor, Mariner House 62 Prince Street Bristol BS14QD

Life Cycle Report of the trusteos For the oar ended 31 March 2023 Reference and adminislralive information set out on page 1 forms part of this report. The financial statements comply with current Statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities leffeclive from January 20191. Objectives and activities of the charity In our age of climate emergency, rising inequality and public health crisis, we believe.. More cycling is vital for better physical, mental and environmental health., Cycling can be safe, affordable and practical for most short journeys", and With the right support, almost anyone can cycle. Our Vlslon A worfd with clean air and healthy people where cycling is the chosen mode of transport, for most people, for short daily journeys. Our Mission We help more people gel cycling, to transform lives and the environment. What we do To achieve this, we.. 1. Offer people access lo working bicycles., 2. Help people gain the skills and confidence lo cycle wherever they want. whenever they want., 3. Offer extra support lo anyone who faces barriers to unlock the benefits of cycling., and 4. Strengthen the cycling sector.. we train bike mechanics lincluding in prisons), cycle inslruclors and partner with other charities, Councils and businesses looking lo boost cycling levels. OurApproach We work with people to offer practical support to help them cycle, in ways that can scale up and be replicated elsewhere. We want lo build independence, not dependence, and help people continue lo bènefit from cycling beyond our direct involvement. We are passionate about working in a way that maximises social value. Ourvalues We strive for excellence in everything we do., We treat everyone with honesty, de￿ncy, openness and respect,. and We aren't afraid to try new things. We are bold. We are always learning. Structure. governance and management Life Cycle (previously "Life Cycle UK") is a registered charity (number 10775751 and company limited by guarantee (registered number 38367861. Life Cycle's day-to-day operations are managed by the Charity's Chief Executive, supported by a Senior Leadership Team ISLTI and an Operations Group. Activities are delivered by a team of staff members, freelance cycle inslruclors and mechanics and a growing number of volunteers.

Life Cycle Report of the trusteos For the oar ended 31 March 2023 Board of trustee$ The directors and trustees of the charitable company during the period are listed on p8ge 1. A governance structLJre lo support senior staff in light of Life Cycle's continued growth was implemented in 2019. There are three sub-committees covering Finan￿, Governance and Remuneration. Each Committee meets up to four-times 8 year and is represented by three or more Iruslees. There is a limit lo how long a trustee can serve on the Board in line with best practi￿, of three terms of three years each, except in exceptional circumstances. There is no AGM, which is not legally required because Trustees are both members and directors and can Vol￿ opinions and receive information throughout the year. Achievements and performance (Public Benefit} 12,306 people accessed the charity's services in the 12-monlhs to 31 March 2023 a 40/0 increase on the previous year. This continues our general trend of growth re￿nt years, despite contending with strong headwinds due to high inflation and the cost-of-living crisis. Total people helped annual 14000 12000 1 CDOO 8000 6000 4000 2000

It�s been incredible for me. I had an eagerness to learn, and it�s been so great coming here. I have gained so much knowledge � I was using a bike that had 24 gears but only using 3 of them! Now I know how it all works, what they�re all for, and even how to strip the bike down and rebuild it.� � �Mo�

�I thought I�d try and get some relevant experience before I�m released, I think having this qualification gives me potential for employment. It�s been about bettering myself. I�ve learnt loads, the proper way to do things, and why.� � �Ryan�

• �Best place for a quality bike at a fair price! Very helpful, friendly and knowledgeable team, thank you for all your help�fitting on my lights, lock & other bits as well as telling me about the Wheels to Work [discount] scheme which helped me out massively.� � Clara

�Instructors are well-trained. Children come back enthused with improved skills for both cycling and road safety in general. Very pleased with the excellent service.� - Ashton Gate Primary

• �[Instructor] was superb. Patient and clear. My time with her has improved my confidence with road cycling.�

• "I don't have to use the car anything like as much as I did. This helps me financially, whilst also helping to reduce carbon emissions and traffic congestion."

