OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Exceed Worldwide

2021-03-31-accounts

Exceed Worldwide

Financial Statements

for the financial year ended 31 March 2021

Registered number: 02807200 Charity number: 1032476

Exceed Worldwide

Reference and Administrative Information

Directors and trustees Mr Daniel Blocka
Mr David Boone (Chairperson)
Dr John R. Fisk, MD
Mr Steven Gard
Ms Kokoro Motegi
Dr Niamh O’Rourke
Dr John Orr (Resigned on 8 May 2020)
Audit Committee Ms Kokoro Motegi
Mr David Boone (Chairperson)
Dr John R. Fisk, MD
Finance Committee Mr Daniel Blocka
Dr John R. Fisk, MD
Chief executive officer Mr Carson Harte
Registered Office 160 City Road
London
England
EC1V 2NX
Bankers Danske Bank
PO Box 183
Donegall Square West
Belfast
HSBC
44 Upper High Street
Thame
Oxfordshire
Independent Auditors Grant Thornton
Chartered Accountants & Statutory Auditors
13-18 City Quay
Dublin 2
Ireland

Exceed Worldwide

Contents

Page
Trustees’ Annual Report, incorporating the Strategic Report 1 – 16
Directors’ responsibilities statement 17
Independent auditor’s report to the trustees 18 - 22
Statement of financial activities 23
Balance Sheet 24
Statement of cash flows 25
Analysis of net cash 26
Notes to the financial statements 27 - 44

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

In accordance with the Companies Act 2006, those responsible for the general control and management of Exceed Worldwide (hereafter known as ‘Exceed’) are referred to as ‘Directors of Exceed’.

The Directors of Exceed are also referred to as ‘Charity Trustees’ and have the duties and responsibilities that come with a position of trust. For the purposes of this statement, the terms ‘Trustees’ and ‘Directors’ are interchangeable.

The Trustees of Exceed are pleased to present their Directors’ report together with the audited consolidated financial statements of the charity and its subsidiaries for the year ended 31 March 2021, which are also prepared to meet the requirements for a Directors’ report (including their Strategic report) and financial statements for Companies Act 2006 purposes.

The financial statements comply with the Companies Act 2006, the Charities Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Chairman’s Report

The past fiscal year has posed challenges to organisations of all sizes around the globe due to the COVID-19 pandemic. In addition, a military coup d’etat in Myanmar severely impacted the work of the organisation in that country. We can be proud of the response of Exceed Worldwide to these challenges. Through the diligent work of all the staff worldwide, we have continued to provide a fulsome execution of our mission throughout. Most importantly we have actively managed the situations at hand to protect the health and safety of our staff and patients in every region. The senior management team were in daily communications with our workers around the globe and assisted them to protect their health with access to up to date information and guidance, personal protective equipment, establishing new protocols for the workplace, and in the case of Myanmar, allowed staff to move to safer locations. Perhaps most satisfying of our responses was the manner in which the individual offices in Southeast Asia found ways to continue to teach students remotely and to deliver services to patients safely.

Another bright spot for the organisation this year has been a growing trade relationship with the government of Sri Lanka. This has required the organisation to front some trade costs with commercial credit, but we have had reliable trading and payment for goods purchased and have repaid the credit facilities used for this purpose. We anticipate this income to continue to grow in 2022. Meeting on a monthly basis most of the year, the board of Trustees has kept a very close eye on the financial condition of Exceed Worldwide and have reviewed and approved of financial plans at each meeting. Our income from Nippon Foundation has been consistent throughout. We have always maintained an adequate buffer of cash on hand to ensure the life of the organisation for the foreseeable future.

During the course of this year we have taken up opportunities for additional income through creation of a new business plan and networking with sources of revenue based on the revised, self-sustaining business model that integrates both our non-profit charitable work and engagement with the for-profit sector in trade that supports the charitable mission. This is an ongoing effort that we expect to come to full fruition in 2022 but we have already had successful engagement in business negotiations that, while not finalised could fund operations well into the future.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report

Achievements and performance

Cambodia

The Cambodian School of Prosthetics and Orthotics (CSPO) is now known as the Department of Prosthetics and Orthotics (DPO) of the Faculty of Prosthetic and Orthotic Engineering of the National Institute of Social Affairs (NISA). There are many achievements of note over this year.

DPO provides an internationally accredited qualification from the International Society of Prosthetics and Orthotics. Training in Prosthetics and Orthotics to Cambodian nationals remains a priority however, the school also welcomes fee-paying students from all over the South East Asia / Asia Pacific region. Students from North Korea, Africa and the Middle East – among others - have also availed of the training at DPO. The school remains one of the only institutions in Cambodia hosting international students.

Our three physical rehabilitation centres in Phnom Penh, Kampong Som and Kampong Chhnang continue to provide a wide range of physical rehabilitation services, free of charge, to persons with disabilities. Exceed also partners with other organisations to facilitate referrals - as necessary - for those who have needs not served by Exceed.

The International Society of Prosthetics and Orthotics (ISPO) is the governing body of the profession of Prosthetics and Orthotics. ISPO hosts a World Congress every two years to set standards, facilitate exchange of information, progress the profession and provide a forum for service providers and manufacturers to meet. The last ISPO World Congress took place in Kobe, Japan in October 2019.

The ISPO international standards were recently re-named:

DPO hosts the Associate Prosthetic Orthotic Programme (previously Category 2) and the relatively new Prosthetic Orthotic Technician (previously Category 3) training programme. DPO is currently the only Exceed school to offer both courses at the same facility offering both fee-paying and sponsored places to students from the region and further afield.

Once a school is accredited it is regularly evaluated and re-accredited by ISPO. The ISPO accreditation for the DPO Associate Prosthetic Orthotic Programme expired in Oct 2020. Due to the impact of Covid, ISPO offered a one-year extension for each programme. However, around June 2021, DPO was notified that the programme certification had been extended to May 2022 after the complete self-assessment was submitted to ISPO office.

The Prosthetic Orthotic Technician Programme at DPO was successfully accredited in August 2019 when it became one of the first schools in the world to offer the ISPO-accredited Technician training programme. The recognition from ISPO for our Technician Programme will also expire in April 2022. Thus, it is likely that both programmes will be evaluated at the same time.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Achievements and performance (continued)

The self-assessment report for the technician programme was completed and submitted to ISPO office in September 2021 for the expected evaluation in April 2022. DPO is prepared that the evaluation could be either virtual or physical visit. Our relationship with our newest partner, the Sir Bobby Charlton Foundation (SBCF), continued with funding provided for 10 students on the Technician Training course. Other established donors – such as MineEx and UAZenZen continued to sponsor student places on the Associate PO course (previously Category 2) while others, such as A Leg to Stand On and Limbs 4 All, continued to support prosthetic devices for children and support for children to go to school. While we have benefitted from support of UA ZenZen for many years, the students graduating in 2021 will be the last to receive this funding.

Our wheelchair services continue to develop in partnership with The Church of the Latter Day Saints (LDS) for the provision of wheelchairs. Distribution of the wheelchairs proved challenging during 2020/2021 with restricted services and many lockdowns in the city and the provinces. In the event, distributions were carefully planned and organised in collaboration with commune leaders and scheduled only when authorised according to Exceed safety protocols and local restrictions.

The Exceed Quality Team continued its focus on maintaining standards and ensuring a focus on Continuous Improvement. ISO-accreditation audit was due in May 2020. However, work on preparing for this was suspended due to the impact of the coronavirus in Cambodia in March. In consultation with the ISO inspection company, the re-certification audit was re-scheduled for December 2020 and was conducted remotely. The audit was ultimately successful with Exceed being re-certified with ISO 9001:2015 accreditation. A remarkable achievement for the whole team under extraordinary circumstances.

