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2023-02-28-accounts

On Your Bike (Recycle) Ltd (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 28 February 2023

Company Number: 07743521 Charity Registered in England and Wales Number: 1143731

On Your Bike (Recycle) Ltd Contents For the Year Ended 28 February 2023

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 20

Prepared By Albert Goodman LLP

1

On Your Bike (Recycle) Ltd Reference and Administrative Details For the Year Ended 28 February 2023

Trustees and Directors R K Habgood (Chair)
S Buller
H Gregory
M Howell
B Nicholls
General Manager (People and Processes) T Mock
General Manager (Technical) D Cutler
Company Number 07743521
Charity Number 1143731
Principal Office and Registered Office The Coach House
Station Approach
Taunton
Somerset
TA1 1QW
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Prepared By Albert Goodman LLP

2

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2023

The trustees, who are also directors for the purposes of the Companies Act, present their report and the unaudited financial statements of the charity for the year ended 28 February 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s memorandum and articles of association, the Statement of Recommended Practice (SORP FRS 102 2019), and are in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.

Public benefit

The trustees report that the charitable activities, described in the “Mission statement”, “Activities” and “Achievements and performance” paragraphs, are for the public benefit. The trustees also confirm that they have complied with section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Structure, governance and management

On Your Bike (Recycle) Ltd is an independent charity, registered number 1143731 and a company limited by guarantee, registered number 07743521.

The governing document is the memorandum and articles of association dated 4 July 2011.

The following trustees who are also directors for the purposes of company law, served during the year and since the year end:

S Buller S Foulerton (resigned 31 March 2023) H Gregory R K Habgood (Chair) M Howell B Nicholls (appointed 9 December 2022)

New trustees, appointed by a resolution of the other trustees, must retire at the next annual general meeting when they can seek re-election.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of liquidation of the company.

The trustees attend board meetings quarterly. Responsibility for the management and operation of the company during the period was entrusted to T Mock.

Prepared By Albert Goodman LLP

3

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2023

On Your Bike – Vision and Mission statement

Vision

Giving Purpose to people through training and support

Core Mission

  1. To offer training and apprenticeships to those in our community, thus assisting beneficiaries gain the necessary skills and self-confidence needed to find paid work.

  2. To promote health benefits, active travel and safe cycling within our communities.

  3. To promote social interaction within our communities

  4. To reuse, recycle and rehome bikes, thus playing an active part in reducing CO2 emissions by saving many bikes from landfill.

  5. To work alongside local charities and businesses that have environmental or ecological values at their core.

Activities

On Your Bike (Recycle) Ltd is a charity that provides services to the public, whilst playing an active part in reducing C02 emissions by recycling donated bikes for either rehoming or recycling of parts. We provide bike maintenance training, together with customer service and retail training to disadvantaged people including the homeless, refugees, ex-service personnel and the long-term unemployed. Our aim is to build confidence so that beneficiaries are better equipped to gain paid employment.

Our work is supported through our trading income, grant funding and donations from the public and businesses. Our major funding grants for the financial year came from Hinkley Point C and National Lottery. The Trustees are exceedingly grateful for these donations, all of which are put to immediate good use.

We continue to build our business; however, no sooner did we see the pandemic behind us, families were hit by increasing inflation. Inflation uncertainty has hindered growth. Both sales and servicing have been impacted and inflation has increased the costs of spares etc immensely.

Our “Earn a Bike” courses have increased in capacity and the funding from National Lottery and Somerset Community Foundation/HPC Fund OYB to run 44 Earn a Bike courses each year over a three-year period. The first full year of the funded scheme has resulted in 110 attendees with 62 completing the course and receiving their bike. 13 of the attendees have moved onto City and Guilds Level 1 & 2 qualifications. This is a good result. We have experienced a wide demographic of beneficiaries’ progress through the course and have watched them blossom and develop through the short time with us. The outcomes from the course are much more than the physical bike they are given at the end.

