2024-12-31-accounts - Cardiff Bmx Racing Club

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CARDIFF BMX RACING CLUB

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the financial statements of the charity for the year ended 31 December 2024.

Registered Charity Name: Cardiff BMX Racing Club Charity Registration Number 1198258 Charity Formed 15[th] March 2022 Registered Address National BMX Centre Wales, Riverside Park Llanrumney, Cardiff CF3 4JL The Trustees Mr Hugh Copping Mr Gideon Jones Mr Sim Johnston Mr Will Soffe Auditor Harper Sheldon Limited (Chartered Accountants/Auditors) Midway House Staverton Technology Park Herrick Way Staverton Cheltenham Gloucestershire GL51 6TQ

----- Start of picture text -----
Cardiff BMX Racing Club
National BMX Centre Wales Trustees: info@cardiffbmx.co.uk
Riverside Park Hugh Copping (Chairperson), Gideon Jones, Sim Johnston, Will Soffe
www.cardiffbmx.co.uk
Hartland Road
Registered in Wales, Charity No: 1198258
Llanrumney /cardiffbmx
VAT Registration No: 466 2904 72
Cardiff CF3 4JL /cardiffbmx
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Structure, Governance and Management

The Charity's governing document is the Cardiff BMX Racing Club Constitution which was registered with the Charity Commission on 15[th] March 2022.

The Charity maintains accounting records and reconciles the bank for the Charitable Incorporated Organisation. The Charity Commission self-assessment checklist is used on an annual basis to evaluate the charity's performance. The charity also assesses its purpose, mission and values against the Charity Commission's 'hallmarks' of a good charity. The Trustees oversee the management of the charity, with the day to day running and administration of the Club delegated to 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 financial review meeting is held, where the accounts and annual report are discussed. The charity also reassesses its purpose and achievements each year at that meeting.

Objectives and Activities

The Charity's Constitution, incorporated 15th March 2022 sets the objects as being "the promotion of community participation in healthy recreation for the benefit of the inhabitants of South Wales by the provision of facilities to participate in BMX Racing and Cycling.”

Activities of the charity during 2024 focussed on completing the build of the new facility in time for our first race day in August, building our member base and introducing club activity thereafter. Having secured additional funding from Sport Wales, construction of the facility which commenced in 2022 continued through to completion in July 2024.

Strategic Report

The following sections for achievements, performance and financial review form the strategic report of the charity.

Achievements and performance

The Charity remained relatively inactive until July 2024 whilst the club waited for the construction of the new facility – The National BMX Centre Wales. The facility, whilst not completed, was ready to start activity in July.

The club held its first event in August, the final round of the South West BMX Association’s Regional Series, attracting around 300 riders.
Following the successful launch the club welcomed the recently crowned Olympic Champion, Saya Sakakibara, to a 3 day coaching seminar, welcoming over 100 riders
The club continued to offer regular opportunities to local riders, growing the membership to over 100 members by the end of the year

Financial review

These accounts include a full year's activity as at 31[st] December 2024, with a surplus of £1,463,464 after all trading activities and donations received. The charity had assets of £3,710,300 and liabilities of £26,521 at the balance sheet date.

Plans for future periods

With the facility ready for activity, the club intends to continue development of the site, improving the facility to provide better opportunities for riders of all abilities to enjoy. This includes:

Permanent trackside fencing
Rainwater harvesting
Additional timing points
Finish line admin/café
Conversion of the existing changing rooms to better reflect the current usage
Permanent pens
Landscaping
Access bridge into the 5m Start Hill from the back of turn 2
Storage areas under the 5m Start Hill
Workshop at the back of the 8m Start Hill

Alongside the facility improvements the club is working towards the following goals:

Improved participation:
Club membership at >400 riders
Diversity of membership from across the community
Improve the Male to Female ratio from current 75/25 to 60/40
Better training opportunities
The club is available every day for new riders to learn, existing riders to practise and improve and for aspiring riders to have access to the best facilities
Improved competition participation
Will have helped to encourage participation to the levels that take >70 riders to Regionals, >50 riders to Nationals, >10 riders to International racing
Developing a Talent pipeline
Providing high quality coaching opportunities – from a variety of coaches, both M/F
Forging close relationships with British Cycling’s Talent Programmes

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).The Charity Commission requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the 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 applicable Charities Statement of Recommended Practice;
Make judgments and accounting estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards have been followed, subject to 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 to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with Charity Commission regulations. 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.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The trustees' annual report were approved on 26[th] May 2025 and signed on behalf of the board of trustees by:

………………………………………………..

