Charlty reglstratlon number 1185483 CORNWALL LIFE RECYCLE CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
CORNWALL LIFE RECYCLE CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr. Oliver 8aines Mr. Colin Garrick Mrs. Louise Oliver Miss. Jane Cornellus (Appointed 2 October 20251 (Appointed 5 November 20241 (Appointed 5 November 20241 Mr M Oakley Senlor management E C Roberts Manager Charlty numbÈr 1185483 Principal address Unit E2 Formal Industrial Estate Treswithian Camborne Cornwall United Kingdom TR14 OPY Independent examlner TC Group Vivian House Newham Road Truro Cornwall Unlted Klngdom TRI 2DP
CORNWALL UFE RECYCLE CIO CONTENTS Pa¥e Trustees, report Independent examiner's report Statement of financial activities Balance sheet io Notes to the financial statements
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT FOR THEPERIOD ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the period ended 31 December 2024. The financial statement5 have been prepared in ac¢ordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Charitie5 Act 2011 and 'Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. Objectlves and actlvltles The charity's purpose5 are to advance health, wellbeing, education and social inclusion by providing acce55ible and inclusive cycling opportunities, practical skills training, and supportive community actlvllies. Through Cornwall Life Recycle, it5 community workshop. and The Cornwall Bicycle Project ITCBPI. the charity works with people of all ages and abilities, including disabled people, refugees, those with long-term health conditlonst young people facing dlsadvantage, and individuals experiencing Social or economic barriers. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what actlvities the charity should undertake. Activitie5 During 2023 and 2024. the charity delivered a wide range of activities acros5 Cornwall through Cornwall Llfe Recycle land in partnership with The Cornwall Bicycle Projectl including.. Cycllng ActSvlties & Inclusive Partlclpation Community cycling programme5 including confidence building, wtsmen's ride5. family rides, recreational cycling groups, and volunteer-led rides across Cornwall. Active Travel Social Prescribing IATSPI partnership in Penzance, Bodmin and St Austell &The Clays offering cycling as a wellbeing pathway for individuals referred by health and community professionals. Edutation, Trainin£ & Workshop Activities Icornwall Llfe Recyclè) Delivery of skills-based training, accredited awards IAQA. Cytechl, and mentoring for young people aged 8-24 and adults within the workshop environment. Cycle maintenance education, confidence building. teamwork and hands-on learning for young people referred from schools. support workers and agencies. Partnership5 With organisations includin8 Active Cornwall, Trelyè. GLL Leisure, Pentreath, Mencap and Healthcare hubs providing meaningful activity. structure and confidence-building for young people and adults with learning disabilities.
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEDI FOR TIIE PERIOD ENDED 31 DECEMBER 2024 Recycling & Redlstrlbutlon of Blkes Through Cornwall Life Recycle, the charity repaired, rebuilt and donated bikes to refugees, asylurn seeker5, migrant workers, and individua15 ill need across Cornwall. We also recycle parts and other equipment including cycling kit. Recipients were referred by Trelya, Cornwall Council support workers. social prescribers, and community organisations. improving access to work. education, community activities and independent travel. Helmets, locks, hi-vi5 clothing and basic tools were supplied where needed. These activities collectively reduced isolation, promoted independence, increased physical activity. improved rnental wellbeing, supported sklll developrnent, and strengthened comrnunity connections across Cornwall. Sociullnvestments Social investment is embedded within the charity's core operations. Cornwall Life Recycle'5 workshop activities and community cycling session5, open days and introductory events all contribute directly lo social impact and fulfilrnent of the charity's charitable purposes. Volunteers Volunteers ale essential to the charity's operations across Cornwall Life Recycle. Their contributions in 2023-2024 included.. Providing workshop help, mentoring and one-to-one support for young people unable to engage with mainstream school and adult5 experiencing mental health issues Leading and assisting volunteer-led rides across Cornwall for all abilltles and ages including learn to ride Delivering the Saturday Youth Community Ride, supported by volunteer coaches and young volunteer leader5 Supporting bike collection, preparatitsn and donation processes at Cornwall Life Recycle The dedication of our volunteers signlfitantly enhances the charity's reach and the quality of support we provide. Many of our volunteers bring lived experience of mental health challenges, physical disabilities, and learnin8 or cognitive dSfficultie5. Their insight and empathy help us create a 8enuinely inclusive environment and encourase others who may be hesitant to take part in our activities to feel welcome and supported.
