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2021-12-31-accounts

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The Bike Project

Annual Report and Financial Statements

31[st] December 2021

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

CONTENTS

Reference and Administrative information Year to 31st December 2021 ........................................................ 5

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Reference and Administrative information Year to 31st December 2021 …………………………………………………….5 Chair’s Foreword – Year to 31st December 2021 .............................................................................................. 6 Trustees’ report - Year to 31[st] December 2021 ................................................................................................. 7 Objectives and Activities ................................................................................................................................... 7 Charitable Objectives .................................................................................................................................... 7 Activities ........................................................................................................................................................ 7 Statement on public benefit .......................................................................................................................... 8 Achievements and Performance ....................................................................................................................... 8 Our work ........................................................................................................................................................ 8 Bikes donated ................................................................................................................................................ 9 Volunteering ................................................................................................................................................ 10 Pedal Power (Women’s Project) and Bike Buddies ..................................................................................... 10 Cyber Cyclists ............................................................................................................................................... 10 National Roadshow ..................................................................................................................................... 10 Beneficiaries ................................................................................................................................................ 11 Staffing ......................................................................................................................................................... 11 Media ........................................................................................................................................................... 11 Fundraising .................................................................................................................................................. 11 Fundraising policy ........................................................................................................................................ 11 Social enterprise .......................................................................................................................................... 12 Financial Review .............................................................................................................................................. 13 Income ......................................................................................................................................................... 13 Expenditure ................................................................................................................................................. 13 Reserves policy ............................................................................................................................................ 13 Going concern .............................................................................................................................................. 13 Plans for the Future ..................................................................................................................................... 14 Investment policy ........................................................................................................................................ 14 Structure Governance and Management ........................................................................................................ 14 Structure ...................................................................................................................................................... 14 Governance and management .................................................................................................................... 14 Risk management ........................................................................................................................................ 15 TRUSTEES’ RESPONSIBILITIES STATEMENT ...................................................................................................... 16

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 2/41

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Independent auditor’s report 31 December 2021 .......................................................................................... 18
Independent auditor’s report to the members of The Bike Project ............................................................... 18
Qualified opinion ......................................................................................................................................... 18
Basis for qualified opinion ........................................................................................................................... 18
Conclusions relating to going concern ........................................................................................................ 19
Other information ....................................................................................................................................... 19
Opinions on other matters prescribed by the Companies Act 2006 ........................................................... 19
Matters on which we are required to report by exception......................................................................... 20
Responsibilities of directors ........................................................................................................................ 20
Auditor’s responsibilities for the audit of the financial statements ............................................................ 20
Use of our report ......................................................................................................................................... 22
Consolidated Statement of financial activities (including income and expenditure account) Year to 31st
December 2021 ............................................................................................................................................... 23
Consolidated Balance Sheet as at 31stDecember 2021 .................................................................................. 24
Consolidated Statement of cash flows Year to 31stDecember 2021 .............................................................. 25
A.
Reconciliation of net income (expenditure) to net cashflow from operating activities to 31stDecember
2021 ................................................................................................................................................................. 25
B.
Analysis of cash and cash equivalents to 31stDecember 2021 ............................................................... 25
C.
Analysis of Net Debt Year to 31stDecember 2021 .................................................................................. 26
Notes to the Accounts: .................................................................................................................................... 27
Note 1. Company limited by guarantee ...................................................................................................... 27
Note 2. Principle Accounting Policies Year to 31st December 2021 ........................................................... 27
a. Basis of preparation ................................................................................................................................. 27
b. Critical Accounting Estimates and areas of judgement ........................................................................... 27
c. Going Concern.......................................................................................................................................... 28
d. Income ..................................................................................................................................................... 28
e. Expenditure ............................................................................................................................................. 29
f. Allocation of support costs ....................................................................................................................... 29
g. Value Added Tax ...................................................................................................................................... 29
h. Fixed assets .............................................................................................................................................. 29
i. Stocks ........................................................................................................................................................ 30
j. Debtors ..................................................................................................................................................... 30

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 3/41

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k. Cash at bank and in hand ......................................................................................................................... 30 l. Creditors and provisions ........................................................................................................................... 30 m. Fund Accounting ..................................................................................................................................... 30 n. Pensions ................................................................................................................................................... 30 Note 3. GRANTS & DONATIONS .................................................................................................................. 31 Note 4. EXPENDITURE.................................................................................................................................. 33 Note 5. OTHER DIRECT COSTS ..................................................................................................................... 33 Note 6. SUPPORT COSTS ............................................................................................................................ 34 Note 7. NET INCOME (EXPENDITURE) and net Movement in Funds ......................................................... 34 Note 8. STAFF COSTS ................................................................................................................................... 35 Note 8a. PENSION CONTRIBUTION COSTS .................................................................................................. 35 Note 9. RELATED PARTY TRANSACTIONS .................................................................................................... 35 Note 10. TANGIBLE FIXED ASSETS ............................................................................................................... 36 Note 11. INTANGIBLE FIXED ASSETS ............................................................................................................ 36 Note 12. INVESTMENTS ............................................................................................................................... 37 Note 13. DEBTORS ....................................................................................................................................... 37 Note 14. CREDITORS: Payable in less than one Year ................................................................................... 37 Note 15. CREDITORS: Payable in more than one year ................................................................................ 38 Note 16. Analysis of net assets .................................................................................................................... 38 Note 17. Movement in restricted funds ...................................................................................................... 39 YE 31st December 2021 .................................................................................................................. 39 YE 31st December 2020 ................................................................................................................. 39 Note 17a. Movement in restricted funds (continued) ................................................................................ 40 Note 17a. Movement in restricted funds (Continued) ................................................................................ 41 Note 18. Provisions and Financial Commitments ........................................................................................ 41 Note 19. Taxation ........................................................................................................................................ 41