Hugh Copping Chairman

CHARITY R

CARDIFF BMX RACING CLUB Financial Statements 31 December 2024

HARPER SHELDON LIMITED

Chartered accountants& statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

CARDIFF BMX RACING CLUB

Financial Statements

Year ended 31 December 2024

	Page
Trustees' annual report	1
Independent auditor's report to the members	5
Statement of financial activities	9
Statement of financial position	10
Statement of cash flows	11
Notes to the financial statements	12

CARDIFF BMX RACING CLUB

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the financial statements of the charity for the year ended 31 December 2024.

Reference and administrative details

Registered charity name	CARDIFF BMX RACING CLUB
Charity registration number	1198258
Principal office	National BMX Centre Wales
	Riverside Park
	Llanrumney
	Cardiff
	CF3 4JL
The trustees
	Mr G Jones
	Mr H Copping
	Mr S Johnston
	Mr W Soffe
Auditor	Harper Sheldon Limited
	Chartered accountants & statutory auditor
	Midway House
	Staverton Technology Park
	Herrick Way, Staverton
	Cheltenham, Glos.
	GL51 6TQ

Structure, governance and management

The Charity's governing document is the Cardiff BMX Racing Club Constitution which was registered with the Charity Commission on 15th March 2022.

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

Objectives and activities

Achievements and performance

The club held its first event in August, the final round of the South West BMX Association’s
Regional Series, attracting around 300 riders.
Following the successful launch the club welcomed the recently crowned Olympic Champion,
Saya Sakakibara, to a 3 day coaching seminar, welcoming over 100 riders
The club continued to offer regular opportunities to local riders, growing the membership to over
100 members by the end of the year

Financial review

These accounts include a full year's activity as at 31st December 2024, with a surplus of £1,463,464 after all trading activities and donations received. The charity had assets of £3,710,300 and liabilities of £26,521 at the balance sheet date.

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

Plans for future periods

With the facility ready for activity, the club intends to continue development of the site, improving the facility to provide better opportunities for riders of all abilities to enjoy. This includes:

Permanent trackside fencing
Rainwater harvesting
Additional timing points
Finish line admin/café
Conversion of the existing changing rooms to better reflect the current usage
Permanent pens
Landscaping
Access bridge into the 5m Start Hill from the back of turn 2
Storage areas under the 5m Start Hill
Workshop at the back of the 8m Start Hill

Alongside the facility improvements the club is working towards the following goals:

Improved participation:
Club membership at >400 riders
Diversity of membership from across the community
Improve the Male to Female ratio from current 75/25 to 60/40
Better training opportunities
The club is available every day for new riders to learn, existing riders to practise and improve and for aspiring riders to have access to the best facilities
Improved competition participation
Will have helped to encourage participation to the levels that take >70 riders to Regionals, >50 riders to Nationals, >10 riders to International racing
Developing a Talent pipeline
- Providing high quality coaching opportunities – from a variety of coaches, both male & femaleForging close relationships with British Cycling’s Talent Programmes

Trustees' responsibilities statement

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

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 applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
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 to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.

The trustees' annual report was approved on 26 May 2025 and signed on behalf of the board of trustees by:

Mr H Copping Trustee

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB

Year ended 31 December 2024

Opinion

We have audited the financial statements of CARDIFF BMX RACING CLUB (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered the most significant are the Companies Act 2006 and UK Financial reporting Standards.

We obtained an understanding of how the company complies with these regulations by discussions with management.

We assessed the risk of material misstatement of the financial statements, including the risk of material missstatement due to fraud and how it might occur, by holding discussions with management.

