Registered number: 07194338 Charity number: 1140017 CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) CONTENTS Page Reference and admlnlstratlv8 detalls of the Charlty, Its Twslees and advlsers Trustees. report Independent examiner's report 10-11 Consolldated statement of flnanclal actlvltles 12 Consolldated balance sheet 13-14 Charity balance sheet Consolidated statement of cash flows 15-16 17 Notes to the financial statements 18-37
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 Trustees R Salisbury K Musgrave Dr D E Seddon S Miles {resigned 1 May 2024) E A Pharaoh R W Torrance (appointed 8 March 2023) Company reglstered number 07194338 Charity registered number 1140017 Reglstered offlce 154 Masons Road, Strafford-Upon-Avon CV37 9NF Chlef executlve officer Mike Grisenthwaite Accountants Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers The Co-operative Bank No 2 Cathedral Square The Cloth Market Newcastl& upon Tyne NE11EE Page 1
CYCLISTS FIGHTING CANCER LTD (A company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2024 TRUSTEES REPORT The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Why Cyclists Fighling Cancer Exists The general objectives of the charity remain unchangerj and are primarily to help children livlng wilh and beyond cancer through activity and exer¢lse. The objectives, as set out in the memorandum and articles of association are. To relieve the needs of children and young people aged 18 and under in the UK who are affected by cancer and to promote and protect their physical and mental health through the provision of bicycles, tricycles, trailers and other cycling related accessorie5. To relieve the needs of all parsons who are surviving cancer through the provision of support and information. Every year in the UK approximately 2,400 children up to and including the age of eighteen are diagnosed with cancer. The effects of cancer and its associated treatment regimes are numerous. with the most common side effects seen in children being: Pain Fatigue Loss of cardiovascular conditioning Muscle weakness and muscle tightness Balance issues - certain drugs can affect the perlpheral nerves causlng loss of movement or sensation in hands and feet Coordination difficulties Lack of self-esteem. confidence and concems with body self-perceptlon Research also shows that survivors of childhood cancer have lower levels of physical filness than their peers and that thi5 continues through into adult life, impacting on their future health. Almost half will experience chronic severe or life-threatening consequences (late offecisl of their tumour andlor its treatment. 11 is now known that physical activity is safe, beneficial and recommended for all children and adolescenls affected by cancer. 11 is recognised as one of the most effective ways of improving physical and psychological health and wellbeing for children being treated for cancer and beyond,. reducing the impact of some of the side effects of treatment, whilst promoting independence, peer support and self-confidence. We encourage exercise and activity in children and young people at all stages of the5r c8ncer treatment and beyond. We promote cycling as it is low impact, accessible. outdoor. sociable and fun! It is an activity that can be enjoyed logelher as a family or for an older child it offers independence and freedom. It can be done at their own pace, in their own time and can be integrated into daily lrfe. We do this by providing new lightweight bikes and trikes to children and young people living with and beyond cancer up lo and including 18 years old. Page 2
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 These bikes and trikes cover a wide range of needs and abilities. From a lightweight standard bike to a specially adapted trike which offers exlra balance and head, neck or torso support, footplales, or a parenl handle to help with steering. We also have a bike adaptations speGialist who can amend a standard bike for specific needs, for example if a prosthetic ha5 been fitted or if the child has limited function of an arm and needs all of the bike controls on one side. We have never failed to get a child pedalling yet! We also fund any cycling-related equipment that may be required, helmets, stabilisers. bike locks, turbo trainers and biky biky jackets (to help with balance). Our standard bikes are high quallty and lightweight, on average 6kg lighter (or 3 x 2 litre bottles of water!) than their cheaper brand equivalent. This is a huge benefit when there are-already existing Issues with balance, coordination and strength as lighlmeight bikes are much easier to pedal and control, which in turn also aids confidence and self-esteem. Because the effects of cancer ar8 not OV8r once th8 treatment stops, and the Ilkellhood of 'late effects, (long term side effects) we invite famllies lo reapply for a second bike once their child has outgrown their original, providing them ongoing support up to and including the age of eighteen. As cancer also causes massive disruption in families, where possible, we give bikes lo their siblings, and in some cases thèir parents, anything that will help encourage the Child living with cancer to make the most out of Iheir bike. and also so that they can take part in an activity as a family once again after what can be years of hospitalisalion and upheaval. We work closely with Ihe 21 paedialric oncology units in the UK to provide our service to the families and children that need it. We have four staffllruslees who are Cancer Exercise Specialists, who can advise families about the specific needs of their children and ensure that the most appropriate bike or Irike is provided. Fundlng The charity Is financed through the followlng fundralslng activitles: Through donations, fundraising and