CHARITY REGISTRATION NUMBER.. 1198258 CARDIFF BMX RACING CLUB Unaudited Financial Statements 31 December 2023 HARPER SHELDON LIMITED Chartered accountants Midway House Staverton Technology Park Herrick Way, Staverton Chellenham, Glos. GL516TQ
CARDIFF BMX RACING CLUB Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Statemenl of cash flows Notes to the financial statements
CARDIFF BMX RACING CLUB Trustegs, Annual Report Year ended 31 December 2023 The Iruslees present their report and the unaudited finanaal slalements or the charity for the year ended 31 December 2023. Reference and administrative details Registered Charfty name CARDIFF BMX RACING CLUB Charity registratlon number 1198258 Prin¢lpal offlce National BMX Centre Walés Riverside Park Llaniumney Cardiff CF3 4JL The trusteès Mr G Jones Mi H Copping Mr S Johnston Mrwsoffe Independent examlner James Harper Midway House Staverton Technology Park Herri¢k Way, Staverton Chellenharn, Glos. GL516TQ Structur•i governance and management Th8 Charily's governing document is the Cardiff BMX Racing Club Constitution which was regislered with the Charity Commission on 15th March 2022. The Charily maintains aUntIng records and reconciles the bank for the Charitable Incorporated Organisalion. The Charily Cornmission self-assessrnenl checklist is used on an annual basis to evaluate the charity's performance. The ¢h8rity also assesses ils purpose. mission and values against the Charily Cornmission's 'hallmarks' of a good charity. The Trustee5 Qverseè the management ol the charity, with the day lo day iunning and adminislralion of the Club delegaled lo the Club Committee. The charity adopts a policy in respect of reasonable expenses in relation to duties carried out by the Trustees and others In respect of Trust affairs. An annual linanoal ieview meeting is held. where the accounts and annual report ale discussed. The charity also reassesses its purpose and achievements ea¢h year at that meeting.
CARDIFF BMX RACING CLUB Trustees. Annual Report (Gonlinuedl Year ended 31 December 2023 ObjectlVe5 and activities The Charily's Conslilulion, incorporated 15th March 2022 sets the objecls as being the promotion of community partiapalion in healthy recreation foi the benelil of the inhabitants ol South Wales by the provision of facilities lo participate in BMX Racing and Cycling. Aclivities of th8 charily during 2023 focussed on wmpleting the build of the new facility. Construction which started in 2022 continued through to July 2023 when funds weie found lo be insufficient to cornplele the build in lime for any summer activily. The Club liaised wilh Welsh Cycling and Sport Wales for the remainder of 2023 to secure the additional ftjnding needed lo complete the falitY. Alongside all the challenges with the facility build, aclivities rernained focussed on bullding up the membership and encouraging participants lo gel Involved wilh BMX Racing. Achievèments and performance The Charity remained relatively inactive durlng 2023 whilst thè club waited for the conslruction of the new facility- The National BMX Centre Wales. Financlal review Thase accounts include a full year'8 activity as al 31 sl December 2022. with a surplus of £1.477,744 after all trading activities and donations ¢eIved. The charity had assets of £1,481,542 and liabilities of £3,798 al the balance sheet 4Jal8. Plans for fLbture period$ After all the delays with funding the Iraek is currently due for eomplelion in the Summer of 2024 and until Ihal time, club activity will remain minimal. Once the track is open the club plans lo offer open and coached sessions lo the local community and lo (>ffor competitive racing al dublregionallnalionallinlernalional lèvel as soon as is practical. The Iruslees, annual report was approved on 14 October 2024 and signed on behalf of the board of trustees by.. Mr H Copping Trustee
CARDIFF BMX RACING CLUB Independent Examiner's Report to the Trustees of CARDIFF BMX RACING CLUB Year ended 31 December 2023 I report to the Iruslees on my examinalion of the financial slalements of CARDIFF BMX RAGING CLUB I'lhe charily'l for the year ended 31 December 2023. Responsibilities and basis of report As the trustees ol the chaiity you are responsible lor the pi¶tion of the financial slalements in accordance with the iequiremenls of the Charities Act 2011 {'Ihe Act'i. I report in respect of my examinalioll of the charity's financial slalements carried out under section 145 of Ihe 2C>11 Act and in carrying out rny examination I have followed 811 the applicable Directions given by Ihe Charity Commission under section 14515llbl of the Act. Independent examinerfs statement Since the charity's gross income exceeded £250,000 your examin8r must be a tnember of a body listed in se¢lion 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Instilule of Chartered Accountants in England and Wales IICAEW), whith is one of the listed bodies. I have completed my examination. I conliirn that no maleiial matters have come lo rny atttsnlion in connection with the èxamination