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 4/41

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Reference and Administrative information Year to 31st December 2021

CharityName CharityName The Bike Project The Bike Project
Trustees
Title
Dates Acting
GregCowan
Director/Trustee
Resigned: 29th November 2021
William Cardy
Director/Trustee
Appointed: 9 January2018
Adam Ognall
Director/Trustee – Chair
Resigned: 1 August 2021
Doug Krikler
Director/Trustee – Chair
Appointed: 2 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
Chief Executive Jem Stein
Registered office The Bike Project, 3Space International House,
7th Floor ‘The Bike Project’,
International House,
Canterbury Crescent,
Brixton. SW9 7QD
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

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 5/41

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Chair’s Foreword – Year to 31st December 2021

2021 saw The Bike Project continuing its growth in activity and impact despite the ongoing challenges posed by the disruptive pressures of Covid-19 and industry-wide supply chain and recruitment challenges.

Refugees across the country faced increasing pressure and stress in the UK. Continued lockdown protocols and the risk of contracting Covid-19 variants increased loneliness and isolation and made it harder for organisations to support beneficiaries. This made access to bicycles and our ancillary programmes more important in this period than ever before. Having access to a bike helps our beneficiaries maintain their physical and mental health and cycling can be a socially distant cooperative activity.

Given the importance of our role in this community, I am proud of our successes in navigating these challenges and growing our donations activity, our income and our ancillary programmes. It is particularly gratifying that we are now looking at ways to expand our support to more areas of the country where we would previously have not been able to help. So much of our success this year has been attributable to the determination of our hardworking staff and volunteers of The Bike Project, who have overcome logistical challenges and shifting economic and political horizons to bring about growth in all areas of the organisation.

Notwithstanding our success in 2021, we will continue our ambitious plans to expand in 2022. With a successful pilot of expanding our core activities into new cities and plans for the launch of a central, well-located retail space, we hope to see continued growth and success for the future.

We are incredibly grateful to our supporters as they continue to put their faith in us and our team to pursue our mission to get refugees cycling.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 6/41

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Trustees’ report - Year to 31[st] December 2021

The Trustees, who are the directors for company law purposes, are pleased to present their report and financial statements of The Bike Project for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out on pages 27 to 30 and comply with the charity’s constitution, applicable law and requirements of the 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.

Objectives and Activities

CHARITABLE OBJECTIVES

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

ACTIVITIES

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

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

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 7/41

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Our main areas of delivery are in:

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 the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

Achievements and Performance

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 2021, we saw the return of our drop-off points with lockdown easing, though we continue our process of pop-up bike collections where volunteers 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: While our bikes are usually distributed through our ‘build your own bike’ scheme where refugees come to our workshop to help refurbish their own bike in a friendly and supportive environment, most of the bikes in 2021 continued to be van-delivered to beneficiaries. We hope to return to in-person collection in 2022 as Covid restrictions ease.

  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.

  5. 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 Cyber Cyclists, launched in 2020 to support refugees and keep them cycling through this period.

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In 2021, we also launched our National Roadshow , visiting cities across the UK establishing pop-up donations of bikes and partnering with regional organisations and volunteers to offer our Bike Buddies and Pedal Power programmes to local asylum seekers and refugees.

Despite the lockdown, The Bike Project has maintained or grown its operations in 2021:

£1,720,098(2020: £1,367,232) was received in grants and donations of which £313,477 (2020: £202,653) was donated goods and services

BIKES DONATED

In 2021, we donated 1,568 bikes, a 5% increase on 2020. We expect this to grow further in 2022 as we return to regular hosted workshop sessions instead of delivering bikes by van.

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.

A bike saves each refugee around £20 a week in transport costs (the price of a weekly bus ticket), a saving worth 50% of their £39.63 weekly allowance. This provides a minimum annual saving of £1,000 for every bike recipient who has had use of a bike for a full year. In 2021 the annual savings for bikes donated during the year totals £825,780 based the number of bikes delivered in a month and the residual balance of weeks remaining in the year across our 1,568 bike recipients.

A bicycle also provides practical benefits, enabling users to access essential legal, educational and health services, as well as local amenities and social activities. After receiving a bike, 90% of beneficiaries say they have done new things or visited new places and beneficiaries are twice as likely to be in education, working or volunteering after collecting a bike.

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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:

VOLUNTEERING

Over 2021, we managed 98 volunteers who supported us across our workshop sessions, pop up bike collections, and in operational and programme delivery roles. We were able to recommence projects that had to be suspended in 2020 due to lockdown restrictions. 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. We are proud of the fact that The Bike Project now employs five staff members in the team with lived experience one of whom was a former volunteer. The roles undertaken by these new employees range from workshop, administration and management staff.

In 2021, we increased our board size to include two members with lived experience both of whom were former volunteers so that those with lived experience are represented at the highest level in the organisation.

