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← Exceed Worldwide

2022-03-31-accounts

Exceed Worldwide

Financial Statements

for the financial year ended 31 March 2022

Registered number: 02807200 Charity number: 1032476

Exceed Worldwide

Reference and Administrative Information

Directors and trustees Mr Daniel Blocka
Mr David Boone (Chairman)
Dr John R. Fisk, MD
Mr Steven Gard
Ms Kokoro Motegi
Dr Niamh O’Rourke
Mr Paul Fleming (appointed 24 June 2022)
Mr Brian Wall (appointed 24 June 2022)
Ms Cheryl Metcalf (appointed 1 April 2022)
Ms Elaine Boyd (appointed 1 April 2022)
Ms Sheila Kleyn (appointed 1 April 2022)
Audit Committee Ms Kokoro Motegi
Mr David Boone
Dr John R. Fisk, MD
Ms Elaine Boyd
Finance Committee Ms Sheila Kleyn
Mr Dan Blocka
Ms Cheryl Metcalf
Ms Elaine Boyd
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
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 - 21
Statement of financial activities 22
Statement of financial position 23
Statement of cash flows 24
Analysis of net cash 25
Notes to the financial statements 26 - 42

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

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 2022, which are also prepared to meet the requirements for a Directors’ report (including their Strategic report) and financial statements for Companies Act 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

In the past year, the Board of Trustees for Exceed Worldwide have taken special note of the unique circumstances from the ongoing global COVID-19 pandemic that affect our business. Local restrictions have in some cases stopped clinical operations temporarily, but through careful and timely management of the financial resources available, we were able to maintain our suspended operations in anticipation of the post-pandemic rebound that is beginning to materialise. Additionally, the military coup d’état in Myanmar where we supported a University based educational program, added to the uncertainty in our operating environment. The board supported the work of staff on many fronts. Most dramatic of the agile steps taken was in the expatriation of the student body and foreign staff from Myanmar and their quick matriculation into the Exceed Worldwide supported training program in Cambodia. Removal of the students from their war-torn country and subsequent renegotiation of the financial support for their training provided by the Nippon Foundation maintained core income flows for Exceed Worldwide while simultaneously making it possible to continue to achieve our organisational charitable goals.

Organisation staff also embarked on efforts with local staff in Southeast Asia, to take up a process of reengineering operations locally in ways that achieve our ongoing commitment to helping persons with disability, while also becoming less financially dependent on Exceed Worldwide directly. The time of great challenge confronting us also did manifest as a time of opportunity.

Consideration of this challenging environment has led the board to take a very active role in oversight of the operations and cash flow of the continuing operations, reviewing our projected cash flow as often as a monthly basis. Diligent management by our financial officer meant that we met or exceeded our financial projections through the entire year. The Board of Trustees has insisted on maintenance of financial reserves so that all operations continue nominally. We have also taken significant steps to improve our potential for growth, even with the aforementioned headwinds. Using both private and governmental connections we continue to line up potential additional external financing for Exceed although we have not had to tap these resources to date. I commend the Executive and Staff members of Exceed Worldwide for maintaining full and transparent communication with the Board of Trustees, and for the extreme efforts made to ensure that the organisation has stayed viable and productive throughout these trying times.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

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 physical rehabilitation clinics located in provinces south and north of the capital. As an organisation focussing on 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.

Exceed Worldwide’s 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:

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Objectives and Activities (continued)

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

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 2022, grants totalling £381,460 (2021: £416,280) 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 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).

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 during the year. Details of Trustee expenses and related party transactions are disclosed in note 7 and note 23 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 has established a number of sub-committees to carry out a more detailed review of the functions it is responsible for.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Finance Committee

The Finance Committee meet formally 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:

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

During the Covid emergency period, it was essential to maximise effectiveness of communication between the Board and the field and, to that end, the Board were meeting on a monthly basis. Due to the nature of the crisis, the function of the Finance Committee was absorbed by the full Board as it was essential the Board were equipped with ‘real time’ finance information to enable them to engage in discussions and decisions directly related to the projects.

As the immediate emergency resolved, normal Board meeting schedules resumed and the Board initiated the process of recruiting new finance-focussed Trustees prior to a review and restoration of the Finance Committee. In the event, two new Trustees with specific finance expertise were recruited and are already engaging with the Board and the management team in the financial management of the organisation. Work will shortly begin on the review of the terms of reference of the Finance Committee.