gNing me cause lo believe that in any material respect.. accounling records were not kept in resped of the Charity as requirod by section 130 of the Act.. or the financial slalemenls do not accord wilh those records., or the financial $181ements do not comply with thè applicable requirements Conrning the foitn and colltenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf vi8w which is not a matler consbdered as part of an independent 8xaminalion. I have no concems and have como across no othèr matters in conneclion with the examination to which attention should bè drawn in this report in order to enable a proper understanding ol the accounts lo be reached. Jarnes H rper Independent Examiner Midway House Slaverton Technology Park Herrick Way, Staverton Ghellenham, Glos. GL516TQ
CARDIFF BMX RACING CLUB Statement of Financial Activities Year ended 31 December 2023 Period from 15 Mar22 10 31 Dec 22 Year to 31 Dèc 23 Unreslricled funds Total funds Total funds Note Income and endowments Donations and legae5 Charitable aetivilies 856.735 8,769 865,504 856,735 8,769 865,504 1,637,741 251 Total incomè 1.637,992 Expanditure Exp&nditure on raising funds.. Gosls ol othei Iiadlng activities Expenditure on chariiable activities Total expenditurè 4,989 117,944 4,989 117,944 159,680 122,933 122,933 160.248 Nèt Income and nèt movement in funds 742.571 742,571 1,477,744 Recon¢lllatlon of funds Total funds brought forward Total funds carrled forward 1,477,744 2.220,315 1,477.744 2,220,315 1,477.744 The statement of financial aclwilies includes all gains and losses recogniséd in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 13 form part of these flnanclal statgrnents.
CARDIFF BMX RACING CLUB Statement of Financial Position 31 December 2023 2023 2022 Nole Fixed assets Tangible fixed assets 12 2,060,665 1,247,342 Current assets Stocks Debtors Cash al bank and in hand 13 14 8,948 150,486 12,264 148.192 88.008 171,698 234.200 Creditors.. amounts falling due within one year Net current assets 15 12,048 3.798 159,650 230.402 Total assets less current liabllltl•s 2,220,315 2,220,315 1,477,744 Net assets 1,477,744 Fund$ of thè charlty Unrestricted funds 2.220,315 1,477,744 Total charity funds 16 2.220,315 1,477,744 These financial slalemenls were approved by the board of trustees and aulhorised for Issue on 14 Oct 24. and are signed on behalf of the board by.. Mr H Copping Trustee The notes on page5 7 to 13 form part of these flnanclal statements.
CARDIFF BMX RACING CLUB statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from operating activities Nel income 742,571 1,477,744 Acljustmenls for. Accrued expenses 8,250 3,798 Chang&s in.- Stocks Trade and other debtors 18.9481 14,2941 737,579 1146,1921 1,335.350 Cash generated from operations Nel cash from operating activities 737,579 1,335,350 Cash flows from investlng activities Purchase of tangible assets Nèt cash used in investing activilies 1813,3231 11,247,342) {813,3231 11,247,342} Net Idecreasellincrease in cash and cash equlvalents Cash and cash equivalents at beginnlng of year Cash and cash equivalents at end of yèar 175,7441 88,008 88.008 12,264 88,008 Tho notes on pages 7 to 13 form part of these flnancial ststements.
CARDIFF BMX RACING CLUB Notes to the Financlal Statements Year ended 31 December 2023 Gèneral information The charity Is a public benefit entity and a registered chaiily in England and Wales and is unincorporated. The address of the principal office is Nalional BMX Centre Wales, Riverside Park. Llanrumney, Cardiff. CF3 4JL. Wales. statèment of compllance These finan¢ial siatemenls hav8 been prepared in compliance with FRS 102. 'The Finanaal Reporting Standard applicable in the UK and the Republic of Ireland,. the Slalernenl of Recotnmended Practico applicable lo charitiès preparing their accounts in 8ccordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211 and the Charities A¢1 2011. Accounting policies Basis of preparation The financial slalemenls have been prepared on the histori¢al cosl basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measLJred al fair value Ihrough income or expenditure. The finan¢ial statements are prepared in slerllng, which is the functional currency ol the enlily. Going Concern There are no m8lerial uncertainties aboul the chaiily's abilily to continue. Judgements and key sources of estlmation uncertalnty The prep8ralion of the financial statements requires managèment lo mak8 judgements, estimates and assumption5 that affect the amoun15 reported. These estimates and judgements are continually revEwed and are based on expeiien¢e and other factors, including exp8Ctations ol fuluie events that ar& believed lo be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use al the di5eretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for pariicular fulure project or ommitmenl. Restricted funds are subjected lo restrictions on their expenditur8 declared by thè donor or through the terms of an appeal, and fall into one ol two sub-classes.. reslii¢led income funds or endowment funds.
