**Charity Registration Number 1186837 Company Registration Number 08034443**
## **FARCYCLES LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## **FARCYCLES LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **TRUSTEES**
Gavin Hopkins Adrian Flewitt Richard Glazer Nigel Wilkinson David Williamson
**Charity number: 1186837 Company number: 08034443**
**Registered office:** 22 Beech Close Faringdon Oxfordshire SN7 7EN
**FARCYCLES LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|4-5|
|Statement of Trustees' responsibilities|6|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the accounts|10-17|
## **FARCYCLES LIMITED**
## **Trustees Report**
The Trustees, who are also Directors of the charitable company for the purposes of Company law, present their report and the financial statements of the charity for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
## **Objectives and activities**
The promotion of community participation in healthy recreation for the benefits of the inhabitants of Oxfordshire by the provision of facilities for cycling **.**
## **The main activities of the charity during the financial year were:**
- Teaching cycling skills to children (learn to ride, road safety) and adults (confidence rides).
- Weekly group rides catering for all levels.
- Running a bike shop to facilitate community bike ownership – bikes refurbished and sold at low prices or donated to those in need.
## **Public Benefit**
The Trustees confirm that they have complied with the requirement in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit in exercising their powers and duties. They have referred to this guidance when reviewing the charity’s objects and aims and in planning its future activities and are satisfied that the charity’s activities comply with this guidance and are of public benefit.
## **Contribution made by volunteers**
The charity relies solely on volunteers for pursuing all its activities.
## **Financial Review**
The Company has again generated funds from its’ retail bicycle shop, and from its’ Sportive which has produced substantial income. The Company has no liabilities at the end of the year other than those stated in the Balance Sheet. The Company has generated funds adequate for its’ plans for the next few years. The Company took on a 4 year lease on premises at the corner of Bromsgrove and Marlborough Street on 1[st] December 2022. The first month was spent in decorating and fitting out the premises, all carried out by our volunteers. The premises opened to customers in the first few days of January 2023.
## **Reserves Policy**
The Company does not have a specific policy relating to Reserves.
## **Structure, governance and management**
## **Constitution**
Farcycles Limited is a charitable company limited by guarantee and registered with the Charity Commission of England and Wales. The charity is governed by its Memorandum and Articles of Association, executed on 17 April 2012.
4
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FARCYCLES LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FARCYCLES LIMITED
I report lo the Charity Trust•¢$ on my examination of the finanaal statemwts of Farwd•8 LimS18d (the
charity) for the year ended 31 D8cember2022. vthith are set out M page$ 8-17.
R•*pon•lblllt1 and ba•1• of r•port
As th• trustees ofthe charity (who are 8180 the arec*crfs of the o)mpary forthe purpo808 of company lawl.
you are responsi8 for pration of the ffinanod statem8n¢$ In •x¢rdgnc• wth Iho wuiromènt$ of
the Companles Act 2006 rthe 2008 Arr).
Hawng satisfied myseWth8t the finanaal statements of the chaty are not requlred to be audilod und8r Part
16 ofthe 2006Act and are eligiNe forindependent examination. I reFW)rtin respecl of my examination of your
charity's fin8na41 $latement8 carriod OLrt undor section 145 of the Chanties Act 2011 nhe 2011 A¢*l. In
carrying out my èxamination I havo fdlowed all the aprable Direc1$ given by Charity Commlsslon
undor 88d¢)n 1451Sllbl ol 2011 Act.
Ind•ynd•nt •umln•rf• •tat•m•nt
I hav• comF4eled my examinatitx). l ts)nfirm that rn rnatter8 hgve ¢om8 lo my 8ttentlon whlch glve8 m
cause to bdi•v8 that in 8ny material rn8P•Ct..
accounting rg¢ord8 wer• not keFI in rospoct ofthe thgrity 88 wuired by section 386 of the CompanleB
Act 2006.. or
the fln8ndal slat•m•nts do not acurd vAlh th080 rocd¥,. or
the finandal 8latements do not compty the Onting roquiremerts of sedon 398 of tho
Comp8nle8 Act 2006 other than any roqwrwYMnl that the finan statsments give a tru• •nd fairm
which is not a matter considered as part of an independent eX8min8b"on'. or
the finanual $latomonts havo not bo prep8r•J in ac4))rdance wth Iho Chaniw SORPIFRS102).
I have no concem8 and have me 8cro$s no other mattern in connection *ith the examination to which
attention Should bo drown In tm8 report in order to a proper undernt8nthng oflhe finawal 8latem8nts
to be reachad.
