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2024-12-31-accounts

Charity Registration Number 1186837 Company Registration Number 08034443

FARCYCLES LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

FARCYCLES LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES

Gavin Hopkins Richard Glazer Nigel Wilkinson David Williamson Douglas Timms Appointed 31 January 2024

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 2024.

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 Faringdon and the surrounding area by the provision of facilities and services for cycling.

The main activities of the charity during the financial year were:

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 continues to trade on a profitable basis and has introduced further goods and services during the year. It is now firmly established as a valuable community asset and hub for local cycling services.

Reserves Policy

The Company does not have a specific policy relating to Reserves.

Structure, governance and management

Constitution

4

FARCYCLES LIMITED

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 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 24[th] September 2025 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:

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 2025 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 2024, 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:

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 ACA White Rose Accountancy 22[nd] September 2025 10, Hatford Faringdon Oxfordshire SN7 8JF

7

FARCYCLES LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income
Income and from:
Donations and legacies
2
Charitable activities
2
Other trading activities
2
Investment income
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
13
Total funds carried forward
13		 Unrestricted
funds
Restricted
funds
Total
funds
Prior
year
funds
£
£
£
£
12,119
-
12,119
7,494
8,994
-
8,994
8,302
82,515
-
82,515
55,094
1,702
1,702
740
-
740
1,198
106,070
-
106,07
0
72,088
62,223
-
62,223
43,856
13,171
-
13,171
8,624
2,772
2,772
1,599
78,166
-
78,166
54,079
27,904
-
27,904
18,009
-
-
27,904
-
27,904
18,009
27,904
-
27,904
18,009
102,121
-
102,12
1
84,112
130,025
-
130,02
5
102,121

8

FARCYCLES LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2024

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
Creditors: amounts falling due after more than
one year
Provisions for Liabilities
11
Total Net Assets
Funds of the Charity
Restricted income funds
12
Unrestricted funds
13
Total funds		 Unrestricted
funds
Restricted
funds
Total this
year
Total last
year
£
£
£
£
4,728
-
4,728
5,847
7,265
-
7,265
3,500
2,045
-
2,045
1,875
136,154
-
136,154
103,574
145,464
-
145,464
108,949
17167
-
17167
12,675
128,297
-
128,297
96,274
133,025
-
133,025
102,121
3,000
-
3,000
-
130,025
-
130,025
102,121
-
-
130,025
-
130,025
102,121
130,025
-
130,025
102,121

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 2024.

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:

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 2025

9

FARCYCLES LIMITED

Signed on behalf of the board of Directors

Gavin Hopkins Chair of Trustees

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

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 DECENBER 2024

2. Income

Donations and Legacies

Donations and gifts
Gift Aid
Grants
Other
Total
Charitable Activities
Income from Events
Cycling Courses
Other
Total		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior year
Unrestricted
£
£
£
£
65
-
65
65
6,638
-
6,638
-
5,416
-
5,416
7,429
-
-
-
-
12,119
-
12,119
7,494
Unrestricted
funds
Restricted
income
funds
Total
funds
Prior year
Unrestricted
£
£
£
£
8,121
-
8,121
6,975
806
-
806
1279
67
-
67
48
8,994
-
8,994
8,302

Other Trading Activities

Other Trading Activities
Income from shop
Total
Investment Income
Interest
Total		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior year
Unrestricted
£
£
£
£
82,515
-
82,515
55,094
82,515
-
82,515
55,094
Unrestricted
funds
Restricted
income
funds
Total
funds
Prior year
Unrestricted
£
£
£
£
1,702
-
1,702
-
1,702
-
1,702
-

FARCYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2024

Other Income

Other Income
Minibus hire
Total
Total Income		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior year
Unrestricted
£
£
£
£
740
-
740
1,198
740
-
740
1,198
106,070
-
106,070
72,088

3 Expenditure

Expenditure on fundraising actvites:
Staging fundraising events
Operating charity shops
Advertising, marketing and publicity
Dilapidation Provision
Total expenditure on raising funds
Expenditure on charitable activities:
Event Costs
Cycle Park
Donated bike scheme
Other
Total expenditure on charitable
activities
This year
Last year
Unrestricted
funds
Restricted
income
funds
Total
funds
Unrestricted
funds
Restricted
income
funds
Total
funds
£
£
£
£
£
£
1,227
-
1,227
947
-
947
53,640
-
53,640
41,368
-
41,368
3,756
-
3,756
1,541
-
1,541
3,600
-
3,600
-
-
-
62,223
-
62,223
43,856
-
43,865
This year
Last year
Unrestricted
funds
Restricted
income
funds
Total
funds
Unrestricted
funds
Restricted
income
funds
Total
funds
£
£
£
£
£
£
2,868
-
2,868
2,143
-
2,143
2,735
-
2,735
138
-
138
998
-
998
-
6,570
-
6,570
6,343
-
6,343
13,171
-
13,171
8,624
-
8,624

FARCYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2024

Expenditure on other activities
Costs of minibus
Total other expenditure
TOTAL EXPENDITURE
2,772
-
2,772
1,599
-
1,559
2,772
-
2,772
1,559
-
1,559
78,166
-
78,166
54,079
-
54,079

Included in other costs above is a fee of £300 paid to the Independent Examiner.

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 (2023: 0)

7 Tangible Fixed Assets

Cost or valuation

Fixtures, fittings and equipment

----- Start of picture text -----
Cost
£
At the beginning of the year 10,206
Additions -
-
Disposals
At end of the year 10,206
Depreciation and impairments
At beginning of the year 4,359
Depreciation charge for the year 1,119
At end of the year 5,478
Net book value
Net book value at the beginning of the year 5,847
Net book value at the end of the year 4,728
----- End of picture text -----

FARCYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2024

8 Stocks
Other trading activities:
Opening
Added in period
Expensed in period
Closing
Total previous year		 For resale
£
3,500
43,392
(39,627)
7,265
3,500
9 Debtors and Prepayments
Other debtors
Prepayments and accrued income
Total
10 Creditors: Amounts falling due within one year
Other Creditors
Accruals and deferred income
Total		 This year
Last year
£
£
1,875
1,875
170
-
2045
1,875
This year
Last year
Unrestricted
Restricted
Total
Total
£
£
£
£
4,277
4,277
-
12,890
-
12,890
12,675
17,167
-
17,167
12,675

All creditors in the prior year were unrestricted.

11 Creditors: Amounts falling due after more than one year

Provision for Liabilities
Opening
Provided in the Year
Closing
Total previous year		 £
Unrestricted
-
3,000
3,000
-

FARCYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECENBER 2024

The provision is for building dilapidations

12 Restricted funds

There was no restricted fund activity during the year or the prior year.

.

13 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
£
£
£
£
102,121
106,070
(78,166)
130,025
Fund balances
brought forward
Income
Expenditure
Fund
balances
carried
forward
£
£
£
£
84,112
72,088
(54,079)
102,121

14 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
6,875
14,375		 2022
£
7,500
14,375
21,875

15 Related party transactions

There were no disclosable related party transactions during the year (2022- £NIL)