grants. This includes., Through the kind support of the public and cyclists carrying out sponsored events or activities around Britain and across the world. By attracting donatlons from local clubs and organisatlons who undertake fundraising activities. By applying for grants from charitable foundation. By working with Corporate organisations lo maximise to benefit from CSR initiatives. Through revenues generated by the retail charity shops trading under the name of "The Charity Bike Shop" These shops recondition and sell donated bikes from the public, donated clothing and cycling accessories. Non charitable retail activilies (bike servicing and sales of parts and accessories) is undertaken by a wholly owned subsidiary CFC Retail. All monies donated make a huge difference to our total fundraising effort and ultimately to the number of children affected by cancer we support. Cyclists Fighting Cancer are members of the volunlary scheme for regulating fundraising. Cyclists Fighting Cancer do not employ external agencies to carry out fundraising on its behalf. Our fundraising staff are aware of the need to be sensitive and careful when engaging with vulnerable people and if people do not want to give or wish to stop giving their decision is fully respected. There have been no fundraising complaints recorded in the past year. Page 3
CYCLISTS FIGHTING CANCER LTD (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 CURRENT STRATEGY AND FUTURE PLANS Strategic Objectives for 202312024 The main objective was to engage with hospital oncology units and their patients so as to promote the benefits of exercise. It also allows the charity to demonstrate what it can offer patients and generates applications for bikes. So as to provide further benefit to their patients while attending hospital we aimed to purchase and install exercise equipment in hospitals. We continue to build our national neOrk of cancer exercise specialists trained to national standards. Longer term it is hoped to open the CFC brand to cover the Charities second object of helping and advising all people living with and beyond cancer by promoting Cancer Fitness Clubs and Cancer Fitness Coaching, On the fundlng slde the Charity does not stage its own events but continued to encourage the UK cycling community to raise money whilst riding their own events and challenges. We planned to Invest in the Charity Blke Shops during the year lo expand and improve our service and sales capabillty. Tactical Objectives for 202312024 Build the application for bikes through engaging with oncology units. Install and malntain exercise equipment in at least one hospital Invest in the retail shops with additional employed slaff. rebranded end reorganized sales counters and identify further additional suitable locations for existing or future retail outlets. Improve communications with CFC Supporters and encourage fundraising of other non-cycllng related events. Continue to develop corporate funding and sponsorship. Evaluate the continued use of Web-based fundraising campaigns, to increase awareness of CFC and encourage cy¢lSsts to ride and fundraise for CFC. Secure funding grants to Increase our financial footprint to allow us to expand our servlce dellvery to gr8at8r areas within th8 cancer survivor community. PUBLIC BENEFIT The trustees confirm they have regard to the Charity Commission's guidance on public benefit. Page 4
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ACHIEVEMENTS AND PERFORMANCE What was achieved in 2023124 640 bikes in total provided by CFC. 494 bikes to a child living with and beyond cancer 108 bikes to a sibling of a child living with cancer. 38 bikes to a parent of a Child living with cancer. 630 helmets were delivered with bikes. 87 pairs of stabilisers went on the bikes that needed them. 17 turbo trainers delivered with bikes to help children ¢y¢le safely indoors 31 different hospitals referred children to us for our service. 3 Hospitals had exercise equipment installed The delivery of 640 bikes in the year was a significant increase on the 451 bikes delivered in the previou5 financial year. The cost of purchasing, adapting and delivering these bikes was £258,000. The level of bikes delivered during the year was our s8cond highest ever achieved, and w& have now largely overcome the Impacts of the Covid-19 pandemic which had reduced our ability to maintain relations with hospital oncology departments so as to raise awareness of the opportunities the charity could provide patients and lo generate applications for bikes, and asso caused major supply issues within the cycle industry. History of bike applications. 2013114- 344 2014115 - 388 2015116 - 440 2016117 - 591 2017118- 557 2018119- 509 2019120 - 887 2020121 88 Covid 19 affected result 2021122 - 277 Covid 19 affected result 2022123 - 451 2023124 - 640 includes bikes, trikes and special adaptions During the year we started our rollout of providing lunior exercise equipment to paediatric oncology units with equipment installed in three hospitals, Sheffield Children's, Gloucester Royal and Great Ormond Street. As well as providing bikes to children living with cancer the charity has continued to promote and raise awareness of the benefits of physical activity and the relationship between physical and mental well-being and physical activity in children surviving cancer. A report on the Charity's aims and impacts was published during the year based on feedback from parenls and showed that of those receiving bikes- 93 % reported an increase in physical activity 85010 reported an increase in strength 85D/o reported an increase in mood 87 /0 reported an improvement in social interaction with siblings Page 5
