Reglslered number: 07762463 Charity number: 1144915 Cyclopark (A company limited by guarantee) Trustees. report and financial statements For the year ended 31 March 2024
Cyclopark {A company limited by guarantee) Contents . Page R6ference and admlnlstratlve detalls of the Charity, Its Trust889 and advlsers Trustees. report Independent auditors. report on the financial statements Statement of flnanclal activltles 2-10 15 Balanca 8h•el 16-17 statement of cash flow8 18 Notes to th8 flnanclal statements 19-35
Cyclopark (A company limited by guarantee) Reference and administrative details of Ihe Charlty, Its Trustees and advisers For the year ended 31 March 2024 K Lloyd, Chair R Taylor A Wheélwrlght E Hughes B Sandell S Pereverzeva (resigned 25 September 2024) S Purchas J Pope (resigned 27 September 2023} A Amey (reslgned 25 September 2024) A Coups (appointed 25 September 2024) Company registered number 07762463 Charlty reglsiared numbor 1144915 Reglstored offlce Cyclopark Walling Street Gravesend Kent DA117NP Independent audltors Kreston Re8V88 LLP Charler8d Accountants Montague Pla Quayside Chatham Maritime Chatham Kent ME4 4QU Page 1
Cyclopark (A company Ilmlted by guarantee) Trustees, report For the year ended 31 March 2024 The Trustees present thelr annual report tog8ther with tha audlted flnanclal statements of the Charity for th8 1 Aprll 2023 to 31 March 2024. The Annual reporl setyes the purposes of both a Trustees, report and a directors, report und8r company law. The Trustees confirm that the Annual report and financial stat8mgnts of th8 charitable company comply with the current statutory requirements, the requlrements of the charitable companls governing document and Ihe provisions of the Statement of Recommended Practice (SORPI applicable to charitles preparing their accounts In accordance with the Flnancial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS102) (effective 1 January 20191, Sinc8 the Charity qualifies as small under section 382 of the Companies Act 2008, tho Strategic report required of medium and large companigs under th8 Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitt8d. Objectives and actlvities a. Policies and obJe¢tlves The Wision for the Charlty Is to provide a community hub that drives positlV8 change In our local communlty. We want people to be able to access excellent faclllties no matter their ability or background. We hope to insplre future generations to get moving for pleasure as well as discovering hidden talent. The Mlsslon for the Charity is to provide outstanding experi8nces that 8UPPOrt all ages and abillties to get moving on two fget and bNO wheels. Vlhy - the local context Located in a Priority 1 arga of health and soGioeconomlc Inequalltles, 420A of Year 6 children are overw8ight and nearly 1 in 3 adults are physically inactive. Multiple large-scale studies across Ihe world show that just a moderate amount of movement- 150 minutes a week, which is 21 minutes a day- lowers your all4ause risk of death at a glven age by approximately 300/0. Following a change in senior leadership and period of review with key stakeholders towards the end of the financial year 2023124, tha original four-year strategy has been refined to focus on four key strategic goals from financial year 2024125. These look to further align the charty with Kent County Council's Framing and Securing Kent's Future and Gravesham Borough Councils Graveshan7 2040 prospectus, th8 summary of Iheir cory)orate and local plan. Th8 focus of these strategic go8ls is to build further on thg Charitys charitabl8 Status and strength of offer and position the Charlty and venue as a health and wellbeing hub in an area of significant need. By leanlng into the social prescribing agenda, underplnned by its unique cycllng-based offer, the charity can become a r8cognized asset to support Public Health building on its current success in cycling tal8nt creation and event staging. Strat6gic Goal 1.. The Charity to be a key resource for Public Health and the Kent and Medway Int8grated Care strategy, parCUlarlY the shar8d outcomes of - Giving children and young people the best start In life & to Support happy and healthy living for all. Slrategic Goal 2: The Charity to b8 the centre of cycllng in the region enhancing the current discovery of hidden talent and staging world-class 8vents with a ren8wed focus on insplring more people to get on a bike through the development of a more robust grassrootslparticipalion offer for children and adults. Thls In turn supports our Public H6alth objective. Strategic Goal 3", The Charlty to use cycling and non-cycling events to Inspirg engagement, generate valuable funds and as a kgy driver of profile ancf economic Impact for Kent and Gravesham. Stralegic Goal 4: The Charity lo be commercially s&lf-sufficient from Kent County Councll central funding within five years through efficiency and effectiveness in our offer and operations supported by third paty funding into our programmes and facilities from grants and partnershlps. Page 2
Cyclopark (A company Ilmlted by guarant991 Tru5tees' report Icontlnued) For the year ended 31 March 2024 ObJectiV85 and a¢tlvities {¢ontlnued) To achieve our strategic goals, w6 have four 8nabling goals.. Exceptlonal People Our People are the key to the 8uccess of the Charity. Whilst we have an excellent faclllty, it's the people who brlng11 to lrfe. We se8k to attract people who can help us deliver our objectiv8s whether that is working with our member5 on a day to day basis or helping run fantastic evenls. We continue to review and identifythe skills we need now and in the future as th8 Charity continues to grow and flourlsh. This includes ensuring we help our staff leam and develop to build tlieir careers and our succ8SS. In a tlme of a climate emergency, cycllng and active travel have critical roles to play. Our work at the Charity helps bring mare people, from a wide rang@ backgrounds to discover and expand their relationship with cycling, We actively seak out organis81ions to work collaboratively to bring more peopl8 lo a place where they can18arn to b8 confident and happy to ride bikes, whether for transport, for leisure or for sport (or a combination of all three). As a traffic free space w8 provide a safe and welcoming place for peopl8 to enjoy riding blkes. stakeholder Relationships Extend our relationshlps with stakeholders to include sport gov8rning bodies, local governmgnt. C8ntral govemment and health provid8rs to suppori mutually beneficial collaboration. Continue to host national lev81 cycling events an ambition to make Cyclopark a leading venue for intemational level cycling events, Continue to seek out new opportunities to work with local businesses and Ihe community to deliver new events that raise awareness and bring people to the venue. Charitable Fundraising Identify and apply for a series of fvnding opportunities to deliver the overall incom8 target. These include existing charit18s, grant making foundations, goveming bodies, local and central govemment, Conlinue our commitment to support discounted and fre8 activities. Our team at the Charity work with partners to Identify relevant charitable projects that align with our vlslon and help support the naeds of our local community, in furtherance of our own charitable activities, Host additional fundraising events to further support this part of our work. Commercial Growih Identify and approach a range of businesses to forge partnerships to daliver the overall income target. These include local and national organisations who could offer Value In Kind andlor cash input. Focus cornmercial activity in the areas of health and fitrtess, family activities, day visitors. events and food and drink. Continue to improve the products, servlces and evgnts we offer to our community by listening to feedback. Build an ongoing focus on Increasing Inclusivity across all of our activities and products with specific focus on diversity 8nd undgr r6presentad section of soclety (women, ethnlc divarsity, young people and dlsability). Our values are at the heart of everything we do. They inform the way we design and deliver our sgrvices and the way we work and behave. T8amwork- to work In ways which are open, inclusive, responsive and accountable to d8velop and maintaln positive working relationships with customers, stakeholders and partnars lo achieve excellent outcomes. Tru8t- to ensure all slakeholders are glven open and hon&st information to make declsions, to learn from our mistakes and promote continuous improvement and best practice. Treating people falrly- to recognis8 that 8V8ryone ha5 an important part to play in achi8ving the mlssion for the charity and to valu8 the diverse and vlbrant nature of our members and communlty. Spending Money Wisely- to set high expectation to achieve strat&gic outcomes, actlvely seek out opportunities to improve dellvery of s8Nices through partnership and listen lo feedback. Pag8 3
