## **CLUB PELOTON**
Annual Report and Consolidated Financial Statements
30 June 2025
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** 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 2025
The Board of Trustees present their report together with the consolidated financial statements of Club Peloton for the year ended 30 June 2025.
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 2024-25 Club Peloton supported a number of charities. Coram remains the main beneficiary, receiving 60% of the grants payable. The Tom ap Rhys Pryce Memorial Trust and Cyclists Fighting Cancer both 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 2025
## **Achievements and performance**
The charity has working groups of trustees focussing on finance, charity, marketing, H&S and community. These report to quarterly board meetings to help deliver the charity’s growth and development. In addition, a Futures Board, has been formed consisting of seven NextGen representatives, who are all under 35, from across the real estate industry, to help shape Club Peloton's next 20 years. The next generation are the lifeblood of both the property industry and the future of Club Peloton.
A new fundraising model was successfully rolled out, with each event raising money for only one of our three charity partners at a time, delivering one specific project. It aims to help riders raise money through a clearer fundraising message and to report and demonstrate more easily the direct impact it has when delivered. Feedback from riders, communications teams, and the beneficiary charity has been positive.
The charity has had a busy year of activity, kicking off in early summer supporting riders taking part in the Dunwich Dynamo, closely followed by the City of London Shrieval Charity Cycle Ride. After the summer break, September witnessed a season launch where a review of the past year and plans for the 12 months ahead were showcased, focussing on the continuing social impact of Club Peloton’s fundraising. The evening was also an opportunity to bring together a variety of rider groups from both our own fundraising events as well as client rides. Autumn also saw launches for both Cycle to MIPIM, pedElle and UKREiiF.
Fundraising rides kicked off at the end of the month with the inaugural Explore ride in Italy, bringing together senior leaders and rising NextGen stars for three days of small group riding and networking. The ride was designed to appeal to senior leaders with a relaxed format and plenty of time off the bike for conversation. There were also client rides for the Council for Tall Buildings and Urban Habitat (CTBUH), COLT, Buro Happold, Knight Frank, HTS, and a day of mountain biking for British Land.
Efforts continued in November to build the Arbitration community and grow attendance on March's PAW ride through the first of our Sunrise Cycles, an early morning ride in the desert outside of Dubai for those attending Dubai Arbitration Week (DAW). The ride was attended by over 50 people, finishing off with a networking breakfast. Our second ride to Paris Arbitration Week, doubled in size to 25 riders with some riders who took part in DAW joining the event. March was also the month of our flagship Knight Frank Cycle to MIPIM, offering both four and six day options using a newly devised route.
By spring we were firmly back in our stride with our regular BCO ride, this time staying heading to Europe for three glorious days of riding from Venice to Milan, via the breathtaking scenery of the Italian Lakes. At the same time, we ran our ride to UKREiiF for 25 people departing from South Wales to UKREiiF in Leeds. Rides for British Land and a three-day event from Swansea to Dublin for Universal Music were held before we rounded off the season with our 12th edition of pedElle, and a return to Ireland to sample the breathtaking Wild Atlantic Way, Wicklow Mountains, and city of Dublin.
Total unrestricted and restricted funds distributed as a result of the 2024-25 rides amounted to £215,100 (2024 – £251,129) which were given to the following organisations:
CLUB PELOTON **3**
## **Trustees’ report (including directors’ report)** Year ended 30 June 2025
_**Coram**_ **(£100,000)** 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.
_**The Tom ap Rhys Pryce Memorial Trust (Tom’s Trust)**_ **(£15,000)** 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 2024-25 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**_ **(£84,000)** 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 Save The Children of £15,000 (2024 - £nil), Work From Bed of £1,100 (2024 - £nil) and Charity Begins at Segro of £nil (2024 - £1,129).
