Company registration number: 07458529 Charity registration number: 1140128 Herne Hill Velodrome Trust (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 December 2021 Accountabilty Europe Lld . Omnibus Workspace 39 - 41 North Road London N7 90P IIMII *A8DFNEJC* 2710912022 COMPANIES HWSE #372 Heme Hill Velodrome Trust Contents Page Reference and Administrative Delalls Trustees. Report Independent Examlner's Report Ststement of Financial A¢tivities Balance Sheet Notes to the Financial Statements 10-16 Herne Hill Velodrome Trust Reference and Admlnlstrative Details Charity Name: Heme Hill Velodrome Trust Charity Registration Number: 1140128 Company Registration Number: 07458529 Charlty's Principal Address: 104 8urbage Road Dulwich SE24 9HE Charity's Trustees: Timothy Mclnnes {Chair) Christopher Cole Marco De Benedrctis Siobhan Harvey Paul Merrey Christine O'connell Padraic O'shea Simon Price Max Reuter Richard Williams Accountant: Accountabilty Europe Ltd Omnibu5 Workspace 39- 41 North Road London N7 9DP Herne Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2021 The Truslees (who are also directors of the charilable company for the purposes of the Companies Act) present their annual report together wilh the financial ststements for the year ended 310ecember 2021. The Truslees confirm that the annual report and financial slalemenls of the charrtable company comply with the current statutory requirements. the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP). applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Acl 2006 (Stiategic Report and Director's Report) Regulations 2013 is not requi￿d. Our Aims and Objectives Pur oses and Aiffl Our charity's purposes. as set out in the object5 ¢ontained in the Company's Memorandum and Articles of Associalion, are to.. provide or assist in the provision of facilities in the interesls of social welfare for recreation or other leisure lime occupation of individuals who have need of such facilrties by reason of their youth, age, infirmity or disabilty, financial hardship or social circumstances with the object of improving their condition of life including but not limited to the provision of faciltties at the Herne Hill Velodrome,. andlor promote participation in healthy recreation including but not limited to cycling., andlor provide or assist in the provision of facilities at (but not exclusively) the Heme Hill Velodrome for the use by the public at large wilhoul distinction of political. religious or other opinions including use for meetings. lectures and classes and other forms of recreation and leisure time occupation with the object of improving the conditions of life- andlor educate the public at large of the history of the Herne Hill Velodrorne, cyding in the 1948 Otympics andlor the significance of the Otympic movement and legacy for cycling generally.. andlor advance citizenship and communty development,. andlor such other charrtable purposes consistent Wbth the above and Ihe charit￿5 Act 2006 as the Injslees in their absolute discretion shall determine. The aim of our charity is lo encourage increased participation in the 5POrt of Cycling and the promotion of healthy iecreation more generally, and lo bring the physical and menlal hearth benefrts of these activities lo the widest possible community of users. This fulty reflects the purposes that the charity was set up lo further. Public Benefit In setting objectives and planning actNities, the board of trustees has paid due regard lo the published guidance fiom the Charity Commission on the public benefit requirement under the Charities Act 2011. This review looks al whal we achieved and the outcomes of our work during 2021, helping us lo ensure that our aims. objectives and activrtres remained focused on our slated purposes. In particular, the Iruslees consider how planned activities will contribute to the aims and objectives they have set. Heme Hill Velodrome Trust Trustees. Report For The Year Ended 31 December 2021 The Year in Review Our rformance In 2021 Herne Hill Velodrome aims lo be an inclusNe cycling facility that makes available a wide range