• �I learnt so much! I didn�t know anything about looking after our family�s bikes and now I�m much more confident I could spot issues and fix them.�

"My asthma has definitely improved dramatically since I moved to Bristol and I put it down to the fact that I am now cycling on a regular basis which I never used to do before. I am 72."

�They always came to where was convenient for me. It was at my own pace�helping me ease out my comfort zone. It gave me the push to try new things. It was really good for my self-esteem to tackle something I had been nervous about.�

• "My mental and physical health have greatly improved. People I haven't seen for a while can't believe the change in me."

• �It can be hard sometimes to get back to your life once you get off the tandem � because cycling with Life Cycle feels like pure joy and freedom.�

  • "I think Life Cycle are amazing. I am cycling more than I have done for 50 years!"

�Thank you for making it so easy for us to be able to provide this service to our community, we could not have afforded to provide [cycle] stands ourselves. It has increased the number of adults and children coming by bike, as we now have a secure place to lock the bikes up.� � St Michaels Church, Hamworthy

Life Cycle Report of the trusteos For the oar ended 31 March 2023 Mitigation." Trustees recognise the need lo invest in improvements to digital infraslruclure as the charity grows. Under our Digital Strategy, significant investment was approved for a Digital Transformation programme in November 2021. Phase 1 of this work - a comprehensive upgrade of the charitys IT systems and a brand refresh is almost complete and launches before March 2024. Risk: Board of Trustees and Senior Leadership lacks relevant skills or commitment to lead the charity effectively. Mitigation.. This year, the Board skills matrix was updated and 6 new Trustees with a broad range of professional expertise recruited as part of succession planning ahead of the retirement of 4 longstsnding Trustees in 2023. To allow a period of overlap and knowledge transfer, 2 x Vice-chairs were appointed as well as successors to the key positions of Chair of Trustees and Chair of Governance Committee. Two new members were appointed lo the Senior Leadership Team of the staff, both of whom are being supported with leadership development training. Fundraising We continue to secure grants and donations from a range of local, regional, and national funders, using In-house fundraisers employed directly by the charity. Like all charities, we notice that competition for grants in the current funding landscape is increasing. To diversify our income, the charity plans to explore raising funds from Individual Giving in future. To protect vulnerable people, we do not and do not plan to solicit donations from the public via face-to-face fundraising 'chuggers or via lotteries. All our fundraising activities adhere to our Safeguarding Policy, and we have not used the services of external professional fundraisers during the year. Life Cycle is registered with the Fundraising Regulator and follows their code of conduct. No complaints have been received regarding our fundraising aclivilies. Income from contracts and fees continues to grow and makes up an increasing share of our funding, reflecting our long-lerm strategy to reduce reliance on grant funding. Income from the sale of refurbished bikes and servicing now represents a core foundation stone of our overall income mix. We are extremely grateful to the thousands of people who have donated us an unwanted bicycle for refurbishment. Future Plans Despite short-term economic headwinds, Trustees believe demand for the charity's ServI￿S will grow throughout the 2020$ as cycling remains a key factor in national and Ioc81 government strategies lo reduce transport emissions, improve air quality and enhance public health. We anlicipale developments in the following areas". 11 Access to bikes." we have signed a contract lo open a new bike recycling workshop in a prison in the Midlands in the 23124 financial year. We continue lo explore other partnerships with potential to expand the reach of our bike recycling and bike repair aclivilies", 21 Cycle Training.. the government's pledge lo fund Bikeability training for every school child In England by 2024 suggests that demand for our cycle training seNices will keep growing., 31 Extra support". we continue to refine our offers to meet the needs of the post-covid and eost-of- living era. We hope lo be able to grow activities in the medium term,. and 41 Strengthening the sector." we aim to pursue further partnerships with other cycling groups lo build the sector's capacity and keep offering industry standard accredited training for new cycle inslruclors and bike mechanies.