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The charity recorded a consolidated deficit of expenditure over income of £114,656 for the year. The was due to a combination of a 400/0 increase in bikes, trikes and special adaptions provided as well as a reduction in the funding contribution from the retail operations. Net income from Fundraising is summarized as follows Donations. sponsorships and grants 249.855 Retail Operations Total 257 326 Donations, sponsorships and grants remained the greatest source of funds durlng the year. CFC'S profile continues to grow nationally, and the efforts expended in motivating others to do their own events for us are paying divid8nds. The number of riders and supporters independently fundraising for CFC has continued to Increase. They use a variety of events, feats and challenges lo raise monies for CFC - from coffee mornings, head shaving and baking to riding major national and international cycling events. CFC also recelved substantial contributions from grants during the year. The Retail Operations saw investment in new Slratford-upon-Avon premises and improved signage and layout. Additlonal staff were employed to expand the servicing of bikes and sales of accessories in addition to the sales of donated bikes and clothing. While it is hoped the benefils of this invesiment will generate significant funds for the charity in the coming years. this contributed to a reduction in retail operations profit during 23124. In addition. the generous donation of Rapha branded clothing received in 2022123 which contributed to retail operations profits in that year, was not repeated in 23124. However servicing and accessory sales increased during the year, and the demand for low-cost refurbished bicycles continues and is seen by the general public as an environmentslly friendly action. Expenditure Applicant bikes Other Charitable activities £221,376 £127.636 As noted earlier, the level of applications for bikes Increased by 40010, and the cosl of bikes and trikes provided to children with cancer also saw cost increases. Reserves The charity had net assets of £244,461 as at 31 January 2024. This represents a reduction on the prior year of £114,656. Unrestricted reserves amounted to £231,683 at 31 January 2024. The trustees have agreed the following reserves policy; Reserve of £120.000 to cover ongoing expenditure in the event of a short lerm drop in income. A reserve of £80,000 as working capital to cover stock held for resale in the Retail operations. As the unrestricted reserves only slightly exceed this the charity is focusing its efforts on ralsing funds during 2024125 to support ils ambitious plans to deliver even more bikes and trikes to children with cancer in 2024125. Page 6
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 PRINCIPAL RISKS AND UNCERTAINTIES For several years, the cycle sportive market has been buoyant as was Ihe triathlon scene around a decade ago. It is possible that this demand may take a downturn in the forthcoming years. A significant proportion of our fundraising is based on cycle sportive and any decline in these will have a detrimental impact on current CFC fundraising strategy. To mitigate this risk CFC has adopted a strategy of attracting fundraisers who may undertake a wider spectrum of events and challenge5 outside of cycling. The current economlc environment could also impact the future level of donatlons and funds raised. CFC ¢ontinues to develop its revenue streams from retail operations. In addition to sales of donated blkes the charity has invested In expanding its bike servicing and sales of accessorie5 and this should enable CFC to mltigate a possible reduction In fundraising. The charity has three retail locations with increasing revenues and further plans to increase the retail footprint. CFC now carries a significant operating cost base relating to premises and employed staff, and Ihis will increase as additional locations are added. Any significant downturn in cycle sales, or in the level of donated bikes could impact the profits generated from retail operations. However the truslees believe a new location would allow access to new sources of donated blkes, and this is likely lo more than offset any costs associated with new premises. Also as the retail operations sell reconditioned bikes, the sale of these is likely to be more immune from the effects of any economic downturn. EMPLOYEES Cyclists Fighting Cancer operates an equal opportunities recruitment policy. The long-term success and performance of Cyclists Fighting Cancer is wholly dependent upon the talents, motivation and achievements of its employees. It is critically important to develop employees and ensure they operate at the highest possible level throughout the organisation. It can only do this by recruiting very capable, motivated and talented people. Ihen building relevant skills and knowledge through structured on the job mentoring and providing an environment where the work is stimulating and rewarding. THE BOARD The Board of Trustees is responslble for the stfateglc governance of the charity. The Board of Trustees meet at specific Intervals through the year and are responsible for setting the overall stralegy of the charity. At each meeting, the Board receives reports on all aspects of the Charity's work. The trustees review the skills audit to identify Specific skill sets that would strengthen the Board's overall effectiveness. The Board operates an equal opportunities recruitment policy and Irustees that are recruited are required to have demonstrable experlence in the areas identified by the skills audit. Page 7