Audit Committee

The trustees of Exceed Worldwide established the Audit Committee in 2019.

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

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

One of the newly appointed Trustees with specific expertise in audit is joining the committee and is already engaging with the Finance Director to develop and establish new internal audit protocols for Exceed.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

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, membership and its responsibilities remain an abstract concept and there was no subsequent increase in numbers of Members or of participation of existing Members. 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.

Following the emergency period marked by the Covid pandemic it will be essential to re-establish the strong links between the Board and the staff that facilitated and fostered the work and the culture of Exceed.

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 2022, Dr David Boone and Mr Dan Blocka retired by rotation and were re-elected to the Board.

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 submit CVs that are then 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.

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 proceeds, the nominated person can join the Board at any time during the year and will then be recommended by the Board of Trustees for election by the members at the next AGM.

During the 27[th] AGM – held on December 3rd, 2021 – Dr David Boone and Mr Dan Blocka stood down by rotation and were re-elected to the Board.

Early in 2022 the appointment of a trustee with financial expertise was identified as a priority. With assistance from the NGO Accounting for International Development we were able to identify two candidates – Mrs Elaine Boyd and Mrs Sheila Kleyn - with significant relevant experience in finance. Their two CVs were submitted to the Nominations Committee who subsequently facilitated the interview process and, in the event, both candidates were put forward to the Board for consideration. Both subsequently joined the Board and will be formally recognised at the next AGM.

A third candidate – Dr Cheryl Metcalf – also submitted her CV and was interviewed by the Nominations Committee. Following agreement from the Board Dr Metcalf was also invited to join the Board at the and will be formally recognised at the next AGM.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Appointment of Trustees (continued)

In addition, two further candidates were accepted onto the board. Mr Brian Wall and Professor Paul Fleming

Mr. Wall has extensive experience in working international public health and international development

Professor Paul Fleming has wide experience of leadership, teaching and research in academic health promotion and has had international involvement in university senior management. All new Board members were provided with the Induction Pack of files and briefing meetings were scheduled with management team according to the induction process described.

With these new appointments, together with existing Trustees, we believe Exceed is well placed to move forward with a board of trustees who possess a broad range, depth and wealth of relevant experience and knowledge.

Trustee induction and training

All 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.

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).

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.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Achievements and performance (continued)

Cambodia (continued)

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 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. In 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 in-person inspection is now scheduled for September 2022.

The Prosthetic Orthotic Technician (POT) 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 the POT Programme was due to expire in April 2022. 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. In the event, the accreditation has been extended until May 2023 when an on-site inspection will take place.

The 2021 BPO and POT Graduation Ceremony took place virtually – with overseas speakers and guests joining by Zoom. Three students graduated from the BPO programme and eleven from the POT programme. Many nationalities were represented among these graduating classes including students from Sri Lanka, Philippines, Bangladesh, Kiribati, Myanmar, Laos, Somalia and Cambodia.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Achievements and performance (continued)

Cambodia (continued)

Donor relationships remain a focus for our teams as their ongoing support – whether by grants or sponsored places at DPO - provides the means for us to continue our work in rehabilitation and professional education. Sir Bobby Charlton Foundation (SBCF) continued support for our 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 with KidsExceed. The long-term, faithful support from UA ZenZen will conclude with this year’s graduates. UA ZenZen’s contribution and commitment to the establishment of a cadre of skilled PO professionals will benefit the lives of people with disabilities for many years to come. Our partnership with The Church of the Latter Day Saints (LDS) for the provision of wheelchairs concluded early in 2022. Distribution of the wheelchairs had proved challenging during 2020/2021 with restricted services and many lockdowns in the cities and the provinces. With the emergence from Covid restrictions, transport and access improved the distribution of wheelchairs remaining in the centres was achieved. Following revision of their Asia wheelchair strategy, LDS informed the management team that they would not be continuing their wheelchair services in Cambodia. There appears to be no intention from LDS to review or restore the wheelchair service at this time.

The Exceed Quality Team continued its focus on maintaining standards and ensuring a focus on Continuous Improvement. The ISO re-certification is dependent upon an annual audit and this took place remotely in April 2022 conducted by BM Trada, Malaysia. The audit was ultimately successful with Exceed being re-certified with ISO 9001:2015 accreditation.