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 £800,480 (2024 – £622,687) which was made up of corporate sponsorship income of £281,500 (2024 – £285,872), riders’ fees of £386,328 (2024 – £282,286) and other income of £132,652 (2024 – £54,529). The trading subsidiary also received other operating income of £39,307 (2024 – £40,275) which related to management charges receivable from Club Peloton.
Overall the trading subsidiary generated a loss, before gift aid, of £33,669 (2024 – £126,759). 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 £289,543 (2024 – £295,999). This enabled the charitable company to distribute £215,100 (2024 – £251,129) to the charities of its choice as detailed above. A consolidated loss of £51,952 (2024 – £173,356) was achieved, leaving unrestricted funds carried forward at the year end of £261,883
CLUB PELOTON **4**
**Trustees’ report (including directors’ report)** Year ended 30 June 2025
(2024 – £313,835) and restricted funds carried forward at the year end of £6,001 (2024 – £6,001). These surplus funds will be expended in future years in line with the charitable company’s objects.
## **Plans for future periods**
At the end of the financial year, planning for Club Peloton’s 20th anniversary in 2026 was underway, with trustees actively working through ideas of how to mark the occasion. In addition, two new team events are being added to the autumn calendar, a one-day event in the UK and a three-day event in Europe. Both are established industry events but are looking for new custodians to take them on and grow for the future.
## **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**
There are risks facing both the charitable company and trading subsidiary as a slowing economy and subdued real estate sector continue to persist far longer than in previous economic cycles. It continues to be a challenge to secure and retain both corporate support for sponsorship and rider entries. As a result, 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 sustain income and encourage growth. The trustees and CEO are also actively exploring options to reduce the retained loss of the Trading company over a three year period, through a mix of cost cutting and new and increased revenue streams.
## **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:
CLUB PELOTON **5**
## **Trustees’ report (including directors’ report)** Year ended 30 June 2025
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.
## _**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:
CLUB PELOTON **6**
## **Trustees’ report (including directors’ report)** Year ended 30 June 2025
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities’ SORP);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- there is no relevant information, being information needed by the auditor in connection with preparing the report, of which the group’s auditor is unaware; and
- the trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Signed on behalf of the trustees
Sarah Cary
S E Cary Trustee
Approved by the trustees on 27 March 2026
CLUB PELOTON **7**
## **Independent auditors’ report to the members of Club Peloton** Year ended 30 June 2025
## **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 2025, 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:
- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (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:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
CLUB PELOTON **8**
## **Independent auditors’ report to the members of Club Peloton** Year ended 30 June 2025
## **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:
- the information given in the trustees' report (including director’s report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
CLUB PELOTON **9**
**Independent auditors’ report to the members of Club Peloton** Year ended 30 June 2025
## **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 **10**
## **Independent auditors’ report to the members of Club Peloton** Year ended 30 June 2025
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 Audit Limited
