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2023-03-31-accounts

Registered number: 07762463 Charity number: 1144915

Cyclopark

(A company limited by guarantee)

Trustees' report and financial statements For the year ended 31 March 2023

Cyclopark

(A company limited by guarantee)

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 13
Independent auditors' report on the financial statements 14 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 38

Cyclopark

(A company limited by guarantee)

Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2023

Trustees S Bennett (resigned 25 May 2022)
N Blissett (resigned 23 November 2022)
K Lloyd, Chair
J Ramsey (resigned 28 September 2022)
R Taylor
A Wheelwright
E Hughes
B Sandell
S Pereverzeva
S Purchas
J Pope
A Amey (appointed 25 January 2023)
Company registered
number
07762463
Charity registered
number
1144915
Registered office
Cyclopark
Watling Street
Gravesend
Kent
DA11 7NP
Independent auditors
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU

Page 1

Cyclopark

(A company limited by guarantee)

Trustees' report For the year ended 31 March 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2022 to 31 March 2023. 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 2023

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 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. Any surplus is re-invested into the park’s infrastructure and to further charitable objectives, for the benefit of our members and the wider community.

Cyclopark is unique. There is nothing comparable in the UK and due to its location it is attracting visitors from all parts of the UK and visitors from oversees. As a prominent local charity, it is making a tremendous impact on the health and wellbeing of people in our communities and producing world class medal winning athletes.

The sports and leisure industry has faced challenging times with the closure of local amenities. The staff and trustees of the Cyclopark are enthusiastic about their roles and responsibilities and very much focused on the future.

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

The Trust are committed to seeking out new projects to deliver in the area, working with:

Page 3

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

Objectives and activities (continued)

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.

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.

b. Strategic review

During the financial year to 31 March 2023, 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 2023

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

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.

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

Page 5

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

Achievements and performance (continued)

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:

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

Since opening in 2012 Cyclopark has provided an inspiring and accessible place for people from all social classes to ride their bikes. From young people learning to ride through to Olympic gold medallists, the top-class facilities have provided a supportive and safe environment for cycling.

The BMX track is named after Olympian and BMX gold medallist Beth Shriever. John Boy Smith won a gold medal at the Commonwealth Games and trains at Cyclopark.

Over the last 10 years, Cyclopark has expanded and grown its support for cyclists. Introducing more healthy activities for non-cyclists and hosted many cycling events from regional races through to national championships in BMX and Cyclocross.

Today, Cyclopark offers dozens of scheduled activities each week as well as being open for people to drop-in to ride or exercise. In addition to this it supports disabled cyclists and pupils from local schools who may not have the opportunity to gain experience to ride.

During 2022-23, the Trust have:

In June we partnered with Instead and Ifield Harriers to host the North Downs Run from the Cyclopark, with over 800 runners taking part.

In October 2022, Kent welcomed its first public visit from a member of the Royal family since the death of Her Majesty Queen Elizabeth II. HRH the Duke of Gloucester visited Gravesend to see examples of the physical and cultural regeneration taking place in Gravesham, which included a visit to the Cyclopark where he unveiled a commemorative plaque to mark its tenth anniversary.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charitable 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.

Page 6

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

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. The Board has assessed that reserves should maintained at £150,000 to allow for up to four months closure with no income. Any use of the reserve for investment will be subject to a plan to restore the reserve to this level in a short period.

c. Principal funding

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

d. Financial review

The results for the year are set out on page 18. The charity recorded a net surplus of £6,954 (2022: net surplus of £93,922). As a result of this, total funds amounted to £348,397 (2022: £341,443). No funds are restricted.

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.

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 7

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

Structure, governance and management (continued)

f. Risk management

The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances 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 charitable 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:

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.
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
for planning meetings.
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.
Reduction in external funding To be active in canvassing for support and offer
suitable value community activities.
Breach 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.
Loss of key employees Appointment of new Chief Executive Officer to
ensure
the
funding
and
stakeholder
engagement to deliver strategic objectives.