Life Cycle Report of the trusteos For the oar ended 31 March 2023 Thank you Trustees wish to thank the 100+ amazing volunteers who bel￿een them gave up 5,288 hours1+200 on 2021-221 to help transform lives through cycling, via the above programmes. This includes everyone from volunteer bike mechanics, cycle 'buddies' or tandem pilots, lo inspiring fundraisers including Trustee Elizabeth Williams, who raised over £4,000 lincluding Gift Aid) via a sponsored Land's End lo John O'Groats ride! The Board wishes lo formally record its thanks to the four longstanding Trustees who retire in 2023.. Andrew Webber, Clive Keble, Elizabeth Williams and outgoing Chair Sarah Mowl. The charity has benefited hugely from their scrutiny, positive challenge, encouragement and energy. Thanks to them, Life Cycle is in a strong position and looks ahead with real optimism. Financial review The income of the charity has grown by 60101£65kl this year lo £1.111 M,12022'. £1.046MI. The overall in-year deficit is £82k. £32k relates lo the timing of restricted income, £30k is the planned IT development funded from designated reserves and £20k is from general reserves. A budget deficit was approved by the trustees before the start of the year lo enable the charity lo expand. This enabled the charity lo implement IT and staffing changes. Grant funding has become increasingly competitive, we have been fortunate lo have the continued support of many funders. There has been a significant drop in multi year grants. We are actively exploring diversifying fundraising to help redu￿ this risk. Our reslricled reserves are sufficient lo keep grant funded projects operating for the agreed period. Investments The Iruslees Investment Policy seeks to improve the return on surplus cash balances lo protect the value of reserves against inflation and earn unrestricted income which can help fund our work, whilst allowing quick access lo a proportion of reserves lo ease any temporary cash flow disruptions. Due lo the war In Ukraine, high inflation and political changes il has been a highly volatile year for the markets. At the year we have a loss of £23k on inveslmenls. Trustees review our investments regularly, which are held for medium to long term and for Investment income. Trustees have taken the decision lo sell the investments and reinvest in funds that are more diversified and in line with Life Cycle's environmental and social standing. Going Concern The trustees have considered the charity's current and future financial position. The charity holds unrestricted general reserves of £258k and in addition designated funds of £12k. The trustees consider that the charity has sufficient unrestricted reserves and cash flow lo continue as a going concem for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis.

Life Cycle Report of the trusteos For the oar ended 31 March 2023 Reserves policy The Iruslees have delemined that the target level of general unrestricted reserves of the charity should be be￿een 3 and 6 months of current operating costs. In the opinion of the trustees this makes prudent provision of unrestricted funds lo cover management, administration, and support costs in the event of an unexpected reduction in funding. The unrestricted reserves need to be in line with growth of the charity's expenditure. The general unrestricted reserves are £258k representing approximately 2 months of next year's budgeted operating expenditure. The charity plans lo build up general reserves from 2024125 onwards., when it is expected that Life Cycle will fully benefit from the Impact of IT development and staff restructure. Life Cycle are undertaking a detailed costed risk review lo check if the level of resetves are sufficient. The initial review of the charity's highest risks shows that they are sufficient. Designated Reserves.. Any legacies received, because of their unpredictable nature, are recognised as designated income for development opportunities. This year we received a £5k legacy. Last year the Iruslees agreed lo spend the balance of the designated reserves on the initial stage of the IT development programme. The balance of the designated reserves at year end includes £7k of this expenditure which was delayed, it has been spent in early 2023124. Statement of responsibilities of the trustees The trustees (who are also directors of the charity for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the Iruslees are required to.. select suitable accounting policies and then apply them consistenuy., observe the methods and principles in the Charities SORP", make judgements and accounting eslimales that are reasonable and prudent., stale whether applicable UK accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the 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 al any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Iruslees are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevents'on and detection of fraud and other Irregularities. In so far as the Iruslees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Iruslees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information.

