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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 07762463 (England and Wales) REGISTERED CHARITY NUMBER: 1144915

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 March 2021

for Cyclopark

Haysmacintyre LLP 10 Queen Street Place London London EC4R 1AG

Cyclopark

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 28
Detailed Statement of Financial Activities 29 to 30

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).

Structure, governance and management Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Reference and administrative details Registered Company number

07762463 (England and Wales)

Registered Charity number 1144915

Registered office

Cyclopark Watling Street Gravesend Kent DA11 7NP

Trustees

S Bennett N Blissett K Lloyd J Ramsey R Taylor A Wheelwright B Daley (resigned October 2020) E Hughes B Sandell (appointed February 2021) S Pereverzeva (appointed April 2021 S Purchas (appointed July 2021) J Pope (appointed 28 July 2021)

Auditors

Haysmacintyre LLP 10 Queen Street Place London London EC4R 1AG

Statement of trustees' responsibilities

The trustees (who are also the directors of Cyclopark for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Page 1

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

Statement of trustees' responsibilities - continued

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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

Objectives and Activities

The Charity’s Mission Statement is:

A charity whose outstanding venue offers cycling, fitness and well-being to all ages and abilities. The Trust’s charitable objectives are:

The Cyclopark has a main objective of making sure that this outstanding sporting venue is accessible to all ages and abilities, offering cycling, fitness and well-being.

The policies adopted in furtherance of these objects are to provide an affordable and accessible facility for all abilities and there has been no change in these during the year.

The Directors have paid due regard to ensure guidance has been taken in how the charity's activities are focused around public benefit and in line with directives issued by the Charity Commission in deciding what activities the charity should undertake.

Cyclopark is recognised as one of the largest cycle specific parks in Europe and provides a unique facility for the local residents and the communities of Kent. Cyclopark specialises in outdoor adventure sports for all abilities. Cyclopark is open to the public 7 days a week, on average 9 hours a day, 364 days of the year. The facility offers extensive public sessions throughout day, evening and weekends. Cyclopark provides the largest fleet of adaptive bikes in the southeast and has a dedicated Cyclo4All coordinator who delivers an extensive range of events and programmes.

Page 2

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

Achievements

a. Review of activities.

The Cyclopark Trust is 9 years into its 10-year tenure of the venue, Cyclopark. The Trust’s scope is wide; the Cyclopark offers something for everyone, not just cycling. The Cyclopark has become a sense of place to many who visit, with staff skilled in delivering a range of activities for the local community, school groups, and wider audience, where possible.

A key element of success for Cyclopark has been the successful implementation of the education of youth. Our programs include opportunities for children of all abilities and from a wide range of ethnic backgrounds. Within the working environment, the ethos is the same as with all our physical activities, in that, through training and education we work exceptionally well as a team.

The Cyclopark team deliver coaching sessions for many local schools. Many of the students use cycling as part of their GSCE sport programme. A new school programme will be launched during the Autumn 2021 along with a new full-time coach to meet the increased demand. The Park also offers Cycloland, Cyclo-Kart, Muddy Puddles, Ready Set Ride & Cyclo Safari for younger customers.

Another genuine benefit that Cyclopark provides is the ability to help change the lives of children with mental and physical disabilities through Cyclo4all. We help many mentally and physically disabled children who have been able to take advantage of our locally funded, adaptive bikes. Since the Cylcopark opened in 2012, over 15,000 disabled visitors have taken the opportunity to enhance their lives through active participation at Cyclopark.

The Cyclopark works with Kent County Council to help educate its Community on the benefits of improving health. Kent County Council takes a holistic approach to improving the health of its communities and the services we provide at the Cyclopark are part of their overall approach.

To complement all these services, British Cycling, who are one of our major sponsors and contributors to our ongoing development, operate various coaching and development sessions for our community.

Cyclopark hosts both Regional and National events across several cycling and sporting disciplines. During the Covid pandemic, we worked with British Cycling on plans for re-opening and events for the 2021-22 calendar, including a National and Regional round for Cyclocross and BMX.

The numbers using Cyclopark were increasing at about 4% annually before the COVID pandemic and, since re-opening, we have been able to rebuild our membership.

The additional areas of Recreation at Cyclopark are also critical to the success of supporting engagement within outdoor sports and basic activity. We developed our “Family Day Out” concept further with the introduction of some new products and services.