CYCLISTS FIGHTING CANCER LTD (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 STRUCTURE. GOVERNANCE AND STRUCTURE Governing Document The charity is controlled by its governing document, a deed of trust. and constitutes a limited company. limited by guarantee, as dgfined by the Companies Act 2006. Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice). Company and charlty law require the Truslees to prepare financial statemenls for each financial year, Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the group and parent charily and of the incoming resources and application of resources, including its income and expenditure, of Ihe group for the year. In preparing those financial statements the trustees are required to: Select suitable accounting pollcies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgments and accounting estimates that are reasonable and prudent Slate whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequale and proper accounting records that are sufficlent to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemenls comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the charity 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions. Page 8
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Safeguarding The Trustees have overall responsibility for ensuring that the charity has proper safeguarding procedures and policies in place to ensure the safety and protection of Ihe children and vulnerable adults with whom it works. They have due regard to the guidance issued by the Charity Commission and have all read the Department of Education's guidance document 'Safeguarding for Trustees,. Policies and procedures which have been implemented Include: The appointment of a Trustee with overall responsibility for safeguarding and a safeguarding lead Safe recruitment policies including full DBS (Disclosure and Barring Service) checks for all staff working with young people Safeguarding training for all Trustees and staff commensurate wlth their roles and responsibilities - to be repeated for each individual every 2 years Clear procedures and guidance for all Trustees and staff so that they are clear about how to report any concerns Robust risk and safeguarding assessment practices so that individual events are always managed in Such a w8y to protect young people, staff and volunteers Volunteers The Trustees are ever mindful of the tremendous work of volunteers in raising funds and wish to take Ihis opportunity to express thanks to them all. The Trustees would also like to thank the dedicate(fj band of volunteers who assist in Ihe bike shops and the staff of Cyclists Fighting Cancer who frequently volunteer at fundraising events in their area. Chief Executive The Board delegates the day to day running of the charity to the Chief Executive, who is responsible for the delivery of the agreed strategy and for ensuring that thè charity's policies are adhered to at all times. The Chief Executive is assisted in this task by the Senior Management Team who report to him. Relat8d Parties None of the Trustees of the charity receive any remuneration or other benefit from their work with the charity. Expenses incurred in the course of perfoming Trustee dulles are reimbursed by the charity and are disclosed in the financial statements. Small companies note In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by- K Musgrave Trustee Date: IL- l0_2o2£fr. Page 9
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024 Independent Examinerfs Report to the Trustees of Cycllsts Fighting Cancer Lld ('the Group.) I report to the charity Twstees on my examination of the consolidated accounts of the Group comprising the Cyclists Fighting Cancer Ltd ('the parent Charity) and its subsidiary undertakings for the year ended 31 January 2024. Responsibllitles and Basis of Report As the Trustees of the parent Charity (and its directors for the purposes of company lawl you are responsible for the preparation of the Consolidated accounts of the Group in accordance wilh the requirements of the Companies Act 2006 ('Ihe 2006 Acl,) and you have chosen lo prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent Charity and the Group are not required by either company or charity law to be audited and have chosen instead to have an independent examination. Havlng satlsfled myself that the consolidated accounts are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Group's accounts carried out under section 152 of the Charities Act 20111'lhe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Acl. An independent examinalion does not involve gathering all the evSdence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l expres5 no option as to whether the consolidated accounts present a 'true and fairf view and my report is limited to those specific matters set out in the independent examiner's statement. Independent Examlnerfs Statement Since the Trustees have opted to ppare consolidated accounis for the Group your examiner musl be a member of a body listed in section 145 of the 2011 Act. l confirm that l am qualified to undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales, which is one of Ihe listed bodies. I have completed my examination. I confirm that no matters have com8 to my attention In connectlon with the examination giving me cause to believe- accounting records were not kept in respect of the parent Charity and its subsidiaries as required by section 386 of the 2006 Act. or the accounts do not accord with those records. or the accounts do nol comply with the accounting requirements of section 396 of the 2006 Act other than any requir8ment that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Page 10
CYCLISTS FIGHTING CANCER LTD (A company limiled by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 This report is made solely to the Charity's Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that l rnighl state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Charity and the Charity's Trustees as a body. for my work or for this report. Slgned: Helen Blundell LLB FCA FCIE DChA Dated: Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Page11
