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2020-12-31-accounts

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Company Limited by Guarantee Registration Number 08359498 (England and Wales) Charity Registration Number 1152354

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CONTENTS

Reference and administrative information Year to 31[st] December 2020 ......................................................... 6 Year to 31st December 2020.............................................................................................. 7 - Year to 31[st] December 2020................................................................................................. 8 Structure Governance and Management.......................................................................................................... 8 Structure........................................................................................................................................................ 8 Governance and management...................................................................................................................... 8 Statement on public benefit.......................................................................................................................... 9 Risk management.......................................................................................................................................... 9 Objectives.................................................................................................................................................... 10 ACHIEVEMENTS AND PERFORMANCE............................................................................................................. 11 Our work...................................................................................................................................................... 11 ACHIEVEMENTS AND PERFORMANCE (continued) ......................................................................................... 12 Bikes donated.............................................................................................................................................. 12 ACHIEVEMENTS AND PERFORMANCE (continued) ......................................................................................... 13 Volunteering................................................................................................................................................ 13 ACHIEVEMENTS AND PERFORMANCE (continued) ......................................................................................... 14 ..................................................................................... 14 Cyber Cyclists............................................................................................................................................... 14 Beneficiaries ................................................................................................................................................ 14 Staffing......................................................................................................................................................... 14 Media........................................................................................................................................................... 14 ACHIEVEMENTS AND PERFORMANCE (continued) ......................................................................................... 15 Fundraising .................................................................................................................................................. 15 Fundraising policy........................................................................................................................................ 15 ACHIEVEMENTS AND PERFORMANCE (continued) ......................................................................................... 16 Social enterprise.......................................................................................................................................... 16 Financial Review.............................................................................................................................................. 16 Income......................................................................................................................................................... 16

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 2/44

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Expenditure ................................................................................................................................................. 16
Financial Review (continued) .......................................................................................................................... 17
Reserves policy............................................................................................................................................ 17
Going concern.............................................................................................................................................. 17
Plans for the Future..................................................................................................................................... 17
Financial Review (continued) .......................................................................................................................... 18
Investment policy ........................................................................................................................................ 18
SIBILITIES STATEMENT...................................................................................................... 18
Small Companies Note: ............................................................................................................................... 19
.......................................................................................... 20
............................................................... 20
Qualified opinion......................................................................................................................................... 20
Basis for qualified opinion........................................................................................................................... 20
Conclusions relating to going concern ........................................................................................................ 20
Other Information ....................................................................................................................................... 21
Opinions on other matters prescribed by the Companies Act 2006........................................................... 21
Matters on which we are required to report by exception......................................................................... 21
Responsibilities of directors ........................................................................................................................ 22
............................................................ 22
Use of our report......................................................................................................................................... 24
Statement of financial activities (including income and expenditure account) Year to 31st December 2020 25
Balance Sheet as at 31st December 2020 ........................................................................................................ 26
Statement of cash flows Year to 31st December 2020 .................................................................................... 27
A. Reconciliation of net income (expenditure) to net cashflow from operating activities to 31st December
2020................................................................................................................................................................. 27
B. Analysis of cash and cash equivalents to 31st December 2020............................................................... 28
Analysis of Net Debt Year to 31st December 2020 .......................................................................................... 28
Note to the Accounts:...................................................................................................................................... 28
1. Company limited by guarantee ................................................................................................................... 28
Note 2. Principle Accounting Policies Year to 31st December 2020................................................................ 28

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a. Basis of preparation................................................................................................................................. 28 b. Critical Accounting Estimates and areas of judgement........................................................................... 29 b. Critical Accounting Estimates and areas of judgement (continued)....................................................... 29 c. Going Concern.......................................................................................................................................... 29 d. Income..................................................................................................................................................... 30 e. Expenditure ............................................................................................................................................. 30 f. Allocation of support costs....................................................................................................................... 31 g. Value Added Tax...................................................................................................................................... 31 h. Fixed assets.............................................................................................................................................. 31 h. Fixed assets (continued).......................................................................................................................... 31 i. Stocks........................................................................................................................................................ 31 j. Debtors ..................................................................................................................................................... 32 k. Cash at bank and in hand......................................................................................................................... 32 l. Creditors and provisions........................................................................................................................... 32 m. Fund Accounting..................................................................................................................................... 32 n. Pensions................................................................................................................................................... 32 o. Prior year adjustments............................................................................................................................ 33 Note 3. GRANTS & DONATIONS .................................................................................................................. 33 Note 4. EXPENDITURE.................................................................................................................................. 35 Note 5. OTHER DIRECT COSTS ..................................................................................................................... 35 Note 6 SUPPORT COSTS............................................................................................................................. 36 Note 7. NET INCOME (EXPENDITURE) and net Movement in Funds......................................................... 36 Note 8. STAFF COSTS ................................................................................................................................... 37 Note 8a. PENSION CONTRIBUTION COSTS .................................................................................................. 37 Note 9. RELATED PARTY TRANSACTIONS .................................................................................................... 37 Note 10. TANGIBLE FIXED ASSETS ............................................................................................................... 38 Note 11. INTANGIBLE FIXED ASSETS............................................................................................................ 38 Note 12. DEBTORS....................................................................................................................................... 39 Note 13. CREDITORS: Payable in less than one Year................................................................................... 39

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Note 14. CREDITORS: Payable in more than one year ................................................................................ 39 Note 15. Analysis of net assets.................................................................................................................... 39 Note 16. Movement in restricted funds...................................................................................................... 40 YE 31st December 2020 .................................................................................................................. 40 YE 31st December 2019 ................................................................................................................... 41 Note 16a. Movement in restricted funds.................................................................................................... 43 Note 16a. Movement in restricted funds (Continued)................................................................................ 44 Note 17. Provisions and Financial Commitments........................................................................................ 45 Note 18. Taxation ........................................................................................................................................ 45

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Trustees Title
GregCowan Director/Trustee
Appointed: 20 February2019
William Cardy Director/Trustee
Appointed: 9 January2018
Adam Ognall Director/Trustee
Chair
Resigned: 1 August 2021
Jeremy Sandelson Director/Trustee
Appointed: 16 June 2019
Annie Kurian Director/Trustee
Appointed: 30 January 2019
Clive Rosen Director/Trustee
Treasurer
Appointed: 4 October 2019
Victoria Clare Kershaw Director/Trustee
Appointed: 30 January 2019
Odunayo Comfort Adeyemi Director/Trustee
Appointed: 14 April 2021
Hala Mkhallalati Director/Trustee
Appointed: 12 April 2021
Doug Krikler Director/Trustee
Chair
Appointed: 2 August 2021
Michelle Clark Director/Trustee
Resigned: 21 September 2020
Chief Executive Jem Stein
Registered office 12 Crossthwaite Avenue, London SE5 8ET
Companyregistration number 08359498
Charityregistration number 1152354
Auditor Menzies LLP,
Centrum House,
36 Station Road,
Egham
Surrey, TW20 9LF
Bankers Unity Trust Bank plc,
9 Brindley Place,
Birmingham,
B1 2HB

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The Bike Project went from strength to strength in 2020 despite what was an immensely challenging year due to the disruptive impact of Covid-19.

