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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 04373456 (England and Wales) REGISTERED CHARITY NUMBER: 1092304

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Friends of Pedal Power Project Limited

Haines Watts Wales LLP

7 Neptune Court Vanguard Way Cardiff CF24 5PJ

Friends of Pedal Power Project Limited

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 18
Detailed Statement of Financial Activities 19 to 20

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Overall Charitable Aims and Objectives

Aim - The promotion of community participation in healthy recreation for the benefit of both disabled and able-bodied visitors to and inhabitants of the City of Cardiff, Vale of Glamorgan and environs in particular, but not exclusively, by the provision of facilities for cycling and advancement of public education in cycling safety.

Objectives

Overcome barriers to cycling especially for this who are disabled or disadvantaged Promote inclusive cycling as a route to equal access to health and wellbeing Provide an efficient and effective cycling service open to all children and adults for cycle hire, training and maintenance Provide a community facility for cyclists and the public to socialise, access opportunities to improve health and wellbeing, attend community meetings, appreciate the environment, encourage active travel and gain confidence, skills and experience Strategic Objectives 2022/23 Become a centre of excellence for all general and accessible cycling By improving and developing out knowledge and understanding of any and all of the needs of our customers and how we can help them through cycling. By providing an efficient yet sensitive service, attending to both physical and emotional needs, which will encourage people to make cycling an integral part of their life. Review work with volunteers and work experience trainees. Become an efficient and accountable organisation Using all our resources (including staff) most effectively, avoiding repetition or waste where possible. Having planning and systems to ensure our services continue without interruption. Regularly reviewing of all services and activities to maintain the highest standard. By ensuring a robust and effective organisational structure of management. By ensuring a system of regular supervision and performance management. Become an innovative organisation that leads in accessibility By having a lively and imaginative working environment which encourages creative thought and ideas. By keeping abreast of changes in all fields relevant to our services. By introducing new equipment and ways of working that benefit our customers. Become financially and environmentally sustainable Ensure our services continue to meet the existing and growing needs of our customers. By expanding the provision of our services to a larger geographical area to meet the needs of more people. Remain financially stable whilst still dynamic. Be sensitive and supportive to the natural environment.

Page 1

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Objectives and activities

Significant activities

The charity carries out a wide range of activities in pursuance of its charitable aims. The Trustees consider that these activities, summarised below, provide benefit both to those who make use of our services and to the wider community.

Activities

"Sometimes carrying on, just carrying on, is a superhuman achievement." - Albert Camus.

For everyone, the post-pandemic world continues to be plagued with additional challenges, from the continued impact of the Ukrainian war and soaring energy prices to the seemingly never-ending cost of living crisis. However, throughout another extraordinary year, marked by global unrest, prime ministerial resignations and the death of Queen Elizabeth 2, Pedal Power managed, somehow, to cope, carry on and even count some positives.

We were delighted to host events attended by Senedd AMs Lee Waters and Huw Irranca-Davies; invited to present at Julie Morgan AM's Active and Sustainable Travel event. PHW's Move More, Eat Well initiative, gave a talk to Rhiwbina Civic Society and contributed to the Health Aging Conference. We continued to play a role with the Cross Party Group for Active Travel, the Disability Taskforce, Transform Cymru and Transport for Wales, who, among many meetings, held a training day with us, to improve their understanding of inclusive cycling.

The hottest summer (too hot to move!) also saw the landmark installation of water and electricity at our Bay site - a long and hard-fought battle - and a very successful visit from Welsh Government and Keep Wales Tidy to see our pollinator-friendly community garden. Finally, a rather financially tense time culminated in successful applications for funding from the Motability Foundation, the National Lottery, the Principality Community Fund amongst others, meaning we enter the new financial year (2023/24) with renewed optimism and quite a few new staff! "Life is like riding a bicycle. In order to keep your balance, you must keep moving." - Albert Einstein, genius

Covid 19

Our aim is to remain delivering our service whatever the Covid virus decides to do next. The hire service is completely outdoors, the cycles and related equipment continue to be disinfected after use and social distancing can be maintained easily. We will always follow government advice concerning any close contact activities e.g. training.

