The directors present their annual report and financial statements for the year ended 31 March 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 Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 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 company's objects are to provide within Scotland ("the Operating Area") facilities for recreation and leisure time occupation available to the public at large with the view to improving their conditions of life.
To relieve poverty, further health and advance the education of the people resident in the Operating Area, in particular through:
Developing community recycling services;
Recycling glass, white goods, non-ferrous metal, aluminium cans and bicycle components for the benefit of the environment;
Repairing and refurbishing bicycles at affordable prices;
Encouraging the healthy pursuit of cycling and providing training in cycling;
Providing volunteering, education and training opportunities in the delivery of the charity services.
2024/25 has been another year of progress and improvement for the charity, as we continued to work within our charitable aims, mission and values. Building on the strong foundations of the previous year, we saw further increases in grants and donations, which enabled us to deliver a wider range of projects and support more people across our communities. Our core income streams from the shop and outreach activities remained steady and in line with 2023/24 levels, helping to maintain stability as we expanded our impact. As with any period of growth, there were challenges to navigate, but we continued to adapt and learn throughout the year.
As we responded to growing demand by expanding our projects and introducing new programmes, our team also grew. We welcomed additional staff, bringing together a broader and more diverse group of skilled and committed individuals who share a passion for our work.
Shop and repairs income was steady – we saw a small decrease in the number of bikes sold, but the decrease was to be expected as more bikes went into our free bikes projects – Access to Bikes. We increased the number of bikes repaired and serviced within our shop, improving the functionality of our booking system for customers and staff, and improving the digital workflow of bikes to be repaired. We are pleased with this increase and the feedback from customers on the repairs project.
Throughout 2024/25, we remained committed to delivering our core projects while also introducing some new initiatives (like our Stirling Access to Bikes for Adults project and In Schools Cycling Support programme) and expanding on pilot projects from 2023/24. We continued to take a holistic approach, aiming to offer joined-up support that addresses the varied circumstances of the people and communities we work with across the Forth Valley. By expanding our range of services and activities, we strengthened our ability to make a meaningful and lasting difference. As ever, we operated within tight budgets and timeframes, and while the addition of new projects brought some operational challenges, the year overall was marked by progress, impact and positive growth.
Operationally
Our Bike Library project, which launched in 2023/24, continued to grow and thrive throughout 2024/25. Thanks to the expansion of the fleet from 8 to 35 bikes at the end of the previous year, we saw a huge increase in use – with 122 hires over the year compared to just 20 the year before, representing a 510% increase. All hires remained free to access, and feedback from participants was overwhelmingly positive. The wide range of bikes, including trikes, recumbents, cargo bikes and e-bikes, allowed us to support a diverse mix of users, and the project has become a key part of our offer to the local community.
Our Active Travel project continued to focus on engaging women, girls, and families from SIMD 1 and 2 areas, ensuring that cycling opportunities were accessible to those who need it most. The project offered a wide range of activities, including free fix your own bike classes held at Recyke-a-bike specifically for women, which were hugely popular. Our project *AndSheCycles worked with 4 specifically selected female students from Stirling High – taking them on guided rides to help improve their confidence on bikes, with an aim to enable them to commute by bike to school, which the Young People did at the end of the project. Our Coordinator taught 10 girls how to cycle and completed 8 Dr Bike sessions, allowing communities and nurseries free access to bike repairs. The project ended in November 2024 due to the funding coming to an end.
In 2024/25, we were proud to support all eligible primary schools across Stirlingshire and Clackmannanshire with Bikeability 2 training, ensuring pupils gained vital on-road cycling skills. Every school with Primary 7 pupils took part, with the exception of one rural Stirling school that had no pupils in that age group. The programme equips children with the confidence and ability to cycle safely in real-world traffic conditions. Alongside this, we also delivered Bikeability 1 sessions to many of the same schools, focusing on the basics of cycling. These playground-based sessions used fun, practical activities to help younger pupils build core skills, setting them up for future cycling confidence. We also worked with two schools within rural Falkirk for the first time in many years, providing them with comprehensive support which included Bikeability 1 and 2.