PEDAL POWER (WOMEN ’ S PROJECT) AND BIKE BUDDIES

Pedal Power and Bike Buddies, were both able to run throughout the year, albeit in a more constrained fashion. We were able to redesign Pedal Power as a 1-1 training programme with weekly online socials to enable refugee women to safely access cycle training during the pandemic. 1-1 sessions also enabled us to trial running Pedal Power during the winter months. We trained 61 Pedal Power participants to cycle in 2021. We were also able to continue matching trained bike buddies with our beneficiaries and established 75 new bike buddy matches between cyclists and refugees.

CYBER CYCLISTS

Following its successful launch in 2020, we continued our ‘Cyber Cyclists’ online programme which engages and supports refugees with online sessions for our beneficiaries and volunteers including yoga, fitness classes, external speakers, and other cycling topics. Expanding these sessions to our beneficiaries prior to their receiving a bike has allowed us to proactively answer questions and make bike recipients feel more comfortable about the process. We delivered 133 sessions of Cyber Cyclists in 2021.

NATIONAL ROADSHOW

To expand our impact to a broader community, we piloted pop-up donation sessions in cities across the UK and, through partnering with local organisations and volunteers, established regional Pedal Power and Bike Buddies programmes. This year we visited Coventry, Cambridge, Oxford, and Teesside, delivering over 100 bikes and setting up three Pedal Power and two Buddies programmes. We plan to expand this activity in 2022.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 10/41

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BENEFICIARIES

In the last 12 months, we have given bikes to refugees across London, Birmingham and our National Roadshow cities, which reflects how dispersed the refugee population is.

In the last year, 34% of bike recipients were female (an increase from 28% in 2018 and 4% in 2014), reflective of the 70:30 male to female split amongst the refugee population. 55% of beneficiaries were 25 years old or younger. In 2021, most beneficiaries were from Syria, Turkey, Iran, Eritrea and Sudan. Beneficiaries came from 73 different countries in total, speaking a variety of languages including Amharic, Kurdish, French, Arabic, Tigrinya and Farsi.

STAFFING

Targeting ambitious strategic goals, The Bike Project’s staffing increased across our marketing, social enterprise, operations, and programming work from 23.8 to 33.4 FTE in 2021.

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 2021, we were featured across 19 media platforms, including newspapers such as The Independent and The Financial Times. We were also nominated as Charity of the Year in the Social care, advice and support category at The Charity Awards.

FUNDRAISING

In 2021, we raised £1,720,097 through grants and donations in comparison to £1,376,232 in 2020 which is an increase of 25% year on year. This difference provides an insight into our fundraising success during the past year. Of these grants and donations, £313,477 were donated services (2020: £202,653).

As lockdown restrictions eased in 2021, we were able to migrate from hosting online only events to combined online and in-person comedy events. We also experienced a significant growth in income from small donors deriving from our Refugee Routes campaign, which we intend to expand in 2022.

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.

In 2021, we registered with the Fundraising Regulators and closely follow the advice and guidance they set out.

We take the necessary steps to ensure that we treat donors fairly to help them to make an informed decision regarding their donation to us.

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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. Similarly, if a specific vulnerability became apparent after a donation 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 The Bike Project’s values.

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 Regulation (GDPR) compliant and follow The Bike Project’s own supporter and privacy policies. We 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 up in the last year which we hope will continue to ensure our future sustainability. We sold a record 1,368 bikes during the year. Including all traded revenue streams, we raised a total of £512,008 in traded income, an increase of 26.8% on the previous year (2020: £403,874).

This sales growth is notwithstanding some difficult circumstances in 2021 which saw new entrants to the online second-hand bike e-commerce space, ongoing industry-wide supply chain issues, and the closure of our Colliers Wood retail site.

We believe that we are still the largest online retailer of second-hand bikes in the UK and look forward to expanding in 2022 by opening a new physical retail spaces focused exclusively on bike sales and services.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 12/41

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Financial Review

INCOME

Total group income during the year was £2,232,105 (2020: £1,771,106) an increase of 26.03% compared to the 2020. Restricted income was £669,964 (2020: £617,824) and unrestricted was £1,562,141 (2020: £1,153,283). £313,447 of unrestricted income were in kind donations (2020: £202,653).

EXPENDITURE

Total group expenditure increased from £1,763,360 in 2020 to £2,328,550 which is the equivalent of an 32.05% increase year on year. The increase in costs was primarily due to an increase in our staff costs as we have expanded our trading and programme operations with organisational growth.

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 approximately two months’ worth of unrestricted expenditure to allow the Bike Project to continue 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 group reserves at 31 December 2021 were £102,988 (2020: £199,433) of which £0 (2020: £0) were restricted and £102,988 (2020: £199,433) were unrestricted. This is equivalent to approximately one month’s operating income. £28.5K of restricted income from funding agreements had been deferred until 2022 when the relevant activity will be delivered. There is also £30K of unrestricted income that has also been deferred in line with our income recognition policy.

Based on current expenditure, targeted free reserves levels are between £220,000 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.

This increased trading revenue is to be achieved by the opening of a new, larger and more prominent retail premises in April 2022. By opening the new premises, the aim is to increase bike sales, bike servicing and retail accessory sales income all of which will increase our overall reserves during 2022.

GOING CONCERN

In spite of the economic downturn, the charities income continued to grow in 2021 (26.03% compared to 2020) by taking advantage of the continued demand for bike sales brought about by nationwide lockdowns and by growing its grants and donations income from organisations and individuals.

Despite this, given the future plans, the trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

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

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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 Midlands, and through our national roadshow, growing our support to refugees in additional cities across the UK.

To ensure our financial security we will continue to diversify our income streams, including a renewed emphasis on community fundraising and will open a new, standalone retail space in Camberwell, a busy cycling area with heavy footfall.

