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 0117 353 4580
Email. hello@lifecycle.org.uk
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