Exceed continued to provide rehabilitation services from three centres in Phnom Penh, Kompong Som and Kompong Chhnang. Numbers of clients accessing services – either via community teams or by visiting the centres – dropped dramatically during Government Covid-restrictions. More puzzling has been the continued low numbers once the covid restrictions were relaxed. Investigations were initiated to look at the causes of the reduced uptake of services and demonstrated the ongoing impact of the Covid pandemic. Community teams were activated to connect with people in their communities and provide support and basic repairs to devices without the need to travel to a centre. When necessary, support was provided to facilitate travel to a centre where more services could be offered or new devices provided. Figures from our three centres for the year April 2021 to March 2022 include:

Phnom Penh Kompong Som Kompong Chhnang
Total patients 1232 562 855
Under 18 78 36 21
Female 441 149 238
Male 799 413 617

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 2022

Achievements and performance (continued)

Cambodia (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 was strong and encouraging from the outset with many lessons shared from MSC – such as raising level of ‘customer service’ - with the teams working in the charity clinic.

The impact of Covid-19 in Cambodia was initially observed in January 2020 and resulted in a dramatic downturn in the Cambodian economy.

The impact of the pandemic initially resulted in the Cambodian Government imposing restrictions re travel and access to education and rehabilitation centres. All services – both MSC and charity - 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 at all. 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 blended 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.

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.

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Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Achievements and performance (continued)

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

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 countries 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 Orthopaedic 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:

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

National Rehabilitation Hospital, Yangon: 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 provided clinical services and assistance to the CSPO graduate who managed the facility.

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

The collaboration project comprised partnership support to The University of Medical Technology Yangon, (UMTY), the National Rehabilitation Hospital, Yangon (NRH) and the Prosthetics Orthotics Department of the Mandalay Orthopaedic 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, were the core activities. In preparation for handover at the end of 2024, a new oversight committee was established with the Ministry of Health and other stakeholders.

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Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Achievements and performance (continued)

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

While the project had been on track with the original schedule, the impact of the Coronavirus at the beginning of 2020 influenced operations with face to face teaching suspended and services curtailed. The majority of Cambodian expat staff returned home in March 2020. Upon returning to Cambodia, the MSPO teaching team immediately began collaboration with colleagues on the CSPO teaching team and the UK Support Team to develop the ExceedOnline. This blended learning initiative provided 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. It is planned that Exceed will continue to develop the concept to provide alternative education opportunities.

Mr. Carson Harte, Exceed CEO and Myanmar Country Director, having been in the UK for meetings in February 2020, was unable to return to Myanmar due to restrictions in international travel imposed by the UK Government. He has not, to date, been able to return to Myanmar. 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 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 work in Myanmar experienced a further, major disruption when the Myanmar military – officially known as the Tatmadaw – conducted a coup against the elected Government on February 1[st] , 2021. This event has been followed by an extended period of civil disobedience that continues to impact civil servants, teachers and medical professionals as they stay away from their normal places of work. Government departments, hospitals, schools and universities are all still under pressure with ongoing absences and now face considerable challenges in moving forward. Exceed continue to are to support staff in every way possible. Students were engaged directly with ExceedOnline. As it became clear that the situation would not resolve quickly, Mr. Harte began a process in December 2021 to work with The Nippon Foundation on an intensive effort to relocate the Myanmar students to DPO in Cambodia. This initiative required collaboration with Ministries in Myanmar and Cambodia at the highest level – up to the Prime Minister of Cambodia – and was successfully concluded with the arrival of 24 Myanmar students in June 2022. Three Masters students from Thailand also joined this group to take up lecturing intern posts at DPO. The future for these students is, at present, unclear. However, by assuring their continued PO education it is hoped that there will be a resolution to the crisis in Myanmar in the coming months and years that will permit them to graduate and return home to provide the foundation of PO services in their country.

Exceed Social Enterprise

Exceed Prosthetics and Orthotics Clinical services: A network of private Prosthetic and Orthotic Clinics supported by workshops/fabrication centres 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.

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Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Achievements and performance (continued)

Exceed Social Enterprises (Continued)

Both the Exceed Prosthetics and Orthotics clinics and Exceed Supply and Distribution have been severely impacted by the Covid pandemic that has resulted in a global economic slowdown. Uptake of services – both clinical and supply and distribution – have been significantly reduced due to transport and travel restrictions for the general public and compounded by global supply chain issues. The economic challenges in Sri Lanka have further compounded the work of the clinic there. That said, the clinics have sustained throughout this period, worked on staff capacity building and engaged in forward planning according to prevailing conditions and all stand ready to restore services as conditions improve.

