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Bike the UK for MS
Annual Report and Financial Statements
For the Period
From 01/10/2022 to 30/09/2023
Registered Charity Number: 1172717
Bike the UK for MS Period from 1 October 2022 to 30 September 2023
CONTENTS
| CHARITY INFORMATION | 2 |
|---|---|
| TRUSTEE’S ANNUAL REPORT | 3 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT | 5 |
| TRUSTEES' RESPONSIBILITIES STATEMENT | 6 |
| INDEPENDENT EXAMINER’S REPORT | 7 |
| STATEMENTS OF FINANCIAL ACTIVITY | 8 |
| BALANCE SHEET | 9 |
| NOTES TO THE FINANCIAL STATEMENTS | 10 |
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
CHARITY INFORMATION
Trustees
Mr Donald Fraser Chairman, appointed 24 April 2017 Mr Peter Whateley Mr Robert Morris Mrs Nicolla Tanguy Mr Richard Kessell Appointed 14 March 2024 Registered Office Copperfields, Seale Lane, Puttenham, Surrey, GU3 1AX Charity Registration 1172717 Bankers Lloyds Bank 75 Castle St Farnham GU9 7LT
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
TRUSTEE’S ANNUAL REPORT
The Trustees present their annual report and financial statement for the period from 1 October 2022 to 30 September 2023 giving the results of Bike the UK for MS.
OBJECTIVES
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit and in particular to its supplementary public benefit guidance.
Bike the UK for MS has three main objectives: raising awareness and promoting Multiple Sclerosis, providing relief and assistance to those living with the disease and their families and to advance knowledge and research about the disease to one day ‘Stop MS’.
REVIEW OF ACTIVITIES
The primary focus for the period of 2022-23 has been ensuring a level of support to the MS community during difficult times. Our aims are to meet our daily funding requirements and find new income streams to reach its surplus aims. The main strategy for fundraising has focused on organising multi-day cycling challenges across the UK. Alongside these events, there were virtual challenges and external fundraisers to support reaching the income targets.
Bike the UK for MS works closely with the MS Society, making grants to their local groups across the country. The groups, chosen by the Bike the UK for MS Trustees, put their grants towards supporting members and their families through the likes of exercise classes to relieve symptoms and home modifications to maintain independence.
Grants are made to the MS Society towards specific research projects chosen by the Trustees.
Bike the UK for MS organises events with MS groups to encourage mobility and promote activity by encompassing cycling into their lives. The use of adapted bikes for all abilities on safe closed circuits has proved enjoyable for the groups and is something the charity will continue to develop.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
FINANCIAL REVIEW
Financial Position
Total income for the period of October 2022 to September 2023 was £95.3k. This was largely thanks to fundraising completed by our volunteer cyclists totalling £63.2k, the associated Gift Aid of £7.3k and £23.8k in grants from Bike the US for MS.
Grants paid out through the period to the MS Society, to support local MS groups and fund research projects, totalled £10k. Other expenditure on charitable activities of £56.6k related to our cycling challenges and sessions across the UK to raise awareness of the disease and relieve symptoms for those with MS.
The remaining expenditure of £48k for the period went towards raising funds to help support these grants and charitable activities. A surplus of £34.3k was carried forward to the following year.
Surplus and Reserves Policy
Bike the UK for MS aims to accumulate a surplus in order to maintain liquidity to cover 12 months of salary expenditure and to cover initial expenditure to ensure growth in annual fundraising for the following year. This year Bike the UK for MS accumulated a surplus of 9 months of salary expenditure.
This policy is subject to annual review by the Trustees where they consider the charity’s requirements.
Assessment of Going Concern
After consideration, the Trustees have concluded that the main uncertainty relates to the continued rise in cost of living and how that impacts both registrations and confidence in fundraising. It will also continue to impact our event costs as inflation rises. The charity has seen a drop so far in participants for 2023-24, but hopes public confidence returns in the coming year along with some event changes to come in 2024-25.
The focus will be ensuring that the charity meets its daily funding requirements and finding new income streams for the coming year. The charity has adequate resources for the coming year and therefore in preparing these financial statements has adopted the going concern assumption.
Future Developments
In 2024-2025, Bike the UK for MS will be looking to make changes to their summer event schedule with a mixture of new events and new pricing model. They hope to reposition themselves to grow their fundraising efforts by increasing participant numbers on their challenges, actively seeking grants and sponsors. This will require a concerted effort with marketing, reaching new audiences and adapting to feedback provided by our participants.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
Bike the UK for MS is a Charitable Incorporated Organisation (CIO). The charity was incorporated as a CIO on 24 April 2017.