We have also been able to fully return to community work. These include Dr Bike repair sessions at local events, working alongside local cycling groups, Police and Somerset Road Safety, individual maintenance courses, The Bridgwater Way providing school maintenance courses (year 5+) to promote active travel in Bridgwater, and of course our smoothie bike is available for hire at any event and includes a trained operator and ingredients!

Prepared By Albert Goodman LLP

4

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2023

Achievements and performance

Outcomes for volunteers who left OYB in the year:

Donations and Sales Data

Approximately 1146 bikes were donated to the two sites during the year, of which approx. 592 were recycled. In the year 46 Gift Aided bikes were donated to us and sold. We sold 554 bikes between both stores.

Serviced approximately 1964 bikes for people in our community, supporting them in transportation and fitness and well being through our stores and many more through our free and corporate Dr Bike Repair Session and events.

Continued to develop sales and workshop process improvements have continued following the initial workshop improvements funded by National Lottery. Shop layout has also been improved. The purchase of parts continues to be, challenging and costs have increased substantially. Both the economic climate and Brexit have played their part in such increases and this is, unfortunately, unlikely to improve in the near future. Private donations received in the year were £633.34 instore, and over £6,000 was donated by Somerset Freemasons and other small local Charities.

Financial review

The charity generated income of £246,612 of which £68,635 was restricted (2022 – income of £176,788 of which £14,914 was restricted). With expenditure of £254,763 (2022 - £257,090), this lead to a deficit for the year of £8,151 (2022 – deficit: £80,302). Net assets as at the end of the financial year were £65,281 (2022 - £73,432), of which £27,273 is restricted (2022: £nil restricted).

Reserves policy

The trustees’ policy on reserves is to maintain sufficient reserves for the charity to continue to meet its ongoing commitments for a minimum of 3 months (estimated £37,000) and to provide sufficient funds to develop and extend the services provided by the charity. The free reserves of the company amounted to £25,030 on 28 February 2023. The charity activities are very seasonal, with winter being the quiet period and sales picking back up around March time, therefore the February reserves are always a reflection of quiet period.

Prepared By Albert Goodman LLP

5

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2023

Future plans

For the next five years trustees’ aims are to grow and develop OYB’s business and core aims. To achieve this trustees and senior staff have

  1. Revisited and expanded OYB’s business plan setting out how we will grow the business.

  2. With help from Studio Lemonade OYB aims to refresh and update its branding over the current year 2023/24.

  3. To secure funding to cover core costs for the next three years

  4. So that we can promote social interaction within our communities, trustees aim to secure funding to purchase a large van equipped with a workshop so that we can take our servicing offerings out to rural communities who have neither private or public transport.

  5. To complete the training and development of up to 4 members of staff through their apprenticeships and the Cytec 3 vocational training

  6. To seek to establish OYB as a centre of excellence with major supplier(s)

  7. To seek new Trustees adding further skill sets to the current Trustee and board.

Risk management

The trustees have considered the major risks to which the charity is exposed. The Trustees actively review, and update systems and procedures to manage perceived risks appropriately.

Prepared By Albert Goodman LLP

6

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2023

Statement of Trustees’ Responsibilities

The trustees (who are directors of On Your Bike (Recycle) Ltd for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (incorporating the Directors’ Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 reasonable steps for the prevention and detection of fraud and other irregularities and are responsible for the maintenance and integrity of the corporate and financial information on the charity’s website.

Signed by order of the trustees on 15 September 2023

R K Habgood Chair of Trustees

Prepared By Albert Goodman LLP

7

On Your Bike (Recycle) Ltd Independent Examiners’ Report to the Trustees For the Year Ended 28 February 2023

Independent examiner’s report to the trustees of On Your Bike (Recycle) Ltd

I report to the charity trustees on my examination of the accounts of On Your Bike (Recycle) Ltd (“the Company”) for the year ended 28 February 2023.

Responsibilities 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 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 carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Albert Goodman LLP provides the charity with book-keeping services. I confirm that the necessary safeguards as required by the Directions of the Charity Commission have been implemented, and that I have applied the provisions of the Revised Ethical Standard 2016 issued by the Financial Reporting Standard.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. 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 comply with these 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 Reporting 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.