We inquired of management as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining corroborative evidence as required.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Harper (Senior Statutory Auditor)

For and on behalf of Harper Sheldon Limited Chartered accountants & statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

26 May 2025

CARDIFF BMX RACING CLUB

Statement of Financial Activities

Year ended 31 December 2024

		2024	2024	2023
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	1,678,591	1,678,591	856,735
Charitable activities	5	2,810	2,810	8,769
Other trading activities	6	1,427	1,427	–
Investment income	7	10,691	10,691	–
Other income	8	13,851	13,851	–
		-----------------------------------------	-----------------------------------------	--------------------------------
Total income		1,707,370	1,707,370	865,504
		=========================================	=========================================	================================
Expenditure
Expenditure on raising funds:
Costs of other trading activities	9	–	–	4,989
Expenditure on charitable activities	10,11	242,896	242,896	117,944
Other expenditure	13	1,010	1,010	–
		--------------------------------	--------------------------------	--------------------------------
Total expenditure		243,906	243,906	122,933
		================================	================================	================================
		-----------------------------------------	-----------------------------------------	--------------------------------
Net income and net movement in funds		1,463,464	1,463,464	742,571
		=========================================	=========================================	================================
Reconciliation of funds
Total funds brought forward		2,220,315	2,220,315	1,477,744
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		3,683,779	3,683,779	2,220,315
		=========================================	=========================================	=========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Statement of Financial Position

31 December 2024

		2024	2023
	Note	£	£
Fixed assets
Tangible fixed assets	18	3,419,313	2,060,665
Current assets
Stocks	19	7,499	8,948
Debtors	20	5,260	150,486
Cash at bank and in hand		278,228	12,264
		--------------------------------	--------------------------------
		290,987	171,698
Creditors: amounts falling due within one year	21	26,521	12,048
		--------------------------------	--------------------------------
Net current assets		264,466	159,650
		-----------------------------------------	-----------------------------------------
Total assets less current liabilities		3,683,779	2,220,315
		-----------------------------------------	-----------------------------------------
Net assets		3,683,779	2,220,315
		=========================================	=========================================
Funds of the charity
Unrestricted funds		3,683,779	2,220,315
		-----------------------------------------	-----------------------------------------
Total charity funds	22	3,683,779	2,220,315
		=========================================	=========================================

These financial statements were approved by the board of trustees and authorised for issue on 26 May 2025, and are signed on behalf of the board by:

Mr H Copping Trustee

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£
Cash flows from operating activities
Net income	1,463,464	742,571
Adjustments for:
Depreciation of tangible fixed assets	16,189	–
Other interest receivable and similar income	(10,691)	–
Interest payable and similar charges	14	–
Accrued expenses	14,473	8,250
Changes in:
Stocks	1,449	(8,948)
Trade and other debtors	145,226	(4,294)
	-----------------------------------------	--------------------------------
Cash generated from operations	1,630,124	737,579
Interest paid	(14)	–
Interest received	10,691	–
	-----------------------------------------	--------------------------------
Net cash from operating activities	1,640,801	737,579
	=========================================	================================
Cash flows from investing activities
Purchase of tangible assets	(1,374,837)	(813,323)
	-----------------------------------------	--------------------------------
Net cash used in investing activities	(1,374,837)	(813,323)
	=========================================	================================
Net increase/(decrease) in cash and cash equivalents	265,964	(75,744)
Cash and cash equivalents at beginning of year	12,264	88,008
	--------------------------------	----------------------------
Cash and cash equivalents at end of year	278,228	12,264
	================================	============================

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is National BMX Centre Wales, Riverside Park, Llanrumney, Cardiff, CF3 4JL, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or

commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated 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 contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including

any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Donations
Donations	1,017	1,017	200	200
Regional Events	1,000	1,000	–	–
Easy Fundraising	253	253	–	–
Sessions	2,996	2,996	–	–
Grants
Grants receivable	1,672,825	1,672,825	844,868	844,868
Sponsorship
Sponsorship	500	500	11,667	11,667
	-----------------------------------------	-----------------------------------------	--------------------------------	--------------------------------
	1,678,591	1,678,591	856,735	856,735
	=========================================	=========================================	================================	================================

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

5. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Clothing sales	1,616	1,616	1,564	1,564
Membership	270	270	205	205
Rent of office space	–	–	7,000	7,000
Consessions	341	341	–	–
Holiday Camps	583	583	–	–
	-----------------------	-----------------------	-----------------------	-----------------------
	2,810	2,810	8,769	8,769
	=======================	=======================	=======================	=======================

