Company registration number SC287632 (Scotland)
Charity registration number SC036713 (Scotland)
RECYKE-A-BIKE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
RECYKE-A-BIKE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
R Griffith
A Clevett
M Thomson
L Riach
P Traynor
Mrs A McLearnon
(Appointed 27 February 2026)
Charity number (Scotland)
SC036713
Company number
SC287632
Registered office
Recyke-a-bike
Factory
Alloa Road
Stirling
Scotland
FK9 5LN
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland
1 Munro Road
Springkerse Industrial Estate
Stirling
FK7 7SY
RECYKE-A-BIKE LTD
CONTENTS
Page
Directors' report
1 - 7
Independent auditor's report
8 - 10
Statement of financial activities
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 24
RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

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).

Objectives and activities

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.

Achievements and performance

We are happy to report that within 2025/26 Recyke-a-bike has seen growth, development and increased impact whilst working towards our charitable values and within our 2023 – 2026 Strategic Plan. Income from Grants and Donations has exceeded budgeted expectations during the reporting period, allowing us to deliver our core projects, as well as work with new communities, providing a wider range of activities. Our core income streams from the Shop and Outreach Activities remained in line with previous years, helping to continue to serve our patrons, partners and wider communities. The charity sector is not always the easiest to navigate and grow in, Recyke-a-bike has had its challenges within 2025/26 however we have remained committed to our core mission and are pleased with the year overall.

Our committed team of staff and volunteers continued their vital work supporting more people into cycling, and we were pleased to welcome new additions to our team. This growth has strengthened our capacity to deliver meaningful projects and respond to increasing demand for our activities and programmes.

As was the case last year our shop and repairs income was steady – again we saw a nominal decrease in the number of bikes sold, but as per the previous year the reduction was to be expected as we continued to support more bikes going into our free bikes projects – Access to Bikes. Within the year we also saw an increase in e-bikes coming into our shop for servicing/repairs. To prepare staff for this change we have invested in providing staff training with a select group of e-bike providers, such as Bosch and Shimano. We look forward to continuing to offer this important service in the years to come.

During 2025/26 we put emphasis on perfecting our established core projects, to ensure that they are working effectively and impactfully. However, we were also excited to pick up new bodies of work including supporting a large cluster of schools in Falkirk with Bikeability 1 and 2 support and working with Young Carers across the three local authorities.

The expansion of our activities and services has enabled us to increase both our reach and the long-term impact of our work, we are happy to report an increase in the number of people supported in 2025/26.

Our work remained focused on providing inclusive, holistic and joined-up support that responds to the needs of the individuals, as well as communities we engage with across the Forth Valley (including rural and low-income areas). Looking forward, we have ensured that this is a key part of our delivery and have included this as a core priority within our 2026-2031 Strategic Plan.

RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

Happily, our charity turned 20 in the summer of 2025. We had a party at our building and invited lots of friends, partners, previous colleagues and funders. It was a fantastic day, and we were thrilled to have so many people come and celebrate with us. To show our appreciation for our amazing communities we held ‘20 Things for 20 Years’ - where we ran competitions, events, free repairs sessions and lessons for the community to enjoy.

As with previous years and like many charities, we operated within challenging financial and staffing pressures, which at times put pressure on delivery. Despite this, the year was characterised by positive development, meaningful outcomes and continued growth. We are pleased with the year that was 2025/26 and look forward to putting our learnings from the year into positive actions for 2026/27 and beyond.

Operationally

The Bike Library saw a reduction in hires to 80 loans. Although we were a little disappointed in this decrease in the number of rentals from the previous year, we were required to close the project for 5 months, due to changing rental providers and needing to go through their in-depth set-up procedures and fully servicing all of the bikes. The Bike Library continued to get positive feedback from our patrons, and we know it enabled more people to cycle within 2025/26.

We supported 6 nurseries within the Carron Valley area, providing each nursery with 12 new balance and pedal bikes as well as a day of training for the staff and the children at the nursery, as well as a day per nursery fixing bikes that the families of the children in attendance at the nurseries had brought in. This project was really well received, with many of the families commenting on how the Dr Bike session would enable them to utilise bikes that otherwise were not safe to ride.

