Exceed Worldwide Financial Statements for tho flnanclal year gnded 31 March 2023 Registered number: 02807200 Charity number. 1032476 Exceed Worldwide Dlrectors ¥nd trustees Mr Daniel Bl(da Mt David Bone Flnan¢¢ Commltte• Mr Dao Bl(th Dt Chtryl Mett•lf Chlef ?xecullvg 0ffi¢8r Mr Catson Hirte Reg18ter￿ Offl 160 c.iry Road tAJrtdoii ECIV 2NX BankÈr# DRn5ke BADk PO Box 183 r)oiiwll Wut Ptlfast Ind•pondgntAudltor8 Thomto Chgtfctd AttouThtsnts & StAbJtory Auditor5 13-18 City Quay DublL"n 2 I￿and Exceed Worldwide Contents Tru8tse8' Annual Report, Incotporallng the Strateglc Report 1-18 Dlrector$' re$ponslbUllles statement 19 Indopondonl audltoP8 ropixt to tho truglees 20-24 Consolldated statement of Ilnanclal a¢￿VItIeS Con8olldated and company Statement of Ilnanelal p￿ItIon Consolldatsd statement of cash flows Consolldated analy•l8 of net ¢•8h Not88 io the flnan¢lo1 29.44 Exceed World￿de Trnstccs, Annual Repor¢ incorporating the Strategic Report fut the fuuncial yeat ended 31 March 2023 In accordknce with tbe Companies Act %Jh5, tlKJse tesponsibk fot tILe general coottol ond XDanagethettt of fJl c¢ed Worldwide (heTraftcr known as'Exceed? refe[￿ to as ￿1￿C[orS of Exc¢ed'. The D1￿CtorS of Exceed are 3150 trfetted to a5'Cl￿lry Tn￿re£s. and have the ¢knrie5 #nd tcsponsibiiitie5 that cotnc w%th a of tLU5t. Fot the ￿￿pOse& of thi5 S￿teMen( the terffl5 °fmstces' and'Directors' Are lllterch8og￿ble. The Tm5tees uf F￿, cced are pleased to present theit DAteciors' Ecport tO8ether with the audited toj￿)lidaced finanaal st21ements of tbe clJAll(y and its subsidi￿leS frjr the year cnded 31 March 20￿. vhich are also prqured to meet the requi￿[tients for a Directots. report (mdudiog their Strategic reptht) And Ftsjancial siAteAient5 for Companhes Act puwses. TIIL fjiiaticial staternents coinply with dic Compantts Act JMI4, C.hariu¢s Act 2)1 I, tlle Memoratxduin and AtULles oFJkswiatiort, and Accounting and Reporti￿ by ch2riii¢.s.. Ststetntnt of Recon]¥n¢nded Practice appli¢#ble ro chvitits pr¢pAring their fingrtcial stAtements in acco￿2￿Ce witii tbe Financial Reporting Standard applicable in th¢ UK and Republie of Itdand (FRS 102). Chaitman*8 Report In the pist yvdr. the Boltd of Tru5tccs for Exc¢ed Worldwide have endcwoured ro build positive momentum for growth corning out of the challeng¢$ posed by COVID-19 lockdoivn$ (hat conunued welL irtio the f15cal year, in Addjtion to (h¢ fLrt%octhl cti5is in Su lAnka #nd i)ngoinE poiiucal 5triFe Myanmar. both of ivhich had dixecr effect OD iJl)erations. Flowever, tlie $trong work of the 1￿]XcCed Ststf hA8 re8ultcd in the otg#tiisation that tem8in$ a going concem despitr all of the ¢hgUen8E5 hccd. I cen hAppily report thc coniinued improvemcni itx the c9511 rescLV¢ Position of thc organisation. wliich h25 been MI￿taIrted Eor conting¢txcy spending 8nd to en5Utc our al)iiity to propcdy wind up oi?r biisincss ohligAUOn$ should lhete be a cAta$trophic ttbrn in OLir fittaELcial posillo￿ Wc have mgintained, and Ar¢ projected to maifttain adequxte ￿SC￿e bal*n¢e An line witli the amount approved pmtiously by the B(Yard oETw$tees. Most ilnportintly, the cott futthg from Nippon Poud*tion Foi paLO educarion lor MY9￿￿*r ha5 bcen Inaintained througb the tffective management of diat key telatiotishkp by our C-hief Extcutiye. Quick Action iti thAt cri515 h*$ cnttbled Excccd to continue training OF Myxnmai students at the school i Camb(Klia maintain thr key ￿venUC str￿M thAt along with tlkat. ￿le are emerginy. fN>tti the dtlcterious impAcLS of COVID_1(). pts)bably the most seYLte of whLcb wetr. nn F.xcccd ctfoi15 111 Martila. H￿vey¢r, R new hospÈt¥l 5etyir contrAcr thete ptovidcs iKye that the Elow of paiietxts through thc clinic will iecovcr to i)ut pte.paf￿ttlljc g￿ty[b Uajec￿Xy. Sri tAttka opetatiOn5 •te 2180 on a thore norKnal trading basis a￿1n. Furthcr dtve.tsifit3tioJJ 2nd increase in Exceed Woddwlde rcyenue WAS aCCOtllplishcd thtou£h successFulLy landl￿ latgc donations Erom tbe Sir Bobby Chadton Foundatiort (U￿, alld Beast Phi18ntlxD)py GJ8. Thcit succes5 is a reflectK¥n of the tsetncaduus Lryutation for good ivoKk5 atkd CDmpeteng tILit t1￿ 5Thff of r.xcced Ivorldwide hAveen8endered thtvugh ycArs oFsoltd iv0￿. Exceed Worldwide Trustees, Annual Report, incorporating the Strategic Rcport for the financial yeat ended 31 Match 202) Chatrman'8 Report (continued) 'Ihe OTganis2tion ha5 also been able to ￿ts¥t Forward with irtiiiaiiYe5 For #dth"tsonal 511PI)urt both the Austra]iao D¢yartJnent oFFoteign Assi5tsact andTTrdt the US Dcvdopment CoxpoTrtiOtt that together ivc)uld account for nvady IJS$4 milh.oo of supprt over a Eew-yeais iiwdine. These a 5ttstegic govermD¢nt xtivestmeots thAi take maoy ￿onthS to come ts) fmiiion aThd are dsffiLiJlt to predic but thcre ￿￿AinS POSiUvc inoyemcnt ajid the (onnfil award from at least the Aijstslllian initiative 15 thought to be irwuinenL 'lhe Chief L&euiiiYe wiu rq￿tt ott rhe detsiis of tbe5e dcvdopments. but cach cart be deci)Iy SiEnific*nt fur wntirtued ￿￿ttive charLge5 for the otganisation. To thai end, local staff tt2itixiig and engAgemeTrt continue apace with thc new opportlli)ities pEesd)ted io ensure that the workforce AS mouvated and positi(mcd to profit Frotn the bcnefjts r￿S￿l￿g. Finally, we h•ve revitali5ed the Aineri£>n Ftiends of E¥cttd charitablc or£AOiSAtioa in th¢ USA a5 a vchicle for 501iataUOt) of charitable donations ivith tAX bcaefits foE itmlividual dunors WILO ¢oniinue to be dcvdo￿d by the Chgimun. Tlie l)oatd OF INste¢s ivdcvmes Mr. Stephetj ljlatchfotd, wlM)sc industry ¢xpe.tiencc tti prosthetic$ ind orthotic5 Ivxll provide I￿V￿Ulb1t contributioris (o U1￿ lo￿ raty dcvelopmenr 2oals to reach million5 mnre uscrs oExssisriYe deviccs irt lthv ar￿ middle incomc coutstcies. It $hould be noted (hat Following the previoii$ly 8rAtcd ivAshes of the Boatd of TnJst• Mi. Davmt Wil¥￿) hqs now Ixen otyered a full-timc posiuorL 28 ChicfFin#ncial Otrm. We, as a boa¢d have bencfited greAtly ftom the di]igence and ¢ortiinued ha￿ woth of the oryai)iSAtion Execurive and Staff Mefftbers worldwtde. Exceed WoAdwide has tt)gintained a trgjeciory o(prop.re5s (or maintfÈining fidi atA transpatcnt collwiuttication with the Floard of Tnisiees. and fot the cxtremc efforts made tts ensure thar the orgAnisAtion h9$ siayed vt¥ble aLxi prrxlu¢tyv¢ through041t thesc uying times. We look foThv2rd to ihc 30th year of Ex¢¢¢d with griyt *nticip*Uon in ￿tther￿nCc of th¢ FuDJie of tlie 0￿￿15*¢10￿. Objective8 And Activide6 Exceed operates Countri￿ where access to P&() servirc5 ts iimitcd or unav2iIable. ftht#blislicd in Cambodia ffin 1989, we have eXpttd￿ to esrabbsh intemationally ￿ct￿lited training schools and hkgh 4￿11ry scThAce5 in a number of ¢outttries in the reBiOn induding Sti lodtsnesia. the Philippine8 alld hly%fullAr. The sch(x)Js iti Sri tAtth#, lidonesia are All now under locAI manxgetnent. Exca maiAtaios an actiye nmnagemcnt 5UPtM)rt role witl) the school cltnics in Carnb(Kli2. Our beneficx2ries includc people ivith di%Abtlities ivho Amongst tbe pwre8t of d* poor. In Lountsies of 0￿ratiOn, ijcoplc WAth disabib(itt 8re ￿utindY matgin#ltsed oftcTh excludcd fr()tn education, training And employment Opl￿t￿￿ties. It is oftcn llot Possible FOE persons WAth disAbi]itie5 to Access ot py For serYic¢s so eath ￿lInIng 5dwlittdudc5 A fiEc4>r-cha￿C physical rebabdi￿tioll cetttre. Ex¢eed Worldwide Ttustccs, Annu￿ Repor¢ incotporating the Strategic Report for the fEtYdncAalyvat ended 31 Match 2023 Objectives aftd ActiYAtie8 (contioued) Liinbodia also tsperates two phy5icaL ￿h￿bIlitatIOn c]inics l(Kated in ptovÉJ)CCS 50uih and notth of the apiial. Èxcccd focu8es on equal lights for the oiost disadvArtr2ged of soaery so ive P2tucttIA Ststve to en5w¢ that womeo and childten wtth disabiliiies have equ￿ accc5S to our services Rnd to all educ8tion, and eJnpk)yment opportuoities. We akn seek to employ api)mptixJtely qualif￿1 pcuple wAth di5alJslities as Ivtll as ofEu traini￿ opw>rtunitiC5 on our ioteroatiottAIIy 2ccredited tr￿11￿ COUTses to those meeung the couxx eutry t4Uirenienl& The objecuves ofthe Tm8t as Sct out Ati the Mero0randu￿ ¥tsd Articles of Awci21ion in the yeAi under Lrview wcrL to bting relicf tn the wr of Camly)dia whether 5u& trjief be for their i?hy8AcftI. mcatal or spiriw21 ivelfxte. ro proniotc and #dwdnce the edur•tion of the 8et*rnl wblic in all arcas coThcernin8 the ¢oufttry aiid p¢uple of CamEKdix' to bting Kdief tts $u¢h other country or countrse5 which may have similar need$ to tlM>se cuttendy existing in Cambodia and to ediLCAte the public ryarding such t￿lI11r1e$. .4¥ceed Worldivide worked in p2rtner5bip ivAth'll)t Nippoo F(￿nd￿￿On to devclop the 2tl)18ts¥tegic ljlall for the Esrabbslunent of Sch{￿1$ of Prosihetics snd Orthotics in South Ea¥t ASSA. Folloiving the h9ndoveL of r]i¢ Exceed sch£x)Is in Sti Lank* (2015) #od Indone5i* (20181, Exceed cnntinued ro work in partnership with the school in the Philippiiie$ uniil April 2021 wben it 2]50 successfully reverted to fiju local managetuent. Foiluwing x tniiit*ry coup in February 2021. fxce to f#¢e ￿￿ChIng at thc school in Myanmar was SU$￿Trded and tlie itLtemxuonal teachu¥ 5tatTbad to Icave the country. Over # PeLiod of many months in 2Q2112022, work was undettsken to facili¢a¢e the direci tr¥nsfer of the Myanmar 8ttJdents over to the School in C#mbdiA. lliis effort involved 5iyfi(•nt negotiatsOI)$ ftt ihe hiEhe5t leyd #nd ultimardy resulted in rcpicserttsuons made to ihe Clmbodion Pritne ￿"n[Ster b), the Ch#srman of the Nippon l.oundHtion- hlr Yohei Sasakaiwa- en2blc th03e $¢udents who wanted to continue thei pr03thetiCS orthotics educ8u()n to trdn5fei over to contioue thtir Sts￿leS in C4thbodia. Exceed Worldividc vision És to create pos5ibiiities. exceed expectytirjns 2nd a ￿t￿le widiout ]imits. Wt work iij pArtne￿bIp8 to dciKYet bigh 9￿￿1￿. sustsI￿bit servffices that equip. etLable and etnpower Pers￿ with disabilities. 