of cycling and cycling related aelivities lo a broad community of user5. including." Dedicated training sessN)ns and race leagues for female and veteran cyclists.. Programmes to encourage ehildren and inexperienced riders into the sFort of cycling. Youth aclNities to promote a strong frjture generation of high-perforrning riders", and Sessions designed to be accessible for disabled people and their families, carers or triend5. At the end of the year the Heme Hill Velodrome employed six members of staff on a full or part-lime basis and over the course of 2021 it also worked with a number of part-time eoaches. The Velodrome also partners with local cyding clubs and sports charities to facilitate and promote activity. Flnancial Review Total income for the year amounted to £324,689 {2020.' 108.728} and total expenditure amounted to £443,73712020." £324,846). The nel movement in fvnds amounted lo a defial ot £119,048 (2020.. deficit of £216.1181. The charitsble company has ended the year with £1.743,928 in reserves Ireslricted £226,005 and unrestncted £1.517.9231. Reserve$ Polic The Trust receives income in the ft)rm of grant funding, Gtft donation from its trading subsijyiary, donations from individuals and organisations and from the Friends of Heme Hill Veh)drome. Where donations from indivhduals or organisatN)ns are for a specified actNty or cost these funds are recorded in restricted funds. Income not subl￿t lo these Testn"cbons is recorded in unrestricted funds. The Trust has no designated funds. The trustees have examined the requirement for free reserves. i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise commrtted. The Trustees aim to maintain unrestricted free reseThes of at least 3 months bul not more than 6 months operational costs. The reserves are needed lo meet the working capital requirements of the charty and the trustees are confident that al this level they would be able to continue the current activities of the charty in the event of a si9nificanl drop in income. The trustees have also considered the extent lo which existing activities ano expendrture could be curtailed. or fundraising income increase, should the ¢ircumstance5 require Herne Hill Velodrome Trust Trustees. Report For The Year Ended 31 December 2021 Investrnent Polic The trustees aim for the charty lo generate a surplus each year that will enable il to fund any capital investment as and when this is required in the future and, in particular, works on the track to ensure its continued use. In light of improved perfomance and sound financial management since the start of the 2020 financial year a review of investment policies had been planned fof 2021, however due to the uncertainty caused by the Covid-19 pandemic. and the extended ck)sure of the site, decision on implementing a new policy has been defe￿ed to 2022. toda erations The Heine Hill Velodrome Twust operates Heme Hill Velodrome via a wholly owned subsidiary trading company which receives income from track rental. rider sessions. cycle races and sponsorship alongside sales from Jan's Café. The Trust also receives grant income and donations and has a Friends organisalion, the Friends of Herne Hill Velodrome. which raises funds from membership subscriptions, the Sale of branded merchandise and fundraising events. The Friends of Herne Hill Velodrome play a CTitical ffole in the activities of Herne Hill Velodrome and they are a valued contribulor to Ihe Trust's mission. Plans for the future The charity plans continuing the actNfties outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed lo both increase and diveisify income generated at Herne Hill Velodrome and to increase the extent of our outreach activities with schools, youth organisalions and groups Ihal are otherwise underrepresented in cycling. It is hoped this will lead to a slrenglhening of our delivery against our aim as well as improved financial sustainabilty. Structure. Governance and Management Governln Document The oiganisalion is a charitable company limited by guarantee. incoiporaled on 2 December 2010 and registered as a charity on 31 January 2011. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Recruitment and A inlment of Trustees Under the requirements of the Memorandum and Articles of Association tTUStee5 shall not be required to retire by rotation for the firsl three years following appointment. During the fourth year following appointment the following provisions shall apply to all the Truslees.. at each Annual General Meeting. one third of the Trustees shall be required to retire, but they will be eligible for reappointmenl.. Herne Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2021 Ihose selected for retirement will be those who have been in office the longesl. Where Trustees have been in office for equal periods, those retiring shall be selected by lot.. retiring Trustees shall be eligible for reappointment for another temi of three years {afv4ays subject to a maximum term of six yeatsl.. a Trustee musl then stand down but is elrgible for re-election after the expiration of a twe￿e-MonIh peiiod_ Different appointment provisions apply to the appointment of one tnjstee appointed by British Cycling and one trustee appointed by the Friends ol Herne Hill Velodrome. The Board seeks lo ensure that its needs are appropriately refiecled through the diverstly of the trustee body and rt takes active steps to enhance the potential pool of trustees, in particular by drawing new trustees from the user base of Heme Hill Velodrome. the wmler cycling community and local residents with an interest in the future success of the facility. Statement of Trustees, Responslbilities The trustees (who are also the directors of the charrtable company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Untled Kingdom Generalty Accepted Accounting Praclicel. Company law requires Ihe trustees to prepare financial statements for each financial year. Under Company law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charf(able company and of the incoming resources and application of resour￿$. including the income and expendrture of the charitable company for that period. In preparing these financial statements. the trustees are required to.. select suf(able accounting policies and then appty them consistenlty- observe Ihe meth¢)ds and principles ofthe Charities SORP- make judgements and estimales that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that are Sufficient to show and explain the charitable company's transactions and disclose vAth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements omply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charrtable company and hence for taking reasonable sleps for the preventK)n and detection of fraud and other irregularities. The lrnstees are responsible forthe maintenance and integrity of the corporate and financial information included on the charrtvs website. Legislation in the Unrted Kingdom governing the preparation and dissemination of financial slatemenls may drffer Irorn legislation in other jurisdictions. Heme Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2021 This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. The annual reF)Ort was approved by the Board of Iwstees on 18 September 2022 and signed on its behalf by= TIM Mclnnes Chair Independent Examiner's Report to the Trustees of Herne Hill Velodrome Trust For The Year Ended 31 December 2021 I report to the charity trustees on my examination of the accounts of Herne Hill Vebdrome Trusl for the year ended 31° December 2021. Responsibilities and basis of report As the charitls trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wrth the requirements of the Companies Act 20061.the 2006 Act,). Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in ￿SpeCt of my examinalion of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'}. In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5} Ibl of the 2011 Act. Independent exarninerfs statement I have completed my examination. I confirm that no mattets have come to my attention in connection wrth the examination giving me cause to believe= accounting records We￿ not kept in respect ofthe Company as required by section 386 ofthe 2006 Act.. or the accounts do not accord with those records" or the accounts do not compty wrth the accounting requirements of section 396 of the 2006 Act other than any requirement thal the account5 give a Yrue and faif view which is not a matter considered as part of an independent examination". or the accounts have not been prepared in ac￿rdance with the melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo CharIt￿S preparing their accounts in accordance wbth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of Ihe accounts lo be reached. Aamer Shehzad FCCA FCA Accountability Europe Ltd Omnibus Workspace. 3941 North Road London. N7 9DP Date- uloqla Heme Hill V•lodrom• Trust Slatem•nt of financlal activiii•s lincorporatsng an and expendibjre accountl For the ear •nded 31 D•c•mber 2021 2021 Total Unrestricted Restrthd 2020 Total Unrestrlcted R￿trkted Nole Income from- Dtsnations grants Charitablé activities 292.686 32.003 292.686 32,003 50,126 56,602 50,126 58,602 Total income 324.689 324.689 108,728 108,728 Expendhure on: Ra15ing funds CharIta￿e acb'vifies 7.947 378.865 7.947 435.790 56.925 290.071 34.775 324,846 Totsl e¥penditure 386.812 56.925 443.737 290.071 34.775 324,846 N•t incomel l•xp•ndlturel for the year 162.1231 156.9251 1119.0481 1181.3431 {34.7751 1216.1181 Net movèment In funds 1S 162.1231 156.9251 1119.0481 1181,3431 134,7751 {216.1181 Recontiliation of funds: Total funds brought fonvard 1.580.046 282.930 1,862,976 1.761.389 317.705 2.079.094 Total lund¥ carrled forward 1.517.923 226.005 1.743.928 1,580,046 282.930 1,862.976 All of the above res(Jlts are derived frcfft continuing activib.es There were no other recognised 9ains N 1055es other than those 51ated above. Movements In hjnds are disdosed in Noies to the fi'nawl stattrments. The attached notes lomi part ol these finanual statements. Herne Hill Velodrome Trust Balance sheet Company no. 074S8S29 AS at 31 December 2021 2021 2021 2020 202Q Notè Fixed ass•ts: Tangible assets Investment in subsidiary undertaking 1.237.027 1,502.189 10 1,237.028 1.502,190 Current assets.. stock Debtors Cash at bank and in hand 11 12 11.500 14,895 484,195 12.636 39.824 313.206 510.590 365,666 Llablllties.. Creditors.. amounts fallirvJ due V•it￿.n one year 13 I3.6￿) 14.8801 Net currefrt assets I Iliabllltlesl 506.900 360.786 Total nel assets I Illablllllesl 1,743.928 1.862.976 The funds ol the charlty- Restricted in￿rne funds Unre5trided incorne funds. General funds 15 226.1)05 282.930 1,517.923 1.580.046 Totsl ¢harity funds 1,743,928 1.862.976 Thè chafitable company is entilled to exemption frorn audtt under Se¢bon 477 01 the Companies A￿ 2006 lor the year en¢Jed 31 Oecember 2021. The members have not required IhÈ chanta￿t company io obtsin an audrt of rts finanaal statements for the ye8r ended 31 Deeember 2D21 in accordance with Sectson 476 01 the Companies Act 20C6. The th"rédofs 3cknovAedge their responsi￿"￿"be$ for c(mrtpJ￿"Tha the requi¥ments of the Companies Acl 2006 ith respect to acctsuntng records ar￿ preparatton of accwnts. The financial statement5 have been prepare(l in arcordance ¥￿h the 5peoal pr￿lS1On$ applicab￿ to companies subject to the srnall cornparbES regime. Approved by the Board of trvstees on 18 September 2022 and signed on theif behall by". TIM Mclnnes Chair Herne HS11 Velodrome Trust Notes to the Ilnanclal statements For the ear ended 31 December 2027 1 Accounting polocles Charlty infomialion Herne Hill Velodrome Trust is a company limrted by guarantee and a fegistered chanty in England. The registered office is 104 Burbage Road SE24 9HE. Basls of preparation The financial statèrnents have been prepared in accordance vAth Accounting an¢J Reportir*J by Charities.. Statement of Recommended Practice appli¢able to tharifies prepariftg their accounts in arxtrrdance wth thè Financial Reporting Standard appliG3ble in tt)e UK and Republic ol Ifeland IFRS 1021- (Charities SORP FRS 1021, and the Companies Act 2006. The Is exempte(J frorn preparing a ush flow statement due to the exempbon available to charitses ￿ iT￿e less than É5LX).