Cycling Services

The growing movement encouraging Active Travel highlights the benefits of cycling and our belief, of course, is that cycling must be inclusive. Due to our extensive variety of cycles and our experience and expertise of working with all ages and abilities, Pedal Power continues to play a vital and significant role in providing cycling opportunities to Cardiff and the surrounding areas.

Inclusive cycling

Pedal Power has always believed that every cycling experience should be as positive as possible and we have continued with our efforts to make all our customers feel welcomed and valued, particularly the elderly and disabled who, without doubt, were hot hardest by the pandemic. Pedal Power's role in ensuring that all communities are included in cycling has a renewed importance as the benefits of cycling extend past the physical and mental to include the social aspect and general wellbeing. Our staff and volunteers are trained to build relationships with our customers whilst also demonstrating sensitivity to each individual and their needs.

Pedal Power works tirelessly to remove all perceived and physical barriers to cycling. We provide assessments to recommend the best bike/trike accessories; we provide learn to ride sessions for all ages and all abilities; we provide confidence building and skills practice sessions; we provide led social rides at various ability levels. We are very excited that our second site, at Cardiff Bay, which we continue to improve, offers a contrasting and often invigorating experience. Our membership model supports those cyclists who may need a carer or family member to accompany them, encouraging more frequent activity.

Page 2

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Objectives and activities

General Hire

In addition to our membership model, designed to support disabled cyclists, we provide a cycle hire service that is open to everyone. Our fleet of cycles, well in excess of 150, includes e assist bikes, e cargo bikes, e trikes and top quality 2 wheeled bikes in a variety of sizes, including for children, all available for hire We also provide tagalongs, buggies and child seats, ensuring that whole families can enjoy cycling. We provide helmet, lock and, if required, a water-resistant poncho - all cycling needs can be met by Pedal Power. We are the only cycle hire facility able to provide bikes in large numbers, thereby facilitating group hires and have been delighted to see the gradual return of larger groups from Europe, notably Belgium and France.

Maintenance and repairs

Maintaining and repairing our fleet is quite an undertaking, as our wide variety of cycles require specialist knowledge, and safety and an enjoyable cycling experience are top of our list. All the mechanics who work with Pedal Power receive training and gain experience of working with adaptive trikes and accessories. This means that every mechanic who joins our team is enriching their knowledge and understanding of cycles - specialist upskilling at its best. We also offer maintenance and repair services to the public and are well regarded in the field. Refurbishing and re-selling donated bikes serves the dual purpose of raising funds for the charity and providing affordable bikes, plus reducing landfill. For donated bikes who cannot be upcycled, we strip the parts and then donate to another charity (Cardiff Rivers) for scrap - nothing is wasted! South Wales Police security marking scheme continues to work with us in highlighting the sad need for security as bike theft has risen significantly and we offer Dr Bike sessions at the same time.

Training

Our mission is always to remove any barriers to cycling and assessing the right cycle for a person's needs is one of our (many)strengths. Our membership ensures that assessments and re-assessments are undertaken regularly and our experienced cycling officers are in high demand for this service. Equally, learning to ride and building confidence are skills that need to be taught with additional sensitivity and patience, in particular to adults and children with additional needs. We are also delighted to have a growing number of older people beginning or re-newing their cycling journeys, either in response to health issues or to environmental issues, or both! Our e assist and low step through cycles are proving very popular with this group and this, in turn, supports all moves towards more active travel in general. We are also managing to maintain a number of our social rides with the help of volunteers. We were also very pleased to be able to take cycles to Llandough Hospital, where we worked with patients on the Mental Health Services for Older People ward and also took recumbent trikes to Spinal Injuries Unit so patients and staff could experience the benefits first hand.