INVESTMENT POLICY

There are no restrictions on the charity’s power to invest and the current policy is to invest in short term funds with the charity’s bankers.

Structure Governance and Management

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 time. Directors, who are trustees for Charities Act purposes, are appointed by Directors’ resolution.

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 responsibilities, appropriate Charity Commission publications, in particular the booklet, ‘The Essential Trustee: What you need to know’ is given to each Director as part of their induction 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. The Trustees’ meetings include the management team, who will 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.

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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.

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.

There have been two noteworthy risks adjusted on the risk register this year. Firstly, we have observed that there have been some adverse industry-wide impacts from the decreased access to stock supplies. This was already on our register, but we have adjusted the risk from medium to longterm and we continue to monitor it. Secondly, the increased demand for skilled bike mechanics with the growth in industry has increased costs and difficulty of mechanic recruitment. As mechanic activity is fundamental to our organisational activity, we are considering our options to mitigate against this risk.

Other open risks logged continue to be:

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TRUSTEES’ RESPONSIBILITIES STATEMENT

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

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

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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

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 information included on the charitable company’s and the group website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Approved by the Directors and signed on their behalf by:

Doug Krikler

Clive Rosen

Chair

Treasurer

Date of Approval: 30-Sep-2022 Date of Approval: 30-Sep-2022

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Independent auditor’s report 31 December 2021

Independent auditor’s report to the members of The Bike Project

QUALIFIED OPINION

We have audited the financial statements of The Bike Project (the ‘parent charitable company’) and its subsidiaries ( the group) for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, the Company Balance Sheet, Consolidated 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).

In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

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 there was any consequential effect on the expenditure for the year ended 31 December 2020. Our audit opinion on the financial statements for the period ended 31 December 2020 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effects of this matter on the comparability of the current year’s figures and the corresponding figures.

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

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 18/41

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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.

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 financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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:

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 19/41

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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 course of the audit, we have not identified material misstatements in the trustees’ report.

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:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the trustees’ responsibilities statement set out on page 16, 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 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, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 20/41

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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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and guidance/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 2021 21/41

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USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s 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: 30-Sep-2022

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 22/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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Consolidated Statement of financial activities (including income and expenditure account) Year to 31[st] December 2021

ear to 31st December 2021
Notes
Income
Donations and Legacies
Charitable Activities
Bike Servicing
Bike Sales
Other Trading Activities
Other Sales
Investments
Total Income
Expenditures
Raising Funds
Marketing & Fundraising
Fundraising trading
Charitable Activities
Bike Servicing
Bike Sales
Bike Refurbishment &
Donation
Womens Project - Pedal
Power
Volunteering
Bike Buddies
Other Restricted
Activities
Other Charitable
Activities
Total Expenditure
4-6
Net
Income/(Expenditure)
Reconciliation of Funds
Brought Forward
Total Funds Brought
forward as at 1 January
2021
Total Funds Carried
Forward as at 31st
December 2021		 31/12/2021
Unrestricted
Restricted
Total
Funds 2021
£
£
£
1,050,133
669,964
1,720,097
33,726
-
33,726
424,544
-
424,544
53,738
-
53,738
-
-
-
1,562,141
669,964
2,232,105
243,142
4,682
247,824
89,240
-
89,240
-
-
-
-
34,578
34,578
-
427,146
427,146
-
85,819
85,819
-
3,636
3,636
-
17,504
17,504
-
131,177
131,177
1,291,626
1,291,626
1,658,586
669,964
2,328,550
(96,445)
-
(96,445)
199,433
-
199,433
102,988
-
102,988		 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

All of the charity’s activities derived from continuing operations during the above two financial years.

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

The notes on pages 27 – 41 form part of these financial statements.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 23/41

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Consolidated Balance Sheet as at 31[st] December 2021

onsolidated Balance Sheet as at 3 1st December 2021 1st December 2021
Notes
Tangible Fixed Assets
10
Intangible Fixed Assets
11
Investments
12
Current assets
Stock
Debtors
13
Cash at bank and in hand
Creditors:amounts falling due
within one year
14
Net current assets/(liabilities)
Creditors: Amounts falling due
after more than one year
15
Net Assets
16
Represented by Funds of the
Charity:
17
Unrestricted funds
Restricted income funds
Total funds
17a		 Group
2021
£
£
67,004
56
-
67,060
175,253
89,012
156,805
421,070
(335,142)
85,928
(50,000)
102,988
102,988
-
102,988		 Company
2021
£
£
67,004
56
1
67,061
172,197
89,012
156,805
418,014
(332,086)
85,928
(50,000)
102,989
102,989
-
102,989		 Group & Company
2020
£
£
26,282
986
-
27,268
162,902
118,049
209,013
489,964
(317,798)
172,166
-
199,433
199,433
-
199,433
67,060
85,928
(50,000)		 27,268
172,166
-
421,070
(335,142)		 418,014
(332,086)		 489,964
(317,798)
102,988 199,433
102,988
-
102,988		 199,433
-
199,433

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Doug Krikler Chair

Clive Rosen Treasurer

Date of Approval: 30-Sep-2022 Date of Approval: 30-Sep-2022

The notes on pages 27 – 41 form part of these financial statements.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 24/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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Consolidated Statement of cash flows Year to 31[st] December 2021

