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
AchI￿eMentS 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 (CO￿lNUE01
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-