The pandemic has made our work more important than ever. Refugees were unable to take public transport not just because it was expensive but because there was an increased risk of contracting Covid-19. In addition to that, the lockdown restrictions increased the sense of loneliness and isolation that refugees already felt.

he increased need during such a challenging period. By innovating and adapting quickly, we managed to reach thousands of refugees across all of our programmes while simultaneously significantly growing all of our income streams. In difficult circumstances, this is no mean feat.

challenges and opportunities thrown up by the pandemic. They have approached the problems with cool heads and have moved quickly to capitalise on the new opportunities to deliver impact and increase revenue.

Looking forward to 2021, we are by no means out of the woods yet as the twin challenges of Covid19 and Brexit continue to create uncertainty and disruption across all sectors, particularly in charities. We will need to be vigilant about Covid-19 and alert to a quickly changing environment

Finally, we are eternally grateful to our supporters who moved incredibly quickly and at scale to help us meet the new challenges. None of this could have happened without their generosity in a time of crisis.

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The Trustees, who are the directors for company law purposes, present their report and financial statements of The Bike Project for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out on pages 28 to 33 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 United Kingdom and Republic of Ireland (FRS 102).

This report has been prepared in accordance with Part VIII of the Charities Act 2011.

STRUCTURE

The Bike Project is a registered charity and a company limited by guarantee, registered in England and governed by a Memorandum and Articles of Association (as amended by special resolution passed on 7 December 2014). The liability of each member in the event of winding up is limited to a maximum of £1.

GOVERNANCE AND MANAGEMENT

In accordance with the governing document, there shall be not less than three Directors at any

Directors are appointed on the basis of specific skills and knowledge to enable them to make a contribution to the management of the charity. In order for Directors to undertake such

process.

The Board delegates the day-to-day management of the charity to the Chief Executive and/or other managers who implement the policies and strategy adopted by and within a budget approved by the Trustees. Decision making is made by decision of majority of trustees present and voting at trustees' meetings (held up to five times per calendar year). Participation in decision making takes into account potential conflicts of interest, and in the case of equal numbers for and against, the Chair holds the casting vote.

update in relation to activities and present items for discussion. In between meetings, the Board are in regular contact, including oversight of timely (monthly) management accounts and any other relevant updates on activity.

The key management personnel of The Bike Project are the Directors (who are also the trustees) and the Chief Executive. The trustees receive no remuneration for their role on the Board. The Chief Executive's pay is reviewed annually following his performance appraisal and is agreed by the trustees.

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STATEMENT ON PUBLIC BENEFIT

The objectives and activities, and achievement and performance sections of this report clearly set out the activities, which the charity undertakes for the public benefit. The Directors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

RISK MANAGEMENT

The Directors have reviewed the major and financial risks that impact on the work of the charity. The systems that have been established enable the Directors to review and take necessary steps to lessen these risks. The Directors use a risk register which ranks risks by likelihood and impact. These are summarised on a dashboard that is monitored and updated by both the senior leadership team and the Directors.

In March 2020, in response to the risk from Covid-19, The Bike Project immediately ceased bike collections from workshops and paused all face-to-face activities such as Pedal Power, Bike Buddies and volunteering until further guidance was issued. We redesigned our systems to facilitate either no or minimum contact for customers, beneficiaries and staff, in order to continue our core services. Switching to a no-contact, home-delivery model for refugees and shop customers with wrap-around support in the form of a new, online programme: Cyber Cyclists ensured that staff could work safely to provide essential services and refugees and customers would not have to use public transport to access our services.

We are not aware of any significant impact from Brexit; while there may be some adverse impact arising from increased costs to stock supplies, this is difficult to establish, and as none of our sales are EU exports and we are not dependent on EU funding, we do not envisage any significant adverse impact from Brexit.

Other open risks logged are:

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OBJECTIVES

Our key mission is to take second-hand bikes, fix them up and donate them to refugees and asylum seekers in London and Birmingham.

Our aim is to get refugees cycling. The charity provides an innovative solution to one of the most pressing problems facing refugees in the UK: the cost of public transport and the impact that lack of mobility has on the daily lives of refugees. The Bike Project has demonstrated a bike makes a difference beneficiaries are better equipped to access vital services, more connected to their community, happier, healthier, and financially better off (saving on average £20 per week, or £1, 040 a year).

We have full operational facilities in both London and Birmingham with workshops and a full staffing compliment at both sites. Although we also run roadshows and are expanding our target locations.

Our main areas of delivery are in:

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Our charitable objects are (as defined by our Articles of Association):

To achieve these goals, we collect, repair, and distribute second hand bikes to refugees and asylum seekers.

OUR WORK

We collect bicycles, refurbish them, donate them to refugees and asylum seekers in London and Birmingham and support them to cycle safely.

  1. The bikes are donated: we collect bikes from individuals and institutions - these include the police, local councils, and property firms. In 2020, as many of our drop-off points closed, we launched pop-up bike collections where volunteers would host collection points at or near their homes.

  2. The bikes are repaired: we employ professional mechanics who repair and recondition the bikes at our workshop.

  3. The bikes are gifted: scheme where refugees come to our workshop to help refurbish their own bike in a friendly and supportive environment, most of the bikes in 2020 were van-delivered to beneficiaries. Although this increased our costs significantly, it allowed us to donate bikes to refugees safely as they no longer had to take public transport to reach us.

  4. Some bikes are sold: we sell some of the bikes we receive, particularly vintage and collectable and invest the proceeds into the wider work of the charity.

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  1. We run three ancillary programmes: we provide cycle training for refugee women, Pedal Power, to support the donation of bicycles; a befriending project, Bike Buddies, which matches local cyclists and beneficiaries to improve the cycle confidence of refugees new to cycling; and we launched Cyber Cyclists at the start of lockdown to support refugees and keep them cycling through this period. While Pedal Power, and Bike buddies were suspended for part of the year, they had both resumed to some extent by the end of 2020.

Despite the lockdown, The Bike Project has maintained or grown its operations in 2020:

Established 15 new Bike Buddy matches between cyclists and refugees

The staff team increased to 23.8 FTE

BIKES DONATED

In 2020, we donated 1,409 bikes, an 8% decrease on 2019. This reduction is largely due to the increased time requirements of delivering bikes by van instead of hosting workshop sessions.

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Three months after beneficiaries have received their bikes, we contact them to monitor the impact on their lives. Responses have consistently shown that approximately 93% of refugees and asylum seekers were still using their bikes every week after this three-month period. Those who were not cycling gave reasons such as the weather, being dispersed to another part of the UK or their bike being broken or stolen.

A bike saves each refugee at least £20 a week in transport costs (the price of a weekly bus ticket), a saving worth 53% of their £37.75 weekly allowance. That makes a minimum annual saving of £1,000 for every bike donated totalling £1,409,000 across our 1,409 beneficiaries in 2020.

In addition, a bike has an emotional impact on refugees, helping them to feel fitter, happier and a part of their local community. In-depth interviews conducted with our volunteers of refugee origin and published in The Lancet also found that The Bike Project:

Increases trust between people and communities

Reduces social isolation, loneliness and increases social confidence.

