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2023-06-30-accounts

CLUB PELOTON

Annual Report and Consolidated Financial Statements

30 June 2023

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 9
Financial statements
Consolidated statement of financial activities 13
Statement of financial position 14
Consolidated statement of cash flows 15
Principal accounting policies 16
Notes to the consolidated financial statements 19

CLUB PELOTON

Reference and administrative information

Trustees P S Burke S E Cary B A Fowler E Goodford L Gunn N Gordon R Blair D Marriott A Freeman 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 2023

The Board of Trustees present their report together with the consolidated financial statements of Club Peloton for the year ended 30 June 2023.

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 2022-23 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 2023

Achievements and performance

The start of the year was marked with six new trustees joining the board. Three existing trustees formally stepped down following an agreed transition period, with the newly formed group working to deliver the next stage of the charity’s growth and development. The start of the year also marked a return to normal event operations following the disruption of COVID-19. Confidence in the ability to deliver future events enabled us to kick off in September with the first of two rides for British Land and a launch event for Cycle to MIPIM 2023. Knight Frank were retained as headline sponsor as part of a new three year deal.

Hot on the heels in late November was the launch of our second fundraising ride for the year, pedElle. Five of the previous year’s partner sponsors were retained with a new sixth sponsor completing the group.

Back out on the road and the start of our flagship Knight Frank Cycle to MIPIM in early March was impacted by heavy snowfall, meaning there was no riding on Day 1. Instead, riders used the coach to reach France. However, on the continent the snow was replaced with drier and warmer weather and participants enjoyed six days of smooth French roads to help them reach the Mediterranean.

Late spring saw the return of a full calendar of overseas trips for both clients and our own fundraising events. Our regular BCO ride travelled to Ireland for three glorious days of riding. Hugging the stunning south and west coasts before finishing in Dublin, riders were treated to breath-taking scenery and warm hospitality. Argent Related, one of our previous MAPIC sponsors, tasked us with organising a ride from London to Paris. Fifty riders completed the journey via Portsmouth and raised money for their chosen charity.

Back in the UK, British Land completed a second day-ride in Oxfordshire, closely followed by the return of Cycle to UKREiiF, with 25 riders taking on a loop of the Yorkshire Dales. Future editions will see this develop into a multiday event. Meanwhile, after a five year year break, Universal Music returned to complete a ride from their London HQ to their new office in Leeds. Our back-to-back UK events were rounded off with the Worshipful Company of Architects riding between Oxford and Cambridge to mark 300 years since Sir Christopher Wren’s death, visiting some of his work enroute.

The season was rounded off with our 10[th] edition of pedElle, heading to stunning Slovenia for three days of riding alongside lakes, up mountains, through valleys and along coastline. Sixty riders took part, with many hailing the event as the best yet and confirmed pedElle is now firmly established as a movement within the real estate sector.

Total unrestricted and restricted funds distributed as a result of the 2022-23 rides amounted to £250,600 (2022 – £261,029) 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.

CLUB PELOTON 3

Trustees’ report (including directors’ report) Year ended 30 June 2023

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.

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 2022-23 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 Cancer Research of £600 (2022 - £nil), Funding Melanoma Research of £nil (2022 - £6,650), Alzheimer’s Research UK of £nil (2022 - £578) and Caring for Cyclists of £nil (2022 - £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 generated income of £781,299 (2022 – £712,073) which was made up of corporate sponsorship income of £245,799 (2022 – £292,761), riders’ fees of £397,715 (2022 – £330,142) and other income of £137,785 (2022 – £89,171). The trading subsidiary also received other operating income of £47,848 (2022 – £69,359) which related to management charges receivable from Club Peloton and furlough claims from HM Revenue and Customs.

CLUB PELOTON 4

Trustees’ report (including directors’ report) Year ended 30 June 2023

Overall the trading subsidiary generated a profit, before gift aid, of £60,354 (2022 – £104,165). 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 £346,486 (2022 – £421,840). This enabled the charitable company to distribute £250,600 (2022 – £261,029) to the charities of its choice as detailed above. A consolidated profit of £54,219 (2022 – £145,557) was achieved, leaving unrestricted funds carried forward at the year end of £487,191 (2022 – £431,322) and restricted funds carried forward at the year end of £6,001 (2022 – £7,651). These surplus funds will be expended in future years in line with the charitable company’s objects.

Plans for future periods

The year saw further considerable change, with the newly formed trustee group and the Chief Executive Officer working closely together to navigate the lasting effects of the Covid-19 pandemic and shape sustainable plans for future growth. The return to stability also enabled Steve Whyman, Jen Ross and Dom Millar to step down as trustees, all after many years of service. The first year of a four-year business plan developed by the CEO and adopted by the trustees was also successfully delivered.