The principal object of the charity are for public benefit: to promote and advance health; to provide relief and assistance to those suffering with health problems and their families; to advance and promote knowledge in health and to advance research into health sciences, in particular but without limitation in relation to Multiple Sclerosis.
Method of Appointment of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. They are appointed to ensure the board has the right mix of skills and experience to best serve the charity with its strategy.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees, on 29 July 2024 and signed on their behalf by:
……………………………………………..
Mr Donald Fraser (Chairman)
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
INDEPENDENT EXAMINER’S REPORT
FOR THE PERIOD FROM 1 October 2022 TO 30 SEPTEMBER 2023
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30 September 2023.
Responsibilities and Basis of Report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: ………………………………………. Dated: 28/07/2024 Georgina Dean ACA
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
STATEMENTS OF FINANCIAL ACTIVITY
| NOTE INCOME FROM: Donations and legacies Other trading activities TOTAL INCOME 2 EXPENDITURE ON: Raising funds Charitable activities TOTAL EXPENDITURE 3 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted funds Restricted income funds Total funds Prior Year funds £ £ £ £ 95,261 - 95,261 109,596 - - - 2,525 |
|---|---|
| 95,261 - 95,261 112,121 |
|
| 48,033 - 48,033 53,447 66,958 - 66,958 59,922 |
|
| 114,991 - 114,991 113,369 |
|
| (19,730) - (19,730) (1,248) |
|
| 54,032 - 54,032 55,280 |
|
| 34,302 - 34,302 54,032 |
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
BALANCE SHEET
| NOTE Fixed assets Tangible assets 6 Total fixed assets Current assets Debtors 7 Prepayments and Accrued Income 8 Cash at bank and in hand 9 Total current assets Creditors: amounts falling due within one year 10 Net current assets/(liabilities) Total assets less current liabilities Total net assets or liabilities Funds of the Charity Restricted Income funds 11 Unrestricted funds 11 Total funds |
Unrestricted funds Restricted Income funds Total this year Total last year £ £ £ £ - - - 242 |
|---|---|
| - - - 242 |
|
| 11,524 - 11,524 26,397 4,453 - 4,453 3,888 31,570 - 31,570 45,346 |
|
| 47,547 - 47,547 75,631 |
|
| 13,245 - 13,245 21,841 |
|
| 34,302 - 34,302 53,790 |
|
| 34,302 - 34,302 54,032 |
|
| 34,302 - 34,302 54,032 |
|
| - - - |
|
| 34,302 34,302 54,032 |
|
| 34,302 - 34,302 54,032 |
The financial statements were approved by the board of trustees and authorised for issue on 29 July 2024 and are signed on its behalf by:
……………………………………………..
Mr Donald Fraser (Chairman)
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
NOTES TO THE FINANCIAL STATEMENTS
1. Principal Accounting Policies
1.1. Basis of Preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
Bike the UK for MS constitutes a public benefit entity as defined by FRS102.
1.2. Going Concern
The accounts presented have been prepared on a Going Concern basis.
1.3.Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
1.4. Expenditure
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
The charity made no redundancy payments during the reporting period. No material item of deferred income has been included in the accounts.
1.5.Tangible fixed assets and depreciation
Individual fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives on a straight line basis as set out below.
Depreciation rates are as follows:
Computer Equipment over 3 years
1.6.Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
1.7. Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts. No material item of deferred income has been included in the accounts.
1.8.Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
1.9.Foreign Exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction.