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 AchIeMentS and performance 5ignificontoctivities t7nd ochievements oguinst objectives Acros5 2023 and 2024, Cornwall Life Recycle continued to grow- Key achievements and impact include.. Expansion of Wonderful Wednesdays at Par Track into one of Cornwall's most inclusive and well-attended cycling sessions. Growth in workshop participation, providing structured learning, practical skills and increased confidence for young people referred by schools Bnd other stream5. We are part of the Councils Education other than at School IEOTASI database. Strengthened p3rtner5hips, including work with Mencap, Trelya, Cornw311 Council support worker5, and social prescribers across Cornwall. Increased distribution of refurbished bikes to refugees, asylum seekers and people facing hardshipi enablin8 independence, sustainable travel and acce55 to education, work and community life. High levels of engagement through the ATSP project in Penzance, Bodmin and St Austell, 5UPPOrting individuals with cyclin8 and basic cycle repair to improve physical and mental wellbeing. Wider social benefits, including reduced isolation, improved cornmunity cohesion, increased physical activity levels, and more inclusive opportunities for disabled people and those with IDng-term health conditions. Collectively, activities across Cornwall Life Recycle have improved wellbeing, mental health, confidence and independence for hundreds of individua15 each year. The charlty met key objectives to eypand inclusive rycling opportunities, build capacity within Cornwall Life Recycle's workshop, and reach more rural and underserved communities. Enhanced volunteer engagement, and growth of inclusive cycling sessions demonstrate strong progress. Achievements have been set against the overall National Lottery Objectives. Fundraising performonce Fundraising continued to support core delivery across Cornwall Life Recycle. Income from grant5, donations and partnerships enabled prograrnme growth, increased equipment provision and ongoing support for beneficiaries experiencing disadvantage. Investment performonce The charity holds minimal investments. During 2024 the charity invested in an electric ICE recumbent trike through the ATSP project as part of its commitment to inclusive cycling. Reserves are managed prudently line with the charity's low-risk strategy, and performance remained consistent with objectives. Financlal revlew The charity held reserves at 31 December 2024 of £119,116123 September 2023.. £67,551). Of these reserves £99.988 was unrestricted123 September 2023.. £67,551).
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEOI FOR THEPERIOD ENDED 31 DECEMBER 2024 Reserve5 policy Cornwall Life Recycle CIO has reserves to act as a financial safety net, en5urin8 we can continue vital services during income drops, emergencies Ilike pandemics or sudden crises), or funding gaps, while also enabling strategic investment, growth, and smooth cash flow between grants. Reserves provide resilience, allowing us to meet unexpected costs (repair5, increased demand) or seize opportunitie5 Wlthout immediate funding, balancing spending on alms with future 5UStainabilitv. Investmentpolicy Purpose This summary outlines how Cornwall Life Recycle ICLRI uses social investment and trading activity to further our charitable purposes. Social Investment at CLR prioritises social and environmental impact, wlth all surpluses reinvested into our community cycling. education and inclusion programmes. Definltlon Social investrnent is the use of CLR'S resources to create measurable public benefit improved wellbeing, acces5, inclusion and environmental sustainability while generating income that supports charity operations. Guldin8 Prlnclples Mission-led.. All activity must support TCBP'S objective5, including access to rycling, w&llbein8, social inclusion. skllls development and sustainable travel. Public benefit first.. Social outcome5 take priority over financial gain. Surplu5 is reinvested, not distributed. Ethical practlce.. No activities that conflict with health, environmental or community values. Financial stewardship.. Activitles must be proportionate, sustainable and consistent with the charity's risk appetite. Inclusion.. All programrnes must continue to support people in Cornwall of all ages, abilities and backgrounds, particularly those facing disadvantage. Core Social Investment Actlvltles l.Cornwall Life Recycle Relurbi5hes and recycles donated bike5.' provides affordable transport,. reduces environmental waste,. generates Income to support programmes. 2.Education & Workshops Practical skills training, accredited learning and personal development for young people aged 8-24, including those referred through schools and support services and adults looking to gain skills as an introduction back into employment or to improve their mental health and Social inclusion. 3.Inclusive Cycling Programmes Activitles such a5 Wonderful Wednesdays, adapted cyclin8, rural delivery and confidence sessions for people with disabilities, long-term Conditions or Social isolation.