During the Financial Year we led discussions with Kent County Council to gain their commitment for the Trust to run the Park for a further 10 years to 2032.

Financial review

The results for the year are set out on page 6. The charity recorded a net surplus of £63,314 (2020: net surplus of £88,811). As a result of this, total funds amounted to £247,521 (2020: £184,207). No funds are restricted. These results are ahead of our revised budget, with the Trust benefitting from the UK Government’s furlough scheme by £143,188 and from the good management of costs to offset the impact of the COVID-19 pandemic during the financial year.

Page 3

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

COVID-19

As we entered the Financial Year ending March 2021, the Board and management recognised the COVID-19 pandemic would significantly impact the financial performance of the Trust. The Cyclopark Board took the decision to meet virtually on a two-weekly basis during the Financial Year, setting a new budget and strategic re-opening plan being key priorities. The goals for Full Year to March 2021 were redefined as:

  1. Make a net profit for year of c.£19k

  2. Build membership base back to 850 members.

  3. Develop a new staff structure.

  4. Open Cycloland and re-vamp the existing playpark.

  5. Develop and implement fundraising strategy.

The Park closed to the public for two months from 20[th] March 2020. Management took care to map expenses to operational demand, taking advantage of the UK Government’s employee furlough scheme, where appropriate, to ensure the skilled staff were retained at the Cylcopark. For instance, to manage our expenses during lock-down, all but two staff members were placed on furlough initially, with staff members being brought off furlough as required as the park re-opened. The Trust also made use of the UK Business Interruption Loan Scheme, securing a £50k loan. This loan remains unspent.

From 25[th] May, the Park was able to open to members only, with full access to all facilities including the gym and pay as you go (PAYG) allowed from 25[th] July 2020. During the remainder of the Financial Year, there were further periods of social distancing restrictions but the Park was able to stay open throughout in some capacity.

Operationally, the charity maintained an offer for its members once the Park re-opened in May 2020. Access remained in line with government guidelines at all times. For instance, when group classes were prohibited the Cyclopark provided on-line gym classes and once physical outdoor classes were allowed we made use of a marque to create extra space. This enabled us to ensure social distancing rules were upheld at all times while also maintaining a service for our members and access to the outdoor spaces in the Park.

While our membership fell 25% during the initial lock-down, the measures we put in place allowed us to rebuild the membership once the Park re-opened, enabling the Park to once more be a thriving part of our Community.

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Post Covid-19 a strategic re-opening strategy was developed based on a phased approach to re-opening following guidance from UK Active and Government.

b. Reserves policy

When considering the level of reserves to be maintained by Cyclopark, the Board of Trustees has taken into account the forecasts of future income, the reliability and sustainability of each source of income and prospects for forecasts of future expenditure, based on planned activity. As a minimum, the Board has assessed that reserves should be kept above £150,000 to allow for up to four months closure with no income.

c. Principal Funding

Our principal funders are Kent County Council from whom we receive our core funding.

Page 4

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 5 September 2011. The company is constituted under a Memorandum of Association dated 5 September 2011 and is a registered charity number 1144915.

b. Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Directors may be appointed by existing Directors or by members by ordinary resolution.

c. Policies adopted for the induction and training of Trustees Existing Directors of the charity ensure that new Directors become familiar with their responsibilities and duties.

d. Pay policy for senior staff

The Board of Trustees aim to pay senior staff a fair salary that is competitive within the charity sector and proportionate to the complexity of each role. The Trustees are responsible, in line with our charitable objectives based on the following principles set out in e), below:

e. Meet all national pay standards and provide all paid staff with a living wage.

Pay our staff an appropriate salary to attract and retain people with the leadership, experience, knowledge and skills required to lead the transformation we are undergoing.

f. Related party relationships

The charity cooperates and liaises with a number of other advisory services, local charities and statutory services. Where one of the Trustees holds the position of Trustee or Director within another charity, they may also be involved in discussions regarding that other charity but not in the ultimate decision-making process.

g. Risk Management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end the company is continually monitoring and managing its risk, reviewing risk and ensuring action plans are in place to mitigate its key risk areas.