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
2. Analysis of Income
| Analysis Donations and legacies: Donations and gifts Gift Aid General grants provided by government/other charities Sponsorships which are in substance donations Other trading activities: Sale of Apparel Gains from FX TOTAL INCOME |
Unrestricted funds Restricted Income funds Total funds Prior Year £ £ £ £ 63,203 - 63,203 81,021 7,318 - 7,318 9,637 23,841 - 23,841 17,938 899 - 899 1,000 - - - - - - - 2,525 |
|---|---|
| 95,261 - 95,261 112,121 |
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
3. Analysis of Expenditure
| Analysis Unrestricted funds Restricted Expenditure funds Total funds Prior Year £ £ £ £ Expenditure on raising funds: Incurred seeking donations 37,587 - 37,587 39,924 Incurred seeking grants 7,634 - 7,634 5,626 Advertising, marketing and publicity 1,413 - 1,413 6,318 Insurance 488 - 488 437 Website development costs 911 - 911 1,142 Total expenditure on raising funds 48,033 - 48,033 53,447 Expenditure on charitable activities Grants to MS Society 10,000 - 10,000 18,000 Individual Grant Programme - - - 2,000 Host Donations 320 - 320 - Bike the UK for MS - Awareness Raising Mission 56,638 - 56,638 39,922 Total expenditure on charitable activities 66,958 - 66,958 59,922 TOTAL EXPENDITURE 114,991 - 114,991 113,369 4. Staff Costs This year Prior Year £ £ Salaries and wages 74,565 54,988 Social Security Costs - - Pension costs 1,776 1,275 Total staff costs 76,341 56,263 This year Prior Number Year Average head count in the year 3 2 Total 3 2 |
Unrestricted funds Restricted Expenditure funds Total funds Prior Year £ £ £ £ 37,587 - 37,587 39,924 7,634 - 7,634 5,626 1,413 - 1,413 6,318 488 - 488 437 |
Unrestricted funds Restricted Expenditure funds Total funds Prior Year £ £ £ £ 37,587 - 37,587 39,924 7,634 - 7,634 5,626 1,413 - 1,413 6,318 488 - 488 437 |
|---|---|---|
| 911 - 911 1,142 |
||
| 48,033 - 48,033 53,447 |
||
| 10,000 - 10,000 18,000 - - - 2,000 320 - 320 - 56,638 - 56,638 39,922 |
||
| 66,958 - 66,958 59,922 |
||
| 114,991 - 114,991 113,369 |
||
| This year Prior Year £ £ 74,565 54,988 - - 1,776 1,275 76,341 56,263 This year Prior Number Year 3 2 Total 3 2 |
||
| Total |
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Bike the UK for MS
Period from 1 October 2022 to 30 September 2023
5. Grantmaking
| Analysis of Grants Paid MS Society Projects & Local Groups Individual Grant Programme Challenge Host Donations Total 6. Tangible Fixed Assets Cost: As at 1 October 2022 Additions As at 30 September 2023 Depreciation: As at 1 October 2022 Charged for the year As at 30 September 2023 Net Book Value: As at 30 September 2022 As at 30 September 2023 |
Grants to institutions Total Prior Year £ £ £ 10,000 10,000 18,000 - - 2,000 |
Grants to institutions Total Prior Year £ £ £ 10,000 10,000 18,000 - - 2,000 |
|---|---|---|
| 320 320 - |
||
| 10,320 10,320 20,000 |
||
| Computer Equipment Total £ £ 792 792 - - 792 792 550 550 242 242 792 792 242 242 - - |
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
7. Debtors
| Analysis of debtors Bike the US for MS Enthuse HMRC - Gift Aid Sponsorships Total 8. Prepayments and Accrued Income Analysis of prepayments Inventory Accruals for Gift Aid Accruals for Van Sponsorship Total 9. Cash at bank and in hand Cash at bank and in hand Total |
Analysis of debtors Bike the US for MS Enthuse HMRC - Gift Aid Sponsorships Total 8. Prepayments and Accrued Income Analysis of prepayments Inventory Accruals for Gift Aid Accruals for Van Sponsorship Total 9. Cash at bank and in hand Cash at bank and in hand Total |
This year Prior Year £ £ 11,524 17,972 - 4,785 - 2,640 - 1,000 |
|---|---|---|
| 11,524 26,397 |
||
| Amounts falling due within one year This year Prior Year £ £ 2,289 3,888 1,284 - 880 - |
||
| 4,453 3,888 |
||
| This year Prior Year £ £ 31,570 45,346 |
||
| 31,570 45,346 |
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Bike the UK for MS Period from 1 October 2022 to 30 September 2023
10.Creditors
Analysis of creditors
Amounts falling due within one year
| Accruals for grants payable Taxation and social security Other Creditors Total |
This year Prior Year £ £ 10,000 18,000 3,245 1,681 - 2,160 |
|---|---|
| 13,245 21,841 |
11. Statement of Funds
Summary of Funds - Current Year
| Summary of Funds - Current Year |
|
|---|---|
Unrestricted Funds Restricted Funds Total Funds |
Balance at 30 September 2022 Income Expenditure Balance at 30 September 2023 £ £ £ £ 54,032 95,261 (114,991) 34,302 - - - - |
| 54,032 95,261 (114,991) 34,302 |
12.Transactions with Related Parties
The trustees received no remuneration for their services in the current or previous year.
During the year, Bike the UK for MS received a total of £23,841 in grants (2022: £17,938) from Bike the US for MS. The balance outstanding at year end was £11,524 (2022: £17,972). In addition, there was a donation totalling £650 made by trustee, Peter Whateley, to the charity.
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