We continued to deliver Bikeability 2 training to all eligible primary schools across Stirlingshire and Clackmannanshire, with every school containing Primary 7 pupils taking part. The programme helps children develop the confidence, awareness and practical skills needed to cycle safely on roads and navigate real-life traffic conditions. Many primary schools in Stirling and all primary schools in Clackmannanshire also benefitted from Bikeability 1 playground-based sessions for their Primary 5 children. After working with two rural Falkirk based schools in 2024/25 this activity allowed us to show our commitment to working with schools in Falkirk, and happily in 2025/26 we worked with 16 schools in Falkirk, providing Bikeability 1 and 2 training. Falkirk has historically been a local authority with poor delivery rates of Bikeability, we are proud to be part of this change and equip more young people with the skills to cycle safely.

Our volunteer project continued to provide opportunities for skills development, socialisation and community in 2025/26. Volunteers developing skills in bike stripping, cleaning and maintaining parts and stock management. Many volunteers progressed into bike building, which was extremely useful for our shop stock. We also invited a staff member to join our team of staff, on a part-time contract, which he was thrilled with. We will endeavour to offer employment to volunteers whenever possible and practical. The volunteers remain an important part of the Recyke-a-bike community, and we are extremely grateful for their ongoing commitment, time and contribution.

Our six-week training course, InspiRide, continued to go from strength to strength in 2025/26, with 20 participants aged 16+ who are not in education, employment or training taking part. Our numbers were slightly lower than normal, as we paused the project whilst repeat funding was being applied for and confirmed from The National Lottery and Robertson Trust, which took a period of 4 months. The programme supported participants to develop bike mechanic and cycling skills, gain volunteering experience, and access tailored employability support. Each participant also builds and keeps their own bike, providing them with free, sustainable transport beyond the course. We continue to keep in touch with participants who have been on the InspiRide courses, offering them the opportunity to volunteer with Recyke-a-bike or join future meet up days.

We were awarded funding from various funders to offer Dr Bike sessions to schools and communities within the Forth Valley. These sessions are always gratefully received by our recipients, and although we saw a reduction in bikes fixed under Dr Bike (as the Paths for All funding had come to an end in 2024/25, and they are no longer able to fund cycling activities) we were still pleased with the number of bikes repaired and made safe for the public, all for free.

RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

Within Clackmannanshire and Falkirk and with thanks to funding from Cycling UK, we distributed 24 free bike packages each including a refurbished bicycle, a brand-new helmet, lights, and a lock to adults and children. In previous years we have capped this project at supporting adults only, however in 2025/26 we intentionally included a group of children too, to widen the reach and impact. Cycling UK also funded us to provide 111 repairs for people living in Clackmannanshire and Falkirk. We focused these repairs predominantly on schools and offered the repairs to families. The project was well received and enabled more children to choose to cycle to school, after their bike had been repaired.

Private lessons for children, typically learn to ride lessons were hugely popular in 2025/26, with an increase of 48% from 2024/25. We struggled to keep up with demand and offered lessons within the holidays when weather permitted and after school. We are so pleased that because of our lessons more children are learning how to ride a bike.

Our in Stirling schools active travel officer also supported 315 children with cycling skills, which ranged from Bikeability 1, learn to ride, transition rides to the High School for children in Primary 7 and maintenance classes. Tactran supported this project and we are grateful for their support. The schools were identified by their locality to the Walk, Cycle, Live network within Stirling – the aim for the project is that more children feel confident cycling, which hopefully they transfer into later life.

Also, through Tactran we were awarded funding for our Access to Bikes programme. Under this programme we gave away 142 recycled bikes (and new accessories) to children, 30 bikes to adults living within Stirling and 6 trikes to children with additional support needs. 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. Adults on this project received tailored cycling support also, ensuring that they felt safe whilst using their bike. We had a huge amount of positive feedback from this valuable project and thank Tactran and our partners for their support.

Within schools we worked with 111 young people with additional support needs – this was predominately through New Struan (where we did weekly sessions during term time) and the ASN/EASN departments at Wallace High, Denny High and at Alloa EASN. This project was hugely successful and impactful, with many of the young people cycling outside of the school gates and/or progressing from trikes onto 2 wheeled bikes. Many of the young people could not ride a bike when our sessions started, we started with balance, stopping and steering and then enabled the young people to challenge themselves in a controlled environment. Unfortunately, New Struan is set to close in June 2026, we wish the young people and staff all the very best in their transitions to other destinations.