'tSe pwmme Ofw0￿ indudes: Education: Exceed Worldwide i% * wodd leAdcr ptosthcucs and orthotics ￿0) tr4ining having cstab]ished fiye PO sclKX)Is ia &)uth alld South FA5t Asia ss wdl as paitnerittg in the estabiishment of tlLe PO school I￿￿d in hl8bidol Uniyusily. Ba￿kOk. Of die fiyc Lxceed sch¢x>ls estsblisELed since 1994, four (&wlxKlia, Sti IAokA. ljidonesia Aftd the Philii)pines) hAve ¥lready bcen handrd over to full l(ul n)anA8ewent. Clinic8: Throi]gh our netwk of clinics CamiKKlia we provide high qtsality, [￿¢ P&0 setyices. Each xhot>l ittcludes 3 dinit providjng free 5uvices to i)ersons ivith disabilttics whete year students wotk with ex￿[le[leed dini¢i20S 35 p8rt oEtheii inrernship. Our ivoik in Cambodi# also include5 two Pxoyincial cjinics-in SihAnoukFille 2nd K￿llPOng Chhttang- ptt¥vIdll￿ both cenLte.ba5ed and comtnunity.based services. Exceed World￿lde Trustees, Annual ReporL incorporating thc Strategic Report fot the finallcialyeat ￿l￿ed 31 Match 2023 Objectives Activitie8 (continue F.xceed S(Kial Llitetpxises {tLSE) cstabJi5hed a ststtd-210tt4 piivate. fee-VAYI￿ clinic ilk 2015 ptoviding PO dcvices using ffllonRcd lockdoivtJ8 and trRvel restrtction$ in bnth coutL(ries, dienis ivere uttgble to travel to thc clinics ind sAlcs of devices drnppcd drslln*licaily. Drop trt demind for plastics or ¢ompnen¢s used in m2nufacturc ￿$0 seve￿Y Atnp8cted rhe perf0m#￿t$ of each c]inie. Ivbik recovery has been $omthvhfit 51owet thaji had been gnticiplted ihe fArst signs ofsinproved dungnd xts both 5CIVittS nd supply aDd disttibiition aKc cvrfent We antritydte 8igniGcaot ittv¢stment into Exceed &Kial Ent¢tpiise IAmited in rlie near htu The purpose of this is to gtmv th"Is business and 10 incn>5¢ fill2x)ctsl siipport for the charitsble 8CtiVities of Exceed Worldwidc titnited This AS Ltfellcd to fuxthcr, later in thi¥ rey)rt. Advocacy: Exceed Worklwide miL8 of evcry opprtutiity to womote and encoutsEe integration of di5abAIity ffis5ues and cqual rights. From Ilic CBR {C.oIn￿UU1ry Based Rchgbilitatign) teAms VOEkiDg at iun)n]untty I￿￿tI to particAFAUoll high.lcvd mectill8s at thc Ujjited Natioiis, World Health Orgottis2ti0n ajd Wodd Congre55 tttttings of the In¢cm2tional Sticiety of ProsthcUt$ nd Orthotics QSPO) atnoJJg ot1￿ls. S¢DiOt Exceed pet50llttel are frequendy irtvited to F4rti(iPaLe sn P￿feSSi￿MeCtiw as kcy Aote spe2kcr5 Ot eng2ge in action-￿se￿￿￿ projects. Research: applied teseatch. researcb yArtnuslups alld person.centsEd dc5ign play a central rok sii the d￿lOPMent and of Exceed pro8Jatt]me5 god Se￿iCe5 foi. ￿￿0￿5 wstli di8abllitie& The Cambodia are direcdy ittvdved in multiple projects initiated by Iitiivexsities who ate rnetnbets of the ExcLrd Researc]? Netwo Exceed Worldwide Trustees, Annual Report, incorporating the Strategic Report fot t1￿ fitsattcialyeat ended 31 Match ￿15 Objectives AetivirieB (coolittu Exceed Re8eartb NeThvotk- ERN is iAtetnational multi4liscÈplinary. cross41ssriplinary and ctoss-sectur Eesearch consortium gxoup founded by Exceed An 2015. This globat Ne(wodi involves uiiiver8itic5. NGOS 3nd biisAt]esses #nd its membets incknde etnxnent ieseaLrheT5 and ptactitioners. wAth a wide Eange of re5Cat(b ioietests. uniied by comtnon gitThs - cattying out Iwgh quahty research on di5abiJLty aod P&0 iswcs, devdopitig rtseaLrh capacity in I￿V aod tniddle- incotne coiintsie5 (T￿lL5) Ind diss￿ningtillg ttse2rth tesuli& fiRN Focu￿5 on applied itsearch and ivork complered tndudes the development of ￿￿v. lthv.eost p£ostlLeti£ devicc5: the use of IT to itiipts)vt and increasc acces5 to P&0 servires. the YIn￿£t of p&0 dtsFAce5 on thc qualiry of life oFP&O seLViCC uses 2nd work to Mlelltify *tMI a(IdtC58 mentThl health issue5 gmong pet50n with Supply Chain- Tunely supply of quality components is key to the work of Exceed and otlicL provider5 vf prosthetic ottliotic IPO) services in our coutstiies of opcration beyond. We IJAVC enlertd into exclusrve distrihijuon #greemeftts with a iiutDbei of giobal Suppliers of PO mfitetiÈls and tonipoaents thAt cnable us lo rncct the ￿llIg demand For the wider Lyty of kn'gh technolo8y I)0 devices #vaiiablc. Development ofihis supply chain cThsures that F.xceed can ptovide 8ecufc and (girly pticed 50urcts of qu•iity materi81$ #nd componcnts foi 8etvicc providcrs in th¢ ttgxoJL Communlty: F￿usIng on projects that dirtcdy Idd￿55 POYCtty and the exclusiort ofpeLsnns vith disabl￿11¢$ IPWDs>' refertxl. folloiv actts$ ¢0 educatitin And bus5ne5s funding Ate key 28pect5 of our con)muniry-bAscd rebabilitstion. Giant m4king policy Bxcecd Wotldwide provAdcs grants to its partslet ooatusations iii acco￿artce with its rtsle as the fxci]it#tor of fiin(1s providcd by rhc Nip￿￿ Foundstion. In the fmArtCi21 yeat cAd￿l 31 M*rch X)23> grAnts ioiilling £388,446 P022'. £381,460) were pwd ￿ thcse organisation5. The PArent comwany docs ttot make grdttts to non-PArmer8. Publtc benefAt Ibe trusteL% cottfirnk thai they have ttfc£ttsl to the 8ui&nce contsined in tlxe Chatity Commi$sion'8 general ￿￿danCe ott public benefit ivbcn review1￿ the SJlxceed'5 atms ob1cct1v￿ and in ph[￿￿)g tute activities aExI setting the wttt rnakillgpolicy for the yeAt. Sttiiciute. Govethattce and Man#8ement Exctrd Woddwideis A compttny Imiited by guaThnte¢ gijverncd by its hlemotrdndum and Artidcs of Association dated 22 October 1993. It 15 regis(cred a5 8 chanty with the Chatity Comtni55iott 0[￿￿]￿￿￿d and Ivaleg (Chatity nuthi)cr'. 1032476). or￿n16￿tion xceed Woddwide ts gcjverncd by tlK Boatd oETrustees. The Prf￿rd 15 rc5pnsible for detellnJJiing th pdicits And sttt)tcgic ditcction oEExceed WgAthvide. A]ITrnste£s ore twnbers of Exceed Worldwide but, as there is Jjo shAte trdpktal, none have gny illtuest in Excced WoAdwide as de6ned by the CompaniesAct 2C(J6. Ex¢eed Worldvthle Trustces, Annual Report, incorporating the Strategic Report for the f&n*nciaiy¢at ended 31 MarLh 2￿ Objectlve6 and Activitie6 (continued) Organisatlon (continued) The Board of fxustce5 ￿tel$ xegu]arly gttd ddegate5 the d*￿t￿daY oper2tiOn5 OE Exceed Wotldwide tr) the Chief Execuliye Officer and 2 tczn) of senior officaE. A ttumlxr of d¢¢tsiL)Ds arc te8erved for the Ik>2rd of Ttusttts in liThe its re5pvn&ibihties for. '.nSi￿￿Lg Lxceed Vyorldividt eEFectsvely fuifds its statutory objeciiVCS1 Kenetral Functions and dutic¥ 2nd appropriately exercises the Iyi wbivers vc5tcd iti i( U[￿er tlic Cbaritses, Act 2011 af the CDmpAnies Aci 21M)6. Det￿ID1￿1￿g the overall stratw directtots of Exc¢td World￿Nde and monitoriog the RvAihbA]iry of rcsnuxces. Mt)nitoriAg thc wrfornunce of the Chicf Executive Off*er 2nd his team AIKI holding them to #ccount for the exetcisc of powets 2nd deiivcry WEASE phn$ and Ixjdgcts. Promoiing and ptutectsng Exc¢ed Worldwide'$ I￿SIti()n, v¥lues, integrity, Élll2ge and reputation. and Eiisuring high stsod•d5 of governAnce tbat ¢OlllnlAnd the cOnf￿ent¢ of Excecd Wottdwide's stakclLolders. AII ITUStces givc of their time fr¢¢ly and did not ttctive *rty muncThtion during the year. Dets￿$ OF Tnhstec expense5 and Te]8ied parry trgnsactions art disdoscd iti rtoie 8 and note 24 resEKcUvdy lo the firtartCi21 st8iement5. Tnjstees Aie wiii¥¢d io th"sdose All Lrleyant initrests and register tliem wilh the Chief Executiv¢ off￿£r and in accoNlart¢e with the regu]aLiOllS withdraiv from d¢cisions ivhere rt confiict of interest ArL5e5. Tht Board has estab]islLed a rtllthber of sub-comnuttc¢$ to carry ou¢ a more dcloJed review of thc futLCtiOnS it ts ￿￿K)nsIb￿ for. FlttAnce Committee 'Ibe CKJmmittce rt*¢t forn]ally in advAntt of full zneetyn88. Bthveth fonnRI meetittgs, the cominittet communicAtes proactivdy by IDeins of e-maa ind plM)nc to etwre pttyess is qssured otL key issues. Thc purpose of the comwtLittee is to *dvis¢ the Board #nd Fxecutire ort mgtter5 of fll)ancid itsanAge1￿cTrt and p]anniAg. The function of the cottLtnittec J5 Ptincipxlly an advisoky otLP. #t￿ indudc5 ovet5ight of.. fitJanci*l phntiing and its inte￿u0￿ with the gwup'5 StritC8y biidget 8lld cAsh flow tDan2gerne￿t 5tatytOL7 repoiting and compli#n¢e deir ajkd inteljiy'blc ￿pOr￿n8 to the full B02td U￿¢5S specifically ddegdted by t}￿ Iloatd. ￿pOnS[bIlity For deci5lQt15 IESts with tlic B(AiKI or the Bxtciitive is 9pptoptja￿ Thc cottxtnitite COJDmullic2tcs its deliEmtiotL5 to tbe Board by means of minute5 2nd p￿sent￿tiOnS to the fi)U Bo2td. Exceed Worklwide Trustees, Annual Report, incorporaiing the Strategic Repoit fot the finaneial yeat Cl￿ed 31 March 2023 Objectives aftd Activities (con¢inued) Aud1* Commlttee The trustees of F,xceed Worldwide estab]i5hcd the A￿lt CottJtillttc¢ In Xll9. The ￿nctIOn of tbe comnuttee is ￿ monitot the perfDrn￿AcC of the intcroal aad ¢xtemal audktti￿. revAeiv interJ)Rl financial cuntroL the a￿dit process and ri5k-m#nageineAJt pmc¢s$es. 