Company registration number: 07458529 Charity registration number.. 1140128 rne Hill V lodrome Tru (A company limited by guarantee) Annual Report and Flnanclal Statements For the Year Ended 31 December 2024 Iilliiiiii; AEARL411M 1010912025 COMPANIES HOUSE A10
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Accountability Europe Ltd Ornnibus Workspace 39- 41 North Road London N7 9DP
Herne Hilp Velodrome Trust Contents Page Reference and Administratsve Details Trustees, Report Independent Examlnerfs Report Statement of Financial Activitles Balance Sheet Notes to the Financial Statements 10-16
Herne Hill Velodrome Trust Reference and Administratgve Details Charity Name: Herne Hill Velodrome Trust Charity Registration Number: 1140128 Company Registration Number: 07458529 Charity's Principal Address: 104 Burbage Road Dulwich SE24 9HE Charlty's Trustses: Timothy Mclnnes {ChaSr> Christopher Cole (resigned 8 September 2024) Paul Merrey (resigned 8 September 2024) Christine O'connell Padraic O'shea Simon Price (resigned 8 September 2024) Max Reuter (resigned 8 September 2024) Richard Williams Katie Thomley(appointed 28 September 2024> Lois Barmby (appointed 28 September 2024) Alex Base (appointed 28 September 2024) Accountant: Accountability Europe Ltd Omnibus Workspace 39 - 41 North Road London N7 9DP
Herne HAII Vel dr e Trust Trustees, Report For The Year Ended 31 December 2024 The Trustees (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with the financial statements for the year ended 31 December 2024. The Trustees confim 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 the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with 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 quired of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Our Aims and Objectives ur oses and Alm Our charity's purposes, as set out in the objects contained in the company's Memorandum and Articles of Association, are to: provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupalion of individuals who have need of such facilities 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 Heme Hill Velodrome,. 8ndlor 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 without 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 Velodrome, cycling in the 1948 Olympics andlor the significance of the Olympic movement and legacy for cycling generally; andlor • advance citizenship and community development; andlor such other charitable purposes consistent with the above and the Charities Act 20CE as the trustees in their absolute discretion shall determine. The aim of our charity is to encourage increased participation in the sport of cycling and the promotion of healthy recreation more generally, and to bring the physical and mental heallh benefits of these activities to the widest possible community of users. This fully reflects the purposes that the charity was set up to further. Public Benefit In setting objectives and planning activities, the board of trustees has paid due regard to the published guidance from the Charity Commission on the public benefit requirement under the Charities Act 2011.
Heme Hill Vel me Trust Trustees, Report For The Year Ended 31 December 2024 This review looks at what we achieved and the outcomes of our work during 2024, helping us to ensure that our aims, objectives and activities remained focused on our stated purposes. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The Year on Review ur erforniance in 2024 Herne Hill Velodrome aims to be an inclusive cycling facility that makes available a wide range of cycling and cycling related activities to a broad community of users, including.. Dedicated training sessions and rac6 leagues for female and veteran cyclists; Programmes to encourage children and inexperienc8d riders into the sport of cycling; Youth activities to promote a strong future generation of high-performing riders; and Sessions designed to be accessible for disabled p8opl8 and their families. carers or friends. At the end of the year the Heme Hill Velodrome employed eleven members of stsff on a full or part- time basis and over the course of 2024 it also worked with a number of part-time coaches. The Velodrome also partners vAth local cycling clubs and sports charities to facilitate and promote activity. Financial Review Total income for the year amounted to £251,023 (2023: £264,604) and total expenditure amounted to £433,568 (2023: £385,378). The net movement in funds amounted to a deficit of £182,545 (2023.. deficit of £120,774). The charitable company has ended the year with £1,199,815 in reserves (restricted £45,847 and unrestricted £1,153,968). Reserves Polic The Trust receives income in the fonn of grant funding, Gift aid donations from its trading subsidiary, donations from individuals and organisations and from the Friends of Heme Hill Velodrome. Vlthere donations from individuals or organisations are for a specrfied 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 specific purposes or otherwise committed. The Trustees aim to maintain unrestricted free reserves of at least 3 months but not more than 6 months operational costs. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the currenl activities 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
Herne Hill Velodrome Trust Trustees, Report For The Year Ended 31 December 2024 Investment Pol" The trustees aim for the charity to generate a surplus each year that will enable it 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 performance 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. Steps have since been taken by the trustees to invest the charity's excess funds. erations The Herne Hill Velodrome Trust operates Heme Hill Velodrome via a wholly owned subsidiary trading company which receives income trom track rentsl, rider sessions, cycle races and sponsorship alongside sales from Jan's Café. The Trust also receives grant income and donations and has a Friends organisation, the Friends of Herne Hill Velodrome, which raises funds from membership subscriplions, the sale of branded merchandise and fundraising events. The Friends of Herne Hill Velodroma play a critical role in the activities of Heme Hill Velodrome and they are a valued contributor to the Trust's mission. The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed to both increase and diversify income generated at Herne Hill Velodrome and to increase the extent of our outreach activities with schools, youth organisations and groups that are othenAiise underrepresented in cycling, 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 sustainability.
