OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Registered number: 07762463 Charity number: 1144915

Cyclopark

(A company limited by guarantee)

Trustees' report and financial statements For the year ended 31 March 2022

Cyclopark

(A company limited by guarantee)

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 15
Independent auditor's report on the financial statements 16 - 19
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 40

Cyclopark

(A company limited by guarantee)

Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2022

Trustees S Bennett (resigned 25 May 2022)
N Blissett
K Lloyd
J Ramsey
R Taylor
A Wheelwright
E Hughes
B Sandell
S Pereverzeva (appointed 1 April 2021)
S Purchas (appointed 28 July 2021)
J Pope (appointed 28 July 2021)
Company registered
number
07762463
Charity registered
number
1144915
Registered office
Cyclopark
Watling Street
Gravesend
Kent
DA11 7NP

Page 1

Cyclopark

(A company limited by guarantee)

Trustees' report For the year ended 31 March 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Mission for the Cyclopark is to be an outstanding venue offering cycling, fitness and well-being for all ages and abilities.

The Vision for the Cyclopark is to provide a community hub, centred around cycling, for health, wellbeing, socialising and driving positive change for the lives of people in our community.

We want to make sure that people can access world-class facilities no matter what their background or proficiency.

By supporting the world of cycling from grassroots to elite level, we can inspire future generations to get on their bike for pleasure, as well as the discovery of hidden talent.

The policies adopted in furtherance of these objects are to provide an affordable and accessible facility for all abilities. The Cyclopark has refreshed its strategy during the year, setting out a new set of values and KPIs to monitor progress in meeting its charitable objectives.

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.

Page 2

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Objectives and activities (continued)

b. Main activities undertaken to further the Charity's purposes for the public benefit

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. It:

The Cyclopark venue offers many different disciplines of sporting and social events. Sporting events around the park range from a family fun run or car show events, to regional and national standard events for all cycling disciplines. The Cylcopark has hosted National events for road, cyclo-cross and BMX in the past two years. Our main facilities available daily are:

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. Cycling is a healthy and convenient means of transport that could easily be incorporated into the ordinary day-to-day activity of children and adults. The Trust invests in our community and provides exciting opportunities for the most disadvantaged. All the profits from the Cyclopark are reinvested into the park, either to support our charity objectives or to ensure the infrastructure of the park remains fully invested, for the benefit of our members and the wider community.

Achievements and performance

a. Overview

Since we first opened in 2012, Cyclopark has provided an inspiring and accessible place for people from all walks of life to ride their bikes. From young people learning to ride through to Olympic gold medallists, our top class facilities have provided a supportive and safe environment for cycling.

Over the last 10 years, we have expanded and grown our support for cyclists and introduced more healthy activities for non-cyclists. We have also hosted many cycling events from regional races through to national championships in BMX and Cyclocross; the highlight being hosting a stage of the 2019 Women’s Tour.

Today, Cyclopark offers dozens of scheduled activities each week as well as being open for people to drop in to ride or exercise. We are particularly proud of our support to disabled cyclists and to pupils from local schools who may not have the opportunity to learn to ride.

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.

And we are especially grateful for the support of key partners, staff, volunteers and members over the last ten years. We look forward to further strengthening these relationships over the coming years.

Page 3

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Achievements and performance (continued)

b. Strategic review

During the financial year to 31 March 2022, the Trust completed a review of its strategy, re-iterating its mission and vision and revitalising its values to include:

These new values are at the heart of everything we do. They inform the way we design and deliver our services and the way we work and behave. Cyclopark expects all its employees and trustees to observe our core values and to understand our Code of Conduct for ethical behaviour.

The strategic review also set out a new strategic plan. Over the next four years, we are focussed on achieving the following key objectives:

Page 4

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Achievements and performance (continued)

c. Business Goals

To achieve our strategic objectives, we have set four key areas of focus:

Stakeholder Management

Commercial activity

Charitable fundraising

Culture

Page 5

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Achievements and performance (continued)

d. Activities

During the financial year, our commitment to enabling inclusion for everyone at the park continued. Our investment in infrastructure and coaching sessions supports the following activities.