CYCLISTS FIGHTING CANCER LTD (A company Ilmited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2024 Unrestrl¢ted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities other trading activities Investments 276,242 368,996 225,425 830 40,450 316,692 368,996 225,425 830 230.008 451,732 182,348 93 Total income 871,493 40,450 911,943 864, 181 Expenditure on: Raislng funds Charitable activities 677,587 307,537 677,587 349,012 571. 176 245,113 41,475 Total expenditure 985.124 41,475 1,026,599 816,289 Net movement In funds (113,631) (1,025) (114,656) 47,892 Reconcillation of funds: Total funds brought forward Net movement in funds 345,316 1113,631) 13,801 {1,025) 359,117 {114.656) 311,225 47,892 Total funds carried fonvard 231,685 12,776 244,461 359.117 Page 12
CYCLISTS FIGHTING CANCER LTD (A company Ilmited by guarantee) REGISTERED NUIIIBER.. 07194338 CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Note F5xed assets Tangible assets Current assets 12 95,300 50,120 Stocks Debtors Cash at bank and in hand 14 15 122,649 25,032 117,389 210,206 5,911 158,472 265,070 374.589 Creditors: amounts falling due within one year 16 {82,328) (61,550) Net current assets 182,742 313,039 Total assets less current Ilabllltles 278,042 363,159 Creditors: amounts falling due after more than one year 17 (33,581) (4,042) Total net assets 244,461 359.117 Page 13
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) REGISTERED NUMBER: 07194338 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2024 2024 2023 Note Charlty funds Restricted funds Unrestricted funds 18 18 12,776 231,685 13,801 345.316 Total funds 244,461 359,117 The Charity was entitled to exemption from audit under section 477 of the Compani8s Act 2006. The members have not required the company to obtain an audit for the year in question In accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements, The financial statements have been prepared in accordance with Ihe provisions applicable to entities subject to the small companles regime. The flnanclal statements were approved and authorised for issue by the Trustees and signed on their behalf by: K Musgrave Date: IL.lo-Lo£Lp The notes on pages 18 to 37 form part of these financlal statements. Page 14
CYCLISTS FIGHTING CANCER LTD (A company Ilmited by guarantee) REGISTERED NUMBER.. 07194338 CHARITY BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Note Flxed assels Tangible assets Investments Current assets 12 13 62.600 19,682 stocks Debtors Cash at bank and in hand 14 15 104,724 56,095 113,552 198,557 158,367 153,478 274,371 510.402 Creditors: amounts falling due within one year 16 {48,982) (167,034) Net current assets 225,389 343,368 Total assets less current Ilabllltles 287,991 363,052 Creditors: amounts falling due after more than one year 17 (33,581) (4,042) Tolal net assets 254,410 359,010 Page 15
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) REGISTERED NUMBER: 07194338 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2024 2024 2023 Note Charity funds Restricted funds Unrestrlcted funds 18 18 13,801 345.209 254,410 Total funds 254,410 359,010 The Charity's net movement in funds for the year was £(104,600) (2023 - £47, 785). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Acl 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Acl with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wlth the provlslons applicable to entitles subject to the small companie5 regime. The financial slalements were approve(J and authorlsed for Issue by the Trustees and signed on their behalf by: K Musgrave Date: IL-lo-10 21tr The notes on pages 18 to 37 form part of these financial statements. Page 16
CYCLISTS FIGHTING CANCER LTD (A company Ilmited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Note Cash flows from operatlng acllvltles Net cash used in operating activities 21 (4,288) 24,247 Cash flows from Investing actlvltles Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Interesl received 2,273 (33,402) 830 594 (49.322) 93 Net cash used In investlng actlvltlas (30.299) (48,635) Cash flows from flnanclng activities Repayments of finance leases (6,496) (2,204) Net cash used In flnanclng actlvitles {6,496) (2,204) Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year (41,083) 158,472 (26,592) 185,064 Cash and cash equlvalents at the end of the year 22 117,389 158,472 The notes on pages 18 to 37 form part of these financial slalements Page 17
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Gengral informatlon Cyclists Fighting Cancer Limited is a company limited by guarantee and a registered charity (Charity no.1140017) {Company no. 07194338), incorporated and registered in England and Wales. The registered office of the company is 154 Masons Road, Stratford-Upon-Avon. England, CV37 9NF. United Kingdom which is also the prinGip81 place of business of the company. The Charity Is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. Accountlng pollcles 2.1 Basls of preparatlon of flnanclal statements The financial slatements have been prepared in accordance with the Charities SORP IFRS 102> Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicabl& in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Cyclists Fighting Cancer Ltd meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initlally recognlsed at historical cost or transactlon value unless otherwise stated In the relevant accounting policy. The Consolidated statement of financlal actlvlties (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The trading subsidiarls was incorporated on 24 November 2021 and the 2023 figures included in this consolidalion were for a 15 months accounting period, however the company was dormant until 1 February 2022. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. Page 18
