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2024-03-31-accounts

Simply Cycling

Charity No. 1143362

Trustees' Report and Unaudited Accounts

31 March 2024

Simply Cycling Contents

Pages
Trustees' Annual Report 2
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Statement of Cash flows 14
Notes to the Accounts 7 to 13
Detailed Statement of Financial Activities 15 to 16

Page 1

Simply Cycling

Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1143362

Trustees

The following Trustees served during the year:

L. Clarke

A. Lewis

G. Wood

G Painter

A Blakemore

Accountants

Nabarro Poole Ltd

31 Church Road

Northenden

Manchester

M22 4NN

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document is to promote cycling for the public benefit and in particular for persons with disabilities and learning difficulties primarily in the North West of England as a means of furthering the charitable purposes:

1) The promotion of healthy recreation in the interest of social welfare; and

2) The advancement of education by whatever means the trustees think fit, including the provision of cycling facilities, services, training and education

Achievement and performance

Page 2

Sirfiply Cycllng rru5tees Annual Roport A lar8e charity must provide an.e¥p13natlon of any material expendlture oecurrerl to raise income in the future.,. srRUCTURE, GOVERNANCE AND MANAGEMENT The membeis of Simply Cycling Conimittee are trustees of the charity asspecitied in charity law. Under the requlrement ol the constttution, the management committee shall consist of not less thah 3 trusteeswho shall be 8ppointEd for a period Df three years. statement of trustees. re5ponsibilittes in relation to thefinanrial stotements The charity trusteES are responsible for preparin8 a tru5tee5' annual report and finaneial statements in accordan￿ wtF* applicable law and United XinBdom Accounting SlandaTds (United Kingdom Generally Accepted Atcourrtinu Practice). The trLSStees are responsible For keeplng proper accountlng records that disclose wllh reasonable accuracyat any time the finanoal position of ihe charlty and to enablethem to en9￿￿ That the financlal statements complywith th& Ch3ritiE5 Art 2011, the applicable Ch3rlrles IAcc05Jnts and Reports) Regulatlons. and the provisions of the Trust deed. The Trustees are htso responslble lor safeguardingthe assets of the charity and hence taking reasonable steps forthe prevents.on and detertion of fraucl and other irregularl£le% signed on behatf of the charity's truste Zj•+ L. Clarke Tntstee 3Q lune 2024 Page 3

Simply Cytllng Independent Examlners Report Independent Examiner'5 Report to the trustees of Simply Cyrline I report to tlie tr(1steeson my examination of the findn¢lal 5t.&tements of Simply Cycling for the year ended 31 March 2024. RespoftsibS1itie5 and b3Si5 of report As thE charit¢s trustees you are responsible forthe preparation of the financi21 statement5 in accordance wlth ihe reqU1￿MentS of the Charlties Act 2DII Iyhe Act'l. I report in iespett of my examination of the charity's financtal statements carried out under 5eciion 145 of the 2011 Act and in carrying out my examinatii>n I have followed ?11 the applicable Directions Biven hy thE Charity Commi55ion under section 14515llbl of Ihe Act. Independent exaTniner'5 statement I have c.ompleted my ex3mlnatioD. I can confiFm that no material matters ￿￿3vE came to my attention in connection with the ex3minatloD y'v￿n£"m& c3use to believe that in anv material respect., the accounting records weye not kept in respect of tbe charlty a5 reotsired by sectlon 130 t)f the Act. or lh2 financi31 statemeiits do not accoro with those records- or the f&naDcial stat21nent5 do not comply with thè applicable requirements Loncèrning rhe form and content of finanoal stètement$ Set out in the Charitie5 IAccount5 and RepDrlsl Regulatio￿S 2008 other than any requirement that the financi31 st2tements give a 'true aiid zir' View which is not a matter considered as part o an i#dependentexamination. I have no conterns and have come across no other matters in connection with the examinatlon to which attent¥on should be drawn ID this repot in order to enable a proper undeFSf2ndinsof the linaryci31 statements to be reached. J+T T Lappage FCCA Nabarro Poole Ltd 31 Church Road Northenden Manchester M224NN 30 lune 2024 Pag? 4

Simply Cycling Statement of Financial Activities

for the year ended 31 March 2024

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total
Expenditure on:
Other
6
Total
Net gains on investments
Net income/(expenditure)
7
Transfers between funds
Net income/(expenditure)
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds		 Total funds Total funds
2024 2024 2023
£ £ £
141,673 141,673 167,833
31,794 31,794 -
649 649 471
174,116 174,116 168,304
161,741 161,741 182,693
161,741 161,741 182,693
- - -
12,375 12,375 (14,389)
- - -
12,375 12,375 (14,389)
12,375 12,375 (14,389)
116,415 116,415 130,804
128,790 128,790 116,415

Page 5

Simply Cycling Balance Sheet

at 31 March 2024

Charity No. 1143362
Fixed assets
Tangible assets
9
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
10
Net current assets
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
11
Unrestricted funds
11
General funds
Reserves
11
Total funds		 2024
£
24,631
24,631
106,981
106,981
(2,822)
104,159
128,790
128,790
128,790
128,790
128,790
128,790		 2023
£
19,368
19,368
99,869
99,869
(2,822)
97,047
116,415
116,415
116,415
116,415
116,415
116,415

Approved by the trustees on 30 June 2024

And signed on their behalf by:

L. Clarke Trustee 30 June 2024

Page 6

Simply Cycling Notes to the Accounts

for the year ended 31 March 2024

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

Simply Cycling Notes to the Accounts

Expenditure

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

useful life:
Equipment 20% Straight line
Motor vehicles 20% Straight line

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 8

Simply Cycling Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

Simply Cycling Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from:
Charitable activities
Investments
Total
Expenditure on:
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
4
Income from charitable activities
Grants
5
Income from investments
Bank interest		 Unrestricted
£
141,673
141,673
Unrestricted
£
31,794
31,794
Unrestricted
£
649
649		 Unrestricted
funds
2023
£
167,833
471
168,304
182,693
182,693
(14,389)
(14,389)
(14,389)
130,804
116,415
Total
2024
£
141,673
141,673
Total
2024
£
31,794
31,794
Total
2024
£
649
649		 Total funds
2023
£
167,833
471
168,304
182,693
182,693
(14,389)
(14,389)
(14,389)
130,804
116,415
Total
2023
£
167,833
167,833
Total
2023
£
-
-
Total
2023
£
471
471

Page 10

Simply Cycling Notes to the Accounts

6 Other expenditure

Activities
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
7
Net income/(expenditure) before transfers
This is stated after charging:
Depreciation of owned fixed assets
8
Staff costs
Salaries and wages
Social security costs
Pension costs
No employee received emoluments in excess of £60,000.
9
Tangible fixed assets
Cost or revaluation
At 1 April 2023
Additions
At 31 March 2024
Depreciation and
impairment
At 1 April 2023
Depreciation charge for the
year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023		 Unrestricted
£
2,557
102,268
8,862
13,832
18,854
13,174
2,194
161,741
2024
£
18,854
2024
96,257
3,504
2,140
101,901		 Total
2024
£
2,557
102,268
8,862
13,832
18,854
13,174
2,194
161,741
Motor
vehicles
£
58,953
-
58,953
47,266
7,188
54,454
4,499
11,687		 Total
2023
£
6,089
113,761
12,878
12,660
26,337
8,887
2,081
182,693
2023
£
26,337
2023
105,825
5,110
2,426
113,361
Total
£
233,758
24,117
Equipment
£
174,805
24,117
198,922
167,124
11,666
178,790
20,132
7,681
257,875
214,390
18,854
233,244
24,631
19,368

Page 11

Simply Cycling Notes to the Accounts

10 Creditors:

amounts falling due within one year

Other taxes and social security
Accruals
11 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
12 Analysis of net assets between funds
Fixed assets
Net current assets
13 Reconciliation of net debt
Cash and cash equivalents
Net debt		 2024
£
2,222		 2023
£
2,222
600 600
At 1 April
2023
116,415
116,415		 2,822
Incoming
resources
(including
other
gains/losses
)
£
174,116
174,116
Unrestricted
funds
£
24,631
103,619
128,250
At 1 April
2023
£		 Resources
expended
£
(161,741)
(161,741)
Restricted
funds
£
-
540
540
Cash flows
£		 2,822
At 31
March
2024
£
128,790
128,790
Total
£
24,631
104,159
128,790
At 31
March
2024
£
99,869 7,112 106,981
99,869
99,869		 7,112
7,112		 106,981
106,981

Page 12

Simply Cycling Notes to the Accounts

14 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

2024 2024 2023 2023
Land and
buildings		 Other Land and
buildings		 Other
£ £ £ £
Operating leases with expiry date:
Pension commitments
2024 2023
£ £
The pension cost charge to the charity
amounted to: 2,140 2,426

Page 13

Simply Cycling Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities
Net income/(expenditure) per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash used in investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
12,375
18,854
(649)
-
30,580
(24,117)
649
(23,468)
-
7,112
99,869
106,981		 2023
£
(14,389)
26,337
(471)
2,222
13,699
(5,236)
471
(4,765)
-
8,934
90,935
99,869
Components of cash and cash equivalents
Cash and bank balances 106,981 99,869
106,981 99,869

Page 14

Simply Cycling Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from:
Donations and legacies
Charitable activities
Grants
Investments
Bank interest
Total income and endowments
Expenditure on:
Other expenditure
Activities
Employee costs
Salaries/wages
Employer's NIC
Pension costs
Staff welfare
Motor and travel costs
Vehicles - General costs
Travel and subsistence
Premises costs
Rent
General administrative costs,
including depreciation and
amortisation
Depreciation of Equipment
Depreciation of Motor vehicles
Bank charges
Equipment repairs and
maintenance
General insurances
Information and publications
Postage and couriers
Subscriptions		 Unrestricted
funds
2024
£
141,673
141,673
31,794
31,794
649
649
174,116
2,557
2,557
96,257
3,504
2,140
367
102,268
3,221
5,641
8,862
13,832
13,832
11,666
7,188
719
3,938
3,867
751
-
1,629		 Total funds
2024
£
141,673
141,673
31,794
31,794
649
649
174,116
2,557
2,557
96,257
3,504
2,140
367
102,268
3,221
5,641
8,862
13,832
13,832
11,666
7,188
719
3,938
3,867
751
-
1,629		 Total funds
2023
£
167,833
167,833
-
-
471
471
168,304
6,089
6,089
105,825
5,110
2,426
400
113,761
5,284
7,594
12,878
12,660
12,660
19,149
7,188
260
2,274
1,381
618
605
1,991

Page 15

Simply Cycling Detailed Statement of Financial Activities

Simply Cycling
Detailed Statement of Financial Activities
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income/(expenditure)
Net income/(expenditure) before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 965
1,305
32,028
2,194
2,194
161,741
161,741
-
12,375
12,375
-
12,375
116,415
128,790		 965
1,305
32,028
2,194
2,194
161,741
161,741
-
12,375
12,375
-
12,375
116,415
128,790		 750
1,008
35,224
2,081
2,081
182,693
182,693
-
(14,389)
(14,389)
-
(14,389)
130,804
116,415

Page 16