2023-04-01-accounts - The Geraint Thomas Cycling Trust

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Trustees’ Annual Report for the period

From 2 April 2022 To 1 April 2023

Charity name: THE GERAINT THOMAS CYCLING TRUST

Charity registration number: 1187564

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	•To promote the amateur sport of cycling amongst young people up to the age of 18, in particular, young people who face barriers to participation in the sport by the provision of such support and financial grants, assistance, education and facilities for participation and wider involvement in the sport. •The Geraint Thomas Cycling Trust was launched in October 2021 and aims to support children from 7-18 years-old and has high ambitions to help children enjoy the sport of cycling. Over the next 10 years, the Geraint Thomas Trust wants to help 5000 children to experience the sport which has given Geraint so much.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	• We will provide a grant fund and support programme for young people. • We will work in partnership with other cycling organisations to promote cycling. • We will develop a network of community volunteer mentors to support young people’s participation within the sport. • We will partner with local organisations, clubs and schools

		who can make referrals and applications for support from us. • We will work with others in the cycling sector including organisations such as Welsh Cycling, retailers, other charities.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	All Trustees act in accordance with the Charity Commission guidance on public benefit. • they have complied with the duty in section 4 of the 2006 Act to have due regard to guidance on public benefit published by the commission

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	• Development of processes for individuals and organisations to make applications was implemented and followed through successfully with a formal launch undertaken during Q4 2023 on the website welcoming applications
Policy on social investment including program related investment	Para 1.38	The Trust does not currently have a policy on social investment and do not currently have any plans to make any social investments.
Contribution made by volunteers	Para 1.38	•All trustees have been involved in the development of the areas identified above , it is a relatively small group who have given an immense amount of time themselves to get the Trust to this position and have called on contacts to carry out technical areas in the main probono . All trustees give their time freely and no Trustee remuneration was paid

Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	•During the period 2022 and 2023 the strategy of the Trust has been to start supporting its intended recipients with monetary support and signposting to ensure more children enjoy the experience of cycling consistently following the prior year where we established the correct levels of governance following Charity Commission guidance. •During this period we supported a number of applications totalling £5,440 in grants being awarded, which had a positive impact across Wales initially of approx. 120 children. •The ambition for this financial year was to establish ourselves, test our processes and support a manageable number of applications prior to wider communications of the Trust being able to support many. We managed the process well and are delighted at the impact we have had and the tangible feedback from grant recipients.

• As we built confidence and capability as a group of Trustees, we also established engagement and started to pro-actively engage with the communities in which we are trying to support both in person and via social media platforms.

Additional information (optional) You may choose to include further statements where relevant about:

	Achievements against objectives set	Para 1.41	The Trust has achieved the following: • Marketing and branding to engage with sponsors, partners and potential grant applicants, this has included: • Developing a Communications plan, which included: `o` Development of the Trust’s website `o` Brochure explaining the Trust and partnership opportunities in tiers `o` Video from Geraint Thomas `o` Brand development other promotional material and logo `o` Social media accounts set up • Adoption of a Business Plan, which includes: `o` Sponsorship plan with tiers and clear offer to partners `o` Financial management to set targets for income and expenditure and cashflow `o` Gift aid registration with HMRC • Building capacity `o` Skills audit on Trustees based on needs of the trust `o` Trustee recruitment based on skills needs. `o` 4 new Trustees recruited • Governance `o` Policies in place for Safeguarding young people and vulnerable adults `o` Policy on Welsh language `o` Policy on conflict of interest `o` Risk register completed and Trustees have considered the

		major risks to which the organization is exposed to. • Parameters developed for Grant awards
Performance of fundraising activities against objectives set	Para 1.41	•Our objectives remain fit for purpose. The Trust was successful in attracting initial donations from a number of individuals. However, during the financial year it was established that extra Trustee capacity, with additional skillsets, were required, This was actioned in February 2022 with 4 additional Trustees joining. •These additions enabled us to start the latest financial year with greater expertise and capacity to support more applications in a compliant manner. •We remain on course to hit our objectives of growth as detailed in our original business plan and indeed surpass the levels of support we originally desired.
Investment performance against objectives	Para 1.41	No investments have been made
Other

Financial Review

Review of the charity’s financial position at the end of the period	Para 1.21	•The charity was registered on 24 January 2020. These accounts are for the period from 2 April 2022 to 1 April 2023. The charity received donations of £12,731 and raised £40,701 via fund raising events, spending £24,806 of which £5,440 were to supported applications. As of 1 April 2023 the charity has a surplus of £66,830. •The Trustees will be looking to support more applications and making sure that the funds we have raised are deployed appropriately, as we now have sufficient reserves in place to support more applications. The growth in our reserves has been strategic in gathering funds first, support a small number of applications initially, before widening our reach once we have the financial means to deliver and truly build a legacy for the communities we seek to support.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The charity’s policy is to hold reserves for use in future periods for the purposes of the charity.
Amount of reserves held	Para 1.22	£66,830
Reasons for holding zero reserves	Para 1.22	n/a
Details of fund materially in deficit	Para 1.24	n/a
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	n/a

