2025-06-30-accounts

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Charity registration number SC039789 (Scotland)

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Company registration number SC344339 (Scotland)

FREE WHEEL NORTH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

A3 18/03/2026 #O7 or COMPANIES HOUSE

FREE WHEEL NORTH

LEGAL AND ADMINISTRATIVE INFORMATION

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Directors Norman Armstrong (resigned 9th April 2025) Catriona Mulholland Harry McEwan Charity number (Scotland) $C039789 Company number $C344339 Principat and Registered office 75 Greenhead Street Glasgow G40 1DG Website address www.freewheeinorth.org.uk Independent examiner Ashley McDowall Bankers The Co-operative Bank Pic PO Box 250 : Skelmersdale WN8 6WT

FREE WHEEL NORTH

CONTENTS

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		Page
Director's’ report			1
Independent examiner's report			2
Statement offinancial activities			4
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Balance sheet			4-5
Notestofinancialstatements			6-12

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FREE WHEEL NORTH

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DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

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The Directors present their annual report and financial statements for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the ” charity's [governing document}, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ (effective 1 January 2019).

Structure, Governance and Management

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The charity is governed by its Memorandum and Articles of Association and operates in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and associated regulations. The Directors are responsible for the strategic direction and oversight of the charity and serve in a voluntary capacity.

The Directors who served during the year and up to the date of approval of the financial statements were:

. Harry McEwan

Catriona Mulholland

Norman Armstrong (resigned 9th April 2025)

There were no changes to the Board during the year.

Objectives and Activities

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The charity's charitable objectives remained unchanged during the year. Due to the financial constraints experienced, activities were limited and focused on maintaining the charity’s core operations and assets.

Review of the Year

During the year ended 30 June 20285, the charity received no grant or external funding, primarily as a result of reputational damage. Despite this, the charity continued to operate, predominantly through income generated by its social enterprise activity, Coffee on the Green, which provided essential support to ongoing costs. .

The Whitehouse did not generate income during the year and continued to incur costs to the charity. No funds were drawn from this project.

Boomerang is no longer part of the charity and had no involvement in activities during the year.

Financial Review

The charity's financial position reflects the absence of external funding during the year. Expenditure was carefully managed, and the charity remained operational due to internally generated income and prudent cost control, with some small donations made from other local businesses.

Reserves Policy

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The Directors continue to monitor reservces closely and aim to maintain sufficient unrestricted funds to meet onoing obligations as far as practicable in the current financial climate.

Risk Management

The Directors have reviewed the principle risks facing the charity, particularly those relating to financial sustainability, and are satisfied that appropriate controls and oversight are in place.

The Directors’ report was approved by the Board of Directors.

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DirectorHarry McEwan YU,Moa
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DirectorCatriona Mulholland UV fl 02 Dated: 12th March 2026

Dated: 12th March 2026

TTT Tg

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AT
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FREE WHEEL NORTH

INDEPENDENT EXAMINER'S REPORT

TO THE DIRECTORS OF FREE WHEEL NORTH

| report on the financial statements of the charity for the year ended 30 June 2025, which are set out on pages 7 to 15.

Respective responsibilities of trustees and examiner

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The charity's trustees (who are also the directors of the company for the purpose of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended), The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual! items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken to not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

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Independent examiner's statement
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In the course of my examination, no matter has come to my attention other than disclosed below.

1. which gives me reasonable cause to believe that in any material respect the requirements:

(a) to keep accounting records in accordance with Section 44(1) (a) of the 2006 Act, Regulation 4 of the 2006 Accounts Regulations (as amended) and section 130 of the Charities Act 2011 “oo to prepare accounts with accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended) and the requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 of the Charities Act 2011

have not been met, or

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

The matter that has come to my attention that the Charity has not kept proper acounting records in accordance with section 130 of the Charities Act 2011.

INS ley McDowall ACCA

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FREE WHEEL NORTH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

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		Unrestricted	Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds
Income from:		General	Designated
		2025	2025	2025	2025	2024
	Notes	£	£	£	£	£
Donations	3	4,703	-	-	4,703	2,060
Income from charitable activities	4	-	-	1,000	1,000	20,800
Incomefrom other trading activities	5	84,799	-	13,242	98,041	95,206
Total income		89,502		14,242	103,744	118,066
Expenditure on:
Cost of charitable activities	6	112,934	18,185.00	1,000.00	132,119	141,152
Net movement in funds		-23,432	-18,185	13,242	-28,375	-23086
Fund balances at 1 July 2024		28,967	133,277	25,965	188,209	211,295
Fundbalancesat30June2025		§,535	115,092	39,207	159,834	188,209

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006. :

The notes on pages6 to 12 form an integral part of these financial statements. ‘

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FREE WHEEL NORTH

BALANCE SHEET

AS AT 30 JUNE 2025

		2025		2024
	Notes	£	£	£	£
Fixed assets
Tangible assets	11		115,092		133,277
Current assets					;
Debtors	12	2,606		2,474
Cash at bankand in hand		44,636		§5,592
		47,242		58,066
Creditors: amounts falling due wthin
one year	13	(2,500)		(3,134)
			44,742		54,932
Total assets less current liabilities			159,834		188,209
Income funds
Restricted funds	14		39,207		25,965
Unrestricted funds
Designated funds	15	115,092		133,277	.
General unrestricted funds		5,535		28,967
			120,627		162,244
			159,834		188,209

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FREE WHEEL NORTH
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BALANCE SHEET

AS AT 30 JUNE 2025

The company is entitled to the exemption from the audit requirement contrained in section 477 of the Companies Act 2006, for the year ended 30th June 2025.