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies (continued) 2.2 Income All income is recognised onc8 the Group has entitlement to the income, it is probable that the income will be recelved and the amount of income receivable can be measured reliably. The recognition of Income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exisls when the Group has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estale. Receipt of legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Group, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in Ihe relevant funds on the Balance sheet. Where income 15 received in advance of enlitlemenl of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Donations and gifts are recognised when receivable. In the event a donation is subject to fulfilling performance conditions before the Group is entitled to the funds. the income is deferred and not recognised until it is probable that those condilions will be fulfilled in the reporting period. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donated goods (being bikes, cycle clothing and other cycle related products) are recognised as Income on receipt at an estimate of their value to the Group. Fair value is assessed by the retail manager at an estimate of the resale value less the cost to sell the goods. Donated goods that remain unsold at the year end are included in Ihe year end stock figure in the balance sheet. Income tax recoverable In relation to investrnent income is recognised at the tlme the Investment income is receivable. Trading income is recognised on point of sale for both donated and purchased goods. Page 19
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies (continued) 2.3 Expenditure Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct Costs attributable to a single activity are allo¢aled directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All exp8nditur8 is inclusiv8 of irrecoverable VAT. 2.4 Tangible flxed assots and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation Is charged so as to allocate the cost of tanglble fixed assels less their residual value over their estimaled useful lives. Depreclatlon is provided on the following basis: Plant and machinery Motor vehicles Fixtures and fittings Computer equipment 25Q/o straight line 250/0 slraighl line 25 % straight line 330/0 Straighl line 2.5 Investments Fixed asset investments are a form of financial inslrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value rAnnot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. Page 20
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng policies (continued) 2.6 Stocks Stock includes donated bikes, cycle clothing and other cycle related produds which have been donated to the charity. They are valued at an estlmate of their fair value to the charity which is an estimate of the resale value less the cost to sell goods after making due allowance for any obsolete or slow moving items. Purchased stock is valued al the lower of cost and nel realisable value. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabilities and provlsions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Group anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligatlon. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in Ihe Consolidated statement of financial activities as a finance cost. 2.10 Financial Instruments The Group only has financial assets and financial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial instruments are initially recognised at Iransaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. 2.11 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets aGquired by hire purchase are depreGialed over their useful lives. Finance leases are those where substantially all of Ihe benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finanGe charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 21
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng policies (continued) 2.12 Penslons The Group operates a defined contribution pension scheme and the pension charge represenls the amounts payable by the Group to the fund in respect of the year. 2.13 Fund ac¢ountin9 General funds are unrestrlcted funds which are available for use at the dis¢retlon of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used In accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting e8tlmat88 and areas of Judgement The Goup makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future. actual experience may differ from these estimates and assumptions. In preparing these financial stalements, the directors have had to make the judgemenls and estimates Sn relation to the depreciation of fixed assets and valuation of stocks and valuation of donations in kind. Critical accounting estimates and assumptions: Also. after due regard for such, the direclors belleve that the stock value as referred to on the Group's balance sheet is materially accurate. Page 22
CYCLISTS FIGHTING CANCER LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Income from donations and legacles Unrestricted Restricted funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Donations and legacies Independent Fundraisers Grants and trusts 26,582 173.082 76.578 40,450 67,032 173,082 76,578 74,347 114,950 40.711 Total 2024 276,242 40,450 316,692 230,008 Total 2023 184.758 45,250 230,008 Grants received for the year are as follows.. 2024 2023 Club Peloton 47,778 2,500 1,500 2,000 1,000 10,000 2,500 2,000 4,000 6,111 The Charles Lewis Foundation Edgar E Lawley Foundation The Hospital Saturday Fund Thales Charitable Trust The Toy Trust The Goodman Foundation Misses CM Pearson & MV Williams Charitable Trust Medicash Foundation High Sheriff of Warwickshire Oaks Solar The Blakemore Foundation St James's Place Allen and Overy LLP The Will Charitable Trust The Rigby Foundation Charitable Trust Souter Charitable Trust The Mulchand Foundation Ecclesiastical 1.000 1,000 100 2,500 5,000 10,000 1,000 3,000 10,000 1, 000 100 3,000 200 76,578 40,711 Page 23