Cyclopark (A company limited by guarantee} Trustees, rèport (continued) For the year ended 31 March 2024 Objectlves and activltlos (contlnued) The pollcl8s adopted in furtherance of these objects are to provide an affordable and accesslble facility for all abilities. Th8 Cyclopark has refreshed its strategy during the year, sethng out a new set of values and KPIS to monltor progress in m6eting its charitable objectives. The Directors have paid due regard to ensure guidance has begn taken in how the charitvs activltles are focused around public benefit and in line wlth directlves Issued by the Charity Commlssion in deciding what activitl8S the charlty should undertak8. b. Maln activities undertakon to further the Charlty's purposes forthe publlc beneflt Cyclopark is a unique multi-activity venue locat8d in 49 acres of parkland in Grave5end, Kant offering a range of activities for all ages and abllities from dedicated cyclists and athletes to families looking for a great day out. It is owned by Kent County Council and was opened in 2012 further lo the relocation of the old A2. The Cyclopark Charity is an Independent reglstered charity appointed on a multi-year agreement by K8nt County Council to operate the v8nu8 on its behalf. As a charlty, Sny profit is re-invested Into the park's facilities and wider charltable actlvltles. Originally opened as a cycling vgnue, the Charity and activities offered have evolved over the years through the desire to further engage with and m88t the communitys needs. Our facilities are open 7 days a week, on average 12 hours a day, 360 days a year and include: A 2.9km closed road circuit able to be split into multiple areas for consecutive us8 or as a 2.5km loop, A 330 metre national stsndard BMX track, 6km of Mountain Bike trails for varying abilities, Over 200 bikes in various fleets including for Learn2Rlde, BMX, Mountain Bike and schoDls coachlng as W811 as publlG hire and the adaptlV8 bike f188t for Cyclo4AII, Five dèdicated indoor exercise spaces including w8ights and cardlo room, spln studio, two sludi08 for classes and tho Garage HIIT area. A 3,000 square foot playpark with multiplg children's play actlvities, The groundbreaklng Cycloland Initiative with a mini-road network for chlldren lo understand road safety whilst leaming lo scoot or use a balance bike, A 1,400 square metre skatepark with a variety of feature5 for skateboards, BMX8rs, scoot8rs and rollart)laders, A Mulli-use Games Area, An onsite café called ParkEat. We offer a wide range of have-a-go and taught Ride (cycling), Fitness and Play actlvities and 8vent$ for all ages and abilities priced in a community-orientated way focused on affordabllity. Where we can, we offer thes8 for fr88 or al a slgnlficant discount for id8ntified groups as part of our charitab18 activities. Rlde A progresslve CycloPathway deliv8ring a wide range of coached sessions by the Charity's coaches starting with beginner bike handling and moving inlo discipline specific coach8d sessions across road, BMX, rnountain bike and cyclo-cross to the highest standard, Host to five National Goveming Body clubs based at the venue offering road, BMX, mountaln bike and cyclo-cross dis¢lplines as w811 as triathlon and dlsability cycling, A range of coached and supported sessions for Schools including speclal schools for children with learning difficulties and social, emotional, behavioral and mental health needs; Pupil Referral Units for permanently excluded pupils and mainstream primary and secondary schools, The Cyclo4AII adaptlve cycling sessions ar8 furlher discounted from our already community-oriantated pricing as part of our charitsble activities offering opportunities for mentally and physically disabled people to engage In hlgh quality. fun activities in partnership wlth Kent Community H6alth NHS Foundation Trust. Page 4
Cyclopark {A company limited by guarantee) Trustees, report (contlnuod) For the year ended 31 March 2024 Objectlves and activitles (Contlnuedl Fllness Notjust a gym, ParkFitness provides a social and communlty hub for th& local residents of Gravesham and the surrounding areas. Our focu8 15 not lust on provldlng a facility but on supporting all users on their movementloumey through a wide rang8 of classes,18d sessions and access to programme writing with our instwctors, Four m8mbership packages provide tallored offers for key audlences with th8 ability for indivlduals to also pay-8s.you-go for individual classes at community-oriental@d prices, Over 70 classes and led sessions a week from low intensity yoga and pilates to hlgh intensity spin and our own Garage HIIT product as well as inclusive classes for target auclienc8s including Parenl & Baby and Chair Fit and Chat for older adults, Wider initiatives intsgratlng wllh ParkRide including CycloFemme. Bmxercise and the Black Dog Cycling Group, Charitable aclivities include offer5ng discounted Menopausal Weight Training Clinics and Chair Flt & Chat classes as well as a free self-referral programm8 throughout th8 year and Black Dog Cy¢ling Group. Play Th8 Play portFolio of play park, Cycloland, skatepark and MUGA provides the gateway to engage the families and younger chlldren of Grav88ham and surroutiding areas to help fOn posltlve habits through fun phyBical activity from an early 8g8. Access is priced in a communily-orlenlated way focused on affordability with a day pass for a famlly of five just £4.50 or a membership atjust £7.50 a month, Alongside th8s8 activities, the charityworks closely with its tenants the Baby & Toddler Cloud to engag8 young families both Ihrough their own classes and by cross promotlon of Park Fitn&ss exercise classes, ply park access and seasonal ParkPlay events. Booklngs & Evants Bookings and events are an incredlbly Important platform for engag8m8nt providing motivatlon for partlclpants, inspiration for spectstors and being a valuabl8 way to introduce new people to the charity, These range from a simp18 two-hour room hire to host a thlrd-paty meetlng or activity lo multi-day National Seri8s cycling events across BMX, Cyclo-cross and road disciplines with a whole range in beteen Ilnked to our Rlde, Fitness and Play portfolio. stakeholders Building and maintalnlng our neOrk of stakeholders Is key to on-going operations and unlocking new opportunities. This starts with those parties directly linked to the eslablishment of the Cyclopark prolecl and. as we look to our future direction, Ihosa closely aligned lo our four strateglc goals. These start with Kent County Council, Active Kenl and Medway, Gravesham Borough Council, Dartford & Gravesham NHS Trust, British Cycling and Coly8r Ferguson. Through close liaison with thasè parties, wa ansur8 our purpose is alignad to th8 local need as well as using these neIorkS to forge new conn8Ctions. Page 5