VOLUNTEERING

Our regular Thursday workshop sessions bringing refugees and local volunteers together were suspended in March due to Covid 19. In lieu of our workshop sessions, we engaged and retained volunteers through a series of community Pop-Up bike collections. Over 2020, we managed 88 volunteers who supported us both in our workshop sessions and in hosting 28 pop up bike collections in London and the West Midlands.

We are proud of the fact that The Bike Project now employs five former refugees on the team one of which was a former volunteer. The roles undertaken by these new employees range from workshop, administration and management staff. Our focused Talent Development programme offers individually supported volunteering opportunities to encourage a higher proportion of beneficiaries to return to volunteer with us, Volunteering is particularly helpful for those prohibited from working so that they can feel part of a supportive community, develop skills and confidence to increase preparedness for the UK workplace.

Post year end, we increased our board size to include two refugees both of whom were former volunteers so that those with lived experience are represented at the highest level in the organisation.

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Unfortunately, we have had to temporarily suspend the Talent Development Programme in March 2020, but aim to reinstate it in 2021.

PEDAL POWER (WOMEN S PROJECT) AND BIKE BUDDIES

Pedal Power and Bike Buddies, which both normally involve group meetups, were unable to be run during 2020. We were able to redesign the Pedal Power as a 1-1 training programme with weekly online socials to enable refugee women to safely access cycle training during the pandemic. We trained 53 Pedal Power participants to cycle in 2020. We were also able to continue matching trained bike buddies with our beneficiaries and established 15 new bike buddy matches between cyclists and refugees.

CYBER CYCLISTS

and support refugees online: daily online sessions for our beneficiaries and volunteers including yoga, fitness classes, external speakers, and other cycling topics. We delivered 121 sessions of Cyber Cyclists in 2020.

BENEFICIARIES

In the last 12 months, we have given bikes to refugees who live all over London and Birmingham which reflects how dispersed the refugee population is. In response to the pandemic, we shifted from scheme towards delivering the bikes to beneficiaries.

In the last year, 30% of bike recipients were female (an increase from 28% in 2018 and 4% in 2014) and 50% of beneficiaries were 25 years old or younger. In 2020, most beneficiaries were from Syria, Turkey, Iran, Eritrea and Sudan. Beneficiaries came from 53 different countries in total, speaking a variety of languages including Amharic, Kurdish, French, Arabic, Tigrinya and Farsi.

STAFFING

As a result of the expansion of our social enterprise work, we recruited further staff members to achieve our strategic goals. This has brought new, much-needed skills to the organisations which will underpin our growth in years to come. As such our staff team increased from 14.7 to 23.8 FTE in 2020.

Bike mechanics and cycle instructors are key to our work; they refurbish the bicycles that are donated to us and train refugee women and beneficiaries who receive a bicycle from us with cycle safety skills. To help us meet our targets, we contract several freelance mechanics and instructors when we need the extra capacity or to cover leave and absence of staff members.

MEDIA

Any media engagement The Bike Project does aims to raise the profile of our charity and offer positive representations of refugees and asylum seekers in the UK. In 2020, we featured across 25

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media platforms, including newspapers such as The Guardian, The Telegraph and The Evening

FUNDRAISING

In 2020, we raised £1,376,232 through grants and donations in comparison to £987,254 in 2019 which is an increase of 38.45% year on year. Of these grants and donations, £202,653 were donated services (2019: £145,046). In lieu of planned 2020 events which were cancelled by the pandemic, we launched new online and peer-to-peer fundraising with online quizzes and Refugee Routes. We were also able to secure grants from Covid-19 support funds and secured a loan from a social investor on favourable terms.

FUNDRAISING POLICY

At The Bike Project, we are committed to treating everyone fairly and with respect. We are committed to the highest standards in data protection and fundraising practice.

Despite not being signed up to a fundraising regulation scheme (we have during 2021 registered with the Fundraising Regulators) we have closely followed the advice and guidance set out but the Fundraising Regulators.

decision regarding their donation to us.

In addition to this we take relevant precautions not exploit the trust, lack of knowledge, apparent need for care and support or vulnerable circumstance of any donor. If at any time we had reason to believe that a donor lacks the capacity to make a fully informed decision to donate we would not proceed or accept the donation offered. If however a specific vulnerability became apparent after a donations was processed any monies received donation would be returned to the donor.

To protect the needs of the refugees and staff we have a safeguarding policy in place available on our website and have appointed safeguarding officers internally.

Since the General Data Protection Regulation became law in May 2018, we have ensured that our consent and privacy policies are fully compliant with the new legislation.

Our fundraising strategy and approaches are periodically reviewed and evaluated to ensure that the money we invest is maximising income whilst remaining true to the values of the organisation. This allows us to raise funds in an ethical way and help as many refugees as possible. All of our fundraising activities are driven by the needs of the refugees we help and are conducted with our generous supporters in mind. We also ensure that we do not engage in practices that are inconsistent with

To maximise the impacts of our investment in fundraising, we do sometimes work with external specialists. Before we work with any external parties, such as creative and marketing organisations, we ensure they comply with our high standards and with all relevant legislation. All of our contracts with these agencies and organisations, as well as any other partners, are General Data Protection

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Regulation (GDPR) compliant and follow Th regularly review all partnerships, monitor their work and provide guidance to their staff.

We take any complaints very seriously and, if received, investigate and respond to them as per our complaints policy, which is available on our website. This year we did not receive any formal complaints regarding our fundraising activity. Any complaints we do receive are carefully reviewed

to determine any changes we need to make, and we update our database whenever this is requested.

SOCIAL ENTERPRISE

Sales from our retail arm were significantly up in the last year which we hope will help to ensure our future sustainability in what are increasingly uncertain times in the charity and refugee sectors. To meet the significant increase in consumer demand for bikes, we started selling new bikes. 2020 also saw the expansion of our retail sites to Colliers Wood to expand our bike refurbishment capacity, and

from which we have started offering bike servicing. As a consequence of these activities, we sold a record 1,115 bikes during the year. Including all traded revenue streams, we have raised a total of £403,874 in traded income, an increase of 196% on the previous year (2019: £206,032).

We believe that we are still the largest online retailer of second-hand bikes in the UK and look forward to expanding in 2021 by opening new physical retail spaces focused exclusively on bike sales and services.

INCOME

Total income during the year was £1,771,106 (2019: £1,193,556) of which restricted income was £617,824 (2019: £387,430) and unrestricted was £1,153,283 (2019: £806,126). £202,653 of unrestricted income were in kind donations.

During 2020, there has been a significant demand for bike sales which resulted in higher than anticipated retail income. Additionally, we have capitalised on the grant opportunities which arose as a result of the pandemic.

EXPENDITURE

Total expenditure increased from £1,154,143 in 2019 to £1,763,360 which is the equivalent of an 52.79% increase year on year. The increase in costs was due to an increase in Gifts in Kind offered by donors and supporters of The Bike Project, from adjusting our bike refurbishment and delivery operations in light of the pandemic, and from starting to sell new bikes which meant we purchased more stock.