Although funding for the community programmes remains challenging, Exceed has continued to serve people across three centres in Phnom Penh, Kompong Som and Kompong Chhnang. We began to see the impact of the coronavirus in March 2020 as the first of the Government Covid-restrictions impacted travel and access to clinics. These restrictions continued to severely impact upon numbers throughout the following months in 2020 with numbers remaining low throughout the year. Figures from our three centres for the year April 2019 to March 2020 include:

Phnom Penh Kompong Som Kompong Chhnang
Total patients 1090 475 950
Under 18 385 89 298
Female 353 118 261
Male 738 357 689

Services provided by Exceed rehab centres will include lower limb and upper limb prosthesis and orthoses, spinal orthoses, provision of assistive devices such as crutches, walkers or canes, provision of wheelchairs, physiotherapy assessments and interventions and treatment and rehabilitation with club foot. Other than the provision of physical rehabilitation, community teams also assist with identification of people with disabilities in the community, assistance for children to access school as well as assistance for people to access further education, training and employment.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Achievements and performance (continued)

The Exceed Modern Service Clinic (MSC) moved on campus with DPO in December 2018. This move was identified as a two-year pilot project from February 2019 to February 2021 and approved by the Ministry of Social Affairs and Youth Rehabilitation. The MSC provides a higher level of service and more advanced technology and initially included a Cost-Recovery Programme. While the pilot resulted in a significant increase in uptake of the higher-level services the cost recovery programme was deleted from the new MoSVY Memorandum of Understanding.

The performance of the MSC pilot project has been strong and encouraging. From April 2019 to 31 March 2020 there were 129 new clients receiving services from MSC. Every month, between 10 to 15 existing clients attended for follow up appointments, maintenance and repair.

The impact of Covid-19 in Cambodia was initially observed in January 2020 and resulted in a dramatic downturn in the Cambodian economy. These economic conditions have subsequently impacted on the clinic revenue as potential patients were unable to travel and/or unable to afford new devices.

A major event in the life of Exceed in Cambodia was the arrival of the Coronavirus. The impact of this virus initially resulted in the Cambodian Government imposing restrictions re travel and access to education and rehabilitation centres. Services slowed and all but stopped for a number of months. From the perspective of the school, international travel restrictions meant that many international students had to return home and some were unable to come to Cambodia atall. Interruption to PO education presented both a challenge and opportunity and, as a result of these events, Exceed moved immediately to develop ExceedOnline. Exceed’s blending learning programme designed to ensure the continuation of PO education to our international students but also looking to the future that is likely to require online teaching to varying degrees for years to come. Teaching teams from Cambodia collaborated with their colleagues from Myanmar who had returned home in March to develop this new programme and work to continue the provision of high quality PO teaching. While many challenges presented at the outset, the team worked tirelessly to not simply record lessons, but to seek the expertise needed to develop appropriate, blended-learning courses whereby PO education can continue during these challenging times.

Other than the pandemic, the school also experienced the impact of climate change with severe flooding that inundated the school and grounds at DPO in October 2020. While flooding had occurred in the past, the unexpectedly heavy rains and rapid ingress of water resulted in an extraordinary effort by staff and students to lift furniture and equipment above the water as much as possible. A large 25KVA generator was also lifted up onto blocks manually to save it from damage – a large team of Exceed staff and students working frantically to raise it above the water level. The flooding also rendered the toilet facilities unworkable and senior staff opened their homes to resident students while the campus was under water. Despite their best efforts, furniture and equipment was damaged beyond repair and had to be replaced. Buildings had to be cleaned and disinfected – then repainted. Plans were also developed to build new flood-proof toilet facilities for the student dormitories and replace furniture lost to the flood. Fundraising to replace and repair was initiated immediately and funds were received that allowed for new furniture to be purchased and plans for new toilet facilities to be actioned. Due to delays resulting from Covid restrictions, the purchase of replacement furniture was actioned mid-2021. Construction of new toilet facilities is underway (October 2021).

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report(continued)

Achievements and performance (continued)

Philippines: Partnership project – Philippine School of Prosthetics and Orthotics (PSPO)

The Philippine School of Prosthetics and Orthotics (PSPO) was established in 2010 and is part of the College of Allied Rehabilitation Sciences within the University of East Ramon Magasaysay (UERM). PSPO offers a BSc in Prosthetics and Orthotics.

PSPO also includes a teaching clinic providing multi-disciplinary screening services as well as, prosthetic orthotic treatment as part of a holistic rehabilitation treatment plan. The clinic team includes Physicians, P&O Clinicians and Technicians, Physiotherapists and Social Workers.

The school also impacts the wider community through its Community Screening initiative where Level Five intern students provide screening services for patients in nearby indigent communities. Following graduation, students are required to complete a one-year postgraduate programme to develop their skills in a mentored environment by experienced staff.

The school moved into the final phase of the Exceed-UERMMMCI partnership in 2019/2020 with the majority of international staff being replaced by Filipino faculty who gradually assumed responsibility for the project from Exceed leading up to the planned, final handover in April 2021. The project experienced severe interruption in March 2020 as a result of the impact of Covid with imposition of community quarantine in Manila, travel restrictions and closure of the international airport. The school quickly moved to develop online teaching capacity and implement new programmes within the locally imposed restrictions.

Exceed international staff were directly impacted – with the two remaining international lecturers returning to their home country in 2020. Exceed staff subsequently collaborated with the resident faculty in teaching students from their remote, home-country locations. In the event, the remote teaching continued and they were unable to return for the official handover of the school and the end of the partnership.

Exceed management oversight of the programme continued throughout the lengthy lock-downs imposed in Manila and both the UK Management and remote Project Manager actively engaged in the development of Covid-safety protocols for working face-to-face and for use when accessing the project vehicles. Work continued to work with senior PSPO and UERM faculty and with university management and finance departments. Intensive efforts were required as the project approached the April handover those efforts made more challenging due to the need to work with staff and University management at a distance. A remote Zoom handover ceremony on July 31[st] , 2021 concluded the partnership.

Myanmar: Partnership project – Myanmar School of Prosthetics & Orthotics (MSPO), University of Medical Technology, Yangon; National Rehabilitation Hospital; Mandalay Orthopedic Hospital

Exceed Myanmar was established in 2014. The programme is staffed predominately by highly experienced Cambodian and Sri Lankan lecturers – all graduates of CSPO (the original Exceed PO school in Cambodia) and SLSPO (the school established by Exceed in Sri Lanka and handed over to local management in 2015). Exceed Myanmar consists of three main projects:

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Achievements and performance (continued)

Myanmar School of Prosthetics and Orthotics, University of Medical Technology, Yangon (UMTY): MSPO is a department of UMTY.

National Rehabilitation Hospital: Exceed Worldwide supports the P&O clinic run by the Ministry of Health at the National Rehabilitation Hospital, Yangon. A team of six Prosthetist Orthotists from Cambodia, Myanmar and Indonesia providing clinical services and assistance to the CSPO graduate who manages the facility.

Mandalay Orthopedic Hospital: The P&O clinic opened for services in February 2017. A team of two Sri Lankans and two Cambodians operate the facility on behalf of the hospital.

The collaboration project comprises partnership support to The University of Medical Technology Yangon, (UMTY), the National Rehabilitation Hospital, Yangon (NRH) and the Prosthetics Orthotics Department of the Mandalay Orthopedic Hospital (MOH) settles into the sixth year of activity. Capacity building through the training of Prosthetist Orthotists at UMTY, clinical training of students at NRH and support to the infrastructure for service delivery, both at NRH and Mandalay, remains our core activities. In preparation for handover at the end of 2024, a new oversight committee has been established with the Ministry of Health and other stakeholders.

During the reporting period, UMTY department of Prosthetics Orthotics graduated 15 students in January 2020. 12 new students joined Year 1 of the PO faculty from General Education. The Department also appointed the the first Myanmar National lecturer in Ms Khin Thant Zin. As graduate of both Cambodia and Thailand, Ms Khin Thant Zin is one of the highest qualified PO professionals in the country.

Final year students of the PO course are required to complete clinical placements to acquire the practical skills and experience necessary to qualify as a PO clinician. NRH provided the location for clinical internships for the final year (graduating) class. At the same time new graduates of the project began employment with the Ministry of Health and Sport facility.

While the project had been on track with the original schedule, the impact of the Coronavirus towards the end of the reporting period was already beginning to influence operations with face to face teaching suspended and services curtailed. The majority of Cambodian expat staff returned home in March. Upon returning, the MSPO teaching team immediately began collaboration with colleagues on the CSPO teaching team and the UK Support Team to develop the ExceedOnline. This is a new, blended learning initiative under development by Exceed to provide remote learning options for overseas students to ensure the continuation of high-quality PO education for Exceed students initially during this period of interruption to face to face education and thereafter offer alternative education opportunities.