Cyclopark (A company Ilmlted by guarantee) Trustees, report (continued) For the year ended 31 March 2024 ObJactives and actlvities (continued) Achievements and performance a. Overvlew Since w8 first opgned In 2012, the Charlty has provided an Inspiring and accesslble place for people from all walks of life to ride their bikes, From young people leaming to ridg through to Olympic gold medallists, our top class facilities have provided a supportive and safe environment for wcling. Over the last 10 years, we have expand&d and grown our support for cyclists and introduced a broader range of activltles for non cyclists. We have also hosted many events from regional cycllng races through to National Series stages In BMX and Cyclocross; the highlight b6ing hosting a slag& of the 2019 Women's Tour. The Charltls scope is wide offering something for everyon8, not just cycling, with an av8rage of over 125 coached or supported sessions each week alongsida belng open for 8nyon8 lo drop In to rid8. exercise or play across the 49 acre slte. b. Maln Achlevements 2023124 Our Team is known for belng welcoming. supportive and creating an environmènt ttiat Tnany describe as like a 'famill. This approach shines through particularly in all taught sessions, b8 they on the track or in the gym, resulting in truly inspiring stories, feedback and impacts. During 2023124, the Charity has had,, Ovar /4 million vlsits, 6,300+ family vislts to the play park (up to two adults and three children und8r 11 }. 3,000+ led exercis8 classes (from 12 to 25 taking part in each class), 1000+ coached & supportad cycllng sessions from beginner to talent. Thase are a combination of Cyclopark's own regular discipline speclfSc sessions plus those of the fiv8 clubs based at the Park- Club Cyclopark (BMX, MTB, Ro8dlCross), 4T {FioadlCrossl. TNT BMX, Limitless disability club and Medway Trl. KCC also host Adult Learn 2 Ride sessions, 200+ days of cycllng based schools, visits including special schools for childr8n wtth learning difficultles and social, 8molional, behavioural and mental h881th needs, PRUS for permanently excluded pupils and mainstream primary and secondary schools from as far afield as Wandsworth, southwest London 100+ adaptive cycling sessions with Cyclo4AJI (30+ adaptive bikes, c. 50 people taking part in each session), 700* Mother and Babyl Toddler programme classes (10 to 15 taknng part in each class}, 1,000 members across tha Ride (cycling), Fitness and Play activiti8s, 125+ bookings & events includlng three National Serles cycllng events equating to c. 1 Ok vlsitors lo Kent over these weekends with overnight stays and spend deliverlng over £400,000 economlc impact to th8 local economy from the Natlonal Series BMX alone. Beyond th8se quantitatlve statistics, W8 also recelve numerous positive pieces of fe8dback from across our range of activities such as.. Cyclo4AII: "H has a leaming disability, has been partially sighted since birth and has rgsti7Gted mcvement due to having a sfroke 21 years ago. Once a week she attends th8 Cyclo4AII sessions. Tho arranggm&nts mstde for H have been a revelation. I had a quiet cry watching her going around the track on our first visit and seeing the joy antl freedom this was giving h8r. I still get emotional ev6n now just watching fhe pleasure on her face. Her self- esteem has improvgcl no end and her mobillty too." M8nopausal Welghl Training: "I had been battling brgast cancer for a year. Then, when all my tr8atment finished, I was diagnosed with Osteop8nia. I signed up for the menopausal weight Iraining Gourse, which help8d me to learn about weights and how to US8 them property and build my confidence. The peoplg on t17e course w8rg ama21ng too. Once I f8lt more comfortab19, 1 started doing other classgs like HIIT. This has help8d me by giving Pag8 6
Cyclopark (A company Ilmlted by guarantee) Tru$tees' report (continued) For the year ended 31 March 2024 Achlevements and performance {contlnued> me confidencg to work with the weights on my own at the gym, I fe81 stronger and my last scan showed my bone density hadnt got worse which is amazlng. l also love the fact that if you need any help, the instructors ar9 thorg to guide you which rs brilliant.. Learn2Rlde.' "l Just wanted to say how brilliant the coach was on Salurday for my son's l..118sson. He got hlm rldlng a pedal bik8 In 5 minutes. something we'vg been trying for months lo doJ' Parent & Baby classe5: 'The Parent & Baby classes have been amazlng in supporting my postnatal recovery after both of my pgnanCIeS. The instructors are understanding and helpful, and nothing is too much to ask. The classes offer differ9nt options dependent 017 your ability and Stagg of recovery, whiGh I found particularly usefvl 8ftgr having Iwo c sections. I honestly dont think I would have recovered as well as I have done,. physloally and mentally, if it wasn t for these Glasses. A safe and inclusive membership forparents, would hlghly recommend to anyone." Underpinning the public facing dellvery of activlties Is a contlnual revlew of operations to ensure that processes and procedures are being carrled out as efficlently and effectlvely as posslble. This includ8d r8Vl8w of historic supplier contracts r8sulling in fiv8 figur8 savings. Allgned wlth our enabllng goal of Exceptional People, our organisational structure has been revlewed and recruitment made to replace vacated and fill new roles. Establishing strong rglationships beleen a new senior management team and our key stak8hold&rs has b8en a focus for Q3 and Q4 and will be used as a springboard to support our income target through both charltable fundralsing and commercial growth in 2024125. Financial roview . Going concern After making appropriate enquiries, the trustees have a reasonable expectatlon that the charitable company has adequate resources to continue In operatlonal existence for the foreseeable future. For this r@ason, th8y continue to adopt the going concern basis in pr8paring the financial stst8ments. Furiher details regarding the adoption of th8 going concem basis can be found in the accounting policies. b. Reserves pollcy The Board has assessed thal reserves should be malntained at £150,000. When considering the level of reserves to be maintained by the Charity, the Board of Trustees has taken into account. thè forecasts of future income, the reliability and sustainability of each source of Income and prospects for forecasts of future expendilura, t)as8d on planned activity. the Strateglc plan based on building the Charity's charitabla status through partnership income. This shows a reduction in Net Current Assets to £133,000 in December 2024. being restored to above the £150,000 reserve as the partnership income is recognised in the 4th quarier of the financial year the sum required to cover four months overheads which is considered to b@ the length of tirne required to facilitate an orderly closure of the Charity if it were necessary any reseNe required to cover the loss of key staff or other unplanned adverse event any use of the reseNe for investment cr requirement to provide worklng capitsl in the ev8nt that expenditure is need8d ahead of income being received will be subject to a plan to restore the se6 to Ihis leval in 8 short period Reserves at 31 March 2024 are £165,805 Page 7
Cyclopark (A company Ilmlted by guarants8) Trustees. report (continued) For the year ended 31 March 2024 c. Prlnclpal fundlng Our principal funders ara Kent County Council from whom we receive our core funding. d. Flnanclal revlew The results for the year ar8 set out on page x The charity recorded a net surplus of £48,490 (2023.. net surplus of £6.954}. As a result of this, total funds amounted to £396,887 {2023,' £348,397). No ndS are restrlcted. Structurep governance and management Constitution The company is registered as a charitable company limited by guarantee and w88 set up by a Memorandum of Association on 5 S8Ptember 2011. The company is constitut8d under a Memorsndum of Association dated 5 September 2D11 and is 8 r8gist8r8d Gharity number 1144915. b. Methods of appolntment or elecllon of Trustees The management of the company is the responsibility of the Truslees who are elect8d 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 inductlon and training of Trustees Existing Directors of the charity ensure that new Directors become familiar with their rasponslbilities and duties. d. Pay pollcy for key management personnel The Board of Truslges alm to pay senior staff a fair salary that is competitive within Ihe charity sector and proportionate to th8 compl8Xlty of each role. The Trustees are responsible, In line with our charitable objectives based on the following princip16s set out below,. Meet all national pay standards and provid8 all paid staff with a living wage. Pay our staff an appropriate salary to attract and retain people with Ihe leadership, experience, knowledge and skills required. 0. Related party relationships The Charity cooparales and lialses with a number of other advisory seNices. local chariti8s and statutory services. Where one of thg Trustees holds the position of Truste& or Dir&ctor withln another charity, they may also b8 involved In discussion8 regarding that other chatlty but not In the ultimate decision maklng process. Page 8