Café

Our café continues to play its vital role providing not only reasonably priced refreshments but also a welcoming social space where people can relax and feel at home, with no pressure to purchase or to leave. Our outdoor space is partially covered, thus providing different spaces for different needs and our wrap-around garden encourages wildlife with its colours and scents. We have a number of groups who now meet regularly - United Friends, Headway, Pontcanna Over 60s, a few different walking groups - and Scope is now holding chat sessions every two weeks. This is in addition to our Tune-filled Tuesdays drop-in singing session and Friday visits from guitarists from the Royal Welsh College of Music and Drama. Our Community Notice board helps keep everyone in touch with local events and our Art in the Café stimulates the imagination and supports local artists. The space also serves as a studio in part when Nikki and Alice involve Innovate Trust in making props for the Butetown Carnival and for the Welsh Indonesian community who worked with artist Andy Bolton on his mural, now installed at our Bay site.

Page 3

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Objectives and activities

Involving People

Members: As an inclusive cycling organisation our message is clearly that everyone is welcome at Pedal Power, but our unique membership offer means for only £25 per year (£15 per child) our customer is able to receive an assessment and re-assessments, access to all our fleet and accessories, a reduced hire fee and with their carer cycling for free. We make every effort to get to know our members, many of whom attend regularly, and our annual Ride for All made a welcome reappearance following the pandemic - an event when members can cycle for free, raising the visibility of all our different cycles.

Support workers and organisations: Post pandemic, the challenge continues to be to re-establish links with organisations, where there may have been staff changes. Pedal Power continues to work at making strong relationships with special schools, colleges, care homes and third sector community organisations from Cardiff, the Vale, RCT and beyond. We always encourage visits and taster sessions as this is definitely the most effective way of people understanding what Pedal Power has to offer. Our free e cycle tasters continue to be received enthusiastically. Volunteers: We have volunteers supporting cycle hire, helping out in the café, supporting our music session and Reception, facilitating questionnaires and we have a growing number providing support for social rides and confidence building sessions including working with SightLife and piloting tandems. This is an area of our service that we understand is very important in encouraging people to take up cycling and increase cycling activities in their daily lives and our cycle volunteers play a significant part as role models.

Partnerships:

- Women Connect First
- SRCDC South Riverside Community Development Centre
- Encouraging seniors to cycle with Elderfit
- Welsh Cycling - Breeze Rides
- Innovate Trust, craft sessions and participation in Bute town Carnival
- WMC - Bute town Carnival
- Welsh Indonesian Society
- SCOPE
- MS Society
- Leonard Cheshire taster Day
- Wizzkidz
- PHW - Move More, Eat Well
- Royal Welsh College of Music and Drama
- Southshore TV - charity of the year 2023
- Cardiff Met
Enabling schools to access our services at our main location and visiting their sites including Ty Coch, Red
- Rose, Ysgol Y Deri, Headlands, Woodlands, Ty Gwyn, Riverbank, Glan Taf, Ysgol Trreganna, St Teilos
- Supported the Bigmoose Supertri with 60 children participating
- South Wales Police
- Cardiff Council - another continuance on our Adult services funding for another year
Waterfront partners - this is a group to which we subscribe in order to keep abreast of business developments
- in the Bay area

Pedal Power continues to work actively with schools, colleges, other organisations to deliver our services and improve our outcomes for individuals and communities. We have also continued to work in partnership with Cardiff Council, Welsh Government, WCVA and C3SC in order to access all possible support for the future of the charity.

All Wales partnership working: We have maintained our contact with colleagues from the Wales Inclusive Cycling Forum (established 2013) where we work to promote inclusive cycling throughout Wales with Disability Sports Wales, Bikeability Swansea, Pedal Power Wrexham, Cycling UK (formerly CTC) and Sustrans.

