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2022-06-30-accounts

CLUB PELOTON

Annual Report and Consolidated Financial Statements

30 June 2022

Company Registration Number 06383981 (England and Wales)

Charity Registration Number 1122230

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 8
Financial statements
Consolidated statement of financial activities 12
Statement of financial position 13
Consolidated statement of cash flows 14
Principal accounting policies 15
Notes to the consolidated financial statements 18

CLUB PELOTON

Reference and administrative information

Trustees N P Searl (resigned 28 March 2022) S Whyman (resigned 5 October 2022) D S Millar (resigned 5 October 2022) J A Ross (resigned 6 December 2021) P S Burke S E Cary B A Fowler E Goodford (appointed 6 July 2022) L Gunn (appointed 6 July 2022) N Gordon (appointed 6 July 2022) R Blair (appointed 6 July 2022) D Marriott (appointed 6 July 2022) A Freeman (appointed 6 July 2022) Chief Executive Officer N P Hanmer Registered office Coram Campus 41 Brunswick Square London WC1N 1AZ Company Registration Number 06383981 (England and Wales) Charity Registration Number 1122230 Banker HSBC UK Bank PLC PO Box 1EZ 196 Oxford Street London W1D 1NT Auditors Perrys Audit Limited Chartered Accountants and Statutory Auditors 4[th] Floor 399-401 Strand London WC2R 0LT

CLUB PELOTON 1

Trustees’ report (including directors’ report) Year ended 30 June 2022

The Board of Trustees present their report together with the consolidated financial statements of Club Peloton for the year ended 30 June 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 15 to 17 of the attached financial statements and comply with the Charities Act 2011, the Companies Act 2006, the charitable company’s Memorandum and Articles of Association 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

Company registration

The charitable company is registered in England and Wales as company number 06383981 and is registered with the Charity Commission as charity number 1122230. The registered office address is Coram Campus, 41 Brunswick Square, London WC1N 1AZ.

Purposes and activities

Club Peloton was incorporated on 27 September 2007 as a company limited by guarantee with no share capital and is governed by its Memorandum and Articles of Association dated 24 August 2007 which were updated on 25 March 2009. It is registered as a charity with the Charity Commission. The charitable company is based in the United Kingdom and operates from offices in London.

The charitable company changed its name from Cycle To Cannes to Club Peloton with effect from 24 December 2015.

The principal object of the charitable company is to apply the available income and capital of the charitable company in such a manner as the trustees think fit for objects or purposes which are exclusively charitable according to the laws of England and Wales. The charitable company achieves its objectives by making charitable donations which are primarily funded by an annual charitable cycle ride to Cannes which is organised and administered by the charitable company’s trading subsidiary, Club Peloton Trading Limited.

The trading subsidiary changed its name from Cycle To Limited to Club Peloton Trading Limited with effect from 23 November 2015.

Public benefit

In setting the charitable company’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

Grant making policy

In 2021-22 Club Peloton supported a number of charities. Coram remains the main beneficiary, receiving 60% of the grants payable. The Multiple System Atrophy Trust, the Tom ap Rhys Pryce Memorial Trust and Cyclists Fighting Cancer all received smaller grants. In addition, the trustees consider applications from other charitable organisations, as and when they are received, for various levels of support.

As the principal beneficiary, Coram provide enhanced support to Club Peloton including office, meeting and storage space along with staff support.

CLUB PELOTON 2

Trustees’ report (including directors’ report) Year ended 30 June 2022

Achievements and performance

The financial year finally presented the opportunity to run multi-day events both in the UK and abroad. Despite the continuing COVID-19 pandemic, high rates of vaccination, the relaxation of travel restrictions and growing public confidence enabled us to deliver both postponed and newly planned events from September onwards. We also continued to make partial use of the tapering UK Government Coronavirus Job Retention Scheme, utilising the flexibility offered to move the team on and off furlough.

In September, a UK based pedElle was held in the Lake District, with 35 riders taking to the road for three challenging rides in the Lakes, Forest of Bowland and Yorkshire Dales. The event was launched in early 2021 and planned to be resilient to changing Covid guidelines. This meant riders glamping and spending as much time as possible outside, including for eating and drinking. Partner sponsors from the postponed 2020 ride maintained their commitment to the revised format for which we were hugely grateful.

Hot on the heels of September’s pedElle was a new test event – Explore - with a focus on multidiscipline riding to include mountain, gravel and road cycling. Based in Peebles, twenty riders took part and key partners offered off-bike content on the theme of sustainability through presentations and group discussions.