Cyclopark (A company Ilmlied by guarantee) Trustee$, report {continued) For the year end&d 31 March 2024 Structure, goveman¢e and management (contlnued) f. Rlsk management Th8 Trustees have assessed the major risks to whlch the charllable company is exposed, In partlcular those related lo the operations and finances and are satisfied that systems and procedur8s are in place to mitigat8 Qur exposur8 to th6 major risks. Tho Truste8s r8¢0gnis8 that any major risks to which the charity is exposed n88d to be r8VI8W8d and systems put in plac8 to mitigate those risks. To that end Ihe charitable company is contlnually monitoring and managlng Its rlsk, revlewlng risk and ensuring action plans are In place to mitigate its key risk areas. Th& principal risks and uncertainties identified by the charity are as follows: Rlsk Identlfied Health & Safety {H&SI: dsk of serlous Injury or death of wsitor to the park, Actlons taken to miti ate risk Staff tralnin8. safe system5 of work. Monltorlng of near misses. All staff hold first aid qualifications, and first aid training Is carrled out on a routine ba515. The safeguarding policy has been updated and routinely revlewed to ensure industry com liance, Appolntment of in.house accountant, additional financial experfence added to the Board, monthly accounts sent to Audit & Rlsk Sub. committee. External Auditor retalned. Active marketing and promotion procedures. Wort< wlth local community groups to maximise utilisatlon. Monltoring of footfall increase and income for each area. Use of thls information for lannTn meetin Ensure proactivlty in research to ensure events are on trend and meetlng the needs of the sitors. KPI'S set for events and monitoring and feedback included. To be active in canvassing for support and offer sultable value communit activities. Cyclopark General Data Protection Regulation IGDPRI policy put Tn place to ensure compliance to UK GDPR re ulation. Busine55 plans for Investment opportunities outside of operatTonal éxpenditure and maintenance and prepared and presented to the Board for a roval. Regular meeting5 held to ensure the communicatlon of the importance of a safety based culture. Appolntment of new Chlef Executlve Offlcer to ensure the fundlng and stakeholder engagement to deliver strategic objectives. Safeguardlng wellbeing of vlsltors to the park, Financlal: rlsk of poor financlal plannln¥ and projection, and lack of robust reporting and credit control Entrles to Cyclopark do not Increase. No growth In events Reductlon In external fundlng Breach of customer data 15torage / security Inability to grow / develop due to lack of financial resources Safety of staff and equipment against criminal intent Loss of key employees Page 9
Cyclopark (A company Ilmlted by guarantoe) Trustees, report (contlnued) For the year ended 31 Mar¢h 2024 statement of Trustees, responsibilities The Trusleas (who are also the directors of the Charity for the purposes of company18w} are responsible for preparing thè Trustees, report and the financial staternents in acrdance with applicable law and Unlted K]ngdom AccountSng Standards {Unlted Klngdom Gen8rally Accepted Accounting Practice). Comp8ny law require5 the Trust88S to prepare flnancial statements for gach flnanclal Under company law. the Trustees must not approve the financlal statements unl8SS they are satisfied that they give a true and fair view of the state of affalrs of th8 Charity and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financlal stalements, the Trustees are required lo: $81eot suitable accounting policies and then apply them consistently., observe the methods and prFnciples of the Charities SORP (FRS 102)., make judgm6nts and accounting 88limates that are reasonable and prudent; state whether applicable UK Accounting Slandards {FRS 102) have been followed. subject to any material depariures disclosed and explained in the financial statements., prepare the financial statements on the going concem basls unless It Is inappropriate to presum8 that th& Charity will continue In business. Th8 Trustegs are responsible for keeping adequate a¢counling records that are sufflclent to show 8nd explain the Charltvs transactlons and disclose wilh reasonabl8 accuracy at any time the financlal positlon of the Charlty and enable them to ensure that the flnanclal 5tatem8nts comply with the Companies Acfi 2006. Th8y are also responsible for safeguarding th8 assets of the Charity and hence for taking reasonable steps for the pr8V@ntion and detection of fraud and other irregularities. Disclosure of infomiation to audllors Each of the persons who are Trustees at the lime when this Truste8s' report is approved has confirmad that,. so far as that Trustee Is aware, there is no relevant audit information of which Ihe charily's audltors are unaware, and that Trustee has taken all the sleps that ought to have been taken as a Tru5l8e in order to be aware of any relevant audit information and to establish that the charitys auditors are aware of that informatlon. Audltors The auditors, Kre51on 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 tha members of the board of Trustees on 251cfj120Z4 and signed on their b8half by. K Lloyd Chair of Trustees Page 10
Cyclopark (A company Ilmited by guarantee) Independent auditors. report to the Members of Cyclopark Opinion We have audited the financial stat6ments of Cyclopark (the 'chartt8ble company'} for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balan¢k sheet, the Statement of cash flows and the related noles, includlng a summary of significant accounting policies. The finanoial 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 GenerallyAccepted Accounting Practicg). In our opinion the financial stat8ments- give a true and fair vlew of the stat6 of th6 charitable companls affalrs as at 31 March 2024 and of Its Incoming resources and appllcation of resources, including its incom6 and expenditure for the year then ended., have been properly prepared in accordanc8 With United Kingdom Gen8rally Accepted Accounting Practice; and have been prepared in accordanc8 Wlth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordanc8 With Intemational Stsnd8rds on Audltlng (UK) (ISAS (UK)) and applicable 18w. Our responsibilltles under those standards are further ée5crlbed In the Auditors, r8sponsibilities for the audit of the financial statements sectlon of our r8POrt. W8 ar8 ind8pend8nt of the charitable company in accordance with thg ethical requir8mer)ts that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Ccuncil's Ethical Standard, and we have fuifill8d our other ethical responslbililies in accordance with these requirements. We believe that th8 audil evidence w8 have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng ¢on¢ern In auditing the financial st8t8m8nts, we have concluded that the Truslees, use of thè golng concarn basis of accounting in the preparatSon of the financial statoments is approprlate. Based on the work we have performed, we have not identified any materlal uncertainties rolatlng to events or conditions that, individually or collectively, may cast slgnlficant doubt on the charitable company's ability to continue as a going concem for a period of at least e1ve months from when the financial ststemenls are authorised for issue. Our responsibilities and the responsibilities of tho Trustees wilh respect to going concern are described In the relevant sections of this report. Page 11