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Income from charitable activitles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Shop sales - donated stock In¢reasel(decrease) in value of donated stock Misc sales 451,504 (86,198) 3,690 451,504 186,198) 3,690 384,280 51,777 16.275 Total 2024 368,996 368,996 451,732 Total 2023 451,732 451, 732 Income from other trading actlvltles Income from non charitable tradlng activltles unstrICted funds 2024 Total funds 2024 Total funds 2023 Income from events Trading income from subsldiary 948 224,477 948 224,477 45.810 136.538 Total 2024 225,425 225,425 182,348 Total 2023 182,348 182,348 Page 24
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Expenditure on ralslng funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Fundraising and events - direct costs Fundraising and events - support cosls Retail operations support costs Wages and salaries Nl contributions Pension contributions 5.980 18.161 184,234 37,338 1,144 917 5,980 18,161 184,234 37,338 56,018 31,775 125,187 93,439 6,727 2,809 917 Total 2024 247,774 247,774 315.955 Total 2023 315,955 315,955 Other trading expenses Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Tradlng expenses Trading expenses - staff costs 149,550 280,263 149,550 280,263 143, 167 112,054 Total 2024 429,813 429,813 255,221 Total 2023 255.221 255,221 Page 25
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Bikes and related equipment Other direct costs Support costs Wages and salarles 179,901 2,372 66,167 59,097 41.475 221,376 2,372 66,167 59,097 151.651 1,128 33.456 58,878 Total 2024 307,537 41,475 349,012 245,113 Total 2023 208,999 36,114 245.113 Independent examlner's remuneratlon 2024 2023 Fees payable to the Group's independent examiner for the independent examination of the Group's annual accounts Fees payable to Ihe Group's independent examiner in respect of: Consolidated accounts preparation Accounts preparation of subsidiary All other services not included above 5,250 5,000 2,800 1,650 1,000 1,500 1.500 Page 26
CYCLISTS FIGHTING CANCER LTD (A Gofflpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 10. Staff costs Group 2024 Group 2023 Charlty 2024 Charily 2023 Wages and salaries Social security costs Other pension costs 351.218 22,473 5,068 262,224 6,891 4, 792 93,344 2,860 2,052 152,317 6, 727 2,809 378,759 273.907 98,256 161,853 The average number of persons employed by the Charlty durlng the year was as follows: Group 2024 No. Group 2023 No. Support slaff Management Trading subsidiary 15 19 16 No employee received remuneration amountlng to more than £60,000 in either year. Remuneration to key management personnel within the year totalled £48,346 (2023 - £45,462). During the year, the Charity contributed £6,203 (2023 - £4,792) to defined contribution pension schemes, At the year end there were outstanding contributions of £447 (2023 - £354). 11. Trustees. remuneratlon and expenses Durlng the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 January 2024, expenses totalling £128 were reimbursed or paid directly to 2 Trustees (2023 - £NIL to Trustee) for travel expenses. Pag& 27
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 12. Tangible fixed assets Group Plant and machinery Motor Fixtures Computer vehicles and fittings equipment Total Cost or valuatlon At 1 February 2023 Additions Disposals 3,760 4,818 67,730 50,093 (21,111) 1,405 14.103 9,251 379 (718) 82,146 69,393 (21,829) At 31 January 2024 8,578 96,712 15,508 8,912 129,710 Depreciation At l February 2023 Charge for the year On disposals 1,682 1,442 22,420 17,796 {18,838} 1,405 1,266 6,519 1,436 (718) 32,026 21,940 (19,556) At 31 January 2024 3,124 21,378 2,671 7,237 34,410 Net book value At 31 January 2024 5,454 75,334 12,837 1,675 95,300 At 31 J8nu8ry 2023 2,078 45,310 2, 732 50, 120 Page 28
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 12. Tangible fixed assets (continued) Charity Plant and machinery Motor Fixtures Computer vehicles and fittings equipment Total Cost or valuation At 1 February 2023 Additions Disposals 3,760 4,818 31,400 35,991 (21,111) 1,405 14,103 9,251 379 (718) 45,816 55,291 (21,829} Al 31 January 2024 8,578 46,280 15,508 8,912 79,278 Depreciation At 1 February 2023 Charge for the year On dlsposals 1.682 1,442 16,528 5,956 {18,838) 1,405 1,266 6,519 1,436 (718) 26,134 10,100 (19,556) At 31 January 2024 3,124 3,646 2,671 7,237 16,678 Net book value At 31 January 2024 5,454 42,634 12,837 1,675 62,600 At 37 January 2Q23 2,078 14,872 2,732 19,682 The net book value of fixed assets included above which are held under hi purchase contracts Is £35,991 (2023 - £3,976). Page 29
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 13. Fixed asset investments Investments in subsidiary companies Charity Cost or valuatlon At 1 February 2023 At 31 January 2024 Net book value At 31 January 2024 At 31 January 2023 Prlnclpal subsldlarles The following was a subsidiary undertaking of the Charity.. Name Company number Reglstered office or prlnclpal Prlnclpal actlvlty place of business CFC Retsil Limited 13763386 154 Masons Road Sell and service bikes and cycling equipment Class of shares Holding Included in Consolidation Ordinary 1000/0 Yes Th9 financial results of the subsidiary for the year were: Name Income Expenditure Profitl{Loss} I Surplusl (Deficit) for the year Net assets CFC Retail Limited 473,241 {483,297) {10,056) {9,945) Page 30