Michelle Ferris BSc (Hons) FCA DChA Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Dated: 19 September 2023

Prepared By Albert Goodman LLP

8

On Your Bike (Recycle) Ltd Statement of Financial Activities (including Income & Expenditure account) For the Year Ended 28 February 2023

Notes
Income
Donations (including grants)
2
Donated bike sales
Sales of bikes and accessories
Total income
Expenditure
Charitable activities
3
Total expenditure
Net income / (expenditure)
for the year before transfers
Transfers
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Charitable activities income:		 £
9,361
114,659
124,020
53,957
177,977
213,401
213,401
(35,424)
-
(35,424)
73,432
38,008
Unres-
tricted		 £
68,635
-
68,635
-
68,635
41,362
41,362
27,273
-
27,273
-
27,273
Re-stricted		 2023
£
77,996
114,659
192,655
53,957
246,612
254,763
254,763
(8,151)
-
(8,151)
73,432
65,281
Total		 £
9,955
103,305
113,260
48,614
161,874
237,291
237,291
(75,417)
-
(75,417)
148,849
73,432
Unres-
tricted		 £
14,914
-
14,914
-
14,914
19,799
19,799
(4,885)
-
(4,885)
4,885
-
Re-
stricted		 2022
£
24,869
103,305
128,174
48,614
176,788
257,090
257,090
(80,302)
-
(80,302)
153,734
73,432
Total

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

9

On Your Bike (Recycle) Ltd – Company Registration Number: 07743521 Balance sheet As at 28 February 2023

Notes
Fixed assets
Tangible fixed assets
7
Investments
8
Current assets
Stock
Debtors
9
Cash at bank and in hand
Creditors
Amounts falling due within one year
10
Net current assets
Net assets
Funds
Unrestricted funds
11
Restricted funds
11
Total charity funds		 30,487
2,103
31,732
64,321
(12,019)		 £
12,976
2
12,978
32,009
838
36,850
69,697
(11,807)
52,303
65,281
38,008
27,273
65,281
2023		 £
15,540
2
2022
15,542
57,890
73,432
73,432
-
73,432

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board for issue on 15 September 2023 and signed on its behalf by:

R K Habgood Trustee

Prepared By Albert Goodman LLP

10

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

1 Accounting policies

1.1

General information and basis of accounting

On Your Bike (Recycle) Ltd is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. Each member of the charity undertakes to contribute a maximum of £10 to the charity’s assets if it should be wound up while they are a member or within one year after they cease to be a member. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees Report on pages 3-6.

The financial statements have been prepared on the historical cost basis and in accordance with the accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- (Charites SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2

Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3

Income

Income from donations is recognised in the accounts when receivable and the amount can be reliably measured.

In line with the SORP, income in relation to donated bikes is recognised at point of sale rather than the point of donation.

Income from grants and government grants is accounted for when unconditionally due and reasonable assurance can be gained that it will be received.

Income from investments is recognised in the accounts when receivable.

Prepared By Albert Goodman LLP

11

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

1.4 Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

1.5 Fixed assets

Fixed assets are valued at cost less depreciation. No assets are capitalised under £100. Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:-

Plant and machinery – 15% straight line Motor vehicles – 25% straight line

1.6 Investment in subsidiaries

The investment in the share capital of the charity’s subsidiaries is stated at cost. Any loans to or from the subsidiary are stated at the value outstanding at the year end.

1.7 Debtors

Other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.8 Cash at bank and in hand

Cash at bank and in hand compromise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.9 Creditors

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 are recognised at their settlement amount.

1.10 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied for charitable purposes.