Page 5

Cyclopark

Report of the Trustees for the Year Ended 31 March 2021

Structure, governance and management - continued

The principal risks and uncertainties identified by the charity are as follows:

Risk identified Actions taken to mitigate risk
Health & Safety (H&S): risk of serious injury
or death of visitor to the park.		 Staff
training,
safe
systems
of
work.
Monitoring of near misses. All staff hold first
aid qualifications, and first aid training is
carried out on a routine basis.
Safeguarding wellbeing of visitors to the
park.		 The safeguarding policy has been updated and
routinely
reviewed
to
ensure
industry
compliance.
Pandemic - Covid-19 Financial planning and comprehensive business
and strategic re-opening plan inplace.
Financial: risk of poor financial planning
and projection, and lack of robust reporting
and credit control		 Appointment
of
in-house
accountant,
additional financial experience added to the
Board, monthly accounts sent to Audit & Risk
Sub-committee. External Auditor retained.
Entries to Cyclopark do not increase. Active marketing and promotion procedures.
Work with local community groups to maximise
utilisation. Monitoring of footfall increase
and income for each area. Use of this
information forplanningmeetings.
No growth in events Ensure proactivity in research to ensure events
are on trend and meeting the needs of the
visitors. KPI’s set for events and monitoring
and feedback included.
External Funding To be active in canvassing for support and
offer suitable value communityactivities.
Collection of customer data / storage /
security		 Cyclopark General Data Protection Regulation
(GDPR)
policy
put
in
place
to
ensure
compliance to UK GDPR regulation.
Inability to grow / develop due to lack of
financial resources		 Business plans for investment opportunities
outside
of
operational
expenditure
and
maintenance and prepared and presented to
the Board for approval.
Safety of staff and equipment against
criminal intent		 Regular
meetings
held
to
ensure
the
communication of the importance of a safety
based culture.

Page 6

Cyclopark Report of the Trustees for the Year Ended 31 March 2021

Future Developments

The charity has established a Mission for Cyclopark based on the interest of its stakeholders and to reflect its partner's ambitions: " A charity who’s outstanding venue offers cycling, fitness and well-being to all ages and abilities.". In essence the Cyclopark vision is to ensure everyone is welcome at Cyclopark and we maintain and sustain the facility to reflect its local regional, national, and international status as a high-quality broad-based community sports venue.

To clearly identify the effectiveness in achieving key charity and business objections the Board has agreed to monitor the following:

Area Outcome Impact goal
Learn 2 Ride Significantly reduce the number
of children who can’t ride a bike
prior to leaving primary school.		 More people cycling more often is great for
the environment andprovides essential skills
for life and a better wellbeing.
Activities &
Coaching		 Increased number of children and
young people from disadvantaged
backgrounds participating in
cycling and other Cyclopark
activities.		 Reduce health inequalities in the
community and increase activity and
opportunity for those most disadvantaged.
Disability
sessions		 More people with disabilities
riding bikes more often.		 Improved health and wellbeing for all
regardless of physical or mental disabilities.
Allowing for greater independence and
sense of achievement.
Elite Events The delivery of first class
regional, national and world
cycling and sporting events.		 Improved reputation, commercial income
opportunities and sponsorship. Creating
inspired and engaged communities and
increasing participation.
Diversity &
Inclusion
Campaigns %
increase		 We have a culture that puts
diversity and inclusion at the
heart of everything we do,
creating a welcoming, vibrant
and engaging atmosphere for all
users .		 More people using our facilities from
traditionally hard to reach groups, providing
a greater customer base, increased brand
loyalty and a sense of community.
Health &
Wellbeing		 A programme of activities
designed to improve the health
and wellbeing of our community
including those with underlying
health conditions.		 Improved health and wellbeing for our
members and community. Reduction in
lifestyle-related diseases for those taking
part in targeted referral programme.
Funding opportunities.

Setting specific KPIs will support the charity’s work towards creating more beneficial relationships with charities with similar core values. The partnerships will enable the Trust to work towards more fundraising events that are specifically focused on supporting the not-for-profit products and services of Cyclopark.

In addition to charitable KPI’s the trust will also set targets for the period 2022 to 2025, in line with the new 2022-2026 Strategic Plan.