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 continued development of Exceed Social Enterprise Ltd

At this point an extensive business plan has been drawn up for the development of Exceed Social Enterprises. We are currently seeking investment of $2million to enable significant growth of our Clinic business and our distribution business.

We have been successful in securing almost half this amount and remain confident that the rest will be successfully sourced.

We believe a successful, profit generating Exceed Social Enterprise will provide the basis of funding for the broader charitable activities of Exceed Worldwide Limited

The financial position as at 31 March 2022 and the results for the year then ended were as expected and budgeted. The group had income of £2.5m compared to £2.5m in the prior year. Resources expended amounted from £2.3m to £2.1m in the current year. Overall the Group has made a surplus of £0.4m compared to a surplus of £0.2m in the prior year.

It is noted that we have a balance of £1,264,920 included in cash at bank. As at 31 March 2022 we were holding funds of £883,800 (2021 - £341,039 ) which were restricted funds given by the Nippon Foundation. The funds were received prior to 31 March and were spent after financial year end, in line with budgets agreed with Nippon Foundation. The balance of unrestricted cash at bank is £381,120 (2021 - £381,029 ).

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Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

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.

Given the impact of the uncertainties within the global economic and financial environment, together with effect of the Covid pandemic, the Trustees are in process of carrying out a significant review of risk within the organisation . A risk register will be compiled and reviewed regularly by trustees to ensure risks are actively managed and updated.

Going Concern

The trustees are confident 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 have recently signed an agreement with The Nippon Foundation, in which The Nippon Foundation commit to support the partner organisation in Myanmar until 2024. The school in Cambodia had a very successful recruitment drive for international students for 2022 And we anticipate further successful recruitment for 2023.

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

Reserves policy

The Trustees have reviewed the Parent company’s need for reserves in line with the guidance issued by the Charity Commission and have considered that the Parent company should hold reserves for the following reasons:

Absorb setbacks : There is always a degree of uncertainty in our sources of income. Historically, the income flow has been detrimentally affected by large-scale natural disasters, emergency appeals etc.

Opportunity : It is important that as an expanding and developing organisation we are able to take advantage of any significant opportunities that we encounter.

Commitments: The organisation must be able to meet and honour commitments in place.

The trustees have currently agreed that the reserves policy should be based on their ability to wind up the organisation and pay all redundancy and associated costs. That amount is currently set at $205,000. Unrestricted funds at 31 March 2022 were £473k (2020: £606k). Restricted funds are held for restricted projects and cannot be spent at the trustee’s discretion.

-14 -

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2022

Plans for future periods

The UK senior management team has 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 postCovid. 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

3. Enterprise for sustainability

-15 -

Exceed Worldwlde Trustees, Annual Repor¢ incorporating the Strategic Report fot the financial year ended 31 Match 2022 Pla08 fot futyte period8 {wititiued) 4. Reoeatch Cotkttnue wotk wxth ERN #nd ERN patther8- explorin8 Ali oppozttmities for collxboThtio itifomiation sharin8 And partnering in research opportunitie5. 5. New Opportunitie8 for Expan8ioth of Cot¢ Aetivitie8 With training of prosthetic orthotic profeisionals at our cote- oppottimities for new schoob ot training progranrne5 will be Xtivdy explored. 6. Suppty Chain Management A key dement of the social entetpzise initiativ4 review of supply chain remai￿ * key areA of focus for oPporti￿ltieS in the con]ing year. 7. Advocacy Exceed remain$ committed to this fimdament21 objective and ts active iti matty areas to advocate fot Pttgons with dis2biiitie$ living in poverry vkno cannot acces$ the most basAe service8. Exceed continue$ to acuvdy seek fimang opp0tll￿ltse$ and neWPA￿et9￿ips. The work of Exceed Research Network continues to present major opportiu)ities foz meeiing the qiesearch. objective of our long-term s￿81¢ pjan. Mote paruiets are being added re￿larty to EBN with number of notable successes iti research with several ojrtentty undet %tive consideTrtioTh The UK Management Team are dosdy monitoring the progress of the Covid pandernit and will iDiti#te fiJrther EornJ21 $tr2teBiC planning at the earliest teajistic oppottunity. St8temett¢ of di$clo$utr of ltsfotmatiott to aydltoty So far #s ead] of the ¢wstee$ #t the date of approval of these financial statements AS aFAr& theff 18 no rdevant audit of which the group's auditor5 are unaware, and they have thken gll the steps that they ought to have taken as directots in ordet to nllke themselve5 awate of any rdevant udit information and to estabjish that the group's auditors are avnre OE that infonnation. Independent AudltOZ8 The auditor, Grant Thotttton. will be proposed fot reappointtwi¢ An accordance with section 485 of the Comp8ni¢$ Art 2(Xla otdet of the Da￿d BooD¢ TTU8tee D¥t¢ 12 December 2022 -16-

