Company rngistration number: 07458529 Charity rngistration numbèr: 1140128 Herne Hill Velodrome Trust (A company limited by guarantee) Annual Report and Financial Ststements For the Year Ended 31 December 2023 Accountability Europe Ltd Omnibus Workspa 39 - 41 North Road London N7 9DP *ADBlr71HKO* 1810912024 COMPANIES HOUSE #147 Heme Hill Velodrome Trust Contents Page R￿erence and Administrativo Detsils Trustees, Report Indep•nd•nt Examlnorfs Report Statoment of Financial Activities Balance Sheet Notes to tho Financial Statemonts 10-16 Heme Hill Velodrome Trust Reference and Administrative Dètails Charity Name: Heme Hill Velodrome Trust Charity Registratlon Number: 1140128 Company Registration Numbor: 07458529 Charlty's Prlnclpal Address: 104 Burbage Road Du1v￿ch SE24 9HE Charity's Trustees: Timothy Mclnnes (Chair) Christopher Cole Paul Merrey Chrisb'ne O'connell Padraic O'shea Simon Price Max Reuter Richard Williams Accountant: Accountability Europe Ltd Omnibus WorkspaGe 39 - 41 North Road London N7 9DP Herne Hlll Velodrome Trust Trustees, Report For The Year Ended 31 D'ecember 2023 The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report logether with the financial statements for the year ended 31 December 2023. The Trustees confirn that the annual report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the company's goveming document and the provisions of th'e Statement of Recommended Practice (SORP). applicable to charilies preparing their accounts in accordance V￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The CoMpan￿S Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Our Aims and Objectives oses and Aim Our charity's purposes. as set out in the objeds contained in the company's Memorandum and Articles of Association, are to.. provide or assist in the provision of facilities in Ihe" interests of social V￿lfare for recreation or other leisure time occupation of individuals who have need of such facilitj'es by reason of their youth. age, infirmity or disability. financial hardship or social circumstances with the object of. improving their condition of life including but not limited to the provision of facilities at the Herne Hill Vek)drome', andlor promote participation in healthy recreats'on induding but not limited to cycling" andlor provide or assist in the prowsion of faciltlies at {bul not exclusively) the Heme Hill Velodrome for the use by the public at large without distinction of political, religious or other opinions including use for "meetings, lectures and dasses and other forms of recreation and leisure time occupation with the object of improving the conditions of lrfe: andlor educate the public at large of the history of the Herne Hill Velodrorne. cycling in the 1948 Olympics andlor the significance of the Otympic movement and legacy for cycling generally: andlor • advan￿ citizenship and communty devebpment: andlor such other charitable purposes consistent with the above and the Charilies Act 2006 as the trustees in their absolute discretion shall detemiine. The aim of our charity is to encourage increased partiopation in the sport of cycling and the promotion. of healthy recreation more generally, and to brirtsJ the physical and mental health benefits of these activities to the widest pos&ble community of users. This fully reflects the purposes that the charity was set up to further. Public Bener In setting objectives and planning activities, the board of trustees has paid due regard to the published guidance from the Charity CommissK)n on the public benefit requirem8nt under the Charities Act 2011. This review looks at what we achieved and the outcomes of our work during 2023, helping us to ensure thal our aims, objectives and activities remained focused on our stated purposes. In particular, the trustees consider how planned activities will contn'bute to th8 aims and obj'ectives they have set. Heme Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2023 The Year in Revlew Our rfomiance in 2023 Heme Hill Velodrome aims to be an inclusive cyding facilty that makes available a wide range of cycling and wcling related activities to a broad community of users. including.. Dedicated training sessions and race leagues for femak8 and veteran cydists: Programmes lo encourage children and inexperienced riders into the sport of cycling.. Youth activities to promote a strong future generation of high-perfonning