We worked with 91 adults with visual impairments and/or significant mobility needs utilising our Van Raam Fun 2 Go side by side bike. This project allowed us to work with adults who ordinarily would not normally have access to cycling – we received fantastic feedback, with many of the participants telling us that they hadn’t cycled for years, even decades before the sessions with us.

11 people completed their City & Guilds Level 1 certification with us. These courses were a mix of private (normally individuals or small groups working/volunteering with another organisation) courses or funded courses to support people not in training, education or employment. Our mechanic worked through the course content systematically with the attendees, ensuring to give additional time to those who need more support. Our ambition through suppling this course is that those who attend feel better equipped to fix their own bikes/the bikes of their families and friends or join the world of work within the cycling industry.

In 2025/26 we have seen a large jump in bike donations. We believe this is down to a considered effort to make donating a bike an easier process for our supporters, and therefore increasing our collection from home donation days. Although labour intensive for Recyke-a-bike, these collection days (normally 2 per month) support people who do not have the means to get their bikes to the recycling centres that we work with.

RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

Processing:

- 2,283 bikes donated.

- 5,208 bikes collected.

- 1,278 bikes refurbished for sale in our shop.

- 1,394 bikes dismantled for parts and re-use.

- 18.94 tonnes of bikes re-used in our shop (based on average weight of 12.5kg per bike 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).

- 17.43 tonnes of bikes recycled for spare parts and/or metal recycling (weight assumptions as above).

Sales:

- Bikes sold - 1,515 bikes sold.

- Bikes serviced or repaired in our shop - 933.

- Transactions - 6,173.

Refurbished bikes given away:

- 52 bikes and accessory packages given away to adults within the Forth Valley who ordinarily couldn't afford a bike.

- 151 bikes and accessory packages given away to young people within Stirling who ordinarily couldn't afford a bike, including 6 young people with additional support needs who received new, bespoke trikes.

Outreach:

- Trained 20 participants on our Training and Employability project InspiRide.

- 76 drivers trained on our PCAT and SUD courses.

- 127 bikes repaired at the partnered NHS Dr Bike sessions at Forth Valley Royal Hospital and Stirling Health and Care Village.

- 899 bikes repaired at Dr Bike sessions within the Forth Valley including at Stirling University, Schools, Community Centres and other partner organisations.

- 84 people trained in bike mechanics at our classes.

- 14 Young People from various secondary schools were supported in our High School Cycle Protect in Fife.

- We continued to provide women and non-binary rides, with 55 riders attending our 11 ride-outs.

- Worked with various support needs departments/schools, benefitting 111 riders.

- Clackmannanshire - delivered Bikeability 1 training to 473 children and Level 2 to 415 children.

- Stirlingshire - delivered Bikeability Level 1 training to 164 children and Level 2 to 935 children.

- Falkirk – delivered Bikeability Level 1 training to 535 children and Level 2 to 179 children.

- Supported 315 Stirling based children in 6 different primary schools with wrap-around cycling supporting, including Learn to Ride lessons, Bikeability 1 and Transition Rides to High School.

- 20 Young Carers were provided with a package of respite cycle rides with our staff and a free bike, helmet, lights and lock.

- 196 children supported in learning how to ride bike within private lessons.

- 6 council funded nurseries within the Carron Valley area were provided with 12 new balance and pedal bikes each as well as a day of training and bike repairs.

- 91 adults with additional support needs were provided with free access to accessible cycling via our inclusive fleet.

- 80 riders given access to a free electric bike/trike via our e-bike library.

- 11 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:

- 24 people regularly volunteered in our workshop.

- Volunteer days: 3,433 hours of volunteering was completed over 51 weeks.

- Bikes built by volunteers – 124.

- 4 supported employment placements completed, with 3 of the staff continued into be employed by Recyke-a-bike in 2026/27.

RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
Financial review

Our accounts for this year show a deficit of £31,915. Current economic uncertainty continues to present challenges for organisations across the sector, including Recyke-a-bike. Wider economic and political pressures are affecting both the charity and the individuals and communities we support. The Board will continue to remain mindful of these external factors and ensure that activities are managed responsibly and sustainably. 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 Trustees 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 Trustees 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 £201,829. £76,399 of this was restricted funds and the balance of £125,430 being unrestricted funds. The Trustees have reviewed the key risks facing the charity and are confident that measures are in place to minimise exposure to these risks. As always, Recyke-a-bike will continue to identify opportunities to increase unrestricted income, with the aim of reducing reliance on restricted grants. However, we recognise that within the current economic climate, it is unlikely that there will be a significant shift away from the need to secure grant and donation income to support our work. We will continue to apply for grants that align with our Strategic Plan, mission, values and vision. 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 was to deliver impactful projects and initiatives that promote the benefits of cycling, including health, wellness and active travel. 2025/26 was the final year of the Strategic Plan and was another impactful year for Recyke-a-bike, with strong outcomes achieved across a wide range of projects and activities. Throughout 2025/26, we continued to support people and communities across the Forth Valley and wider Scotland through initiatives that increased access to cycling, improved health and wellbeing, promoted active travel, and provided meaningful opportunities for learning, volunteering and employability. In April 2026, Recyke-a-bike published its new 5-year Strategic Plan. This builds on learning from the previous plan by identifying key areas of growth and development to continue progressing, alongside new priorities to support future development.

Structure, governance and management

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:

R Griffith
M Bone
(Resigned 11 July 2026)
A Clevett
M Thomson
L Riach
A McCandless
(Resigned 16 July 2025)
P Traynor
Mrs A McLearnon
(Appointed 27 February 2026)
RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -

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 are the 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.

Statement of directors' responsibilities

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.

Auditor

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.

RECYKE-A-BIKE LTD
DIRECTORS' REPORT (INCLUDING TRUSTEES REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -

The directors' r eport was approved by the Board of Directors.

L Riach
Trustee
10 August 2026
RECYKE-A-BIKE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE DIRECTORS OF RECYKE-A-BIKE LTD
- 8 -

Opinion

We have audited the financial statements of Recyke-a-bike Ltd (the ‘charity’) for the year ended 31 March 2026 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

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 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.

RECYKE-A-BIKE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF RECYKE-A-BIKE LTD
- 9 -
Matters on which we are required to report by exception

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.

Responsibilities of directors

As explained more fully in the s tatement of directors' r esponsibilities, 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.

Auditor's responsibilities for the audit of the financial statements

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

RECYKE-A-BIKE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE DIRECTORS OF RECYKE-A-BIKE LTD
- 10 -

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.

Sharon Collins (Senior Statutory Auditor)
for and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
17 August 2026

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.

RECYKE-A-BIKE LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2026
2026
2026
2025
2025
2025
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
16,502
477,004
493,506
9,662
461,083
470,745
Charitable activities
4
301,895
-
301,895
310,211
-
310,211
Other income
5
1,729
-
1,729
-
-
-
Total income
320,126
477,004
797,130
319,873
461,083
780,956
Expenditure on:
Raising funds
6
-
-
-
-
5,403
5,403
Charitable activities
7
327,001
500,767
827,768
271,937
454,743
726,680
Other expenditure
12
-
1,277
1,277
-
-
-
Total expenditure
327,001
502,044
829,045
271,937
460,146
732,083
Net income/(expenditure) and movement in funds
(6,875)
(25,040)
(31,915)
47,936
937
48,873
Reconciliation of funds:
Fund balances at 1 April 2025
132,305
101,439
233,744
84,369
100,502
184,871
Fund balances at 31 March 2026
125,430
76,399
201,829
132,305
101,439
233,744

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 requirements for an income and expenditure account under the Companies Act 2006.
RECYKE-A-BIKE LTD
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 12 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
14
68,786
62,152
Current assets
Stocks
15
17,735
16,678
Debtors
16
91,458
83,742
Cash at bank and in hand
208,765
231,167
317,958
331,587
Creditors: amounts falling due within one year
17
(184,915)
(159,995)
Net current assets
133,043
171,592
Total assets less current liabilities
201,829
233,744
The funds of the charity
Restricted income funds
19
76,399
101,439
Unrestricted funds
20
125,430
132,305
201,829
233,744

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 15 August 2026
R Griffith
Trustee
Company registration number SC287632 (Scotland)
RECYKE-A-BIKE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
13,118
76,164
Investing activities
Purchase of tangible fixed assets
(37,249)
(11,881)
Proceeds from disposal of tangible fixed assets
1,729
-
Net cash used in investing activities
(35,520)
(11,881)
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(22,402)
64,283
Cash and cash equivalents at beginning of year
231,167
166,884
Cash and cash equivalents at end of year
208,765
231,167
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
1
Accounting policies
Charity information

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.