Page 4

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Achievement and performance

Projects

Project - Welsh Government capital funding for SeE Cycling Differently

SeE Cycling Differently is a project that has enabled us to purchase e cycles (e bikes, e trikes and e cargo bikes) to supplement and enhance our already extensive and varied fleet. The e assist function of e cycles is a game changer for many of our customers as it enables cyclists to cycle for longer, go further and most definitely go steeper! This, therefore, helps with removing more barriers to cycling and addresses the needs of those disabled by illness, injury, also giving confidence to explore further, particularly to our more senior customers.

Cycling Services

Financial constraints reduced our cycling officer capacity although we still continued to be extremely busy. We delivered 509 learn to ride sessions and had 584 participants in our confidence building sessions. In addition, we had in excess of 100 tasters and social rides with some 462 participants.

Inclusive Cycling

Our membership as of 31/03/2023 stands at 1211 and we delivered 11,830 member hires (this includes carers bikes) across both sites.

General Cycle Services

We are unique in being able to hire large numbers of cycles at a time and had two multi hires this year from Belgium and from France.

However, general hire continues to be slower to recover with our total being 3,545 across both sites. This makes a total hire across both sites of 15,375.

We continued to take in and refurbish donated bikes and a total of 216 donated bikes were recycled and sold. We also donated a number of children's bikes to the Ukrainian charity and to Oasis.

Dealership

We have continued to build relationships with manufacturers in order to strengthen our position as dealer for many of our cycles and have added Van Raam to our list. We are very happy and believe it important that people are able to come to our site and try models before considering purchase.

Case study

Being able to cycle is an incredibly important skill, not just for health but in terms of social acceptance and this is never more important than when we are children. Not being able to fit in can be a real cause for anxiety and Pedal Power is delighted to be able to provide the support needed to help overcome barriers as explained to us by these parents.

Example 1

"My son has Autism"

Pedal Power has provided an exceptional experience for my son to learn to ride a bike with confidence. There is nowhere else like it that could provide the same skilful teaching, 1:1 attention and positive environment that embraces diversity and is committed to inclusion. His teacher, Robyn, was excellent; giving my son skills, support and encouragement whilst always being sensitive to his needs. It means my son and I can now go on bike rides together for the first time ever. It means my son experienced success and achievement.

"I can now ride without my stabilisers and can whizz along really fast. I love riding my bike."

Fundraising events

We were delighted to be able to re-instate our Ride For All this year. This ride has as its aim to provide a social and inclusive ride, which our members can participate in at now charge, encouraging other cyclists of all ages and abilities to participate and support thus raising our visibility in the capital city. The ride has two iterations, the main ride being through the city centre, a shorter ride being around the park, but everyone joins together at the end for some light refreshments. This year we were treated to an impromptu performance by trumpeters from the Royal Welsh College of Music and Drama. Over 100 people took part in our Ride for All this year which is marshalled and supported by staff and volunteers.

Page 5

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Financial review

Reserves policy

The Trustees' policy is to work towards a minimum level of unrestricted funds equivalent to six months operating costs and to provide sufficient funds to allow the Charity to meet redundancy and other major employee and contractual obligations should the funding levels fall or be deferred to give time to find alternative sources of the income. The trustees are mindful of the need to increase the level of available reserves by increasing core income thereby reducing the charity's reliance on grant funding.

The level of available unrestricted funds at the balance sheet date after the investment in unrestricted fixed assets is £66,573 (2022: £102,509).

Results

The total incoming resources for the year amounted to £393,589 (2022: £485,973). The deficit on unrestricted funds of (£40,162) (2022: £14,215) has resulted in unrestricted funds carried forward decreasing to £68,865 (2022: £106,803). The deficit on restricted funds of £57,342 (2022 surplus: £87,524). has resulted in funds carried forward decreasing to £749,093 (2022: £808,658).