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RESERVES POLICY

We aim to hold at least two months of operating expenditure in unrestricted reserves. Since income from grants and donations has the potential to be volatile, the general reserve should represent to operate if income should temporarily fall or if unexpected expenditure should occur. The Bike Project is continuing to focus on growing its bike sales to reduce its dependency on philanthropic income and provide a stable income stream. The Directors review the reserve policy on an annual basis.

The total reserves at 31 December 2020 were £199,433 (2019: £191,686) of which £0 (2019: £120,430) were restricted and £199,433 (2019: £71,256) were unrestricted. This is equivalent to approximately restricted expenditure is £0 due to the fact that £108K of restricted income from funding agreements has been deferred until 2021 when the relevant activity will be delivered. There is also £23K of unrestricted income that has been deferred in line with our income recognition policy.

Based on current expenditure, targeted free reserves levels are between £230,000 and £360,000. Although free reserves are not within this range at present, the intention is to reach these levels by generating future trading surpluses.

GOING CONCERN

The charity continues to exceed many of its revenue targets for 2021 despite the economic downturn. The first lockdown significantly increased the demand for bike sales and servicing so the trustees are confident that any further restrictions will continue to boost our earned revenue streams.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation

uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Consequently, the trustees believe the going concern basis for preparing the accounts to be appropriate.

PLANS FOR THE FUTURE

The UK government's hostile environment policies are continuing to restrict refugees' and asylum seekers' access to financial support and adequate housing. As a direct consequence this puts refugees in an increasingly vulnerable position where they are dependent on charitable aid to meet their basic living needs. At the same time, demand for our services has never been higher whilst Brexit and the ongoing effects of Covid-19 create economic uncertainty across the UK charity sector. As such, the financial savings and access to vital support and opportunities that a bike can provide have never been more significant. Looking forward, we will continue to address the growing need from refugees in the UK by increasing our output from our current bases in London and the West

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Midlands. At the same time, we will also exploit further opportunities for mobile national mobile bike donations to reach additional cities across the UK where there are refugee living.

To ensure our financial security we will continue to diversify our income streams, including a renewed emphasis on community fundraising and will proceed with our delayed plans to open a new, standalone retail space and expand our bike servicing.

INVESTMENT POLICY

icy is to invest in short

The trustees (who are also directors of The Bike Project for the purposes of company law) are he financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

select suitable accounting policies and then apply them consistently;

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

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the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial

governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SMALL COMPANIES NOTE:

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by the Directors and signed on their behalf by:

Doug Krikler Clive Rosen

Chair

Treasurer

Date of Approval: 15-Dec-2021 Date of Approval: 15-Dec-2021

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QUALIFIED OPINION

We have audited the financial statements of The Bike Project ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including 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).

have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR QUALIFIED OPINION

Our predecessors Messrs. Buzzacotts were not appointed as auditor of the company until after 31 December 2019 and thus did not observe the counting of physical inventories at the end of that year. Our opening balance review was accordingly unable to confirm the figure for opening stock and we were unable to satisfy ourselves by alternative means concerning the stock valuation of £155,159 held at 31 December 2019 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2019 was necessary or whether there was any consequential effect on the expenditure for the year ended 31 December 2020.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 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 qualified opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock valuation of £155,159 held at 1 January 2020. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the charitable company and its environment obtained in the

Arising solely from the limitation on the scope of our work relating to the stock opening balance as at 1 January 2020, referred to above:

we were unable to determine whether adequate accounting records have been kept

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 21/44

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

returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

RESPONSIBILITIES OF DIRECTORS

18 19, the trustees 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 cha

to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including the Charities Act 2011, taxation and employment law and the UK Code of Fundraising Practice. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 22/44

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We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

at:https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 23/44

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USE OF OUR REPORT

Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we or assume r members as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Matthews FCA, Senior Statutory Auditor

For and on behalf of Menzies LLP, Statutory Auditor

Chartered Accountants

Statutory Auditor Centrum House 36 Station Road Egham Surrey TW20 9LF

Dated: 16-Dec-2021

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 24/44

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AR/FS
Notes:
Income
Donations and Legacies
3
Charitable Activities
Bike Servicing
Bike Sales
Other Trading Activities
Other Sales
Investments
Total Income
Expenditures
Raising Funds
Marketing & Fundraising
Charitable Activities
Bike Sales
Bike Refurbishment &
Donation
Womens Project - Pedal
Power
Volunteering
Bike Buddies
Other Restricted Activities
Other Trading Activities
Total Expenditure
4-6
Net Income/(Expenditure)
Reconciliation of Funds
Brought Forward
Total Funds Brought forward
as at 1 January 2020
Total Funds Carried Forward
as at 31st December 2020		 31/12/2020
Unrestricted
Restricted
Total
Funds
2020
£
£
£
749,409
617,824
1,367,232
4,496
-
4,496
366,561
-
366,561
32,817
-
32,817
-
-
-
1,153,283
617,824
1,771,106
215,533
28,032
243,565
127,934
-
127,934
-
599,816
599,816
-
62,403
62,403
-
914
914
-
7,607
7,607
-
7,542
7,542
681,639
31,942
713,580
1,025,106
738,254
1,763,360
128,177
(120,430)
7,747
71,256
120,430
191,686
199,433
()
199,433		 31/12/2019
Unrestricted
Restricted
Total
Funds
2019
£
£
£
600,094
387,430
987,524
-
-
-
186,693
-
186,693
-
-
-
19,339
-
19,339
-
-
-
806,126
387,430
1,193,556
73,590
5,674
79,264
314,372
-
314,372
358,396
159,196
517,592
40,623
41,508
82,131
-
9,869
19,335
29,204
18,449
113,131
131,580
815,299
338,844
1,154,143
(9,173)
48,586
39,413
80,429
71,844
152,273
71,256
120,430
191,686

years.

The charity has no recognised gains and losses other than those shown above.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 25/44

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velope ID: 98663665-E783-4BA1-AA36-B66BE6FB2672
Notes
Tangible Fixed Assets
10
Intangible Fixed Assets
11
Current assets
Stock
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets/(liabilities)
Creditors: Amounts falling due after more than one
year
14
Net Assets
15
Represented by Funds of the Charity:
16
Unrestricted funds
Restricted income funds
Total funds
16a		 2020
£
162,902
118,049
209,013		 £
26,282
986
489,964
172,164
-
199,432
199,433
-
199,433		 2019
£
155,159
88,297
119,119		 £
25,000
4,187
362,575
212,499
(50,000)
191,686
71,256
120,430
191,686
(317,799) (150,076)

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:

Doug Krikler

Clive Rosen

Chair

Treasurer

15-Dec-2021 15-Dec-2021 Date of Approval: Date of Approval:

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 26/44

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AR/FS
velope ID: 98663665-E783-4BA1-AA36-B66BE6FB2672
Cash flows from operating activities
Net cash provided by / (used in) operating activities
A
Cash flows from investing activities:
Interest received
Purchase of tangible fixed assets
Prior year Adjustment
Purchase of intangible assets
Net cash provided by / (used in) investing activities
Cash flows from financing activities:
Cash inflows from new borrowing
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
B
Cash and cash equivalents at the end of the year
B		 2020
£
52,101
2020
£
-
(13,400)
1,193
-
(12,208)
50,000
50,000
89,894
119,119
209,013		 2019
£
85,596
2019
£
-
(15,725)
-
(15,725)
-
-
69,871
49,248
119,119
Reconciliation of net income (expenditure) to net cash flow from operating activities
Net income/(expenditure) for the period
Depreciation charges
Interest received
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2020
£
7,747
14,126
-
(7,743)
(29,752)
67,723
52,101		 2019
£
39,413
11,865
-
(71,858)
(11,421)
117,597
85,596