Cash flows from operating activities
Net cash provided by / (used in) operating activities
A
Cash flows from investing activities:
Purchase of tangible fixed 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		 2021
£
(45,268)
2021
£
(56,940)
(56,940)
50,000
50,000
(52,208)
209,013
156,805		 2020
£
52,101
2020
£
(12,206)
(12,208)
50,000
50,000
89,894
119,119
209,013

A. Reconciliation of net income (expenditure) to net cashflow from operating activities to 31[st] December 2021

Reconciliation of net income (expenditure) to net cash flow from operating activities
Net income/(expenditure) for the period
Depreciation charges
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2021
£
(96,444)
17,148
(12,351)
29,037
17,342
(45,268)		 2020
£
7,747
14,126
(7,743)
(29,752)
67,723
52,101

B. Analysis of cash and cash equivalents to 31[st] December 2021

Analysis of cash and cash equivalents
Cash at bank and in hand
B
Notice deposits (less than 3 months)
Overdraft facility repayable on demand
Total cash and cash equivalents		 2021
£
156,805
-
-
156,805		 2020
£
209,013
-
-
209,013

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 25/41

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C. Analysis of Net Debt Year to 31[st] December 2021

Category
Cash and Cash Equivalents
Loans Falling Due within one year
Loans Falling Due after more than one year
Total		 01/01/2021
Cash-flows
31/12/2021
£
£
£
209,013
(52,208)
156,805
(100,001)
-
(100,001)
(50,000)
(50,000)
109,012
(102,208)
6,804

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 26/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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Notes to the Accounts:

NOTE 1. COMPANY LIMITED BY GUARANTEE

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. 3space International House 7th Floor (The Bike Project), International House, Canterbury Crescent, Brixton, London, England, SW9 7QD.

The accounts are presented in GBP rounded to £1. The liability guaranteed by each member is £1. At 31 December 2021 the membership was 7.

NOTE 2. PRINCIPLE ACCOUNTING POLICIES YEAR TO 31ST DECEMBER 2021

A. BASIS OF PREPARATION

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.

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 public benefit entity as defined by FRS 102.

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:

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 potential implications for the charity’s activities, suppliers, beneficiaries and the wider economy.

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 2021 27/41

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C. GOING CONCERN

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern for at least twelve months from the date of approval of these accounts. The charity is forecast to make a surplus in the current financial year and the trustees believe that funding for the year to 31 December 2023 will be sufficient to cover the anticipated costs. The accounts are accordingly prepared on a going concern basis.

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 expenditure 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.

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.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 28/41

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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 accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

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:

Asset Class Yearly Proportion Amortisation Basis
Bike servicing equipment 25% Straight Line
Office equipment 25% Straight Line
Stock management 25% Straight Line
Website development 25% Straight Line

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 29/41

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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.

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.

The charity’s contributions are restricted to the contributions disclosed in note 8. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 30/41

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NOTE 3. GRANTS & DONATIONS

AD Charitable Trust
Austin & Hope Pilkington 2021
Barrow Cadbury
Big Lottery Fund - Awards for
All
Big Lottery Covid 19
Big Lottery Fund
Big Lottery Fund-Reaching
Communities London
Birmingham City Council
Blackrock
Canary Wharf
City Bridge Trust
Clarion Housing Group - Pedal
Power
Clarion Housing Group - Talent
Dev
Clifford Chance LLP
Clore Duffield Foundation
Comic Relief - BT Supporters
Club 2019
Comic Relief - Levelling The
Field
Comic Relief-London Together
2020 (with JRS)
Comic Relief-London Together
2020 via Young Roots
Comic Relief-Tech For Good
2021
CRH Trust
Department for Digital Culture
Media & Sport
Dulverton Trust
eBay grant
EQ FOUNDATION
Garfield Weston
Gillespie MacAndrew
GLA Team London
GROUNDWORK LONDON
GVC
Harbour Foundation
Help Refugees-R/Prism Fund
Henry Smith Charity
Islamic Relief
Jill Franklin Trust Donations
Kusuma Trust UK
Leathersellers Charitable Trust
London Community
Foundation - Wave 2		 Unrestricte
d
Restricted
Total
2021
£
£
£
25,000
-
25,000
5,000
-
5,000
-
150
150
-
9,677
9,677
-
-
-
-
-
-
-
106,371
106,371
-
14,115
14,115
6,547
-
6,547
-
-
-
-
35,600
35,600
-
3,636
3,636
-
3,636
3,636
-
-
-
-
20,833
20,833
-
147,518
147,518
-
-
-
-
37,219
37,219
-
21,879
21,879
-
63,000
63,000
-
4,500
4,500
-
-
-
-
35,000
35,000
-
-
-
10,000
-
10,000
25,000
-
25,000
5,000
-
5,000
-
-
-
-
5,000
5,000
-
-
-
2,000
-
2,000
-
-
-
45,000
-
45,000
-
20,000
20,000
14,387
-
14,387
10,000
-
10,000
13,333
-
13,333
-
-
-		 Unrestricte
d
Restricted
Total 2020
£
£
£
40,000
40,000
-
-
-
-
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
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
10,000
-
25,708
25,708