The flagship Cycle to MIPIM ride finally made a return to the road with Knight Frank as headline sponsor. Having held numerous riders’ credits from the cancelled 2020 event, the ride returned in March with a revised 7-day format amongst other changes. Pent up demand meant a full cohort of 85 riders experienced a more relaxed but no less challenging ride to MIPIM.

Our client BCO also restarted in-person activity with a conference in Manchester. Riders were able to cycle from London, with 50 people joining the peloton heading north.

The season was rounded off with the second pedElle of the financial year. This time the three-day adventure took 60 riders from Vienna, via Slovakia and on to Budapest. The ride welcomed back many who had patiently waited for its rescheduling and demonstrated the growing support pedElle has as a movement within the real estate sector.

Total unrestricted and restricted funds distributed as a result of the 2021-22 rides amounted to £261,029 (2021 – £55,000) which were given to the following organisations:

Coram (£166,667) acts every day to support the UK’s most vulnerable children, young people and families. Coram works with more than 44,000 children and parents every year. Coram Children’s Legal Centre offers specialist advice to thousands more, and Coram Life Education provides health and drugs education to a further 800,000 school children.

Coram’s pioneering approach and range of services – including adoption, creative therapies and supported housing for care leavers – help children and young people to find stability, love and self worth.

Coram champion what matters most for children, creating better chances and a brighter, happier future.

CLUB PELOTON 3

Trustees’ report (including directors’ report) Year ended 30 June 2022

Multiple System Atrophy Trust (£27,778) assists those affected by Multiple System Atrophy (MSA), a life limiting neurological brain disease which can affect any adult. Currently one person a day is diagnosed with MSA. The Multiple System Atrophy Trust is the only British charity to offer support for those affected by this devastating disease as well as funding research into its causes. From the moment of diagnosis the Trust provides MSA specialist nurses, telephone support, an online forum for people affected by MSA and information for health care professionals.

The Trust has enjoyed a long and highly successful relationship with Club Peloton having been a beneficiary charity from the first ever ride in 2006. Funds raised this year have supported their ongoing research into a cure for MSA.

The Tom ap Rhys Pryce Memorial Trust (Tom’s Trust) (£27,778) is a charitable trust assisting disadvantaged children in achieving their potential by gaining access to appropriate educational facilities and opportunities. Each year Tom’s Trust supports many different projects which help disadvantaged young people in London. The Trust aims to help fund local charities that offer a real benefit to young people. The money raised by Club Peloton in 2021-22 has helped fund three of these projects: the Bethwin Football Club in Peckham, Switchback in East London, and the OK Club in Kilburn. In addition, Tom’s Trust has also helped fund the Toynbee Hall ‘Aspire’ programme for teenagers living in Tower Hamlets and SE1United, an organisation on the South Bank helping young people realise their potential.

Cyclists Fighting Cancer (£27,778) assists children and young people living with cancer across the UK with their physical fitness, strength, mental wellness and confidence by giving them new bikes, specially adapted trikes, tandems, other equipment and support. They are passionate about sharing all the benefits of exercise and activity for people living with and beyond cancer.

Ad-hoc grants were paid to Funding Melanoma Research of £6,650 (2021 - £nil), Alzheimer’s Research UK of £578 (2021 - £nil) and Caring for Cyclists of £3,800 (2021 - £nil).

There was also a small amount of fundraising paid directly by riders to some of the supported charities and these donations are not reflected in the financial statements.

Financial review

The trading subsidiary was heavily impacted by the cancellation of events, generating income of £712,073 (2021 – £19,310) which was made up of corporate sponsorship income of £292,761 (2021 – £3,500); riders’ fees of £330,142 (2021 – £14,111); other income of £89,171 (2021 – £1,699); and other operating income £69,359 (2021 – £95,763) which related to furlough claims from HM Revenue and Customs and management charges receivable from Club Peloton.

Overall the trading subsidiary generated a profit, before gift aid, of £104,165 (2021 – loss £148,697). No gift aid was remitted to the charitable company as the trading subsidiary has negative reserves.

Unrestricted donations received by the charitable company as a result of the rides amounted to £421,840 (2021 – £102,560). This enabled the charitable company to distribute £261,029 (2021 – £55,000) to the charities of its choice as detailed above. A consolidated profit of £145,557 (2021 – loss £145,312) was achieved, leaving unrestricted funds carried forward at the year end of £431,322

CLUB PELOTON 4

Trustees’ report (including directors’ report) Year ended 30 June 2022

(2021 – £281,965) and restricted funds carried forward at the year end of £7,651 (2021 – £11,451). These surplus funds will be expended in future years in line with the charitable company’s objects.