1.1
Accounting convention

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 a mounts 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 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.

1.3
Charitable funds

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.

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.

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 and services have been delivered. The income is stated net of discounts and VAT.

RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

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.

1.6
Tangible fixed assets

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:

Leasehold improvements
Over the term of the lease
Plant & equipment
4 years straight line
Office equipment
3 years straight line
Computers
3 years straight line
Motor vehicles
4 years 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.

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
Stocks

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.

1.9
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 current liabilities.

RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
1.10
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 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

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 p aymen ts 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.

1.11
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.

1.12
Retirement benefits

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

RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
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.

The Directors are of the opinion that there are no significant estimates or judgements that would have a material impact on the financial statements.

3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2026
2026
2026
2025
2025
2025
£
£
£
£
£
£
Donations and gifts
16,502
-
16,502
9,662
-
9,662
Grant income
-
477,004
477,004
-
461,083
461,083
16,502
477,004
493,506
9,662
461,083
470,745
Grants receivable
Cycling Scotland
-
66,274
66,274
-
113,700
113,700
Foundation Scotland
-
15,338
15,338
-
15,700
15,700
Stirling Council
-
87,694
87,694
-
110,283
110,283
Paths For All
-
-
-
-
61,966
61,966
Tactran
-
127,138
127,138
-
-
-
Cycling UK
-
10,000
10,000
-
5,745
5,745
National Lottery
-
96,642
96,642
-
54,500
54,500
Scottish Children's Lottery
-
-
-
-
7,000
7,000
Sestran
-
9,415
9,415
-
-
-
Robertson Trust
-
12,833
12,833
-
16,000
16,000
Shared care
-
16,004
16,004
-
10,770
10,770
Angus Cycle Hub
-
-
-
-
40,588
40,588
FEL Scotland
-
1,210
1,210
-
13,536
13,536
Agnes Hunter Trust
-
10,900
10,900
-
-
-
CVS
-
12,780
12,780
-
-
-
RS MacDonald
-
9,338
9,338
-
-
-
Other
-
1,438
1,438
-
11,295
11,295
-
477,004
477,004
-
461,083
461,083
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
4
Income from charitable activities
2026
2025
£
£
Bike sales
171,241
168,203
Helmets, accessories and spares
36,911
39,872
Bike Repairs and maintenance contracts
29,014
44,603
Training and other sales income
64,729
57,533
301,895
310,211
Analysis by fund
Unrestricted funds
301,895
310,211
5
Other income
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Net gain on disposal of tangible fixed assets
1,729
-
6

R aising funds

Total
Restricted
funds
2026
2025
£
£
Fundraising and publicity
Staff costs
-
5,403
-
5,403
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
7
Expenditure on charitable activities
Charitable activities
Charitable activities
2026
2025
£
£
Direct costs
Staff costs
550,880
501,820
Depreciation and impairment
29,338
23,032
Marketing
859
412
Motor expenses
13,213
11,439
Office and other costs
58,662
65,723
Cost of sales and project costs
85,292
52,127
Rent and rates
45,000
43,125
Training
1,283
3,358
Subcontractors
17,798
-
Bad debt
(219)
-
802,106
701,036
Share of support and governance costs (see note 8)
Support
15,226
15,325
Governance
10,436
10,319
827,768
726,680
Analysis by fund
Unrestricted funds
327,001
271,937
Restricted funds
500,767
454,743
827,768
726,680