'rhe comtnittee chaittnAn reports fomxally to the boArd 00 its prwca]itigs alter each meeting on all mallus ivithifk 118 dutie5 Ind ttspM)sibiltiiC5 and also fomxally repoEts to the board on how it ha5 discha4td lis restK>nsibilitie& Membet8 The membcr5hip of Exceed wnpEises the Boord of Trnsircs aihd senior ¥uemtKrs of staff of Exceed Worldwidc in the UK and in uur counuics o(opeKaiion. F4¥tc[￿1Vc eE(oits were made ovcr 5everol yeats to explAin ptomote tht role of members with th¢ ain) of inctCSSiliE of member5 and encovtaging pattitiptsoii iu govctnAnce. Dc5Pite efforts to engagt &ndividua15, mwnbe2Ehip aJTrd it$ rcsi)onsibiliiies remain an #bstslct conccpt atml there has b¢ert no sub5cqueiit iftcrea5e in nutnbers of MeEnbets nor PArkncipatiOn of existing Mejnbers. However. the currcnt m(x4el of guvern#nce ba5 prov&%1 10 bc very effective. The Boird of.[￿ste¢S 8nd senior st#ff work ivdl together and eiigage in open icgujxr COiiUUUnithUnn tlwt ptoYide$ the foundatioii for gocd pbnning and succes$￿1 proRress to the agreed objective$. ollowing the emergcFLLy puiod marked by the Covid ￿tt￿¢M1¢ it will be essen(i*l to xe.e$tsbJi8h the Strong ]ink5 6ettY¢¢n the Board the staff that fa(i]i1gtcd and (Osty￿ the work and the ¢ulttJw of Exceed. Appointm¢nt ofTtU8ttt8 Thc Doard of Tn)slces have the power to appoinl tLCW Trnstees. Any Tntstee 50 aijpointed will l)c subject to clectfon by the mcmber$ at the FoUthviThg Annu81 General Meeiing. According to the Artides of A85ociation. afier R tcmi ofthrcc 2 T￿slee shall retite 2nd bc eljgible for re-clecuon. To mAintain a tThnspaient and It)EicAI PIL￿$ of Tn￿tte TLYtyitmen4 AU aPplI￿tiOnS considercd based on 3election ctiteria in accotdonce wxih rhe operatioitsl guidcltnes. Neiv Ir￿st¢C5 are selected According to organi53tion21 needs idcnti&ed in skdls #udits ca￿lea ou¢ 8t regu]ar interwals by thc Bi)atd of TtU5tees, Potential cAndidates suknnit Cvs that th￿7 tnttsidued b) the Notnination Cotntnitteo 'lbis comtnittee rons&sts of the Cl)Aitper50n oEthe Boatd of Ttusttty plu5 iwo membcrs. Thc co12Jn)It￿C will tCVke4v CVS olpo¢cntial carkdidxtes 2nd 20 intcrview will Ix au8ngryl with the candidA(c alld ￿v0 tmbct5 of thc NO￿l￿ation Cotnrnittee. If the ￿ndIdate is deeffled 5Uitabl4 a recommenda￿)ll will colne From the CA)Ellti]ittec foi appKoval oEthc Board olTntstee8. A suitable undidate inay ￿ fjnvtied to obsetve a Bogrd mcctitig PFior to trAkiiJ8 up any gPPOinttneni. If the appointment proceed5, the nomina(ed person catt joÉn the Boa￿ at any tittie dLiring the yeat a￿￿ thej) ￿ ttcommeuded by the Iloatd of'frnst￿s election by the ttLembcrs at die next AGM. Dutiog the 28th AGM- hdd on Octobet 28. 2022- Dr Jobll Fisk and DK Niattth O￿Oud[C 5tfK)d down aftet 11 yeats 7 yeats ttspcctivdy. Thq did not &tattd EOT rethi(￿. Exceed Worldwide Trnstees, Annual Repor¢ incorporating thc Strategic Report fot tli¢ fix]a￿l21 year ended 31 March 2013 Obi¢ctlve8 and Activitie& (eonllni￿d) Appointhietst of Tru8Lee8 (contiuued) Ail new Board membets were provAded the tnductiort Pack of files ind briefioE meetings were sdduled with man￿•￿ent tea¥n accoAditig to the iductitin pr￿¢$& dcguibe(L Ollowi￿ their init(#l pArticipatioo on thc Boattl. both Sheila Klqu 8nd EJ4itte Boyd 8teppEd down from thc Boatd in August 2023. Ttiigtce indi￿lIon And traitiitsg All ncw'l fustcts aic ptovidtxl with Ao'lnducuots ￿Ck. cowering such toi)ics as legal sta(us a govetDance, stwcThire. or￿n1$0¢10￿ and staEfirg finances. Ex)licy and 8tsaiegy. Inductioji and oJxcntAtion meetillEs wAth nciv'l'rustees arc COI￿￿cled by the Chief E¥ecutAv¢ Officer and othct rnetnbets ofthc UK Maoagemcni 1.eam ivheLeby they ivdl provided with the finaaciai oyrtiSAtioftal detsits to et]able thejn to tully ¢n￿age wirh flje work of Excccd. In Iddition. new Tw5tees a￿ encouraged to engagc ivith BoArd acuvities #nd visit on¢ of the project countrie5 dutiti¥ their Fiist yeat 1$ * Twsi¢L Due to trAvel con5tr4intS Associxled with the p8ndeJnic, travel to ils& iva8 restrhcrcd. l.luwevet, with the ge[￿1 ￿CoVery ptocess Acuvely undenwAy, the Exceed B￿Ard Cknii Yi5iied Camwia in M*r¢h 2tr23 #nd other Trustecs be t1￿u￿Aged to Vi3iL As permiiied by the Amicks of Associaiion. the Tm$¢¢es have the berkfii of indemrtity. Ivlllck is * qualifyinb third parry indcinniiy pmvi¥ion as defincd by Scction 234 of dje Companies Act 2006. 1Iic TN5tee indemoiry was in place thiou%bout the l*sl fthancial year ind vp to the dli te of si￿1[18 tlxe fthancifil ststements. Reference Artd %dmini¥t¢*tirpn det&4i18 Details of the registered of6ce. ADdependcDt advis()r8 Ind other relevant infom4tion are giv¢n on the rcfetthce Arnd Administrative infotm¥tiott pdge. Achiev¢ment8 and i)erformance Cuinbodi¥ The C21nbodi#n Schryil (yEProstheiiC5 Orthotics ((SPO) ts now knowtL gs the Dqydrtrnent of P£osthetics and Orthotir5 (DPO) of the r,acu]ty of Pmstheiic Ortbotic Engineejing of thc Natioml Insutute of Social Aft2irs (NISA)- I)PO providcs intetnationfLIIy 2CCttdtted q￿1]1[]￿111Trll frojn the 1ntcmwtlon￿ Socieiy of PE05tlJcUrs and Qrthoucs. Training in Pt05thetics and OrtliotiCS to Catt)IxMlian nHtioJL915 ￿Mat￿5 a priority h￿veye￿, tbe schnnl Rlso wdcomcs fee-payitig $l￿dents frotn all ovcr the South Èast A&a/Asix P*tifJc Icsyott. Students Fram North Korea, Afri￿ and the fvfjddle East, gmong otheEs haiFe also avai]ed of tht ttalljitig at DPU. 'I'hc school remAi115 one oFthc only institutions fAtnb(Klia hosiing intemational stt]dent5. Ollr three phy¥irxl tehabi]itrAtioo cuJttr5 in Phnom Pcnh, Kampong Som KAmpong Chhn#n8 coatinue to PrOv￿e a ivide ra￿ of physical xchablttstioo Services, Irtt of cbargej to persons iviih di5abitities. ￿ceed a150 Partnrt5 other organ$59ti01ts to faahtAit ￿Etr[￿lS as ncres5#ry Eoi tbose who have 2Lee& Trot setyed by f•%ceed. Exceed Worldwtde Trustees, Annual Report, incorporating the Strategic Report for the fin#ncia] ye￿t ended 31 March 2021 Achievements and perfotmanee {contitiue C￿}YOd￿￿ [contihu¢d) Thc Interoatio￿l Solxety oFPmstheti¢s alld Orthutics USPO) i5 the goVerDI￿ Imxly of the P￿feSsiOn of P¥asthcUcs and Orthotics. ISPO Ixosts 3 WoAd Congress every hvo yrats to Set stand2rd5. FaciIitate exchAnge of infomiation. pEogtes5 the profession It￿ provide a forntii fw setvice providers 2nd tt12nufactutcts to meet. The 11lSt ISPO Wodd Congress t(y)k place. in CJiiadalajRia. Mexico in Aprit 2023. l)ue to Costs and prAcucAI diffi￿alle5 cxpeoenced by Catnbdiaa nAtionals IKinE able to obrain 2 visa to cntet Mcxico only hvo metubets oFE¥cetd- Carson Flarte Aod Klxen8 Sisary- Ivere able to Attend. ISPO ithtcn)%tional standards ivttt re-nltned.. A ProfeB8ional Pn]&tlieii8t Otthoti8t is a graduate of a Professionfil PtoSd￿tiC and Orthoti Ptugtamn)c. 'I'his caiegw used to be known 415 ISPO Category l. Ali A860cigie Pro8thttiBt Otthuil$t is a goduate of an A55UUatc PTosth¢uc Ordiotic }?Ti¥ratnme. 'lliis cAtegory used 10 be kftthvn as ISIY) Category 2. Thc C.an)lJodian school- DPO- is an Ass¢Kiatc Prosrheuc Orthotic PAogramme. A Pr06th¢tic Orthotic Teclinician is a graduate of a I)rOst￿l£ Ortbouc Technician l>r()Ltrattune. 'Ilus rfiiegory used io be known as L8PO Caiegory 3. DPO host8 thc Associate Ptt)$ihettc Orthotic PTh)graiTllne (pteviov$ly CAtcgory 2) and thc re12tively new Ptosthetic Ortholic I'ethnician (pteyiously Cir¢gory 3} training programme. DPO 1$ currently the only Exceed school to offe¢ both coutses fit LE￿ s*m¢ facdity - offering both fee-PAying and iponsortd plfice5 to Students Ftoin the rcgtvn and hjrthet Af￿ld. Once % school is accredited it ttguknily evxliiated And te4ccredtted by ISPO. DPO wa$ in$ rcmotcly ia S¢pteiLb¢i 2022 and a¢¢redited for inother Five yeats (uniil 2027). 