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 27/44

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Analysis of cash and cash equivalents
Cash at bank and in hand
Notice deposits (less than 3 months)
Overdraft facility repayable on demand
Total cash and cash equivalents
Category
Cash and Cash Equivalents
Loans Falling Due within one year
Loans Falling Due within one year
Total		 B
01/01/2020
£		 2020
£
209,013
-
-
209,013
Cash-flows
£		 2019
£
119,119
-
-
119,119
31/12/2020
£
119,119
89,894
(50,001)
(50,000)
69,118
39,894		 209,013
(100,001)
109,012

There were no acquisitions or disposal of subsidiaries, new finance leases, fair value movements, non-cash exchanges or foreign exchange movements during the year ended 31st December 2020

The Bike Project is a Private Charitable Company Limited by Guarantee that is registered in England and Wales with registration number 08359498 and accordingly has no share capital. Its registered address is 12 Crossthwaite Avenue, London, SE5 8ET.

The accounts are presented in GBP rounded to £1. The liability guaranteed by each member is £1. At 31 December 2020 the membership was 7.

A. BASIS OF PREPARATION

The financial statements have been prepared for the year to 31 December 2020 with comparative information provided in respect to the year to 31 December 2019.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 28/44

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The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a private charitable entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

B. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessing the appropriateness of any provision for slow moving or obsolete stock;

Assessing the adequacy of any provision against doubtful and bad debts;

Estimating the valuation of donated goods and services (gifts-in-kind); and

Determining the basis for allocating support costs across expenditure categories.

In addition to the above, the full impact following the emergence of the global coronavirus pandemic although clearer is still uncertain. It is therefore not currently possible to evaluate all the the wider economy.

B. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT (CONTINUED)

At the date of approval of these financial statements, it is not anticipated that the overall financial position of the charity will be adversely affected or its financial solvency threatened. However, the Trustees are closely monitoring the impact of COVID-19 on the charity.

C. GOING CONCERN

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 29/44

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D. INCOME

Income is recognised in the period in which the charity has entitlement to the income and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Donations are included in full in the statement of financial activities in the period in which the charity has entitlement to the income and the amount of income can be measured reliably and it is probable the income will be received.

Donations of bikes which are held for resale or will be subsequently donated to beneficiaries, are recognised at fair value on receipt. For bikes which are subsequently sold, the value of the stock is debited against income and the proceeds are credited to income.

Bike donations received under the UK Retail Gift Aid Scheme are recognised as income at their fair value on receipt, on the basis that the substance of the transaction is equivalent to all other bike donations received.

Donations in kind are recognised in the period in which the donation was received and measured on the basis of the value to the charity.

Income from selling donated bikes and other items is shown net of VAT and trade discounts at the point of sale.

Grants are recognised in full in the statement of financial activities in the year in which they are receivable, and conditions for receipt have been met. Income is deferred only when the charity has to fulfil certain conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

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 bank.

Other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured.

E. EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is acco support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 30/44

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Charitable activities comprise the direct and indirect costs of the activities undertaken to further the purposes of the charitable company.

Other trading activities - comprise the direct and indirect costs of other sales.

Bikes donated to beneficiaries are recognised as expenditure in the period in which they are donated.

F. ALLOCATION OF SUPPORT COSTS

Support costs are those functions that assist the work of the charitable company but do not directly undertake fundraising or charitable activities. Support costs include general overheads and governance costs (those costs incurred in the governance of the charitable company and its assets and are primarily associated with constitutional and statutory requirements) and are allocated on the basis of staff time devoted to each activity.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

G. VALUE ADDED TAX

The charitable company is registered for VAT and accordingly, where applicable, all expenditure incurred is exclusive of VAT.

H. FIXED ASSETS

All assets costing over £500 are capitalised. Fixed assets are stated at cost less depreciation and amortisation.

Depreciation and amortisation are provided at rates calculated to write off the cost of valuation of fixed assets, less their estimated residual value, over their expected useful lives as follows:

H. FIXED ASSETS (CONTINUED)

. FIXED ASSETS(CONTINUED)
Asset Class Yearly Amortisation
Proportion Basis
Fixtures, fittings and equipment 25% Straight Line
Intangible assets 25% Straight Line
Software 25% Straight Line

I. STOCKS

Purchased stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 31/44

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Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation.

Provision is made where necessary for obsolete, slow moving and defective stocks.

Donated items of stock, held for distribution or resale, are recognised at fair value. For donated stock held for sale, fair value is the expected proceeds from sale less expected costs of sale. For donated stock held for distribution, fair value is the amount the charity would have been willing to pay on the open market for the items.

J. DEBTORS

Debtors are recognised at their settlement amount, less any provision for non-recoverability.

Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

K. CASH AT BANK AND IN HAND

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

L. CREDITORS AND PROVISIONS

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

M. FUND ACCOUNTING

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

N. PENSIONS

Contributions to defined contribution pension schemes are charged to the statement of financial activities when they are payable to the plan or scheme.

contributions.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 32/44

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O. PRIOR YEAR ADJUSTMENTS

There were no prior year adjustments During the year ended 31 December 2020.

NOTE 3. GRANTS & DONATIONS

OTE3. GRANTS & DONATIONS
A & B SAINSBURY
Aziz Foundation
Barrow Cadbury
Big Give
Big Lottery
Big Lottery - Awards for All
Big Lottery - West Midlands
Big Lottery Covid 19
Big Lottery Fund
Big Lottery Fund - Reaching
Communities
Birmingham City Council
Black Rock
Canary Wharf
City Bridge Trust
Clarion Housing Group - Pedal Power
Clarion Housing Group - Talent Dev
Clifford Chance LLP
Clore Duffield Foundation
Comic Relief
Comic Relief - BT Supporters Club 2019
Comic Relief - Levelling the Field
Comic Relief - London Together 2020
Comic Relief - London Together Via
Young Roots
Department for Digital Culture Media &
Sport
Dulverton Trust
eBay grant
EQ Foundation
GE Foundation
Geofrey and Elise Duveen CT
GLA Team London
Groundworks London
GVC
HARBOUR FOUNDTN
Heathside Charitable Trust
Help Refugees-R/Prism Fund		 Unrestrict
ed
Restrict
ed
Total
2020
£
£
£
-
-
39,850
39,850
-
-
-
-
44,972
44,972
104,993
104,993
38,145
38,145
23,233
23,233
18,912
18,912
5,000
5,000
35,600
35,600
5,000
5,000
5,000
5,000
2,500
2,500
25,000
25,000
-
153,753
153,753
19,636
19,636
18,813
18,813
9,212
9,212
15,618
15,618
-
1,307
1,307
10,000
10,000
-
-
2,000
2,000
500
500
10,000
10,000
2,500
2,500
-
10,000
10,000		 Unrestrict
ed
Restrict
ed
Total
2019
£
£
£
-
16,526
16,526
2,500
-
2,500
-
23,000
23,000
-
10,000
10,000
-
118,642
118,642
-
9,990
9,990
-
38,145
38,145
-
8,900
8,900
10,500
-
10,500
-
18,136
18,136
-
-
-
-
28,737
28,737
-
28,844
28,844
36,440
-
36,440
(485)
-
(485)
6,500
-
6,500
-
2,000
2,000
-
3,000
3,000
1,000
-
1,000