1.11 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.12 Stocks

Stocks are valued at the cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Prepared By Albert Goodman LLP

12

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

1.13 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2 Donations (including grants)

Grant income
Cycling UK - Big Bike Revival
The National Lottery
Foxglove Trust
Somerset Community Foundation
Petroc - Bike Grant Fund
Maintenance Courses
Other
Exceptional government funding
Donations
Gift Aid
Other
Coronavirus Job Retention Scheme
Grant*		 £
-
-
-
-
-
2,958
-
-
-
6,403
9,361
Unres-
tricted		 £
3,000
37,973
-
17,692
9,970
-
-
-
-
-
68,635
Res-
tricted		 £
3,000
37,973
-
17,692
9,970
2,958
-
-
-
6,403
77,996
Total
2023		 £
-
-
4,000
-
-
28
3,326
2,137
464
9,955
Unres-
tricted		 £
4,934
-
-
-
9,980
-
-
-
-
14,914
Res-
tricted		 £
4,934
-
4,000
-
9,980
-
28
3,326
2,137
464
Total
2022
24,869

* Denotes government funding

Prepared By Albert Goodman LLP

13

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

The charity has been eligible to claim additional funding in the prior year from government support schemes in response to the coronavirus outbreak. The funding received is shown above under “exceptional government funding”. In the prior year, the charity furloughed some of its staff under the governments CJRS. The funding received of £3,326 in the prior year relating to staff costs which are included within note 8 as appropriate. Staff entered into the furlough scheme were those directly involved with non-government funded income streams.

Amounts received from government grants are as listed above. There are no unfulfilled conditions or other contingencies attached to grants that have been recognised in income and the charity has not benefitted directly from other forms of government assistance.

3 Direct charitable expenditure

Employment costs
Other costs
Included in other costs:
Travel and subsistence
Tools, parts and accessories
Training and accommodation
Rent and rates
Light, heat and power
Insurance
Repairs and renewals
Telephone and fax
Bank charges & interest
Postage and stationary
Direct expenses
Sundry expenses
Charitable donations
Subscription
Cleaning
Motor expenses
Advertising
Professional fees
VAT non business adjustment
Depreciation
Governance		 £
131,275
82,126
213,401
1,095
35,646
296
11,036
1,658
266
741
2,303
2,678
1,930
3,576
1,721
-
2,645
1,040
4,200
974
2,804
582
3,358
3,579
82,126
Unres-
tricted		 £
26,802
14,560
41,362
-
12,000
-
2,560
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,560
Res-
tricted		 £
158,077
96,686
254,763
1,095
47,646
296
13,596
1,658
266
741
2,303
2,678
1,930
3,576
1,721
-
2,645
1,040
4,200
974
2,804
582
3,358
3,579
96,686
Total
2023		 £
153,661
83,630
237,291
-
34,129
953
10,843
5,016
2,226
1,283
1,839
3,332
1,189
3,055
2,612
40
68
522
3,792
312
1,381
908
5,078
5,052
83,630
Unres-
tricted		 £
16,699
3,100
19,799
-
2,600
-
-
-
-
-
-
-
-
500
-
-
-
-
-
-
-
-
-
-
3,100
Res-
tricted		 £
170,360
86,730
Total
2022
257,090
-
36,729
953
10,843
5,016
2,226
1,283
1,839
3,332
1,189
3,555
2,612
40
68
522
3,792
312
1,381
908
5,078
5,052
86,730

Prepared By Albert Goodman LLP

14

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

4 Included within governance costs

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2023 tricted tricted 2022
£ £ £ £ £ £
Independent examination fee 893 - 893 850 - 850
- -
Accountancy 2,687 2,687 4,202 4,202
- -
3,579 3,579 5,052 5,052
----- End of picture text -----

5 Wages and salaries

Wages and salaries
Social security costs
Pension		 2023
2022
£
£
147,515
157,638
7,639
9,365
2,923
3,357
158,077
170,360

No individual employee was paid over £60,000 (2022: none)

The key management personnel of the charity is considered to be the general manager. The total costs to the charity of employee benefits for the key management personnel were £33,361 (2022: £38,667).

The average number of employees for the year was as follows: 2023 2022
Number of staff 8
8
‗‗‗‗‗‗‗ ‗‗‗‗‗‗‗

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,923 (2022: £3,357). There were contributions of £15 payable to the scheme at the end of the year included in creditors (2022: £15).