6. Other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Fundraising events	741	741	–	–
Shop income	686	686	–	–
	-----------------------	-----------------------	--------------	--------------
	1,427	1,427	–	–
	=======================	=======================	==============	==============
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Bank interest receivable	10,691	10,691	–	–
	============================	============================	==============	==============
Other income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Bike Hire	1,101	1,101	–	–
Private Hire	1,580	1,580	–	–
Coaching	2,317	2,317	–	–
Outside Coaching	8,072	8,072	–	–
Race Nights	168	168	–	–
Parking	613	613	–	–
	----------------------------	----------------------------	--------------	--------------
	13,851	13,851	–	–
	============================	============================	==============	==============
Costs of other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Costs of other trading activities - Shop
costs	–	–	4,989	4,989
	==============	==============	=======================	=======================

7. Investment income

8. Other income

9. Costs of other trading activities

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

10. Expenditure on charitable activities by fund type

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Support costs	242,896	242,896	117,944	117,944
		================================	================================	================================	================================
11.	Expenditure on charitable activities	by activity type
			Support	Total funds	Total fund
			costs	2024	2023
			£	£	£
	Activity type 1		240,632	240,632	117,944
	Governance costs		2,264	2,264	–
			--------------------------------	--------------------------------	--------------------------------
			242,896	242,896	117,944
			================================	================================	================================
12.	Analysis of support costs
				Total 2024	Total 2023
				£	£
	Communications and IT			–	198
	Finance costs			–	495
	Support costs - Other costs type 1			–	135,011
				--------------	--------------------------------
				–	135,704
				==============	================================
13.	Other expenditure
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Written off	1,010	1,010	–	–
		=======================	=======================	==============	==============
14.	Net income
	Net income is stated after charging/(crediting):
				2024	2023
				£	£
	Depreciation of tangible fixed assets			16,189	–
				============================	==============
15.	Auditors remuneration

16. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

17. Trustee remuneration and expenses

No trustee received any remuneration for their services during the period.

18. Tangible fixed assets

		Long
		leasehold
		property	Equipment	Total
		£	£	£
	Cost
	At 1 January 2024	2,013,365	47,300	2,060,665
	Additions	1,371,953	2,884	1,374,837
		-----------------------------------------	----------------------------	-----------------------------------------
	At 31 December 2024	3,385,318	50,184	3,435,502
		=========================================	============================	=========================================
	Depreciation
	At 1 January 2024	–	–	–
	Charge for the year	–	16,189	16,189
		-----------------------------------------	----------------------------	-----------------------------------------
	At 31 December 2024	–	16,189	16,189
		=========================================	============================	=========================================
	Carrying amount
	At 31 December 2024	3,385,318	33,995	3,419,313
		=========================================	============================	=========================================
	At 31 December 2023	2,013,365	47,300	2,060,665
		=========================================	============================	=========================================
19.	Stocks
			2024	2023
			£	£
	Raw materials and consumables		7,499	8,948
			=======================	=======================
20.	Debtors
			2024	2023
			£	£
	Prepayments and accrued income		4,325	–
	Other debtors		935	150,486
			-----------------------	--------------------------------
			5,260	150,486
			=======================	================================
21.	Creditors: amounts falling due within one year
			2024	2023
			£	£
	Accruals and deferred income		26,521	12,048
			============================	============================

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

22. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			At
1	January	20			31 Decembe
		24	Income	Expenditure	r 2024
	£		£	£	£
General funds	2,220,315		1,707,370	(243,906)	3,683,779
	=========================================		=========================================	================================	=========================================
		At			At
1	January	20			31 December
		23	Income	Expenditure	2023
	£		£	£	£
General funds	1,477,744		865,504	(122,933)	2,220,315
	=========================================		================================	================================	=========================================
Analysis of net assets between funds
				Unrestricted	Total Funds
				Funds	2024
				£	£
Tangible fixed assets				–	–
Current assets				–	–
Creditors less than 1 year				–	–
				--------------	--------------
Net assets				–	–
				==============	==============
				Unrestricted	Total Funds
				Funds	2023
				£	£
Tangible fixed assets				2,042,905	2,042,905
Current assets				171,698	171,698
Creditors less than 1 year				(12,048)	(12,048)
				-----------------------------------------	-----------------------------------------
Net assets				2,202,555	2,202,555
				=========================================	=========================================
Analysis of changes in net debt
			At		At
			1 Jan 2024	Cash flows	31 Dec 2024
			£	£	£
Cash at bank and in hand			12,264	265,964	278,228
			============================	================================	================================

23. Analysis of net assets between funds

24. Analysis of changes in net debt

CHARITY R

CARDIFF BMX RACING CLUB Financial Statements 31 December 2024

HARPER SHELDON LIMITED

Chartered accountants& statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

CARDIFF BMX RACING CLUB

Financial Statements

Year ended 31 December 2024

	Page
Trustees' annual report	1
Independent auditor's report to the members	5
Statement of financial activities	9
Statement of financial position	10
Statement of cash flows	11
Notes to the financial statements	12

CARDIFF BMX RACING CLUB

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the financial statements of the charity for the year ended 31 December 2024.