A key element of success for the 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. 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 was launched during the year. A total of 28 schools used the facility for coaching during the year, delivering 258 sessions. In addition, 385 children were taught how to ride at the Cyclopark in our Learn to Ride coached sessions, 30 of which were free, and a further 79 developed their cycling skills in our Learn to Ride group sessions.

The Cyclopark also has ability to help change the lives of children with mental and physical disabilities through its Cyclo4all sessions. We help many mentally and physically disabled children who have been able to take advantage of our locally funded, adaptive bikes. During the financial year, we had 1,284 attendees participated in our Adaptive Cyclo4all sessions.

Were possible we seek outside funding to extend our offering. In the financial year, we were granted £14,000 by the Bike Ability Trust to deliver wider participation in cycling.

We were particularly pleased to see elite British BMX cyclist, Beth Shriever, who trained and competed at the Cyclopark BMX track, win gold at the Tokyo Olympics in addition to the World title, the first British BMX racing cyclist ever to gain both titles in the same year.

As COVID-19 restrictions eased over the financial year, we were able to expand our activities and successfully launched several events during 2021-22 including:

We also work with local road cycling and running clubs. During the during the financial year we worked in partnership with the following organisation to host [X] cycling and running events at the Cylcopark:

In June we partnered with Instead and Ifield Harriers to host the North Downs Run from the Cyclopark, for the first time in the event’s 37 year history.

The Park also offers Cycloland, Cyclo-Kart, Muddy Puddles, Ready Set Ride & Cyclo Safari for younger customers.

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. We offer public access to our facilities through monthly membership and on a pay as you go basis. The sustainability and growth of our membership, underpins the Cyclopark Trust, enabling it to invest in our infrastructure and provide coaching sessions free to those in need. We have different memberships catering to the varying needs of our user groups:

Page 6

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Achievements and performance (continued)

In total, Park Membership numbers grew 11% in the financial year to 31st March 2022 from 932 to 1034 and have continued to grow into the current financial year.

During the various COVID-19 lockdowns, fitness classes were run in line with government guidelines and, once physical outdoor classes were allowed, we made use of a marque to create extra space. As restrictions eased, we considered a number of options to replace the marque. During the year, one of the existing garages was refurbished and further plans were approved by the Board to refurbish and reconfigure the main pavilion. These refurbishments support the continued growth in membership, delivery of an increased number of fitness classes per week, the removal of the marque space and extended opening hours for ParkEat. Once finished, they will also create a space better suited to deliver our key services.

During the Financial Year we renewed our licence to operate the Cyclopark with Kent County Council for a further 10 years to 2032.

Financial review

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 our opening policies are based on 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 7

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

d. Financial review

The results for the year are set out on page 20. The charity recorded a net surplus of £93,922 (2021: net surplus of £63,314). As a result of this, total funds amounted to £341,443 (2021: £247,521), including restricted funds of £14,395 (2021: £Nil). These results are ahead of our budget, with the Trust benefitting from relief on £30,600 land rent payment to Kent County Council in the financial year to 31 March 2022. Excluding this benefit, the results were in line with the budget.

COVID-19

The Cyclopark maintained an offer for its members throughout the financial year despite periods of lockdown due to COVID-19. 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.

The measures we put in place throughout the COVID-19 lockdowns allowed us to support our members, enabling the Park to once more be a thriving part of our Community.

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. Methods 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 key management personnel

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 below:

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.

e. 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.

Page 8

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Structure, governance and management (continued)

f. 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.

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

Page 9

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Plans for future periods

The Cyclopark’s Mission reflects the interests of both its community and its stakeholders: to be an outstanding venue that offers cycling, fitness and well-being for all ages and abilities.

The Cyclopark’s Vision is to provide a community hub, centred around cycling, for health, wellbeing, socialising and driving positive change for the lives of people in our local community.

As a charity, all our profits are reinvested back into the Cyclopark, either to support our charity objectives or to ensure the infrastructure of the park remains fully invested, for the benefit of our members and the wider community.

a) Key objectives

Over the next four years, through our Strategic Plan, we are focussed on achieving the following key objectives:

Page 10

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Plans for future periods (continued)

Key Objective Description Wider Impact What this looks like
Learn 2 Ride The Cyclopark ambition
is for every child in the
Gravesham area to have
the opportunity to learn
to ride a bike before
they leave primary
school.		 Cycling is a healthy and
convenient means of transport
that can be incorporated into
the ordinary day-to-day
activity of adults and children.
Enabling access to this offers
people freedom and choice, as
well as access to social and
fitness activities.