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 14. StoGks Group 2024 Group 2023 Charlty 2024 Charity 2023 Donated bikes and cycling goods 122,649 210,206 104,724 198,557 15. Debtors Group 2024 Group 2023 Charlty 2024 Ch8rlty 2023 Amounls owed by group undertakings Olher debtors 31,140 24,955 158,348 19 2S,032 5,911 25,032 5.911 56,095 158,367 16. Credltors: Amounts falllng due wlthln one year Group 2024 Group 2023 Charlty 2024 Charily 2023 Trade creditors Other tsxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 51,860 13,042 41,817 4,525 30,839 2,019 31,338 1,798 2,160 1,747 13,519 2,204 354 12,650 2,160 447 13,517 2,204 354 131.340 82,328 61,550 48,982 167,034 17. Crèditors: Amounts falling due after more than one year Group 2024 Gmup 2023 Charity 2024 Charity 2023 Net obligations under finance lease and hire purchase contracts 33.581 4.042 33,581 4,042 Page 31
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 18. Statem8nt of funds Statem8nt of funds - current year Balance at I February 2023 Balance at 31 January 2024 Income Expenditure Unrestrlcted funds General Funds 345,316 871,493 (985,124) 231,685 Restricted funds other restricted funds < £1,000 Baron Dav8nport - Brum Spirax Sarco AMMCO - Oxfordshire WED- West Midlands Peter Harrison Fund The Aylesford Charitable Trust The Spirit of Sheffield's Children's Trust George A Moore Foundation The 29th May 1961 Charitable Trust Michael Marsh Charitable Trust Hopkins I Sayer Trust Duke of Devonshire Trust The Casey Trust GJW Turner Trust The Earl Fitzwilliam Trust Provincial Grand Charity of Derbyshife The Rothley Tnjst Haddenham Beer Festival The Grace Trust Misses 8arrie Trust 24 1,250 2,559 500 500 8,968 1,250 {1,250) {1,250) (3,000) {500) (500) (8,968) (1,000) (4,624) (2,000) (5,000) (3,000) (1,000) (1,000) (1,441) (2,000 24 3,000 2,$59 1,000 7,000 2,000 5,000 3,000 1,000 1,000 2,000 2,000 5,000 1,000 1,200 1,000 1,000 3,000 2,376 559 5,000 11,000) 1,200 58 1,000 (942) (3,000) 13,801 40,450 (41,475) 12,776 Total of funds 359,117 911,943 (1.026.599) 244.461 Page 32
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 18. Statement of funds {continued) statement of funds - prior year Balance al 1 Febniary 2022 Balance al 31 January 2023 Income Expenditure Unrestricted funds General Funds 306.560 818.931 (780,175) 345,316 Restricted funds Other restricted funds < £1,000 Baron Davenport- Brum Spirax Sarco AMMCO- Oxfordshire WED- West Midlands Peter Harrison Fund The AeSf0rd Charltable Trust The Spirit of Sheffield's Children's Trust George A Moore Foundation The 29th May 1961 Charitable Trust Michael Marsh Charitable Trust Hopkins I Sayer Trusl Duke of Devonshire Trust 24 1,214 l.OOQ 2,427 24 (1,214) (I,OQO) (2,427) (16,032) (5,000) (3,000) (2,000) (5,000) 25,000 5, 000 3,000 2,000 5,000 1,250 3,000 500 500 8,968 1,250 2,559 500 {441) 500 4.665 45.250 (36.114) 13,801 Totsl of funds 311,225 864,181 (816,289) 359,t17 Funds are amounts donated for the purchase of bikes in specific areas. Pag@ 33
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 19. Summary of funds Summary of funds- current year Balance at 1 February 2023 Balance at 31 January 2024 Income Expenditure General funds Restricted funds 345,316 13,801 871,493 40,450 (985,124) (41,475) 231,685 12,776 359,117 911,943 (1,026.599) 244,461 Summary of funds- prior year Balance at 1 February 2022 Balance at 31 January 2023 Income Expenditure General funds Restricted funds 306,560 4.665 878.931 45,250 (780,175) {36,114) 345.316 13,801 311,225 864,181 (816.289) 359,117 Page 34
CYCLISTS FIGHTING CANCER LTD (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 20. Analysis of net assets between funds Analysis of net assets belwèèn funds - currant year Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Credilors due wilhin one year Creditors due in more than one year 95,300 252,294 (82,328) (33.5811 95,300 265,070 (82,328) {33,5811 12,776 Total 231,685 12,776 244,461 Analysls of net assets between funds - prior year Unrestricted funds 2023 RestriGted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than on8 year 50,120 360, 788 (61,550) (4,042) 50,120 374,589 (61,550) (4,042) 13.801 Total 345,316 13.801 359,117 Page 35
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 21. Reconciliatlon of net movement in funds to net cash flow from operatlng actlvltlos Group 2024 Group 2023 Net incomelexpenditure for the year (as per Statement of Financial Activities) (114,656) 47.892 Adjustments for: Depreciation charges Interest received Decreasellincrease) in stocks Increase in debtors Increase in creditors 21,940 16,360 (830) (93) 87,557 (37,467) {21,748} (125,267) 23,449 122.822 Net cash provided byl(used in) operating activities (4,2881 24.247 22. Analysls of cash and cash equivalents Group 2024 Group 2023 Cash in hand Notice deposils (less than 3 months) 6,228 111.161 7,206 151,266 Total cash and cash equivalents 117.389 158,472 23. Analysis of changes in net debt At1 February 2023 Cash flows At31 January 2024 New flnance leases Cash at bank and in hand Finance leases 158,472 (6,246) (41,083) 6.496 117,389 (35,741) {35,991) 152.226 (34,587) (35,991) 81,648 Page 36
CYCLISTS FIGHTING CANCER LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 2& Related party transactlons During the year Cyclists Fighling Cancer Limited had incurred expenses with Totem Comunications for telephone costs of £1,605 and a loan of £20.000 was recieved and repaid. Cyclists Fighting Cancer Limited recieved £3,000 from Shotum Developments for corporate donations, Nothing was outstanding at Ihe year end. During the year Cyclists Fighting Cancer Limited had various transactions with its wholly owned trading subsidiary, CFC Retail Limited- The charity had transaclions worth £31.140 (2023 £158,348) with CFC Retail Limited which were still outstanding as at the year end. There are no other related party transaclions to disclose. Page 37