(m. Assets and lia￿.1111es afe *iits"ally recognised at hIst￿Ical cost or transaction value unless othewse stated in the relevant accounting policy ￿ note. Group a¢counts exèmptlon The financial statements give ir)forrnation on the charrtalje c(xnpany as a single entsty. The tharitable rnpany is exernpt from prÈparing groLJP accounts because Ihe income of the group does not exceed Ihe threshold of £1rn. Further detai15 of inve51ment In Subsidiary are gNen in rK)le 12. Publlc benefit entlty The charitable company meets the definib.on ol a pubhc benefit entity under FRS 102. Going concern The trustees considtr that ihere are no material Lmcertainb"es abryjt the charitab￿ compatys ability to continue as a going conwn. The trustees do not tr￿Sider thal there are any sources ef estimatson uncertainty at the reporting date that have a signifitsnt nsk of causing a material adjustsnent to the carrying amounts of assets and liabilths vrtiin Ihe next reporting period. Income Income is recognised when the chanty has entruement lo the fvnds. any performance corbditions atta¢hed to the income have been met. rt is probable Ihat the income wll be received and that the amount can be measwed reliably. Incorne from grants and donations are fer￿gniSed the tharity has entthment to thè funds, ￿Y pe.rformance condilK)ns altached ¢0 Ihe 9ranis have been mel it is probable that the income wll be received nd the amount can be measured rdiably and is not deferred.cIr￿rne received in advance ofthe proviSK)n of specified service is deferred until Ihe criieria for income recognition a￿ met. Fund accountlng Restricted fvnds a￿ to be used lor speafic pu￿0$eS as laid by the donor. Expenditure whi¢h meets these criteria is thaiged to the fund. unrestrict￿ funds are donations and otsr in￿MIng r¢souro$ feceived or generated for the charitable purpose5 Expenditure Expenditure is reco9nised On￿ there is a legal or construttive oblKJation to make a payment to a third party, it is probable that Sètirement will be requi￿￿ and the amolwil of the oWabon can rneas￿ed reliabty. Expenditure is dassified under the followtng achvity headings. Costs of ralsing funds relate to the costs inujrred by the charifable company in Inducing third part￿S to make voluntary contributions to rt. as well as the costs of tradiThJ activitie5 with a fundiaising purpose and their asswiated supwrt costs Expen¢Jrture on charitable activltles indudes the costs of thatrtable activth.es that are undertaken lo further ihe purposes of Iht charrty and their assoaated support costs. Support ¢QSts Indude Ihe costs of overa51 directiorb and administration. comprising salary and overhead costs of the cerntral lun¢tion. and have been apporboned on the ba515 consislent vAth use of resources. Hem• HS11 Velodrome Tw$t Note¥ to the finantial $t*t•ments For the ear ended 31 December 2021 1 Accountlng polleles {con￿nUtdI Tangible lixed a¥$•ts Fixed assets are initially recorded at ¢ost. less ac¢umulated depretiab.on and *y subsequent accumulated impairment lossès. Depreciation is provthd to vrtiie dowm Ihe cost of each agset lo rts estimated residual value over its expected useful life at the followng rates.. Lea$eh(Ad arKI other interests in land ￿ buibJiwJs AJ other assets Over the length of the lease Over five years Stock Stock and work-in-rKogrtss a￿ valutd at the bwer ol cost and esb"matsd selling price less costs to complete and sell. after due regard obsdete and slow movirvJ stocks. Cost is detemined using the first-in. first-out Debtors Debtors are recognised at Ihe sètllement due after ￿Y trade discounl offeretj. Prepayfflents are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash ai bank and m hand indudes all bart bajances kept in CLwrert ac¢ounts aThJ Call deposits. Credltors and provisions Creditors and provIs￿n$ are recognised where the tharty has a present oblig3kn.on fe$ulting from a past event tha¢ will probably resu￿ in the transfer ol fvnds to a ￿rrf party #nd the amount due to settle the obligation can be measure¢Y or estimated reliably Creditors and provisions are nomially recognised at their settlement amount after allowing fly any trade d15counts due. The chanty onty h85 finanual assets and finanuèl liabilrties of a kinLI thal qtsalify as basic finanryal instrument5 ich are Inthally recognised at transaCtiC￿ value and subsequentty measured at their seitlernent value. 