Excaed Worldwldo Directors, tesponsibilities statement for the fin4ll¢ial year ended 31 Match 2022 The Directors Are responsible for pr financial statements in ￿¢0£dance WA the Stratcgic Repot4 Ditectols Report and the conso]idted able law and r￿￿tIO[￿. Compny zequires the dirfftots to ptepare fmancial statemenrs for each financial year. Under that law the dtrectots have dected to Kingdom Accountin8 St3n Lrepare the financial ststements in accotdance with appkncable law and Ututed Financial Repotting stand￿ 102 ted Kin8dom Generally Accepted Accounting Practtce). indudin e F￿￿￿al Repottiti8 Stttdard a pIl￿ble in the UK andRepublic o Irel￿d, Undet company ]aw. the directors must not ap rove the ancial stAtements unless they Are 8tisfied that they give * true and fair view OE the $tate olAffaits of the company Ind Group of the profit or108s OE the Gtoup Eor that petiod. In preparing theje fin8ncio1 statements, the ditecton lte t4uired t dect 8UAtble Accounting poiiae$ for the Gzoup'• atytemente and then apply them eon$i$t¢ntLy' m•ke judgements and eotimAte4 thxt are ttz•on#ble 2nd ptuden¢ sthte whether •pplic8ble UK Accountyng StandArd5 have been followe4 subject to gny matezi81 d¢porbJre8 disclosed and explained in the fiThAnaal statcmenti. prepare the financial statements on the 80in8 concern ba$xJ unlejj it 18 inppn)priAte to presume that the Gtoup wiu coniinue in bu8ineii. The director8 Are re$pon8ible fot k in8 adequate accountin8 tecoxds thAt lte sufficient to Show #nd lain the compin '3 trAnsactions an 03e with teasonable accurncy at any time the financial Position the company An the Gtoup And to enabl¢ them to ensure that the fthAnrial s¢atem¢nts rom Companies Act 2006, They Are al80 res onsible for safe8urdin8 the assets of the company an roup And hence for tktn8 reason•ble step$ or the prevention gnd detecuon of frgud and other irre￿1￿riticB. This report WA8 approved by the board And si8ned on its behalf. d Boon¢ Dir¢¢tot Dte 12 December 2022 -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 2022, 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-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’ 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 charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the Trustees’ Report and the Directors’ Report included within the Trustees’ 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity 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, that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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)

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

This report is made solely to the company’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 company’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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

HO

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

Grant Thornton

Chartered Accountants & Statutory Auditors Dublin

Date: 12 December 2022

-21 -

Exceed Worldwide

Consolidated statement of financial activities

for the financial year ended 31 March 2022

Restricted
funds		 Unrestricted
funds		 Total 2022 Restricted
funds		 Unrestricted
funds		 Total 2021
Note £ £ £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary income 4 1,449,706 439,794 1,889,500 1,160,118 504,037 1,664,155
Activities for generating funds
Commercial income 4 - 454,982 454,982 - 736,673 736,673
Other income 4 - 1,993 1,993 - 122 122
Investment income - 4 4 - 10 10
1,449,706 896,773 2,346,479 1,160,118 1,240,842 2,400,960
Incoming resources from charitable activities
Management fees frompartner organisations 4 - 149,335 149,335 - 127,931 127,931
- 149,335 149,335 - 127,931 127,931
Total incoming resources 1,449,706 1,046,108 2,495,814 1,160,118 1,368,773 2,528,891
Resources expended
Raising funds
Expenditure relating to fundraising 5 - 26,249 26,249 - 19,263 19,263
Expenditure relatingto commercial activity 5 - 552,122 552,122 - 739,475 739,475
- 578,371 578,371 - 758,738 758,738
Charitable activities
Charitable activities 5 921,572 635,559 1,557,131 1,189,137 364,119 1,553,256
Total resources expended 921,572 1,213,930 2,135,502 1,189,137 1,122,857 2,311,994
Net incoming/(outgoing) resources before other
recognisedgains and losses		 528,134 (167,822) 360,312 (29,019) 245,916 216,897
Other recognised gains and losses
Currencytranslation differences 18 - 35,506 35,506 - (42,900) (42,900)
Net movement in funds 528,134 (132,316) 395,818 (29,019) 203,016 173,997
Total funds brought forward 25,412 605,630 631,042 54,431 402,614 457,045
Total funds carried forward 553,546 473,314 1,026,860 25,412 605,630 631,042

All amounts relate to continuing operations.