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 31/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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London Community
Foundation - Wave 3
Mazars Charitable Trust
Network for Social Change
NEWBY TRUST LTD
Newton Europe Limited
Other TBC - Souter Charitable
Trust
P&G Charitable Trust
PEARS FOUNDATION
Pioneer and Prosper
Prudential
QBE Foundation
RANK Foundation
Reta Lila Howard
SC AND ME MORLANDS
CHARITABLE TRUST
School For Social
Entrepreneurs
Southwark
Southwark Council Common
Purpose
Southwark Council Covid 19
grant
SPAN TRUST
St Clare and St Francis Trust
Sport England
SunGod Limited
TEXEL Foundation
The AB Trust
The Gunter Charitable Trust
The Mercers' Company
The Rayne Foundation
The Robert Holman Memorial
Trust
The Talent Fund
THE VITOL FOUNDATION
Unltd Inclusive Recovery Fund
Unltd E commerce Grants
donation
Total Grant Income
Donations
Total Grant Income (Including
Small Donations)
HMRC CHARITIES - Furlough
Grants
Deferred/Accrued Income
Individual Donors *
Donations in Kind		 -
8,328
8,328
-
9,180
9,180
-
-
-
-
9,167
9,167
-
10,716
10,716
-
-
-
-
-
-
15,000
-
15,000
-
-
-
-
-
-
-
5,950
5,950
-
25,000
25,000
-
15,000
15,000
1,000
-
1,000
-
-
-
-
3,750
3,750
-
11,553
11,553
-
-
-
-
-
-
-
-
-
-
6,130
6,130
3,088
-
3,088
-
-
-
-
-
-
-
-
-
-
25,000
25,000
30,471
-
30,471
-
3,000
3,000
-
6,250
6,250
5,730
-
5,730
-
22,625
22,625
-
8,688
8,688
216,556
698,472
915,028
3,349
-
3,349
219,905
698,472
918,377
7,149
-
7,149
-
(28,508)
(28,508)
509,632
-
509,632
313,447
-
313,447
1,050,133
669,964
1,720,097		 -
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
-
1,844
1,844
-
-
-
20,000
-
20,000
-
3,000
3,000
-
7,500
7,500
2,245
-
2,245
-
30,167
30,167
-
-
-
192,524
725,454
917,977
37,532
-
37,532
230,056
725,454
955,509
22,705
-
22,705
(23,121)
(107,630)
(130,751)
317,116
-
317,116
202,653
-
202,653
749,409
617,824
1,367,232

NB: Included within the Grant and Donation funding listed above is £7,149 which is a Government Grant received from Her Majesty’s

Revenues and Customs furlough Scheme to support employers who had to furlough staff during the COVID pandemic (2020: £22,705).

*Individual donors income includes £78,400 the total value attributed to donated bikes from 1st January - 31st December 2021

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 32/41

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NOTE 4. EXPENDITURE

OTE4. EXPENDITURE
Raising Funds
Marketing and freelance
fundraisers
Bike Sales (Note 12)
Charitable Activities
Bike Refurbishment & Donations
Bike Buddies
Women's Project
Talent Development
Birmingham
London
Wimbledon Shop
Other Charitable Activities		 Staff
Costs
Other
Direct
Costs
Support
Costs
Total
2021
£
£
£
£
-
195,015
52,809
247,824
-
46,208
43,032
89,240
936,079
506,807
308,965
1,751,581
8,738
8,076
689
17,504
31,901
33,450
20,468
85,819
2,544
1,092
-
3,636
33,094
1,906
-
35,000
20,000
-
5,000
25,000
8,868
-
13,757
22,625
9,491
-
40,561
50,052
1,050,715
792,554
485,281
2,328,550		 Staff
Cost
Other
Direct
Costs
Support
Costs
Total
2020
£
£
£
£
-
196,639
46,926
243,565
-
-
-
-
681,986
416,346
311,056
1,409,388
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

NOTE 5. OTHER DIRECT COSTS

OTE5. OTHER DIRECT COSTS
Bank & Merchant Charges
Freelance Cycle Instructors
Freelance Mechanics
Marketing
Materials
Postage & Delivery
Volunteer Expenses		 2021
2020
£
£
15,070
12,117
23,622
11,322
81,247
36,636
195,015
196,639
368,125
300,717
102,534
80,718
6,941
3,155
792,554
641,304

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 33/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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NOTE 6. SUPPORT COSTS

OTE6.SUPPORT COSTS
Administrative Expenses
Bank & Merchant Charges
Accountancy Services
Governance Cost - Independent Exam
Depreciation
Freelance Fundraiser
Insurance
IT
Monitoring & Evaluation
Other
Postage & Delivery
Professional Fees
Rates
Recruitment
Rent
Repairs & Maintenance
Telephone
Training & Development
Travel
Utilities		 2021
2020
£
£
4,342
15,955
1,688
1,471
1,736
35,590
13,671
8,970
17,148
14,126
52,809
46,926
7,253
5,619
73,254
72,479
408
408
30,056
18,300
2,657
2,545
61,812
41,597
14,615
5,222
13,711
152,164
87,530
10,082
4,164
11,222
6,888
9,779
9,074
5,027
3,052
10,336
4,965
485,281
393,371

NB: Included support costs there is £13,671 (2020: £8,970) of governance costs that were incurred during the year ending 31[st] December 2021

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

Net income for the period, is stated after charging:

Audit Fee
Depreciation
Amortisation		 Total 2021
£
13,671
16,218
930
30,819		 Total 2020
£
11,100
10,924
3,202
25,226

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 34/41

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NOTE 8. STAFF COSTS

Group and Company
Gross wages, salaries and benefits in kind
Employer's National Insurance costs
Defined contribution pension costs
The Average monthly number of employees in the year was
Full Time
Part Time		 2021
£
931,755
82,191
36,789
1,050,735
2021
Number
29
6
35		 2020
£
648,239
55,266
25,180
728,685
2020
Number
21
5
26

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 £54,720 (2020: £54,836).