Mr Carson Harte, Exceed CEO and Myanmar Country Director, having been in the UK for meetings in February, was unable to return to Myanmar due to restrictions in international travel imposed by the UK Government. Exceed are most fortunate in that, having already worked remotely for many years, the process of managing the project followed standard protocols and procedures and management and oversight the project has continued successfully during this challenging period.

MOH department of P&O began employing its first graduates of the P&O program, and continued to serve the population of people with disabilities.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Achievements and performance (continued)

Towards the end of the reporting period, the Myanmar military – officially known as the Tatmadaw – conducted a coup against the elected Government on February 1[st] , 2021. This has been followed by an extended period of civil disobedience that included the withdrawal of civil servants, teachers and medical professionals from their places of work. Government departments, hospitals, schools and universities were all impacted and, combined with the impact of Covid, the economy, education and governance of now faces considerable challenges in moving forward. Exceed are making efforts to support students and staff as possible. Students are engaging with ExceedOnline as able. Staff are generally working from home and sustaining the programme at a basic level until such times as full operations can be restored

Financial review

Exceed Worldwide is currently funded by trusts, foundations, governments, major international development agencies, legacies and individual supporters. This ‘traditional’ funding environment is becoming more competitive and limits the way in which income can be used to best benefit those who need support. Funds raised in this way are restricted in how they are utilised and must be disbursed in accordance with the terms and conditions agreed with the funding organisation. Exceed works to ensure full compliance with terms and conditions and all necessary reporting requirements.

Over the past 14 years the most significant aspect of our financial activities has been the management of the Nippon Foundation funded projects in Sri Lanka, Indonesia, Philippines and Myanmar. Each of these projects are time restricted with the end goal being handover to government responsibility after a period of phased funding withdrawal over 10 years.

We are committed to moving forward with a strategy of securing a sustainable, recurring funding base through the establishment and development of Exceed Social Enterprise Ltd which was established in 2015. Exceed Social Enterprise provides services throughout South and Southeast Asia through two divisions:

Exceed Prosthetics and Orthotics: A network of private Prosthetic and Orthotic Clinics supported by workshops/fabrication centers to make the prostheses and orthoses required by clients. We currently have clinics in Sri-Lanka, Philippines and Cambodia.

Exceed Supply and Distribution: P&O distribution services to address supply-chain weaknesses and deficiencies and exploit a market opportunity in this sector.

The financial position as at 31 March 2021 and the results for the year then ended were as expected and budgeted. The group had income of £2.5m compared to £2.8m in the prior year. The reduction from prior years is due to the successful handover and conclusion of Nippon-funded projects. The effect of this has reduced resources expended from £3.1m to £2.3m in the current year. Overall the Group has made a surplus of £174k compared to a deficit of £320k in the prior year. This deficit relates to the restricted reserves whereby funds were spent in 2020-21 that had been received in previous years. The unrestricted reserves balance increased by £203k.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Plans for future periods

Planning was ongoing through 2020-2021 as the organisation adapted to a number of personnel changes – most significant being the departure of the long-standing Finance Director, Ms Tanya Gilbride in February 2020. The successor, Mr David Wilson, is a highly experienced Chartered Accountant who has taken on the role with enthusiasm. Plans had been underway for planning sessions in the first quarter of 2020 in the region followed by a face to face strategic planning session with the Board in the second quarter. In the event, the arrival of the Coronavirus put a halt to major strategic planning and the organisation reverted to action planning to enable us to navigate through the unprecedented events of 2020. The UK team engaged actively with the teams in each country to plan and work through circumstances in such a way as to ensure the longer term sustainability of the organisation post-Covid. This has involved active and frequent planning between management teams in each country and UK Management Team as well as frequent meetings with the Exceed Board and UK Management Team. By facilitating clear and frequent communication from field to Board, we have been able to endure through this experience and look forward to new opportunities arising post-Covid.

Planning will still revolve around our previously agreed strategic objectives:

  1. Human resources

  2. Prosthetics and Orthotics Quality Education

  3. Enterprise for sustainability

  4. Research

  5. New Opportunities for Expansion of Core Activities

  6. Supply Chain Management

  7. Advocacy

1. Human resources

2. Prosthetics and Orthotics Quality Education

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Strategic Report (continued)

Plans for future periods (continued)

3. Enterprise for sustainability

4. Research

5. New Opportunities for Expansion of Core Activities

6. Supply Chain Management

7. Advocacy

8. Finance

Exceed continues to actively seek funding opportunities and new partnerships. The work of Exceed Research Network continues to present major opportunities for meeting the ‘Research’ objective of our long-term strategic plan. More partners are being added regularly to ERN with a number of notable successes in research with several currently under active consideration.

The UK Management Team are closely monitoring the progress of the Covid pandemic and will initiate further formal strategic planning at the earliest realistic opportunity.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report

Risk management

The Trustees of Exceed Worldwide place a high priority on sound risk management. Exceed Worldwide works to ensure that the risk register is included in the agenda every time the Trustees meet and is reviewed formally once per year by the Board of Trustees.

The risk register lists all current identified risks with each item being analysed according to likelihood of occurrence and the potential impact should it occur. Actions taken to mitigate the risk are also detailed. Risks related to finance include fluctuations in exchange rates, political and economic instability such as civil unrest and the impact of corruption and bribery. In relation to previous events, the financial impact of terrorism and natural disasters must be taken into account. In this financial year, the impact of the Coronavirus has been significant, with interruption to education and services in every country noted and extending significantly into the remainder of 2021.

Objectives and Activities

Exceed operates in countries where access to P&O services is limited or unavailable. Established in Cambodia in 1989, we have expanded to establish internationally accredited training schools and high quality services in a number of countries in the region including Sri Lanka, Indonesia, the Philippines and Myanmar.

Our beneficiaries include people with disabilities who are amongst the poorest of the poor. In our countries of operation, people with disabilities are routinely marginalised and often excluded from education, training and employment opportunities. It is often not possible for persons with disabilities to access or pay for services themselves. Each training school includes a free-of-charge physical rehabilitation centre. Cambodia also has two clinics located in provinces south and north of the capital. As an organisation that is concerned with equal rights for the most disadvantaged members of society, we particularly strive to ensure that women and children with disabilities have equal access to our services and to all education, training and employment opportunities.

The objectives of the Trust as set out in the Memorandum and Articles of Association in the year under review were:

Exceed Worldwide worked in partnership with The Nippon Foundation to develop the 2001 Strategic Plan for the Establishment of Schools of Prosthetics and Orthotics in South East Asia. Following the handover of the Exceed schools in Sri Lanka (2015) and Indonesia (2018), Exceed continued to work in partnership with the school in the Philippines until April 2021 when it also successfully reverted to full local management. Following a military coup in February 2021, face to face teaching at the school in Myanmar was suspended and the international teaching staff had to leave the country. Exceed maintains an active management support role with the school and clinics in Cambodia.

-10 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report (continued)

Objectives and Activities (continued)

Exceed Worldwide vision is to create possibilities, exceed expectations and a future without limits. We work in partnerships to deliver high quality, sustainable services that equip, enable and empower persons with disabilities.

The programme of work includes:

-11 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report (continued)

Objectives and Activities (continued)

Exceed Research Network - ERN is an international multi-disciplinary, cross-disciplinary and cross-sector research consortium group founded by Exceed in 2015. This global Network involves universities, NGOs and businesses and its members include eminent researchers and practitioners, with a wide range of research interests, united by common aims – carrying out high quality research on disability and P&O issues, developing research capacity in low and middleincome countries (LMICs) and disseminating research results. ERN focuses on applied research and work completed includes the development of new, low-cost prosthetic devices; the use of IT to improve and increase access to P&O services; the impact of P&O devices on the quality of life of P&O service uses and work to identify and address mental health issues among person with disability.

Grant making policy

Exceed Worldwide provides grants to its partner organisations in accordance with its role as facilitator of funds provided by the Nippon Foundation. In the year to 31 March 2021, grants totalling £416,280 (2020: £1,199,281) were paid to these organisations. The Parent company does not make grants to nonpartners.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Exceed’s aims and objectives and in planning future activities and setting the grant making policy for the year.