Page 7

Cyclopark Report of the Trustees for the Year Ended 31 March 2021

The Trust will launch a new 2022-26 Strategic plan this winter focusing on five principal strands:

  1. Cycling Development – The pathway

  2. Business Development

  3. Charity Objectives

  4. People Plan

  5. The Environment

The document will set out our vision and purpose for the next four years, informing all stakeholders of what it is we do, how we do it and more importantly why we do what we do.

In so far as the trustees are aware:

Auditors

The auditors, Haysmacintyre LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 11 October 2021 and signed on its behalf by:

Norman Blissett

.................................................. N Blissett - Trustee

Page 8

Report of the Independent Auditors to the Members of Cyclopark

Opinion

We have audited the financial statements of Cyclopark (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 9

Report of the Independent Auditors to the Members of Cyclopark

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Report of the Independent Auditors to the Members of Cyclopark

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to management override of controls, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Wilson (Senior Statutory Auditor) (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP 10 Queen Street Place London London EC4R 1AG

Date: 3 November 2021

Page 11

Cyclopark

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021

Unrestricted
funds
Notes
£
Income and endowments from
Donations and legacies
2
182,962
Charitable activities
5
Operation of cycle park
469,685
Other trading activities
3
50,518
Investment income
4
668
Total
703,833
Expenditure on
Raising funds
Other trading activities
6
63,203
63,203
Charitable activities
7
Operation of cycle park
627,266
Total
690,469
NET INCOME
13,364
Transfers between funds
20
56,074
Net movement in funds
69,438
Reconciliation of funds
Total funds brought forward
178,083
Total funds carried forward
247,521		 Restricted
funds
£
49,950
-
-
-
49,950
-
-
-
-
49,950
(56,074)
(6,124)
6,124
-		 31.3.21
Total
funds
£
232,912
469,685
50,518
668
753,783
63,203
63,203
627,266
690,469
63,314
-
63,314
184,207
247,521		 31.3.20
Total
funds
£
39,493
834,691
171,661
441
1,046,286
123,875
123,875
833,600
957,475
88,811
-
88,811
95,396
184,207

Continuing operations

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 12

Cyclopark

Balance Sheet

31 March 2021

Registered Company Number: 07762463 (England and Wales) Registered Charity Number: 1144915

Unrestricted
funds
Notes
£
Fixed assets
Tangible assets
14
136,477
Current assets
Debtors
15
16,360
Cash at bank
288,369
304,729
Creditors
Amounts falling due within one year
16
(149,996)
Net current assets
154,733
Total assets less current liabilities
291,210
Creditors
Amounts falling due after more than one
year
17
(43,689)
NET ASSETS
247,521
Funds
20
Unrestricted funds
Restricted funds
Total funds		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 31.3.21
Total
funds
£
136,477
16,360
288,369
304,729
(149,996)
154,733
291,210
(43,689)
247,521
247,521
-
247,521		 31.3.20
Total
funds
£
77,559
26,807
240,209
267,016
(160,368)
106,648
184,207
-
184,207
178,083
6,124
184,207

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on

11 October 2021 and were signed on its behalf by:

Norman Blissett

............................................. Trustee

The notes form part of these financial statements

Page 13

Cyclopark

Cash Flow Statement
for the Year Ended 31 March 2021
Notes
Cash flows from operating activities
Cash generated from operations
A
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.3.21
£
103,227
103,227
(106,915)
1,180
668
(105,067)
50,000
50,000
48,160
240,209
288,369		 31.3.20
£
157,161
157,161
(14,164)
-
441
(13,723)
-
-
143,438
96,771
240,209

The notes form part of these financial statements

Page 14

Cyclopark

Notes to the Cash Flow Statement for the Year Ended 31 March 2021

A. Reconciliation of net income to net cash flow from operating activities

31.3.21 31.3.20
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 63,314 88,811
Adjustments for:
Depreciation charges 48,024 41,554
(Profit)/loss on disposal of fixed assets (1,180) 400
Interest received (668) (441)
Decrease/(increase) in debtors 10,420 (8,998)
(Decrease)/increase in creditors (16,683) 35,835
Net cash provided by operations 103,227 157,161
B. Analysis of changes in net funds
At 1.4.20 Cash flow At 31.3.21
£ £ £
Net cash
Cash at bank 240,209 48,160 288,369
240,209 48,160 288,369
Debt
Debts falling due within 1 year - (6,311) (6,311)
Debts falling due after 1 year - (43,689) (43,689)
- (50,000) (50,000)
Total 240,209 (1,840) 238,369

The notes form part of these financial statements

Page 15

Cyclopark

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ’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)’, Financial Reporting Standard 102 ’The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Cyclopark 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.