NOTE 8A. PENSION CONTRIBUTION COSTS

All staff are enrolled on The Bike Project’s Pension Plan unless they specifically request to opt out of 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’s contributions are restricted to the contributions disclosed in above (note 8).

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

NOTE 9. RELATED PARTY TRANSACTIONS

The trustees and other related parties donated £24,450 (2020: £7,500) of income during the year. Gifts in kind donations from related parties amounted to £6,280 (2020: £7,200). 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 (2020: none). There were no further related party transactions.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 35/41

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NOTE 10. TANGIBLE FIXED ASSETS

Group and Company
COST
As at 1st January 2021
Additions
Transfers between class
As at 31st December 2021
DEPRECIATION
As at 1st January 2021
Dep'n Charge 2021
Transfers between class
As at 31st December 2021
NET BOOK VALUE
As at 31st December 2021
NET BOOK VALUE
As at 31st December 2020		 Bike Servicing
Equipment
Office Equipment
Total
£
£
£
3,317
52,789
56,106
38,578
18,362
56,940
30,292
(30,292)
-
72,187
40,799
113,046
1,440
28,384
29,824
9,399
6,819
16,218
13,814
(13,814)
-
24,653
21,389
46,042
47,534
19,470
67,004
1,877
24,405
26,282

NOTE 11. INTANGIBLE FIXED ASSETS

Group and Company
COST
As at 1st January 2021
As at 31st December 2021
AMORTISATION
As at 1st January 2021
Amortisation Charge 2021
As at 31st December 2021
NET BOOK VALUE
As at 31st December 2021
NET BOOK VALUE
As at 31st December 2020		 Stock Management
Functionality
Website
Development
Total
£
£
£
720
12,612
13,332
720
12,612
13,332
675
11,672
12,347
45
885
930
720
12,558
13,278
-
54
54
45
940
985

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 36/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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NOTE 12. INVESTMENTS

Company
Investments in subsidiary company		 2021
£
1
1		 2020
£
-
-

On 9 October 2020 The Charity formed a new subsidiary The Bike Project Trading Limited. The Charity owns 100% of the £1 ordinary share capital of The Bike Project Trading Limited, a company incorporated in England and Wales, company number 12941780. The activity of the company is selling new bicycles and accessories.

At 31 March 2022 the aggregate of the share capital and reserves of The Bike Project Trading Ltd was £1.

The results of The Bike Project Trading Limited consolidated in these accounts is as set out below:

Turnover
Cost of sales
Gross profit
Other operating expenses
Profit before donation
Donation
Retained profit/ (loss)		 2021
£
89,240
(46,208)
43,032
(43,032)
-
-
-

NOTE 13. DEBTORS

OTE13. DEBTORS
Group and Company
Other Debtors
Prepayments and accrued income		 2021
£
38,735
50,277
89,012		 2020
£
100,804
17,245
118,049

NOTE 14. CREDITORS: PAYABLE IN LESS THAN ONE YEAR

OTE14. CREDITORS: PAYABLE IN LESS THAN ONE YEAR YEAR
Trade Creditors
Other Taxes & Social Security
Amounts due to group companies
Accruals & Deferred Income
Other Creditors		 Group
Company
Group & Company
2021
2021
2020
£
£
£
91,058
87,572
27,202
42,776
42,776
26,498
-
2,930
-
76,065
73,565
155,043
125,243
125,243
109,055
335,142
332,086
317,798
27,202
26,498
-
155,043
109,055
317,798

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 37/41

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Deferred income

Group and Company
Deferred income at 1 January 2021
Resources deferred during the year
Amounts released from previous years
Deferred Income as at 31 December 2021
NOTE15. CREDITORS: PAYABLE IN MORE THAN ONE YEAR
Group and Company
Loan		 2021
£
130,751
58,508
(130,751)
58,508
2021
£
50,000
50,000		 2020
£
86,877
130,751
(86,877)
130,751
2020
£
-
-

NOTE 16. ANALYSIS OF NET ASSETS

a. 2021
Tangible fixed assets
Intangible fixed assets
Net current assets
Long Term Creditors
Net assets at the end of the year
b. 2020
Tangible fixed assets
Intangible fixed assets
Net current assets
Long Term Creditors
Net assets at the end of the year		 Unrestricted
Restricted
Total funds
£
£
£
67,004
-
67,004
56
-
56
85,928
-
85,928
(50,000)
-
(50,000)
102,988
-
102,988
Unrestricted
Restricted
Total funds
£
£
£
26,282
-
26,282
986
-
986
172,164
-
172,165
-
-
-
199,432
-
199,433

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 38/41

DocuSign Envelope ID: 64401131-6D7F-4DC7-9240-3509B0AB56F2

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NOTE 17. MOVEMENT IN RESTRICTED FUNDS