Our volunteer project continued to thrive in 2024/25. Volunteers gained experience in bike stripping, cleaning and maintaining parts, stock management, and bike building. Some volunteers took on additional responsibilities, taking ownership of key areas of the workshop. Volunteer hours dropped, which was due to the staff running the project moving from 2 staff to 1, although the project at its core stayed the same. Volunteers play a vital role in the Recyke-a-bike community, and we deeply appreciate their commitment to Recyke-a-bike and hard work.
InspiRide, our six-week training and employability course for people aged 16+ not in education, training or employment, continued to go from strength to strength in 2024/25 with 24 participants joining the course. The project equips participants with bike mechanic and cycling skills, volunteering experience, and tailored employability support. Each participant also builds and keeps their own bike, giving them free, sustainable transport beyond the course. Following feedback, we introduced a new wellness element this year, with activities like yoga, forest walks and meditation helping to support mental wellbeing. Participants frequently report improved confidence and self-esteem, and post-course surveys show that many go on to employment, further training or volunteering opportunities.
The Community Dr Bike and Maintenance classes continued to be hugely popular and impactful, especially with regards to the Dr Bike project, which provided free bike repairs to various communities throughout the Forth Valley, with a focus on rural and SIMD locations when possible. We hope that by attending the classes the communities become more self-sustainable and are able to tackle minor bike repairs themselves. The Dr Bike repairs have enabled people to access free repairs and ensure that their bike is a safe mode of transportation for themselves or their family members.
Thanks to funding from Cycling UK, we distributed 23 free bike packages each including a refurbished bicycle, a brand-new helmet, lights, and a lock to adults across the Forth Valley who didn’t have access to a bike. Many recipients were New Scots or individuals actively seeking work. Recipients were hugely appreciative, many commenting on how much easier it will be for them to get around now that they have access to a safe and reliable bike.
The Scottish Children’s Lottery kindly provided funding for 50 bikes. Many of these were given to nurseries within the Forth Valley area. This initiative works in tandem with one of our key partners Cycling Scotland and their motivation for more nursery aged children to learn how to use a bike, assisting with cycling skills at a grassroot level.
Cycling Scotland funded us to give away 105 recycled bikes (and new accessories) to children, and 30 bikes to adults living within Stirling. Partners involved with this project included Stirling based primary and secondary schools, Forth Valley Welcome, the Resettlement Team at Stirling Council, Includem and Stirling Social Work. Many schools reported an increase in young people choosing to cycle to school after being given a bike.
We also had funding from Cycling Scotland to provide adults with a new bike, helmet, lights and lock. The majority of those on the project included New Scots, who could not afford to buy a new bike. We utilised funding from Regional Transport Provider, Tactran, to provide lessons to the adults who were given a bike in the Cycling Scotland project. By marrying these two projects together we increased the impact of the projects – enabling people to learn to cycle safely and use the local cycle network on their new bike.
Tactran also supported Recyke-a-bike by providing funding for an In School Cycle Confidence Coordinator post. The coordinator of this role worked with primary schools in Stirling (namely Allans, Riverside, Cornton, Raploch) and Bridge of Allan Primary, assisting their pupils to become more confident whilst cycling (including learn to ride and transition ride sessions) and gaining insight into how to keep their bikes in good condition within the maintenance classes and Dr Bike sessions. 150 pupils were supported under this project.
As an inclusive cycling organisation, it was important for us to host accessible cycling sessions. Within our 2024/25 inclusive cycling sessions we worked with 20 adults through various partner organisations and 57 young people across 4 different schools, helping participants build confidence, develop cycling skills, and enjoy the physical and mental health benefits of being active in a supportive environment.
We also worked with 60 young people from various secondary schools within the Forth Valley and North Lanarkshire. Our Mountain Biking project taught MTB skills as well as resilience, listening and direction to the young people, improving their skills on a mountain bike whilst boosting their confidence and self-esteem. Feedback from school staff was fantastic, with teachers commenting on the difference the project made to the young people who were on it, who typically struggled within the school setting and had challenging home lives.