Cyclopark (A Company limited by guarantee) Independent auditors, report to the Members of Cyclopark (conlinued) Other infomiation The other information comprises lh8 infomation includ8d in the Annual rgporl other than the flnanclal 8latem@nts and our Auditors, report thereon. The Trustees are responsible for th8 Other Information contained within the Annual report. Our opinion on the financlal statements does not cover the other information ané. except lo Ihe extent otherwise explicilly stated in our report. W8 do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infoNnation and, in doing so. consider whether the other informatlon is materially Inconsistent with the financial ststements or our knowledge obtained in Ihg course of thg audlt, or othaNise appears to be materially missiat6d. If we identify such materlal inconslstencies or appar8nt material misstatem8nts, we are required to determine whether this gives ris8 to a materlal misslatement in the financial statements th8ms8lve8. If, based on the work we have performed, wé conclud8 that there Is a material mlsstatement of Ihls other information. we are r8quir8d to report that fact, We have nothing lo report In this regard. Matters on whlch we are requlred to report by exception We have nothlng to report in respect of the following matters where the Charities (Accounts and R8POrts) Regulations 2008 requires us to report to you if, in our opinion.. the Information glven in the Trust88s' r8POrt is inconsistent In any materlal respect with th8 financial statements., or sufficient accounting records have not been kept- or the financlal statem8nts are not in agre8ment wlth the accounting records and r6turns- or we have not received all tho information and explanations w6 require for our audit. Responslbllltles of trustees As explained mor8 fully in the Trustees. responsibilities statement, the Trust8es (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of Ihe financial Statements and for being satlsfied that they giv8 a true and fair vi8w. and for such internal control as the Trustees determine is necessary lo enable the preparation of financial staternents 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 lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees eithèr intend to liquidate the charitable company or to ceasg operations, or have no raalistic alternative but lo do so. Page 12
Cyclopark (A company limlted by guaranteo) Independent auditors, report to tho Members of Cyclopark (contlnuod) Auditors, responslbllltles for the audll of the financial statements We have been appointed as auditor under sectlon 144 of Ihe Charitie5 Act 2011 and report in accordance with the Act and relevant regulations made or havlng effect thereunder. Our objectives ara to obtain reasonable assur8nce about whether the financial statements as a whole ara fr8e 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, bul is not a guarantee Ihal an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or 8rror and are considered material if, individually or in the aggregate, they could reasonably be expect8d to influence the economlc dgcisions of us8rs taken on the basls of th8S8 financial statements. Irregularities, including fraud, are Instances of non-complianca with laws and regulatlons, W9 d8sign procedures In lin8 Wlth our responslbilltles, oullined above. lo detect material mlsstatem8nls in r8SP8Ct of Irregularities, including fraud. The ext8nt to which our procedures are capable of detecting irregularities, including fraud is detalled below: Capability of the audit in deleGting irregulanties, 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 identthed that Ihe principal risks of non-compllance with laws and regulations relaled to safeguarding, health and safety, anll-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the flnancial statements. We also considered those laws and regulations that have a dlrect impact on the preparation of the financial statements such as the Charities SORP (FRS 102) S8cond Edition (released October 2019), tha Companies Act 2006 and other relevant charity legislalion. We communicated identifi8d laws and regulations throughout our t8am and remained alert lo any indications of non-compliance throughout th& audit. W8 8valuated Tru5tees' and management's incentive5 and opportunltles for fraudulent manipulation of the financial slatemanls (including the risk of overrid& of controls) and detemined that the principal risks related posting inappropriate journal entries to increase revenue or reduce expenditure, management bias In accounting estimates and ludgemental areas of the financial. Audit procedures parfomied by the engagement leam included.. Discussions with management and assessment of thown or suspected instances of non-compliance with laws and regulations (including hèalth and safely) and fraud. Assessment of identlfied fraud risk factors., and Review of e2sh and credil card expenditure to confirm no 8vidence of personal benerrt., and Challenging assumptions and Judgements made by management In Its significant accounting estlmates; and Performing analyiical procedur8S to identlfy any unusual or unexpected relationships, includlng relat8d party transactions, that may indicate risks of matgrial misstalement due to fraud,. and Confirmation of r8l£led partias with management, and review of transactions throughout the period to idantify any previously undisclosed transactions with related parties outside tha normal course of business. and Reading mlnutes of meetlngs of those charg@d with governan, reviewing Intemal audit reports and reviewing corr8spond8nce with relevant tax and regulatory authorities- and Review of significant and unusual transaclions and evaluation of the underlying financial rationale supporting the transactions-, and Identifying and testing journal entries, in partlcular any manual entries made at the year end for financlal stalem8nt pr8paration. This was carried out with the aid of our data analytics softwara Mindbridge. Pag8 13
Cyclopark (A company Ilmlted by guarantee) Independent auditors, report to the Members of Cyclopark (contlnued) As part of an audit in accordance with ISAS (UK), we exerclse professional judgment and maintain prof8ssional scepticism throughout the audit. W8 also.. Identify and assess the risks of nialerial misstatement of the financlal statemenls, whether due to fraud or error, design and perform audit procedures responsiv8 to those risks, and obtain audit evidence that Is 5uffiGient and appropriale to provide a basis for our oplnlon, The risk of not detectlng a material misst8t&ment resulting from fraud is higher than for one resulting from error, a8 fraud may involve colluslon, forgery, intentlonal omissions, misrepresentalions, or the overrlde of Intemal control. Obtain an understanding of internal control relevant to the audit in order to d88ign audit procedurgs that are appropriate In the circumstances, bul not for the purpos8 of 8xpressing an opinlon of the effectiveness of the charitable company's internal control. Evaluate th8 approprlateness of accounting policies used and the r8asonableness of accountlng estimates and related disclosur8s made by th8 Trustees. Conclud8 on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a mat8rial uncertainty exists related to events or conditions that may cast significant doubt on the charltable companys ablllty to continue as a going concern. If we conclude that a material UnrtaInty exists, W8 are requirsd to draw attention in our Auditors, report to the related disclosures in th8 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence oblained up to the dat@ of our Auditors, report. However, future events or conditions may caus8 tha char1table company to cease tc ntInue as a going conc8rn. Evaluate the overall presentation, structure and content of the financial statements, including the dlsclosures. and whether Ihe financial statements ropresent the underlylng transactions and 8vent8 in a mann6r that achieves fair presentation. We communlcate with those charged wilh g0V8rnan regarding, among other matters, the planned scope and timing of th& audlt and significant audit findings, including any significant deficiencles In Internal control that we Id8ntify during our audit. Use of our report Thls report Is made solely to Ihe charitable companvs trustees, as a body, In acGordance with Part 4 of the Charilies (Accounts and Reports) Regu181ions 2008. Our audit work has been undertaken so that we might state to the charitabla companys trustees those matters we are required to state to them in an Audilors, report and for no other purpose. To the fullest axtent permitted by law, we do not accept or assume responsibility to anyono other than the charftable company and its m8mbers, as a body, for our audit work, for this report, or for th8 opinions we have form8d, Samantha Rouse FCCA DChA (Senlor statutory audltor) Chartered Accountants statutory Auditor Chatham Marlllme Date.. 25 September 2024 Kreston Reeves LLP are eligibl8 to act as auditors in terms of section 1212 of the Companies Act 2006. Page 14