Structure, Governance and Management

Exceed Worldwide is a company limited by guarantee governed by its Memorandum and Articles of Association dated 22 October 1993. It is registered as a charity with the Charity Commission of England and Wales (Charity number: 1032476).

-12 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report (continued)

Organisation

Exceed Worldwide is governed by the Board of Trustees. The Board is responsible for determining the policies and strategic direction of Exceed Worldwide. All Trustees are members of Exceed Worldwide but, as there is no share capital, none have any interest in Exceed Worldwide as defined by the Companies Act 2006.

The Board of Trustees meets regularly and delegates the day–to–day operations of Exceed Worldwide to the Chief Executive Officer and a team of senior officers. A number of decisions are reserved for the Board of Trustees in line with its responsibilities for:

All Trustees give of their time freely and did not receive any remuneration in the year. Details of Trustee expenses and related party transactions are disclosed in note 7 and note 24 respectively to the financial statements. Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer and in accordance with the regulations withdraw from decisions where a conflict of interest arises. The Board also includes a number of sub-committee and an Audit Committee was established in 2019 to work closely with the Board and the Auditors of the charity.

Finance Committee

The Finance Committee meet formally on a quarterly basis in advance of full board meetings. Between formal meetings the committee communicates proactively by means e-mail and phone to ensure progress is assured on key issues.

The purpose of the committee is to advise the Board and Executive on matters of financial management and planning.

The function of the committee is principally an advisory one and includes oversight of:

-13 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report (continued)

Finance Committee (continued)

Unless specifically delegated by the Board, responsibility for decisions rests with the Board or the Executive as appropriate. The committee will communicate its deliberations to the Board by means of minutes and presentations to the full Board.

Audit Committee

The trustees of Exceed Worldwide established an Audit Committee in 2019. The Audit Committee meets formally on a quarterly basis in advance of full board meetings.

The function of the committee will be to monitor the performance of the internal and external auditors, review internal financial control, the audit process and risk-management processes.

The committee chairman shall report formally to the board on its proceedings after each meeting on all matters within its duties and responsibilities and shall also formally report to the board on how it has discharged its responsibilities.

Members

The membership of Exceed comprises the Board of Trustees and senior members of staff of Exceed Worldwide in the UK and in our countries of operation. Extensive efforts were made over several years to explain and promote the role of members with the aim of increasing numbers of members and encouraging participation in governance. Despite efforts to engage individuals, the concept of membership and its responsibilities remained abstract and there was no subsequent increase in numbers. However, the current model of governance has proven to be very effective. The Board of Trustees and senior staff work well together and engage in open and regular communication that provides the foundation for good planning and successful progress to agreed objectives.

Appointment of Trustees

The Board of Trustees have the power to appoint new Trustees. Any Trustee so appointed will be subject to election by the members at the following Annual General Meeting. According to the Articles of Association, after a term of three years, a Trustee shall retire and be eligible for re-election. In the year ending 31 March 2021 Mr David Wilson and Dr John Orr retired as Trustees and did not stand for reelection. This met the requirement for the retirement of one third of the Board of Trustees. Mr Wilson subsequently assumed the role of Finance Director for the organisation.

To maintain a transparent and logical process of Trustee recruitment, all applications are considered based on selection criteria in accordance with the operational guidelines. New Trustees are selected according to organisational needs identified in skills audits carried out at regular intervals by the Board of Trustees. Potential candidates will be asked to submit CVs and will be considered by the Nomination Committee. This committee consists of the Chairperson of the Board of Trustees plus two members. The committee will review CVs of potential candidates and an interview will be arranged with the candidate and two members of the Nomination Committee.

-14 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2021

Trustees’ Report (continued)

Appointment of Trustees (continued)

If the candidate is deemed suitable, a recommendation will come from the Committee to the Board of Trustees for approval. A suitable candidate may be invited to observe a Board meeting prior to taking up any appointment. If the appointment will proceed, the name of the proposed Trustee will be recommended by the Board of Trustees for election by the members at the next AGM. During the 26[th] AGM – held on February 26[th] , 2021 – Dr Steven A. Gard was proposed and subsequently appointed as a Trustee to the Board of Exceed Worldwide.

Trustee induction and training

New Trustees are provided with an ‘Induction Pack’ covering such topics as legal status and governance, structure, organisation and staffing, finances, policy and strategy. Induction and orientation meetings with new Trustees are conducted by the Chief Executive Officer and other members of the UK Management Team whereby they will be provided with the financial and organisational details to enable them to fully engage with the work of Exceed.

In addition, new Trustees are encouraged to engage with Board activities and visit one of the project countries during their first year as a Trustee. As permitted by the Articles of Association, the Trustees have the benefit of an indemnity, which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The Trustee indemnity was in place throughout the last financial year and up to the date of signing these financial statements.

Reference and administration details

Details of the registered office, elected members, independent advisors and other relevant information are given on page 3.

Going Concern

Having considered the group’s future trading position and funding requirements, the Trustees are satisfied that the group and company have adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due.

Exceed Worldwide expect to sign an agreement with The Nippon Foundation. The Nippon Foundation have committed to support the partner organisation in Myanmar until 2024. The school in Cambodia had a very successful recruitment drive for international students for 2021 that was impacted somewhat by the COVID pandemic.

The group and company therefore continue to adopt the going concern basis in preparing its financial statements.

-15 -

Exceed Worldwide Trustees, Annual Report, incorporating the Strategic Report fot the flnatsclaly￿tht etyled 31 March 2021 Tru8tee8' Report (continued) Re8eLve8 poliry The'l"w5tees have ￿LeWed the P4reot cothpaofs need for reseLve8 line with the guidance issued by tlie Chotity CommissAOtt And have coJh5idered that the Pxrent company slM>uld knld reselves foi the Eolloivitig rtssons.. Ab8otb setbacks. There is #I￿y$ a deg￿e of uncertainty in our 50urcc5 of iocome. HisloiicÈlli' iiicnme Eloiv has t)een detrimenrxlly affected by Jxtge-st#k aatural disasters. eme4ency apptrA18 etL Oppotliinlty. li is im￿￿¢4￿¢ thxt li an expanding dcvelopiDE orgAttisation we lte abk to tgkc gdvantage of iny Significant oppoItunities that we encountet. Commrtments..The 018anisation must ibk io tncct honovr commitM￿)ts in p]ac The u'ustees. resetye policy con5idcL3 £120k to be the mosi ai)i)ropri2r¢ levd of unrestrs¢ied reserves. Thi5 Iva5 calcuiated on ibe basis that if ive W¢Lr ￿ move to i position of financial unsustainAbth'ty, this allows for 6 months unresiricted Income L¢gUitemenrs plus the cosl of wind11￿ up oui operation8. On "Scov￿Y of the ftud iti li￿01￿11 in 2018 And with fioances being unccrtAtn at that lime ive e8tab]ishtd 8 ininimum tt$erve. This 18 to cover the costs oFredundancy it) the UK and Cambodia should tlie ¢omEMrty ivind-up. This totslled £120k. [( is the IDJS￿$ po]icy that no decision sliould bc made thflt will a]biv reserwes io (all bck>iv this leYe]. Utwtricted (utth at 31 MArch Xb21 were £606k {￿20.. £402k). Re5tsiCted fijnds re held fortt$tiic￿d projcct5 IT￿ ainnot be 8[￿t at the t￿￿ttts. dtsctetion. Ststement of di&e108Ute of infotmation io Audi￿r8 80 Far as ttich of the trustees at ihe dte of AppEov•I of th¢se financial stateinents ts awatc.. there ts no ￿leVant audit of wbich the group'5 iuditot5 ate urtawate, and thcy have alL the steps that they ought to h#ve rakts is director5 tn ordcr to rnake thcm5cSYc5 Aware oEany rdmot audit inEom)tion #nd kn e8t*blish thxi the group's Audito￿ Ate Rware of that ittfoLX)ation. Independent Auditot8 Gtant Thornton. ChArtered AccountrAnts atLd Ststytory AuditoTh will be pTrposed for ￿apPointMent i acCo￿ance wÈth Sectson 485 oftbe Companie¥ Act ￿M￿S. otd¢r of thc loone Ttu8t¢e t)Ate S--knIc)4 I -16-