The notes on pages 26 to 42 form part of these financial statements.

-22 -

Exceod Worldwlde Consolidated and Compatly statement of financial Position A# at 31 ms￿h 2022 Group 2022 C¢ynpany 2022 2021 2021 Noie Fixed •s$ets Tangible assets tnvestments Totsls fixed assets Cuttent a8Rt• Stock DebtorB Csh at bank and in hand Total current a81et• Creditors.. (allin due WAthin ¢￿e Net eurrent a88ets Total aooet8 le88 curreiit liAbilitle8 Creditors.. follin due after one Net 8•ets io li 11924 16?73 12,924 270,001 282.925 16,373 270,001 286.374 924 16.373 12 13 55.573 336,171 60.567 293,202 722 068 65&664 1,075,837 1298,727 55 308 733 09 767 104 1026J02 1162 233 783 477 09 27 135 73 152435 95 73 631042 133,829 117,150 739,099 215 090 14 810 383 107 435 70 15 IAKome fvnd8 Unre8tticted Restricted Total chari 18 19 473J14 553 605.630 660.308 677,536 nd• 631042 70 948 The Group has de¢ted to tke the exemption under 8ection 408 of the Companies Act 2(K)6 not to the Comp•nl$ 8tatement of fiftat)a￿ activitie8. The net movanent in fimdo of the Company fot was an incmse of £510,906 (2021.. £244,549) re$ent e year The financial statements were Apptoved by Board and si8ned on its behalf on: 12 Oecernber 2022 Si8ned on behalf of the board. David Boone Trn8te¢ Regloteted oumlxt: 02807200 The notes on p#g8 26 to 42 fonn patt of these finAn¢iai 5tAtements. -23-

Exceed Worldwide

Consolidated statement of cash flows

As at 31 March 2022

2022 2021
Note £ £
Net cash used in operating activities 21 545,765 164,601
Cash flows (used in)/from financing activities
Proceeds from bank loans - 50,000
Repayment of bank loans (2,913) -
Net cash(outflow)/inflow from financing activities (2,913) 50,000
Increase in cash and cash equivalents in the financial year 542,852 214,601
Cash and cash equivalents at the beginning of theyear 722,068 507,467
Cash and cash equivalents at the end of theyear 1,264,920 722,068
Cash and cash equivalents at the end of the year
comprise of
Cash at bank and in hand 1,264,920 722,068

The notes on pages 26 to 42 form part of these financial statements.

-24 -

Exceed Worldwide

Consolidated analysis of net cash

As at 31 March 2022

At the
start of		 Cash At end of
year year
£ £ £
Cash 722,068 542,852 1,264,920
Loans falling due within one year (5,000) (2,087) (7,087)
Loans fallingdue after more than oneyear (45,000) 5,000 (40,000)
Total 672,068 545,765 1,217,833

The notes on pages 26 to 42 form part of these financial statements.

-25 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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 2022.

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 2022.

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.

-26 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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

The trustees are confident 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 have recently signed an agreement with The Nippon Foundation, in which The Nippon Foundation commit to support the partner organisation in Myanmar until 2024. The school in Cambodia had a very successful recruitment drive for international students for 2022 and we anticipate further successful recruitment for 2023.

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 income 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 ‘Other comprehensive income’.

-27 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

Accounting policies (continued)

Foreign currency (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.

-28 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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.

-29 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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 profit and loss account. 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 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.

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.

-30 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

Accounting policies (continued)

Financial instruments (continued)

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

Unrestricted 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 Trustee’s 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.

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.

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Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

Critical accounting judgements and estimation uncertainty (continued)

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.