Plans for future periods

The year saw considerable change, with trustees and the Chief Executive Officer continuing to work closely together to navigate the effects of the Covid-19 pandemic. Constant reforecasting and planning took place as we adapted to changes in laws, restrictions, and their eventual relaxation. As certainty and stability returned, the process of recruiting and selecting new trustees took place and six successful candidates joined as trustees in July 2022.

The return to stability also enabled Nick Searl and Jen Ross to step down as trustees, both after many years of service. Both these changes had been delayed due to the uncertainty driven by the pandemic and the desire to maintain continuity of the trustee board. Sarah Cary was appointed as the new Chair of Trustees and a new four-year business plan developed by the CEO was adopted by the new trustees.

Reserves policy

The charitable company is heavily dependent on donations from the public and other bodies, the timing and level of which cannot be anticipated with any certainty. In order to pursue its charitable objects effectively and meet its legal and contractual obligations, it therefore needs to hold a reasonable level of unrestricted reserves for working capital as protection against periods where funding is not forthcoming.

Pay and remuneration policy

Pay and remuneration of employees is jointly agreed by the trustees and Chief Executive Officer and is benchmarked against salary indexes within the charity sector. The Chief Executive Officer’s salary is set and approved by the trustees.

Risk management

The trustees of the charitable company have assessed the major risks to which the charitable company is exposed and are satisfied that systems are in place to mitigate the exposure to those risks.

The principal risk facing the charitable company and the trading subsidiary was a continuation of restrictions prohibiting the holding of large, multi-day events due to the Covid-19 pandemic. As our events require the support of both businesses and riders to generate both charitable and corporate income, the trustees met on average every eight to twelve weeks over the last year to ensure forecasting for income and cash flow were on course for the charitable company to successfully navigate this risk. Thankfully, this risk subsided over the course of the year. It has however been replaced with the challenge presented by a slowing economy gradually slipping towards recession. The trading subsidiary has also diversified its activities to explore and launch new events to grow and engage a wider, and more diverse, range of fundraisers to help deliver this planned growth.

CLUB PELOTON 5

Trustees’ report (including directors’ report) Year ended 30 June 2022

Going concern

The subsidiary trading company has a net deficit which has arisen from losses from prior financial years. The net deficit is financed by a short term loan from the parent undertaking. The trustees have a reasonable expectation that the subsidiary trading company has adequate resources to continue in operational existence for the foreseeable future. Therefore the trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Structure, governance and management

Trustees

A trustee is a member of the Board of Trustees of Club Peloton and a director for the purposes of the Companies Act 2006. The trustees who held office during the year, or who have been appointed since the year end, are:

N P Searl (resigned 28 March 2022)
S Whyman (resigned 5 October 2022)
D S Millar (resigned 5 October 2022)
J A Ross (resigned 6 December 2021)
P S Burke
S E Cary
B A Fowler
E Goodford (appointed 6 July 2022)
L Gunn (appointed 6 July 2022)
N Gordon (appointed 6 July 2022)
R Blair (appointed 6 July 2022)
D Marriott (appointed 6 July 2022)
A Freeman (appointed 6 July2022)

The trustees comprise the membership of the charitable company. Trustees are appointed by the charitable company by ordinary resolution. The Board keeps the skill requirement of the trustee body under review and is keen to ensure that representation is sufficiently diverse to meet the needs of the charitable company. Candidates are selected on the basis that they have the relevant skills and necessary commitment to contribute to the charitable company’s development.

New trustees are provided with an induction pack which will include the Charity Commission publication CC3a (“The Essential Trustee: An Introduction”), financial statements of the charitable company and its subsidiary undertaking, minutes of recent trustees’ meetings and a copy of the charitable company’s Memorandum and Articles of Association. The trustees are re-appointed by the members of the charitable company at a general meeting and are re-elected in rotation in accordance with the Memorandum and Articles of Association.

The Board meets regularly, particularly in the period prior to the main fundraising cycle ride and all trustees take an active interest in the charitable company. The day to day management and administration of the annual cycle ride and the charitable company is undertaken by Nick Hanmer. He is employed jointly by the charitable company and its trading subsidiary as the Chief Executive Officer. Decisions on the charitable company’s future strategy are undertaken by the trustees and Chief Executive Officer at regular meetings. Decisions are made by a majority vote. In the case of

CLUB PELOTON 6

Trustees’ report (including directors’ report) Year ended 30 June 2022

an equality of votes, the person who is chairing the meeting shall have a casting vote, in addition to any other vote he or she may have.