Herne Hill Velodrome Trust Trustees. Report For The Yeatr Ended 31 December 2024 Structure, Govemance and Management Govemin 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 obj.ects and powers of the charitable company and is govemed under its Articles of Association. oin st Under the requirements of the Mernorandum and Articles of Association trustees shall.not be required to retire by rotation for the first three years following appointment. 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 will be eligible for reappointment. those selected for retirement will be those who have been in office the longest. Vvhere Trustees have been in office for equal periods, those retiring shall be selected by lot; retiring Trustées shall be eligible for reappointment for another term of the years (always subject to a maximum term of six years); • a Trustee must then stand down but is eligible for re•election after the expiration of a twelve-month period. Different appointment provisions apply to the appointment of one trustee appointed by British Cycling and one trustee appointed by the Friends of Herne 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 cycling community and local residents with an interest in the future success of the facility.
Heme Hill Velodrome Trust Trustses, For The Year Ended 31 December 2024 Statement of Trustees, Responsibilities The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing th8 Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give 8 true and fair view of the state of affairs of the charitable company and of the incoming resources and applicats'on of resources. including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent; prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charitabl8 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 with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonabl8 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 financial statements may differ from legislation in other jurisdictions. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. The annual report was approved by the Board of trustees on and signed on its behalf by: Tim Mclnnes Chalr
Independent Examiner's Report to the Trustees of Herne ill Velodrome Trust For The Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of Herne Hill Velodrome Trust for the year ended 31" December 2024. Responsibillties and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan 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, l pOrt 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 carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examinerfs statement Since the Company's gross income exceeded £250,000, I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with thé éxamination 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 not comply with the accounting requirements of section 396 of the 2006 Act other 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 charities applicable to charities preparing their accounts in accordance with the Financial Reports'ng Standard applicable in the UK and Republic of Ireland (FRS 102). 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 the accounts to be reached. Aamer Shehzad FCA Accountability Europe Ltd Omnibus Workspace, 39-41 North Road London, N7 9DP Date:
Heme Hill Velodrome Trnst Statement of financial activilies (Incorporating an income and expenditure gccount) For thè ar ended 31 December 2024 2024 Total Unrestricted Restricted 2023 Total Unrestricted Restricted Note Income from: Donations and grants Charitable activities Investments 140,680 102.145 8,198 140,680 102,145 8,198 185,953 78,651 185,953 78,651 Total income 251,023 251,023 264,604 264.604 Expenditure on: Raising funds Charitable adivitles 13,904 384,64S 13,904 419,664 7,736 299,211 7,736 377.642 35,019 78,431 Total expendIre 398,549 35,019 433,568 306,947 78.431 385.378 Net incomel lexpendBture) for the year (147,526) (35,019) (182,545 (42.343) (78,431) {120,774) Net movement In funds 15 (147,528) (35,019) 1182,545> (42,343) (78.431) (120,774) Reconclliatlon of funds.. Total funds brought forNard 1,301,494 80,866 1,382,360 1,343,837 159,297 1,503,134 Total funds carried forward 1,153,968 45,847 1,199,815 1.301,494 80,866 1,382,360 All of the above results are derived from contlnulng actfvttle8. There were no other recognised galns or losses other than those stated above. Movements In funds are dlsclosed In Notes to the financl81 statements. The attached notes form part of these financial slatements.