'rh¢ Pn)sthctic Otthouc Tcchnician (Pofi Progrgttjtne at DPO w8s successfully 9ccftdited in Augwt 2019 when it beeame one of the first schixils in the wodd io offct the ISPC)4ccttdited I'ecbtiicia training piogramme. The LEcogtiition from ISPO for the P(n' Progtyn)mc iv85 due to expire in Apjil 2022. The self.a5ses5ment ryxjrt Eor the tcchtiician pr()grainine was cvoiplcted ttnd subEYkitted to ISPO offlce in 5cPtetnb￿ 2021 for tbe cxpecld evaluation IA April 2022. In t]ie et¢nr, the 8weditAtivn was extended vlltil M8y when it is Anticipated th21 ao iti-PCt¥ott An5Ptdion will take phc ALthougrh smdent r¢Ctuito￿t nvtnbeTh wete sevcrely iMpac￿d by tl* pandemic, DPO suCce55f￿llY contitiued to y￿duate ¥tudellt5 Ivith many nationalities iKing repKe5ented. tn 2021 the￿ iyerc 7 APO gtaduates an(1 10 POT graduatts whtlc in 2023, the￿ wue 7 I￿.1. gradiiate5. The X)23 APO fin%1 cxams and grAduAUOrt ivill be scheduled lattt iti 2023. Donot telation¥lkip$ focus for teams as their ongoing 511ppo¢ whether l)y grants OE $PDnSOLrd pbtts at F)l)O provsdes thc for us to continue our work in Ech¥bilitation and ptoEessiotial education. With fiinding l*coming 8 mAjor thalleoge due ts> thc teduction i)f dDIM)XS coinmilted to Eulldstig disAbility projects in Asla. 05 welt #s tlie draIr￿tiC itnpact oFCnvid, tht fiJndit]g for thc ptoviticial ciinics in Ca￿b￿ala becaffle k Si8tllf14>Qt cballey and resulted Exceed havillg to iafolm thc line fvlinistsiC$ in July 2022 that the orgamsaiion may bave to Ivithdraw finaocial support by March 2023- a devastating outcome for the ownis£tion and its coEe ethos to ettsutt PO seL¥iC&S to people ivith di5ab&tiry living in povcrty. Stsict bud£et colltEols ivue ia fotce thtought)llt 2022 and the ftrst quartct of 2023 Ivith the clEaf undustsnding thA¢ it was unlikely tbe cltsJtC5 could be saved. Exceed Worldwide Trustees, Annu21 Report, incorporating the Strategic Report fot the fjnancialyear ended 31 March 2023 Achtevem¢ntB and perfotmAnce {cotstinued) (contsoiied) Durivg the yeAr, an unu5u21 CoM￿U￿1¢#t10n in Octob¢t 2022 with Beasi PhilAnthLDpy- a US. l)a5cd philanthropic otgaoisation A([￿t¥ted witb the You-mbe star known as Beasl. Beast Phylanthtopy Use their cons&dcrable resougces and exi*rttse tt) tAise the profile of a ivide rnnge oFchatitable ivork arr>und the wodd- Ivoikillg d05dy ivith selcritd N(A)s to pr()mote theix woik by ptoducing a short video that is thtll 51imvn on You-tubc. In iiiiii81 mcetittgs with Excced, B(¥st l)hilallthLY)py wanted to Eocus ¢)n 5etvice provisioa xnd the iTnPaCt dlat pii)stheiic aod orthoric dJTices can have llpon people avai]sllg of F•xceed setviccs. The team consisting nf tlK'ir LEO, aa expert fihn maker a$sisianl planned to visit Cambod"La for a iveek to work dosdy with the fthntng the work aiid iue¢iing a selecUoA of seThice u5cts. T&￿ p]8n w2S to i)rovide a gtft ol 550,(KO to Exceed to lielp wirh the ivork. Upon Arriving io Cainl)odiH *Ad COiTtpleiing the fthnin& Il)e Beast Philaiithrop)p CEO mc¢ with c.atso and SisaLy to ?dYise them that the ￿(t 2oing to be 5234,(KV)- the budget to cove.r the costs For tl)¢ vo piovincial cl￿Sc$ for 2 yeAr. 17ke fsrst half of the fiinilin% has ljeen tcteivcd. whi]¢ the 8econd l)aif will be due before the ctsd of 2023. The new fuDding has me4nt that IN)th clinics can stay in Se￿yCe. Ai the 5am¢ time, the Sit &)bby ClIRdton Foundgiion (SBCP)- who had supwrted oui. PO Tec&￿i¢ll￿ T¥¥ining COULX over A three y¢•r puiod from 2019 uiitil 2021 comn)itied 1240,(MKJ to cover ¢he cost al 8(X) prosthetic ortbotic deYi¢¢$ for onc year. This fundirtg is bc11￿ disbursed in three parts - the fiist tr9lld￿ icceived l*¢ May 2023, the second in l•1 Septembtt l)23 and th¢ third on 2gd JAnuaryp 2024. ljxe combined xti)pact o( these grnnts ivill cover all costs for the c]inics over 3123 And we]1 into 2024 2nd wi]1 pTrrticularly provide finaiicial secutity for tlie clini¢s dutittg thc petiod of tr*n$ition f￿M ivorking ndcr the ilqiaistry oFSoci81 AfF•irn. Vetetans afxd Youth gnd over tts Ministry of HeAlth. C)thei e$tabii5hed donors- gjcb 1$ fvIineEx have c￿lI￿lI¢¢d to continue sponsoritig sttJdcn¢ p12ces on the Associate PO coill% (pttviousty Caregory I while others, such gs A L£g to Staod On 2nd limbs 4 All, continiied to 5UPPOrt pr051hetic devices br chiidreTh and supwn for chddreii to 80 to 5rhool Ivith Kid5Exceed. The l()ng-iernJ, faithful supEx)rt fn)m UA 7￿7￿n conclud￿7 with ihe 2022 thi5 gixduates. UA Zenzett's commiimertt LO the establishmeni of a cadre of skilled PO profes510rtfLls ivill impAct tlic Iivc5 of pcople with disabihties fr)t many ye4tS io COM& Oui parEnershÉp WAth The Chlltch of the IAttcr D*y Saints (S.DS) for the pLY)vision of whedchaits conduded carly in 2022.. Followi￿ Eevision OE dieir Asia w￿￿￿Chait stta(e8y. LI)% infotjned the maAL1gethent ivatn th8t they not be continuinR theirivhedchiir services in Latnbodia. Having continued to follow up with Lt)5. the￿ appeaty to bc fio int¢Athon from IJ)S to Mpicw or rcstore the vhcrlrhair scryite. 'The Excecd (JJiliry'fe2tn continued Ats fwis oft tDAitJtainÉUE Standards aad enwtitig 2 focu5 on Coniinu(Iu5 Imprisvemcni. Thc ISO re-certifitatioo is dyndeiit upon att audtt and this took p]Ace temotcly in ApriL 2(rx3 conducted by Global CA)mpliance ccrtlr￿#[io￿] (GCQ, Malaysix. The audit wa8 ultiinaidy 5u¢cessELiI ivith Exceed bciAE ￿-certiFIed ISO ￿1:%)15 acrtcditaiioA- with the new certifAcate A5sued illApts12023.Ind expiting iti imay 2026. -io- Ex¢eed World￿lde Trustees, Annual Report, incorporating the Stratcgic Report fot the fitiaALcl￿YC*r ended 31 Maich 2024 Achievements aDd perfotmx￿e (cotstitiued) CAmbodi4 (contsnued) Exceed continued to pttwide xehabilitation 8etviccs ftom th￿C c¢llttes in Phrtom Penh, Kumpovg Som *f)d Kompottg Cldll]ang. Se￿Ice$ pn)vided by Excttd rebAb centre5 wi]tioclude lthver limb ¥ttd ui)per ]imb pn)gthe5i5 and orthoses, Spin￿ OrtI￿SeS, wi5ion o( assistive device5 511th as cn]tches, walkers ot cAncs, piY)Vi5ion olwheelchxirs, phy5iotherAPy a5scssments and inrernttons and tteatmertt and rehabilitation iviih club foot. Ollker than the pLovision of physi(yl ￿lIabIlItsuo￿ communiiy icams also assist ￿￿th ideotification of E*oplt ivith di5xbiiities in ilic comiDI)J]ity, ass￿tance for cliildren 10 acccs6 School a5 Ivell As assi5taoce for peopk 10 2CCC5s ￿rther edu{¥tiO￿ trailji￿ 2nd etnpkipnenL Number5 of ciieni$ acce55itiE services- eith￿ vya community or by direci visits tD the centres- diY)pped drAmaUcally during the pxndcmi¢. Staff weic litiy'td to wotkJn£ %f/D of time in hvo tea1115 to avoid in1￿CtIng ivhole tean]- aod thus setvices - Sliould one person Icst POSitsv¢ fot Covid a[￿ i required io i50L9te. èlccess ro clinics was severdy ¥tstricted and S¢Avices mostly comprised nf irpairs IK) existing deviccs. bigures droi)ped to aPptt>Xin￿t￿Y 10-2(f/d of prc-IMt]detnic fguics. Kecovery of demaftd his taken sThnc time And ts. only ooiv, Iry't￿lng to r¢wrn to fi￿eS close to Pre-pAi￿¢M$c leve]5 05 trauspori is mote ividety avAilgble and ptople ttgain Conf￿enCe in trnvd and ttthrfting to normal hjnction. Figure5 from our thrcc Cent￿ for th¢ year iTKlicxte that, Ivith the slow res¢oThiton of services, paueots Are rebJrnitig- with niitnbers actO8S tl)e thre¢ cujtres apptoxitnatdy dvublin8 dutiog this financiAI year ftojn the 2021-2022 toral t)f 2.657 10 the 3)Z2-2023 total of 4.925. With the a¥*Jred fuodAng from Btist Phiianthwpy And Sir Bobby Cb8Aton Foundauon. it 15 anucipated th#t seLYACCS- pArticulaAy Community Outreacli aTKI sU￿ey5- ivill be Curther ￿siD[C￿ and encouragc POUcttt8 pKcYstiusly tegi5t¢ted ivith Exceed to rewm *J ivdi a$ b¢ing Ablc to identify and fjerve nciv p¢ople xn the rotnJnuiiitLts ive cover. Ihe PJxceed ￿￿￿er0 Servicc ClinÈ¢ (MSQ moved on campus with DPO in Deccmhei 2018. This inove Iva¥ identified 8$ 2 tWO-yttLr pilot Ptojcct from Fcbmary 2A)19 tD Febn￿ry X)21 and approved by the Mitiistry of So¢i81 AffAif5 and Youth Reb2bibLgUon. 1be hLSC piuvides a hgher kvd of SCLipice at ttkore advanced ￿(li1￿0j0gY ana initially inrluded a Cost.R¢coYery progra￿￿e. Whde the pilol ftsultcd Ati a significant iticrexse uptake oFthe higlier-leycl setViCC5 the Cost Recovery ptogramme WfLS deleted frottt the la$t MOSVY Memoranduth of Understanding. 