Indemnity given by the charitable company in favour of its trustees

The trustees are indemnified by the charitable company against any liability incurred by them in that capacity to the extent permitted by the Companies Act 2006. No insurance policy affecting cover against any such liability has been purchased by the charitable company.

Trustees’ responsibilities in relation to the financial statements

The trustees (who are also directors of Club Peloton for the purposes of company law) are responsible for preparing a trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees’ annual report:

CLUB PELOTON 7

Trustees’ report (including directors’ report) Year ended 30 June 2022

Signed on behalf of the trustees

Sarah Cary

S E Cary

Trustee

Approved by the trustees on 30 November 2022

CLUB PELOTON 8

Independent auditors’ report to the members of Club Peloton Year ended 30 June 2022

Opinion

We have audited the financial statements of Club Peloton (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 30 June 2022, which comprise the consolidated statement of financial activities (including income and expenditure account), consolidated statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

CLUB PELOTON 9

Independent auditors’ report to the members of Club Peloton Year ended 30 June 2022

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

CLUB PELOTON 10

Independent auditors’ report to the members of Club Peloton Year ended 30 June 2022

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) 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 the trustees 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 to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

CLUB PELOTON 11

Independent auditors’ report to the members of Club Peloton Year ended 30 June 2022

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.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state 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 and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed

Perrys

4[th] Floor 399-401 Strand London WC2R 0LT 30 November 2022

Declan McCusker (Senior Statutory Auditor) For and on behalf of Perrys Audit Limited Chartered Accountants and Statutory Auditor

CLUB PELOTON 12

Consolidated statement of financial activities Year ended 30 June 2022

Income and Expenditure Notes 2022 2022 2022 2021 2021 2021
Account Unrestricted Restricted Total Unrestricted Restricted Total
funds funds £ funds funds £
Incoming resources
Incoming resources from
generated funds
. Commercial trading 1 712,074 - 712,074 19,310 - 19,310
operations
. Donations 10 421,840 - 421,840 102,560 - 102,560
. Government grants - 10,208 10,208 - 80,379 80,379
Total incoming resources 1,133,914 10,208 1,144,122 121,870 80,379 202,249
Resources expended
Costs of generating funds:
. Commercial trading 2 677,565 10,208 687,773 179,142 80,379 259,521
operations
. Costs of generating 3 38,713 - 38,713 22,260 - 22,260
voluntary income
716,278 10,208 726,486 201,402 80,379 281,781
Costs of charitable activities 4 257,229 3,800 261,029 55,000 - 55,000
Governance costs 5 11,050 - 11,050 10,780 - 10,780
Total resources expended 984,557 14,008 998,565 267,182 80,379 347,561
Net movement in funds 149,357 (3,800) 145,557 (145,312) - (145,312)
Total funds brought forward 16 281,965 11,451 293,416 427,277 11,451 438,728
Total funds carried forward 16 431,322 7,651 438,973 281,965 11,451 293,416

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CLUB PELOTON 13

Statement of financial position At 30 June 2022

Notes Group
2022
£
2021
£
1,129
2,257
-
-
4,884
4,970
116,616
122,300
671,795
414,817
793,295
542,087
(355,451)
(250,928)
437,844
291,159
438,973
293,416
7,651
11,451
431,322
281,965
438,973
293,416		 Group
2022
£
2021
£
1,129
2,257
-
-
4,884
4,970
116,616
122,300
671,795
414,817
793,295
542,087
(355,451)
(250,928)
437,844
291,159
438,973
293,416
7,651
11,451
431,322
281,965
438,973
293,416		 Charity
2022
£
2021
£
-
-
1
1
-
-
154,771
251,678
619,756
264,873
774,527
516,551
(237,498)
(20,914)
537,029
495,637
537,030
495,638
7,651
11,451
529,379
484,187
537,030
495,638		 Charity
2022
£
2021
£
-
-
1
1
-
-
154,771
251,678
619,756
264,873
774,527
516,551
(237,498)
(20,914)
537,029
495,637
537,030
495,638
7,651
11,451
529,379
484,187
537,030
495,638
Fixed assets
Tangible assets
10
Investments
11
Current assets
Stocks
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total net assets
Funds
Restricted reserves
15
Unrestricted reserves
16
Total funds		 1,129
-
4,884
116,616
671,795		 2,257
-
4,970
122,300
414,817		 -
1
-
154,771
619,756		 -
1
-
251,678
264,873
793,295
(355,451)		 542,087
(250,928)		 774,527
(237,498)		 516,551
(20,914)
437,844 291,159 537,029 495,637
438,973 293,416 537,030 495,638
7,651
431,322		 11,451
281,965		 7,651
529,379		 11,451
484,187
438,973 293,416 537,030 495,638

The trustees have prepared group financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.