Each school holiday,
Cyclopark will provide free
‘Learn 2 Ride’ sessions for
local disadvantaged
children, plus free hire of
our fleet of bikes
Developing riders We will play a key role in
training more people to
cycle so that they are
confident to use the
growing number of cycle
routes in our local and
wider area.
Some habits start in childhood
with cost and opportunity
being contributary factors.
Through engaging with young
people through creative,
targeted activities young
people are offered an
alternative to anti-social
behaviour, as well as promote
important road safety
messages.		 Working with local
stakeholders, including
primary schools and youth
services, Cyclopark will
offer free access to the
facilities and bike hire
during school holidays.
Engaging the
community		 We will further our
commitment to equality
and inclusion and will
increase use and
participation of its
facilities by all those in
the local community.		 Provide an inclusive space and
environment for communities
to come together, grow and
flourish.
Deliver cycling sessions and
access to facilities for
those with disabilities, as
well as offering adaptive
bikes, qualified cycling
coaches and volunteers in a
safe and secure
environment.
Health & Wellbeing Improve the health and
wellbeing of visitors to
Cyclopark through a
wide range of activity
programmes year on
year.		 The positive impact of
exercise on health and
wellbeing is extensively
studied and widely accepted.		 Cyclopark has a team of
fully qualified, expert
exercise instructors, as
well as range of activities
designed specifically for
people with a range of
health conditions or
injuries.

Page 11

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Plans for future periods (continued)

Events Encourage and enable
growth in visitors to
Cyclopark year on year.
Have our competitive
riders participate at
regional, national and
world cycling event and
celebrate their success
with the local
community.		 Through our leadership and
reputation, we can be a valued
part of the local community to
impact positive change for
local public health. Through
ensuring Cyclopark is a venue
of choice for local, national
and international cycling
events, we can attract visitors
and funding opportunities to
reinvest in improving facilities
and supporting other
charitable projects.


Our range of facilities give
everyone the opportunity
to try all types of cycling –
road, BMX, cyclocross,
mountain biking – and
provides the support and
encouragement to develop
skills and fitness whether
cycling for leisure, fitness,
fun or competition.
Cycling
Development
Pathway		 Promote a lifelong
affection for cycling and
provide opportunities to
improve regardless of
background, age or
ability.		 We want everyone to be able
to ride a bike, experience the
thrill and excitement of cycling
and for those who want to
become better athletes,
receive expert support .
Cycling has something to offer
us all, be it as an individual,
as part of the wider
community or for the nation
as a whole.
Through nurturing grassroots
cycling and encouraging
improvement up to and
including elite level, Cyclopark
can support Britain’s standing
on the world stage.
Our range of facilities give
everyone the opportunity
to try all types of cycling –
road, BMX, cyclocross,
mountain biking – and
provides the support and
encouragement to develop
skills and fitness whether
cycling for leisure, fitness,
fun or competition.

Page 12

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Key Performance indicators

To identify how effective we are in achieving our key charity and business objectives we have established a number of key performance indicators (KPIs) that relate directly to operational deliverables and our overall strategic goals.

Through effective evaluation we can learn from and respond to challenges. The KPIs set out in the following table will enable us to appreciate the outcomes and impact of our strategic objectives based on the volume of take up in these areas, as follows:

Area Outcome Impact goal
Ride A significant increase in the number of
Gravesham children riding bikes prior to
leaving primary school.
More people cycling more often is great
for the environment and provides
essential skills for life and a better
wellbeing.
Coaching & Activity 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 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.

Page 13

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Area Outcome Impact goal
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 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.
Access to funding opportunities through
collaboration and linking to wider
campaigns.

Page 14

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on and signed on their behalf by:17/10/2022

N Blissett

Trustee

Page 15

Cyclopark (A company limited by guarantee)

Independent auditor's report to the Members of Cyclopark

Opinion

We have audited the financial statements of Cyclopark (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.