Life Cycle Report of the trusteos For the oar ended 31 March 2023 The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Iruslees are members of the charity bul this entitles them only lo voting rights. The trustees have no beneficial interest in the charity. Auditors Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and has expressed their willingness lo continue in that capacity. Approved by the Iruslees on 14 November 2023 and signed on their behalf by SAtak Mow Sarah M￿- Chair 10

Independent auditors. report To thg members of Life cle Opinion We have audited the financial statements of Life Cycle (the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related 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 stalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resoLJrces and 8ppIic8tion of resources, including its income and expenditure, 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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements se¢lion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concem are described in the relevant sections of this report. Other Information The trustees are responsible for the other infomiation. The other information comprises the information included In the annual report other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Independent auditors. report To thg members of Life cle In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materialty inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misstalemenl in the financial statements or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the trustees, report for the financial year for which the financial statements are prepared is consislenl with the financial slatemenls., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion". adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., the financial statements are not in agreement with the accounting records and returns., certain disclosures of Iruslees, remuneration specified by law are not made," or we have not obtained all the information and explanations ne￿SSary for the purposes of our audit. Responsibilities of the trustees As explained more fully in the Iruslees, responsibilities ststement set out in the trustees, report, the Iruslees 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 they 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 lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity or to cease operations, or have no realistic alternative but to do so. 12

Independent auditors. report To thg members of Life cle Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financi81 statements as 8 whole are free from material misslalement, whether due lo fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guamntee that an audit conducted in accordan￿ with ISAS IUKI will always delecl a material misstslement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Influen￿ the economic decisions of user5 taken on the basis of these financial ststemenls. Irregularities, including fraud, are instsnces 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 prO￿dureS we carried out and the extent lo which they 8re capable of detecting irregularities, including fraud, are detailed below.. 111 We obtained an unders18nding of the leg81 and regu18tory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert lo possible indications of non-compliance. 121 We reviewed the charity's policies and procedures in relation to.. Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instan￿S of non-compliance., Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud.. and Designing and implementing internal controls lo mitigate the risk of non-compliance with laws and regulations, including fraud. 131 We inspected the minutes of Iruslee meetings. 141 We enquired about any non-routine communicats'on with regulators and reviewed any reports made to them. 151 We reviewed the financial statement disclosures and assessed their compliance wth applicable laws and regulations. 161 We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate 8 risk of material fraud or error. 171 We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included. Testing the appropriateness of journal entries., Assessing judgements and accounting eslimales for potential bias., Reviewing related party Iransaclions", and Testing transactions that are unusual or outside the normal course of business. 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 non-compliance with regulation. Irregularities that arise due lo fraud can be even harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. 13

Independent auditors. report To thg members of Life cle 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.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's members, as a body. in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charity's members those matters we are required to stste 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 members as a body, for our audit work, for this report, or for the opinions we have formed. Dale." 14 November2023 Alison Godfrey FCA (Senior Statutory Auditor) For and on behalf of.. GODFREY WILSON LIMITED Chartered accountsnts and statutory auditors 5th Fl(ior Mariner House 62 Prince Street Bristol BS14QD 14

Life Cycle Statement of financial activities (incorporating an income and expenditure account) For the ear ended 31 March 2023 2023 Total 2022 Total Reslricled Designated General Note Income from.. Donations and legacies Charitable activities Other trading activities Investments 5,000 23,278 584,665 215,777 10,444 28,278 856,614 215,777 10,444 19,745 827,366 188,395 10,119 271,949 Total income 271,949 5,000 834,164 1,111,113 1,045,625 Expenditure on.. Raising funds Charitable activities 35,869 267,753 13,801 840,545 49.670 1,143,563 30,337 1,005,902 35,265 Total expendlture 303,622 35,265 854,346 1,193,233 1,036,239 Net income l {expenditure) before gains 131,6731 {30,2651 120,1821 182,1201 9,386 Nel gains l {lossesl on investments 12 22,778 22.778 9,848 Net income l {expenditurel & not movement in funds 131,6731 {30,2651 142,9601 {104.8981 19,234 Reconciliation of funds: Total funds brought fO￿ard 145,904 42,463 301,233 489,600 470,366 Total funds tarried forward 114,231 12,198 258,273 384,702 489,600 All of the above results are derived from continuing aclivilies. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in note 18 to the accounts. 15