4[th] Floor 399-401 Strand London WC2R 0LT 27 March 2026
Declan McCusker (Senior Statutory Auditor) For and on behalf of Perrys Audit Limited Chartered Accountants and Statutory Auditor
CLUB PELOTON **11**
## **Consolidated statement of financial activities** Year ended 30 June 2025
|**Income and Expenditure**|Notes|2025|2025|**2025**|2024|2024|2024|
|---|---|---|---|---|---|---|---|
|**Account**||Unrestricted|Restricted|**Total**|Unrestricted|Restricted|Total|
|||funds|funds|**£**|funds|funds|£|
|**Incoming resources**||||||||
|Incoming resources from||||||||
|generated funds||||||||
|. Commercial trading|1|800,480|-|**800,480**|622,687|-|**622,687**|
|operations||||||||
|. Donations|10|289,543|-|**289,543**|295,999|-|**295,999**|
|**Total incoming resources**||1,090,023|-|**1,090,023**|918,686|-|**918,686**|
|**Resources expended**||||||||
|Costs of generating funds:||||||||
|. Commercial trading|2|878,946|-|**878,946**|792,837|-|**792,837**|
|operations||||||||
|. Costs of generating|3|35,273|-|**35,273**|35,800|-|**35,800**|
|voluntary income||||||||
|||914,219|-|**914,219**|828,637|-|**828,637**|
|Costs of charitable activities|4|215,100|-|**215,100**|251,129|-|**251,129**|
|Governance costs|5|12,656|-|**12,656**|12,276|-|**12,276**|
|**Total resources expended**||1,141,975|-|**1,141,975**|1,092,042|-|**1,092,042**|
|**Net movement in funds**||(51,952)|-|**(51,952)**|(173,356)|-|**(173,356)**|
|Total funds brought forward|16|313,835|6,001|**319,836**|487,191|6,001|**493,192**|
|**Total funds carried forward**|16|261,883|6,001|**267,884**|313,835|6,001|**319,836**|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
CLUB PELOTON **12**
## **Statement of financial position** At 30 June 2025
|Notes|**Group**
**2025**
**£**
2024
£
**14,047**
456
-
-
**-**
-
**46,744**
44,613
**415,553**
602,575
**462,297**
647,188
**(208,460)**
(327,808)
**253,837**
319,380
**267,884**
319,836
**6,001**
6,001
**261,883**
313,835
**267,884**
319,836|**Group**
**2025**
**£**
2024
£
**14,047**
456
-
-
**-**
-
**46,744**
44,613
**415,553**
602,575
**462,297**
647,188
**(208,460)**
(327,808)
**253,837**
319,380
**267,884**
319,836
**6,001**
6,001
**261,883**
313,835
**267,884**
319,836|**Charity**
**2025**
**£**
2024
£
11,314
-
1
1
-
-
157,877
103,429
382,055
561,967
539,932
665,396
(85,235)
(181,097)
454,697
484,299
466,012
484,300
6,001
6,001
460,011
478,299
466,012
484,300|**Charity**
**2025**
**£**
2024
£
11,314
-
1
1
-
-
157,877
103,429
382,055
561,967
539,932
665,396
(85,235)
(181,097)
454,697
484,299
466,012
484,300
6,001
6,001
460,011
478,299
466,012
484,300|
|---|---|---|---|---|
|**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**|**14,047**
-
**-**
**46,744**
**415,553**|456
-
-
44,613
602,575|
11,314
1
-
157,877
382,055|-
1
-
103,429
561,967|
||**462,297**
**(208,460)**|647,188
(327,808)|
539,932
(85,235)|665,396
(181,097)|
||**253,837**|319,380|
454,697|484,299|
||**267,884**|319,836|
466,012|484,300|
||**6,001**
**261,883**|6,001
313,835|
6,001
460,011|6,001
478,299|
||**267,884**|319,836|
466,012|484,300|
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 27 March 2026
CLUB PELOTON **13**
## **Consolidated statement of cash flows** Year ended 30 June 2025
||**Group**
**2025**
**£**
2024
£
**(51,952)**
(173,356)
**4,649**
455
**-**
4,884
**(2,131)**
60,956
**(119,348)**
11,932
**(168,782)**
(95,129)
**(18,240)**
-
**(18,240)**
-
**(187,022)**
(95,129)
**602,575**
697,704
**415,553**
602,575|**Group**
**2025**
**£**
2024
£
**(51,952)**
(173,356)
**4,649**
455
**-**
4,884
**(2,131)**
60,956
**(119,348)**
11,932
**(168,782)**
(95,129)
**(18,240)**
-
**(18,240)**
-
**(187,022)**
(95,129)
**602,575**
697,704
**415,553**
602,575|**Charity**
**2025**
**£**
2024
£
(18,288)
(46,595)
2,828
-
-
-
(54,488)
(28,444)
(95,862)
144
(165,770)
(74,895)
(14,142)
-
(14,142)
-
(179,912)
(74,895)
561,967
636,862
382,055
561,967|**Charity**
**2025**
**£**
2024
£
(18,288)
(46,595)
2,828
-
-
-
(54,488)
(28,444)
(95,862)
144
(165,770)
(74,895)
(14,142)
-
(14,142)
-
(179,912)
(74,895)
561,967
636,862
382,055
561,967|
|---|---|---|---|---|