Alison Pierazzini AC
ite Rose Accountancy
10, Hattord
F•ringdon
Oxford8hWe
SN7 8JF
11th October 2023
## **FARCYCLES LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Note**
**Income**
**Income and from:**
Donations and legacies
2
Charitable activities
2
Other trading activities
2
Other
2
**Total Income**
**Expenditure**
Raising funds
3
Charitable activities
3
Other
3
**Total**
**Net income before tax**
Tax payable
**Net income for the year**
**Net movement in funds**
**Reconciliation of**
**funds:**
Total funds brought forward
12
**Total funds carried forward**
12|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Prior**
**year**
**funds**
**£**
**£**
**£**
**£**
6,261
-
6,261
7,416
11,410
-
11,410
11,037
34,497
-
34,497
23,514
815
-
815
150|
|---|---|
||**52,983**
**-**
**52,983**
**42,117**|
||27,724
-
27,724
10,605
10,448
-
10,448
10,500
1,551
1,551
1,471|
||**39,723**
**-**
**39,723**
**22,576**|
||**13,260**
**-**
**13,260**
**19,541**
-
-|
||**13,260**
**-**
**13,260**
**19,541**|
||13,260
-
13,260
19,541
70,852
-
70,852
51,311|
||**84,112**
**-**
**84,112**
**70,852**|
8
##
|||Unrestricted|Restricted|Totalthis|Total last|
|---|---|---|---|---|---|
||Notes|funds
I|funds
t|yeart|year
€|
|Fixedassets||||||
|Tangibleassets|7|7,826||7,826|7,561|
|Currentassets||||||
|Stocks|8|1,175||1,175|724|
|Debtors|9|1,875||1,875|113|
|Cash at bankandin hand||78,614||78,614|65,25L|
|Total current assets||81,664||81,664|66,089|
|Creditors: amounts fallingduewithinoneyear|
10|5,378||5,378|2,798|
|Netcurrent assets||76,286||76,286|63,291|
|Totalassets less current liabilities||81,112||81,112|70,852|
|TotalNetAssets||81,112||81,112|70,852|
|FuirdsoftheCharity||||||
|Restricted income funds|,i1|||||
|Unrestrictedfunds|12|81,112||81,112|70,852|
|Totalfunds||81,112||81.112|70,852|
**FARCYCLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting policies**
## **1.1 Charity information**
Farcycles Limited is a private company limited by guarantee and incorporated in England under Company Number 0803443. The registered office is 22 Beech Close, Faringdon SN7 7EN .
## **1.2 1Accounting convention**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (‘FRS102’), Statement of Recommended Practice: Accounting and Reporting by Charities (Revised 2019) applicable to charities preparing their accounts in accordance with FRS102 (‘Charities SORP (FRS102)’), the Charities Act 2011, and the Companies Act 2006.
The Charity meets the definition of a public benefit entity under FRS 102
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The charity has taken advantage of the exemption in Financial Reporting Standards from the requirement to prepare a cash flow statement on the grounds that it is a small charity.
The principal accounting policies adopted are set out below.
## **1.3 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used.
## **1.5 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations and grants are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.6 Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.
10
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 December 2022**
## **1 Accounting policies**
## **(Continued)**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **1.7 Volunteers**
The value of services provided by volunteers is not incorporated in these financial statements.
Further details of their contribution is set out in note 5 to these financial statements and the Trustees Report.
## **1.8 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset) over its expected useful life as follows:
Fixtures, fittings and equipment 10% straight line
## **1.9 Stock**
Stock of retail goods is included at the lower of cost or net realisable value. Donated items of stock for resale or distribution are not included in the financial statements until they are sold or distributed because the trustees consider it impractical to be able to assess the amount of donated stocks as there are no systems in place which record these items until they are sold and undertaking a stock take would incur undue cost for the charity which far outweigh the benefits
## **1.10 Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
## **1.12 Cash and cash equivalent**
Cash at bank and cash 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 accou **nt.**
## **1.13 Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.14 Financial 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 becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable 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 simultaneously.
11
## **FARCYCLES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 December 2022**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **1.15 Critical accounting estimates and judgements**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.