Life Cycle Balance sheet As at 31 March 2023 2023 2022 Note Flxed assets Tangible assets Investments 12 224,879 247,657 224,879 247,657 Current assets Stock Debtors Cash at bank and in hand 13 14 28,316 103,054 159.916 28,886 108,543 217,951 291.286 355,380 Liabilities Creditors.. amounts falling due within 1 year 15 131,463 113,437 Net current assgts 159,823 241,943 Net assets 17 384,702 489,600 Funds Restricted income funds Designated funds Geneol funds 18 114,231 12,198 258,273 145,904 42,463 301,233 Total charity funds 384,702 489.600 These accounts have been prepared in accordance with the special provisions applicable lo companies subject to the small companies, regime. Approved by the trustees tsn 14 November 2023 and signed on their behalf by &v-ak fvIoLV Sarah Mowl- Chair 16

Life Cycle Statement of cash flows As at 31 March 2023 2023 2022 Cash used In operatlng actlvltles Net movement In funds Adjustments for. Depreciation charges (Gains) I losses on investments Dividends and interest from investments Decrease I linc￿ase1 in stock Decrease l {increasel in debtors Increase I Idecreasel in creditors (104,8981 19,234 294 19.8481 110,1191 18,5521 166,6641 12,288 22,778 110,4441 570 5,489 18,026 Net cash provided by I (used inl operating activities 68,479 63,367 Cash flows from investing activities: Dividends and Interest from Investments 10,444 10,119 Net cash provided by I lused inl investing activities 10,444 10.119 Increase I Idecrea5e) in cash and cash equivalents in the year 158,0351 153,2481 Cash 8nd eash equivalents at the beginning of the year 217,951 271,199 Cash and cash equivalents at the gnd of the year 159,916 217,951 17

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Accounting policies a} Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities in preparing their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Life Cycle meets the delinilion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy note. bl Going coneem basis of aeeounting The accounts have been prepared on the assumption that the charity is able lo continue as a going concern, which the trustees consider appropriate having regard lo the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going COn￿M. c) Income Income is recognised when the charity has entillemenl lo the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from the government and other grants, whether 'capilal' grants or 'revenue' grants, is recognised when the charity has entitlement lo the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Grants are deferred where preconditions exist relating to programmes to be delivered in future accounting periods. Contract and fee income is recognised when the services are delivered. Income received in advance of provision of service is deferred until criteria for income recognition are mel. dl Volunteers The charity benefits from the services of volunteers. During the year 11 S volunteers gave 5,228 hours of their time lo support the charity. In accordance with the Charities SORP IFRS 1021, general volunteer time is not given a value in the accounts. e} Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is nomially upon notification of the interest paid or payable by the bank. 18

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Accounting policies Icontinuedl fj Funds accounting Unrestricted funds (referred to in these accounts as general fvjndsl are available to spend on activities that further any of the purposes of the charity. Designated funds are unreslricled funds of the charity which the Iruslees have decided at their discretion to sel aside to use for a specific purpose. Restricted funds are donations which the donor has specified are lo be solely used for particular areas of the charity's work or ft)r specific projects being undertaken by the charity. gl Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or conslruclive obligation lo make a payment lo a third paty, it is probable that selllement will be ￿qUired and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h) Allocation of support costs Support costs are those fLJnclions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity's aclivilies. These costs have been 811ocaled between cost of raising funds and expenditure on charitable activities as follows.. 2023 4° 2022 Raising funds Charitsble activities 96° l} Tanglble flxed assets Depreciation is provided at rates calculated to write down the cost of each asset lo its estimated residual value over its expected useful life. The depreciation rates in use are as follows.. Plant and equipment 3-5 years stmight line Items of equipment are capitslised where the purchase price exceeds £2,500. j} Investments Investments held as fixed assets are carried at their fair value, and are revalued at market value al the balan￿ sheet dale. The gain or loss for the period is taken to the statement of financial activities. 19