Page 16

Cyclopark (A company limited by guarantee)

Independent auditor's report to the Members of Cyclopark (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 17

Cyclopark (A company limited by guarantee)

Independent auditor's report to the Members of Cyclopark (continued)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an Auditor's report 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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to safeguarding, health and safety, anti-bribery and employment law. 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 SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial. Audit procedures performed by the engagement team included:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 18

Cyclopark (A company limited by guarantee)

Independent auditor's report to the Members of Cyclopark (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditor's 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU

Date:

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 19

Cyclopark

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2022
£
14,395
-
-
-
14,395
-
-
-
14,395
-
14,395
14,395		 Unrestricted
funds
2022
£
52,387
800,325
198,638
21,967
1,073,317
147,604
846,186
993,790
79,527
247,521
79,527
327,048		 Total
funds
2022
£
66,782
800,325
198,638
21,967
1,087,712
147,604
846,186
993,790
93,922
247,521
93,922
341,443		 Total
funds
2021
£
234,590
449,198
50,518
19,477
753,783
63,203
627,266
690,469
63,314
184,207
63,314
247,521

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 23 to 40 form part of these financial statements.

Page 20

Cyclopark (A company limited by guarantee) Registered number: 07762463

Balance sheet As at 31 March 2022

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 2,226
59,114
358,034
419,374
(182,209)		 2022
£
137,562
137,562
237,165
374,727
(33,284)
341,443
341,443
14,395
327,048
341,443		 -
16,360
288,369
304,729
(151,003)		 2021
£
136,477
136,477
153,726
290,203
(42,682)
247,521
247,521
-
247,521
247,521

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees on and signed17/10/2022 on their behalf by:

N Blissett

Trustee

The notes on pages 23 to 40 form part of these financial statements.

Page 21

Cyclopark (A company limited by guarantee)

Statement of cash flows
For the year ended 31 March 2022
Cash flows from operating activities
Net cash generated by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
117,819
21,967
(62,983)
-
(41,016)
-
(7,138)
(7,138)
69,665
288,369
358,034		 2021
£
84,418
19,477
(106,915)
1,180
(86,258)
50,000
-
50,000
48,160
240,209
288,369

The notes on pages 23 to 40 form part of these financial statements

Page 22

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

1. General information

Cyclopark is a company limited by guarantee (registered number 07762463) which is incorporated and domiciled in England. It is also registered as a charity wih the Charity Commission (registered number 1144915). The adress of the registered office is Watling Street, Gravesend, Kent, DA11 7NP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 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 of 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. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 23

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

2. Accounting policies (continued)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

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

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Debtors

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

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 24

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

2. Accounting policies (continued)

2.10 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 Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction 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.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.13 Pensions

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.

2.14 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 Charity and which have not been designated for other purposes.

Designated funds comprise 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 donors or which have been raised by the Charity 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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 25

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

3. Income from donations and legacies

Grants
Furlough Grant
Colyer Ferguson Trust
Bikeability Grant
Other grants
Subtotal detailed disclosure
Donations
Subtotal
Grants
Furlough Grant
British Cycling Grant
Colyer Ferguson Trust
Other grants
Donations
Subtotal		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
7,314
-
35,000
14,395
-
-
2,829
14,395
45,143
-
7,244
-
7,244
14,395
52,387
Unrestricted
funds
2021
£
143,188
49,950
35,000
1,678
229,816
4,774
4,774
234,590		 Total
funds
2022
£
7,314
35,000
14,395
2,829
59,538
7,244
7,244
66,782
Total
funds
2021
£
143,188
49,950
35,000
1,678
229,816
4,774
4,774
234,590

Page 26

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

4. Income from charitable activities

Unrestricted
funds
2022
£
Recreational actirivies - Operation of cycle park
800,325
Unrestricted
funds
2021
£
Recreational actirivies - Operation of cycle park
449,198
5.
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2022
Total
funds
2022
£
£
Christmas market event
34,793
34,793
Income from non charitable trading activities
Unrestricted
funds
2022
£
Cafe income
163,845
Unrestricted
funds
2021
£
Cafe income
50,518		 Total
funds
2022
£
800,325
Total
funds
2021
£
449,198
Total
funds
2021
£
-
Total
funds
2022
£
163,845
Total
funds
2021
£
50,518