Exceed Worldwide Directors, responsibilities statement for tlie finatitAalyeat etded 31 March 2021 The DittctOL8 ￿ trspotisib]e Fot PfFdiiAg the Tntsth. Attllual Rqx)rt aad the consolidated financial statcments accordance with App]itable Jaw aod 4ulation& Company laiv tquitts the ditectors to prepare fl￿￿￿￿1 statexDents for cgch financigj ye2r. Under that12IV the ditectots hgve dected to prepare the [￿2￿cial 5tstctneots in accordance with appl(cable law And Utiited Ktllgdoxj) Accuu[iU￿ StADdards &￿ted Kwom GellerAlly Awled Accounting PrActicel, ii)cluding Flliancia] Repotting Standard 102 Rep￿￿8 Stsndard a Irdrtnd" Undek company taw, the dircLtots must not approve the plicable in the UK And Rep￿b￿C OF tjiancval strttements ulliess thcy a S2tisficd th2t thry give a true and fayr view of tbe of affait5 of the company and Group and of tbe piofit or loss of the (Troiip foI tl)At In PtrWAr¢¢Jg these finaocial statements. the ditcdon rniuircd to: ¥clcct 5Uitable Rc£ounting po]icies for the Gmtsp aDd cotnpally fingnciai statements and thert Apply tliem r.onsistr.titly> make judgenients and estimAteg that te rtssonabk aod PDJdent' 812re whether appiicablt UK Accounting StAndards hive beu followal, sul4ect to iny mAtctil deprture$ disd05ed and exp]ALned in fthaDcial 5tstcment5' prepAre the ftsjanciol slatcments on the goitig concem b4sis utlless it is inappropiiate to Pteswne thai tFic Gr()iLP artd company will continue iii business. The directors Are ttsponsible for ke iny, gd4u•tc ficcounting recottls th*r $vffLcient to $how 2nd explAiti the coiripany's tran5aciions an disclose with te150nÈl)l¢ a¢turACy al any urne tl)e financial pr)sitÉtin of tht eOthPgDy and the Group 9nd io e￿Ible tbem io ert$ut¢ thai the financial sta(einei)ts com ly ivith the (.ompanies Act 2[x￿. Th¢y #te also re$ n$ible for safeguarding the assets of the ctynpany an the Group

nd for toking ttasongble steps ot the pttvcntion #nd detecti￿} of frqud ¥nd other irregLd4titie5.

This ttport was approved by tbe both ittd syd on its i￿Al(. Davi Dlreetor DAte -17-

Independent Auditor’s Report to the Trustees of Exceed Worldwide

Opinion

We have audited the financial statements of Exceed Worldwide (“the group”), which comprise the Consolidated statement of financial activities, Consolidated and Company statements of financial position, Consolidated statement of cash flows and Consolidated analysis of net cash for the financial year ended 31 March 2021, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Exceed Worldwide’s 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 ‘Responsibilities of the auditor for the audit of the financial statements’ section of our report. We are independent of the group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC’s Ethical Standard concerning the integrity, objectivity and independence of the auditor. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of 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 group’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

-18 -

Independent Auditor’s Report to the Trustees of Exceed Worldwide

Other information

Other information comprises information included in the annual report, other than the financial statements and our auditor’s report thereon, including the Trustees’ Annual Report.

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report included within the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you, if in our opinion;

Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued)

Responsibilities of management and those charged with governance for the financial statements

As explained more fully in the Trustees’ responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control as trustees determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the group’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 management either intends to liquidate the group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the group’s financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-20 -

Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

Based on our understanding of the Group and industry, we identified that the principal risks of noncompliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations and Health & Safety Regulations and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.

In response to these principal risks, our audit procedures included but were not limited to:

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

-21 -

Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued)

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the group’s trustees, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006.

Our audit work has been undertaken so that we might state to the group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Crawford (Senior Statutory Auditor) For and on behalf of

Grant Thornton

Chartered Accountants & Statutory Auditors Dublin

Date: 6 December 2021

-22 -

Exceed Worldwide

Consolidated statement of financial activities

(incorporating the statement of comprehensive income)

for the financial year ended 31 March 2021

Restricted
funds		 Unrestricted
funds		 Total 2021 Restricted
funds		 Unrestricted
funds		 Total 2020
Note £ £ £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary income 4 1,160,118 504,037 1,664,155 1,416,868 553,306 1,970,174
Activities for generating funds
Commercial income 4 - 736,673 736,673 - 685,922 685,922
Other income 4 - 122 122 - 8,751 8,751
Investment income - 10 10 - 973 973
1,160,118 1,240,842 2,400,960 1,416,868 1,248,952 2,665,820
Incoming resources from charitable activities
Management fees frompartner organisations 4 - 127,931 127,931 - 167,396 167,396
- 127,931 127,931 - 167,396 167,396
Total incoming resources 1,160,118 1,368,773 2,528,891 1,416,868 1,416,348 2,833,216
Resources expended
Raising funds
Expenditure relating to fundraising 5 - 19,263 19,263 - 65,222 65,222
Expenditure relatingto commercial activity 5 - 739,475 739,475 - 549,141 549,141
- 758,738 758,738 - 614,363 614,363
Charitable activities
Charitable activities 5 1,189,137 364,119 1,553,256 1,887,131 673,567 2,560,698
Total resources expended 1,189,137 1,122,857 2,311,994 1,887,131 1,287,930 3,175,061
Net incoming/(outgoing) resources before other
recognisedgains and losses		 (29,019) 245,916 216,897 (470,263) 128,418 (341,845)
Other recognised gains and losses
Currencytranslation differences 18 - (42,900) (42,900) 5,309 15,865 21,174
Net movement in funds (29,019) 203,016 173,997 (464,954) 144,283 (320,671)
Total funds brought forward 54,431 402,614 457,045 519,385 258,331 777,716
Total funds carried forward 25,412 605,630 631,042 54,431 402,614 457,045

All amounts relate to continuing operations.

The notes on pages 27 to 44 form part of these financial statements.

-23 -

Exceed Vvorldwide Consolidated and Company balance sheet As at 31 21Y21 Group 2021 Compgny 2020 2020 Note Fixed a88ets 'I'aAgibLc assets InYe5tments Total fixed a68etB Ciirr¢nt Assets Stock tkbtoLs C8th at baok and in hand Total CLirrent #68etÈ CtrditOE5.. fallin due ivithin otte ear Ntt eiitt¢iil aB8ets Total aÈset$ le88 Cutrent liabilitie8 due after tsne io 16J73 20,078 16 J73 270.001 286,374 20,078 270,(K)I 290,079 16 73 20.078 12 13 60￿67 293,202 722.068 1,075,837 308,733 767 104 783.477 152,43.% 631.042 16&937 97,151 507,467 773,555 14.676 558,879 578.957 J17,150 621,949 739,099 15,090 $24,009 77,898 464,131 174,4 290 32 s￿21] 14 e4r Is 107.435 702 1)48 Net aBSets 451,045 458.399 Income funds Unrestacted RestriCfLYl 'rotAI chllri 18 19 5,630 25,412 631,(M2 401614 6T7￿36 25,412 702,948 403,968 54,431 fund8 The GTh)up hos ¢lec¢ed to tgke the exemption undtt stttion 408 of the Compgnies Act 2LM)6 noi to tlie Coinpaiiy's 5NtLnient of ftnanciRI 8rliVitie5. The nei rnovetnent in fijnds OF the Company for was wzi in¢rca$c ol £244.549 P020.. deficit of £405,542) resent ye8r The ftsunci91 ¥latemcnts were sppmved by Ilo#rd ind it5 bchxlf on: 6 December 2021 cd on behalf of the board.. Dgvi TtU8tee oone RegiBteted numbct: 0280721 'Ile note3 ydgc5 27 to 44 Forni part of these finatt¢k)l ststements. -24-

Exceed Worldwide

Consolidated statement of cash flows

As at 31 March 2021

2021 2020
Note £ £
Net cash used in operating activities 21 164,601 (214,826)
Cash flows from financing activities
Proceeds from bank loans 50,000 -
Net cash inflow from financing activities 50,000 -
Increase/(decrease) in cash and cash equivalents in the 214,601 (214,826)
financial year
Cash and cash equivalents at the beginning of theyear 507,467 722,293
Cash and cash equivalents at the end of theyear 722,068 507,467
Cash and cash equivalents at the end of the year
comprise of
Cash at bank and in hand 722,068 507,467

The notes on pages 27 to 44 form part of these financial statements.