Reference and administrative details

Registered charity name	CARDIFF BMX RACING CLUB
Charity registration number	1198258
Principal office	National BMX Centre Wales
	Riverside Park
	Llanrumney
	Cardiff
	CF3 4JL
The trustees
	Mr G Jones
	Mr H Copping
	Mr S Johnston
	Mr W Soffe
Auditor	Harper Sheldon Limited
	Chartered accountants & statutory auditor
	Midway House
	Staverton Technology Park
	Herrick Way, Staverton
	Cheltenham, Glos.
	GL51 6TQ

Structure, governance and management

The Charity's governing document is the Cardiff BMX Racing Club Constitution which was registered with the Charity Commission on 15th March 2022.

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

Objectives and activities

Achievements and performance

The club held its first event in August, the final round of the South West BMX Association’s
Regional Series, attracting around 300 riders.
Following the successful launch the club welcomed the recently crowned Olympic Champion,
Saya Sakakibara, to a 3 day coaching seminar, welcoming over 100 riders
The club continued to offer regular opportunities to local riders, growing the membership to over
100 members by the end of the year

Financial review

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

Plans for future periods

With the facility ready for activity, the club intends to continue development of the site, improving the facility to provide better opportunities for riders of all abilities to enjoy. This includes:

Permanent trackside fencing
Rainwater harvesting
Additional timing points
Finish line admin/café
Conversion of the existing changing rooms to better reflect the current usage
Permanent pens
Landscaping
Access bridge into the 5m Start Hill from the back of turn 2
Storage areas under the 5m Start Hill
Workshop at the back of the 8m Start Hill

Alongside the facility improvements the club is working towards the following goals:

Improved participation:
Club membership at >400 riders
Diversity of membership from across the community
Improve the Male to Female ratio from current 75/25 to 60/40
Better training opportunities
The club is available every day for new riders to learn, existing riders to practise and improve and for aspiring riders to have access to the best facilities
Improved competition participation
Will have helped to encourage participation to the levels that take >70 riders to Regionals, >50 riders to Nationals, >10 riders to International racing
Developing a Talent pipeline
- Providing high quality coaching opportunities – from a variety of coaches, both male & femaleForging close relationships with British Cycling’s Talent Programmes

Trustees' responsibilities statement

CARDIFF BMX RACING CLUB

Trustees' Annual Report (continued)

Year ended 31 December 2024

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 applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
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 to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.

The trustees' annual report was approved on 26 May 2025 and signed on behalf of the board of trustees by:

Mr H Copping Trustee

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB

Year ended 31 December 2024

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Other information

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Auditor's responsibilities for the audit of the financial statements

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered the most significant are the Companies Act 2006 and UK Financial reporting Standards.

We obtained an understanding of how the company complies with these regulations by discussions with management.

We assessed the risk of material misstatement of the financial statements, including the risk of material missstatement due to fraud and how it might occur, by holding discussions with management.

We inquired of management as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

CARDIFF BMX RACING CLUB

Independent Auditor's Report to the Members of CARDIFF BMX RACING CLUB (continued)

Year ended 31 December 2024

Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Use of our report

James Harper (Senior Statutory Auditor)

For and on behalf of Harper Sheldon Limited Chartered accountants & statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