Going Concern

The financial statements have been prepared on a going concern basis. The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Judgements and estimates

There are no key or critical judgements or estimates in preparing the accounts.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants

Grants are recognised in full in the statement of financial activities in the year which the charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt.

Coronavirus Job Retention Scheme grant funding has been recognised in full on receipt.

Donations

Donations and gifts are included in full in the statement of financial activities when received.

Income from charitable activities

Income from charitable activities include membership fees, entrance fees, car parking, sub leasing and operator fees and are recognised as earned as the related services are provided.

Income from other trading activities

Income from other trading activities includes café income and is recognised as earned as the related goods are provided

continued...

Page 16

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

1. Accounting policies - continued

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support staff costs are allocated on the basis of time spent, and deprecation charges allocated on the portion of the asset's use.

Costs of generating funds are costs incurred in trading activities that raise funds.

Charitable activities are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Tangible fixed assets

A review for impairment of fixed assets would be carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfall between the carrying value of fixed assets and their recoverable amounts would be recognised as impairments. Impairment losses would be recognised in the statement of financial activities incorporation income and expenditure account. No impairment review was needed for this year.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & fittings - 25% straight line Equipment - 25% straight line Improvements to property - 25% straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 17

Cyclopark Notes to the Financial Statements - continued for the Year Ended 31 March 2021

1. Accounting policies - continued

Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Donations and legacies

Donations
Grants
Grants received, included in the above, are as follows:
Furlough Grant
British Cycling Grant
Colyer Ferguson Trust		 31.3.21
£
4,774
228,138
232,912
31.3.21
£
143,188
49,950
35,000
228,138		 31.3.20
£
1,338
38,155
39,493
31.3.20
£
-
-
38,155
38,155

continued...

Page 18

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

3.
Other trading activities
Café income
4.
Investment income
Interest receivable - trading
5.
Income from charitable activities
Activity
Recreational activities
Operation of cycle park
Rental income
Operation of cycle park
6.
Other trading activities
Purchases
Staff costs
7.
Charitable activities costs
Direct
Costs (see
note 8)
£
Operation of cycle park
473,873		 31.3.21
£
50,518
31.3.21
£
668
31.3.21
£
450,876
18,809
469,685
31.3.21
£
20,510
42,693
63,203
Support
costs (see
note 9)
£
153,393		 31.3.20
£
171,661
31.3.20
£
441
31.3.20
£
805,392
29,299
834,691
31.3.20
£
75,013
48,862
123,875
Totals
£
627,266

In 2021, of the total charitable activities, £647,415 (2020: £823,911) was from unrestricted funds and £10,451 (2020: £9,688) was from restricted funds.

continued...

Page 19

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

8. Direct costs of charitable activities

Staff costs
Insurance
Premises costs
Consumables
Irrecoverable VAT
Coaching costs
Equipment costs
Other staff costs
Bad debts write off
Processing and bank charges
Depreciation
Loss on sale of assets
9.
Support costs
Operation of cycle park
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Marketing
Security
Professional fees
Auditors' remuneration
Accounting and administration		 31.3.21
£
193,667
17,261
90,752
5,711
28,119
25,770
45,384
4,842
499
15,024
48,024
(1,180)
473,873
Governance
Other
costs
£
£
130,583
22,810
31.3.21
£
101,244
3,823
708
7,191
11,554
6,063
10,100
12,710
153,393		 31.3.20
£
311,063
19,785
149,941
4,770
33,257
50,657
40,581
4,583
1,230
22,129
41,554
400
679,950
Totals
£
153,393
31.3.20
£
71,276
1,988
460
27,030
22,351
11,653
8,300
10,592
153,650

continued...