-25 -

Exceed Worldwide

Consolidated analysis of net debt

As at 31 March 2021

At the
start of		 Cash At end of
year year
£ £ £
Cash 507,467 214,601 722,068
Loans falling due within one year - (5,000) (5,000)
Loans fallingdue after more than oneyear - (45,000) (45,000)
Total 507,467 164,601 672,068

The notes on pages 27 to 44 form part of these financial statements.

-26 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

1. General Information

Exceed Worldwide (the parent company) is a private limited company by guarantee incorporated in the United Kingdom under the number 02807200. Exceed Worldwide is also a registered charity with the Charity Commission in the United Kingdom under the number 1032476.

The principal activity of the Group is to bring relief to the poor of Cambodia whether such relied be for their physical, mental or spiritual welfare, to promote and advance the education of the general public in all areas concerning the country and people of Cambodia and to bring relief to such other country or countries having similar need to those currently existing in Cambodia and to educate the public regarding such countries. Exceed Worldwide also works in partnership with The Nippon Foundation to help administer projects in Indonesia, the Philippines and Myanmar. The address of the registered office is 160 City Road, London, ECN 2NX.

2. Accounting policies

Statement of compliance

The Group and individual financial information of Exceed Worldwide have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’’ (‘‘FRS 102’’) and the Statement of Recommended Practice (SORP) FRS 102, Charities Act 2011 and the Companies Act 2006. The Group meets the definition of a public benefit entity, as defined by FRS102.

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation and consolidation

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention to 31 March 2021.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Parent Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The Parent Company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account. The Parent company has also taken advantage of the following exemptions available within FRS102:

The Group consolidated financial statements include the financial statements of the Parent Company and all of its subsidiary undertakings made up to 31 March 2021.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

-27 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

2. Accounting policies (continued)

Basis of preparation and consolidation (continued)

Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the surplus/deficit arising on transactions with associates to the extent of the Group’s interest in the entity.

Going Concern

Having considered the group’s future trading position and funding requirements, the Trustees are satisfied that the group and company have adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due.

Exceed Worldwide expect to sign an agreement with The Nippon Foundation. The Nippon Foundation have committed to support the partner organisation in Myanmar until 2024. The school in Cambodia had a very successful recruitment drive for international students for 2021 that was impacted somewhat by the COVID pandemic.

The group and company therefore continue to adopt the going concern basis in preparing its financial statements.

Foreign currency

i. Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which each entity operates (‘the functional currency’). The consolidated financial statements are presented in ‘Sterling’, which is the group’s presentation currency.

ii. Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where settlement of such transactions and from the translation at year-end exchange rates items are remeasured. Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of financial activities. All other foreign exchange gains and losses are presented in the consolidated of financial activity statement within ‘Other recognised (losses)/gains’.

iii. Translation

The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in the Statement of financial activities.

-28 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

2. Accounting policies (continued)

Incoming resources

All incoming resources are included in the Statement of Financial Activities on an accruals basis when the group is legally entitled to the income and the amount can be quantified with reasonable accuracy, with the exception of:

Gifts and donations

Gifts and donations are included in full in the Statement of Financial Activities when receivable.

Legacies

Legacies are recognised when receivable and when their amount is capable of measurement.

Commercial income

Commercial income represents the invoiced value of services supplied during the year, excluding value added tax and is net of sales returns, trade discounts and rebates. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance.

Exceptional items

Exceptional items are disclosed separate in the financial statements where necessary to do so to provide further understanding of the financial performance of the group or parent company. They are items that are material either because of their size or their nature or that are nonrecurring and considered as exceptional, and are presented within the line items to which they relate.

Resources expended

Resources expended represent all costs incurred in the course of the group’s activities and are accounted for on an accruals basis. Where costs cannot be directly attributed to particular headings they have been allocated to activities based on activity.

Charitable activities

Charitable expenditure comprises costs incurred by the Group in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements.

Cost of generating funds

These include expenditure relating to fundraising and voluntary income which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Pensions

Defined contribution pension schemes are operated on behalf of certain staff members. Contributions are charged as incurred.

Employee benefits

The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

-29 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

2. Accounting policies (continued)

Employee benefits (continued)

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii. Defined contribution pension plans

The Group operates a number of country-specific defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Income tax

The Parent Company is a charity recognised by HM Revenue & Customs, and, as such, is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of its primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Parent Company is not registered for VAT and resources expended therefore include irrecoverable input VAT.

For the trading subsidiary undertakings, the taxation expense for the period comprises current recognised in the reporting period. Tax is recognised in the profit and loss account. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Tangible assets

Tangible assets are stated at historic cost less accumulated depreciation.

Tangible fixed assets are included at purchase cost, together with any incidental costs of acquisition. Depreciation is calculated to write off the cost of tangible fixed assets, less estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows:

Buildings - 10% Workshop equipment - 10% IT and office equipment - 33% Fixtures and fittings - 25%

Where the recoverable amount of a fixed asset is found to be below its net book value, the asset is written down to the recoverable amount and the loss on impairment is recognised in the Statement of Financial Activities.

Investment in subsidiary company

Investment in a subsidiary company is held at cost less accumulated impairment losses.

-30 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

2. Accounting policies (continued)

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The Group and the Parent Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of financial activities.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

-31 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

2. Accounting policies (continued)

Financial instruments (continued)

ii. Financial liabilities

Basic financial liabilities, including trade and other payables 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.

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

Trade payables are obligations to pay for goods or services that have been received in the ordinary course of business from suppliers. Trade payables are classified into amounts falling due within one year if payment is due within one year or less. If not, they are presented as amounts falling due after one year.

Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Fund accounting

The Group and Parent Company has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows:

Restricted funds

Restricted funds are to be used for specific purposes as stated by the donor. Expenditure meeting the criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the Group in furtherance of its objective.

Designated funds

Designated funds are those that have been earmarked by the Trustees for a specific purpose. The designation has an administrative purpose only, and does not legally restrict the Trustees’ discretion to apply the fund.

Related party transactions

The Group and Parent Company discloses transactions with related parties that are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the Group financial statements.

3. Critical accounting judgements and estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant management judgement

The following are significant management judgments in applying accounting policies of the company that have the most significant effect on the financial statements.

-32 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

3. Critical accounting judgements and estimation uncertainty (continued)

Classification and analysis of restricted and unrestricted income and corresponding expenditure Determining appropriate classification of income as being either restricted or unrestricted in line with donors’ contracted stipulations is a significant judgement applied by management. Thorough reviews of agreements are performed by management to ensure appropriate analysis and expenditure in line with same.

Estimates and Assumptions

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year as discussed below:

Estimating useful lives of depreciable assets

Management reviews its estimates of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to technical or physical obsolescence that may change the utility of certain office and computer equipment.

Impairment of debtors

Provisions are made for specific and groups of accounts, where objective evidence of impairment exists. The group evaluates these accounts based on available facts and circumstances, including, but not limited to, the length of the group’s relationship with the customers, the customers’ current credit status based on known market forces, average age of accounts, collection experience and historical loss experience.

Determining net realisable value of stocks

In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the time the estimates are made. Future realisation of the carrying amounts of stocks is affected by price changes in the market and the necessary costs incurred to make a sale.

Impairment of investments

In assessing impairment, management estimates the recoverable amount of each asset or a cash-generating unit based on expected future cash flows and uses an interest rate to calculate the present value of those cash flows. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. Though management believes that the assumptions used in the estimation of fair values are appropriate and reasonable, significant changes in these assumptions may materially affect the assessment of recoverable values and any resulting impairment loss could have a material adverse effect on the results of operations.