Page 27

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

6. Investment income

Unrestricted
funds
2022
£
Rental income
21,909
Bank interest received
58
21,967
Unrestricted
funds
2021
£
Rental income
18,809
Bank interest received
668
19,477		 Total
funds
2022
£
21,909
58
21,967
Total
funds
2021
£
18,809
668
19,477

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Christmas market expenditure 24,724 24,724 -

Page 28

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

7. Expenditure on raising funds (continued)

Other trading expenses

Unrestricted
funds
2022
£
Purchases
59,952
Trading account staff costs
62,928
122,880
Other trading expenses (continued)
Unrestricted
funds
2021
£
Purchases
20,510
Staff costs
42,693
63,203		 Total
funds
2022
£
59,952
62,928
122,880
Total
funds
2021
£
20,510
42,693
63,203

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2022
£
Recreational actirivies - Operation of cycle park
846,186
Unrestricted
funds
2021
£
Recreational actirivies - Operation of cycle park
627,266		 Total
funds
2022
£
846,186
Total
funds
2021
£
627,266

Page 29

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

9. Analysis of expenditure by activities

Recreational activities - Operation of cycle park
Recreational activities - Operation of cycle park		 Activities
undertaken
directly
2022
£
711,581
Activities
undertaken
directly
2021
£
473,873		 Support
costs
2022
£
134,605
Support
costs
2021
£
153,393		 Total
funds
2022
£
846,186
Total
funds
2021
£
627,266

Analysis of direct costs

Staff costs
Depreciation
Insurance
Premises costs
Consumables
Irrecoverable VAT
Coaching costs
Equipment costs
Other staff costs
Bad debts write off
Processing and bank charges
(Profit)/Loss on sale of assets		 Activities
2022
£
264,035
61,897
21,115
136,755
8,429
40,067
57,641
90,128
6,294
198
26,184
(1,162)
711,581		 Total
funds
2022
£
264,035
61,897
21,115
136,755
8,429
40,067
57,641
90,128
6,294
198
26,184
(1,162)
711,581

Page 30

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Insurance
Premises costs
Consumables
Irrecoverable VAT
Coaching costs
Equipment costs
Other staff costs
Bad debts write off
Processing and bank charges
(Profit)/Loss on sale of assets		 Activities
2021
£
193,668
48,025
17,261
90,750
5,711
28,119
25,770
45,384
4,842
499
15,024
(1,180)
473,873		 Total
funds
2021
£
193,668
48,025
17,261
90,750
5,711
28,119
25,770
45,384
4,842
499
15,024
(1,180)
473,873

Analysis of support costs

Staff costs
Marketing
Security
Professional fees
Auditors' remuneration
Accounting and administration		 Activities
2022
£
84,609
23,891
600
7,656
9,300
8,549
134,605		 Total
funds
2022
£
84,609
23,891
600
7,656
9,300
8,549
134,605

Page 31

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Marketing
Security
Professional fees
Auditors' remuneration
Accounting and administration
10.
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above
11.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Activities
2021
£
105,775
7,191
11,554
6,063
10,100
12,710
153,393
2022
£
7,500
2,750
2022
£
386,177
19,626
5,769
411,572		 Total
funds
2021
£
105,775
7,191
11,554
6,063
10,100
12,710
153,393
2021
£
10,100
-
2021
£
322,212
15,078
4,846
342,136

Page 32

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

11. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Management
Operations
Reception		 2022
No.
6
26
4
36		 2021
No.
6
24
3
33

No employee received remuneration amounting to more than £60,000 in either year.

The total employment benefits including employer pension contributions of the key management personnel were £62,480 (2021: £48,700).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).