'rbe perEomJance oFthe MSC ha5 glso CODtinued ttcovw From the imtmct of the pandunic ivith patient numbers, Th Age oFdevices, inc￿*s1n£ onte agAiQ. The MSC Eeam- along with fitJg1 yeaT Students From DPO. 8Lso provided hJ¥h iech ptosthesis sllPPOrt sctYAces io CamlKxliftn para-diihlele5 duting the 2023 ASF.AN Para Gamts hostcd ilk Pht]oui Pcuh illjuae 2023. Thi5 was a high p￿[11t evcAt th2t promoted tljc 518tr)s olpcople with di53bJlities, Ihe high-clld services p￿VIded by Exceed and the Camlx)di2n piofe55iOtwls prov￿1￿8 thenL Exc¢edOniine- ceed'5 blendiKJg I￿rnitig propmmc that iva5 iJ)itsoUy de%181￿ to etLSure rhe contttxufition OEPO ediic?tion (or out Ititematlnn￿ students duting the wAndcttttc is still bei incol￿tated snto our teachi￿ progrnE]mc. Fther applit#uorLS oFtbat iilfuative &re utLder active collsidetation gAd wffill be exploted iyithth the corni￿ ye#r. li- Exceed Worldwide Trustees, Annual Repor¢ incorporating the Strategic Report for (he finaLeialy¢at ended 31 March 21r23 AclyieYement8 perfotrnanct (cottiinued) MyAnmAr P￿￿ershiP￿0/e￿t-myAn￿¥tSc11￿olo[pmSth¢l1C8 & Orthotics (MSPO) FJxcecd Myan]n￿ ivas established io 2014. Thc progNnThie was staEEd ptedominately by kn'ghly expeticated Cw]]bodian and SLI LankAn Itciuws- all graduates of (SPO (the OliEJnal Exceed PO School in Cainh(Klia) and SLSPO (thc sc]M￿S establislxed by Exceed in Sll IAnka haÉthd over co local managetnent in 2015). Exceed fvlyaftmat consisted of three maitt P￿lects.. Myanmar School of Pr08fhetics and Orthollt8, Univet8ity nf Medical Te¢linology* Yangon (IIMTY): I￿1sFo i8 a dqmrtts)￿it of U￿1vel51ty of MedicAI'I'ed)nologi', YaiigoiL Nation41 Reliabilitadon HDBpiial, YanRon: Exceed Woildwide siipported thc P&0 clinic n by the Ministry of Hcalth ai the National Ildubih"tstioa HospitsL Y#ugon. Mandalay OtthopAedic Ho6pit*L The P&0 dioie opencd to pu)vid¢ sekviu7 iu FcbLIIAry 2017. Iii preparation for handovcr xt the eud of 2￿24. a new ovusi8ht ¢omrtiittce was establis1￿d with th¢ Msni5try iJf Health atd othcr stakelioldcr5. Whilc the project hid been ots tt*ck with the otigin41 st￿d￿le. the impact of d)c CotoJiaviDJ5 Ilt th¢ beginning u(2020 influcrtced opeThtioiis ivith fa¢c to Facc tts¢hing suspended and SeLvices wiixiied. 11ie rngjollty of Cginbodi•n expAt 5tsff ￿e￿r￿￿ b(m)e in Match 2020. Mr Carson Hftile, Exceed CEO And lyRnmar Country Director. havifhg E*en the UK for Eneetiw in Fe6Th￿ry 2020, wis uts2blc (o re(urn tt) myal￿)￿[ duc io restticuons iti lu￿rnatIo￿l tmvel imrnsed by the UK Governmeiit. H¢ was not abk to ietum to Myatlln•r but has continued to manage the pEoicct utiiising our long expeiicnce of ivork reEXJOtely. Ex¢ecd iyotk irt Myai)m8r eXpCtiet￿ed s luttl*r, majordisNption when the Myanmat mt]itary - officiftlly knoivft as die Tatm2dAiv- ¢ortducicd a coup ag4iDSt the el¢c¢¢d Goyermncni oil febtUAXy I￿ 2021. This event folknved by an rxtended perid of rÉvi] disobediente th%t Ampacled cÉvil setsTants, tcachcxs and medA¢al profc55ionAls a5 retU5ed to attend tbeir iiormgl p]ace5 of woik. .xceed hAv¢ corttinued to support stsff in-cimntry with admin and fsnaThce staff (msiollal ivork trips oiit to Cambodj'a to wnrk from ihut for short petiods. Vhiie student5 Attitiajly ￿￿Ked diyecdy Mth Bxteedonline, li Ixiame dcar thAÈ the Sitt￿tiOn ivoujd ttot be itsolyed quickly hetttc, Mt. Harte began a proce55 irt DeLembct 20?1 to wotk with'llJe Nippo Foutthatiori on an ititensive cffort to ttlocale the hlya1Ln￿r students ￿ DPO in CAmbodia. This initiative ICqiiiLEd collalx)rdUorL With hciftistcies in hIyann￿r 8Ad C2mb(xlia at the highest level- L1P to the Pritne linister of Cambodia- and was 5uttc&Eflllly concluded with the OF24 m￿￿m￿￿ 5tudcnts in June 2022.'fhree Mi #Sters S￿dentS from IILalland also joined this group to lake up lecturi￿ iiiltrn posts at DPO. The post-£radu8uon tututr for thc5e studeots i5, Ht pxe5ent, uncleaL I loivcver, l)y assuAing thcir continued PO educAiioA itts howl that the￿ bc a re501utÉon to the uisis ill hlyAnmAr the fiiture that ivill wt them to gtaduatc tetum home to l)mFAde the found#tiOA] OEPO scrvitrs in theiL COLmtty. -12- Exceed Worldwide Trustecs, Annual Repor¢ incorporating the Strategic Report for the financial year ended 31 March 20 AchievemeDt& and perfotmancc (¢ontitiued) ExceedPtt)sthetsC$ OrihoiiCLF Pbihppj￿e￿-l>YCeedmaDII$ Cbnie, Quezon thty, MAAIth With die hfiAdover of the Phih"ppioe Schnol Prosthetics and OIthouc5 (PSPO) to UERhq sn 2(f21, tbc presenrr. tn &Manilx focused oll th¢ stand-aloDC Exceed private. clinic in Quexoft CAty. This dinic i5 Staffed by a sttixll team of ditucigns ftnd support staffwhu i>roYide dinic-b45cd services As ivell xs partnering ivith two loc41 hcispiraLs to pts)vide 5ervAces thcre. Exceed Supply aad D￿[ributton Also ￿nction at this sita As the Sole DistributW5 For North Sta Piastic (a glob81 suppiicr of tlie $￿iall$t thetrnoplastic Used by tlie PO Èridisslry). Exete(l Mini]A Are io a g￿d positioji ro 5uyiJly ihi5 pknsiic to tlic secror. The Phdippiiies CovAd testrictions extended Ear beyond thosc of many othct countries in ihe tEEion ond th¢ econo]rty As subscqucntly SLill recovering. Thi8 has inhpAcied the perfOr￿ance of the dinic to date. DutiDg this pctiod, thc oam have scr themse.lves to ideThtify #nd work towArd$ kcy ceriificatiorts pctinissioos dial will Facilitsre imix)rtauou. teduce cost$ and impiove lead timcs and tl)its provide the he5t opeLXti¢)g wiiditsons for the Supply and Distribution elemellt of Bx¢e¢d going foThvaTd. COt￿ltionS remain chxllLAgi¢ig 8nd it IS hoped rhai investtnent iviil be forthCO￿lng ibxt enabje tl)¢ addiuvu oEkey $thff 2nd ryill out of plans (o develop #nd expand services. Sri IAnk*- ExceedJAnkn7 Priv*te elitiie-RAgwnA, Colombo Tkys st2tid.alone i)rivatc clinic iva$ ￿tal)lIS&*d 2016 is stafFed by a small ¢￿in of cliiiician5 ai)d siippoxl &iaff ivho ptovide cliftic-baxd $¢tvices as well as offcjyng acc¢$s to ivork$bop faciliu¢s alid fabricatic)n 5ervite$ to freeiRnte th"nici*n$ and supp￿cS lo otl)ti service ptovider5 arouiml the c¢Hintry. Exceed also offer Supply ind DtstributsoD of maiuia15 ¥nd comEy)nents to goi￿nU￿ent Hnd other 5ernicc providets AS necessiry ivith sJ8nific3nt orders for themoplaÈiics ftom Nonh Sea l)]asUcs And components from B13tthford UK- An eslal)li$E￿d UK mArtufaclurtr of qu*bry componertts. lost itcefttly, &1 L4rtka undctwent a dt*motic dttlinc of its economy whueby it be£#me impossiblc to obt*in forei￿ currcncy to PAY for goods from ove15v48. The popiil2¢ion expcrienccd sAgnifLcAnt hard8hips 2nd demonstrdtions a￿lI}st the Goyth￿ent resulled in the dq)arture gf thc President Ind API)()irtthient of 1 repl%cem¢ttt. Nc8Otiatiolls ivith IMF hivc regultcd in ￿$01￿tioxh8 wht'cl) hAve slowly tr- Started the ¢conomy 2nd. with the ￿turn of tourism a8 a main soil￿e of revenue, it Is FLopcd that tlic rtsuntry ivill begin lo recover. Tlus ha5 had a ka(￿k oo positive impact on our clinir and ivc xtt stg1(ing to Sec 50m¢ ssgns of tecovcry. Bxced IAJJka iemAin5 ￿$1110￿ed to Ltspond to the ttcovery and irKvestmcnt pl¥tts for fsB implet upoTh the deyelopmenl of srtvices in in the C(￿￿￿ti8 n)onth¥. Finattcial teview rxceed Woddwldc 15 cuttently fundcd by trusrs, (Trillda￿)ns. governments. majrjr intcmatsotwdl devclopmciit yties. iegAcie5 and ittdÈviduwl supportd5.'lThis'tr#diiiollAI' Eutsdin£ eavitollment is becoilling more comi)eutiYe litThits thc way tn which inrotue can be used to best ixne.Fit thosc ivh ecd SUPPOLt funds rAised in way Atc restsictd irt IK)w tbey Are utilsstd and must be disbtsrsed iti accord3nCC Ivlth the tenns and ci)nditions wd with the fundi￿ o￿anIsation. ￿x{eed woi.ks tu ensure fiJ]L COXLIplia￿￿ ivith temLS and condition5 aJLd au necessary tCPDrting requiment% We conrinue tti manAge And develop our ptiv?te dtsjir distribution business. Duiing the finxDcial year cnded 31 M￿ch 2023, th15 business was ttCOveri￿ from the Covid19 pandemiq hthvever by the end of th¢ year thete ivue signs oFgtowth. 13- Exceed Worldwidg Trustees, Annual Report, incorporating the Strategic Report for the finaticialyear ended 31 March 2021 Financial review (eotstinutd) We xre coiyunitted JJLoYing fonvatd ivith a Strate￿ of a su5tsinabl4 recuuing Sjndiog blse tl)ff)ugh the a)ntsnucd devdop¥neot of Excced Social Etttexwise Ltd. At this poillt #n exrettsiyc business ha& been drawn up for thc development of Excccd Social Enteii)tises. flor futthcr illfonnltion leiating to the business plan and fvtsjre plaus- sce page 15. We hdieyc a successful, profit genctiting Exceed &)cixl F.rttrtptisc pr¢)vAde basis offwiding fot the broadcx dJAritable 8Ctivities of Exceed Woddivide timitcd. 