riders; and Sessions de&gned to be accessible for disabled people and their families. carers or friends. At the end of the year Heme Hill Velodrome employed nine members of staff on a full or part-time basis and over the course of 2023 it also worked with a number of part-time coaches. The Velodrome also partners with local cycling clubs and sports charities to facililate and promote activity. Financial Review Total income for the year amounted to £264,604 (2022.. £220,575) and total expenditure amounted to £385.378 {2022.' £461.369). The net movement in funds amounted to a deficit of £120.774 (2022: deficit of £240,794). The tharitable company'has ended the year with £1.382.360 in reserves (restricted £80,866 and unrestricted £1.300.494). Reserves Polic The Trust receives income in the fom of grant funding. Gift aid donation from its trading subsidiary, donations from individuals and organisations and from the Friends of Heme Hill Velodrome. Where donations from individuals or organisations are for a specified activity or cost these funds are recorded in restricted funds. Income not subject to these restrictions 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 specrfic purposes or otherwise committed. The Truslees aim to maintain unrestricted free reserves of at least 3 months bul not more than 6 months operational wsts. The reserves are needed to meet th8 working capital requirements of the charity and the Irustees are conf￿ent that at Ihis level they would be able to continue the current activitEs of the charity in the event of a significant drop in income. The trustees have also considered the extent to which existing activities and expenditure could be curtailed. or fundraising income increase, should the circumstances require Heme Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2023 Inve tmen Poli The trustees aim f(x the d￿rty to generate a surplus each year that wll enable it to fund any capilal 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 perfomiance and sound financial management in recent years the charity presently holds reserves in excess of the requirement for free reserves and so a review was conducted by the trustees in 2022. Sleps have since been taken by the trustees to invest the charity's excess funds.. toda erations "The Heme Hill Vdodrome Trust operates Heme Hill Velodrome via a wholty owned subsidiary trading company which receives income from track rental. rider sessions. cycle races and sponsorship alongside sales from Jan's Café. T1￿.TruSt also receives grant income and donations and has a Friends. organisation, the Friends of Heme Hill Velodrome, which raises funds from membership subscriptions, the sale of branded merchandise and fundraising events. The Friends of Herne Hill Velodrome play a critical ro￿ in the activities of Heme Hill Velodrome and they are a valued contributor to the Trust's mission. Plans for the future The charity plans continuing the aclivities outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed to.both increase and diversify income generated at Heme Hill Velodrome and to increase the exient of our outreach activities with schools, youth organisations and groups that are otherwise underrepresented in cyding. with a renewed focus on off road cycling. It is hoped this will lead to a. strengthening, of our delivery against our aim as well as improved financial sustsinabilty. structure, Govemance and Managemont Governin Document The organisation is a charitable company limited by guarantee. incorporated 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. , Recruitmont and A ointment of Trustees Under the requirements of the Memorandum and Articles of Association trustees shall not be required to retire by roLqtion for the first three years following appointmeDL During the fourth year following appointment the following provisions shall apply to all the Trustees.. . at each Annual General Meeting. one third of the Trustees shall be required to retire. but they wi51 be eligible for reappointment- Herne Hill Velodrome Trust Trustees. Report For The Year Ended 31 December 2023 those selected for retirement wllll be those who have beèn in Offi￿ the longest. Where Trustees have been in office for equal periods, those retiring shall be selected by tot retiring Trustees shal be eligible for reappointment for another term of three years (always subject to a maximum term of