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 33/44

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AR/FS
Henry Smith Charity
HMRC Furlough grants
Hoare Trust
LANSDOWNE
Leathersellers Charitable Trust
London Community Foundation
London Community Foundation - Wave 2
London Community Foundation - Wave 3
Mishcon De Reya
Network for Social Change
Newby Trust
Other TBC - Souter Charitable Trust
P&G Charitable Trust
Pears Foundation
Pioneer and Prosper
Prudential
QBE Foundation
Reta Lila Howard
Ride The Nation
RLH
SC and ME Moorlands Charitable Trust
School For Social Entrepreneurs
Social Investment Business
Southwark
Southwark Council Covid 19 grant
SPAN TRUST
St Clare and St Francis Trust
TEXEL Foundation
The AB Trust
The AD Charitable Trust
The Bridgewater Charitable Trust
The Cycling Podcast
THE ERANDA ROTHSCHILD FOUNDAION
The Gunter Charitable Trust
The Parker Johnson Prentice Charitable
Trust
The Rayne Foundation
The Robert Holman Memorial Trust
The Talent Fund
The Vitol Foundation
Unltd Inclusive Recovery Fund
Total Grant Income
Donations
Total Grant Income (Including Small
Donations)		 -
22,705
22,705
-
-
10,000
10,000
-
-
25,708
25,708
19,433
19,433
-
14,052
14,052
10,000
10,000
2,500
2,500
-
15,000
15,000
12,500
12,500
-
8,925
8,925
10,000
10,000
-
-
1,000
1,000
19,560
19,560
-
15,000
15,000
10,000
10,000
-
3,000
3,000
15,000
15,000
20,000
20,000
40,000
40,000
-
-
-
1,844
1,844
-
20,000
20,000
3,000
3,000
7,500
7,500
2,245
2,245
30,167
30,167
215,229
725,454
940,683
37,532
37,532
252,760
725,454
978,214		 25,000
-
25,000
2,000
-
2,000
-
25,000
25,000
10,000
-
10,000
13,064
-
13,064
500
-
500
9,382
-
9,382
2,500
-
2,500
15,000
-
15,000
25,000
-
25,000
6,234
-
6,234
-
10,000
10,000
12,320
-
12,320
-
15,000
15,000
-
5,210
5,210
20,000
-
20,000
500
-
500
902
-
902
-
20,300
20,300
-
6,000
6,000
3,000
-
3,000
201,857
387,430
589,287
-
-
201,857
387,430
589,287

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 34/44

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Donated Bikes
Deferred/Accrued Income
ndividual Donors *
Donations in Kind		 -
-
(23,121)
(107,630)
(130,751)
317,116
317,116
202,653
202,653
749,409
617,824
1,367,232		 80,200
80,200
-
172,991
172,991
145,046
-
145,046
600,094
387,430
987,524

NB: Included within the Grant and Donation funding listed above is £22,705 which is a Government Grant received during the COVID pandemic.

*Individual donors income includes £69,750 the total value attributed to donated bikes from 1st January - 31st December 2020

NOTE 4. EXPENDITURE

Raising Funds
Marketing and freelance
undraisers
Bike Sales
Charitable Activities
Bike Refurbishment & Donations
Bike Buddies
Women's Project
Talent Development
Birmingham
Wimbledon Shop		 Staff
Costs
Other
Direct
Costs
Support
Costs
Total
2020
£
£
£
£
-
196,639
46,926
243,565
270,099
290,269
249,205
809,573
411,888
126,077
61,851
599,816
5,171
2,002
434
7,607
28,514
25,917
7,972
62,403
914
-
-
914
12,100
400
19,441
31,942
-
-
7,542
7,542
728,685
641,304
393,371
1,763,360		 Staff
Cost
Other
Direct
Costs
Support
Costs
Total
2019
£
£
£
£
-
181,456
43,241
224,697
97,025
59,200
44,102
200,327
218,989
98,860
98,826
416,675
17,628
1,638
9,938
29,205
45,997
11,353
24,780
82,131
62,333
21,592
36,983
120,908
441,973
374,099
257,870
1,073,942

NOTE 5. OTHER DIRECT COSTS

Bank & Merchant Charges
Fundraisers Cycle Instructors
Freelance Mechanics
General Staffing Costs
Marketing
Materials
Postage & Delivery
Volunteer Expenses		 2020
2019
£
£
12,117
4,902
11,322
9,446
36,636
18,525
-
-
196,639
181,456
300,717
117,565
80,718
23,994
3,155
18,211
641,304
374,099

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 35/44

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NOTE 6 SUPPORT COSTS

OTE6SUPPORT COSTS
Administrative Expenses
Bank & Merchant Charges
Accountancy Services
Governance Costs
Depreciation
Freelance Fundraiser
General Staff Costs
Insurance
IT
Monitoring & Evaluation
Other
Postage & Delivery
Professional Fees
Recruitment
Rent
Repairs & Maintenance
Telephone
Training & Development
Travel
Utilities		 2020
2019
£
£
15,955
7,830
1,471
882
35,590
31,176
8,970
14,126
11,863
46,926
43,241
-
-
5,619
2,592
72,479
42,302
408
408
18,300
4,110
2,545
1,097
41,597
29,749
13,711
87,530
42,498
4,164
5,521
6,888
4,945
9,074
15,736
3,052
7,234
4,965
6,686
393,371
257,870

NB: Included support costs there is £8970 (2019: £11,250) of governance costs that were incurred during the year ending 31[st] December 2020

NOTE 7. NET INCOME (EXPENDITURE) AND NET MOVEMENT IN FUNDS

Net income for the period, is stated after charging:

Audit Fee
Depreciation
Amortisation		 Total 2020
£
11,100
10,924
3,202
25,226		 Total 2019
£
11,250
8,531
3,334
23,115

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 36/44

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NOTE 8. STAFF COSTS

Gross wages, salaries and benefits in kind
Employer's National Insurance costs
Pension costs
The Average monthly number of employees
in the year was
Full Time
Part Time		 2020
£
648,239
55,266
25,180
728,685
2019
Number
21
5
26		 2019
£
397,221
33,139
11,612
441,973
2019
Number
16
2
18

No employee earned in excess of £60,000 per annum during the financial year.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the charitable company, directly or indirectly, including any director (whether executive or otherwise) of the charitable company.

The key management personnel of The Bike Project are the directors (who are also the trustees) and the Chief Executive. Aggregate compensation paid to key management personnel in the year amounted to £54,836 (2019: £45,000).

NOTE 8A. PENSION CONTRIBUTION COSTS

the scheme. Contributions to the defined benefit pension scheme are charged to the statement of financial activities when they are payable to the plan or scheme.