2 Income froffi donalions 8t￿ grnnts 2021 Total 2020 Total UNestrided Restricted Donal¥)ns Gfants 251.758 40.928" 251,758 40,928 39.353 10.773 292.686 292.686 $0,126 3 Income from ch•ritable activitses 2021 Total 2020 Total Unrestricted Restriued Subsuiptions MefcJ)andise sales Rental incorne 5,643 1.186 25.174 5.643 1.186 25,174 7.568 1.034 SD.OLXI 32.003 32.003 58.602 Hern• Hlll V•lodromt Trust Notes to the flnanelal ststements Foi the ear ended 31 Dèeember 2021 4 Analysls ol expendSture- current year Cost ol raising Charitable lunds actrwity'es Sup costs 2021 Total 2020 Total Oirect costs of charitsble actyvibes Rent arKI office running costs Insurance Advertysin9 & Marketing Vvebsite and IT w5ts Legal arbd professional ArKounlancy fees Independent examination fee 8ank charges Depreciation 70.518 70,518 80,807 9,012 7,947 264 6.266 2.045 600 1.116 265,162 12.763 27.14e 15.131 80.807 9.012 7.947 264 6,286 2,045 133 1.535 1,510 600 831 265,197 1,116 265,162 7.947 70.S18 365.272 443.737 324.846 Support costs 365.272 1365,2721 Total expenditure 2021 7.947 435.790 443,737 324,646 01 the total expendiiure. £386.812 was untestricaed 12020". £2￿,071) and £56,925 was restricted 12020.. £34,7751. Anatysis of eXPendi￿re- prior year Cosl of raisin9 Charilabje funds activities SuppJrt costs 2020 Total Direct costs ol charIta￿e aCtiv￿.e$ Rent and office running cosls Insurance Website and IT costs Legal and profe55ional Accountsncy fee5 Independent èxaminaknon fee Bank charges Depreoation 12,763 12,763 27.146 15.131 133 1.535 1.610 500 831 26S.197 27,146 15,131 133 1.535 1.610 500 831 265.197 12,763 312,083 324.846 Support costs 312,083 1312.0831 Total expenditure 2020 324.846 324.846 Heme Hill Velodrome Tntst Notes to the linancial statements For th• ear endèd 31 D•eember 2021 Net Ineome for the year This is stated after ¢har9ing-. 2021 2020 Depreciation Independenl examinatw fee lexthjdry VATI 265.162 500 265.197 500 Analysis of staff costs, trustee remuneraiion and expenses. and th? cost of key management pgrsonnel The total co$t of key management personnel I￿u￿1ng Pensi￿ and empbyer NIC were £nil12020'. £nill. The charity tnJstees were not paid and thd ￿t receive any benefris from em￿0yrnent wth the cttarty in the year 12020.. £nill. No charty trustee received payment for professiorbal or Oiher serv￿$ supplied to the charity 12020.. Enill. Related party transactlon8 There are no donth.ons from related Part￿ ￿ch we outside the rK)rmal wursè of business and no restricted donations from relaied parties There are ￿ payment5 to and from members and trtsstees which are part ol the normal course ol busine55 There are no related party transactions to disdose for 2021 12020.. none). At 31 December 2021 an amount of £12.71312020." £31.8101 was due from Heme Hill VelodrorneTrading Lld. the subsidiary of the Charlty. Taxatlon and legal Stat￿ ol the charlty The charitable company 1$ exèmpt from corpcwatson tsx as all its ino)me ts tharilalje ond ￿ aP￿led lor charitable pufposes. The chanty is a company limited by guarantee and ha$ rK) Share cwtsl_ The liability ol each mernber in the event of wnding Ltp is limrted to £1. Tan9lbk fixed a¥$ets Leasèhdd L4nd and tNJildings FLwnilure and eqvyment Molor Vehdes Total Cost At the start ol the year At the end of the year Depreciation At the slart of the yea¥ Charge for the year 2.365.270 71,003 2,439.073 2,365.270 71.(N)3 2.800 2,439,073 894.885 250.717 39,199 14,445 2,800 936.884 265.162 At Ihe end of Ihe year Nèt book value At the end of the year At the start ol the year 1.145.602 53.644 2,80L) 1.202.046 1.219.66B 17,359 1.237.027 1.470.385 31,804 1.502.189 l of the above assets we used for tharitsbie pU￿)seS. Hefne Hill Vèlodrome Trust Notes to the financial stat•ments For the ear ended 31 December 2021 10 Invèstment In subsidlary undertaking 2021 2020 1(X)% share capital of Herne Hill Velixlrc¥neTra(*ng Ltd 1(K) ordinary shares of 1p Balance at start of the pen