Page 8

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

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, any surplus is re-invested into the park’s infrastructure and to further charitable objectives, 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:

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,
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 9

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

Plans for future periods (continued)

Key
Objective		 Description Wider Impact What this looks like
Events Encourage and enable
growth in visitors to
Cyclopark year on year.
Have our competitive
 Through our leadership and
reputation, we can be a
valued part of the local
community to impact positive
change for local public		 Our range of facilities give
everyone the opportunity to try
all types of cycling – road, BMX,
cyclocross, mountain biking –
and provides the support and
riders participate at
regional, national and
world cycling event and
celebrate their success
with the local
community.		 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.		 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 10

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

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 11

Cyclopark (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

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 12

Cyclopark

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2023

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 . 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 auditors

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

Auditors

The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on and signed on their behalf by:

K Lloyd

Chair of Trustees

Page 13

Cyclopark (A company limited by guarantee)

Independent auditors' report to the Members of Cyclopark

Opinion

We have audited the financial statements of Cyclopark (the 'charitable company') for the year ended 31 March 2023 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 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 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 14

Cyclopark (A company limited by guarantee)

Independent auditors' 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 Auditors' 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 15

Cyclopark (A company limited by guarantee)

Independent auditors' report to the Members of Cyclopark (continued)

Auditors' 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 Auditors' 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:

Page 16

Cyclopark (A company limited by guarantee)

Independent auditors' report to the Members of Cyclopark (continued)

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

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 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Rouse FCCA DChA (Senior statutory auditor)

Chartered Accountants Statutory Auditor Chatham Maritime

Date:

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

Page 17

Cyclopark

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2023

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 income/(expenditure)
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
35,000
-
-
-
35,000
-
9,007
9,007
25,993
(30,388)
(4,395)
14,395
(4,395)
10,000		 Unrestricted
funds
2023
£
45,683
804,853
201,338
22,729
1,074,603
154,637
939,005
1,093,642
(19,039)
30,388
11,349
327,048
11,349
338,397		 Total
funds
2023
£
80,683
804,853
201,338
22,729
1,109,603
154,637
948,012
1,102,649
6,954
-
6,954
341,443
6,954
348,397		 Total
funds
2022
£
66,782
800,325
198,638
21,967
1,087,712
147,604
846,186
993,790
93,922
-
93,922
247,521
93,922
341,443

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

The notes on pages 21 to 38 form part of these financial statements.

Page 18

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

Balance sheet As at 31 March 2023

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		 3,697
31,716
303,240
338,653
(192,134)		 2023
£
225,243
225,243
146,519
371,762
(23,365)
348,397
348,397
10,000
338,397
348,397		 2,226
61,338
355,810
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

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 and signed on their behalf by:

K Lloyd (Chair of Trustees) Date:

The notes on pages 21 to 38 form part of these financial statements.

Page 19

Cyclopark (A company limited by guarantee)

Statement of cash flows For the year ended 31 March 2023

Cash flows from operating activities
Net cash generated by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in 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
The notes on pages 21 to 38 form part of these financial statements		 2023
£
95,414
22,729
3,792
(164,828)
(138,307)
(9,677)
(9,677)
(52,570)
355,810
303,240		 2022
£
115,595
21,967
-
(62,983)
(41,016)
(7,138)
(7,138)
67,441
288,369
355,810

Page 20

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

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 21

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

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 Se 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 £500 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 22

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

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 23

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

3. Income from donations and legacies

Grants
British Cycling Lighting Grant
Colyer Ferguson Trust
Kent Community Foundation
Other grants
Subtotal detailed disclosure
Donations
Subtotal
Grants
Furlough Grant
British Cycling Grant
Colyer Ferguson Trust
Bikeability Grant
Other grant
Donations
Subtotal		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
25,000
-
-
35,000
10,000
-
-
1,560
35,000
36,560
-
9,123
-
9,123
35,000
45,683
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		 Total
funds
2023
£
25,000
35,000
10,000
1,560
71,560
9,123
9,123
80,683
Total
funds
2022
£
7,314
-
35,000
14,395
2,829
59,538
7,244
7,244
66,782

Page 24

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

4. Income from charitable activities

Unrestricted
funds
2023
£
Recreational actirivies - Operation of cycle park
804,853
Unrestricted
funds
2022
£
Recreational activities - Operation of cycle park
800,325
5.
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2023
£
Christmas market event
30,491
Unrestricted
funds
2022
£
Christmas market event
34,793		 Total
funds
2023
£
804,853
Total
funds
2022
£
800,325
Total
funds
2023
£
30,491
Total
funds
2022
£
34,793