six yeats): • a Trustee must then stand down but is eligible for re*lection after the expiration of a Iwelve-month period. Different-appointment provisions apply to the appointment of one twstee appointed by British,Cycling and one trustee appointed by the Friends of Heme Hill Velodrome.. The Board seeks to ensure that its needs are appropriately reflected through the'diversity of the trustee body and it 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 wider cyding community and local residents th an interest in the future success of the facility. Statement of Trustees, Responsibilities The Irustees (who are also the directors of the Charitab￿ company for the purposes of company law) are responsible for preparing the, Trustee￿, report and the financial statements in accordance with applicable law and United Kingdom Acc()unting Standards (United Kingdom 'Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements 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 fair view of the state of affairs of the charilable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements. the trustees are required to: seknt sults￿e aG¢ounting policies and then apply them consistently, observe the methods arKI principles of the Charities SORP: make judgements and estimates that are reasonable and prudent" prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company wll 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 wtth reasonable accuracy at any time the financial position of the tharitable company and enable them to ensure that the financial statements . comply with the Companies Act 2006. They are also responsibk for safeguarding the assets of the charitable company and hen￿ for taking reaSona￿e steps for the prevention and detection of fraud and other irregularities. The trustees are resptmsible forlhe maintenance and integrity of the corporate and financial infomation induded on the charitys website. Legislab'on in the United Kingdom goveming the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. ' Herne Hill Velodrome Trust Truslees. Report For The Year Ended 31 December 2023 This report has been prepared in accordarKe with the provisTrons of Part 15 of Ihe Companies Act 2006 relating to small companies. The annual report Was appFoved by the Board of trustees on Blh S•plomber 2024 and signed. on ils behalf by.. Tlin Mclnnes Chair Independent Examinerfs Report to the Trustees of Hem• Hill Volodrome Trust For The Year Ended 31 thcember 2023 I rèport to the Gharity truste8s on my examination of Ihe accounts of Heme Hill Vekjdrome Trust for the year ended 31" Decemb8r 2023.. Responsibillties and basis of repcKi As the charitys 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 with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carying out my examination I have followed the Directions gNen by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examine¢s sL2temènt Since the Company's gross income exceeded £250.000. I confinn that l am qualified to undertake the examination because l am a member of the ICAEW. which is one of the lisled bodies. I have completed my examInat￿n. I confim that no fflatters have come to my attention in Gonnection th the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2.. the accounts do not accord with those records: or 3. the accounts do rbot comply witt) the accounting requirements of sectK)n 396 of the 2006 Act olher than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and. reporting by Gharities applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicabl8 in the UK and Republic of IrelarKI (FRS 102). I have no cc>ncems arKI have come across no other matters in connection with the examination to which attention should be drawn in thts report in order to enable a proper understanding of the accounts to be reached. Aamer Shehzad FCA Accountability Europe Ltd Omnibus Workspace. 