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 4.Bike Donation Scheme Bikes and essential equipment provided to refugees. asylum seekers and others experiencing hardship, in partnership with social prescribers and support organisations acros5 Cornwall. 5.Governance & Oversight Trustees approve new trading ventures, significant partnerships, and the policy review. Operational leads manage delivery, monitor risk, and report to the board on performance, sustalnablllty and impact. Risk considerations include financial exposure, reputational impart. alignment with charitable objects and effects on beneficiarie5. Use of Surplus All surpluses are reinvested into.. Staffing le.8. additional coacheslsupport/Mechanlcsl Programrne expanslon and outreach Workshop capacity and equipment Adaptive fleet maintenance Supporting beneficiarles fècing financial hardship Impact Measurement CLR monitors social investment impact through.. Participation volumes and reach Case studies and partner feedback Wellbeing and confidence outcomes Number of bikes donated, refurbished or recycled Envlfonmental savings Irecyclin8 cycle parts as well as cycles) Volunteer engagement This policy and summary are reviewed annually gr sooner if trading activity expand5 or risk changes.
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 Major risks The trustees have reviewed the main risks facing the charity.. l. Funding and Financial Su5tainability- Uncertainty over future income affecting staffin8, equiprnent, and service deliverv. 2. Increasing Demand for Services- Demand may exceed capacity, particularly in rural areas. 3. Dependence on Volunteer5- Reduced volunteer numbers or training gaps could affect sale delivery. 4. Staff Capacity and Retention- Expansion could overstretch staff or limit recrultment. 5. Equipment and Maintenance Risk- Wear, maintenance. and replacement costs for bikes and workshop tools. 6. Safeguarding and Participant Safety - Working with children, disabled adults, and vulnerable adults requires robust policies and supervision. 7. Compliance and Regulatory Requirements- Health & safety, Charity Commission guidance, GDPR, employment law, and insurance. 8. Operational Risks Llnked tts Partnerships affect service delivery. Changes in partner capacity, referral pathways, or funding could 9. External Environmental Factors- Risin8 costs. economlc pressures. and Increased demand for donated blkes. Strurture. govèrnancè and manageFnent The charlty Is controlled by its governing document, and constitutes a CIO. The trustee5 who served durlng the period and up to the date of 518nature of the financial statements were.. Mr. Oliver Baines Mr. Colin Garrick Mrs. Helen Cobb Mrs. Annette Rule Mr. Kevin Jackson Mr. Samuel Thomas Mrs. Louise Oliver (Resigned l Novelnber 20231 (Resigned 20 October 20231 (Resigned 25 October 20231 IResigned l November 20231 IAppointÈd 2 October 20251 IAppointed S November 20241 IAppointed S November 20241 Miss. Jane Corneliu5 Mr M Oakley Recruitment ond oppointment of trustees Trustees are sought to fulfil specific function5 (HR. safeguarding, finance, governance) and are appoillted bv a8reement with existing tru5tee5. No appointments are made without the agreement of the Board. None of the trustees has any beneficial interest the company. All of the trustees are members of the companv and guarantee to contribute £1 in the event of a winding up.