Page 25

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

5. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted
funds
2023
£
Cafe income
170,847
Unrestricted
funds
2022
£
Cafe income
163,845
6.
Investment income
Unrestricted
funds
2023
£
Rental income
22,394
Bank interest received
335
22,729
Unrestricted
funds
2022
£
Rental income
21,909
Bank interest received
58
21,967		 Total
funds
2023
£
170,847
Total
funds
2022
£
163,845
Total
funds
2023
£
22,394
335
22,729
Total
funds
2022
£
21,909
58
21,967

Page 26

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
Christmas market expenditure
21,529
Costs of raising voluntary income (continued)
Unrestricted
funds
2022
£
Christmas market expenditure
24,724
Other trading expenses
Unrestricted
funds
2023
£
Purchases
67,209
Trading account staff costs
65,899
133,108
Other trading expenses (continued)
Unrestricted
funds
2022
£
Purchases
59,952
Staff costs
62,928
122,880		 Total
funds
2023
£
21,529
Total
funds
2022
£
24,724
Total
funds
2023
£
67,209
65,899
133,108
Total
funds
2022
£
59,952
62,928
122,880

Page 27

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Recreational actirivies - Operation of cycle park
Recreational actirivies - Operation of cycle park		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
9,007
939,005
Unrestricted
funds
2022
£
846,186		 Total
2023
£
948,012
Total
2022
£
846,186

9. Analysis of expenditure by activities

Recreational activities - Operation of cycle park
Recreational activities - Operation of cycle park		 Activities
undertaken
directly
2023
£
781,061
Activities
undertaken
directly
2022
£
711,581		 Support
costs
2023
£
166,951
Support
costs
2022
£
134,605		 Total
funds
2023
£
948,012
Total
funds
2022
£
846,186

Page 28

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

9. Analysis of expenditure by activities (continued)

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
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
2023
£
279,765
73,714
23,141
203,504
8,593
34,982
55,236
70,119
8,239
(134)
27,065
(3,163)
781,061
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
2023
£
279,765
73,714
23,141
203,504
8,593
34,982
55,236
70,119
8,239
(134)
27,065
(3,163)
781,061
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 29

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Marketing
Security
Professional fees
Auditors' remuneration
Accounting and administration
Staff costs
Marketing
Security
Professional fees
Auditors' remuneration
Accounting and administration
10.
Auditors' 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		 Activities
2023
£
125,891
17,372
691
6,800
8,550
7,647
166,951
Activities
2022
£
84,609
23,891
600
7,656
9,300
8,549
134,605
2023
£
8,550
1,200		 Total
funds
2023
£
125,891
17,372
691
6,800
8,550
7,647
166,951
Total
funds
2022
£
84,609
23,891
600
7,656
9,300
8,549
134,605
2022
£
7,500
2,750

Page 30

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
445,137
20,611
5,807
471,555		 2022
£
386,177
19,626
5,769
411,572

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

Management
Operations
Reception		 2023
No.
6
30
7
43		 2022
No.
6
26
4
36

The average headcount expressed as full-time equivalents was:

Management
Operations
Reception		 2023
No.
6
13
3
22		 2022
No.
6
11
3
20

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 £140,512 (2022: £124,162).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

Page 31

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

13. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
14.
Stocks
Finished goods and goods for resale
15.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Improve-
ments to
property
£
78,202
-
-
78,202
29,326
19,551
-
48,877
29,325
48,876		 Equipment
£
132,563
63,015
(5,885)
189,693
58,832
31,901
(2,452)
88,281
101,412
73,731		 Fixtures and
fittings
£
83,817
101,813
-
185,630
68,862
22,262
-
91,124
94,506
14,955
2023
£
3,697
2023
£
7,736
2,246
21,734
31,716		 Total
£
294,582
164,828
(5,885)
453,525
157,020
73,714
(2,452)
228,282
225,243
137,562
2022
£
2,226
2022
£
45,682
2,262
13,394
61,338