3941 North Road London, N7 9DP Dato: Herne Hlll Velodrome Trust Statement of financial aclivllles {incaxporatirvJ an inc>)me and expenditure account) For the ear end•d 310e¢ember 2023 2023 Totsl Unrestricled Restricted 2022 Total Unrestri¢ted Restricted In¢ome from: Donations and grants Charrtable activities 185.953 78,651 185.953 78.651 139,987 80.588 139.987 80.588 Total incorne 220.575 220.575 Expendi￿re on: Raising funds Charitable activities 7,736 299.211 7.736 377.642 2.055 392,606 2.055 459,314 78.431 66',708 Totsl expenditure 306.947 78.431 385.378 394,661 66.708 461.369 Nel Incomel (expenditure) for the year {42.343) (78.431) (120.774) (174,0861 (66.7081 1240.794> Net movoment in funds 15 {42.343) 178.431) (120.774) (174.0861 (66,7081 1240,7941 Reconclliatlon of funds: Totsl frJnd$ br￿ght forward 1.343.837 159.297 1.503.134 1,517,923 226,005 1,743,928 Total funds carried fonward 1.301.494 80.866 1.382.360 1,343,837 159.297 1.503.134 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stsled above. Movements in funds are disdosed in Notes to the financial statements. The attached notes fom part of these financial statements. H0m• Hill Velodrome Trust Balanc• shèèt Company no. 07458529 As at 31 December 2023 2023 2023 2022 2022 Fixed assets: Tangible assets Investment in subsidiary undertaking 760.786 992.225 10 760,787 992.226 Curr•nt assels: Stock Deblors Cash at bank and in hand 11 12 30.060 87.698 633.609 11.500 210.402 503.687 751.367 725,589 Liabilitigs: Creditors: amounts falling due wthin one year 13 (129.794) {214,6811 Net currenl assets l (liabililiesl 621.573 510,908 Total net assetsl (liabilities) 1,382,360 1.503.134 The funds of the charity: Restricted income funds Unrestrtcted income funds: Genwal funds 15 80,866 159.297 1.301.494 1.343.837 Total charlty funds 1.382.360 1.503.134 The charitsblè Gompany is entiued to exemptK)n fr(Mn audrt under seC￿n 477 of the Compan¢es Act 2006 for the year'ended 31 December 2023. The Tnernbers have not required the tharitable company to obtain an audit of its financial statements for the year ended 31 December 2023 in aC0)rdan￿ with Seclion 476 of the Companie5 Act 2006. The directors aCkno￿edge their responsibilities for complying wrth Ihe fequirn￿nts of the CoTrwanies Act 2006 with respect lo accounting records and preparation of a¢￿￿nts. The financial statements have been prepared in acctydance the special provisions applKable to companies . suty'ect to the small companies regime. Approved by Ihe Board of thjstees on 8th September 2024 and signed on their behalf by. Tim Mclnngs Chair Herne Hill Velodrome"Trusl Notes lo the flriancial slatements For th• èar ended 31 December 2023 1 Ac¢ounting policies Charity inforniation Herne Hill Velodrome Tnjsl is a ccmnpany limited by guarantee and a registered tharty in England. The registered office 15 104 8urt)age Road SE24 9HE. 'Basls of préparati¢ The financ￿1 statements have been prepared in accordance with Accounting and Reporting by Charities: ststemenl of Re¢c￿Mended Practtr applicable to ￿￿11tieS preparirjg their acLounts in accordance with the Financrdl RepM)rting Stsndard applicab￿ in the UK antj Republic of Ireland IFRS 102) - {Charities SORP FRS 102}. and the Companies Act 2W6. The charity is exempted from.weparing a cash Ilow statement due to the exemption available lo charrknes with income le5S than £500.(NJO. Assets and liabilities are inilially recogntsed al historical cost or transaction value unless othe￿iSe slated in the relevant accounting kN)licy or ￿te. Group accounts exemption The financial statements give information on the charitablg company as a single entity. The charitable company is exempt from preparing gr(yJp accounts because the income of the group does not exceed the threshold of £1m. Further details of investrnent in subgdiary are given in note 12. Public benefit enllty The charitable wfflpany meets the definikn.on of a wblK benefft entity urtder FRS 102. Going concem The trustees consider that there are no material uncertainties about the dbaritable ability to continue as a going concern. The trustees do not consider that there are any SoUr￿S of estimation uncertainty al the reports'ng date that have a signifKant risk of causing a material adjustment.to the carying amounts of assets and liabilities within the néxt re[QrtIr￿ pericrfl. Incomo Income is reccgnised when the charity has entitlement lo the funds. any perfom)ance conditions attached lo the income have been mel. it is probable that the income will be reeeNed and that the amount can be measured reliably. Income from grants and donations are recognised when the charity has entillemenl to the funds., any perfomiance conditions attached to the grants have been met. Tt is probable that the inc(Mne will be received and the amount can be measured reliably and is not deferred.cln(J)me received in advance of the provisK)n of specifi8d service is deferred untd the criteria