CORNWALL LIFE RECYCLE CIO TRUSTEES, REPORT ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 0rgt7nisationolstructure The charity operates as Cornwall Life Recycle in partnership with The Cornwall Bicycle Project. The purpose of the partnership is to coalesce the activities ol the two organisations to the point where they can be m&rged. It divides its activities between the workshops Itraining sessions for youn8 people and adults), external activities Irides, open days, adapted cycle sessions etcl and bicycle repair and sales. Induction ond training of trustees Trustees are interviewed and their CV/bio circulated to the Board. After adoption new tru5tee5 are given and induction with the charity CEO. Relationship with wlder network The charity hès a c105e relationship with Cornwall Council, Cycling UK, BritSsh Cycling and Bikeability as well as the National Lottery Comrnvnity Fund. The trustees. report Wa5 approved by the Board of Trustees. Mr. Oliver Baine5 Trustee Date..
CORNWALL LIFE RECYCLE CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNWALL LIFE RECYCLE CIO I report to the trustee5 on my examination of the finantial statement5 of Cornwall Life Recycle CIO (the charity) for the period ended 31 December 2024. ResponslbllStles and basis of port As the trustees of the charity you are responsible for the preparation of the financial staternents in accordance with the requirements of the Charities Act 2011 Ithe 2011 Aetl. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my exarnination I have followed all the applicable DirectlDns given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting bv Charities.. Statement of Recommended Practice issued on l April 2005 which 15 referred to in the extant regulation5 but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after I january 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirernents concerning the form and content of accounts set out in the Charitie5 IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which Is not a matter considered a5 part of an independent examination. I have no concerns and have come acros5 no other matters in connection with the examination to which attentiors should be drawn in this report in order to enable a proper understandin8 of the financial statements to be reached. TC Group Jzmes Pearce FCA Vivian House Newham Road Truro Cornwall TRI 2DP United Kingdom Dated.. 1811212025
CORNWALL LIFE RECYCLE CIO STATEMENT OF FINANCIAL AcfiviTIES INCWDING INCOMEAND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlded Restrlcted funds fvnds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 54.227 57,099 480 124,108 178,335 57,099 480 6,114 29,152 85,726 91,840 29,152 Total Income 111,806 124,lQ8 235,914 35,266 85,726 120,992 Expenditure on: Charltable artivities 79,369 104.980 184.349 25,185 85,726 110,911 Total expenditure 79,369 104,980 184.349 25.185 85,726 110,911 Net Incomè and movernenl in lunds 32,437 19,128 51.565 10,081 10,081 Reconciliation of funds.. Fund balances at 24 September 2023 67.551 67,551 57,470 57,470 Fund balances at 31 December 2024 99.988 19,128 119,116 67,551 67.551 The statement of financial activities includes all gain5 and 105se5 recognised in the period. All income and expenditure derive from continuing activities.