8
Support costs allocated to activities
Charitable activities
Total
2026
2025
£
£
Staff costs
15,226
15,325
Governance
10,436
10,319
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
8
Support costs allocated to activities
(Continued)
- 20 -
2026
2025
Governance costs comprise:
£
£
Audit fees
9,160
8,500
Other accountancy fees
1,276
1,819
10,436
10,319
9
Net movement in funds
2026
2025
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
9,160
8,500
Depreciation of owned tangible fixed assets
29,338
23,033
Profit on disposal of tangible fixed assets
(452)
-
10
Directors
None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Employees

The average monthly number of employees during the year was:

2026
2025
Number
Number
27
27
Employment costs
2026
2025
£
£
Wages and salaries
505,151
477,523
Social security costs
44,979
29,321
Other pension costs
15,976
15,704
566,106
522,548
There were no employees whose annual remuneration was more than £60,000.
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
12
Other expenditure
Restricted
Restricted
funds
funds
2026
2025
£
£
Net loss on disposal of tangible fixed assets
1,277
-
13
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

14
Tangible fixed assets
Leasehold improvements
Plant & equipment
Office equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2025
11,816
66,532
-
710
19,490
98,548
Additions
-
10,387
275
-
26,587
37,249
Disposals
-
(1,916)
-
-
-
(1,916)
At 31 March 2026
11,816
75,003
275
710
46,077
133,881
Depreciation and impairment
At 1 April 2025
2,093
23,216
-
291
10,796
36,396
Depreciation charged in the year
1,675
17,529
38
237
9,859
29,338
Eliminated in respect of disposals
-
(639)
-
-
-
(639)
At 31 March 2026
3,768
40,106
38
528
20,655
65,095
Carrying amount
At 31 March 2026
8,048
34,897
237
182
25,422
68,786
At 31 March 2025
9,723
43,316
-
419
8,694
62,152
15
Stocks
2026
2025
£
£
Finished goods and goods for resale
17,735
16,678
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
16
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
43,669
39,511
Other debtors
47,789
44,231
91,458
83,742
17
Creditors: amounts falling due within one year
2026
2025
£
£
Other taxation and social security
9,511
13,621
Trade creditors
8,746
8,042
Other creditors
740
128
Accruals and deferred income
165,918
138,204
184,915
159,995
18
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,976
15,704

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.

19
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 April 2025
Incoming resources
Resources expended
At 31 March 2026
£
£
£
£
Fixed assets projects
51,616
36,974
(25,577)
63,013
Outreach Programmes
49,823
322,492
(372,315)
-
Employability
-
117,538
(104,152)
13,386
101,439
477,004
(502,044)
76,399
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
19
Restricted funds
(Continued)
- 23 -
Previous year:
At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Fixed assets projects
59,933
23,855
(32,172)
51,616
Outreach Programmes
40,569
322,604
(313,350)
49,823
Employability
-
114,624
(114,624)
-
100,502
461,083
(460,146)
101,439
20
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2025
Incoming resources
Resources expended
At 31 March 2026
£
£
£
£
General funds
132,305
320,126
(327,001)
125,430
Previous year:
At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
84,369
319,873
(271,937)
132,305
21
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2026
2026
2026
£
£
£
At 31 March 2026:
Tangible assets
5,773
63,013
68,786
Current assets/(liabilities)
119,657
13,386
133,043
125,430
76,399
201,829
RECYKE-A-BIKE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
21
Analysis of net assets between funds
(Continued)
- 24 -
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
13,655
48,497
62,152
Current assets/(liabilities)
118,650
52,942
171,592
132,305
101,439
233,744
22
Operating lease commitments
Lessee

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:

2026
2025
£
£
Within one year
45,500
45,000
Between two and five years
129,250
174,750
174,750
219,750
23
Related party transactions

There were no disclosable related party transactions during the year (2025 - none).

24
Cash generated from operations
2026
2025
£
£
(Deficit)/surplus for the year
(31,915)
48,873
Adjustments for:
Gain on disposal of tangible fixed assets
(452)
-
Depreciation and impairment of tangible fixed assets
29,338
23,032
Movements in working capital:
(Increase) in stocks
(1,057)
(4,932)
(Increase) in debtors
(7,716)
(8,177)
Increase in creditors
24,920
17,368
Cash generated from operations
13,118
76,164
25
Analysis of changes in net funds

The charity had no material debt during the year.

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