Happily, we’ve noticed an uptake in bike donations. We’ve continued our efforts to raise awareness of our organisation and our need for bikes to be donated to Recyke-a-bike to allow us to operate. We’ve consistently collected bikes from the recycling centres and from people’s homes in a bid to increase donation numbers.
Processing:
1044 bikes donated.
4717 bikes collected.
1222 bikes refurbished for sale in our shop.
1144 bikes dismantled for parts for re-use.
20.15 tonnes of bikes re-used via sales in our shop (based on an average weight of 12.5kg per bike on assumption that the bikes were 50% adult at 15kg and 50% children’s at 10kg – Furniture Recycling Network figures as specified by Zero Waste Scotland).
14.3 tonnes of bikes recycled for spare parts and/or metal recycling (weight assumptions as above).
Sales:
Bikes sold – 1612 bikes sold.
Bikes serviced or repaired in our shop - 539.
Transactions – 5194.
Refurbished bikes given away:
53 bikes and accessory packages given away to adults within the Forth Valley who ordinarily couldn’t afford a bike.
155 bikes and accessory packages given away to young people within Stirling who ordinarily couldn’t afford a bike.
Outreach:
Trained 24 participants on our Training and Employability project InspiRide.
96 drivers trained on our PCAT and SUD courses.
124 bikes repaired at the partnered NHS Dr Bike sessions at Forth Valley Royal Hospital and Stirling Health and Care Village.
1318 bikes repaired at Dr Bike sessions within the Forth Valley including at Stirling University, Schools, Community Centres and other partner organisations.
126 people trained in bike mechanics at our Community Bike Maintenance Classes based within the Forth Valley.
60 Young People from various secondary schools were supported in our High School Cycle Protect – Beyond Four Walls.
We continued to provide women and non-binary rides, with 88 riders attending our ride-outs.
Worked with 4 additional support needs departments/schools, benefitting 60 riders.
Clackmannanshire - 826 children receiving Level 1 Bikeability training, 201 received Level 2.
Stirlingshire - delivered Bikeability Level 1 training to 414 children and Level 2 to 882 children.
Falkirk – delivered Bikeability Level 1 training to 20 children and Level 2 to 16 children (over 2 rural schools).
84 women, girls and families engaged in our Active Travel program, including rides, lessons, repairs and classes (funding ended in November 2024).
132 children supported in learning how to ride bike within private lessons, a huge and considered increase.
20 adults with additional support needs were provided with free access to accessible cycling via our inclusive fleet.
122 riders given access to a free electric bike/trike via our e-bike library.
24 candidates were trained in City&Guilds Level 1 Bike Mechanics, with 3 attendees going on to gain their City&Guilds Level 2 Bike Mechanics qualification.
Placements/Volunteers:
30 people regularly volunteered in our workshop.
Volunteer days: 2027 hours of volunteering was completed over 51 weeks.
Bikes built by volunteers – 126.
3 supported employment placements completed, with employment continued into 2025/26.
|
Our accounts for this year show a surplus of £48,873. The board acknowledges that Recyke-a-bike, like many organisations, is operating within a time of economic uncertainty. External economic and political factors are influencing both the organisation and those we work with. The charity will remain conscious of these wider conditions and manage its activities with care and consideration.
It is the policy of the charity to maintain unrestricted funds which comprise the free reserves of the charity. These reserves are intended to be held to meet the working capital requirements of the charity. The target for the reserves is to build reserves to be at a level of three months’ worth of expenditure to ensure an orderly wind down of operations of the charity should circumstances in the future so dictate. The directors are only able to build up reserves on unrestricted income generated by the activities of the charity, and acknowledge that this can be challenging. The directors regularly review the level of available reserves. The charity also maintains restricted funds which represent those funds received by the charity for set purposes.
At the year end the charity had a net surplus in funds of funds of £233,744. £101,439 of this was restricted funds and the balance of £132,305 being unrestricted funds.
The directors have reviewed the key risks facing the charity and are confident that measures are in place to minimise exposure to these risks.
|
Moving forward, we remain focused on identifying opportunities to boost income generation while reducing our reliance on grants. We will continue to prioritise applying for grants that align with our operational plans and support our charitable objectives.