CORNWALL LIFE RECYCLE CIO BALANCE SHEEr AS AT31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 13 13.732 6.881 Current assets Stocks Debtors Cash at bank and in hand 14 9.285 5.766 104,078 5,822 5,194 60,584 15 119,129 71,600 Creditor5'. amounts falling due within one year 16 113,7451 110,9301 Net Current assets 105,384 60.670 Total asset5 less current liabilltles 119,116 67,551 Net assets excludlng penslon liability 119,116 67,551 The funds of the charlty Restricted income funds Unrestricted funds 18 19,128 99,988 67,S51 119.116 67.551 The financial statements were approved by the tru5tee5 on Mr. Oliver Baines Trustee 10
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS FOR fHEPERIOD ENDED 31 DECEMBER 2024 Accountin8 pollcles Charity Informatlon The charity is a public benefit entity and is constituted as a Charitable Incorporated Organisation. 1.1 Reporting period The period covered by the accounts has been extended to 31 December 2024. The comparatives figures cover the year to 23 September 2024 and therefore cover a shorter period than the current figures. 1.2 Accountln8 tonvtntion The financial staternents have been prepared in accordance with the charity's 8overnin8 document, the Charities Aci 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I-FRS 102,1 and the Charities 50RP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The flnancial staternents are prepared in sterlin& which is the functional currency of the charity. Munetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accountin8 policie5 adopted are set out below. Comparatlve flgures The comparatlve figures have been presented in a format that is consistent with the Charities SORP. 1.3 Going concern At the time of approving the financial Statements, the trustees have a reasonable expectation that the charity has adequate resource5 to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis ol accounting in preparing the financial statements. 1.4 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated fund5 comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial 5tatement5. Restrlcted funds are subject to specific condltions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 11
CORNWALL LIFE RECYCLE CIO NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) 1.5 In¢omè Income is recognlsed when the charity 15 legally entitled to it after any performance conditions have been met, the amount5 can be rneasured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recogni5ed once the charity has been notified of the donètion, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the time of the donation. As5et5 for distribution are recognised only when distributed. As5et5 given for use by the charity are reco8ni5ed when receivable. Stocks of undisiributed donated goods are not valued for balance sheet purposes. Income frorn grants, including government grants. is recognised when the charity has an entitlement to the funds and any conditlons to the grants have been met. Where performance conditions to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included in the bal3nce sheet as deferred income to be released. Income from trading activities including training income and bike servicing & repairs is recognised on the basis of when the service 15 delivered. 1.6 Expènditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 15 probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cost5 of each activity are made up ol the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single attivity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset'5 use. 1.7 Tanglble fixed 35sets Tangible fixed assets are Inltially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreclation is recognised so as to write off the c05t or valuation of assets less their residual values over their useful lives on the following bases.. Plant ènd equipment Computers 25% reducing balance 25% reducing balance The gain or loss arising on the disposal of an asset Is determined ag the difference between the sale proceeds and the carrying value of the asset. and is reco8nised iri th@ statement of financial activities. 12-
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR DIE PERIOD ENDED 31 DECEMBER 2024 Accountin8 policies (Continuedl 1.8 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible as5et5 to determine whether there is any indication thèt those a55ets have suffered an irnpairment Ios5. If any such indication exist5, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif anvl. 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost ctsmprise5 direct materials 3nd, where applicable, direct labour costs and those overheads that have been incurred in bringing the 5tock5 to their present location and condition. Items held lor distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estirnated sellin8 price less all estimated costs of completion and costs to be incurred in marketing, selllng and distribution. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposit5 held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdraft5. 8ank overdrafts are shown within borrowings In current liabilities. 1.11 Flnan¢lal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance Sheet when the charity become5 party to the contractual provisions of the instrument. Financial assets and Ilabilities are offset, with the net amounts presented in the financial Statements, when there is a legally enforceèble right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneouslv. 8o5icfinunclalassets Basic financial assets, which Include debtor5 and cash and bank balances, ère initially measured at transaction price including transaction costs and are subsequently carried at amort15ed cost using the effective interest rnethod unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 13
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR THEPERIOD ENDED 31 DECEMBER 2024 Accountlng po15cles (Continued) BosfftAlnonciolliobilities Basic financial liabilities, including Creditors and other Creditor5 are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is rneasured at the present value ol the luture payrnent5 discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from 5upplier5. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented a5 non-current liabilities. Trade creditors are reco8nised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. Deretognition offinonciolliabllltles Financial liabilities are derecognised when the charity's contractual obligations expire o¥ are discharged or cancelled. 1.12 Taxatlon The charity 15 exempt from tax on its charitable activities. 1.13 Employee benefits The c05t of any unused holiday entitlement 15 reco8nised in the period in which the employee'5 services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefit5. 1.14 Retlrement benefits Payments to defined contribution retirement benefst schemes are charged as an expense as they fall due. Crltical accountlng estlmates and jud8ements In the application of the charity'5 accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying atnount of as5et5 and liabilitie5 that are not readily apparent from other sources. The estitnates and associated assumptions are based on historical experience and other fartots that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. The trustees do not believe there are any crltical judgement5 that have been made in applying the charity's accounting policies. 14
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 Income from donatlons and le8acies Unrestrlcted Restricted funds funds 2024 2024 Total Unrestricted Restrtcted funds fund5 2023 2023 Total 2024 2023 Donations and gifts Grants received 1,786 52,441 1,786 176,549 3,372 2,742 3,372 88,468 124,108 85.726 54,227 124,108 178,335 6,114 85,726 91,840 Grants receivable for core activltles The National Lotterv Community Fund Clare Milne Trust Cornwall Council Cornwall Cornmunity Foundation other 113,102 113,102 70.691 6,041 4.900 70.691 6,041 4,900 49,071 49.071 11,006 11,006 3.370 4,094 4.094 2,742 3,370 2,742 52,441 124.108 176,549 2,742 85,726 88,468 Income from Charltable actlvltles Unrestricted funds 2024 Uwtre5tricted funds 2023 Rescue and rebulld of old blcycles Student trainin8 income Bike and equipment sales 8ike servicing and repairs Le550n income Other income 25,555 23,597 3,487 1,131 3.329 15,158 13,248 548 198 57,099 29,152 15
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 Income from Investments Uttrestricted Unrèstrirted funds funds 2024 2023 Interest receivable 480 Expenditure on charltable actlvltles Rescue and Rescue and rebuild of rebuild of old bicycles old bicycle5 2024 2023 Dlrect costs Staff costs Workshop parts Bikes, parts and protective clothing Subcontracted learning support Equipment expensed workshop Student refreshments Other direct costs 53,906 2.039 468 22.220 26,641 4.734 1,041 15.067 486 349 207 80 78,840 48,398 Share of support and governance costs (see note 81 Support Governance 91,853 13,656 61,138 1,375 184,349 110,911 Analy515 by fund Unrestricted funds Restricted funds 79.369 104,980 25,185 85,726 184.349 110.911 16
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 Descrlptlon of charltable artlvltles Rescue and rebuild of old bic cle5 The objects of the charity are to work with people of all ages who are disadvantaged by health. learning or a disability. To achieve this each person works on a one to one with a volunteer or member of staff, and they learn new skills that will help them in the future. They also learn to work as a team and make new friends reducing istslation and building confidence. Our aim is to make owning a bicycle affordable for everyone in Cornwall regardless of income or lifestyle. Support costs allocated to activities 2024 2023 Staff costs Depreciation Rent and rates Light and heat Motor expenses Repairs and maintenance Insurance Advertising and subscflption5 Travel and svbsi5tence Staff training and welfare Telephone and internet Postage, stationery and printing Governance costs 46,781 3,843 19.300 1,344 1.694 2,714 1.793 5,639 3,495 4,015 939 295 34,352 2,494 10,792 1,109 2,461 1,051 1,186 2,141 1,587 2,580 429 956 13,657 1,375 105,509 62.513 Analysed between: Rescue and rebuild of old bicycles 105,509 62.513 Net movement In funds 2024 2023 The net movement In funds is stated after charging/lcreditingl'. Oepreclation of owned tang*ble fixed assets Los5 on disposal of tangible fixed assets 3,843 2,294 200 17