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 risk facing the charitable company and the trading subsidiary of restrictions prohibiting the holding of large, multi-day events due to the Covid-19 pandemic fully receded. It has however been replaced with the challenge of a slowing economy teetering on the verge of recession and the difficulty in securing and retaining corporate support for sponsorship and rider entries. The trading subsidiary continues to diversify its activities to explore and launch new events to grow and engage a broader range of fundraisers to help deliver this planned growth.

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

CLUB PELOTON 5

Trustees’ report (including directors’ report) Year ended 30 June 2023

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:

P S Burke S E Cary B A Fowler E Goodford L Gunn N Gordon R Blair D Marriott A Freeman

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 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.

CLUB PELOTON 6

Trustees’ report (including directors’ report) Year ended 30 June 2023

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 2023

Signed on behalf of the trustees

Sarah Cary

S E Cary

Trustee

Approved by the trustees on 5 January 2024

CLUB PELOTON 8

Independent auditors’ report to the members of Club Peloton Year ended 30 June 2023

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 2023, 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 2023

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 2023

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 2023

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 5 January 2024

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 2023

Income and Expenditure Notes 2023 2023 2023 2022 2022 2022
Account Unrestricted Restricted Total Unrestricted Restricted Total
funds funds £ funds funds £
Incoming resources
Incoming resources from
generated funds
. Commercial trading 1 781,299 - 781,299 712,074 - 712,074
operations
. Donations 10 346,486 - 346,486 421,840 - 421,840
. Government grants - - - - 10,208 10,208
Total incoming resources 1,127,785 - 1,127,785 1,133,914 10,208 1,144,122
Resources expended
Costs of generating funds:
. Commercial trading 2 773,743 - 773,743 677,565 10,208 687,773
operations
. Costs of generating 3 35,865 - 35,865 38,713 - 38,713
voluntary income
809,608 - 809,608 716,278 10,208 726,486
Costs of charitable activities 4 250,600 - 250,600 257,229 3,800 261,029
Governance costs 5 11,708 1,650 13,358 11,050 - 11,050
Total resources expended 1,071,916 1,650 1,073,566 984,557 14,008 998,565
Net movement in funds 55,869 (1,650) 54,219 149,357 (3,800)- 145,557
Total funds brought forward 16 431,322 7,651 438,973 281,965 11,451 293,416
Total funds carried forward 16 487,191 6,001 493,192 431,322 7,651 438,973

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 2023

Notes Group
2023
£
2022
£
911
1,129
-
-
4,884
4,884
105,569
116,616
697,704
671,795
808,157
793,295
(315,876)
(355,451)
492,281
437,844
493,192
438,973
6,001
7,651
487,191
431,322
493,192
438,973		 Group
2023
£
2022
£
911
1,129
-
-
4,884
4,884
105,569
116,616
697,704
671,795
808,157
793,295
(315,876)
(355,451)
492,281
437,844
493,192
438,973
6,001
7,651
487,191
431,322
493,192
438,973		 Charity
2023
£
2022
£
-
-
1
1
-
-
74,985
154,771
636,862
619,756
711,847
774,527
(180,953)
(237,498)
530,894
537,029
530,895
537,030
6,001
7,651
524,894
529,379
530,895
537,030		 Charity
2023
£
2022
£
-
-
1
1
-
-
74,985
154,771
636,862
619,756
711,847
774,527
(180,953)
(237,498)
530,894
537,029
530,895
537,030
6,001
7,651
524,894
529,379
530,895
537,030
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		 911
-
4,884
105,569
697,704		 1,129
-
4,884
116,616
671,795		 -
1
-
74,985
636,862		 -
1
-
154,771
619,756
808,157
(315,876)		 793,295
(355,451)		 711,847
(180,953)		 774,527
(237,498)
492,281 437,844 530,894 537,029
493,192 438,973 530,895 537,030
6,001
487,191		 7,651
431,322		 6,001
524,894		 7,651
529,379
493,192 438,973 530,895 537,030