|**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 (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of
year
**Cash and cash equivalents at end of year**|**(51,952)**
**4,649**
**-**
**(2,131)**
**(119,348)**|(173,356)
455
4,884
60,956
11,932|
(18,288)
2,828
-
(54,488)
(95,862)|(46,595)
-
-
(28,444)
144|
||**(168,782)**
**(18,240)**|(95,129)
-|(165,770)
(14,142)|(74,895)
-|
||**(18,240)**
**(187,022)**
**602,575**|-
(95,129)
697,704|
(14,142)
(179,912)
561,967|-
(74,895)
636,862|
||**415,553**|602,575|
382,055|561,967|
CLUB PELOTON **14**
**Principal accounting policies** Year ended 30 June 2025
## **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 2025. 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 **15**
**Principal accounting policies** Year ended 30 June 2025
## **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:
- Fixtures and fittings - over three years
- Computer equipment - over three years
- Motor vehicles - over five years
CLUB PELOTON **16**
## **Principal accounting policies** Year ended 30 June 2025
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.
## **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 **17**
**Notes to the consolidated financial statements** Year ended 30 June 2025
## **1. Incoming resources from commercial trading operations**
|**1. Incoming resources from commercial trading operations**|||
|---|---|---|
||**2025**
**£**|2024
£|
|Corporate sponsorship income
Riders’ fees
Other income|**281,500**
**386,328**
**132,652**|285,872
282,286
54,529|
||**800,480**|622,687|
## **2. Costs of generating funds – commercial trading operations**
|**2. Costs of generating funds – commercial trading operations**|||
|---|---|---|
||**2025**
**£**|2024
£|
|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
(Gain)/loss on foreign exchange
Bank charges|**169,055**
**149,402**
**16,490**
**276,363**
**46,279**
**106,582**
**60,145**
**22,875**
**13,314**
**4,650**
**4,122**
**3,390**
**7,860**
**(3,988)**
**2,407**|155,017
115,269
56,091
253,638
30,614
80,317
48,351
22,171
12,447
455
3,540
3,678
8,054
2,056
1,139|
||**878,946**|792,837|
## **3. Costs of generating funds – voluntary income**
|**3. Costs of generating funds – voluntary income**|||
|---|---|---|
||**2025**
**£**|
2024
£
27,951
7,784
65
35,800|
|Office costs
Transaction fees
Bank charges|**28,105**
**7,106**
**62**||
||**35,273**||
CLUB PELOTON **18**
**Notes to the consolidated financial statements** Year ended 30 June 2025
## **4. Costs of charitable activities**
Grants payable in furtherance of the charitable company’s objects:
||**2025**
**£**||2024
£|
|---|---|---|---|
|Coram
Multiple System Atrophy Trust
Tom ap Rhys Pryce Memorial Trust
Cyclists Fighting Cancer
Save The Children
Work From Bed
Charity Begins At Segro
Grants paid by the charitable company
Grants payable and included in creditors (note 13)|**100,000**
**-**
**15,000**
**84,000**
**15,000**
**1,100**
**-**||166,666
-
41,667
41,667
-
-
1,129|
||**215,100**||251,129|
||**132,985**
**82,115**||72,485
178,644|
||**215,100**||251,129|
|**. Governance costs**
Accountancy fees
Audit fees|**2025**
**£**
**4,250**
**8,406**||2024
£
4,250
8,026
12,276|
||**12,656**|||
## **5. Governance costs**
## **6. Net income/(expenditure) for the year**
Net income for the year is stated after charging:
||**2025**
**£**|2024
£|
|---|---|---|
|Depreciation of owned fixed assets
Auditor’s remuneration|**4,650**
**8,406**|455
8,026|
|**Analysis of auditors’ remuneration**|||
||**2025**
**£**|2024
£|
|Audit fees - current year|**8,406**|8,026|
CLUB PELOTON **19**
## **Notes to the consolidated financial statements** Year ended 30 June 2025
## **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:|||
|---|---|---|
||**2025**
**No**|2024
No|
|Administration and organisation|**4**|4|
|**Staff costs for the above:**|**2025**
**£**|2024
£|
|Wages and salaries
Social security costs
Other pension costs (note 17)|**246,063**
**19,278**
**11,022**|223,159
22,256
8,223|
||**276,363**|253,638|
One employee earned between £100,000 and £110,000 per annum in respect of the year ended 30 June 2025 (2024 – one employee between £100,000 and £109,999).