'l%e fiijoncii• I position AS at 31 March 2023 And the results for the fi￿a￿tIll year then ended were as ex￿cted and hudgeted. The 8r()up had incotDe of £2.453m compared to D..495m yn the piioi yeir. Wtthiti ovet)th xevellue. untestricted In(￿The increased by £0.375m. Overnll le￿UrceS expcndeLI it}cre￿¢d frojn £2.135m to £2.430in in the currenr year. This teflectrd an itnproved coafMl¢rtce ITr the thiajicial POSAts(Trii and 5U5t#1r￿b￿Ity of the ownisation. OvtrAII the Group ha5 11]8de fi suTkns xn iiiuestsicted fund5 of £0.18()m compared to a deficit tsF£O.13%n yn the ptior yeAt. Ats imprnved fin•ncixl Iy)5ition e.(iects iThctt2sc in gener412ctivity post Covid-19 restsiction Ri$k management The TnLStees of Exceed Woddivide ploce * ptiority ott sound risk managemcnt. Excecd Woi4dwidc woxks to ensuie thai the risk regtsttt 1$ includd in the age￿a every time the Tn￿le¢S meer aiid is teviuved fom)ally oiice per year by ihe Board of Trnstees. The ttsk regt$ter li8t8 211 curttnt identif*d ri8ks e4th item ￿llYsed acoyding to likelihood of occurteocc aud tlic Ex>1￿)ll￿1 iUhPaCi 3bould it occur. A¢tion$ tsken LO inttt8Ate the tisk #re Also de¢Ailed. lkn¥ks rdaled to finAnte ittdimle fluctu¥tions its cxdMr8e Trie4 pIiticAI ecoTh(Mnic Art5t¥bffib'ty such as ctvi] vntesl and tbe impact of comipiion ind btiFw. In rdAiion to PWViOU5 evcrtt4 the fimn¢i81 llnpact of tcrrorism and nADJral di5a5tets must be trken into account In the prcvious fiii#nciAI year, thc ittipact olthc Co￿naVi[￿s iWA5 sigmf￿an4 Wltl) Inte￿Uput>ll to cducAtion txd sctViC¢5 in eyerycountry noied. The imtYACtof the pandcmic conuiiuG% to be evidcnt in tlic slow rctuiii tu ptL.pandcmic levcls oEperforn]anc4 Funding and setvice-5ceking bduviout by thc cliertts. Going Concer The Tmstce5 #re c(mfident that the gttd cotDparty have adrquate ￿SoUrceS to conttnuc in opet8tiollAI existence for thc Eottsecable futute and will be *bk to meet their h2bilitie$ as tlw Fall duG Exceed w￿ldWide hvt signcd att aEKcemetxt with The Nipp)ft Foundatioii, in wkn'ch The Nippt)n Foundauon cottllnit to $upix)n the pattner o￿ni¥￿tIO￿ in hly*nmar iintil J)24. AgreeLLent hAs bee reached witb'lThe Nxppon Foundatio& to extetyj this ￿0d of sllpk￿ unixl Decernbei 2026. Based ott fi]odkDg Dpportunities noted ivithin.FutU￿ plans,. ttustces #te cottfident that the or8anÉs2ti0n is elltcri￿ in a pui(xl tsf strong fttuttcAg1 stabAb'ty 2nd 5gnificaFLt growth. The sdjod in C2mb(yJJa 15 holdi￿ stvady although trCDJitmeDt foi boitrA the APO and POT itt 2023 a la￿lI]g due to budger cuts For ICRC in zr23-%)24. ICRC the moinOtEath5atiun sponsoring skndent5 Fot bothAPO and P()'r tTrillittg fxoffl SE Asi2 and fi]Lther afidd. -14- Exceed Worldwide Trustees, Annua] Report, incorporating the Strategic Report fot ihe financialyeat ended 31 m￿ch 2013 Going Concem (continiied) Thc CJIOUP attd Company thexefore Continue to thopt the 8oitigconcetn basis in P￿pa￿￿% its financiAi ststemetits. Re8etve8 ￿lleY Ihe TNstees have rcviewed the Parertt company's ttecd Eot ttserye5 iti line wAth the gutslallce sssued by the Charity C.()mrykisxion Afjd hAve consideted tbat the Patent company slK)uLd hoid trsekve5 fnx tbc follo1v￿g tcosons.. Ab$otb 6eib&ck% Theic ts ahvays A dtgrec of uttcertaiiity in OUT of income. HIst￿ttallY, the incomc floiv h#s bten detriJnentAlly 8ff¢cied by kny.scak tLathral di5a$t¢ts, erne￿encY appells etG Oppottunlty. It is itijportant that *S An eXp•ndi1￿ aAd d¢vdopin8 orwAnis#tion we xtc 2b]e take advAI)taRe. of significant opportunities that iv¢ encounter. CommiiJnents..The owi]is#tion must be able to meet And l￿wIr cotTJXtiitmcnts in p12ce. The TIu5tees have agtccd that the ffseNe5 w>licy should be blsed on ihetr abi]ity to wind lip thc Of8JnisAtion and pay au tedundoncy and a5socia(ed cv5t& Thfit amouiii is currtntly set at 5205,IY)O. As the Ol￿ni82tiOn yows and devdops ovet the next n4Jmber of yeAts. this policy need to be revisitcd. Ujuestricted fullds ir 31 Marth 2m wete £659.695 (3)22 £473J14). Re$uicted funds ate held for ￿Stricted projects and canno¢ be spcnt at the ttustte'% discreuotL Pl#n8 fot fuwre period8 Bu8lne6B Plo Tiic board ha$ *gtted a busintss plao, With A ¥iEDific4nt unpb#sis ott the growth of SociAI r,.teiprise. With the 8bovc Ewiditig in place thc board anticitxtes grnvthg 8 bUsu￿¥S with annual revcnues af ttpproxirnately $9m in the ncxt 5 ytats. AS wdl a8 d￿dDpInA dinics in CgrnlKMlia with Dk&AT fwidtll& DFC and piivlfe ittve5tsnetst ivftlL allow Exceed to incKease activity witbiti exKsting countries OFO￿tion and etstei the mad￿titt ¢ountsi¢5. sAdudillg, Indonesia, SitJgapO￿. Thxiknd. Vi¢tiJam myawll￿. 'Ily biisincss modd will incoq)or2te. public I privatc partnerthips wffith hospitaL ptivate rjinics. in country centiil fabIicAlXOrt and a regiottal distribution busitiess. Au8ttsJian Depattment of Fotexgn AffaiTh Fiinding in Cxmbodia Ihe most significant eyent of this Eoi the pn)frss¥)n o£Pm5thetics aua orthoucs in Cambodi# as the Decree issiied by the P£ime hlinister io oC￿ber 2021 Having operated uttdex the 2uthoIity OF tbe Ministry oFSociai Afyairs. Vetexat15 and Youth sintt its incq)tioo, the Decree dictated tliat the wholc PLx)sthetsc Orthotic sector would move over to thc mittis￿ of Health. '112is move glk>w For thc dcvdopment OF social entetprise setvices- as pLD￿0(£d by Excced Sorigl Eatetprises- that will offer a tem2UYe fottts 015etvice pxovi5ion that Fill cllsure the longer tetm sustsinability of PO serrices as ivelL as xecognition of the PO pmfes5itm and a decteased d4)￿den￿ up)n loreiEtt fvnding ¢0 support -15- Exceed Worldwido Trustees, Annual Report, incorporating the Strategic Report fut t1￿ fitsancial year etsdcd31 Mxtch 2023 Al￿tralIan Departsnent of Foteigo Affaits Fiittditig iti Cambodi• (Cotstiti￿ed) scryices in the fiituie. The A￿Stralian DepArtxnent of Forei￿ AffAirs hav¢ co1￿mItted sswitficaat Euttds for the nexi five ycats in their ACCFSS 2 ptoErAnun¢ Bxcd ￿ve subscquendy played 2 sigoificAnt ole in ivorkingwith DFAI. tr) inforni and advisc thi5 unique traThSilton. Exceed will receive #a ioiiial 52.0 snillion AUS grant to iniuate the ivork to develop the ncw-look 5etvices acr05s &ii)bodi# over the W￿￿e of the S-yvdr progtamme. WoEk IIAS aJreAdy begun out p]ans for this initiative. DFA"r fundittg ivill #lluw Excecd to deyfjop FJtttterships with local hospitsls to develop P&0 r.linic5 Ivithin the hospital facdities. The ffiniti21 targct is 6 hospitsls in Vhllom Penh and 2 luithei I￿lo￿al lio$pitals. Extted hAs also p]Anned io OP￿ a nurnber of pav#re clLniCS.'llJese l)ospAtsls #Ad dioic8 will be serYi¢ed by a new ccntral fabxicauon centst in Phllom Penh owned mAnaged by Exceed. 'I'he above modd ivffili alsu provide op￿tt￿nitieS to devek>p o distiibution business itt p2rtnetslllp with nlimber of rn#jor key 5upplier5. Devek>pment Ftn*nce Cotpotation (DFQ L)utsng ?.022, FJcted rcguesr¢d investment fro￿ DITC of $1.4m. Aftet a lengthy proc¢s$. in June 2023 11+4xtted received offer of gratit ￿ndIng From DIIC for $1.4m. Thc gtant will be ulilised to stsprK>rt'. Opcration*l Flindil￿ to supwri the Excced t¢Am getttng exi)Ertise io build the 20+ ttiini c]inics iiotcd iii the biisine5s plan. Governgnce Support to eosurc th#t Exceed bas tlie pro¢esses And prcthlures in piacc to InHintain thc oynisation's 9112liry 5tand*rds kluDdt#ising to Ptovidc supwrt ivith fu￿￿¢ fiwdrai5ingvia equiry/ debt It 15 attticipated thAt this fuftdit￿ wiu bt used for lhc •bovt whith in Lqy thc foundgtion for Ei¢¢eil to ifflplemciit ils btssiness pknrt for siznifi(*nt growth over the next 5 yeirs. PrAV&te Inve8tmetti Excccd currcndy h¥$ # teKm sheer and thc provisioual offu of 8ddition%l funding fr(Trm 0 ptivate irLYestoT, totallitig $750k. The itJtcAtiOrt is that this fut￿1￿8 will be utsli3ed to gr￿¥ the Exceed Social untc￿nse businc5S, tttitially in Phijippiuc attd Sri IAitha subsequeody in SAngAPO￿ in the iinc die bu5iiiess plan. MalayÈia School of PIoBthetir and Otthotic I opportunity to eDFLallCC the ¥etvitts ptovAded by d￿ Malaysian sch￿} oFII&O. ts tyrentiy beitJ8 discussed Trvith the Nippon Fouodation. StrAtegic Pla The UK 8enior team engagcd a(tiYety with the ttattts in each courttty to p]an ￿la iv(Jtk tI￿OUgh Covid pandetyuc ill such a wiy as to Cll5ure tlie longcr teAITL 5UStainabiiity DE the oyttisauun. This htts illvolvcd active and ftryuellt phnning between man28emtnt tcallts iti cacb C(￿￿try atid UK I￿￿9￿1nC1ItTcaM as well as frequent rneeiin8s ivith the F, eed B(Atd and UK h.lanagcttxent I'e#Jn. ISY EAalitatifig dcar and frequeftt cotDmUni￿t10ll (xonk field to ]3oaTQ wt weie able to m8iDtsiti a bolditig pattcm thi5 experience and for new op￿rtu￿￿tIeS atisittg pOSt￿vI -16- Exceed Worldwidg Trustees, Annual Report, incoworattng the Strategic Report for the finanLial yeai ended 31 March 2023 SttategRc Plan (continu¢d) Vhile a new Stsategic wlll bc fottbcomin& pl%nning rcvolves ArOW￿ out previoudy agtred strgtegic objectivcs: l. Fluman rcsouEtes 2. Ptosthcucs and Urthotics Quality Educgtion 3. Eiiierpri5e fw 51L8taAnabdity 4. Research 5. Nthv Opprtuniti¢¥ lo£ Extydnsiot) oECore Adivities 6. Supply ChaiA h4aiJa8ellJent 7. Adv(￿•CY l. Humlln te8011tceB lttve5tiDg io Peopl¢-. L(lentifyi4¥ key roles and key i)cople Kcmaijis a priinary objcctive WAdi the focus movifjg to bui]ding capacity in Asian co]k#bwes And dcvtlopitig tlie profc5sitin in our countries of opcration. IiecrLlit And retain- 1$ our collc2%ues grow in rhc ptofession aud gain motE expeticrtce- it ts ¢)ur #iin tn ptovide (hcm with career dcvelopm¢ni Op￿rtU￿1(1Cs in thcir home coiintrles that cncourage them to stsy and kecp their upertise. in-country. It is uur bebef that d)is iviil bc best 2chievtil by # concci¢cd effort t() devdop the work in South E*st Asia using young pro6e55ioiials from the regiotL. Succession planning- dewdopinR young ptofusionats in e•¢h country to becomc the leAd¢ty rJE the future. 