Cyclopark {A company limited by guarantee) Statement of flnanclal activities (Incorporating income and oxpandlture accounl) For the year ended 31 March 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Not8 In¢oma from: Donations and legacies Charitab16 activities Other trading activitie8 Inveslments 62,500 43,301 841,488 203,176 24,662 105,801 841,488 203,176 24,662 80,683 804,853 201,338 22,729 Total income 62,500 1,112,627 1,175.127 1.109,603 Expenditure on: Raising funds Charitable activities 139,210 987,427 139,210 987,427 154,637 948,012 Total expenditure 1,126,637 1,126,637 1,102.649 Net incomel(expenditure) Transfers between funds 62,500 (72,500) {14,010 72,500 48,490 6.954 19 Net movement in funds (10,000) 58,490 48,490 6,954 Reconclllatlon of funds: Total funds brought forward Net movement in funds 10,000 110,000) 338,397 58.490 348,397 48,490 341.443 6,954 Total funds carrled forward 396,887 396,887 348,397 The Statement of financial activities includes all gains and losses rgcognis8d in the year, The notes on pages 19 tD 35 form part of these financlal statements. Page 15
Cyclopark (A company Ilmited by guarantee) Registered number: 07762463 Balance sh88t As at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 14 231,082 225,243 231,082 225,243 Current assels stocks D8btors Cash al bank and In hand 15 16 3,926 65,844 316,316 3,697 31,716 303,240 386,086 338,653 Credttors., amounts falling due wilhin one y8ar (207,086) (192,134) Net current assat8 179,000 146,519 Total assets18ss current liabllitles 410,082 371,762 Cr8ditors'. amounts falling due after more than one year 18 (13,195) (23,365) Net assats excluding pon8lon asset 396,887 348,397 Total net assets 396,887 348,397 Charity funds Restricted funds Unrestricted funds 19 19 10,000 338,397 396,887 Total funds 396,887 348,397 The entity was entidad lo exemption from audit under section 477 of the Companies Act 200$, The members have not requlred the entity lo oblgin an audit for the year in question In accordance with section 476 of the Companies Act 2006. However, an audit 18 required in aGcordance with ssction 144 of the Charities Act 2011. The Truste8s acknowledg6 their responslbilities for complying with th& raquirem6nts of the Act with respect to accounting records and preparalion of flnancial statements. The financial 8tatements have been prepared in accordance with the provisions appllcable to entities subject to the small companies regime. The financial statements were approved and authorised for issu8 by the Trustees and signed on their behalf by,. Page 16
Cyclopark (A Gompany Ilmited by guarantee) Registar&d number: 07762463 Balance Sheet (conllnuod) As at 31 March 2024 K Lloyd (Chair of Trustees) Date; 23109 I loZ4 Tha notes on page.s 19 to 35 form part of Ihese flnancial statament5. Page 17
Cyclopark (A company Ilmlted by guarantse) Statement of cash flows For the year ended 31 March 2024 2024 2023 Cash flows from operating actlvltles Nat cash generated by operating activities 100,231 95.414 Cash flows from investlng actlvitles Dlvidends, interests and rents from investments Proce8ds from the sale of tangible fixed assets Purchase of tangible fixed asset8 24,662 22,729 3,792 1164,828) (101.748) Net cash used In invasting actlvities (77,086) (138,307) Cash flows from financlng activili88 Repayments of borrowlng (10.069) (9.677) Net cash used in flnanclng actlvltles (10,069) (9,677) Changa In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 13,076 303,240 (52,570) 355,810 Cash and cash equlvalents at the end of the y8ar 316,316 303,240 The notes on pages 19 to 35 form part of thes& financial statoments Page 18
Cyclopark (A company Ilmi18d by guarantee} Notes to the flnancial statements For th8 year endèd 31 March 2024 General Infonnallon Cyclopark Is a company Ilmlted by guarantee (reglstered number 07762463) which is incorporated and domiclled In England. It is also registered as a charity wih the Charity Commlssion (r8gistered number 1144915). Th8 adress of the registered office is Watling Slreet, Gravesend, Kenl. DA117NP. Accountlng pollcias 2.1 Basls of preparatlon of financial statements The financial statements have been proPad in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charit18s= Statement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicabl6 in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reportlng Standard applicable In the UK and R8public of Ir81and IFRS 102) and the Companles Act 2006. Cyclopark meels the definltion of a publlc benefit entlty under FRS 102. Assets and liabllltles are initially recognised at hlstorlcal cost or transaction value unl8ss othenivlse ststed in the relevant accountlng polioy. 2.2 Income All income is recognised once the Charity has entitlement lo the income, it is probable that the income will be received and the amount of Income receivable can be measured reliably. Grants ar8 included in the Statement of financial activltles on a receivable basis. The ba18nce of incomg r8caiv8d for Specific purposes but not expended durlng the period is shown in the relevant funds on the Balance sheet. Where Incoma is r8C8IV8d in advance of entitlement of receipt, its recognitlon is deferred and included in creditors as deferred income, Where enlitlemant occurs bafore income is rec8ived, the income is accrued. Other Income is recognised in th8 period in which it is receivable and to Ihe extent the goods have been provided Dr on complelion of (he service. 2.3 Expendilure Expenditure is recognised once there is a legal or constructive obligallon to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be reqLAif8d In settlement and the amount of the obligatlon can be measured r@liably. Expenditure Is classlfied by activity, The costs of 8ach activity ar8 made up of the tolal of dlrect costs and shared costs, Including support costs involved in undertaking each activity, Dlrect cosl8 attributable to a single activity are allocated directly to that activity, Shared costs which contrlbute to more than on8 activity and support costs whlch are not attributab16 to a slngle activity ar8 apportioned between those activltles on a basis consistent with th@ use of resources. Central staff cosls are allocated on the basis of tim@ spent. and depr8ciation charges allocated on Ihe portion of the asset's use. Expenditur8 on raising funds includes all expenditure incurred by the Charity to raise funds for ils charilable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direclly undertaking the activlties which furthor the Charitys objectives, as well as any associated support costs. Grants payable are charged In the year when the off8r is made except in those cases where the offer is ¢ondillonal, such grants being recognised as 8xpenditure when the condltlons attaching ar8 fulfill8d. Grants offer8d subjecl to conditions whlch have not been met at the y8ar end are not8d as a commitment, but not accrued as expenditure. Page 19