Going concern

As described in the going concern note above, the validity of the going concern basis is dependent on the success in obtaining funding from The Nippon Foundation or from other sources that will enable the Group to continue its operations and meeting its obligations. After considering that the Group has received a signed agreement with The Nippon Foundation, in which The Nippon Foundation commit to support the partner organisation in Myanmar until 2024, the Trustees have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future, and has therefore prepared the financial reporting on a going concern basis.

-33 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

4. Incoming resources

Restricted Unrestricted Total
funds 2021 funds 2021 2021
£ £ £
Voluntary income
Fundraisingandpublicity 1,160,118 504,037 1,664,155
Total income relating to fundraising 1,160,118 504,037 1,664,155
Activities for generating funds
Commercial income - 736,673 736,673
Other income - 122 122
Investment income - 10 10
Total income fromgenerating funds - 736,805 736,805
Management fees frompartner organisations - 127,931 127,931
Total incoming resources 1,160,118 1,368,773 2,528,891
Restricted Unrestricted Total
funds 2020 funds 2020 2020
£ £ £
Voluntary income
Fundraisingandpublicity 1,416,868 553,306 1,970,174
Total income relating to fundraising 1,416,868 553,306 1,970,174
Activities for generating funds
Commercial income - 685,922 685,922
Other income - 8,751 8,751
Investment income - 973 973
Total income fromgenerating funds - 1,248,952 2,665,820
Management fees frompartner organisations - 167,396 167,396
Total incoming resources 1,416,868 1,416,348 2,833,216

-34 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

5. Resources expended

Restricted
funds 2021		 Unrestricted
funds 2021		 Total 2021
£ £ £
Raising funds
Support costs (note 6) - 14,729 14,729
Fundraisingandpublicity - 4,534 4,534
Total expenditure relating to fundraising - 19,263 19,263
Charitable activities
Field staff 479,997 170,047 650,044
Field expenses 46,939 58,939 105,878
Field equipment and buildings - 3,610 3,610
Travel 1,542 4,634 6,176
Materials 244,379 26,753 271,132
Development support costs (note 6) - 25,446 25,446
Other support costs (note 6) - 52,355 52,355
Grant expenditure (grants paid to partner organisations) 416,280 - 416,280
Auditor’s remuneration - 20,003 20,003
Governance costs - 2,332 2,332
Total charitable activities 1,189,137 364,119 1,553,256
Expenditure relatingto commercial activity - 739,475 739,475
Total resources expended 1,189,137 1,122,857 2,311,994
Restricted
funds 2020		 Unrestricted
funds 2020		 Total 2020
£ £ £
Raising funds
Support costs (note 6) - 25,827 25,827
Fundraisingandpublicity - 39,395 39,395
Total expenditure relating to fundraising - 65,222 65,222
Charitable activities
Field staff 375,323 151,903 527,226
Field expenses 67,916 220,824 288,740
Field equipment and buildings - 2,300 2,300
Travel 22,003 8,501 30,504
Materials 222,607 107,567 330,174
Development support costs (note 6) - 28,857 28,857
Other support costs (note 6) - 134,482 134,482
Grant expenditure (grants paid to partner organisations) 1,199,282 - 1,199,282
Auditor’s remuneration - 16,689 16,689
Governance costs - 2,444 2,444
Total charitable activities 1,887,131 673,567 2,560,698
Expenditure relatingto commercial activity - 549,141 549,141
Total resources expended 1,887,131 1,287,930 3,175,061

-35 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

6. Support costs

Charitable Fundraising Total
activities & publicity Development 2021
Unrestricted £ £ £ £
Employee costs 40,081 13,753 20,268 74,102
Premises 383 110 55 548
Depreciation - - 3,706 3,706
Communication and IT - - - -
Postage and printing 2,049 585 292 2,926
Travel 1,406 281 1,125 2,812
Financial costs 1,471 - - 1,471
Professional fees 6,965 - - 6,965
52,355 14,729 25,446 92,530
Charitable Fundraising Total
activities & publicity Development 2020
Unrestricted £ £ £ £
Employee costs 119,878 22,866 22,510 165,254
Premises 2,118 605 302 3,024
Depreciation - - 4,948 4,948
Communication and IT 47 20 - 67
Postage and printing 2,689 768 384 3,842
Travel 3,093 729 713 4,535
Financial costs 832 - - 832
Professional fees 5,825 839 - 6,664
134,482 25,827 28,857 189,166

7. Employee information

7.
Employee information
Group Company
2021 2020 2021 2020
£ £ £ £
Staff costs
Wages and salaries 425,252 537,055 274,031 439,521
Partner project employees 454,748 441,616 454,748 441,616
Social security costs 23,207 23,693 8,234 23,693
Pension costs 3,834 3,299 347 3,299
907,041 1,005,663 737,360 908,129

The average number of persons employed during the year was:

Group Group Company Company
2021 2020 2021 2020
Number Number Number Number
Administrative 3 4 3 4
Direct charitable staff 69 70 69 70
Commercial staff 15 18 - -
87 92 72 74

-36 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

7. Employee information (continued)

During the financial year no employee received emoluments, including salary and benefits in kind, in the banding of £60,000-£70,000 (2020: Nil), no employee in the banding of £70,000-£80,000 (2020: nil), no employee in the banding of £80,000-£90,000 (2020: nil) and one employee in the banding of £90,000£100,000 (2020: one). Employer pension contributions were not made for these employees.

Key management compensation

Key management includes the directors and members of senior management. The compensation paid or payable to key management for employee services is shown below:

Group Company Company
2021 2020 2021 2020
£ £ £ £
Salaries and other short-term benefits 243,956 267,927 109,239 267,927
Pension costs 3,424 3,299 347 3,299
247,380 271,226 109,586 271,226

8. Trustee / director remuneration

The trustees received no emoluments during the year (2020: £nil). There were no travel expenses reimbursed to the board of trustees during the year (2020: £nil). Trustees’ indemnity insurance has been purchased by the Group at a cost of £1,921 (2020: £1,964).

9. Net incoming/(outgoing) resources before other recognised gains and losses

2021 2020
£ £
This stated after charging:
Wages and salaries 880,000 978,671
Social security costs 23,207 23,693
Pension costs 3,834 3,299
Staff costs 907,041 1,005,663
Depreciation 3,705 4,948
Fees payable to the group’s auditors for the audit of group financial 12,750 12,500
statements
Feespayable to thegroup’s auditors for the audit of subsidiarycompanies 5,250 4,189

-37 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

10. Tangible assets

Buildings
Group
£		 Workshop
equipment
IT & office
equipment
£
£		 Fixtures
& fittings
Total
£
£
Cost
At 1 April 2020
1,021,669		 20,683
3,374		 8,615
1,054,341
At 31 March 2021
1,021,669		 20,683
3,374		 8,615
1,054,341
Accumulated depreciation
At 1 April 2020
1,014,834
Charge for theyear
1,135		 8,218
2,608
2,053
505		 8,603
1,034,263
12
3,705
At 31 March 2021
1,015,969		 10,271
3,113		 8,615 1,037,968
Net book value
At 31 March 2021
5,700		 10,412
261		 -
16,373
At 1 April 2020
6,835		 12,465
766		 12
20,078
Buildings
Company
£		 Workshop
equipment
IT & office
equipment
£
£		 Fixtures
& fittings
Total
£
£
At 1 April 2020
1,021,669		 20,683
3,374		 8,615
1,054,341
At 31 March 2021
1,021,669		 20,683
3,374		 8,615
1,054,341
Accumulated depreciation
At 1 April 2020
1,014,834
Charge for theyear
1,135		 8,218
2,608
2,053
505		 8,603
1,034,263
12
3,705
At 31 March 2021
1,015,969		 10,271
3,113		 8,615
1,037,968
Net book value
At 31 March 2021
5,700		 10,412
261		 -
16,373
At 1 April 2020
6,835		 12,465
766		 12
20,078

-38 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

11. Investments

11.
Investments
Investments in
subsidiaries
Company £
Cost and net book value
At 1 April 2020 270,001
At 31 March 2021 270,001

The subsidiary undertakings whose results are reflected in the consolidated financial statements by virtue of control, are as follows:

Subsidiary undertakings

Name Registered office Class of shares Holding
Exceed Social 160 City Road, London, England, Ordinary 100% - Direct
Enterprises Ltd EC1V 2NX
Exceed Prosthetics and 187A & 189A, St. Borey, Phnom Ordinary 100% - Direct
Othotics Co., Ltd Penh Thmey, Phum Tropaing
Chhukangkat Teuk Thla, Khan Sen
Sok, Phnom Penh, Cambodia
Exceed Lanka PVT
Ltd		 168, Kadawatha Road, Ragama
Sri Lanka		 Ordinary 100% - Indirect
Exceed Ph Limited 7D – 7F Corinthian Plaza Condo, Ordinary 100% - Indirect
121 Paseo De Roxas, Legazpi Village,
San Lorenzo, City of Makati, NCR,
Fourth District,Phillipines,1223

The principal activity of the above companies is to operate private P&O clinics and provide a distribution service for P&O components and materials. Their aim is to generate profits which will be used for social impact by supporting the development of P&O education and physical rehabilitation services that are widely accessible to people with disabilities in their registered jurisdiction.