2. PtO8thttic8 and Otthotits Quality Educsition C.onunu¢ to engAg¢ with InternAtiong1 kniety of Px05thetic5 And Oithotics At cvuy opportunity to en$uLe fl￿ reprc5¢ntation of yoijng i?rofessionals from Itsiv 2nd middle income countr&￿. Cnntinue to ensure m21ntenanrc and suskni¢iabdity of iniem2tional S¢AndaNIs. Excced to sttk IWAYS to provide ongoiug 50PPOrt to Excced sclMX)L8 now undex local m$n2gemeiit. Enga8e with xegi()nal group5 Such as availabl Dcydopment olFJxccedOniitte attd a&watd th￿tIlgr3. 3. EntetptiBe fot 8118taittabality- deY41t with above Ongriing monituring of Exceed aiuid SeKvtces a￿￿￿tty opeKatiDg in carn1￿1*. SLI LuthA And The Phihppines. Rcvise sttxtcgic phn ond ￿￿et objectives #s necessary. Conrit]utd for $igniGcaot F￿￿ntial inve5unettt in Social ￿.￿￿tryi$c busi[￿$& wirh a viov to provId￿g ongoing fundiug Eor ¢hc chatitsble #Cliviti￿ dLe Lttcced Worldwjde. 4. Rcseatch ¢￿￿tl[lUc with ERN 2nd Eluq patther8- uplori￿8 all oppottunilies Eoi collabotxtion. itttonDation shaÈitig and F4rtnetitig in re5f4Tth oP￿DItIes. -17- Exceed Worldwldè Trustees, Annual Report, Inco￿orating the Strategic Report fot the fithwial year etsled31 MArcli 2011 StpAtegic Pjan (continued) 5. New op￿t￿￿1￿e6 fot Expattsiott of Cote AcuvAti¢s With ttyJinÉng of prosthetic (>rthotic Professio￿1￿ at our core- opportuoiiies fot llew schoo15 0 trainit]g programmes WAll be actxydy explot(xl. 6. Supply Chain MaDagement- dealt with above A k¢y dern¢￿t of the sixial tDtrrprise initiaitV4review of $uppty ckniu ttmains * key atei of focus fut opporh￿ltteS in ihe comifjg ye*r. 7. Advocacy E¥c¢e(I remains comJMitt¢d to this fundarnenlwl objective and As actiye in nuny areas to 8thTocate p¢rsons IvAth diSabl￿tieS living iti w>verty wbo cannot •c£ess the ll)ost ba$1¢ xeThices. Exceed continues to •ctiYcly seek hjnding Opp0t￿tillies ond new PArtshetships. The ivork of Bxceed Kese*rch Network o)nUtLues to pment mAjor opi)OrnLniiies foT mi*riIig thc 'ResMich' objective of our long-tenn strdiC8iC plan. More pxttners arc #dded tegulady to ERN willi a tLumber of notabk 5ucce$ses in teseArch with 3eveKAI curwndy undet fLCtive con8idera(ion. StAtement of di6ckp8iite of ithforni4elOtI to f4udiior8 So fAr a$ ￿th OE the trustees At the date of $ppttry81 of the5c fIna￿lA1 state411¢nts is Iwar thcte 18 no relev8ni audit of which tk group'5 luditors ar unaware, #nd thry havc tsken 911 the steps thA( they ougbt ￿ have tsken os dircctors in ordcr to inake themsdY¢5 3iY2re of >Ny EelevAnt *udit uilomution and to estab115h that the group's auditor5 8re aivdre of d￿t iTkEomJ21ion Inde￿ndent Auditot8 The auditot G￿nt￿o￿tOn, wctr fox ttAPEK)intmcnt in ¥ccordan¢e with 485 of tile Comp2nitt Art 2(XK). B otslex of the BoArd. DAvid BooJLe Ttti8te¢ Date 11 December 2023 -18- Exceed Worldvoide Directors, responsibilities statement lor the fiDwciaiyvat ended 31 March 2023 The DiteCt0￿ are responsible for prepxrtng the Strategic RqK)t4 Di￿CtO£S Reprt aod the con501id#ted fin4nCiAI 51ateLDents An accordAnC¢ with applic2ble hw [C￿lationS. CompaThy law xcquire5 the directots to ptepaTe [ts￿ncilI stAtemeots each ftJtsnCi21 year. that law tljc directOX5 have dc£ted to prepare the finxrtciai statcineJ)ts in gcCotd￿￿C with applicable laiv atsd Uuited Ki￿d0M i1ccounts￿ sillndo￿s (United Kujgdottt Gener21ly Accepied Accounting I'¥actiCe, ioduth'1i8 Financial Keporting Stsndard 102'Tr ￿l￿anC￿l Rewrung Standatd 2ppl*ible in the IJK attd Repub]ic ollIel8nd". Under cofflpaoy hw, tht ditcctors must not aiiptt)ve thc finanaal ststcme.nts unle8S they axe SAti5fitd that they givc a tn￿ aad Eairview of th¢ $iate of afFAits of the company Rad GtOllP 4lAd OE tlie profit ot Iv3s OF the Grnup fDr that pttmxl. In prcpating thc5e fioan(tai stateme4)ts. the dite£tot5 trquired io: seLecÉ suitablc accouniinE policies for the Group'$ ttswttcial Statell￿￿tr and the￿ Apply them cottsistently. niake judgemctirs and cstimAtes tILqt reAsonablc and prndernt" state ivhether apph'cAble UK ilccounting St4nd4tds l)avc been folkjwed, $ubiect to 8ny m3terial depaL￿reS dtsdoscd and explained in the finalltid S￿re[nen1¥. pttpAte die ImaIiti21 statelnents on the gu)￿ conccto bAsi8 unle85 it is in#pi)ropriirc to P￿su￿Le iat the Ciroup ivill contsnue in busines$. The dircctor8 responsible for keeping ¥dequAtc a¢￿￿n11n& ￿cordS that gTe suffioent to $how and exi)IAiti the cumpAn '5 tr*tt$ocltoiis and di8rJosc with t¢•sonabk 3CeUtgCy at any tune ihc fitsan¢iai posiiion of thi. comi)any an the Grnup and to u)*blc them to en5ur¢ that the f￿a￿tI%1 stxtanents com )ly with the CuLni)2tues Act JM16.'They also res nsiblc lor wfwardsng the i$sets vf thc coinpAny an the Group and heihce foi lakts)g Icasonabk 5￿P3 or tl)c ptcyentson aiid dciectsoA of fraud and othct trregularitie$. This teFx)tt was Apptovtsl by thc bo•rd and on its beh41f. rjii vid Iloone Dit¢ctor DAte 11 December 2023 -19- ## 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 2023, 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: - give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the state of the group’s and the charity’s affairs as at 31 March 2023 and of group’s incoming resources and application of resources and cash flows flow the year then ended; and - have been properly prepared in accordance with the requirements of the Companies Act 2006 ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the ‘Responsibilities of the auditor for the audit of the financial statements’ section of our report. We are independent of the group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC’s Ethical Standard concerning the integrity, objectivity and independence of the auditor. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. - 20 - ## Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued) ## 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: - the information given in the Trustees’ Annual Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Strategic Report and Directors’ Report, included within the Trustees’ Annual Report, have been prepared in accordance with applicable legal requirements. ## 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; - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. - 21 - ## 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 and the charity’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). Based on our understanding of the company and industry, we identified that the principal risks of noncompliance with laws and regulations related to compliance with data protection, Health and Safety Regulations for both humans, animals and animal products in the UK, employment and environmental regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. - 22 - ## Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued) ## Responsibilities of the auditor for the audit of the financial statements (continued) _Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)_ We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: - enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; - review of minutes of directors’ meetings during the financial year to corroborate inquiries made; - gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud; - discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; - identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; - designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; - challenging assumptions and judgements made by management in their significant accounting estimates including their assessment of classification and analysis of restricted and unrestricted income and corresponding expenditure and estimation of useful lives of depreciable assets; and - review of the financial statement disclosures to underlying supporting documentation and inquiries of management. - 23 - ## Independent Auditor’s Report to the