12
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2022**
## **2. Income**
## **Donations and Legacies**
|**Donations and gifts**
**Gift Aid**
**Grants**
**Membership subscriptions**
**Total**
**Income from Charitable Activities**
**Income from events**
**income from cycling courses**
**Other**
**Total**
**Other Trading Activities**
**Income from shop**
**Merchandise sales**
**Total**
**Other Income**
**Minibus hire**
**Total**
**Total Income**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
736
-
736
4,154
305
-
305
-
4,541
-
4,541
2,470
679
-
679
792|
|---|---|
||**6,261**
**-**
**6,261**
**7,416**|
||**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
10,406
-
10,406
10,032
943
-
943
1,005
61
-
61
-|
||**11,410**
**-**
**11,410**
**11,037**|
||**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
33,713
-
33,713
23,504
784
-
784
10|
||**34,497**
**-**
**34,497**
**23,514**|
||**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
815
-
815
150|
||**815**
**-**
**815**
**150**|
|||
||**52,983**
**-**
**52,983**
**42,117**|
- 13 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2022**
## **3 Expenditure**
**Expenditure on fundraising activities** :
|**Expenditure on fundraising activities**:||||
|---|---|---|---|
|Staging fundraising events
Operating charity shops
Advertising, marketing and publicity
Other trading activities
Total expenditure on raising funds
**Expenditure on charitable activities**:
Event Costs
Cycling Projects
QAVS Award
Other
**Total expenditure on charitable**
**activities**
**Expenditure on other activities**
Costs of minibus
**Total other expenditure**
**TOTAL EXPENDITURE**|**This year**||**Last year**|
||Unrestricted
funds
Restricted
income
funds|**Total**
**funds**|Unrestricted
funds
Restricted
income
funds
**Total**
**funds**|
||£
£|£|£
£
**£**|
||545
-|**545**|-
-
-|
||21,760
-|**21,760**|10,605
-
**10,605**|
||4,616
-|**4,616**|-
-
-|
||803
-|**803**|-
-
-|
||
27,724
-|**27,724**|10,605
-
**10,605**|
|||||
|||||
||4,154
-|**4,154**|-
**-**|
||2,551
-|**2,551**|2,733
-
**2,733**|
||-
-|**-**|830
-
**830**|
||3,743
-|**3,743**|2,910
-
**2,910**|
||
10,448
**-**|**10,448**|10,500
**-**
**10,500**|
|||||
|||||
||1,551
-|**1,551**|1,471
-
**1,471**|
||1,551
**-**|**1,551**|**1,471**
**-**
**1,471**|
|||||
||**39,723**
**-**|**39,723**|**22,576**
**-**
**22,577**|
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration, benefits, or expenses from the charity during the year (2021: £Nil).
## **5 Volunteers**
The charity has 50 volunteers who staff the shop in Faringdon and assist in the running of the annual Sportive event.
## **6 Staff numbers**
The average number of people employed during the year was: 0 (2021: 0)
- 14 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2022**
## **7 Tangible Fixed Assets**
## **Cost or valuation**
|
**Cost**
At the beginning of the year
Additions
**At end of the year**
**Depreciation and impairments**
At beginning of the year
Depreciation
**At end of the year**
**Net book value**
Net book value at the beginning of the year
Net book value at the end of the year|**Fixtures, fittings and**
**equipment**
£
9,914
1,256|**Fixtures, fittings and**
**equipment**
£
9,914
1,256|
|---|---|---|
||**11,170**||
|||2,353
991|
|||**3,344**|
|||**7,561**
**7.826**|
- 15 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2022**
|**8 Stocks**
**Charitable activities:**
Opening
Added in period
Expensed in period
Closing
**Other trading activities:**
Opening
Added in period
Expensed in period
Closing
**Total this year**
**Total previous year**|**For resale**
**£**
74
-
(74)|
|---|---|
||**-**|
||650
11,056
(11,056)|
||**650**
**1,175**|
||**724**|
|**9 Debtors and Prepayments**
**Other debtors**
**Prepayments and accrued income**
**Total**|**This year**
**Last year**
**£**
**£**
1,875
-
113|
|---|---|
||1,875
113|
|**10 Creditors: Amounts falling due within one year**
**Accruals and deferred income**
**Total**|**This year**
**Last year**
**£**
**£**
5,378
2,798|
|---|---|
||5,378
2,798|
- 16 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2022**
## **11 Restricted funds**
There was no restricted fund activity during the year or the prior year.
.
## **12 Unrestricted Funds**
## **Current Year**
|**Current Year**|||
|---|---|---|
|**Fund names**
**Purpose and Restrictions**
General Fund
To fund the Company’s charitable
objects
**Prior Year**
**Fund names**
**Purpose and Restrictions**
General Fund
To fund the company’s charitable
objects|**Fund balances**
**brought forward**
**Income**
**£**
**£**
**70,852 **
**52,983**|**Expenditure**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
**(39,723)**
**84,112**|
||**Fund balances**
**brought forward**
**Income**
**£**
**£**
51,311
42,117|**Expenditure**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
(22,576)
70,852|
## **Related party transactions**
There were no disclosable related party transactions during the year (2021- £NIL)
- 17 -