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Accounting polieies Icontinuedl k} Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value, which is deemed lo be the average expected sale prO￿ed5 less the expected costs of sale. Donated stock represents second hand bicycles which are refurbished by the charity and then put up for sales. Donated stock is only recognised once the bicycle has been fully refurbished and is fit for sale. l} Debtors Trade and other debtors are recognised at the setuemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. ml Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a Short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. n) Creditors Creditors and provisions are recognised where the charity has 8 present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for any trade discounts due. We aim lo pay within 28 days. ol Financial instrurnents The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the ex￿ptIon of bank loans which are subsequently recognised al amortised cost using the effective interest method. pl Pension costs The charitable company pays into various defined contribution pension schemes on behalf of staff. The cost of providing pension and related benefits is charged to staff costs within the statement of financial activities. ql Accounting estimates and key judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, eslimales and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised if the revision affects only the period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no key sources of estimation uncertainty. 20

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Prior period comparatives The following note is reqUI￿d under the SORP FRS 102 to explain the breakdown of income and expenditure between restricted and unrestricted funds In the prior period. 2022 Totsl Restricted Designated General Income from: Donations Ch8ritable activities other trading activities Investments 2,500 17,245 580.033 188,395 10,119 19.745 827,366 188.395 10,119 247,333 Total income 247,333 2,500 795,792 1,045,625 Expenditure on: Raising funds Charitsble activities 21,560 247,883 8,777 744,633 30.337 1005.902 13,386 Total expenditure 269,443 13,386 753,410 1036.239 Net income I lexpendlturel before gains I Ilossesl 122,1101 110,8861 42,382 9,386 Net gains I Ilossesl on investments 9,848 9,848 Net income l (expenditurel & net movomont in funds 22,110 10,886 52,230 19.234 21

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Donations 2023 Total Restricted Designated General General donations Legacies 23,278 23,278 5,000 5,000 Total donations 5,000 23,278 28,278 Prior period comparatives 2022 Total Restricted Designated General Furlough scheme Legacies General donations Bristol City Council Small Business Discretionary Grant 1,696 1,696 2,500 11.849 2,500 11,849 3,700 3,700 Total donations 2,500 17,245 19,745 4. Income from charitable activities 2023 Total Restricted Designated General Grants of £15.000 or more: The Bikeability Trust The Garfield Weston Foundation HPC Community Fund I Somersel Community Foundation The Nation81 Lottery Community Fund 18,247 25,000 18,247 25.000 46,063 30,951 46,063 30,951 Grants of less than £15,000 151,688 10,500 162,188 Fees for services 574,165 574,165 Total charitable activities 271,949 584.665 856,614 In addition to the funders listed, Life Cycle would like to thank the following funders for their support. Sports Foundation for the Disabled, Quartet Community Foundation, National Grid, John James Bristol Foundation, The James Tudor Foundation, The 29th May 1961 Charity, Barbara Ward Children's Foundation, Sport England, and Wesport. 22

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Ineome from charitable activities Prior period comparatives 2022 Total Restricted Designated General Grants of £15.000 or more: The Bikeability Trust The Garfield Weston Foundation Hinkley Point C Community Fund I Somerset Community Foundation The National Lollery Community Fund NHS Combined INHS Bristol, North Somerset & South Gloucestershire CCGI The Quartet Community Fund 24,501 25,000 10,000 34.501 25,000 19,535 39,867 19,535 39.867 15,000 15,000 1 5,000 15,000 Grants of less than £15,000 108,430 8,000 116,430 Fees for setvices 562,033 562.033 Total charitable activities 247,333 580,033 827,366 Government grants The charity receives government assistan￿, in the fomi of grants from Bristol City Council to fund a variety of the charity's projects. The total amount of such grants In the year ended 31 March 2023 was £10,000. In the prior year, the total of such grants re￿iVed was £5,396 (which also Includes government support via the Coronavirus Job Retention Scheme). There were no unfulfilled conditions or contingencies attaching to these grants. In addits'on the charity receives fees for services from various different local authorities. Other trading activities 2023 Total 2022 Total Reslrieled Designated General Sale of goods and sorvices: Bike sales and servicing 215,777 215,777 188,395 All income from other trading activities in the prior year related to unrestricted general funds. 23