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS (COlNUE01 FOR THE PERIOD ENDED 31 DECEMBER 2024 10 Trustees During the year two trustees received remuneration totalling £2,24312023'. £3,580). None of the trustees lor any persons connected with them) received any benefits from the charSty durlng the year. 11 Employees The average monthly number of employees during the period was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Other pension costs 99,225 1,462 60,296 697 100,687 60,993 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The rernuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 39.519 25,925 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18-
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 13 Tangible fixed assets laDtand equipmEnt Cornpute Totrl Cost At 24 September 2023 Additions 10.831 10.694 2.489 13.320 10,694 At 31 December 2024 21,525 2,489 24,014 Depreciation and Impalrment At 24 September 2023 Depreciation char8ed in the perlod 5,381 3,389 1,058 454 6,439 3,843 At 31 December 2024 8,770 1,512 10,282 Carrying amount At 31 December 2024 12.755 977 13,732 At 23 September 2023 5,450 1,431 6,881 14 Stocks 2024 2023 Finished goods and goods for resale 9,285 5,822 IS Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 5.325 1,2(X) 778 3,216 441 5,766 5.194 19
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 16 Credltors.. amounts fallln¥ due wlthln one year 2024 2023 Other taxalion and social securitv Trade creditors Other creditors Accruals and deferred income 1,902 1,854 430 9,559 10.930 13.745 10.930 17 Retlrement benefit schemes 2024 2023 Deflned contrlbution scheme5 Charge to profit or loss in respect of defined contribution schemes 1,462 697 The charity operates a defined contribution pension scheme for all qualifying ernployees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 18 Re5tri£ted funds The restricted funds of the charity comprise the unexpended balantes of donations and gran15 held on trust subject tts specific condition5 by donors as to how they may be used. At24 September 2023 Incomlng rèsources Resource5 èxpended At31 December 2024 The National Lottery Community Fund Cornwall Community Foundation 113,102 11,006 193,9741 111,0061 19,128 124,108 1104,9801 19,128 -20-
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2024 18 Restrlcted funds (Continued) Previous year: At24 September 2022 Incomln8 resources Resources expended At23 September 2023 The National Lottery Community Fund Clare Milne Trust Cornw311 Council Cornwall Community Foundation 70,690 6.042 4,900 4.094 170.6901 16.0421 14,9001 14.0941 85,726 185,7261 The National Lottery Communlty Fund This fund represents grants received toward5 the cost of the Project Manager, Cycle Technician and admin salaries. Cornwall Communlty Foundation This fund represents 8rant5 received towards the cost of fixing and repairing bitycles. Clare Milne Trust This fund represents a grant received towards the charity's core operating costs. Cornwall Council This fund represents a grant received from the Coinwall Council Together Fund io be used for specific costs incurred by the charitv. 19 Unrestrlcted funds The unrestricted fund5 of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which hève been set aside out of unrestricted funds by the tru5tee5 for specific purposes. At24 Septèmber 2023 Incomin8 resources Resources expended Transfers At31 Decembèr 2024 Fixed Asset Designated Fund General funds 6,881 60,670 13.8431 175,5261 10,694 110,6941 13,732 86,256 111,806 67,551 111,806 179,3691 99,988 21
CORNWALL LIFE RECYCLE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2024 19 Unrestrltted funds Icontinuedl Previous year: At24 September 2022 In¢omin8 resources Resources expended Transfers At23 September 2023 Fixed A55et Designated Fund General funds 8,327 49,143 12,4941 122.6911 1,048 11.0481 6.881 60,670 35,266 57,470 35,266 125,1851 67.S51 20 Analy515 of net assets between funds Unrestrlctèd funds 2024 Restrlcted funds 2024 Total 2024 At 31 December 2024.. Tangible assets Current assetsllliabililiesl 13.732 86,256 13.732 105.384 19,128 99,988 19,128 119,116 Unrestrlcted funds 2023 Restrlrted funds 2023 Total 2023 At 23 September 2023.. Tangible assets Current a55etsllliabilitiesl 6,881 60.670 6,881 60.670 67,551 67.551 21 Related party transartlons Two former trustees, received remuneration during the current year and prevlous year. see note above. -22-