Heme Hill Velodrome Trust Balance sheet Company no. 07458529 s at 31 Decem er 2024 2024 2024 2023 2023 Note Fixed assets: Tangible assets Investment in subsidiary undertaking 509,933 760,786 10 509,934 760,787 Currnnt assets: Stock Debtors Cash at bank and in hand 11 12 30,060 87,698 633.609 24,314 736,800 761,114 751,367 Liabilities: Creditors: amounts falling due w+thin one year 13 171,232) (129,794) Nè2 current assets l (liabilitiesl 689.881 621.573 Totsl net assets l (Ilabllitl051 1,199,815 1,382,360 The funds of the charity: Restricted income funds Unrestricted income funds: General funds 15 45,847 80,868 1,153.968 1,301,494 Tolal charlty funds 1.199,815 1,382,360 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the charrtable company to obtain an audlt of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2008. The directors acknowledge their responsibilities for complying with the requirements of the Companles Act 2008 with respect to accounting records and preparation of accounts. The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. Approved by the Board of trustees on and signed on Iheir behalf by.. TIM Mclnnes Chair
Herne Hill Velodrome Trust Notes to the financial statements For the ear ended 31 Dec@mber 2024 1 Accounting policies Charity Onforniation Herne Hill Velodrome Trust is a company limited by guarantee and a registered charity in England. The registered office is 104 Burbage Road SE24 9HE. Basgs of preparation The financial ststements have been prepared in accordance with A¢counling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reportlng Standard appllcable in the LIK and Repubfic of Ireland (FRS 102) - (Charities SORP FRS 102), and the Companies Act 2006. The charity is exempted from preparing a cash flow statement due to the exemption avallable to charities with income less than £500,000. Assets and Ilabilitles are Initialty recognised at historlcal cost or transactlon value unless otherwise stated in the relevant accounting policy or note. Group accounts exemption The financial statements glve Infomation on the charitable company as a slngle entty. The charltable company is exempt from preparing group accounts because the income of the group does not exceed the threshold of £1 m. Further details of Investment in subsidiary are given in note 12. Publlc beneflt entlty The charitable company meets the definition of a public benefit entity under FRS 102, Going concern The trustees conslder that there ale no material uncertalntles about the charltable companvs abllity to continue as a going concem. The trustees do not consider that there are any sources of estirnation uncertainty at the reporting date that have a significant risk of causlng a material adjustment to the carrying amounts of assets and liabilities within the next reportrna period. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached lo the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from grants and donations are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a speclfied seNlce is deferred until the criteria for income recognition are met. Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these crlteria is charged to the fund. Unrestricted funds are donations and other incomlng resources received or generated for the ¢haritable purposes. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following actlvity headings: Costs of raising funds relate to the costs incurred by the charitsble company in inducing third parties to make voluntary contributions to it. as well as the costs of trading activities with a fundraising purpose and their associated support costs. Expenditure on charitable activities includes the costs of charitable actlvltles that are undertaken to further the purposes of the charity and their associated support costs. Support costs include the costs of overall direction and administration, comprising salary and overhead costs of the central fundion. and have been apportioned on the basis consistent WFth use of resources.