The 2023–2026 Recyke-a-bike Strategic Plan focuses on supporting the various communities across the Forth Valley and wider Scotland that we serve. Our goal is to deliver impactful projects and initiatives that promote the benefits of cycling, including health, wellness and active travel. During 2024/25 we successfully achieved many parts of our Strategic Plan through increased access to bikes via our Free Bikes and Bike Library projects, improved access to inclusive and accessible cycle training, and opportunities for free repairs and mechanics training. We continue to be committed to nurturing our staff by enhancing benefits and offering various professional development opportunities. Recyke-a-bike will be publishing a new Strategic Plan for 2026-2029 in the next financial year which aims to continue our growth and development in line with our vision, mission and values.
In October 2024 we formally changed our organisation’s name from Fallin Community Enterprises to Recyke-a-bike LTD, aligning our registered identity with our operational name and community presence. While Fallin Community Enterprises is now no longer our official name our commitment to supporting the Fallin community and surrounding areas remain a key priority.
The charity is a company limited by guarantee, with no share capital. It was incorporated and recognised as a charity on 19 July 2005. The charity was incorporated under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.
The directors who served during the year and up to the date of signature of the financial statements were: |
Appointment of directors is made on a skills/experience/geography basis. |
The governing body of the charity is its Board of Directors. The directors are also the trustees of the charity and are legally responsible for the governance and management. The Board meets regularly during the year.
During the year day-to-day operational matters of the Recyke-a-bike Project is delegated responsibility of the Operations Manager, Eloise Brakefield, who is directly responsible to the Board of Recyke-a-bike Ltd and who is not a Director or Trustee of the charity. Remuneration for the Operations Manager is approved by the Board of Directors.
The directors are already familiar with the work of the charity prior to their appointment to the Board. An induction is provided to all new Directors covering their legal responsibility under charity and company law, the contents of the Memorandum and Articles of Association, Board procedures and decisions making processes, the business plan, resourcing and recent financial performance, current issues and future plans. Training for directors is largely informal.
|
The directors, who also act as trustees for the charitable activities of Recyke-a-bike Ltd, are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the directors to prepare financial statements for each financial 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, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping adequate accounting records that 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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. 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.
In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting.
We appreciate the dedicated support and meticulous work of our auditors, Thomson Cooper, throughout the audit process and in producing our statutory accounts. We look forward to collaborating with them again in the years to come.
The directors report was approved by the Board of Directors.
Opinion
We have audited the financial statements of Recyke-a-bike Ltd (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
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.
In auditing the financial statements, we have concluded that the directors 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 directors with respect to going concern are described in the relevant sections of this report.
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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the directors report; or
proper accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of directors responsibilities, the directors 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 directors 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 directors 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 directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, existence and timing of recognition of income and posting of unusual journals. Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing meeting minutes.
• Detailed substantive testing on the completeness of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustees Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Recyke-a-bike Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is Recyke-a-bike, Factory, Alloa Road, Stirling, Scotland, FK9 5LN.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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.
At the time of approving the financial statements, the directors expect that the charity has adequate resources to continue in operational existence for a period of not less than 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors 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.
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.
Grants are recognised when the charity is legally entitled to it and specific performance conditions are met.
All shop sales and outreach work are recognised when goods an services have been delivered. The income is stated net of discounts and VAT.
Expenditure is recognised on an accrual basis once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements and are included within charitable activity expenditure.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include a number of staff and running costs and governance costs. The bases on which support costs have been allocated are set out in note 7.
Tangible fixed assets are initially measured at cost and subsequently measured 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 residual values over their useful lives on the following bases:
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.
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).
Stock is valued at the lower of cost or net realisable value. Donated items of stock are recognised on receipt at fair value which is the amount the charity would have been willing to pay for the items on the open market.
All of the charity's stock compromises refurbished donated bikes for sale and goods for resale.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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 current liabilities.
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, 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 measured 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The Directors are of the opinion that there are no significant estimates or judgements that would have a material impact on the financial statements.
Raising funds
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2024 - none).
The charity had no material debt during the year.