CARDIFF BMX RACING CLUB Notes to the Financial Ststements (Gontinuodl Year ended 31 December 2023 Accounting poliGie$ IconliRued} Incoming resourees All incoming resources ale in¢lLJded in the slalement of financial activities when enlillement has passed lo the charity., il is probable that the economic benefits assodaled with the Iransaetion will flow to the chaiily and the amount ean be reliably measured. The following specific policie8 are applied lo particular categories of incorne.. income from donations or grants is iecognised when there is evidence of entitlement to the gift, receipt is probable and ils amount can be tneasured reliably. legacy Income is recognIs when receipt is probable and enlillement is established. income from donated goods is measured al thè fair value of the goods unless this is impraclical lo measure reliably, in which case the value is derived Iiorn the cost to the donor or the eslirnaled resale value. Donated facilities and services are recognised in the accounts when received If the value can be reliably measured. No amounts are included for the conlribLJlion of general volunteers. income from contracts for the supply of services is recognised Wth the delivery of the contracted service. This is classified as unreslrlcted funds unless there is a conliadual requirement lor il lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resourcès expended Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fLJlly recovered, and is classified under headings of IhÉ statement of financial activities to which il relates.. expenditure on raising fLJnds includes the cosls of all fundraising aclivilies, events. non-charilable trading aclivili8s, and the sale of donated goods. expenditure on charilablo activities includes 311 costs incuired by a charity in undertaking activities that ILJrther ils chaiilable aims for the benefit of its beneliaaries, including those support costs and costs relating lo the governance of the charity apportioned to chariiable activities. other expenditure includes all expenditure that is neither relalad tts raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated lo expèndilure categories reflecting the use of the resoui¢e. Direcl costs attributable lo a single aclivily are alloeated directly lo th81 aclivity. Shared eosts are apportioned between the activities they contribute lo on a reasonable. jusliliable and conslstent basis. Tanglble assets Tangible assets are initially recorded at oosl, and subsequently stated al cost less any accumulated depreciation and impairment losses. Any tangible assets cairied at revalued amounts are re¢orded at the fair value al the dale of revaluation less any subsequent accumulated depreci81ion and subsequent accumulated imp8irment losses.
CARDIFF BMX RACING CLUB Notes to the Financial Statements Icontlnuedj Year ended 31 December 2023 Accounting policies l¢ontlfrJuedl Tangible assets l¢oniinued) An increase in the earrying amount of an asset a5 a result ol a revaluation, is recognised in other recognised gains and losses, unless it reverses a chaige for impairment that has previously been recognised as expenditure within the slalemenl of financial aGlivilies. A decrease in the carrying amount of an asset as a result of rèvalualion, is re¢ognised in other recognised gains end losses. except to which il offsots any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the slalement of financial a¢tivibes. Impairment of fixed assets A review for indicators of impairment is carried out al each reportirig dale, with the recoverable amount being eslitnaled where such indicators exist. lthere the carrying value exceeds the recoverable amount, the asset is impaiTed accordingly. Prior Impairments are also reviewed for possible reversal al each reporting dale. For the purposes of impairmènt testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable atnounl ol the cash-generaling unil lo which the asset belongs. The ¢ash-generaling unit is the smallest Kjenliliable grokjp ol assets that includes the asset and generates cash inflows that largely independent of th8 cash inflows from other assets or groups of assets. For impaiimènt lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition dale. allocated lo each of the ca5h-generating units that are expected lo benefit from the synergies of the ¢ombination, iriÈspeclive ol whether other asse15 or liabilities of the ¢harity are assigned to those units. Stocks Stocks are measured al the lower ol cost and estimated selling price less cos15 to complele and se51. Cost includes 811 cosls of purchase, costs ol conversion and olhei costs incurred in bringing the slo¢k to its present localion and condition. Flnanclal instrurnents A financial asset or a financial liability is recognised only when the charity becomes a party to Ihe conlraetual provisions of the inslrumenl. Basic financial instruments are inbtially recognised al the amount iecèivable or payable including any related transaction costs. Currenl assets and current liabilities are subsequently measured Bl Ihe cash or other consideration expeded to be paid or received and not diSCOLJnled. Debt inslrumenls are subsequently measured al amortlsed cost. Where investments in shares are publicty traded or their fail value can olhetWi50 be measured reliably, the investment is subsequently measured at lair value with changes in fair value récognised in income and expendilLJre. All othei such inveslmenls are subsequently measured al cost less impairment.