6 Net incoming resources before transfers

Net incoming resources before transfers
2023 2022
£ £
This is stated after charging:
Depreciation 3,358 5,078
Accountants remuneration - independent examinaton 893 850
- other 2,687 4,202

Prepared By Albert Goodman LLP

15

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

7 Tangible assets

----- Start of picture text -----
Plant & Motor
machinery vehicles Total
£ £ £
Cost
As at 01.03.2022 23,179 8,007 31,186
Additions 631 - 631
As at 28.02.2023 23,810 8,007 31,817
Depreciation
As at 01.03.2022 8,408 7,238 15,646
Charge for year 2,426 769 3,195
As at 28.02.2023 10,834 8,007 18,841
Net book value
-
As at 28.02.2023 12,976 12,976
As at 28.02.2022 14,771 769 15,540
8 Investments 2023 2022
£ £
Shares in subsidary undertakings 2 2
2 2
----- End of picture text -----

On Your Bike Taunton Limited (company number 11516698) was incorporated on 14 August 2018 as a wholly owned subsidiary of On Your Bike (Recycle). The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The company is dormant as at 28 February 2023. Therefore, has £nil profits (2022- £nil), and share capital is £1 (2022-£1).

On Your Bike Bridgwater Limited (company number 11516646) was incorporated on 14 August 2018 as a wholly owned subsidiary of On Your Bike (Recycle). The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The company is dormant as at 28 February 2023. Therefore, has £nil profits (2022- £nil), and share capital is £1 (2022-£1).

Prepared By Albert Goodman LLP

16

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

----- Start of picture text -----
9 Debtors 2023 2022
£ £
Trade debtors 953 800
-
Prepayments and accrued income 1,115
Other debtors 35 38
2,103 838
10 Creditors- amounts due in less that one year
2023 2022
£ £
Trade creditors 5,314 4,362
Accruals 2,353 2,897
VAT 1,344 685
PAYE & NI liability 3,006 3,861
Other creditors 2 2
12,019 11,807
----- End of picture text -----

Prepared By Albert Goodman LLP

17

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

----- Start of picture text -----
11 Statement of Funds
Balance Expend- Balance
01.03.2022 Income iture Transfers 28.02.2023
£ £ £ £ £
Restricted funds
- - -
Cycling UK - Big Bike Revival 3,000 (3,000)
- -
The National Lottery 37,973 (28,392) 9,581
- - -
Petroc - Bike Grant Fund 9,970 (9,970)
- - -
Somerset Community Foundation 17,692 17,692
- -
Total restricted funds 68,635 (41,362) 27,273
Unrestricted funds
General 73,432 177,977 (213,401) - 38,008
Total Funds 73,432 246,612 (254,763) - 65,281
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Prepared By Albert Goodman LLP

18

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

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Statement of Funds - prior year
Balance Expend- Balance
01.03.2021 Income iture Transfers 28.02.2022
£ £ £ £ £
Restricted funds
- - -
Cycling UK - Big Bike Revival 4,934 (4,934)
- - -
The National Lottery 4,885 (4,885)
Petroc - Bike Grant Fund - 9,980 (9,980) - -
Total restricted funds 4,885 14,914 (19,799) - -
Unrestricted funds
General 148,849 161,874 (237,291) - 73,432
Total Funds 153,734 176,788 (257,090) - 73,432
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Prepared By Albert Goodman LLP

19

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2023

12 Analysis of net assets between funds

Tangible assets
Investments
Net current assets		 £
12,976
2
25,030
38,008
Unres-
tricted		 £
-
-
27,273
27,273
Res-
tricted		 £
12,976
2
52,303
65,281
Total
2023		 £
15,540
2
57,890
73,432
Unres-
tricted		 £
-
-
-
-
Res-
tricted		 £
15,540
2
57,890
Total
2022
73,432

13 Related party transactions

There are no related parties requiring disclosure (2022: none).

14 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £10 per member on the winding up of the company. At 28 February 2023 the company had five members and the total amount guaranteed was therefore £50.

Prepared By Albert Goodman LLP

20