Approved and authorised for issue by the trustees and signed on their behalf by:

Sarah Cary

S E Cary Trustee

Club Peloton, Company Limited by Guarantee

Registration Number 06383981 (England and Wales)

Approved by the trustees on 30 November 2022

CLUB PELOTON 14

Consolidated statement of cash flows Year ended 30 June 2022

Group
2022
£
2021
£
145,557
(145,312)
1,128
1,511
86
86
5,684
36,987
104,523
(129,926)
256,978
(236,654)
-
(3,386)
-
(3,386)
256,978
(240,040)
414,817
654,857
671,795
414,817		 Group
2022
£
2021
£
145,557
(145,312)
1,128
1,511
86
86
5,684
36,987
104,523
(129,926)
256,978
(236,654)
-
(3,386)
-
(3,386)
256,978
(240,040)
414,817
654,857
671,795
414,817		 Charity
2022
£
2021
£
41,392
3,385
-
-
-
-
96,907
(15,033)
216,584
(148,941)
354,883
(160,589)
-
-
-
-
354,883
(160,589)
264,873
425,462
619,756
264,873		 Charity
2022
£
2021
£
41,392
3,385
-
-
-
-
96,907
(15,033)
216,584
(148,941)
354,883
(160,589)
-
-
-
-
354,883
(160,589)
264,873
425,462
619,756
264,873
Cash flows from operating activities
Net movement in funds
Adjustments for:
Depreciation of tangible assets
Changes in:
Stocks
Trade and other debtors
Trade and other creditors
Cash generated from operations
Cash flows from investing activities
Purchase of tangible assets
Net cash used in investing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
year
Cash and cash equivalents at end of year		 145,557
1,128
86
5,684
104,523		 (145,312)
1,511
86
36,987
(129,926)		 41,392
-
-
96,907
216,584		 3,385
-
-
(15,033)
(148,941)
256,978
-		 (236,654)
(3,386)		 354,883
-		 (160,589)
-
-
256,978
414,817		 (3,386)
(240,040)
654,857		 -
354,883
264,873		 -
(160,589)
425,462
671,795 414,817 619,756 264,873

CLUB PELOTON 15

Principal accounting policies Year ended 30 June 2022

General information

The charitable company is a private company limited by guarantee and registered in England and Wales. The charitable company is also registered as a charity in England and Wales. The registered office address of the charitable company is Coram Campus, 41 Brunswick Square, London WC1N 1AZ.

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in Sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £1.

Club Peloton meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Basis of consolidation

These financial statements consolidate the results of the charitable company and its wholly owned subsidiary undertaking, Club Peloton Trading Limited, for the year ended 30 June 2022. A separate Statement of Financial Activities for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. Intra-group transactions are eliminated in full.

Company status

The charitable company is a company limited by guarantee and does not have a share capital. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charitable company.

Fund accounting

Unrestricted funds are defined as incoming resources received or generated which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company which have not been designated for other purposes.

Designated funds are unrestricted funds which have been earmarked by the Board of Trustees for specific purposes.

The restricted fund holds donations collected on behalf of Construction Industry Cycling Commission (CICC). Further details can be found at www.cyclingcommission.org

CLUB PELOTON 16

Principal accounting policies Year ended 30 June 2022

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the charitable company is legally entitled to the income, when it is virtually certain that the incoming resources can be measured with sufficient reliability.

Incoming resources from commercial trading operations represents consultancy fees, amounts received from companies for corporate sponsorship of the event, and amounts received from riders to participate in the event. These amounts are stated net of values added tax, except where the turnover falls within the Tour Operators’ Margin Scheme. Incoming resources are deferred where the charitable company is not entitled to the income until a future accounting year.

Charitable donations raised by the event are recognised as incoming resources from generated funds in the charitable company.

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charitable company will comply with the conditions attaching to them and the grants will be received.

Resources expended

All expenditure is accounted for in the Statement of Financial Activities on an accruals basis and has been classified under headings that aggregate all costs related to that category of expenditure.

Costs of generating funds comprise costs incurred by the charitable company’s trading subsidiary relating to the running and administration of the event, and costs incurred by the charitable company to administer their online giving.

Costs of charitable activities include grants payable in furtherance of the charitable company’s objects. Grants payable represent donations to other charities and are accounted for when paid unless a firm commitment exists at the year end to pay grants in future periods in which case, grants payable are accrued in full.