26 May 2025

CARDIFF BMX RACING CLUB

Statement of Financial Activities

Year ended 31 December 2024

		2024	2024	2023
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	1,678,591	1,678,591	856,735
Charitable activities	5	2,810	2,810	8,769
Other trading activities	6	1,427	1,427	–
Investment income	7	10,691	10,691	–
Other income	8	13,851	13,851	–
		-----------------------------------------	-----------------------------------------	--------------------------------
Total income		1,707,370	1,707,370	865,504
		=========================================	=========================================	================================
Expenditure
Expenditure on raising funds:
Costs of other trading activities	9	–	–	4,989
Expenditure on charitable activities	10,11	242,896	242,896	117,944
Other expenditure	13	1,010	1,010	–
		--------------------------------	--------------------------------	--------------------------------
Total expenditure		243,906	243,906	122,933
		================================	================================	================================
		-----------------------------------------	-----------------------------------------	--------------------------------
Net income and net movement in funds		1,463,464	1,463,464	742,571
		=========================================	=========================================	================================
Reconciliation of funds
Total funds brought forward		2,220,315	2,220,315	1,477,744
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		3,683,779	3,683,779	2,220,315
		=========================================	=========================================	=========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Statement of Financial Position

31 December 2024

		2024	2023
	Note	£	£
Fixed assets
Tangible fixed assets	18	3,419,313	2,060,665
Current assets
Stocks	19	7,499	8,948
Debtors	20	5,260	150,486
Cash at bank and in hand		278,228	12,264
		--------------------------------	--------------------------------
		290,987	171,698
Creditors: amounts falling due within one year	21	26,521	12,048
		--------------------------------	--------------------------------
Net current assets		264,466	159,650
		-----------------------------------------	-----------------------------------------
Total assets less current liabilities		3,683,779	2,220,315
		-----------------------------------------	-----------------------------------------
Net assets		3,683,779	2,220,315
		=========================================	=========================================
Funds of the charity
Unrestricted funds		3,683,779	2,220,315
		-----------------------------------------	-----------------------------------------
Total charity funds	22	3,683,779	2,220,315
		=========================================	=========================================

These financial statements were approved by the board of trustees and authorised for issue on 26 May 2025, and are signed on behalf of the board by:

Mr H Copping Trustee

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£
Cash flows from operating activities
Net income	1,463,464	742,571
Adjustments for:
Depreciation of tangible fixed assets	16,189	–
Other interest receivable and similar income	(10,691)	–
Interest payable and similar charges	14	–
Accrued expenses	14,473	8,250
Changes in:
Stocks	1,449	(8,948)
Trade and other debtors	145,226	(4,294)
	-----------------------------------------	--------------------------------
Cash generated from operations	1,630,124	737,579
Interest paid	(14)	–
Interest received	10,691	–
	-----------------------------------------	--------------------------------
Net cash from operating activities	1,640,801	737,579
	=========================================	================================
Cash flows from investing activities
Purchase of tangible assets	(1,374,837)	(813,323)
	-----------------------------------------	--------------------------------
Net cash used in investing activities	(1,374,837)	(813,323)
	=========================================	================================
Net increase/(decrease) in cash and cash equivalents	265,964	(75,744)
Cash and cash equivalents at beginning of year	12,264	88,008
	--------------------------------	----------------------------
Cash and cash equivalents at end of year	278,228	12,264
	================================	============================

The notes on pages 12 to 19 form part of these financial statements.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

2. Statement of compliance

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or

commitment.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Incoming resources

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated 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 contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

Tangible assets

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Tangible assets (continued)

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

Stocks

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including

any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Financial instruments (continued)

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Donations
Donations	1,017	1,017	200	200
Regional Events	1,000	1,000	–	–
Easy Fundraising	253	253	–	–
Sessions	2,996	2,996	–	–
Grants
Grants receivable	1,672,825	1,672,825	844,868	844,868
Sponsorship
Sponsorship	500	500	11,667	11,667
	-----------------------------------------	-----------------------------------------	--------------------------------	--------------------------------
	1,678,591	1,678,591	856,735	856,735
	=========================================	=========================================	================================	================================

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

5. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Clothing sales	1,616	1,616	1,564	1,564
Membership	270	270	205	205
Rent of office space	–	–	7,000	7,000
Consessions	341	341	–	–
Holiday Camps	583	583	–	–
	-----------------------	-----------------------	-----------------------	-----------------------
	2,810	2,810	8,769	8,769
	=======================	=======================	=======================	=======================