All of the above subsidiaries are included in the consolidation.

12. Stock

Group Company
2021 2020 2021 2020
£ £ £ £
Goods for resale 60,567 168,937 - -

An impairment loss of £Nil (2020: £Nil) was recognised against stocks.

There is no material difference between the replacement cost of stock and their balance sheet values.

-39 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

13. Debtors

Group Company
2021 2020 2021 2020
£ £ £ £
Trade debtors 134,375 31,274 - -
Other debtors 117,418 50,097 83,357 50,097
Amounts owed by group undertakings - - - 17,000
Prepayments 41,409 15,780 33,793 10,801
293,202 97,151 117,150 77,898

An impairment loss of £9,444 (2020: £5,417) was recognised against trade debtors.

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

14. Creditors: amounts falling due within one year

Group Company Company
2021 2020 2021 2020
£ £ £ £
Trade creditors 115,117 26,388 18,899 -
Amounts owed to group undertakings - - 21,736 -
Other creditors and accruals 188,616 188,288 174,455 174,499
Bank loans(note 16) 5,000 - - -
308,733 214,676 215,090 174,499

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

15. Creditors: amounts falling due after more than one year

Group Company Company
2021 2020 2021 2020
£ £ £ £
Amounts owed to the Nippon Foundation 107,435 121,912 107,435 121,912
Bank loans(note 16) 45,000 - - -
152,435 121,912 107,435 121,912
Analysis of the maturity of amounts owed to
the Nippon Foundation is given below: Group Company
2021 2020 2021 2020
£ £ £ £
Maturity:
In one year or less, or on demand - 14,568 - 14,568
Between one and two years 15,335 15,335 15,335 15,335
Between two and five years 46,004 46,004 46,004 46,004
After more than fiveyears 46,096 46,005 46,096 46,005
107,435 121,912 107,435 121,912

-40 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

16. Bank loans

Group Company
2021 2020 2021 2020
£ £ £ £
Bank loans 50,000 - - -
50,000 - - -
Analysis of the maturity of bank loans is given
below: Group Company
2021 2020 2021 2020
£ £ £ £
Maturity:
In one year or less, or on demand 5,000 - - -
Between one and two years 10,000 - - -
Between two and five years 30,000 - - -
After more than fiveyears 5,000 - - -
50,000 - - -

Bank loan is unsecured, attracts an annual interest of 2.5% and is repayable over the course of 72 months. Bank loan is fully repayable in September 2026. No security was needed

17. Analysis of net assets between funds

2021 Restricted Unrestricted Total
funds funds funds
Group £ £ £
Tangible fixed assets - 16,373 16,373
Net current assets 25,412 741,692 767,104
Creditors: fallingdue after more than oneyear - (152,435) (152,435)
25,412 605,630 631,042
2021 Restricted Unrestricted Total
funds funds funds
Company £ £ £
Tangible fixed assets - 16,373 16,373
Investments - 270,001 270,001
Net current assets 25,412 498,597 524,009
Creditors: fallingdue after more than oneyear - (107,435) (107,435)
25,412 677,536 702,948
2020 Restricted Unrestricted Total
funds funds funds
Group £ £ £
Tangible fixed assets - 20,078 20,078
Net current assets 54,431 504,448 558,879
Creditors: fallingdue after more than oneyear - (121,912) (121,912)
54,431 402,614 457,045

-41 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

17. Analysis of net assets between funds (continued)

2020 Restricted Unrestricted Total
funds funds funds
Company £ £ £
Tangible fixed assets - 20,078 20,078
Investments - 270,001 270,001
Net current assets 54,431 235,801 290,232
Creditors: fallingdue after more than oneyear - (121,912) (121,912)
54,431 403,968 458,399

18. Unrestricted funds

Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
2020 funds funds funds difference 2021
Group £ £ £ £ £ £
General funds 402,614 1,368,773 (1,122,857) - (42,900) 605,630
402,614 1,368,773 (1,122,857) - (42,900) 605,630
Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
2020 funds funds funds difference 2021
Company £ £ £ £ £ £
General funds 403,968 632,100 (383,382) - 24,850 677,536
403,968 632,100 (383,382) - 24,850 677,536

The designated fund comprises amounts set aside to finance the future development of the organisation. As a result of the financial loss incurred at our partner project in Indonesia, the planned future development of the Group was suspended and funds transferred to the general reserve for use within the Group.

19. Restricted funds

Restricted funds comprise unexpended balances on donations and grants given for specific purposes. Those funds will be expended in future years in accordance with donor wishes. These are shown below:

Movement in funds
Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
Group and 2020 funds funds funds difference 2021
company £ £ £ £ £ £
Exceed Worldwide 23,254 31,354 (54,608) - - -
MSPO 31,177 1,128,764 (1,134,529) - - 25,412
54,431 1,160,118 (1,189,137) - - 25,412

The Exceed Worldwide funds are restricted to our operations in Cambodia. The MSPO funds for the partner organisation in Yangon, Myanmar.

-42 -

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2021

20. Taxation

The Group is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Group’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

21. Cash used in operating activities

2021 2020
Group £ £
Net movement in funds 173,997 (320,671)
Decrease in stock 108,370 36,497
(Increase)/decrease in debtors (196,051) 115,627
Increase/(decrease) in creditors 74,580 (51,227)
Depreciation 3,705 4,948
Cash used in operating activities 164,601 (214,826)

22. Legal status of Exceed Worldwide

Exceed Worldwide, not having share capital, is limited by guarantee under the provisions of the Companies Act, 2006. The liability of the members of Exceed Worldwide shall not exceed £1 should the Parent Company be wound-up. Exceed Worldwide is a registered charity and is exempt from corporation tax and income and chargeable gains, so far as they continue to be applied for charitable purposes only.

23. Indemnity insurance

During the year Exceed Worldwide incurred costs of £1,921 (2020: £1,964) for insurance whereby all Trustees and employees acting on behalf of the Trustees in financial matters are covered by the professional indemnity clause.

24. Ultimate controlling party

The board of trustees are considered to be the ultimate controlling party of the Group and Company.

-43 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2021

25. Related party disclosure

The parent company has availed of the exemption under FRS 102 section 33, paragraph 33.1A in relation to the disclosure of the transactions with group companies as all of the voting rights are controlled within the group.

Myanmar School of Prosthetics and Orthotics (MSPO), Jakarta School of Prosthetics and Orthotics (JSPO), Philippines School of Prosthetics & Orthotics (PSPO) are legally independent registered charities affiliated to Exceed Worldwide.

Whilst Exceed Worldwide raises funds and makes grant payments to these charities, they nonetheless prepare their own financial statements due to their independent charity status. Funds raised for the project in Philippines are therein referred to as “PSPO”, funds raised in Jakarta as “JSPO”, funds raised for project in Myanmar as “MSPO”; funds raised for these three organisations, collectively referred to as “Partner Organisations” are included within restricted funds, see note 19.

Transactions with Trustees are detailed within note 8 to the financial statements.

26. Events since the end of the financial year

There were no subsequent events affecting the Group since the end of the financial year other than the ongoing Covid-19 crisis. The directors acknowledge that the continuing Covid-19 crisis brings a high degree of uncertainty, however they are satisfied that the Group is in a strong financial position to withstand potential future challenges in this context.

-44 -