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 7. Total expenditure Support and governan costs Charitable activities Raising funds 2023 Total Staff costs Inole 91 Projects and services Publicity and marketing IT costs Insurances Professional fees Governance Office rent Computers General offi 45,889 679,478 328,681 12,148 35,160 8,855 953 50,490 775,857 328,681 12,148 35,567 8,855 953 6,250 6,963 6,530 11,429 407 6,250 6,963 6,530 11,429 Sub4otal 46,296 1,065,275 81,662 1.193.233 Allocation of support and govemance costs 3,374 78,288 81,662 Totsl expenditure 49,670 1,143,563 1,193,233 24

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 7. Total expenditure Prior period comparative Support and governance costs Charitable activities Raising funds 2022 Total Staff costs Inole 91 Projects and services Publicity and marketing IT costs Depreciation Insurances Professional fees Governance Office rent Accountancy Home working Computers General offi 27,380 591,641 312,452 9,475 14,183 294 9,075 264 40,085 659,106 312,452 9,475 14,481 294 9,075 264 5,496 6,808 2,551 1,175 4,368 10,694 298 5,496 6,808 2,551 1,175 4,368 10,694 Sub4otal 27.678 937,384 71,177 1,036,239 Allocation of support and governance costs 2,659 68,518 71,177 Total expendlture 30,337 1,005,902 1,036,239 25

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 Net movement in funds This is stated after charging". 2023 2022 Depreciation Trustees. remuneration Trustees, reimbursed expenses Audit fees (excluding VATI 294 5.700 4,500 No trustee re￿iVed reimbursed expenses for travel to Iruslee meetingslbusiness12022'. Nill. 9. Staff costs and numbers Staff costs were as follows.. 2023 2022 Salaries and wages Social security costs Pension costs 694,800 49.245 31,812 598,548 33,676 26,882 775.857 659,106 2023 No. 2022 No. Average staff head count 34 31 Full time equivalent stsff 26 24 No employee earned more than £60,000 during the year12022.' none). The key management personnel of the charitable company comprise the senior management team 2023.. 5 12022'.41. Total employee benefits (salaries, national insurance and pension contributions) paid lo key management personnel were £165,33912022'. £125,949). 10. Taxation The charity is exempl from corporation lax as all ils income is charitable and is applied for charitable purposes. 26

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 11. Tangible fixed assets Plant and equipment Cost At 1 April 2022 and 31 March 2023 25.086 Depreciation At 1 April 2022 and 31 March 2023 25,086 Net book value At 31 March 2023 At 31 March 2022 12. Invostments 2023 2022 Market value at 1 April 2022 un￿alISed gains I Ilossesl 247,657 22.778 237,809 9,848 Market value at 31 March 2023 224,879 247,657 Historical cost.. At 31 March 241,000 241,000 Investments comprising more than 50k of the lotsl investment valuation are as follows.. COIF Fixed Interest Fund COIF Propety Fund M&G Charifund 29% 30/. 28010 320/, 4001. 13. Stock 2023 2022 Refvrbished bicycles Parts and accessories 12.200 16.116 8,210 20,676 28,316 28,886 The charity received donated stock in the form of second hand bicycles which are refurbished by the charity and subsequently sold. Bicycles are included as stock at the point when they have passed a final safe for sale check. 27