The directors acknowledge their responsibilities for comply with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Directors on 12th March 2026
HarryDirector McEwan M fu CatrionaDirector Mulholland VYArt!
Dated: 12th March 2026 Dated: 12th March 2026
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Company Registration No. SC344339

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2025

• 1 Accounting policies

Charity information

Free Wheel North is a private company limited by guarantee and incorporated in Scotland. The registered office is 75 Greenhead Street, Glasgow, G40 1DG

• 1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), Companies Act 2016 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage ot the provisions in the SORP for charities applying FRS 102 Update Bulleting 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

• 1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectationn that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

• 1.3 Charitable funds Unrestricted funds are available for use as the discretion of the Directors in furtherance of their charitable objectives.

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Designated funds comprise funds which have been set aside at the discretion of the Directors for specific purposes, The puposes and uses of the Designated funds are set out in the notes to the financial statements.

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Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

• 1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. .

Cash donations are recognised on receipt. ‘Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable to donations received under Gift Aid is recognised at the time of the donation.

Income from Charitable Activites

Income from charitable activities includes income earned both from the supply of goods or services under contractual arrangements and from performance-related grants which have conditions that specify the provision of particular goods or services to be provided by the charity. Income from charitable activites is recognised as earn (as the related goods or services are provided).

Grants receivable

Income from government and other grants, whether ‘capital’ or ‘revenue’ in nature, are recognised when the charity has unconditional entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Unconditional entitlement will be achieved once any performance or other conditions attached to the grants have been met, or fulfilment of those conditions is wholly within the control of the charity.

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Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED

FOR THE YEAR ENDED 30TH JUNE 2025

• 1 Accounting policies

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Other trading activities

Income from other trading activities includes income earned from both trading activities to raise funds for the charity and income from fundraising events and is recognised when the charity has entitlement to the funds, it is probable that these will be received and the amounts can be measured reliably.

• 1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, itis probable that settlement will be required and the amount of the obligation can be measured or estimated reliably.

Liabilites are measured on recognition at historical costs and then subsequently measured at the best estimate of the amount required to settle the obligatoni at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilites where settlement is deferred for more than 12 months after the reporting date.

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All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Expenditure on Charitable Activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activites 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. The costs of charitable activites presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.

Government costs

Government costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.

Activity based reporting

To comply fully with the Statement of Recommended Practice would require income and expenditure to be reported by activity. The Directors are of the opinion that the activities of the charity are inter-linked, therefore this would be impractical to calculate and would provide no additional benefit to the users of these financial statements. Therefore no further analysis of income and expenditure is provided within these financial statements.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measure at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residential values over their useful lives on the following basis:

Leasehold improvements

The Whitehouse, Maryhill - 20% straight line

Glasgow Green- straight line over 15 years

Fixtures, fittings and equipment

25 straight line :

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ,

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30TH JUNE 2025

1 Accounting policies

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1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currently liabilites.

1.9 Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the © instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective" interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases Rentals payable under operating leases are charged against income ona straight line basis over the lease term.

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30TH JUNE 2025

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations

		Unrestricted	Unrestricted
		funds	funds
		general	general
		2025	2024
		£	£.
	Donations and gifts	8,321	2,060
	Grants	-	-
		8,321	2,060
4	Income from charitable activites
		2025	2N24
		£	£
	Performance related grants	20,800	20,800
	Performance related grants
	Glasgow Care Grant	-	1,000
	Main Grant	-	19,800	-
	Arnold Clark Community Grant	1,000	-
		1,000	20,800

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED

FOR THE YEAR ENDED 30TH JUNE 2025

5S Income from other trading activities

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	general			general
	2025	2025	2025	2024	2024	2024
	£	£	£	£	£	£
Commissioned Events	-	-	-	-	-	-
Bike Repairs	-	-	-	-	-	-
Group Cycle Training	41,643	-	41,643	51,148	-	51,148
Venue Hire	-	-	0	-	-	-
Bespoke Cycle Training	-	-	0	-	-	-
Wood Classes	-	13,242	13,242	-	10,475	10,475
Cafe Income	43,156	-	43,156	33,583	-	33,583
	84,799	13,242	98,041	84,731	10,475	95,206
Cost of charitable activities
					2025	2024
					£	£
Staff costs					40,218	37,000
Depreciation and impairment					18,185	36,269
Premisescosts					35,084	30,464
Running costs					23,964	28,113
Legal and professional					-	-
Governance costs					14,668	9,306
					132,119	141,152
Analysis by fund
Unrestricted funds -general					112,934	85,083
Unrestricted funds - designated					18,185	36,269
Restricted funds					1,000	19,800
					132,119	141,162

• 6 Cost of charitable activities

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7 Directors’ remuneration and expenses

Remunation of £Nil (Per Note 8) (2024 - Enil) was paid to any director,

No Director was reimbursed expenses during the year (2024 - ENil). See also Note 17.