4. Incoming resources

Restricted Unrestricted Total
funds 2022 funds 2022 2022
£ £ £
Voluntary income
Fundraisingandpublicity 1,449,706 439,794 1,889,500
Total income relating to fundraising 1,449,706 439,794 1,889,500
Activities for generating funds
Commercial income - 454,982 454,982
Other income - 1,993 1,993
Investment income - 4 4
Total income fromgenerating funds - 456,979 456,979
Management fees frompartner organisations - 149,335 149,335
Total incoming resources 1,449,706 1,046,108 2,495,814
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

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Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

5. Resources expended

Restricted
funds
2022		 Unrestricted
funds 2022		 Total 2022
£ £ £
Raising funds
Support costs (note 6) - 25,969 25,969
Fundraisingandpublicity - 280 280
Total expenditure relating to fundraising - 26,249 26,249
Charitable activities
Field staff 534,630 246,702 781,332
Field expenses - 190,878 190,878
Field equipment and buildings - 7,047 7,047
Travel 3,372 3,485 6,858
Materials 2,110 49,177 51,287
Development support costs (note 6) - 42,122 42,122
Other support costs (note 6) - 76,863 76,863
Grant expenditure (grants paid to partner organisations) 381,460 - 381,460
Auditor’s remuneration - 14,869 14,869
Governance costs - 4,416 4,416
Total charitable activities 921,572 635,559 1,557,131
Expenditure relatingto commercial activity - 552,122 552,122
Total resources expended 921,572 1,213,930 2,135,502
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

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Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

6. Support costs

Charitable Fundraising Fundraising Total
activities & publicity Development 2022
Unrestricted £ £ £ £
Employee costs 63,387 25,355 38,033 126,775
Depreciation - - 3,449 3,449
Postage and printing 1,815 518 259 2,592
Travel 477 95 381 953
Financial costs 690 - - 690
Professional fees 10,495 - - 10,495
76,864 25,968 42,122 144,954
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
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
7.
Employee information
Group Company
2022
2021		 2022 2021
£ £ £ £
Staff costs
Wages and salaries 470,254
425,252		 239,090 274,031
Partner project employees 511,801
454,748		 511,801 454,748
Social security costs 24,810
23,207		 6,723 8,234
Pension costs 4,062
3,834		 - 347
1,010,927
907,041		 757,614 737,360

The average number of persons employed during the year was:

Group Group Company Company
2022 2021 2022 2021
Number Number Number Number
Administrative 5 3 4 3
Direct charitable staff 67 69 62 69
Commercial staff 13 15 - -
85 87 66 72

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Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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 (2021: Nil), no employee in the banding of £70,000-£80,000 (2021: Nil), no employee in the banding of £80,000-£90,000 (2021: Nil) and one employee in the banding of £90,000£100,000 (2021: 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
2022 2021 2022 2021
£ £ £ £
Salaries and other short-term benefits 256,702 243,956 97,559 109,239
Pension costs 3,620 3,424 - 347
260,322 247,380 97,559 109,586

8. Trustee / director remuneration

The trustees received no emoluments during the year (2021: £Nil). There were no travel expenses reimbursed to the board of trustees during the year (2021: £Nil). Trustees’ indemnity insurance has been purchased by the Group at a cost of £6,403 (2021: £1,921).

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

2022 2021
£ £
This stated after charging:
Wages and salaries 982,055 880,000
Social security costs 24,810 23,207
Pension costs 4,062 3,834
Staff costs 1,010,927 907,041
Depreciation 3,449 3,705
Fees payable to the group’s auditors for the audit of group financial 13,250 12,750
statements
Feespayable to thegroup’s auditors for the audit of subsidiarycompanies 5,500 5,250

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Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

10. Tangible assets

Buildings
Workshop
equipment
IT & office
equipment
Fixtures
& fittings
Group
£
£
£
£		 Total
£
Cost
At 1 April 2021
1,021,669
20,683
3,374
8,615		 1,054,341
At 31 March 2022
1,021,669
20,683
3,374
8,615		 1,054,341
Accumulated depreciation
At 1 April 2021
1,015,969
10,271
3,113
8,615
Charge for theyear
1,135
2,053
261
-		 1,037,968
3,449
At 31 March 2022
1,017,104
12,324
3,374
8,615		 1,041,417
Net book value
At 31 March 2022
4,565
8,359
-
-		 12,924
At 1 April 2021
5,700
10,412
261
-		 16,373
Buildings
Workshop
equipment
IT & office
equipment
Fixtures
& fittings
Company
£
£
£
£		 Total
£
At 1 April 2021
1,021,669
20,683
3,374
8,615		 1,054,341
At 31 March 2022
1,021,669
20,683
3,374
8,615		 1,054,341
Accumulated depreciation
At 1 April 2021
1,015,969
10,271
3,113
8,615
Charge for theyear
1,135
2,053
261
-		 1,037,968
3,449
At 31 March 2022
1,017,104
12,324
3,374
8,615		 1,041,417
Net book value
At 31 March 2022
4,565
8,359
-
-		 12,924
At 1 April 2021
5,700
10,412
261
-		 16,373