Herne Hill Velodrome Trust Notss to the financoal statements For the ar eTrded 31 December 2024 1 Accounting pojicies (continued) Tangible fixed assets Fixed assets are initially recorded at cost. less accumulated depreciation and any subsequent accumulated impairment losses. Depreciation is provided to write dovm the cost of each asset to its estimated residual Value over its expected useful life at the followlng rates: Leasehold and other interests in land and buitdings All other assets Over the length of the lease Over five years Stock stock and work-in-progress are valued at the lower of cost and estimated selling price less costs to comp16te and sell, after due regard for obsolete and slow movlng stocks. Cost Is determlned using the first-in, first-out Debtols Debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at b8nk and in hand Includes 811 bank balances kept in current accounts and call dep031ts. Croditors and provislons Creditors and provislons are recognised where the charity has a present obligation results'ng from a past event thal will probably result in the transfer of funds to 8 third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognlsed at their 8etUernent amount after allowing for any trade discounts due. The charity onty has financial assets and financial liabilities of a kind that qualify as basic Ilnancial instruments which are Initially recognised at transactlon value and subsequently measured at thelr settlement value. 2 Income from donations and grants 2024 Totsl 2023 Total Unrestricted Restricted Donallons and Gift 'd Grants 85,964 54,716 85,964 54,716 131,237 54,716 140,680 140,680 185,953 3 Income from charitable aclivitles 2024 Totsl 2023 Total Unrestricted Restricted Subscriptions Race income Merchandise sales Rental income 19,154 27.334 5,657 50.000 102,145 19,154 27,334 5.657 18,567 1,215 8.869 50,000 78,651 102,145 4 Income from investments 2024 Total 2023 Total Unreslricted Restricted Bank interest received 8,198 8,198 8,198 8,198
Herne Hill Velodrome Trust Notes to the financial slatements For the ear ended 31 December 2024 4 Analysls of expendilure - current year Cost of raising Charitable funds activities Support costs 2024 Total 2023 Total Direct costs of raising funds Direct costs of charitable activities Rent and office running costs Insurance Advertising & Marketing Website and IT costs Legal and professional Accountancy fees Independent examlnaiion fee Bank charges Depreciation 13.159 13,159 60A92 62A82 10,125 745 757 18,340 2,565 750 346 263,807 7,551 41,136 52.292 10,730 185 681 8,152 2,350 750 335 261,216 60,492 62,482 10,125 745 757 18,340 2,565 7SO 346 263,807 13,904 60,492 359,172 433,568 385,378 Support costs 359,172 (359,172) Total expenditurn 2024 13,904 419,664 433,568 385,378 Of Ihe total expenditure, £398,549 was unrestricted (2023: £306,947) and £35,019 was restricted (2023: £78,431) Analysis of expenditure - prior year Cost of raising Charitable funds activities Support costs 2023 Total Direct costs of r8ising funds Direct costs of charitable activities Rent and office running costs Insurance Advertising & Marketing Web5ile and IT costs Legal and professional Accountancy fees Independent examination fee Bank charges Depreuathon 7,551 7,551 41,136 52,292 10,730 185 681 8,152 2,350 750 335 261,215 41,136 52,292 10,730 185 881 8.152 2,350 750 335 261.216 7,736 41,136 336,506 385,378 Support costs 336.506 (336,506) Total expenditure 2023 7,736 377,642 385,378
Heme Hill Velodrome Trust Notes to the financial statements For tlse ear ended 31 December 2024 Net income for the year This is staled after charging: 2024 2023 Depreclation Independent examination fee (excluding VAT) 263,807 750 261.216 750 Analysis of slaff costs, trustee remunoratlon and expenses, and the cost of key management powsonnel The total cost of key management personnel including pension and employer NIC were £nil (2023.. £nil). The charlty trustees were not paid and did not receive any benefits from employment with the charity In the year P023: £nll). No charity trustee received payment for professional or other seNices supplied to the charity (2023: £nil). Relat•d party transactlons There are no donatlons from related parties which are outside the normal course of buslness and no restficled donations frorn related parties. There are no payments to and from Members and trustees which are part of the normal course of business. There are no Telated party transactions to disclos8 for 2024 (2023.. none). At 31 December 2024 ah amount of £1,450 (2023.. £76,713) was due from Herne Hill Velodrome Tradlng Ltd, the subsldlary of the Charlty. Taxation and legal status of the charity The charitable company Is exempt from Cofporatton tax as all hs income Is chaTitable and is applied for charitable purposes. The chaiity is a company limited by guarantee and has no share capital. The liability of each member in Ihe event of wlnding up is limited to £1. Tangible fixed assets Leasehold land and buildings Furniture and equipment Motor Vehicles Total Cost At the start of the year Additions in year At the end of the year Depreciation At the start of the yeai Charge for the year At the end of the year Net book value At the end of the year At the start of the year 2,365,270 117,267 12,954 2,800 2,485.337 12,954 2.498,291 2.365,270 130,221 2,800 1,641.975 248,186 79,777 15.620 2,800 1,724,552 263,806 1,988,358 1,890,161 95,397 2,800 475.109 34,824 509,933 723,295 37.490 760.785 All of the above assets are used for charitable purposes.
