**Charity Registration Number 1186837 Company Registration Number 08034443**
## **FARCYCLES LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31[ST] DECEMBER 2023**
## **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 2023.
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 premises opened to customers in the first few days of January 2023. Goods and services have evolved to meet the needs of the local community.
## **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.
The Trustees are also the Directors of the charitable company for the purposes of company law. The details
4
## **FARCYCLES LIMITED**
of the Trustees who served throughout the year and to the date of this report are included in the Reference and Administrative Details on page 1.
## **Method of Recruitment and Appointment or Election of Trustees**
Nominations to become a trustee are invited from the membership and an election takes place at the AGM.
The Trustees’ Report was approved by order of the Board of Trustees, as company Directors, on 31[st] January 2024 and signed on its behalf by:
**……………………………....................**
## **Gavin Hopkins Chair of Trustees**
5
## **FARCYCLES LIMITED**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102) 2015;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the Board of Trustees on 31[st] January 2024 and signed on its behalf by:
**………………………………....................**
## **Gavin Hopkins Chair of Trustees**
6
## **FARCYCLES LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FARCYCLES LIMITED**
I report to the Charity Trustees on my examination of the financial statements of Farcycles Limited (the charity) for the year ended 31 December 2023, which are set out on pages 8-17.
## **Responsibilities and basis of report**
As the trustees of the charity (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention which gives me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination: or
- 4 the financial statements have not been prepared in accordance with the Charities SORP(FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Alison Pierazzini AC White Rose Accountancy 13[th] August 2024 10, Hatford Faringdon Oxfordshire SN7 8JF
7
## **FARCYCLES LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023**
|**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**
**£**
**£**
**£**
**£**
7,494
-
**7,494**
6,261
8,302
-
**8,302**
11,410
55,094
-
**55,094**
34,497
1,198
-
**1,198**
815|
|---|---|
||72,088
**-**
**72,088**
**52,983**|
||43,856
-
**43,856**
27,724
8,624
-
**8,624**
10,448
1,599
**1,599**
1,551|
||54,079
**-**
**54,079**
**39,723**|
||**18,009**
**-**
**18,009**
**13,260**
-
-
-|
||**18,009**
**-**
**18,009**
**13,260**|
||18,009
-
**18,009**
**13,260**
84,112
-
**84,112**
70,852|
||**102,121**
**-**
**102,121**
**84,112**|
8
## **FARCYCLES LIMITED**
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Notes**
**Fixed assets**
Tangible assets
**7**
**Current assets**
Stocks
**8**
Debtors
**9**
Cash at bank and in hand
**Total current assets**
**Creditors: amounts falling due within one year**
**10**
**Net current assets**
**Total assets less current liabilities**
**Total Net Assets**
**Funds of the Charity**
Restricted income funds
**11**
Unrestricted funds
**12**
**Total funds**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total this**
**year**
**Total last**
**year**
**£**
**£**
**£**
**£**
5,847
-
5,847
7,826
3,500
-
3,500
1,175
1,875
-
1,875
1,875
95,908
7,666
103,574
78,614|
|---|---|
||**101,283**
**7,666**
**108,949**
**81,664**
5,009
7,666
12,675
5,378|
||96,274
-
96,274
76,286|
||102,121
-
102,121
84,112|
||**102,121**
**-**
**102,121**
**84,112**|
||-
-
-
-
**102,121**
-
**102,121**
84,112|
||**102,121**
-
**102,121**
**84,112**|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The Trustees acknowledge their responsibilities for:
- ensuring that the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006; and
- preparing financial statements which give a true and fair view of the state of the affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 to 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board on 31[st] January 2024
Signed on behalf of the board of Directors
## **Gavin Hopkins Chair of Trustees**
9
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FARCYCLES LIMITED**
## **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 20223**
## **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 2023**
## _**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.
## **1.16 Operating Leases**
Rents payable under operating leases, including any lease incentives received, are charged against income on a straight-line basis over the period of the relevant lease.