Support costs are those incurred in connection with the administration and operation of the charitable company and are allocated in full to the sole activity of the charitable company, that of grant making.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and includes audit fees.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life as follows:

The carrying values of tangible fixed assets are reviewed for impairment in years if events or changes in circumstances indicated that the carrying value may not be recoverable.

CLUB PELOTON 17

Principal accounting policies Year ended 30 June 2022

Investments

Fixed asset investments are shown at cost less any provision for impairment.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet sate. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the statement of financial activities.

Pensions

The subsidiary trading company contributes to its director’s defined contribution stakeholder pension scheme at the rates agreed with the individual. Contributions are charged to the statement of financial activities as they become payable in accordance with the contribution agreement between the company and the director.

Going Concern

The subsidiary trading company has a net deficit which has arisen from losses from prior financial years. The net deficit is financed by a short term loan from the parent undertaking. The trustees have a reasonable expectation that the subsidiary trading company has adequate resources to continue in operational existence for the foreseeable future. Therefore the trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Irrecoverable VAT

Any irrecoverable VAT is charged to the statement of financial activities .

CLUB PELOTON 18

Notes to the consolidated financial statements Year ended 30 June 2022

1. Incoming resources from commercial trading operations

1. Incoming resources from commercial trading operations
2022
£		 2021
£
Corporate sponsorship income
Riders’ fees
Other income		 292,761
330,142
89,171		 3,500
14,111
1,699
712,074 19,310

2. Costs of generating funds – commercial trading operations

2. Costs of generating funds – commercial trading operations
2022
£		 2021
£
Crew and tour costs
Hotels
Advertising and merchandising
Staff costs (note 7)
Other ride costs
Travelling costs
Food and drink costs
Office costs
Legal and professional costs
Depreciation (note 10)
Insurance
Transaction fees
Management charges payable
(Profit)/loss on foreign exchange
Bank charges		 152,278
130,630
31,352
179,932
24,626
61,735
54,909
21,292
7,746
1,129
3,561
4,350
14,906
(2,019)
1,346		 8,002
2,494
18,267
187,814
4,223
8,673
4,577
14,295
6,834
1,510
1,947
523
-
152
210
687,773 259,521

3. Costs of generating funds – voluntary income

3. Costs of generating funds – voluntary income
202 2
£

2021
£

19,627

2,519

114

22,260
Office costs
Transaction fees
Bank charges		 28,078
10,529
106
38,713

CLUB PELOTON 19

Notes to the consolidated financial statements Year ended 30 June 2022

4. Costs of charitable activities

Grants payable in furtherance of the charitable company’s objects:

2022
£		 2020
£
Coram
Multiple System Atrophy Trust
Tom ap Rhys Pryce Memorial Trust
Cyclists Fighting Cancer
Funding Melanoma Research
Alzheimer’s Research UK
Caring for Cyclists
Grants paid by the charitable company
Grants payable and included in debtors (note 12)
Grants payable and included in creditors (note 13)		 166,667
27,778
27,778
27,778
6,650
578
3,800		 36,667
6,111
6,111
6,111
-
-
261,029 55,000
27,613
-
233,416		 71,060
(34,393)
18,333
261,029 55,000
. Governance costs
Accountancy fees
Audit fees		 2022
£
3,950
7,100
11,050		 2021
£
3,950
6,830
10,780
. Net income/(expenditure) for the year
et income for the year is stated after charging:
2022
£		 2021
£
Depreciation of owned fixed assets
Auditor’s remuneration		 1,128
7,100		 1,510
6,830
Analysis of auditors’ remuneration
2022
£		 2021
£
Audit fees - current year 7,100 6,830

5. Governance costs

6. Net income/(expenditure) for the year

Net income for the year is stated after charging:

CLUB PELOTON 20

Notes to the consolidated financial statements Year ended 30 June 2022

7. Employees

The average monthly number of persons (excluding trustees) employed by the charitable company and its subsidiary undertaking during the year was:

nd its subsidiary undertaking during the year was:
2022
No		 2021
No
Administration and organisation 3 4
Staff costs for the above: 2022
£		 2021
£
Wages and salaries
Social security costs
Other pension costs (note 17)		 158,997
15,766
5,169		 165,684
14,851
7,279
179,932 187,814

One employee earned between £90,000 and £99,999 per annum in respect of the year ended 30 June 2022 (2021 – one employee between £70,000 and £79,999).