Page 33

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

13. Tangible fixed assets

Cost or valuation
At 1 April 2021
Additions
Disposals
Transfers between classes
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
14.
Stocks		 Improvemen
ts to
property
£
78,202
-
-
-
78,202
9,775
19,551
-
29,326
48,876
68,427		 Equipment
£
145,703
56,743
(78,185)
8,302
132,563
113,897
23,120
(78,185)
58,832
73,731
31,806		 Fixtures and
fittings
Assets
under
construction
£
£
151,861
8,302
6,240
-
(74,284)
-
-
(8,302)
83,817
-
123,919
-
19,227
-
(74,284)
-
68,862
-
14,955
-
27,942
8,302		 Total
£
384,068
62,983
(152,469)
-
294,582
247,591
61,898
(152,469)
157,020
137,562
136,477

Finished goods and goods for resale

2022 2021
£ £
2,226 -

Page 34

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

15. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
45,682
38
13,394
59,114		 2021
£
106
-
16,254
16,360

16. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income		 2022
£
9,578
55,135
20,676
1,382
654
94,784
182,209		 2021
£
7,318
31,289
20,408
-
534
91,454
151,003

17. Creditors: Amounts falling due after more than one year

2022 2021
£ £
Other creditors 33,284 42,682

Page 35

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

18. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Sinking Designated funds
Pavillion Refit fund
General funds
General fund
Total Unrestricted funds
Restricted funds
Bikeability fund
Total of funds		 Balance at 1
April 2021
£
50,000
-
50,000
197,521
247,521
-
247,521		 Income
£
-
-
-
1,073,317
1,073,317
14,395
1,087,712		 Expenditure
£
-
-
-
(993,790)
(993,790)
-
(993,790)		 Transfers
in/out
£
-
95,000
95,000
(95,000)
-
-
-		 Balance at
31 March
2022
£
50,000
95,000
145,000
182,048
327,048
14,395
341,443

Page 36

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

18. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at Transfers 31 March
1 April 2020 Income Expenditure in/out 2021
£ £ £ £ £
Unrestricted funds
Designated funds
Sinking Designated funds 50,000 - - - 50,000
General funds
General fund 128,083 703,833 (690,469) 56,074 197,521
Total Unrestricted funds 178,083 703,833 (690,469) 56,074 247,521
Restricted funds
Sport England fund 3,207 - - (3,207) -
Kent Community Foundation
fund 2,917 - - (2,917) -
British Cycling Grant - 49,950 - (49,950) -
6,124 49,950 - (56,074) -
Total of funds 184,207 753,783 (690,469) - 247,521
Summary of funds
Summary of funds - current year
Balance at
Balance at 1 Transfers 31 March
April 2021 Income Expenditure in/out 2022
£ £ £ £ £
Designated funds 50,000 - - 95,000 145,000
General funds 197,521 1,073,317 (993,790) (95,000) 182,048
Restricted funds - 14,395 - - 14,395
247,521 1,087,712 (993,790) - 341,443

19. Summary of funds Summary of funds - current year

Page 37

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

19. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 April 2020
£
50,000
128,083
6,124
184,207		 Income
£
-
703,833
49,950
753,783		 Expenditure
£
-
(690,469)
-
(690,469)		 Transfers
in/out
£
-
56,074
(56,074)
-		 Balance at
31 March
2021
£
50,000
197,521
-
247,521

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
137,562
14,395
404,979
-
(182,209)
-
(33,284)
14,395
327,048		 Total
funds
2022
£
137,562
419,374
(182,209)
(33,284)
341,443

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2021
£
136,477
304,729
(151,003)
(42,682)
247,521		 Unrestricted
funds
2021
£
-
-
-
-
-		 Total
funds
2021
£
136,477
304,729
(151,003)
(42,682)
247,521

Page 38

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1 April
2021
£
Cash at bank and in hand
288,369
Debt due within 1 year
(7,318)
281,051		 2022
£
93,922
61,898
(21,967)
-
(2,226)
(42,754)
28,946
117,819
2022
£
358,034
358,034
Cash flows
£
69,665
(3,642)
66,023		 2021
£
63,314
48,024
(19,477)
(1,180)
-
10,420
(16,683)
84,418
2021
£
288,369
288,369
At 31 March
2022
£
358,034
(10,960)
347,074

Page 39

Cyclopark

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2022

24. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £5,769 (2021: £4,583).

25. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2022.

Page 40