YE 31ST DECEMBER 2021

Bike Donations - B'Ham
Bike Donations - London
Bike Donations - Both
Pedal Power - B'Ham
Pedal Power - London
Pedal Power - Both
Talent Development - B'Ham
Talent Development - London
Talent Development - Both
Bike Buddies - B'Ham
Bike Buddies - London
Bike Buddies - Both
Shop
Other - B'Ham
Other - London
Other - Both
Unrestricted
Totals		 01-Jan-21
Income
Expenditure
Income
Summary
Expenditure
Summary
31-Dec-21
-
£181,633
(£181,633)
-
-
£175,280
(£175,280)
-
-
£70,233
(£70,233)
£427,146
(£427,146)
-
-
-
-
-
-
£9,586
(£9,586)
-
-
£76,233
(£76,233)
£85,819
(£85,819)
-
-
-
-
-
-
£3,636
(£3,636)
-
-
-
-
£3,636
(£3,636)
-
-
-
-
-
-
£17,504
(£17,504)
-
-
-
-
£17,504
(£17,504)
-
-
£22,625
(£22,625)
£22,625
(£22,625)
-
-
£35,000
(£35,000)
-
-
£25,000
(£25,000)
-
-
£53,234
(£53,234)
£113,234
(£113,234)
-
-
-
-
-
-
-
- £669,964
(£669,964)
£669,964
(£669,964)
-

YE 31ST DECEMBER 2020

Bike Donations - B'Ham
Bike Donations - London
Bike Donations - Both
Pedal Power - B'Ham
Pedal Power - London
Pedal Power - Both
Talent Development - B'Ham
Talent Development - London
Talent Development - Both
Bike Buddies - B'Ham
Bike Buddies - London
Bike Buddies - Both
Shop
Other - B'Ham
Other - London
Other - Both
Unrestricted
Totals		 01-Jan-20
Income
Expenditure
Income
Summary
Expenditure
Summary
31-Dec-20
£4,384
£162,883
(£167,267)
-
£35,621
£274,163
(£309,784)
-
£14,208
£58,267
(£72,475)
£549,526
(£549,526)
-
-
-
-
-
-
£26,975
(£26,975)
-
£7,009
£25,618
(£32,627)
£59,602
(£59,602)
-
-
-
-
-
-
£1,364
(£1,364)
-
£25,000
-
(£25,000)
£26,364
(£26,364)
-
-
-
-
-
£2,638
£5,758
(£8,396)
-
£9,044
-
(£9,044)
£17,440
(£17,440)
-
-
£7,542
(£7,542)
£7,542
(£7,542)
-
£16,526
£32,500
(£49,026)
-
-
-
-
-
-
-
-
£49,026
(£49,026)
-
£6,000
£22,754
(£28,754)
£28,754
(£28,754)
-
£120,430
£617,824
(£738,254)
£738,254
(£738,254)
-

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 39/41

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NOTE 17A. MOVEMENT IN RESTRICTED FUNDS (CONTINUED)

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

Funder

Barrow Cadbury, Big Lottery Fund - Awards for All, Big Lottery Fund - Reaching Communities, Birmingham City Council, City Bridge Trust, Clore Duffield, Comic Relief - BY Supporters Fund, Islamic Relief, London Community Foundation - Wave 3, Rank Foundation, Reta Lila Foundation, Southwark, Southwark Common Purpose Fund, The Robert Holman Memorial Trust, The Talent Fund

Comic Relief - London Together

Grant Purpose

Bike Donations Programme

Bike Buddies Programme

Grant Expenditure

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.

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.

Clarion Housing, Comic Relief - London Together, CRH Trust, Mazars Charitable Trust, Newby Trust Ltd, Newton Europe Limited, QBE Foundation, Sport England

Pedal Power (Women's Project) Programme

Grant income was used to partially fund the cost of beneficiary accessories, freelance cycle instructors, freelance mechanics, marketing, mechanic salaries, professional fees, programme specific staff salaries, tools & equipment, spare parts, beneficiary travel, van hire, volunteer expenses and overheads

Clarion Housing Group, Lansdowne

Dulverton Trust

Volunteering & Training Opportunities (Talent Development)

Birmingham Operations

The grant for Clarion Housing was used to fund the cost of mechanic salaries and project specific salaries as well as marketing costs.

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.

TBP Annual Report and Financial Statement for the year ended 31[st] December 2021 40/41

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NOTE 17A. MOVEMENT IN RESTRICTED FUNDS (CONTINUED)

Funder Grant Purpose Grant Expenditure 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 The Mercers' Company, Unltd inclusive London Operations instructors, freelance mechanics, IT, marketing, Recovery Fund mechanic salaries, monitoring & evaluation, professional fees, support salaries, recruitment, tools and equipment, spare parts, travel, van hire, volunteer expenses and a contribution to overheads. Grants from these funders were used to build a Unltd E commerce Grants donation, Specific Projects technical solution to match Bike Buddies with Comic Relief - Tech for Good Beneficiaries & to further develop out website AD Charitable Trust, Austin & Hope Pilkington, Blackrock, EQ Foundation, Garfield Weston, Gillespie MacAndrew, Goundworks London, Harbour Foundation, Henry Smith Charity, Jill Any unrestricted funding was used to contribute Franklin Trust, Kusuma Trust UK, Unrestricted Grants to all programmes and costs across the whole of Leathersellers Charitable Trust, Pears the organisation Foundation - SC and ME Moorlands Charitable Trust, SunGod Limited, The Rayne Foundation, The Vitol Foundation

NOTE 18. PROVISIONS AND FINANCIAL COMMITMENTS

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

Group and Company
Within One Year
Between One and Five Years		 Land & Buildings
2021
2020
£
£
77,402
50,686
143,588
89,275
220,990
139,961		 Other Operating Leases
2021
2020
£
£
2,281
2,321
1,521
3,802
3,802
6,123

Lease Payments of £90,515 (2020: £44,935) were recognised as an expense during 2021

NOTE 19. TAXATION

The Bike Project is a registered charity and is 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 2021 41/41