Cyclopark (A company Ilmited by guarantee) Notes to thè financlal statements For the year ended 31 March 2024 Accounting pollcles (contlnued) 2.3 Expendilure {continu8d) All expenditura is inclusive cf irrecoverabl& VAT. 2.4 Interast recelvable Interest on funds hard on deposit is included when reIvable and the amount can be measured reliably by the Charity. this is normally upon notification of the inler6St paid or payable by the nstitution with whom the funds ar8 deposited. 2.5 Taxatlon The Charity is considered to pass the tests s8t out in Paragraph 1 Schedu19 6 of the Flnanc8 Act 2010 and therefore it meets the definitlon of a charitable company for UK corporation tax purpose5. Accordingly, the Charity is pol8ntially exempt frcm taxation in respect of income or capital galns received within categorfes covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Se 258 of the Taxation af Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purpos8s. 2.6 Tanglble fixèd assets and depreciation Tangible fixad assets costing £500 or more are capltalis8d and r&cognlsed when future 8conomlc benefits ar8 probable and the cost or value of th8 asset can be measured reliably. Tangible fixed assets are initially r8cognised at cost. Aft8r recognition, under the cost model. tsngible fixed assets ar8 measured at cost18ss accumulated depreciation and any accumulated impairment losses. All cosls incurred to bring a tangible fixed asset into its Sntended working cc>ndition should be included In the measurement of cost. Depreciation is chargad so as to allocate the cost of tsngible fixed assets l@ss thelr residual value ovar their estlmated useful livas, uslng the straight-line method. Deprecialion is provided on the following basis.. Fixtures & flttings Equipment Improv8ments to property 25°/p Straight line 25 /0 Straight Ilne 25Yo Straight Ilne 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 approprrate proportion of fixed and variable ovorheads. 2.8 Dobtors Trade and other d@btors are recognised at th8 settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid n8t of any trade discounts du8. 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. Pag8 20
Cyclopark (A company limlted by guarantea) Not8s lo tho financial statements For the year endod 31 March 2024 Accountlng pollcles (contlnued) 2.10 Liabllllies and provlslons Liabilities ar8 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 estimatad reliably. Llabilities are recognised at the amount that the Charity anticipates it will pay lo settle th& debt or the amount It has r8caived as advanced payments for the goods or seNlCaS It must provide, Provisions are measured al the best 8Stimate of th8 amounts required lo settle th& obligation. Where the effect of the time value of money Is malerial, th& provision is based on the present valu8 of Ihose amounts, dlscounted al the pre-tax discount rate that reflects th8 risks specific lo the liablllty. The unwinding of the discount is recognised in th8 Statement of financial activiti8s as a finance cost. 2.11 Finan¢lal instrum8nts The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are Initially r8cognised al transactlon value and subs&quently measured at their seltlement value with the exceptlon cf bank loans which are subsequently measur8d at amortised cost using th8 effective intarest method. 2.12 Operatlng leases Rentals paid under operating leases are charg8d lo the Statement of financlal activities on a straight- Ilne basis over the leas8 term. 2.13 Pensions The charitable company operates a defined contribution pension scheme. Contributions payable to Ihe charitable companls pension schem8 are charged to the Statement of Financial Activities in the period to which they relate. 2.14 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trust88s in furtherance of the general objectlv6g of the Charity and which have not been designated for other pury)oses. 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 sel out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictlons imposed by donors or which have been raised by the Charity for particular purposes. The costs of ralsing and adminislgring such funds are charged against the specific fund. The aim and use of each restricted fund Is set out in the notes to the flnancial statements. Invastm8nt income, gains and losses are allocatéd to the appropriate fund. Page21
Cyclopark (A company Ilmlted by guarantee) Notes to thè financial statements For the year ended 31 March 2024 Incom8 from donatlons and legacles Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Totsl funds 2023 Grants British Cycling Lighting Grant Colyer Ferguson Trust Kent Community Foundation Other grants 25,000 35,000 10,000 1,580 Sublotal detalled dlsclosure 71,560 Donations Grants 4,916 38,385 4,916 100,885 9,123 62,500 Subtotal 62,500 43,301 105,801 9,123 62,500 43,301 105,801 80,683 Total 2023 35,000 45,683 80,683 Pag9 22
Cyclopark {A company Ilmlted by guaranteo) Notes to the flnanclal statements For the y8ar end8d 31 March 2024 Income from charltable actlvltles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Recre81ional actirivies - Operation of cycle park 841.488 841,488 804,853 Total 2023 8D4,853 804,853 Income from other trading actlvltles Income from fundraisrng ev8nts Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Chrlstmas market event 30,491 Total 2023 30,491 30,491 Pag8 23
Cyclopark (A company limited by guarante¢l Notes to th8 financlal statements For the year ended 31 March 2024 Income from other Iradlng activltles (contlnued) Income from non charitablg tradlng actlvltlos Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Cafe income 203,176 203,176 170,847 Total 2023 170,847 170,847 Investment Income Unrestrled funds 2024 Total funds 2024 Total funds 2023 R8ntal income Bank Interest recelved 22,504 2,158 22,504 2,158 22,394 335 24,662 24,662 22,729 Total 2023 22,729 22,729 Expendituro on ralslng funds Costs of ralslng voluntary Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Christrnas market expenditure 21,52g Total 2023 21,529 21,529 Page 24
Cyclopark (A company Ilmlted by guarantee) Notes lo the flnancial statements For the year end8d 31 March 2024 Expendlture on ralslng funds Icontlnued) other trading 8xpen$es Unrestricted funds 2024 Total funds 2024 Total funds 2023 Purchases Tr8ding account staff costs 69,786 69,424 69,788 69,424 67,209 65,899 139,210 139,210 133,108 Total 2023 133,108 133,108 Analysls of grants Grants lo Individuals 2024 Total funds 2024 Total funds 2023 Aw8rds and Grants 1,126 1,126 Analysis of exp8ndilure on chariiabl8 activltles Summary by fund type Restrided Unrestricted funds funds 2024 2024 Total 2024 Tolal 2023 Recreational actirivies - Operation of cycle park Awards and Grants 986,301 1,126 9B6,301 1,126 948,012 987,427 987,427 948,012 Totsl 2023 9,007 939,005 948,012 Pag6 25
Cyclopark (A company limited by guarantee) Notes lo th8 financlal statements For the year ended 31 March 2024 10. Analysls of expondlture by actlvlties Actlvltios undertaken directly 2024 Grant funding of activili88 2024 Support osts 2024 Total funds 2024 Total funds 2023 Recreational activities Operation of cycle park Awards and Grants 783,363 202.938 986,301 1,126 948,012 1,126 783,363 1,126 202,938 987A27 948,012 Total 2023 781,Q61 166,951 948,012 Analysls of direct costs Total funds 2024 Total funds 2023 Acliviti88 2024 staff costs Depreciation Insurance Premises costs Consumables Irr8coverable VAT Coachlng costs Equipment costs Other stsff cost8 Bad debts Write off Processing and bank charges {Profit)ILoss on sale of assets 255,196 95,909 24,527 198,053 8,496 33,084 65,082 59,834 14,165 333 28,684 255,196 95,909 24,527 198,053 8,496 33,084 65,082 59,834 14,165 333 28,684 279,765 73,714 23,141 203,5D4 8,593 34,982 55,236 70,119 8,239 (134) 27,065 (3,163) 783,363 783,363 781,061 Total 2023 781,061 781,061 Page 26