Additional information (optional) You may choose to include further statements where relevant about:

• £40,701 was raised via several areas, firstly, a fundraising dinner

The charity’s principal sources of funds (including any fundraising)	Para 1.47	held in October 2022. Secondly, by way of high net worth individuals donating and finally, SME businesses partnering to support the wider community as part of their CSR strategy.
Investment policy and objectives including any social investment policy adopted	Para 1.46	The Trust does not currently have an investment policy or social investment policy, this may be developed in 2024 as required
A description of the principal risks facing the charity	Para 1.46	•The risks at this still relatively early stage are associated with reputation in terms of how we deploy our financial support. •Also associated with this would be if we were to receive a significant amount of applications whilst we are still implementing the grant governance process. •Both of these risks are mitigated by a slow but sensible approach to support on a targeted basis ahead of reaching a wider audience in 2024 and beyond.
Other		The Trust will consider a reserves policy in 2024 as funds increase.

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	• The Geraint Thomas Cycling Trust is governed by its constitution that was approved 13/01/2020.
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	• The charity is formed and constituted as a Charitable Incorporated Organisation (CIO).
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	• Apart from the first charity trustees, every appointed trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. • In selecting individuals for appointment as appointed charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51	Each new Trustee executes a code of conduct and conflict of interest declaration on their appointment.
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51

Other

Reference and Administrative details

Charity name	THE GERAINT THOMAS CYCLING TRUST
Other name the charity uses
Registered charity number	1187564
Charity’s principal address	• The principal office of the GTCT is Geraint Thomas National Velodrome, for Wales, Newport International Sports Village, Newport, South Wales NP19 4RB.

Names of the charity trustees who manage the charity

Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (if any)
Adrian Coles	Chairman
Anne Adams King		Finished 02/01/23	Welsh Cycling Ex Offcio
Mike Leeson		Finished 01/09/23
Darren Tudor			Geraint Thomas
Chris Landon		Finished 30/06/23	Welsh Cycling
Rhodri Lewis
Arwel Lewis
Christine Gibbons
Owen Hathway
Wayne Brown		Started 01/11/23
Caroline Spanton		Started 02/02/23	Welsh CyclingEx Offcio
Robbie George		Started 01/08/23	Welsh Cycling

– Corporate trustees names of the directors at the date the report was approved

Director name Adrian Coles Caroline Spanton Wayne Brown Darren Tudor Robbie George Rhodri Lewis Owen Hathway Arwel Lewis Christine Gibbons

Name of trustees holding title to property belonging to the charity

Trustee name	Dates acted if not for whole year

Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Additional information (optional) Names and addresses of advisers (Optional information)	Additional information (optional) Names and addresses of advisers (Optional information)	Additional information (optional) Names and addresses of advisers (Optional information)
Type of adviser Name Address
Accounta nt	Barford Owen Davies Ltd	Sophia House, 28 Cathedral Road, Cardiff. CF11 9LJ.

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) [INSERT NEW DATE} Signature(s) Full name(s) Position (eg Secretary, Chair, etc) [INSERT NEW DATE}
	Adrian Coles
	Chair
	03/02/2024

	Christine Gibbons
	Trustee
	03/02/2024
	03/02/2024

THE GERAINT THOMAS CYCLING TRUST

1187564

Receipts and payments accounts

CC16a

For the period from	02-Apr-22	To	01-Apr-23

Section A Receipts and payments	Section A Receipts and payments
A1 Receipts	Unrestricted funds to the nearest £	Restricted funds to the nearest £	Endowment funds to the nearest £	Total funds to the nearest £	Last year to the nearest £
Donations	12,731	-	-	12,731	37,134
Fund RaisngEvents	40,701	-	-	40,701	-
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*Sub total*(Gross income for AR)	53,432	-	-	53,432	37,134

A2 Asset and investment sales, (see table).
	-
	-				-
*Sub total*	-				-
*Total receipts* A3 Payments
					37,134

Grants to Benificiaries	5,440	-	-	5,440	-
Cost of Fund RaisingEvents	16,937	-	-	16,937	-
Administrative Expenses	2,429	-	-	2,429	2,362
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*Sub total*	24,806	-	-	24,806	2,362

A4 Asset and investment purchases, (see table)
	-
	-
*Sub total*	-				-
*Total payments* *Net of receipts/(payments)* A5 Transfers between funds A6 Cash funds last year end *Cash funds this year end*
					2,362

	28,626				34,772
	-				-
	38,204				3,432
	66,830				38,204

Section B Statement of assets and liabilities at the end of the period

Unrestricted funds to nearest £ 66,070 760 - 66,830	Restricted funds to nearest £ - - - -	Endowment funds to nearest £
66,070	-	-
760	-	-
-	-	-
66,830	-	3/02/2024 -

CCXX R1 accounts (SS)

Signed by one or two trustees on behalf of all the trustees B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets	Signature Details Details Details (agree balances with receipts and payments account(s)) Details	OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - - Print Name AdrianColes Christine Gibbons	OK
			Endowment funds to nearest £
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			Date of approval
			03/02/2024
			03/02/2024

CCXX R2 accounts (SS)

03/02/2024