Future plans

There is no place for complacency, even though we have come through an extraordinary time, as the challenges continue and so Pedal Power will continue to consolidate its position by -

Structure, governance and management

Legal status

Friends of Pedal Power Ltd. is a company limited by guarantee, registered number 4373456, and is governed by its Memorandum and Articles of Association and a charity registered with the Charity Commission, number 1092304.

Recruitment and appointment of new trustees

The Trustees who are appointed by the Members at the Annual General Meeting are recruited through local advertisements, organisations with whom the Charity works and interested members of the public. New trustees are provided with induction and continuing training by the Director and staff. Training includes responsibilities of trustees and details of the Charity and its history.

Organisational structure

The Charity is controlled by the Trustees who are all voluntary members. The day to day administration is delegated to the Director and support staff. The Director, Sian Donovan, reports to the Trustees at their regular meetings throughout the year.

Risk management

The Trustees have recognised the major risks facing the Charity as loss of funding and injuries sustained by those hiring the bikes, especially those with disabilities. To mitigate the financial loss a reserves policy has been set up. To mitigate the risk of injury each hirer signs a set of terms and conditions and is given instructions by the Charity.

Page 6

Friends of Pedal Power Project Limited

Report of the Trustees for the Year Ended 31 March 2023

Reference and administrative details Registered Company number 04373456 (England and Wales)

Registered Charity number 1092304

Registered office Pontcanna Caravan Park Off Dogo Street Cardiff CF11 9JJ

Trustees

E J Evans S P Cox Treasurer Mrs C Ferris (resigned 14.5.23) M J Walsh P Harding Chair P A P Ruddock Mrs N Brightmore M Eames

Company Secretary Ms S T Donovan

Independent Examiner

Haines Watts Wales LLP 7 Neptune Court Vanguard Way Cardiff CF24 5PJ

Bankers

Barclays 1-5 St David's Way Cardiff CF10 2DP

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on its behalf by: 06/12/2023

Peter Harding

........................................................................ P Harding - Trustee

Page 7

Independent Examiner's Report to the Trustees of Friends of Pedal Power Project Limited

Independent examiner's report to the trustees of Friends of Pedal Power Project Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Victoria Carter

Haines Watts Wales LLP 7 Neptune Court Vanguard Way Cardiff CF24 5PJ

07 December 2023 Date: .............................................

Page 8

Friends of Pedal Power Project Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023

Unrestricted
fund
Notes
£
Income and endowments from
Donations and legacies
2
39,980
Charitable activities
5
Cycle and Membership
119,929
Other trading activities
3
93,046
Investment income
4
85
Other income
-
Total
253,040
Expenditure on
Raising funds
73,248
Charitable activities
6
Cycle and Membership
219,954
Total
293,202
NET INCOME/(EXPENDITURE)
(40,162)
Transfers between funds
16
2,223
Net movement in funds
(37,939)
Reconciliation of funds
Total funds brought forward
106,804
Total funds carried forward
68,865		 Restricted
funds
£
-
140,549
-
-
-
140,549
(1,688)
199,579
197,891
(57,342)
(2,223)
(59,565)
808,658
749,093		 2023
Total
funds
£
39,980
260,478
93,046
85
-
393,589
71,560
419,533
491,093
(97,504)
-
(97,504)
915,462
817,958		 2022
Total
funds
£
31,937
387,548
64,127
11
2,350
485,973
50,995
361,669
412,664
73,309
-
73,309
842,153
915,462

The notes form part of these financial statements

Page 9

Friends of Pedal Power Project Limited (Registered number: 04373456)

Balance Sheet 31 March 2023

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors
Amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors
Amounts falling due after more than one year
14
NET ASSETS
Funds
16
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
fund
£
2,291
24,941
50,250
75,191
(8,618)
66,573
68,864
-
68,864		 Restricted
funds
£
747,557
-
26,279
26,279
(24,742)
1,537
749,094
-
749,094		 2023
Total
funds
£
749,848
24,941
76,529
101,470
(33,360)
68,110
817,958
-
817,958
68,864
749,094
817,958		 2022
Total
funds
£
809,190
16,324
149,252
165,576
(45,804)
119,772
928,962
(13,500)
915,462
106,804
808,658
915,462

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 06/12/2023

Peter Harding

............................................. P Harding - Trustee

............................................. S P Cox - Trustee

The notes form part of these financial statements

Page 10

Friends of Pedal Power Project Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on the charity of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

Membership and voluntary income including donations and legacies is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when, the donor specifies that the donation must only be used in future accounting periods; or the donor has imposed conditions which must be met before the charity has unconditional entitlement.

Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

Income derived from events is recognised as earned (that is, as the related goods or services are provided).

The monies received from the sale of bicycles are re-invested into new bikes or spare parts.

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.

Grants are accounted for in the financial year to which they relate. Grants received to finance the cost of fixed assets are recognised as restricted funds and used to finance the annual depreciation charge.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds are the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Page 11

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

1. Accounting policies - continued

Governance costs

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Plant and machinery - 10% on cost Equipment - 33% on cost Motor vehicles - 25% on cost

Individual fixed assets costing £1,000 or more are initially recorded at cost.

Taxation

The company is a registered charity and all its income is primary purpose it is, therefore, exempt from taxation.

Fund accounting

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

Debtors, creditors and cash

Current assets and liabilities, including cash held at bank or as part of short term deposits, are recognised at cost or valuation as at the year end.

Aged debtors and liabilities are recognised at net present value in line with FRS 102.

2. Donations and legacies

3. Other trading activities

Fundraising events
Kitchen sales
Product sales
Investment income
Deposit account interest		 2023
£
-
42,982
50,064
93,046
2023
£
85		 2022
£
46
20,214
43,867
64,127
2022
£
11

4. Investment income

Page 12

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

5. Income from charitable activities

2023
Cycle and
Membership
£
Training
11,743
Cardiff City Council
25,595
Bike servicing and repairs
13,669
Membership and session fees
8,092
Hire income
60,830
C3SC
4,500
DWP Workchoice
18,714
Social care recovery
40,000
Planet passionate
4,000
Moondance Foundation
24,935
See cycling differently
48,400
Kickstart management
-
Misc grant
-
Government grants
-
260,478
6.
Charitable activities costs
Support
Direct
costs (see
Costs
note 7)
£
£
Cycle and Membership
375,186
44,347
7.
Support costs
Governance
Management
costs
£
£
Cycle and Membership
39,080
5,267
Support costs, included in the above, are as follows:
2023
Cycle and
Membership
£
Wages
36,933
Light and heat
1,221
Office expenses
926
Accountancy and legal fees
5,267
44,347
8.
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023
£
Depreciation - owned assets
61,030
Surplus on disposal of fixed assets
-		 2022
Total
activities
£
41,493
23,350
17,062
8,060
56,986
-
-
-
-
-
208,750
10,565
8,098
13,184
387,548
Totals
£
419,533
Totals
£
44,347
2022
Total
activities
£
34,842
284
533
3,333
38,992
2022
£
35,360
(2,350)

Page 13

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

10. Staff costs

Wages and salaries
Social security costs
Other pension costs		 2023
£
263,810
17,550
18,677
300,037		 2022
£
248,939
15,499
13,941
278,379

The average monthly number of employees during the year was as follows:

Cycle & café activities
Directors & finance		 2023
18
2
20		 2022
15
2
17

No employees received emoluments in excess of £60,000.

The salaries paid to the key management personnel during the year amounted to £79,444 (2022: £76,501).

11. Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
839,798
-
839,798
156,570
16,886
173,456
666,342
683,228		 Plant and
machinery
Equipment
£
£
18,569
165,634
-
1,688
18,569
167,322
503
57,738
1,857
42,287
2,360
100,025
16,209
67,297
18,066
107,896		 Motor
vehicles
Totals
£
£
16,823
1,040,824
-
1,688
16,823
1,042,512
16,823
231,634
-
61,030
16,823
292,664
-
749,848
-
809,190

Page 14

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
VAT
Prepayments
13.
Creditors: amounts falling due within one year
Other loans (see note 15)
Trade creditors
VAT
Accruals and deferred income
14.
Creditors: amounts falling due after more than one year
Other loans (see note 15)
15.
Loans
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
Amounts falling between one and two years:
Other loans - 1-2 years
Amounts falling due between two and five years:
Other loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal		 2023
£
11,232
8,469
-
5,240
24,941
2023
£
-
3,521
1,901
27,938
33,360
2023
£
-
2023
£
-
-
-
-		 2022
£
5,235
254
8,211
2,624
16,324
2022
£
1,500
1,408
-
42,896
45,804
2022
£
13,500
2022
£
1,500
1,500
3,000
9,000

Page 15

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

16. Movement in funds

Unrestricted funds
General fund
Restricted funds
Big Lottery Fund
Cardiff Council - Capital Grant
Welsh Government – Communities
Facilities Activities Programme
Cardiff Rotary Grant - Sparks
Glamorgan Voluntary Service
The Crane Foundation
See Cycling Differently
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Big Lottery Fund
Cardiff Council - Capital Grant
Welsh Government – Communities
Facilities Activities Programme
Moondance Foundation
Glamorgan Voluntary Service
The Crane Foundation
See Cycling Differently
Cardiff third sector council
Planet passionate
DWP workchoice
Social care recovery fund
TOTAL FUNDS		 Net
Transfers
movement
between
At
At 1.4.22
in funds
funds
31.3.23
£
£
£
£
106,804
(40,163)
2,223
68,864
214,615
(6,000)
-
208,615
79,973
(2,232)
-
77,741
388,640
(8,655)
-
379,985
2,223
-
(2,223)
-
6,953
(3,517)
-
3,436
566
(566)
-
-
115,688
(36,371)
-
79,317
808,658
(57,341)
(2,223)
749,094
915,462
(97,504)
-
817,958
as follows:
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
253,040
(293,203)
(40,163)
-
(6,000)
(6,000)
-
(2,232)
(2,232)
-
(8,655)
(8,655)
24,935
(24,935)
-
-
(3,517)
(3,517)
-
(566)
(566)
48,400
(84,771)
(36,371)
4,500
(4,500)
-
4,000
(4,000)
-
18,714
(18,714)
-
40,000
(40,000)
-
140,549
(197,890)
(57,341)
393,589
(491,093)
(97,504)

Page 16

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

16. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Big Lottery Fund
Cardiff Council - Capital Grant
Welsh Government – Communities
Facilities Activities Programme
Porth Teigr
Cardiff Rotary Grant - Sparks
Glamorgan Voluntary Service
The Crane Foundation
See Cycling Differently
TOTAL FUNDS		 Net
movement
At 1.4.21
in funds
£
£
121,018
(19,712)
220,615
(6,000)
82,205
(2,232)
397,295
(8,655)
5,498
-
2,223
-
11,371
(4,418)
1,928
(1,362)
-
115,688
721,135
93,021
842,153
73,309		 Transfers
between
funds
£
5,498
-
-
-
(5,498)
-
-
-
-
(5,498)
-		 At
31.3.22
£
106,804
214,615
79,973
388,640
-
2,223
6,953
566
115,688
808,658
915,462

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Big Lottery Fund
Cardiff Council - Capital Grant
Welsh Government – Communities
Facilities Activities Programme
Glamorgan Voluntary Service
The Crane Foundation
See Cycling Differently
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
277,223
(296,935)
(19,712)
-
(6,000)
(6,000)
-
(2,232)
(2,232)
-
(8,655)
(8,655)
-
(4,418)
(4,418)
-
(1,362)
(1,362)
208,750
(93,062)
115,688
208,750
(115,729)
93,021
485,973
(412,664)
73,309

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Big Lottery Fund - £300,000 was received in 2008 to fund building costs. The building costs were capitalised and the fund charged with depreciation.