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 14. Debtors 2023 2022 Trade debtors Prepayments Other debtors 63.119 12.954 26.981 81,553 13,566 13,424 103.054 108,543 15. Creditors amounts due within 1 year 2023 2022 Trade creditors Other taxation and social security VAT Other creditors and accruals Deferred Income (note 161 25.675 17.676 11.652 36.400 40,060 31,007 16,229 9,315 18,926 37,960 131.463 113,437 16. Deferred income 2023 2022 Balance brought forward Amount released to income Amount deferred in year 37,960 133.8481 35.948 56,012 155,6361 37,584 Balance carried forward 40,060 37,960 Deferred income comprises contract income and fees received which are for specific future work. This is comprised of the following". 2023 2022 Take a Sland maintenan￿ Courses CRANK 1s14 Sport Cycle Lessons Bikes and AC￿ssorieS Other 12.305 9.195 9.000 7.063 980 950 567 8,234 9,853 1,050 3,752 11,472 3,599 Total 40.060 37,960 28

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 17. Analysis of net assets between funds Restricted funds Designated funds General fvnds Total funds Investments Current assets Current liabilities 224,879 161,173 127,779 224,879 291,286 131,463 117,915 3,684 12,198 Net assets at 31 March 2023 114.231 12.198 258.273 384.702 Prior period comparatives Reslricled funds Designated funds General funds Tol81 funds Investments Current assets Current liabilities 247,657 164,367 110,791 247,657 355,380 113,437 148,550 2,646 42.463 Net assets at 31 M?￿h 2022 145,904 42.463 301,233 489,600 29

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 18. Movements in funds Gains I Ilossesl on Income Expenditure investments At31 March 2023 Al 1 April 2022 Restricted funds Inclusive Cycling Bike Back Bristol Bike Back Derby Somersel Cycling Course delivery Expansion of prison services 25,625 37,009 19,984 25,632 12,654 102,807 31,895 39,003 56,063 11,181 199,9401 166,2221 141,5741 153,4991 117,3871 28,492 2.682 17,413 28.196 25,000 31,000 25,000 Total restricted funds 145,904 271,949 303,622 114.231 Designated funds Development 42,463 5,000 135,265 12,198 General funds 301,233 834,164 854,346 22,778 258,273 Total funds 489,600 1.111,113 1.193.233 22.778 384.702 Purposes of restricted fvnds Inclusive Cycling - project to support everyone to cycle incuding.. tandem rides for people who are blind, sight-impaired or have other disabilities. after school and holiday activities for young people. cycle projects for people with mental health problems. cycle project for older riders. beginners and get back to cycling courses. cycle buddies. Bike Back Bristol bike recycling project in Bristol. Bike Back Derby- bike recycling and maintenance training projects in Derby. Somerset Cycling - for cycling initiatives in Somerset. Course Delivery- Reslricled funds for City and Guild and 1 s14Sport courses. Expansion of prison services- Exploring the setup of recycling projects al other prisons. Purpose of designated fund - development Funds earmarked for the development of projects and services. 30

Life Cycle Notes to the financial statements For the ear ended 31 March 2023 18. Movements in funds Icontinuedl Prlor perlod comparatlves Gains I Ilossesl on Income Expenditure investments At31 March 2022 Al 1 April 2021 Restricted funds Inclusive Cycling Bike Back Bristol Bike Back Derby Youth Project BBC CIN Core Funding Somersel Cycling Other Dr Bike Course delivery EPOS Expansion of prison services 33,036 26,000 33,288 6,444 10,418 39,535 19,293 96,217 45,850 33,967 1103,6281 134,8411 147,2711 16,4441 110,4181 133,4381 119,2931 13,8601 12501 110,0001 25,625 37,009 19,984 19,535 25,632 3,860 12,904 10,000 12,654 25,000 25,000 Total restricted funds 168,014 247,333 269,443 145,904 Designated funds Development 53,349 2,500 13,386 42,463 Total designated funds 53,349 2,500 13,386 42,463 General funds 249,003 795,792 753,410 9,848 301,233 Total funds 470,366 1,045,625 1,036,239 9,848 489,600 19. Related party transactions There were no related paty transactions during the year12022.' none). 31