Page 32

Cyclopark

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

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
17.
Creditors: Amounts falling due after more than one year
Other creditors		 2023
£
9,820
51,557
30,042
1,421
-
99,294
192,134
2023
£
23,365		 2022
£
9,578
55,135
20,676
1,382
654
94,784
182,209
2022
£
33,284

Page 33

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

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
Kent Community Fund - Skills
Area Grant
British Cycling Lighting
Improvement scheme
Total of funds		 Balance at 1
April 2022
£
50,000
95,000
145,000
182,048
327,048
14,395
-
-
14,395
341,443		 Income
£
-
-
-
1,074,603
1,074,603
-
10,000
25,000
35,000
1,109,603		 Expenditure
£
-
-
-
(1,093,642)
(1,093,642)
(9,007)
-
-
(9,007)
(1,102,649)		 Transfers
in/out
£
-
(95,000)
(95,000)
125,388
30,388
(5,388)
-
(25,000)
(30,388)
-		 Balance at
31 March
2023
£
50,000
-
50,000
288,397
338,397
-
10,000
-
10,000
348,397

Bikeability fund - Funds for the purchase of disability cycles and development of storage facility Kent Community Fund - Skills Area Grant - Creation of new cycling confidence/ skills area British Cycling Lighting Improvement scheme - funds used towards lighting purchased in the year

Page 34

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Sinking Designated funds
Pavillion Refit fund
General funds
General fund
Total Unrestricted funds
Restricted funds
Bikeability fund
Kent Community Fund - Skills
Area Grant
British Cycling Lighting
Improvement scheme
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
-
-
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
-
-
14,395
341,443

Page 35

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

19. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2022
£
145,000
182,048
14,395
341,443
Balance at
1 April 2021
£
50,000
197,521
-
247,521		 Income
£
-
1,074,603
35,000
1,109,603
Income
£
-
1,073,317
14,395
1,087,712		 Expenditure
£
-
(1,093,642)
(9,007)
(1,102,649)
Expenditure
£
-
(993,790)
-
(993,790)		 Transfers
in/out
£
(95,000)
125,388
(30,388)
-
Transfers
in/out
£
95,000
(95,000)
-
-		 Balance at
31 March
2023
£
50,000
288,397
10,000
348,397
Balance at
31 March
2022
£
145,000
182,048
14,395
Summary of funds - prior year
Designated funds
General funds
Restricted funds
341,443

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
2023
Unrestricted
funds
2023
£
£
-
225,243
10,000
328,653
-
(192,134)
-
(23,365)
10,000
338,397		 Total
funds
2023
£
225,243
338,653
(192,134
(23,365
348,397

Page 36

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

20. Analysis of net assets between funds (continued)

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		 Restricted
funds
2022
£
-
14,395
-
-
14,395		 Unrestricted
funds
2022
£
137,562
404,979
(182,209)
(33,284)
327,048		 Total
funds
2022
£
137,562
419,374
(182,209)
(33,284)
341,443
21.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
6,954
Adjustments for:
Depreciation charges
73,714
Dividends, interests and rents from investments
(22,729)
Profit on the sale of fixed assets
(359)
Increase in stocks
(1,471)
Decrease/(increase) in debtors
29,622
Increase in creditors
9,683
Net cash provided by operating activities
95,414
22.
Analysis of cash and cash equivalents
2023
£
Cash in hand
303,240
Total cash and cash equivalents
303,240		 2022
£
93,922
61,898
(21,967)
-
(2,226)
(44,978)
28,946
115,595
2022
£
355,810
355,810

Page 37

Cyclopark (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2023

23. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year		 At 1 April
2022
£
355,810
(10,960)
344,850		 Cash flows
£
(52,570)
(281)
(52,851)		 At 31 March
2023
£
303,240
(11,241)
291,999

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 £5,807 (2022: £5,769).

25. Operating lease commitments

At 31 March 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
53,780
123,556
91,800
269,136		 2022
£
27,757
19,712
-
47,469

26. Related party transactions

Bruce Sandell (Trustee) is the Chair (Dec 22), as well as Committee member (Nov 22) and race organiser for the Southborough & District Wheelers committee who hosted the Cyclocross national trophy at Cyclopark during the year. A Service Level Agreement has been written between Cyclopark and the Southborough & District Wheelers detailing the responsibilities of the host and the venue. Income of £459 has been paid during the year.

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