12
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Income**
## **Donations and Legacies**
|**Donations and gifts**
**Gift Aid**
**Grants**
**Membership subscriptions**
**Total**
**Government Grants**
Included in the above grants are the following
government grant
Oxfordshire County Council
The grant was used to support the move of
the shop to new premises.
**Other Trading Activities**
**Income from shop**
**Merchandise sales**
**Total**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
65
-
65
736
-
-
-
305
7,429
-
7,429
4,541
-
-
-
679|
|---|---|
||**7,494**
**-**
**7,494**
**6,261**|
||**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**£**
**£**
**£**
**£**
3,000
-
3,000
-
**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
55,094
-
55,094
33,713
-
-
-
784|
||**55,094**
**-**
**55,094**
**34,497**|
- 13 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Other Income**
|**Other Income**||
|---|---|
|**Minibus hire**
**Total**
**Total Income**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total**
**funds**
**Prior year**
**Unrestricted**
**£**
**£**
**£**
**£**
1,198
-
1,198
815|
||**1,198**
**-**
**1,198**
**815**|
|||
||**72,088**
**-**
**72,088**
**52,983**|
## **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
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**|
||£
£|£|£
£
**£**|
||947
-|**947**|545
-
**545**|
||41,368
-|**41,368**|21,760
-
**21,760**|
||1,541
-|**1,541**|4,616
-
**4,616**|
||-||803
-
**803**|
||
43,856
-|**43,856**|27,724
**-**
**27,724**|
|||||
|||||
||2,143
-|**2,143**|4,154
-
**4,154**|
||138
-|**138**|2,551
-
**2,551**|
||6,343
-|**6,343**|3,743
-
**3,743**|
||
8,624
**-**|**8,624**|10,448
**-**
**10,448**|
|||||
|||||
||1,599
-|**1,599**|1,551
-
**1,551**|
||1,599
**-**|**1,599**|1,551
**-**
**1,551**|
|||||
||**54,079**
**-**|**54,079**|**39,723**
**-**
**39,723**|
Included in other costs above is a fee of £200 paid to the Independent Examiner.
- 14 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration, benefits, or expenses from the charity during the year (2023: £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 (2022: 0)
## **7 Tangible Fixed Assets**
## **Cost or valuation**
## **Fixtures, fittings and equipment**
|**Cost**
At the beginning of the year
Additions
Disposals
**At end of the year**
**Depreciation and impairments**
At beginning of the year
Depreciation charge for the tear
Depreciation on disposals
**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|£
11,170
806
(1,770)|£
11,170
806
(1,770)|
|---|---|---|
||**10,206**||
|||3,344
1,118
(103)|
|||**4,359**|
|||**7.826**
**5,847**|
- 15 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
|**8 Stocks**
**Other trading activities:**
Opening
Added in period
Expensed in period
**Closing**
**Total previous year**|**For resale**
**£**
1,175
27,433
(25,108)|
|---|---|
||**3,500**|
||**1,175**|
|**9 Debtors and Prepayments**
**Other debtors**
**Prepayments and accrued income**
**Total**
**10 Creditors: Amounts falling due within one year**
**Accruals and deferred income**
**Total**|**This year**
**Last year**
**£**
**£**
1,875
1,875
-
-
1,875
1,875
**This year**
**Last year**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
**£**
5,009
7,666
12,675
5,378|
|---|---|
||5,009
7,666
12,675
5,378|
All creditors in the prior year were unrestricted.
## **11 Restricted funds**
There was no restricted fund activity during the year or the prior year.
.
- 16 -
## **FARCYCLES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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**
**Expenditure**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
**£**
**£**
**84,112**
**72,088**
**(54,079)**
**102,121**|
||**Fund balances**
**brought forward**
**Income**
**Expenditure**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
**£**
**£**
**70,852**
**52,983**
**(39,723)**
**84,112**|
## **13 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years|**2023**
**£**
7,500
14,375
21,875|**2022**
**£**
7,500
21,875|
|---|---|---|
|||29,375|
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2023- £NIL)
- 17 -