Page 20

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

10. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

31.3.21 31.3.20
£ £
Auditors' remuneration 10,100 8,300
Depreciation - owned assets 47,997 41,554
Surplus/(deficit) on disposal of fixed assets (1,180) 400

11. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

12. Staff costs

Staff costs
Wages and salaries
Social security costs
Other pension costs		 31.3.21
£
322,212
15,078
4,845
342,135		 31.3.20
£
403,887
23,238
6,524
433,649

The average monthly number of employees during the year was as follows:

31.3.21 31.3.20
Management 6 7
Operations 24 25
Reception 3 3
33 35

The total employment benefits including employer pension contributions of the key management personnel were £48,700 (2020: £46,586).

continued...

Page 21

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13.
Comparatives for the statement of financial activities
Income and endowments from
Donations and legacies
Charitable activities
Operation of cycle park
Other trading activities
Investment income
Total
Expenditure on
Raising funds
Other trading activities
Charitable activities
Operation of cycle park
Total
NET INCOME/(EXPENDITURE)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
39,493
834,691
171,661
441
1,046,286
123,875
123,875
823,912
947,787
98,499
79,584
178,083		 Restricted
funds
£
-
-
-
-
-
-
-
9,688
9,688
(9,688)
15,812
6,124		 Total
funds
£
39,493
834,691
171,661
441
1,046,286
123,875
123,875
833,600
957,475
88,811
95,396
184,207

continued...

Page 22

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

14. Tangible fixed assets

Improvements
to
property
Equipment
£
£
Cost
At 1 April 2020
-
125,968
Additions
78,202
19,735
Disposals
-
-
At 31 March 2021
78,202
145,703
Depreciation
At 1 April 2020
-
98,943
Charge for year
9,775
14,954
Eliminated on disposal
-
-
At 31 March 2021
9,775
113,897
Net book value
At 31 March 2021
68,427
31,806
At 31 March 2020
-
27,025
15.
Debtors: amounts falling due within one year
Trade debtors
Prepayments and accrued income
16.
Creditors: amounts falling due within one year
Bank loans and overdrafts (see note 18)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 Fixtures
Assets
and
under
fittings
construction
£
£
159,739
-
676
8,302
(8,554)
-
151,861
8,302
109,205
-
23,268
-
(8,554)
-
123,919
-
27,942
8,302
50,534
-
31.3.21
£
106
16,254
16,360
31.3.21
£
6,311
31,289
20,408
534
91,454
149,996		 Totals
£
285,707
106,915
(8,554)
384,068
208,148
47,997
(8,554)
247,591
136,477
77,559
31.3.20
£
17,805
9,002
26,807
31.3.20
£
-
50,467
12,237
2,276
95,388
160,368

continued...

Page 23

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

17. Creditors: amounts falling due after more than one year
31.3.21 31.3.20
£ £
Bank loans (see note 18) 43,689 -
18. Loans
An analysis of the maturity of loans is given below:
31.3.21 31.3.20
£ £
Amounts falling due within one year on demand:
Bank loans 6,311 -
Amounts falling between one and two years:
Bank loans - 1-2 years 9,666 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 30,492 -
Amounts falling due in more than five years:
Bank loans more 5 years 3,531 -
19. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.21 31.3.20
£ £
Within one year 30,600 -
Between one and five years - 30,600
30,600 30,600

continued...

Page 24

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

20.
Movement in funds
Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
128,083
13,364
Sinking Designated funds
50,000
-
178,083
13,364
Restricted funds
Sport England fund
3,207
-
Kent Community Foundation fund
2,917
-
British Cycling Grant
-
49,950
6,124
49,950
TOTAL FUNDS
184,207
63,314
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
703,833
Restricted funds
British Cycling Grant
49,950
TOTAL FUNDS
753,783		 Transfers
between
At
funds
31.3.21
£
£
56,074
197,521
-
50,000
56,074
247,521
(3,207)
-
(2,917)
-
(49,950)
-
(56,074)
-
-
247,521
Resources
Movement
expended
in funds
£
£
(690,469)
13,364
-
49,950
(690,469)
63,314

continued...