## _**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 £289,543 (2024 – £295,999).
CLUB PELOTON **20**
## **Notes to the consolidated financial statements** Year ended 30 June 2025
## **10.Tangible fixed assets - Group**
|**10.Tangible fixed assets - Group**|||||
|---|---|---|---|---|
||Fixtures
and fittings
£|Computer
equipment
£|Motor
vehicles
£|**Total**
**£**|
|**Cost**
At 1 July 2024
Additions
At 30 June 2025
**Depreciation**
At 1 July 2024
Provided during the year
At 30 June 2025
**Net book value**
At 30 June 2025
At 30 June 2024|4,581
2,700|4,868
1,398|-
14,142|**9,449**
**18,240**|
||7,281|6,266|14,142|**27,689**|
||4,581
900|4,412
921|-
2,828|**8,993**
**4,649**|
||5,481|5,333|2,828|**13,642**|
||**1,800**|**933**|**11,314**|**14,047**|
||-|**456**|**-**|**456**|
## **Tangible fixed assets - Company**
|**Tangible fixed assets - Company**|||
|---|---|---|
||Motor
vehicles
£|**Total**
**£**|
|**Cost**
At 1 July 2024
Additions
At 30 June 2025
**Depreciation**
At 1 July 2024
Provided during the year
At 30 June 2025
**Net book value**
At 30 June 2025
At 30 June 2024|-
14,142|**-**
**14,142**|
||14,142|**14,142**|
||-
2,828|**-**
**2,828**|
||2,828|**2,828**|
||**11,314**|**11,314**|
||**-**|**-**|
CLUB PELOTON **21**
**Notes to the consolidated financial statements** Year ended 30 June 2025
## **11. Investments - Company**
|**11. Investments - Company**||
|---|---|
||**Shares in**
**subsidiary**
**undertaking**
**£**
**1**|
|Cost and net book value at 1 July2024 and 30 June 2025||
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 2025 is shown below:
|Notes|**2025**
**£**|2024
£|
|---|---|---|
|Turnover
1
Cost of sales
**Gross profit**
Administrative expenses
Other operating income
**Loss on ordinary activities before interest and gift aid**
Interest receivable
Gift aid
18
**Loss for the financialyear**|**800,480**
**(512,153)**|622,687
(425,197)|
||**288,307**
**(361,284)**
**39,307**|197,490
(364,524)
40,275|
||**(33,669)**
**-**
**-**|(126,759)
**-**
**-**|
||**(33,669)**|(126,759)|
|he aggregate of the assets and liabilities was:|**2025**
**£**|2024
£|
|Assets
Liabilities
**Represented by:**
1 ordinary share of £1
Profit and loss account|**82,974**
**(281,104)**|85,384
(249,845)|
||**(198,130)**|(164,461)|
||**1**
**(198,131)**|1
(164,462)|
||**(198,130)**|(164,461)|
The aggregate of the assets and liabilities was:
CLUB PELOTON **22**
-
## **Notes to the consolidated financial statements** Year ended 30 June 2025
## **12. Debtors**
|**2. Debtors**||||
|---|---|---|---|
||**Group**||**Charity**|
||**2025**
**£**|2024
£|**2025**
**£**
2024
£
**-**
-
**157,877**
103,429
**-**
-
**-**
-
**157,877**
103,429|
|Trade debtors
Amounts due from subsidiary
undertaking (note 18)
Other debtors
Prepayments and accrued income|**38,638**
-
**307**
**7,799**|29,485
-
307
14,821||
||**46,744**|44,613||
## **13. Creditors: amounts falling due within one year**
|**3. Creditors: amounts falling due within one**|**year**|**year**||
|---|---|---|---|
||**Group**||**Charity**|
||**2025**
**£**|2024
£|**2025**