Cyclopark (A company Ilmlted by guarantse) Notes to the financial statements For the yèar ended 31 March 2024 10. Analysls of expendlturo by actlvitios (conllnuod) Analysis of support costs Total funds 2024 Total funds 2023 Actlvltles 2024 staff cosls Marketing Security Professional fees Audltors, remuneratlon Accounting and administrallon 167,933 8,945 208 167,933 6,945 208 7,777 12.600 7,475 125,891 17,372 691 6,800 8,550 7,647 7.777 12,800 7,475 202,938 202,938 166.951 Total 2023 166.951 166.951 11. Audltors. remuneration 2024 2023 Fees payable to tho Charitys auditor for the audit of the Charity's annual accounts 12,600 8,550 Fees payabl8 to the Charitys auditor In respect of. All non-audlt servlces nol included above 2,200 1,200 12. Staff costs 2024 2023 Wages and salaries Social security costs Ccntrlbution to defined contribution pension schemes 464,384 21,983 6,186 445.137 20.611 5,807 492,553 471.555 Page 27
Cyclopark (A company limited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 12. Staff costs (contlnued) The average number of persons employed by th8 Charity durlng the year was as follows: 2024 No. 2023 No. Management Operation8 Reception 32 30 46 43 The averag8 headcount expressed as full-time equivalents was; 2024 No. 2023 No. Manag8mer7t Operations R8c8Ption 13 13 20 22 No employee received remuneration amountlng to more than £60,000 in elther year. The total employment b8nefits including employer pension contributions of the key management personnel were £100,73712023: £140.512). 13. Trustees, remuneration and expenses During the year, no Trustees rec8ived any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL), Page 28
Cyclopark {A company Ilmlted by guarantea) Not88 to the financlal statements For the year ended 31 March 2024 14. Tanglblo flxed assets Improve- ments to property Equlpment Flxtures and flttlngs Total Cost or valuation At 1 April 2023 Addltions 78,202 189,693 75,546 185,631 26,202 453,526 101,748 At 31 March 2024 78,202 265,239 211,833 555,274 Depreciation At 1 April 2023 Charge for the year 48.877 19,551 88,282 43,834 91,124 32,525 228.283 95,910 At 31 March 2024 68,428 132,116 123,649 324.193 Net book valua At 31 March 2024 9,774 133,123 88,184 231,081 At 31 March 2023 29,325 101,411 94.507 225,243 15. Stocks 2024 2023 Flnlshed goods and goods for resale 3,926 3,697 16. Debtors 2024 2023 Due withln one year Trade debtors other debtors Prepayments and accrued income 46,867 2,755 16,222 7.736 2.246 21,734 65,844 31,716 Pag8 29
Cyclopark {A company Ilmit&d by guarantee) Notes lo the financial statements For the year ended 31 March 2024 17. Credltors: Amounts falllng due withln one year 2024 2023 Bank loans Trade creditors Other taxation and social security Pension fund loan payable Accruals and deferred income 10,070 59,076 30,868 1,718 105,354 9,820 51,557 30.042 1,421 99,294 207,086 192,134 18. Creditors: Amounts falllng due after more than one year 2024 2023 other credltors 13,195 23,365 Page 30
Cyclopark (A company Ilmlted by guarant88) Notes to the flnanclal statemen1$ For Ihe year ended 31 March 2024 19. Statement of funds statement of funds • current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transf&rs Inlout Incomo Expenditure unr0strled funds Designated funds Sinking Designated funds 50,000 (50,000) General funds General fund 288,397 1.112,627 (1,126,637) 122,500 396,887 Total Unrestrictèd funds 338,397 1.112,627 (1,126,637) 72,500 396,887 Restricted funds Kenl Community Fund- Skills Ar8a Grant Highways - Cycloland Extension 10,000 (10,000) 62.500 {62,500) 10,000 62,500 (72,5001 Total of funds 348,397 1,175,127 (1,126,637) 396,887 Bikeability fund - Funds for the purchase of disabllity cycles and development of storage facility Kent Communlty Fund - Skills ea Grant - Creation of new cycling confidencel skills area Britlsh Cycling Llghtlng Improvement scheme - funds used towards lighting purchased in Ihe year Highways - Cycloland Extension - Supply and building of a Themed Tunnel with coloured Perspex lights, timber framed wlth galvanisad ste&1 footings in tha play park Pag8 31
Cy¢lopark (A company limlted by guarant88) Notes to th8 financlal statements For the year onded 31 March 2024 19. Slalement of funds Icontlnu•d) Slatement of fundg - prlor year Balance at 1 April 2022 Balance at 31 March 2023 Transfers in/out Income Expenditure Unrestrlcted funds D88ignated funds Slnking Designated funds Pavilllon Rafit fund 50.000 95,000 50.000 (95,0001 145,000 {95,000) 50,000 General funds Ganeral fund 182,048 1,074,603 (1.093,642) 125.388 288,397 Total Unr8Stricted funds 327,048 1,074,603 (1,093,642) 30,388 338,397 Restrlcted funds Bik8abilily fund Kenl Community Fund - Skills Area Grant British Cycling Lighting Improvement scherne 14,395 (9,007) (5,388) 10,000 10,000 25,000 125,000) 14,395 35,000 {9,007} (30,3881 10,000 Total of funds 341.443 1,109,603 (1,102,649) 348,397 Page 32
Cyclopark {A company limited by guarantee) Not83 to the flnanclal statements For the year ended 31 March 2024 20. Summary of funds Summary of funds . current year Balance at 31 March 2024 Balance al 1 April 2023 Transfers inlout Income Expanditura Deslgnated funds General fvnds Restrlcted funds 50,000 288,397 10,000 {50,000) 122,500 (72,500) 1,112,627 (1,126,637) 62.500 396,887 348,397 1,175.127 (1,128,637) 396,887 Summary of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expendlture D8signated funds G8n&ral funds Restricted funds 145,000 182,048 14,395 195,000) 125.388 130,388) 50,000 288,397 10,000 1.074,603 11,093,642) 35,000 {9,007) 341,443 1,109,603 (1,102,649) 348,397 21. Analysis of net assets between funds Analysls of net assets b8tween funds * current perlod Unrestrlcted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due Sn more than one year 231.082 231,082 386,086 386,086 (207,086) 1207,086) 113,195) {13,195) Total 396.887 396,887 Page 33
Cyclopark (A company Ilmited by guarantee) Notes to the financial statoments For the year ended 31 March 2024 21. Analysis of net assets between funds (contlnued) Analysls of net assets between funds- prlor period Restricted Unrestrtcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 225,243 225,243 328,653 338,653 (192.1341 (192,134) (23,365) (23,365) 10,000 Total 10,000 338,397 348,397 22. Reconcillatlon of net mov8ment In funds to net cash flow from operatlng activities 2024 2023 Net income for the period las per Statement of Financial Activities} 48,490 6,954 Adjustments for: D8preciation charges Dividends, interests and rents from invastments Profit on the sale of fixed ass8ts Increase in stocks Decreasellincrease) in debtors Increase in creditors 95,910 (24,662) 73,714 (22.729) (359) (1,471) 29,622 9,683 (229) (34,128> 14,850 Net cash provlded by operatlng a¢tlvities 100,231 95,414 23. Analysls of cash and cash equivalents 2024 2023 Cash in hand 316.316 303,240 Total cash and cash equivalents 316,316 303,240 Pag8 34
Cyclopark (A company Ilmltsd by guarantee) Notes to the financial statements For the year endod 31 March 2024 24. Analysls of changes In net dèbt At 1 Aprfl 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt dua within 1 year 303,240 (11,241) 13,076 (547) 316,316 (11,788) 291,999 12,529 304,528 25. Pansion commitmonts The charity operates a defined contributions pension scheme. The assets of the schem8 ar8 held separat81y from those of charity in sn 1ndependently admlnistered fund. Th@ pension cost charge r6presents contribuilons payable by the charfty to the fund and amounted to £6.186 (2023.. £5,807). 26. Operating Is6 commitment5 At 31 March 2024 thg Charity had commitments to make fLrture minimum lease paym&nts under non- canc8118ble operating leases as follows: 2023 R8stat8d 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 34,068 123.556 91,800 1,156 1,156 249,424 27. Related party transactions Bruce Sand@11 (Trust8e) is the Chair, as well as Committee member and race organiser for the Southborough & Dlstrlct Wheelers committee who hosted the Cyclocross national Irophy at Cyclopark during the year. A Service Level Agreement has been written beeen Cyclopark and the Southborough & District Wheelers detalllng the responsibilities of the host and the venue. Income of £523 (2023- £4591 has b8en paid during the year. No balances existed at year end (2023- £Nil). Pag8 35