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 5 January 2024

CLUB PELOTON 14

Consolidated statement of cash flows Year ended 30 June 2023

Group
2023
£
2022
£
54,219
145,557
1,584
1,128
-
86
11,047
5,684
(39,575)
104,523
27,275
256,978
-
-
-
-
25,909
256,978
671,795
414,817
697,704
671,795		 Group
2023
£
2022
£
54,219
145,557
1,584
1,128
-
86
11,047
5,684
(39,575)
104,523
27,275
256,978
-
-
-
-
25,909
256,978
671,795
414,817
697,704
671,795		 Charity
2023
£
2022
£
(6,135)
41,392
-
-
-
-
79,786
96,907
(56,545)
216,584
17,106
354,883
-
-
-
-
17,106
354,883
619,756
264,873
636,862
619,756		 Charity
2023
£
2022
£
(6,135)
41,392
-
-
-
-
79,786
96,907
(56,545)
216,584
17,106
354,883
-
-
-
-
17,106
354,883
619,756
264,873
636,862
619,756
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		 54,219
1,584
-
11,047
(39,575)		 145,557
1,128
86
5,684
104,523		 (6,135)
-
-
79,786
(56,545)		 41,392
-
-
96,907
216,584
27,275
-		 256,978
-		 17,106
-		 354,883
-
-
25,909
671,795		 -
256,978
414,817		 -
17,106
619,756		 -
354,883
264,873
697,704 671,795 636,862 619,756

CLUB PELOTON 15

Principal accounting policies Year ended 30 June 2023

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 2023. 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 2023

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 2023

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 2023

1. Incoming resources from commercial trading operations

1. Incoming resources from commercial trading operations
2023
£		 2022
£
Corporate sponsorship income
Riders’ fees
Other income		 245,799
397,715
137,785		 292,761
330,142
89,171
781,299 712,074

2. Costs of generating funds – commercial trading operations

2. Costs of generating funds – commercial trading operations
2023
£		 2022
£
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
Loss/(profit) on foreign exchange
Bank charges		 176,778
135,142
21,912
220,014
16,608
83,086
62,465
21,654
11,156
1,584
3,864
4,562
9,569
3,471
1,878		 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
773,743 687,773

3. Costs of generating funds – voluntary income

3. Costs of generating funds – voluntary income
2023
£

2022
£

28,078

10,529

106

38,713
Office costs
Transaction fees
Bank charges		 27,724
8,046
95
35,865

CLUB PELOTON 19

Notes to the consolidated financial statements Year ended 30 June 2023

4. Costs of charitable activities

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

2023
£		 2022
£
Coram
Multiple System Atrophy Trust
Tom ap Rhys Pryce Memorial Trust
Cyclists Fighting Cancer
Cancer Research
Funding Melanoma Research
Alzheimer’s Research UK
Caring for Cyclists
Grants paid by the charitable company
Grants payable and included in creditors (note 13)		 166,666
27,778
27,778
27,778
600
-
-
-		 166,667
27,778
27,778
27,778
-
6,650
578
3,800
250,600 261,029
72,485
178,115		 27,613
233,416
250,600 261,029
. Governance costs
Accountancy fees
Audit fees		 2023
£
5,900
7,458
13,358		 2022
£
3,950
7,100
11,050

5. Governance costs

6. Net income/(expenditure) for the year

Net income for the year is stated after charging:

2023
£		 2022
£
Depreciation of owned fixed assets
Auditor’s remuneration		 1,584
7,458		 1,128
7,100
Analysis of auditors’ remuneration
2023
£		 2022
£
Audit fees - current year 7,458 7,100

CLUB PELOTON 20

Notes to the consolidated financial statements Year ended 30 June 2023

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:
2023
No		 2022
No
Administration and organisation 4 3
Staff costs for the above: 2023
£		 2022
£
Wages and salaries
Social security costs
Other pension costs (note 17)		 197,891
15,891
6,232		 158,997
15,766
5,169
220,014 179,932

One employee earned between £100,000 and £109,999 per annum in respect of the year ended 30 June 2023 (2022 – one employee between £90,000 and £99,999).

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 £346,486 (2022 – £421,840).

CLUB PELOTON 21

Notes to the consolidated financial statements Year ended 30 June 2023

10.Tangible fixed assets - Group

10.Tangible fixed assets - Group
Fixtures
and fittings
£		 Computer
equipment
£		 Total
£
Cost
At 1 July 2022
Additions
Disposals
At 30 June 2023
Depreciation
At 1 July 2022
Provided during the year
Released on disposal
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 11,493
-
-		 5,464
1,366
-		 16,957
1,366
-
11,493 6,830 18,323
11,493
-
-		 4,335
1,584
-		 15,828
1,584
-
11,493 5,919 17,412
- 911 911
- 1,129 1,129

CLUB PELOTON 22

Notes to the consolidated financial statements Year ended 30 June 2023

11. Investments - Company

11. Investments - Company
Shares in
subsidiary
undertaking
£
1
Cost and net book value at 1 July2022 and 30 June 2023

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 2023 is shown below:

Notes 2023
£		 2022
£
Turnover
1
Cost of sales
Gross profit/(loss)
Administrative expenses
Other operating income
Profit on ordinary activities before interest and gift aid
Interest receivable
Gift aid
18
Profit for the financialyear		 781,299
(466,785)		 712,073
(406,940)
314,514
(302,008)
47,848		 305,133
(270,327)
69,359
60,354
-
-		 104,165
-
-
60,354 104,165
he aggregate of the assets and liabilities was: 2023
£		 2022
£
Assets
Liabilities
Represented by:
1 ordinary share of £1
Profit and loss account		 133,547
(171,249)		 119,200
(217,256)
(37,702) (98,056)
1
(37,703)		 1
(98,057)
(37,702) (98,056)

The aggregate of the assets and liabilities was:

CLUB PELOTON 23

Notes to the consolidated financial statements Year ended 30 June 2023

12. Debtors

2. Debtors
Group Charity
2023
£		 2022
£		 2023
£
2022
£
-
-
37,022
99,302
-
-
37,963
55,469
-
-
74,985
154,771
Trade debtors
Amounts due from subsidiary
undertaking (note 18)
Grants payable (note 4)
Other debtors
Prepayments and accrued income		 44,312
-
-
38,797
22,460		 58,340
-
-
56,436
1,840
105,569 116,616

13. Creditors: amounts falling due within one year

3. Creditors: amounts falling due within one year year
Group Charity
2023
£		 2022
£		 2023
£
2022
£
-
362
178,115
233,416
-
-
-
-
2,838
3,720
180,953
237,498
Trade creditors
Grants payable (note 4)
Other taxation
Other creditors
Accruals and deferred income		 14,589
178,115
53,969
694
68,509		 20,828
233,416
33,246
-
67,961
315,876 355,451

Deferred income at 30 June 2023 is £1,151 (2022: £9,480) 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 Charity
2023
£		 2022
£		 2023
£
2022
£
-
-
-
-
Less than one year
Later than one year and not later than
five years		 1,499
-		 5,996
1,499 5,996

CLUB PELOTON 24

Notes to the consolidated financial statements Year ended 30 June 2023

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 2022
£		 Incoming
resources
£		 Resources
expended
£
 At 30
June 2023
£
Construction Industry Cycling
Commission
Governmentgrants		 7,651
-		 -
-		 (1,650)
-		 6,001
-
7,651 - (1,650) 6,001
At 1
July 2021
£		 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

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
2023
£		 Total
2022
£
Fixed assets
Current assets
Creditors: amount falling due within
one year		 911
802,156
(315,876)		 -
6,001
-		 911
808,157
(315,876)		 1,129
793,295
(355,451)
487,191 6,001 493,192 438,973
Charity General
funds
£		 Restricted
funds
£		 Total
2023
£		 Total
2022
£
Fixed assets
Current assets
Creditors: amount falling due within
one year		 1
705,846
(180,953)		 -
6,001
-		 1
711,847
(180,953)		 1
774,527
(237,498)
529,379 6,001 530,895 537,030

CLUB PELOTON 25

Notes to the consolidated financial statements Year ended 30 June 2023

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 £6,232 (2022 – £5,169). 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:

d, in the year were:
2023
£		 2022
£
Gift aid paid to the charitable company (note 11)
Amounts due from Club Peloton TradingLimited(note 12)		 -
37,022		 -
99,302

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 £2,000 (2022 – £2,000) in sponsorship and £2,699 (2022 - £nil) in rider registration fees from Maples Teeside LLP of which P Burke is a member. At the year end, the balance outstanding was £nil (2022 – £nil).

During the financial year Club Peloton Trading Limited received £79,500 (2022 – £nil) in sponsorship and £8,096 (2022 - £nil) in rider registration fees from Knight Frank of which E Goodford is a partner. At the year end, the balance outstanding was £nil (2022 – £nil).

During the financial year Club Peloton Trading Limited received £2,000 (2022 – £nil) in sponsorship and £5,398 (2022 - £nil) in rider registration fees from Heyne Tillett Steel of which N Gordon is a manager. At the year end, the balance outstanding was £nil (2022 – £nil).

During the financial year Club Peloton Trading Limited received £9,500 (2022 – £nil) in sponsorship and £3,877 (2022 - £nil) from Segro of which A Freeman is a director. At the year end, the balance outstanding was £nil (2022 – £nil).

19. Control

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

CLUB PELOTON 26