6. Other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Fundraising events	741	741	–	–
Shop income	686	686	–	–
	-----------------------	-----------------------	--------------	--------------
	1,427	1,427	–	–
	=======================	=======================	==============	==============
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Bank interest receivable	10,691	10,691	–	–
	============================	============================	==============	==============
Other income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Bike Hire	1,101	1,101	–	–
Private Hire	1,580	1,580	–	–
Coaching	2,317	2,317	–	–
Outside Coaching	8,072	8,072	–	–
Race Nights	168	168	–	–
Parking	613	613	–	–
	----------------------------	----------------------------	--------------	--------------
	13,851	13,851	–	–
	============================	============================	==============	==============
Costs of other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Costs of other trading activities - Shop
costs	–	–	4,989	4,989
	==============	==============	=======================	=======================

7. Investment income

8. Other income

9. Costs of other trading activities

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

10. Expenditure on charitable activities by fund type

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Support costs	242,896	242,896	117,944	117,944
		================================	================================	================================	================================
11.	Expenditure on charitable activities	by activity type
			Support	Total funds	Total fund
			costs	2024	2023
			£	£	£
	Activity type 1		240,632	240,632	117,944
	Governance costs		2,264	2,264	–
			--------------------------------	--------------------------------	--------------------------------
			242,896	242,896	117,944
			================================	================================	================================
12.	Analysis of support costs
				Total 2024	Total 2023
				£	£
	Communications and IT			–	198
	Finance costs			–	495
	Support costs - Other costs type 1			–	135,011
				--------------	--------------------------------
				–	135,704
				==============	================================
13.	Other expenditure
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Written off	1,010	1,010	–	–
		=======================	=======================	==============	==============
14.	Net income
	Net income is stated after charging/(crediting):
				2024	2023
				£	£
	Depreciation of tangible fixed assets			16,189	–
				============================	==============
15.	Auditors remuneration

16. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

17. Trustee remuneration and expenses

No trustee received any remuneration for their services during the period.

18. Tangible fixed assets

		Long
		leasehold
		property	Equipment	Total
		£	£	£
	Cost
	At 1 January 2024	2,013,365	47,300	2,060,665
	Additions	1,371,953	2,884	1,374,837
		-----------------------------------------	----------------------------	-----------------------------------------
	At 31 December 2024	3,385,318	50,184	3,435,502
		=========================================	============================	=========================================
	Depreciation
	At 1 January 2024	–	–	–
	Charge for the year	–	16,189	16,189
		-----------------------------------------	----------------------------	-----------------------------------------
	At 31 December 2024	–	16,189	16,189
		=========================================	============================	=========================================
	Carrying amount
	At 31 December 2024	3,385,318	33,995	3,419,313
		=========================================	============================	=========================================
	At 31 December 2023	2,013,365	47,300	2,060,665
		=========================================	============================	=========================================
19.	Stocks
			2024	2023
			£	£
	Raw materials and consumables		7,499	8,948
			=======================	=======================
20.	Debtors
			2024	2023
			£	£
	Prepayments and accrued income		4,325	–
	Other debtors		935	150,486
			-----------------------	--------------------------------
			5,260	150,486
			=======================	================================
21.	Creditors: amounts falling due within one year
			2024	2023
			£	£
	Accruals and deferred income		26,521	12,048
			============================	============================

CARDIFF BMX RACING CLUB

Notes to the Financial Statements (continued)

Year ended 31 December 2024

22. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			At
1	January	20			31 Decembe
		24	Income	Expenditure	r 2024
	£		£	£	£
General funds	2,220,315		1,707,370	(243,906)	3,683,779
	=========================================		=========================================	================================	=========================================
		At			At
1	January	20			31 December
		23	Income	Expenditure	2023
	£		£	£	£
General funds	1,477,744		865,504	(122,933)	2,220,315
	=========================================		================================	================================	=========================================
Analysis of net assets between funds
				Unrestricted	Total Funds
				Funds	2024
				£	£
Tangible fixed assets				–	–
Current assets				–	–
Creditors less than 1 year				–	–
				--------------	--------------
Net assets				–	–
				==============	==============
				Unrestricted	Total Funds
				Funds	2023
				£	£
Tangible fixed assets				2,042,905	2,042,905
Current assets				171,698	171,698
Creditors less than 1 year				(12,048)	(12,048)
				-----------------------------------------	-----------------------------------------
Net assets				2,202,555	2,202,555
				=========================================	=========================================
Analysis of changes in net debt
			At		At
			1 Jan 2024	Cash flows	31 Dec 2024
			£	£	£
Cash at bank and in hand			12,264	265,964	278,228
			============================	================================	================================