The charity has no liability beyond making its contributions and paying across the deductions for

NOTE 9. RELATED PARTY TRANSACTIONS

The trustees and other related parties donated £7,500 (2019: £200) of income during the year. GIK donations from related parties amounted to £7,200 (2019: £0). None of these donations had attached conditions which would or might require The Bike Project to alter significantly the nature of its existing activities if it were to accept the donation.

There were no other related party transactions during the year.

None of the Trustees received remuneration or reimbursed expenses during the year (2018: none). There were no further related party transactions.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 37/44

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NOTE 10. TANGIBLE FIXED ASSETS

COST
As at 1st January 2020
Additions
Disposals
Prior year Adjustment
As at 31st December 2020
DEPRECIATION
As at 1st January 2020
Dep'n Charge 2020
Disposals
Prior year Adjustment
As at 31st December 2020
NET BOOK VALUE
As at 31st December 2020
NET BOOK VALUE
As at 31st December 2019		 Bike Servicing
Equipment
Office
Equipment
Total
£
£
£
1,440
42,460
43,900
1,877
11,524
13,400
-
(1,194)
(1,194)
3,317
52,790
56,106
1,440
17,460
18,900
-
10,924
10,924
-
-
1,440
28,384
29,824
1,877
24,405
26,282
-
25,000
25,000

NOTE 11. INTANGIBLE FIXED ASSETS

COST
As at 1st January 2020
Additions
Disposals
Reclassification
As at 31st December 2020
AMORTISATION
As at 1st January 2020
Amt'n Charge 2020
Disposals		 Stock
Management
Functionality
Website
Development
Total
£
£
£
720
12,612
13,332
-
-
-
-
-
720
12,612
13,332
675
8,470
9,145
3,202
3,202
-

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 38/44

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As at 31st December 2020

As at 31st December 2020 675 11,672 12,347 NET BOOK VALUE As at 31st December 2020 45 940 985 NET BOOK VALUE As at 31st December 2019 - 4,142 4,187

NOTE 12. DEBTORS

OTE12. DEBTORS
Prepayments
Accrued Income
Other Debtors		 2020
£
17,245
100,804
118,049		 2019
£
7,821
61,074
19,402
88,297

NOTE 13. CREDITORS: PAYABLE IN LESS THAN ONE YEAR

Trade Creditors
Other Taxes & Social Security
Accruals & Deferred Income
Other Creditors		 2020
£
27,202
26,498
155,043
109,056
317,799		 2019
£
19,681
10,253
105,500
14,642
150,076

NOTE 14. CREDITORS: PAYABLE IN MORE THAN ONE YEAR

Loan 2020
£
-
-		 2019
£
50,000
50,000

NOTE 15. ANALYSIS OF NET ASSETS

OTE 15. ANALYSIS OF NET ASSETS
a. 2020
Tangible fixed assets
Intangible fixed assets		 Unrestricted
Restricted
Total
funds
£
£
£
26,282
-
26,282
986
-
986

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 39/44

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AR/FS
velope ID: 98663665-E783-4BA1-AA36-B66BE6FB2672
Net current assets
Net assets at the end of the year
b. 2019
Tangible fixed assets
Intangible fixed assets
Net current assets
Long Term Creditors
Net assets at the end of the year		 172,164
-
172,164
199,432
-
199,432
Unrestricted
Restricted
Total
funds
£
£
£
25,000
-
25,000
4,187
-
4,187
92,069
120,430
212,499
(50,000)
(50,000)
71,257
120,430
191,687

NOTE 16. MOVEMENT IN RESTRICTED FUNDS

YE 31ST DECEMBER 2020

Southwark Council
London Community Foundation
Restricted funds:
A & B SAINSBURY
Big Give
Barrow Cadbury
Big Lottery Fund
Big Lottery - Awards for All
Big Lottery - West Midlands
Big Lottery Fund - Reaching Communities
Birmingham City Council
Black Rock
City Bridge Trust
Clarion Housing Group - Pedal Power
Clarion Housing Group - Talent Dev
Clore Duffield Foundation
Comic Relief
Comic Relief - BT Supporters Club 2019
Comic Relief - Levelling The Field
Comic Relief - London Together 2020
Comic Relief - London Together Via Young Roots
Department for Digital Culture Media & Sport
Dulverton Trust
GLA Team London
Groundworks London
GVC		 01-Jan-20
Income
Expenditure
31-Dec-20
£
£
£
£
16,526
-
(16,526)
-
10,000
-
(10,000)
-
14,208
39,850
(54,058)
-
23,556
104,993
(128,549)
-
2,065
-
(2,065)
-
9,044
-
(9,044)
-
-
38,145
(38,145)
-
-
12,351
(12,351)
-
-
18,912
(18,912)
-
-
35,600
(35,600)
-
1,364
(1,364)
-
1,364
(1,364)
-
-
4,167
(4,167)
-
2,638
-
(2,638)
-
-
150,532
(150,532)
-
-
19,636
(19,636)
-
-
-
-
5,758
(5,758)
-
7,009
15,618
(22,627)
-
-
2,000
(2,000)
-
-
10,000
(10,000)
-

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 40/44

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AR/FS
velope ID: 98663665-E783-4BA1-AA36-B66BE6FB2672
Help Refugees-R/Prism Fund
LANSDOWNE
London Community Foundation - Wave 2
London Community Foundation - Wave 3
Network for Social Change
Newby Trust
Pioneer and Prosper
QBE Foundation
Reta Lila Howard
School For Social Entrepreneurs
Southwark
SPAN TRUST
St Clare and St Francis Trust
The AB Trust
THE ERANDA ROTHSCHILD FOUNDAION
The Gunter Charitable Trust
The Parker Johnson Prentice Charitable Trust
The Robert Holman Memorial Trust
The Talent Fund
Unltd Inclusive Recovery Fund
Total restricted funds
Unrestricted funds:
General funds
Unearned/deferred funds
Total funds
E 31STDECEMBER2019
Southwark Council
London Community Foundation
Restricted funds:
A & B SAINSBURY
Big Give
Barrow Cadbury
Big Lottery Fund
Big Lottery - Awards for All
Big Lottery - West Midlands
Big Lottery Fund - Reaching Communities
Birmingham City Council
Black Rock
City Bridge Trust		 25,000
-
4,384
6,000
120,430
01-Jan-20
£
71,256
191,686
01-Jan-19
£		 10,000
-
25,708
11,105
14,052
12,500
2,975
10,000
19,560
15,000
3,000
20,000
-
1,844
-
3,000
1,250
7,542
617,824
Income
£
1,153,283
1,771,106
Income
£		 (10,000)
(25,000)
(25,708)
(11,105)
(14,052)
(12,500)
(2,975)
(10,000)
(19,560)
(15,000)
(3,000)
(20,000)
(4,384)
(1,844)
(6,000)
(3,000)
(1,250)
(7,542)
(738,254)
Expenditure
£
(1,025,106)
(1,763,360)
Expenditure
£		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31-Dec-20
£
199,433
-
199,433
31-Dec-19
£
16,526
10,000
14,208
23,556
2,065
9,044
-
-
-
-
-
-
-
-
-
-
-		 16,526
10,000
23,000
118,642
9,990
38,145
8,900		 -
-
(8,792)
(95,086)
(7,925)
(29,101)
(8,900)