Herne Hill Velodrome Trust Notes to the financial statements For the ear ended 31 Dècember 2024 10 Investment En subsidiary undertaking 2024 2023 100% share capltal of Heme Hlll Velodrome Trading Ltd 100 ordinary shares of 1 p Balance at start of the period lance at end of the period Heme Hill Velodrome Trading Ltd was incorporated on 30 November 2015, Company registration number 09895276 (England and Wales). The entity is controlled by Herne Hlll Velodrome TFUSt who owns 100/0 of Shares in Herne Hill Velodrome Tiading Ltd. 31 Decembèr 2024 31 December 2023 Profit and Loss Turnover 611,846 (160,574) 1436,820) 14,451 115,450) (9991 S99,983 (150,751) (390,791) 58,441 Cost of Sales Administration expenses (Loss) I profft before Gift Aid Gift Aid to parent charity (Loss) I profit before tax Tax on (loss) I profit (61,000) (2,559) (Loss) I profit for the period 999 559 Balance sheet Tanglble assets Debtors 2,614 32.603 18,876 (54,0701 3,608 25,777 91,706 (120,069) Cash al bank CreditOTS Net assetsl (liabilities> 23 1,022 Called up Share Capital Profit and loss reserves 22 23 Total equity 1.022 14
Herne Hill Velodrome Trust Notes to the financial statements For the earended 31 December 2024 11 Stock 2024 2023 stock 30,060 12 Oebto 2024 2023 Prepayments and deposits Amount due from subsidiary Other debtors Accured Income 8,573 76,713 4,412 1,450 9,220 4,198 24,314 87,698 13 Credftors: amounls falling due wfthln one year 2024 2023 Other creditors Accruals Deferred Income 14.565 1,950 54.717 18,411 1.950 109,433 71,232 129,794 14 Analysls of net assets between funds (current yoar) Total funds Unrestricted Restricted Tanglble fixed assets Net current assets 509,934 644,034 S09,934 689,881 45,847 Net assets at the end of the year 1,153,968 45,847 1,199,815 Analysis of net assets between funds (prior year) Total funds Unrestricted Restricted Tangible fixed assets Net current assets 760,787 540.707 760,787 621,573 80,866 Net assets at the end of the year 1.301,494 80.866 1,382,360
Herne Hill Velodrome Trust Notes to the financial statements Forthe ear ended 31 December 2024 1 S Movements in funds (current year) At the end of the year At the start of the year Income Expenditur8 Transfers Unrestricted funds: General funds 1,301,494 251,023 (398.549) 1,153,968 Restrgcted funds: Velodrome works (see the difference) Gates Velodrome irnprovement fund 36,909 2.000 41,957 36,909 2,000 6,938 (35,019) 80.866 (35,019) 45,847 Total funds 1,382,360 251,023 (433.568> 1,199,815 Movements in funds (prlor y•ar) Unrestrlcted funds: General funds 1,343,837 264,604 (306,947) 1,301,494 Restricted funds: Velodfome works (see the difference) Gates Velodrome Improvement fund 36,909 2,000 120,388 36.909 2,000 41,957 (78,431) (78,431) 159,297 80,866 Total funds 1,503.134 264.604 (385,378) 1,382,360 Restricted funds are received and allocated for use for a specific restricted purpose.