for incorne recognition are met. Fund accountlng Restricted lunds ar8 to be used fo.r Specif￿ pur[￿$ as ￿1￿ down by the donor. Expenditure which meets these criteria is charged to the fijnd. Unre51ricted fvrKSs are donati¢)ns and in¢(￿nIng res￿rc*S recewed or.generated for the charitable purFX)ses. Expgnditure Expenditure is retognised once there is a legal or construclNe obligation to make a payment to a third paty. il is probable that settlement will be required and the amount of the obligati(Jn can be measured reliably. Expencliture is dassrfied under the folkmng actrvity headings.. Costs of raising funds relate to the costs inoJrred by the CharIta￿e company in inducing third parties to make vduntary contributions to il, as well as the of trading activrlies with a fundraising purpose and their associated support ￿st5. Expenditure on charitsble aclivitiws includes the costs of Charitable activf(ies that are undertaken to further the purposes of the thanty and their associated SUPFQrt costs. Support cosls indude the costs of overall direction and administrdtion. C•)mprising salary and ovethead costs of the central function. and have been apportioned cffl th.e basis consislenl vthh use of resources. Herne Hill V•lodrorn• Trust Notes to the Ilnancial $tatsm*nts. "Forthe ar ended 31 Decernber 2023 1 Accounting poli¢i•$ {continu•d) Tangiblo f•xed assets Fixed assets are initi.ally recorded at ctst. ￿$$ accumulated depreciation and any subsequent accumulated impairment losses. Depreciatk)n is provided to write down the cost of"ea(* asset to its estimaled residual value over its expected useful lrfe at the foll0v￿ng rates: Leasehold and other interests in land and buildings All other assets Over the length of the lease Over fNe years Stock Stock and work-in-progress are valued at the lower of and eskn"mated selling pri￿ less costs to complete and sell, after due regard for obsolete aryj skThi moviro stocks. Cost is detennined using the first-in. first-out Debtors Debtors are recognised al the settlement amount due after any trade diswnt offered. Prepayments are valued at the arrmyjnt prepa¥J.net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand indudes all bank.balances kept in ojrrent accounts and call depM)sits. Credltors and provisions Creditors and provisions are recognised where the chanty has a present obligation resulting from a past event Ihat will probably resutt in the transfer of fvnds to a Ihird party and the amount due lo settle the obligation Can be measured or estimated reliabty. Creditors and provisions are normally reccgnised at their settlement amount after allowing for any trade discounts due. The charity only has financial assets and financrdl liabilit￿$ of a kind that qvalify as basic financial instruments which are inrtially recognised al transaCt￿n value and subsequently measured at their settlement value. 2 Incorne from donations and grants 2023 Total 2022 Total Unrestricled Restr￿ted Donations and Gift Aid Grants 131.237 54.716 131.237 54..716 132.112 7,875 185.953 185.953 139.987 3 lfitome from ¢harltable adiviti•s 2023 Total 2022 Total Unrestricted Restn"cted Subsuiptions Race income Mer¢handise sales Rental income 18.567 1.215 8.869 18.567 1.215 8.869 50.000 9.038 10,224 11.326 78.651 78,651 80,588 Hgrne Hill Vglodromo Trust Notes lo Ihe financial statemgnts For tho ear ended 31 De￿rnber 2023 4 Analysls of expendI￿re- cwrent ye¥ Cost of ratsing Charitab Supwl 2023 Total 2022 Total Direct costs of raising funds Direct costs of charitsble adivit*s Rent and office running costs Insurance Advertising & Marketing Website and IT costs Legal and professional Accountancy fees Independent examination fee Bank charges Depreciation 7,551 7.551 41.136 S2.292 10,730 185 681 .8.152 2,350 750 335 261.216 41.136 87.390 96.565 7.030 2,055 624 3,301 2.100 550 465 261,289 52.292 10,730 185 8.152 2,350 750 335 261.216 7.736 41,136 336,506 38S,378 461.369 Support costs 336.506 (336.506) Total expontsl funds 1.503.134 1385,3781 1.382.360 Movemgnts in funds (prior year) Unrestrjcted funds: General fundg 1.517.923 220.575 {394.661) 1.343.837 Restn"cted funds". Velodrome works (see the differenee) Gates Velodrome improvement frjnd 36.9)9 36,909 2.000 120,388 187.096 {66.7081 226.005 {66.7081 159,297 Total funds 1.743.928 220.575 1461.3691 1,503,134 Restricted funds are recwved and allctsted ts use for a speafic restricted purpose.