Trustees’ remuneration

Neither the trustees, nor any persons connected with them, received any remuneration or reimbursement of expenses from the charitable company during the current or preceding year. None of the trustees were accruing benefits under money purchase or defined benefit pension schemes.

8. Taxation

Club Peloton is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9. Net incoming resources attributable to members of the parent undertaking

The incoming resources relating to the parent undertaking are £421,840 (2021 – £102,560).

CLUB PELOTON 21

Notes to the consolidated financial statements Year ended 30 June 2022

10.Tangible fixed assets - Group

Fixtures
and fittings
£		 Computer
equipment
£		 Total
£
Cost
At 1 July 2021
Additions
Disposals
At 30 June 2022
Depreciation
At 1 July 2021
Provided during the year
Released on disposal
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 11,493
-
-		 5,464
-
-		 16,957
-
-
11,493 5,464 16,957
11,493
-
-		 3,207
1,128
-		 14,700
1,128
-
11,493 4,335 15,828
- 1,129 1,129
- 2,257 2,257

CLUB PELOTON 22

Notes to the consolidated financial statements Year ended 30 June 2022

11. Investments - Company

Shares in
subsidiary
undertaking
£
Cost and net book value at 1 July2021 and 30 June 2022 1

The charitable company owns the issued ordinary £1 share capital of Club Peloton Trading Limited, a company registered in England and Wales. The company number is 06428654 and the registered office address is Coram Campus, 41 Brunswick Square, London WC1N 1AZ. The subsidiary undertaking carries out trading activities, namely the administration and organisation of various charitable cycle rides, plus consultancy work in respect of other rides, and is held primarily to provide an investment return for the charitable company. The total taxable profit of the subsidiary undertaking is gifted to the parent undertaking each year. A summary of the subsidiary undertaking at 30 June 2022 is shown below:

Notes 2022
£		 2021
£
Turnover
1
Cost of sales
Gross profit/(loss)
Administrative expenses
Other operating income
Profit/(loss) on ordinary activities before interest and gift aid
Interest receivable
Gift aid
18
Profit/(loss) for the financialyear		 712,073
(406,940)		 19,310
(23,336)
305,133
(270,327)
69,359		 (4,026)
(240,434)
95,763
104,165
-
-		 (148,697)
-
-
104,165 (148,697)

The aggregate of the assets and liabilities was:

2022
£		 2021
£
Assets
Liabilities
Represented by:
1 ordinary share of £1
Profit and loss account		 119,200
(217,256)		 207,116
(409,337)
(98,056) (202,221)
1
(98,057)		 1
(202,222)
(98,056) (202,221)

CLUB PELOTON 23

Notes to the consolidated financial statements Year ended 30 June 2022

12. Debtors

2. Debtors
Group Charity
2022
£		 2021
£		 2022
£
2021
£
-
-
99,302
179,323
-
34,393
55,469
37,962
-
-
154,771
251,678
Trade debtors
Amounts due from subsidiary
undertaking (note 18)
Grants payable (note 4)
Other debtors
Prepayments and accrued income		 58,340
-
-
56,436
1,840		 10,805
-
34,393
43,804
33,298
116,616 122,300

13. Creditors: amounts falling due within one year

3. Creditors: amounts falling due within one year year
Group Charity
2022
£		 2021
£		 2022
£
2021
£
362
-
233,416
18,333
-
-
-
-
3,720
2,581
237,498
20,914
Trade creditors
Grants payable (note 4)
Other taxation
Other creditors
Accruals and deferred income		 20,828
233,416
33,246
-
67,961		 13,930
18,333
40,976
336
177,353
355,451 250,928

Deferred income at 30 June 2022 is £9,480 (2021: £148,643) and relates to income and fees for events staged by the subsidiary undertaking after the year end.

14. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

Group Group Group Charity
2022 2021 2022
£
2021
£
-
-
-
-
£ £
Later than one year and not later than
five years		 5,996 5,621
5,996 5,621

CLUB PELOTON 24

Notes to the consolidated financial statements Year ended 30 June 2022

15. Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

At 1
July 2021
£
Construction Industry Cycling
Commission
11,451
Governmentgrants
-
11,451
At 1
July 2020
£
Construction Industry Cycling
Commission
11,451
Governmentgrants
-
11,451		 At 1
July 2021
£
Construction Industry Cycling
Commission
11,451
Governmentgrants
-
11,451
At 1
July 2020
£
Construction Industry Cycling
Commission
11,451
Governmentgrants
-
11,451		 Incoming
resources
£		 Resources
expended
£
 At 30
June 2022
£
Construction Industry Cycling
Commission
Governmentgrants		 11,451
-		 -
10,208		 (3,800)
(10,208)		 7,651
-
11,451 10,208 (14,008) 7,651
Incoming
resources
£		 Resources
expended
£		 At 30
June 2021
£
Construction Industry Cycling
Commission
Governmentgrants		 11,451
-		 -
80,379		 -
(80,379)		 11,451
-
11,451 80,379 (80,379) 11,451