**£**
2024
£
**-**
-
**82,115**
178,115
**-**
-
**-**
-
**3,120**
2,982
**85,235**
181,097|
|Trade creditors
Grants payable (note 4)
Other taxation
Other creditors
Accruals and deferred income|**38,194**
**82,115**
**41,253**
**3,122**
**43,776**|26,338
178,115
22,372
294
100,689||
||**208,460**|327,808||
Deferred income at 30 June 2025 is £3,000 (2024: £31,000) 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**|
|---|---|---|---|
||**2025**
**£**|2024
£|**2025**
**£**
2024
£
**-**
-
**-**
-|
|Less than one year
Later than one year and not later than
five years|-
-|728
-||
||**-**|728||
CLUB PELOTON **23**
**Notes to the consolidated financial statements** Year ended 30 June 2025
## **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 2024
£|Incoming
resources
£|Resources
expended
£
|**At 30**
**June 2025**
**£**|
|---|---|---|---|---|
|Construction Industry Cycling
Commission|6,001|-|-|**6,001**|
||6,001|-|-|**6,001**|
||At 1
July 2023
£|Incoming
resources
£|Resources
expended
£|At 30
June 2024
£|
|Construction Industry Cycling
Commission|6,001|-|-|6,001|
||6,001|-|-|**6,001**|
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**
**2025**
**£**|Total
2024
£|
|Fixed assets
Current assets
Creditors: amount falling due within
one year|14,047
456,296
(208,460)|-
6,001
-|**14,047**
**462,297**
**(208,460)**|456
647,188
(327,808)|
||261,883|6,001|**267,884**|319,836|
|**Charity**|General
funds
£|Restricted
funds
£|**Total**
**2025**
**£**|Total
2024
£|
|Fixed assets
Current assets
Creditors: amount falling due within
one year|11,315
533,931
(85,235)|-
6,001
-|**11,315**
**539,932**
**(85,235)**|1
665,396
(181,097)|
||460,011|6,001|**466,012**|484,300|
CLUB PELOTON **24**
**Notes to the consolidated financial statements** Year ended 30 June 2025
## **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 £11,022 (2024 – £8,223). 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:
||**2025**
**£**|2024
£|
|---|---|---|
|Gift aid paid to the charitable company (note 11)
Amounts due from Club Peloton TradingLimited(note 12)|-
**157,877**|-
103,429|
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 £80,500 (2024 – £79,500) in sponsorship and £4,952 (2024 - £Nil) in event recharges from Knight Frank of which E Goodford is a partner. At the year end, the balance outstanding was £nil (2024 – £nil).
During the financial year Club Peloton Trading Limited received £2,000 (2024 – £2,432) in sponsorship, £8,647 (2024 - £10,396) in rider registration fees and £1,943 (2024 - £nil) in event recharges from Heyne Tillett Steel of which N Gordon is a manager. At the year end, the balance outstanding was £nil (2024 – £nil).
During the financial year Club Peloton Trading Limited received £9,500 (2024 – £9,500) in sponsorship and £3,798 (2024 - £3,798) from Segro of which A Freeman is a director. At the year end, the balance outstanding was £nil (2024 – £nil).
## **19. Control**
Control of the charitable company lies with the trustees who are members of the charitable company.
CLUB PELOTON **25**