Big Lottery People and Places (Changing Gear) - all monies received were for staffing costs

Cardiff Council - Capital Grant - £111,577 was received in 2008 to fund building costs. The building costs were capitalised and the fund charged with depreciation.

Welsh Government - Communities Facilities Activities Programme - all monies received were for the purchase of bikes/trikes and related equipment

Porth Teigr - £30,000 received over 2 years to develop the cycle hire and repair service in the Bay so meeting the objectives of the Porth Teigr Estate to develop community cohesion and to contribute to the wider neighbourhood and community.

Cardiff Rotary Grant - all monies received were for the purchase of bikes/trikes and related equipment

Page 17

continued...

Friends of Pedal Power Project Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

16. Movement in funds - continued

Peter Harrison Foundation - all monies received were for staffing costs of a Children's Cycling Officer.

Glamorgan Voluntary Service - all monies received were for the purchase of bikes/trikes and related equipment.

The Crane Foundation - all monies received were for the purchase of bikes/trikes.

See Cycling Differently is a Welsh Government funded project enabling Pedal Power to purchase and integrate e bikes, e trikes and e cargo bikes into our existing fleet in order to further support our provision of inclusive access to the benefits of cycling.

Transfers between funds

During the year £2,223 was transferred from Cardiff Rotary Grant to General Unrestricted funds to account for expenditure incurred on purchases supporting the ongoing activities of Pedal Power.

17. Employee benefit obligations

The charitable company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £18,677 (2022: £13,941).

18. Related party disclosures

There were no related party transactions for the year ended 31 March 2023.

19. Members' liability

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The company is registered in England and Wales and the registered office is shown within the Trustees report.

Page 18

Friends of Pedal Power Project Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Income and endowments
Donations and legacies
Donations
Sale of donated bikes
Other trading activities
Fundraising events
Kitchen sales
Product sales
Investment income
Deposit account interest
Charitable activities
Training
Cardiff City Council
Bike servicing and repairs
Membership and session fees
Hire income
C3SC
DWP Workchoice
Social care recovery
Planet passionate
Moondance Foundation
See cycling differently
Kickstart management
Misc grant
Government grants
Other income
Gain on sale of tangible fixed assets
Total incoming resources
Expenditure
Other trading activities
Purchases
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Repairs and maintenance
Carried forward		 2023
£
16,584
23,396
39,980
-
42,982
50,064
93,046
85
11,743
25,595
13,669
8,092
60,830
4,500
18,714
40,000
4,000
24,935
48,400
-
-
-
260,478
-
393,589
71,560
226,877
17,550
18,677
3,010
10,860
7,499
5,168
931
26
9,558
300,156		 2022
£
8,025
23,912
31,937
46
20,214
43,867
64,127
11
41,493
23,350
17,062
8,060
56,986
-
-
-
-
-
208,750
10,565
8,098
13,184
387,548
2,350
485,973
50,995
214,097
15,499
13,941
3,511
11,284
1,744
9,403
262
50
4,768
274,559

This page does not form part of the statutory financial statements

Page 19

Friends of Pedal Power Project Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Charitable activities
Brought forward
Office expenses
Software and IT costs
Motor expenses
Publicity and marketing
Legal and professional costs
Bank charges
Freehold property
Plant and machinery
Equipment
Support costs
Management
Wages
Light and heat
Office expenses
Governance costs
Accountancy and legal fees
Total resources expended
Net (expenditure)/income		 2023
£
300,156
5,691
6,320
647
464
585
293
16,887
1,857
42,286
375,186
36,933
1,221
926
39,080
5,267
491,093
(97,504)		 2022
£
274,559
4,798
5,705
733
506
-
1,016
16,887
503
17,970
322,677
34,842
284
533
35,659
3,333
412,664
73,309

This page does not form part of the statutory financial statements

Page 20