Page 25

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

20. Movement in funds - continued

Comparatives for movement in funds

Net
movement
At 1.4.19
in funds
£
£
Unrestricted funds
General fund
29,584
98,499
Sinking Designated funds
50,000
-
79,584
98,499
Restricted funds
Peter Harrison fund
3,875
(3,875)
Sport England fund
8,020
(4,813)
Kent Community Foundation fund
3,917
(1,000)
15,812
(9,688)
TOTAL FUNDS
95,396
88,811
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,046,286
(947,787)
Restricted funds
Peter Harrison fund
-
(3,875)
Sport England fund
-
(4,813)
Kent Community Foundation fund
-
(1,000)
-
(9,688)
TOTAL FUNDS
1,046,286
(957,475)		 At
31.3.20
£
128,083
50,000
178,083
-
3,207
2,917
6,124
184,207
Movement
in funds
£
98,499
(3,875)
(4,813)
(1,000)
(9,688)
88,811

continued...

Page 26

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

20. Movement in funds - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Sinking Designated funds
Restricted funds
Peter Harrison fund
Sport England fund
Kent Community Foundation fund
British Cycling Grant
TOTAL FUNDS		 At 1.4.19
£
29,584
50,000
79,584
3,875
8,020
3,917
-
15,812
95,396		 Net
movement
in funds
£
111,863
-
111,863
(3,875)
(4,813)
(1,000)
49,950
40,262
152,125		 Transfers
between
funds
£
56,074
-
56,074
-
(3,207)
(2,917)
(49,950)
(56,074)
-		 At
31.3.21
£
197,521
50,000
247,521
-
-
-
-
-
247,521

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources		 Movement
resources
expended		 in funds
£ £ £
Unrestricted funds
General fund 1,750,119 (1,638,256) 111,863
Restricted funds
Peter Harrison fund - (3,875) (3,875)
Sport England fund - (4,813) (4,813)
Kent Community Foundation fund - (1,000) (1,000)
British Cycling Grant 49,950 - 49,950
49,950 (9,688) 40,262
TOTAL FUNDS 1,800,069 (1,647,944) 152,125

Sinking fund - Established as a requirement of the operator agreement that the charity has entered into with Kent County Council. It is to be used for maintenance, repairs and equipment and ensuring that the recreational facilities are fully repaired to agreed maintenance standards on the termination of the operator agreement. These are funds designated by the trustee's not restricted by the donors.

Sport England fund - Relates to money granted for the purchase of capital equipment.

Kent Community Foundation fund - Relates to money granted for the purchase of capital equipment.

British Cycling fund - Relates to money granted for the development of CycloLand.

continued...

Page 27

Cyclopark

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

21. Employee benefit obligations

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,583 (2020: £6,524).

22. Related party disclosures

There were no related party transactions for the year ended 31 March 2021 (2020: NIL).

Page 28

Cyclopark

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

Income and endowments
Donations and legacies
Donations
Grants
Other trading activities
Café income
Investment income
Interest receivable - trading
Charitable activities
Recreational activities
Rental income
Total incoming resources
Expenditure
Other trading activities
Café expenses
Wages
Social security
Pensions
Charitable activities
Wages
Social security
Pensions
Insurance
Premises costs
Consumables
Irrecoverable VAT
Coaching costs
Equipment costs
Other staff costs
Bad debts write off
Carried forward		 31.3.21
£
4,774
228,138
232,912
50,518
668
450,876
18,809
469,685
753,783
20,510
41,603
833
257
63,203
179,365
10,422
3,880
17,261
90,752
5,711
28,119
25,770
45,384
4,842
499
412,005		 31.3.20
£
1,338
38,155
39,493
171,661
441
805,392
29,299
834,691
1,046,286
75,013
47,320
1,216
326
123,875
285,291
20,034
5,738
19,785
149,941
4,770
33,257
50,657
40,581
4,583
1,230
615,867

This page does not form part of the statutory financial statements

Page 29

Cyclopark

Detailed Statement of Financial Activities
for the Year Ended 31 March 2021
Charitable activities
Brought forward
Processing and bank charges
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Support costs
Other
Wages
Social security
Pensions
Marketing
Security
Professional fees
Governance costs
Auditors' remuneration
Accounting and administration
Total resources expended
Net income		 31.3.21
£
412,005
15,024
48,024
(1,180)
473,873
101,244
3,823
708
7,191
11,554
6,063
130,583
10,100
12,710
22,810
690,469
63,314		 31.3.20
£
615,867
22,129
41,554
400
679,950
71,276
1,988
460
27,030
22,351
11,653
134,758
8,300
10,592
18,892
957,475
88,811

This page does not form part of the statutory financial statements

Page 30