YE 31ST DECEMBER 2019

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 41/44

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AR/FS

AR/FS
velope ID: 98663665-E783-4BA1-AA36-B66BE6FB2672
Clarion Housing Group - Pedal Power
Clarion Housing Group - Talent Dev
Clore Duffield Foundation
Comic Relief
Comic Relief - BT Supporters Club 2019
Comic Relief - Levelling the Field
Comic Relief - London Together 2020
Comic Relief - London Together Via Young Roots
Department for Digital Culture Media & Sport
Dulverton Trust
GLA Team London
Groundworks London
GVC
Help Refugees-R/Prism Fund
LANSDOWNE
London Community Foundation - Wave 2
London Community Foundation - Wave 3
Network for Social Change
Newby Trust
Pioneer and Prosper
QBE Foundation
Reta Lila Howard
School For Social Entrepreneurs
Southwark
SPAN TRUST
St Clare and St Francis Trust
The AB Trust
THE ERANDA ROTHSCHILD FOUNDAION
The Gunter Charitable Trust
The Parker Johnson Prentice Charitable Trust
The Robert Holman Memorial Trust
The Talent Fund
Unltd Inclusive Recovery Fund
Total restricted funds
Unrestricted funds:
General funds
Unearned/deferred funds
Total funds		 4,782
-
-
7,062
-
25,000
20,000
-
-
-
15,000
-
-
71,844
01-Jan-19
80,429
152,273		 18,136
28,737
28,844
2,000
3,000
25,000
-
10,000
15,000
5,210
-
20,300
6,000
387,430
Income
725,926
1,113,356		 (20,280)
(21,728)
(28,844)
(9,062)
(3,000)
(25,000)
(20,000)
(10,000)
(15,000)
(5,210)
(15,000)
(15,916)
-
(338,844)
Expenditure
(735,099)
(1,073,943)		 -
-
-
2,638
-
-
-
-
7,009
-
-
-
-
-
25,000
-
-
-
-
-
-
-
-
-
-
-
-
4,384
-
6,000
-
-
-
120,430
31-Dec-19
71,256
191,686

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 42/44

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NOTE 16A. MOVEMENT IN RESTRICTED FUNDS

Main Activities Bike Donations Pedal Power Bike Buddies

Cyber Cyclists

Virtual Dr Bike Sessions Volunteering & Training Opportunities

Refurbishing and donating bikes Refugee Women cycling Programme

Matching Volunteers to Refugees enabling them to cycle together aimed a building confidence and knowledge of road cycling

Aimed at reducing isolation particularly during Covid19 and encouraging refugees to stay physically active

Training on simple bike repairs (e.g. repairing a puncture) Providing training opportunities in Build a Bike workshops, Talent Development and Apprenticeships for those refugees eligible to work

The specific purposes for which the funds are to be applied are as follows:

Funder

Barrow Cadbury - Big Lottery Fund - Big Lottery Fund - Reaching Communities - Birmingham City Council - Black Rock - Clarion Housing Group - Talent Dev - Comic Relief - Levelling The Field - LANSDOWNE - London Community Foundation - Wave 2 - Pioneer and Prosper

Grant Purpose Grant Expenditure Bike Donations Programme

Funds were used to purchase beneficiary accessories, Freelance cycle instructors, Freelance & Full Time Mechanic costs. The grants also contributed to IT, Marketing, professional fees, programmes specific salaries, small tools and equipment, bike parts, beneficiary travel, van hire as well as a proportion of overhead costs.

Comic Relief - BT Supporters Club 2019 Bike Buddies Programme

Funding contributed towards the costs of Freelance Cycle Instructors, IT, Marketing, Mechanic Salaries, Project specific staff, tools and equipment, spare parts, van hire and a contribution to overheads and business support staff.

Grant income was used to partially fund the cost of Clore Duffield Foundation - Comic beneficiary accessories, freelance cycle instructors, Relief - Department for Digital Culture Pedal Power (Women's freelance mechanics, marketing, mechanic Media & Sport - Network for Social Project) Programme salaries, professional fees, programme specific staff Change - School for Social salaries, tools & equipment, spare parts, beneficiary Entrepreneurs travel, van hire, volunteer expenses and overheads

Volunteering & Training The grant for Clarion Housing was used to fund the City Bridge Trust Opportunities (Talent cost of mechanic salaries and project specific Development) salaries as well as marketing costs.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 43/44

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NOTE 16A. MOVEMENT IN RESTRICTED FUNDS (CONTINUED)

Funder

Grant Purpose

Grant Expenditure

A & B SAINSBURY - Big Give - Big Lottery - West Midlands Help Refugees-R/Prism Fund - Big Lottery Fund - Clarion Housing Group - Talent Dev - Department for Digital Culture Media & Sport - Big Lottery Fund - Reaching Communities - THE ERANDA ROTHSCHILD FOUNDAION - The Parker Johnson Prentice Charitable Trust

Birmingham

Operations

Grants from these funders may have been restricted to specific programme costs but in addition to this they were used towards costs only in our West Midlands operations centre and contributed towards bike accessories, training & development, freelance cycle instructors, freelance mechanics, IT, marketing, mechanic salaries, monitoring & evaluation, professional fees, support salaries, recruitment, tools and equipment, spare parts, travel, van hire, volunteer expenses and a contribution to overheads.

Birmingham City Council - Black Rock - City Bridge Trust - Clore Duffield Foundation - Comic Relief - BT Supporters Club 2019 - Comic Relief - Levelling the Field - Big Lottery - Awards for All - Network for Social Change - Pioneer and Prosper -

London Operations

Whilst grants from some of these funders were used towards specific programmes costs, they were restricted for our London operations only and contributed towards bike accessories, training & development, freelance cycle instructors, freelance mechanics, IT, marketing, mechanic salaries, monitoring & evaluation, professional fees, support salaries, recruitment, tools and equipment, spare parts, travel, van hire, volunteer expenses and a contribution to overheads.

Big Lottery Covid 19 - Canary Wharf - Clifford Chance LLP - eBay grant - EQ Foundation - Groundworks Tesco Bags for Life Covid 19 - HARBOUR FOUNDTN - Leathersellers Charitable Trust - Newby Trust - Pears Foundation - SC and ME Moorlands Charitable Trust - Other TBC - Souter Charitable Trust - Southwark Council Covid 19 grant - TEXEL Foundation - The AD Charitable Trust - The Rayne Foundation - The Vitol Foundation

Unrestricted Grants

Any unrestricted funding was used to contribute to all programmes and costs across the whole of the organisation

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 44/44

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NOTE 17. PROVISIONS AND FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases are as follows:

Within One Year
Between One and Five Years		 Land & Buildings
2020
2019
£
£
50,686
22,000
89,276
964
139,961
22,964		 Other Operating
Leases
2020
2019
£
£
2,321
-
3,802
-
6,123
-

Lease Payments of £44,935 (2019: £31,194) were recognised as an expense during 2020

NOTE 18. TAXATION

The Bike Project is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2020 45/44