Charity number: 1188117 THE HANDLEBARDS CIO UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE HANDLEBARDS CIO CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-19
THE HANDLEBARDS CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Kathryn Jones, Trustee Harry Bresslaw, Trustee Hilary Wynter, Trustee Charity registered number 1188117 Principal office 9 St. Lukes Drive Orrell Wigan WN5 7AU Accountants Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS Page 1
THE HANDLEBARDS CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annu81 report together with the financi81 statements of the Charity for the year ending 31 March 2023. Objectives and activities a. Polieies and objectives The Charity's objectives are lo promote, maintain, improve and 8dv8nce education and appreciation of the arts, in p8rb'cu18r bul not exclusively, the performing arts of theatre, drama and music. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidanee 'Public benefit." running a charity IPB21' Achievements and performance a. Main achievements of the Charity This year the eomp8ny took Shakespeare's 'Twelfth Night, on lour across the UK. The 8Ctors cycled between venues, covering over 1,500 miles and perfoming at over 80 venues, reaching over 15,000 audience members. We also received Arts Council England funding in partnership with Heeley Trust and Heeley Primary Care Network to continue delivering a programme of socially prescribed workshops and cultuml events in Heeley, Sheffield. This involved a free to attend half term club and confidence building workshops for women. Supporters and followers of the company continued to generously donate lo support our work. Future plans for 2023124 are to continue touring with "A Midsummer Night's Dream" Financial review a. Going coneem After making 8ppropriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. b. Reserves policy The charity was sel up was when the covid lated national lockdown began therefore our work was limited in our first few years. We are still in the process of 8ccumulaling reserves and will be able to formulate a reserve policy in the next financi81 year when we will be trading al a more regular level. c. Financial results In the Charity's financial results for the current year, it te1Ved donations plus gift aid lot811ing £33,796, as well as a grant ineome of £55,815. Total income was £288,737 and expènditure during the period was £115,472, leaving a surplus of £173,265 and £203,129 carried forward in funds. Page 2
THE HANDLEBARDS CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, govemance and management a. Constitution The Handlebards CIO is a registered charity, number 1188117, and is constituted under a CIO Foundation constitution. It has been gIStered with the Charity Commission since 21 February 2020. b. Methods of appointment or election of Trustees The man8gemenl of the Ch8rily is the responsibility of the Trustees who are elected and under the terms of the constitution. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustèes, report and the financial statements in accordance with applicable law and United li'ngdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to ch8rilies in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these finanei81 statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of 10 April 2024 and signed on their behalf by.. Trustees on Kathryn Jones Harry Bresslaw Page 3
THE HANDLEBARDS CIO INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independent Examiner's Report to the Trustees of The Handlebards CIO {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 ACYI. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Since the Charity's gross income exeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 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 lo 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 accounts do not accord with those records", or the accounts do not comply with the applicable requirements conMIng the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. 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 lo enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body, in aecordance with Part 4 of the Charities IAecounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest exlenl permitted by 18w, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Page 4
THE HANDLEBARDS CIO INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Signed.. Dated.. 21 May 2024 Andrew Thomas ACA Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS Page 5
THE HANDLEBARDS CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Restricted funds 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other income 55,815 33,796 199,104 22 89,611 199,104 22 16,689 Total income 55,815 232,922 288,737 16,698 Expenditure on: Charitable activities 55,815 59,657 115,472 9,963 Total expenditure 55,815 59,657 115,472 9,963 Net movement in funds 173,265 173,265 6,735 Reconciliation of funds: Totsl funds brought forward Nel movement in funds 29,864 173,265 29,864 173,265 23,129 6,735 Total funds carried forward 203,129 203,129 29,864 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 19 form part of these financial statements. Page 6
THE HANDLEBARDS CIO BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Intangible assets Investments 10 11 2,143 2,974 2,144 2,975 Current assets Debtors Cash al bank and in hand 12 180,889 45,746 3,393 27,278 226,635 30,671 Creditors.. amounts falling due within one year 13 125,6501 13,7821 Net current assets 200,985 26,889 Total net assets 203,129 29,864 Charity funds Reslricled funds 14 Unrestricted funds 14 203,129 29,864 Total funds 203,129 29,864 The financial statements were approved and authorised for issue by the Trustees on 10 April 2024 and signed on their behalf by.. Kathryn Jones Harry Bresslaw The notes on pages 8 10 19 form part of these financial statements. Page 7