The purpose of the Construction Industry Cycling Commission (CICC) restricted fund is to collect donations. Donations are spent on research and development in relation to improving cycling in cities. Further details can be found at the following website: www.cyclingcommission.org

The restricted fund for government grants relates to furlough amounts received during the financial year which have been expended on salaries for furloughed employees.

16. Analysis of net assets between funds

6. Analysis of net assets between funds
Group General
funds
£		 Restricted
funds
£		 Total
2022
£		 Total
2021
£
Fixed assets
Current assets
Creditors: amount falling due within
one year		 1,129
785,644
(355,451)		 -
7,651
-		 1,129
793,295
(355,451)		 2,257
542,087
(250,928)
431,322 7,651 438,973 293,416
Charity General
funds
£		 Restricted
funds
£		 Total
2022
£		 Total
2021
£
Fixed assets
Current assets
Creditors: amount falling due within
one year		 1
766,876
(237,498)		 -
7,651
-		 1
774,527
(237,498)		 1
516,551
(20,914)
529,379 7,651 537,030 495,638

CLUB PELOTON 25

Notes to the consolidated financial statements Year ended 30 June 2022

17. Pension commitments

The group made pension contributions during the year to a defined contribution stakeholder pension scheme. During the year, contributions payable by the group amounted to £5,169 (2021 – £7,279). There were no outstanding or prepaid contributions during the current or preceding year.

18. Related party transactions

Transactions with the subsidiary undertaking, Club Peloton Trading Limited, in the year were:

2022
£		 2021
£
Gift aid paid to the charitable company (note 11)
Amounts due from Club Peloton TradingLimited(note 12)		 -
99,302		 -
179,323

All transactions with all trustees were on an arm’s length basis. Transactions with trustees during the financial year were as follows:

During the financial year Club Peloton Trading Limited received £nil (2021 – Restated £1,500) in sponsorship from The Completely Group Limited of which D S Millar is a director. At the year end, the balance outstanding was £nil (2020 – £nil).

During the financial year Club Peloton Trading Limited received £2,000 (2021 – £nil) in sponsorship from Maples Teeside LLP of which P Burke is a member. At the year end, the balance outstanding was £nil (2021 – £nil).

19. Control

Control of the charitable company lies with the trustees who are members of the charitable company.

Signature: Sarah Cary

Sarah Cary (Nov 30, 2022 20:44 GMT)

Email: sarah_e_cary@yahoo.com

Signature:

Email: mccusker@perry-company.co.uk

CLUB PELOTON 26

Club Peloton - Financial Statements YE 30-06-22 - Consolidated - Final 30-11-22

Final Audit Report

2022-12-01

Created: 2022-11-30 By: John Gordon (john@gordon-and-co.com) Status: Signed Transaction ID: CBJCHBCAABAAFBOHSt1UmLAIu9sFBJnjX_95CJUqXngd

"Club Peloton - Financial Statements YE 30-06-22 - Consolidate d - Final 30-11-22" History

Document created by John Gordon (john@gordon-and-co.com)

2022-11-30 - 19:59:02 GMT

Document emailed to sarah_e_cary@yahoo.com for signature

2022-11-30 - 20:09:03 GMT

Email viewed by sarah_e_cary@yahoo.com

2022-11-30 - 20:44:14 GMT

Signer sarah_e_cary@yahoo.com entered name at signing as Sarah Cary

2022-11-30 - 20:44:38 GMT

Document e-signed by Sarah Cary (sarah_e_cary@yahoo.com)

Signature Date: 2022-11-30 - 20:44:40 GMT - Time Source: server

Document emailed to mccusker@perry-company.co.uk for signature

2022-11-30 - 20:44:41 GMT

Email viewed by mccusker@perry-company.co.uk 2022-12-01 - 07:56:57 GMT

Signer mccusker@perry-company.co.uk entered name at signing as Declan McCusker 2022-12-01 - 07:57:22 GMT

Document e-signed by Declan McCusker (mccusker@perry-company.co.uk) Signature Date: 2022-12-01 - 07:57:24 GMT - Time Source: server

Agreement completed.

2022-12-01 - 07:57:24 GMT