CARDIFF BMX RACING CLUB Notes to the Financial Statements {¢ontlnu8 Year ended 31 December 2023 Accounting policies l¢onflnu6d) Financial instruments Icontlnued) Other financial instruments. including derivatives. are initially recognised al lair value. unless payment foi an asset is deferred beyond normal business terms or financed al a rale of interest that is not a market rate, in which case the asset is measured al the piesent value of the future payments discounted at a market rale of interest for a similar debl instrument. Other financial instruments are subsequenlly measured al fail value, with any changes recognised in the statemenl of financial 8clivilies, with the exception of hedging instruments in a designated hedging relationship. Financial as5els that are measured al cost 01 atnortised eosl are reviewed foi objective evidènee of impairment al the ond ol each reporting dale. If therè is objective evidence of impaiirnenl, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognlsed. For 811 equity inslrumenls regardless of significance. and other linancial assels Ihal are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis ol Similar eredit risk characlerislics. Any reversals of impairmenl are recognised immediately, to Ihe exlenl that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had Ihe impairment not previously been recoonised. Donations and legaci8s Unieslricled Total Funds Unrestricted Total FLJnds Fund8 2023 Funds 2022 Donations Donations 200 200 429.942 429,942 Grants Grants recewable 844,868 844,868 1,207,799 1,207.799 Sponsorship Sponsorship 11,667 11,667 856.735 856.735 1.637.741 fj,637.741 Charitablè activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Clothing sales Membership Rent of office space 1,564 205 7,000 1,564 205 7,000 8,769 91 160 91 160 8,769 251 251 10
CARDIFF BMX RACING CLUB Notes to the Financial Statements (CORtinued) Year ended 31 December 2023 Costs of other trading activitie5 Unreslricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of other trading activities- Shop costs 4,989 4,989 568 568 Expenditure on charitable activities by fund type Unreslricled fotsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Support costs 117.944 117,944 159,680 159,680 Expendlture on charitable activitie5 by activity type Total funds 2023 Total fund 2022 Support costs Activity type 1 117.944 117.944 159,680 Analysis of support costs Analysis ol support costs aclivily 1 Total 2023 Total 2022 Communications and IT Finance costs Support cosls- Other costs lype 1 198 495 135,011 196 495 135,011 78 1,750 157,852 159,680 135,704 135,704 10. Staff costs The average head count of employees during the year was Nil12022.' Nill. No employee received ernployee benefits of more than £60,OOQ during the year12022'. NILI. 11. Trustee remunèration and exp&ns•s No Iruslee received any remuneration for their services during the period.
CARDIFF BMX RACING CLUB Notes to the Financial Statements IcontiRuedJ Year ended 31 December 2023 12. Tangible fixed assets Long l&asehold property Equipment Total Cost Al 1 January 2023 Additions 1,201,605 811,760 45,737 1.563 1,247.342 813,323 At 31 Decembèr 2023 2.013,385 47.300 2,060.665 Depreciation At 1 January 2023 and 31 December 2023 Carrying amount At 31 December 2023 2,013,365 47,300 2,060.665 Al 31 December 2022 1.201,605 45.737 1,247.342 13. Stocks 2023 2022 Raw materials and consumables 8,948 14. Debtors 2023 2022 Pi8paymenl$ and a¢cru8d incom& Other debtors 10,498 135.694 150,486 150,48fj 146,192 15. CredÈtors: amounts falling due within one year 2023 2022 Accrua15 and deferd inwme 12,048 3,796 12
CARDIFF BMX RACING CLUB Notes to the Financial Statements (conllmuedl Year ended 31 December 2023 16. Analysis of charitablè funds Unrestricted funds Al l January 202 At 31 Decernber 2023 Income Expenditure General funds 1,477.744 865,504 1122,9331 2,220,315 Al 15 March 202 Al 310ecember 2022 Income Expenditure General funds 1,637.992 1160,2481 1.477,744 17. Analysls of not ass•ts bètween fund5 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Crédilois less than 1 year Net assets 2,042,905 171,698 {12,0481 2,202,555 2,042,905 171.698 112,0481 2,202,555 Unresliicled Total Funds Funds 2022 Tangible fixed assets Current assets Credilors less than 1 year Nat assets 1,247.342 234,200 13,7981 1.477,744 1.247,342 234,200 {3.7981 1.477,744 18. Analysis of changes in net debt At At 1 Jan 2023 Cash flows 310ec 2023 Cash at bank and in hand 88,008 {75,7441 12.264 13