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General information The Handlebards CIO is a Charitable Incorporated Organisation, registered in England and Wales with the Charity Commission. The address of ils registered office is 9 St Lukes Drive, Orrell, Wigan, WN5 7AU. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021- 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 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reportsl RegLJlalions 2008 only lo the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Handlebards CIO meets the definition of a PLJblic benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise staled in the relevant accounting policy. 2.2 Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going conrn basis in preparing the financial statements. 2.3 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants and donations are included in the statement of financial activities on a receivable basis. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable aclivib.es is incurred on dIreCY undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 8
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.5 Intangible assets and amortisation Intangible assets are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisalion is provided on intangible assets al rates calculated lo write off the cost of each asset on a straighl-line basis over its expected useful life. Amortisation is provided on the following basis.. Website development 25 Q/0 2.6 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. Page 9
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted fvnds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Income from donations and legacies Restricted Unreslricled funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations Grants 33,796 33,796 55,815 7,633 9,056 55,815 55,815 33,796 89,611 16,689 Totsl 2022 8,100 8,589 16,689 Income from charitablg activities Unreslricled funds 2023 Total Jnds 2023 Total funds 2022 Theatrical productions 199,104 199,104 Page 10
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 other incoming resources Unreslricled funds 2023 Total funds 2023 Total funds 2022 Bank interest received 22 22 Page11
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Charitsble expenditure 63,434 52,038 115,472 9,963 Total 2022 7,332 2,631 9,963 Anatysi$ of direct costs Tot81 funds 2023 Total funds 2022 Outreach programme Thriving Community programme Twelth Night Romeo & Juliet 300 18,939 33,333 10,862 2,520 4,812 63,434 7,332 Page 12
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure by activities Icontinuedl Analysis of support costs Total funds 2023 Total funds 2022 Staff costs AmortlS8tion 37,363 831 347 Bank charges Accountancy fees Computer costs Subscriptions Travel and subsistence Consulting Insuran Bad debts Sundry expense5 34 2,400 907 250 1,500 116 500 3,145 6,300 308 52,038 2,631 Independent examiner's remuneration The independent examiner's remuneration amounts lo an independent examiner fee of £900 P022 - £ -), and accountancy fee of £1,50012022 - £1,500>. Staff costs 2023 2022 Wages and salaries Social security costs Contribution lo defined contribubon pension schemes 36,400 277 686 37,363 Page 13
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 staff costs {continued) The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Employees No employee reiVed remuneration amounting to more than £60,000 in either year. Key management personnel Totsl remuneration paid to key management was £37,363. Page 14
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits. During the year ended 31 March 2023, no expenses were reimbursed or paid direcuy to Trustees. 10. Intangible assets Website development Cost At 1 April 2022 3,321 At 31 March 2023 3,321 Amortlsatlon At 1 April 2022 Charge for the year 347 831 At 31 March 2023 1,178 Net book value At 31 March 2023 2,143 At 31 March 2022 2,974 11. Flxed asset Investments Investments in subsidiary companies Cost or valuation At 1 April 2022 At 31 March 2023 The investment represents the book value of 1000A of the share capital of the company Cycling Shakespeare Limited, wIsted on Companies House with number 12516789. Page 15
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Debtors 2023 2022 Due within one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income 3,950 175,000 1,939 3,393 180,889 3,393 13. Creditors: Amounts falling due within one year 2023 2022 Other laxalion and social security Pension fund loan payable Other creditors Accruals and deferred income 3,003 146 22,500 3,781 25,650 3,782 Page 16
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of funds statement of funds - current year Balan at 31 March 2023 Balance al 1 April 2022 Income Expenditure Unrestricted funds General Funds - all funds 29,864 232,922 159,6571 203,129 Restrlcted funds Thriving Community Programme 55,815 155,8151 Total of funds 29,864 288,737 1115,4721 203,129 The Thriving Community Programme lateS to grants received from The Heeley Trust for the Thriving Communities Fund from Arts Council England and the National Academy for Social Prescribing. The funding was spent on socially prescribed creab've workshops and cultural community events in Heeley. Statement of funds - prior year Balan at 31 March 2022 Balance at 1 April 2021 Income Expenditure Unrestricted funds General Funds - all funds 23,129 8,598 11,8631 29,864 Restricted funds Thriving Community Programme 8,100 18,1001 Total of funds 23,129 16,698 19,9631 29,864 Page 17
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Analysis of net assets between funds Analysis of net assets between funds - current year Unreslricled funds 2023 Total funds 2023 Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,143 2,143 226,63S {25,6501 226,635 125,6501 Totsl 203,129 203,129 Anatysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,974 2,974 30,671 13,7821 30,671 13,7821 Total 29,864 29,864 16. Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted to £686. £146 was payable lo the fund al the reporting date and are included in creditors. 17. Related party transactions During the year, the CIO provided a loan of £175,000 lo ils subsidiary company, which is outstanding as at the reporting date. There is no interest accruing on this balan. Page 18
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Principal activity place of business Cycling Shakespeare Limited 12516789 Same as parent Trading subsidiary {Theatrical produclionsl Class of shares Holding Included in consolidation Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure Net assets Cycling Shakespeare Limited 27,954 173,415 {145,4601 Page 19