-36 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

11. Investments

11.
Investments
Investments in
subsidiaries
Company £
Cost and net book value
At 1 April 2021 270,001
At 31 March 2022 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
2022 2021 2022 2021
£ £ £ £
Goods for resale 55,573 60,567 - -

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

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Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2022

13. Debtors

Group Company Company
2022 2021 2022 2021
£ £ £ £
Trade debtors 155,515 134,375 - -
Other debtors 57,551 117,418 44,434 83,357
Amounts owed by group undertakings - - 16,580 -
Prepayments 123,105 41,409 72,815 33,793
336,171 293,202 133,829 117,150

An impairment loss of £3,316 (2021: £9,444) 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
2022 2021 2022 2021
£ £ £ £
Trade creditors 87,307 115,117 6,404 18,899
Amounts owed to group undertakings - - - 21,736
Other creditors and accruals 412,961 188,616 266,021 174,455
Bank loans(note 16) 7,087 5,000 - -
507,355 308,733 272,425 215,090

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

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

Group Company Company
2022 2021 2022 2021
£ £ £ £
Amounts owed to the NIPPON Foundation 95,373 107,435 95,373 107,435
Bank loans(note 16) 40,000 45,000 - -
135,373 152,435 95,373 107,435
Analysis of the maturity of amounts owed to
the NIPPON Foundation is given below: Group Company
2022 2021 2022 2021
£ £ £ £
Maturity:
In one year or less, or on demand - - - -
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 34,034 46,096 34,034 46,096
95,373 107,435 95,373 107,435

-38 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

16. Bank loans

Group Company
2022 2021 2022 2021
£ £ £ £
Bank loans 47,087 50,000 - -
47,087 50,000 - -
Analysis of the maturity of bank loans is given
below: Group Company
2022 2021 2022 2021
£ £ £ £
Maturity:
In one year or less, or on demand 7,087 5,000 - -
Between one and two years 10,000 10,000 - -
Between two and five years 30,000 30,000 - -
After more than fiveyears - 5,000 - -
47,087 50,000 - -

Bank loan attracts an annual interest of 2.5% and are repayable over the course of 72 months. Bank loan is fully repayable in September 2026.

17. Analysis of net assets between funds

2022 Restricted Unrestricted Total
funds funds funds
Group £ £ £
Tangible fixed assets - 12,924 12,924
Net current assets 553,546 595,763 1,149,309
Creditors: fallingdue after more than oneyear - (135,373) (135,373)
553,546 473,314 1,026,860
2022 Restricted Unrestricted Total
funds funds funds
Company £ £ £
Tangible fixed assets - 12,924 12,924
Investments - 270,001 270,001
Net current assets 553,546 472,756 1,026,302
Creditors: fallingdue after more than oneyear - (95,373) (95,373)
553,546 660,308 1,213,854
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

-39 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

17. Analysis of net assets between funds (continued)

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

18. Unrestricted funds

Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
2021 funds funds funds difference 2022
Group £ £ £ £ £ £
General funds 605,630 1,046,108 (1,213,930) - 35,506 473,314
605,630 1,046,108 (1,213,930) - 35,506 473,314
Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
2021 funds funds funds difference 2022
Company £ £ £ £ £ £
General funds 677,536 591,126 (661,808) - 53,454 660,308
677,536 591,126 (661,808) - 53,454 660,308

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 2021 funds funds funds difference 2022
company £ £ £ £ £ £
MSPO 25,412 1,449,706 (921,572) - - 553,546
25,412 1,449,706 (921,572) - - 553,546

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

-40 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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

2022 2021
Group £ £
Net movement in funds 395,818 173,997
Decrease in stock 4,994 108,370
Increase in debtors (42,969)
 (196,051)
Increase in creditors 184,473 74,580
Depreciation 3,449 3,705
Cash used in operating activities 545,765 164,601

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 £6,403 (2021: £1,921) 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.

-41 -

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2022

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 is no events that have affected the group since the end of the financial year.

-42 -