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8	Employees
	Number ofemployees
	The average monthly number ofemployees during the year was:		.
		2025		2024
		Number		Number
	Employees	3		3
	Seasonal workers	-		ba
		3		3
	Employment costs
		2025		2024
		£		£
	Director's salary	-		-
	Wages and salaries	39,954		36,602
	Social security costs	-		-
	Other pension costs	264		329
		40,218		36,931

The remuneration of key management personnel during the year including employer's contributions to national insurance and pensions was £22,377 (2024 - £22,377).

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There was no employees whose annual remuneration was £60,000 or more.

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30TH JUNE 2025

9	Net income/(expenditure) forthe year
		2025		2024
	Net income/(expenditure) for theyear is stated after charging:	£		£
	Independent examiner's remuneration	500		500
	Depreciation ofowned tangible fixed assets	22,343	‘	36,269
	Operatingleasecharges	19,513		20,065

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

Tangible fixed assets
			Leasehold	Fixtures,		Total
		improvements		fittings and	;
				equipment		;
			£	£		£
Cost
At 1 July 2024			295,510	112,530		408,040
At 30 June 2025			295,510	112,530		408,040
Deprecation and impairment
At 1 July 2024			169,162	105,601		274,763
Depreciation charged in the year			13,978	4,207		18,185
At 30 June 2025		,	183,140	109,808		292,948
Carrying amount	.
At 30 June 2025			112,370	2,722		115,092
At 30 June 2024			126,348	6,929		133,277
Analysis ofcosts by location
Glasgow Green			194,883
The Whitehouse, Maryhill			100,627
			295,510

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FREE WHEEL NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED

FOR THE YEAR ENDED 30TH JUNE 2025

12	Debtors
		2025	2024
	Amounts falling due within one year:	£	£
	Prepayments	2,606	2,474
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		2,606	2,474
13	Creditors: amounts failing due within one year
		2025	2024
		£	£
	Accrualsanddeferredincome	2,500	3,134

14 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Directors for specific purposes:

	Balance at 1	Expenditure	Transfers		Balance at 1	Expenditure	Balance at30
	July 2022				July2023		June 2024
	£	£		£	£	£	£
Designated Assets Fund	205,815	(36,269)		-	169,546	(18,185)	151,361
PurposesofDesignatedFunds							:

Designated Assets Fund

The Designated Assets Fund represents the net book value of the charity's fixed assets which would not be readily convertible into cash.

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The following pages do not form part of the statutory accounts

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FREE WHEEL NORTH

DETAILED TRADING PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30TH JUNE 2025

			2025		2024
		£	£	£	£
Income
UF Donations and	gifts	8,321		2,060
			8,321		2,060
Income from charitable activities
RF Charitable income - performance related grants		1,000		20,800	.
			1,000		20,800
Incomefromtrading activities
Commissioned Events		-		-
Bike Repairs		-		-
Group Cycle Training		41,643		51,148
Venue Hire		-		.
Bespoke Cycle Training		-		-
Wood Classes		13,242		10,475
Cafe Sales		43,156		33,583
			98,041		95,206
Total income	;		107,362		118,066
Total expenditure			(132,119)		(204,821)
			24,7457		eRA,758

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FREE WHEEL NORTH

DETAILED TRADING PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 30TH JUNE 2025

									2025						2024
					£				£			£			£
	Charitable activities
	Staff costs
	Wages and salaries				39,954							36,671
	Social security costs				-							-
	Director's remuneration				-							-
	Staff pension				264							329
									40,218						37,000
	Depreciation
	Depreciation				18,185					‘		36,269
									18,185						36,269
	Premises costs
	Rent				19,513							20,065
	Rates				50				,			140
	Heat and light				6,601							1,787
	Insurance —				8,920							8,472
						)
									35,084					30,464
	Running costs
+	Telephone -	+		-	1,950			-	Sts		-	4,994	-	-	ote	-
	Training costs				649							720			:
	Advertising				360							-
	Subscriptions				2,257							1,889
	General expenses				259							58
	Travel and subsistence				~							-
	Repairs and maintenance				6,137							12,833
	Ride costs				-							-
	Rickshaw hire				1,341							1,413
	Van hire				485							610
	Volunteer expenses		.		631							1,786
	Payroll fees				1,426							1,346
	Events				~							-
	Card Charges				1,163							1,083
	Whitehouse supplies				3,381							-
	Cafe supplies				3,925							4,382
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28,114

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23,964

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FREE WHEEL NORTH

DETAILED TRADING PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 30TH JUNE 2025 ; :

			2025		2024
		£	£	£	£
Legal and professional
Consultancy fees	;	-		-
Governance costs
Independent examination fees		7,964		500
Consultancy		4,306		-
Legal and professional		2,398		8,806
			14,668		9,306
Total charitable activities expenditure			132,119		141,152
Totalexpenditure			132,119		141,152

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