Trustees of Exceed Worldwide (continued) ## The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the 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. Jason Crawford (Senior Statutory Auditor) For and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors Dublin Date: 11 December 2023 - 24 - N¢n* IJ- a n4n aS>4E)O_ Exceed Worldwide Consojidated 2nd Company statement of financial position A8 at 31 M￿ch 2023 G￿0￿P Compa 2023 2022 2￿ Notc FAxed a88ets 1'aDgtblc a55ets Investrnents Total.4 fixed assets Cijttetkl 1188et8 Stock Debtors C.a%h at bank and in hand 'I'otal ciltrent as$et8 Cieditors.. fAIliIi due withirt onc Net Liittetit a58elS Total a&8et8 le.68 Cuttrtkt liabilitte• Cteth"tnr5.. f8lliTL due aftet on¢ Net a88¢¢8 10 9,736 11924 9.736 270,001 279,737 12.9?A 9,736 12.924 282,925 12 13 83,161 55573 159,555 336,171 3,180 1.258JOS 1.264.9XI 1136,917 1,501,021 1,6J6.664 L360,097 507 83,702 1278,147 1149.StW 1,276.395 1287,883 1 162233 (124.029 135 73 88,243 1163,854 1.026 8(11 1.467 889 133,829 1,164.898 IW8,727 72.425 1.026j()2 1309,227 5,373 1213854 14 15 Incom¢ fund8 Unrcstrtcted Rc$tricted T0121 chari 18 19 659,695 473J14 963,730 504,159 553.546 504,159 1,163 854 1,026.8(A> 1,467 889 660J)8 553,546 1213 854 flind8 IIK Gtoup lias clected to take the exeinpuon under scctiull 408 of the Coinpanies Act 2006 not to the Compony's statetnent of flnancial actiVAtie$. The Dct moyeineni in fund$ of the Con)patty for W88 an increase of £254,035 P022.. £510.£W 'khe fin9nri￿ statcmenrs were 41PPtoYed by Board ittd siwied on its behAlf on Icseiit year Siwd on b¢hAIE of the bo*xd: David Boonc '1'rn18tee Regi6tered niimbet: 02807200 11 December 2023 The notes On Fd8cs 29 to 414 fomi of thcse fin8ori¥l %12temcnts. -26- Ex¢eed Worldviide Consolidated statement of cash flows at 31 March 2011 2023 2022 C2Bli flow8 ftom operAting activities Ntt movemeJJt in fu￿d8 D6,994 395.818 Depte¢iiuon {Increaselld¢cr¢ase An stock Decreasel (￿rt¢35t) in deb￿LS ccit28e / incre85e In cteditOE5 Net La811 {UBed itt)/generated ftom 0￿[auti￿ aetivit1¢8 C•a8h tIow8 U6ed in financing activitie8 aymtnt of baJ)k luiins Net cash oiifflow frorn finxncin ¢tivjiieB {Decrea8e)/ incttase in cash and r.ash equivalents in the E&tJatir.ial yeii r L*&li A Thd c.a8h e_qulYaIent6 At the be ni CH511 2nd c95h uivalt.nts at the end of the 3.188 (27,588) 176,616 90,734 (L524) 3,449 4.994 (42.96C)) 184,473 545,765 .5,091 i,091 (6,615) .913 542.852 ofthe ear 1264,920 1,258 05 722,(YJ8 1264 920 Cash &nd caBh equivAlent8 llt ihe ettd ofihe year comptise of Ca$lx At b#(th in hand 1258 Thc notes on pages 29 to 44 foDm Patt of these rtsthrtci￿ $tstanents. -27- Exceed Worldv¥ide Consolidated analysis of net cash A8 Qt 31 Match 2011 At the 8t2rt of year C#8h At end of yeat Cgsh Ixiatxs fxliing duc ivithin one year ans F%lling due aFtei tnore than otte year Total 1264,9 ,087) (40,￿)} 1,217J33 (6,6151 877 4214 1524 135&305 (6,210) (35,786) 1216J09 The note$ rjn pages 29 to 44 fotm PArt of these ftswiriai Sth[eu￿r8. -28- Exc¢od Worldwide Notes to the Financial Statements fot the finanLi#lyear ¢tkded 31 March 2024 Genetal Infomiatioti p￿ceed IVDtldivide (the Parent company) is a private ]imited tompany by guarantce incoq)otAted ui the United I(ki)gdO￿ undcr the Axumber 0280721M). Exceed Woddwide ts also a ￿E18[ered chatity with the C.hatity C.omn)is5ioA itt the UJ)ited Ki￿aOM under the outh￿r 1032476. 1he prittcipal activi of the Gioup is to bri4 tdief to (be poot of Catsib(AiA whethtr such rellef be for their pliy51tal. tnent or spirituglwelfare. to at]d advaijce thc educauon of the general pulihc m all areas the countxy ￿ople of latThlx)dia and to bri￿ rtlieflo 5ucli othei touIxtry or countues haviog simiixT iieed to tho% cutteAdy existing in C2mb()dia al￿ ti) educate thc pul)lic rding sucli cauAttiC5. Exceed WorldNvide A150 Wotks An partnership ivith The Ni pon Found#titin 10 he p £dniM)i5ter p￿lt¢t5 in lrydoIiesia, the Phdippincs and Myantuai. The address of t n%istered otkn is l(£) City Road. ndon, EC.N 2N Accouoting polieie8 Stdfement of complionce The Group and in(livAduAI fiftaocial in(OttllAtiOi) tsf Excecd Worldwidc have been P￿Pared in complsaftcc vith Unitcil Kingtlorn Accounting Standards, incliidthg financi41 R rtin SIAndatd 102, T1ie F4inAntiftl Rtportinp, Statidxrd Appiicgble iii thc Unitcd ￿'[l8<10M alld tht. Repu ITelafi(I" C'FRS I￿2,? gttd the StaremeLIt of Recomme[￿¢d PrActite (SORP) FRS 102, Charitie5 Act 20118tsd the Comp2nics Ac( 2006. The GLOUP n)¢ets thc deFitiitiOD of a public beoefit entity, Is defmed by TrRS102. ]ied in the ple t￿tt of the5c con5u]ithited fuJanci•l ststemettts ate ¢en coflsisten applied to the y￿ls Pff8etsted. unlc¥¥ othcThvise 'Ibe PTift¢ipAI accounting poliaes ap 5Ct out below. Th￿e policies haye slated. B4&16 of pi¢par&iion and con80lidation The5c con8ohdatd 2nd 5ep#r#te fmancial statements ate prepared on A 80ing concern basts, uxkdei the histou¢il cosl CO￿Vention to 31 Mgtch ￿23. The picp8ratiott of fllthncial $tttuneBts Yeqiiites ihe usc of cettain critid accouttting estimates. It a180 te4[￿e.5 inana ement tt) Cxctcise lis jud￿Men[ iti the pt0¢¢55 of a ?plying the (Jroup aiid PArerLt c.um accouliting C5. Thc arca5 involving * high￿ degree of I nr complexity, or alca5 IV cre assumpuon5 aacl estirth1tes are 5igaificant to tlie fsnanci81 ststemculs. are disclosed in note 3. The PAEent ctjmpatty h85 tAkcn •d￿￿tage OF the excmption in sccuon 408 of the Compai]ies Act fxi)m pkcsenting its inth"viduttl iTrrofit Attd 105$ a£0￿0¢ The Patent Com￿nY has ￿50 taken wdvAntsge of thc frjlluwing exernpuons avaitsble within FRSIOI. Fir0￿ preparinga crtsli now statcfftent. t)n thc basi5 thatitis a qualifyingentity tht tonso]ido¢ed cisli flow statement. itiduiled in these Fthgncid st¥tetnesit$, indudes the comFAfiy's cash flows. FEoJn the FAnanct21 i￿t￿mettts dt5dosu￿s Ul￿er l.'Rsiif2 PRrdg￿p1lS 11.39 .11.48A atid paragraph3 1?..26- I2.￿. 95 the itifomiation i5 pThi￿ded ill the consolidated ststemtnt disciosure&' FIL)tn disclosing the cotllp#tty key I[￿1%￿]ent ￿￿￿Tr￿ comw#uoll. as Lequircd by FRSI(r2 parllgrsph 33.7, as the ioEoJJ)Mtion is Andudcd WAthin thc consoldxted statettiellt disdosutts. rhe Gioup consolidAted fin¥ncial statcmeiLts intlude the fin*nciAi 5tatcments of tlie company and all oEits subsidiRxy iindertakiKLgs madetsp to 31 Ma￿h %Y23. A substyis an cntity C(￿￿)11ed by tbe Gioup. Con¢ttTrl is the P￿Ver to govern the firtRocialottd oper2tinF policies OE in ctttity so #s 10 ohtrAtn bcneFAts fro￿ Ats 2Cttvitie* Ivhere the GrouF OWDS less thali 51Y/o ol the voLing p￿yet$ of all entity but COKLtrols the entity by virtue oF*tt xgreemcllt wjd) odier inve5tots whicli 8kve kt control of the IIDAa£ial alld operatiog policie5 of tbc wtity it accouThts for thgt entity as 2 siibsidtyry. -29- Exceed Worldyiide Notes to the Financial Statements fot the fInancial year ended 31 Maich 2011 Accounting policies (contitiiied) Ba8iB of pteparv4ti0n aod con801idation (continued) W])eLe a subsidiafy has difEetent accountingpD]icics to the GEnup. adjusrments are made to those suhsidiary I￿anciAl st2teitieAts to apply the Gr(wp's Accounting Edicie5 wluk prcpatin£ thc consolidated fjnaftjc￿I 5t8taneDts. Any subsidiary undertakio8s or AssrtiAtes sold or acquited duAitig the year are Atiduded up from, the darts of changc of coThtrol or chaoge of wgnthot itdlUet￿e Kespectively. All intrn-Gtoup transactions, balaotts, incotne #nd cxpenses Att etsmin#tcd (Jrt Consolidatioti. Adjustjnents are made to ditnin2tc the surpkns/deficit #tiSiAgon tsaosaciions with &%soci#tes to the extent of the Group's ioteLeSf in the eiiuty. Goitsg Concetn 'rhe I'tustees Arc Confident ihAt thegroup aod compafty haye AdcgUAte resources to ¢ontimie in operational CXi8tence for thc foreseeable fiJlU￿ and WAII be abk to ll)ee¢ their liibilities as thcy FHII due. Exteed Worldivide have 5ign¢d an agreetnefit with The Nippon Foundatio￿ in whicb The Nlppon Foundation ¢OEnmit to supp)rt thc partner organisition in hlyinmat until 2024. Agtwnent has becn reached with Nippon boundauon Èo &x¢eThl this EKriod oFsui)pon utttil Deccmb¢r 21)26. Based on EundiaE opporfuftitics nottd within'FuttJte plans,, uustccs are confident tb•t t1￿ oiEontsation is enteong in a period of $tron8 rU￿Arial 8tabiiity •rtd ￿t￿re swificint growth. Thc xhot)l in Cambodift is holdin8 Steady although ￿c￿li￿nC￿t for both the APO and POT An 20￿ gre I%￿ing due to budget WL8 Eor ICRC in 2023.2024. ICRC arc thc main organi5ation spon$oting stlld¢nt$ for both APO And PO'I. training ftom SE Asia and furtheK afield. CJfOUP And Company th¢teE0￿ corttiiiue to Adopt the wg con¢cm basis in prepatu)g it8 finlncial $¢atements. Foieign currency . FwictionAI and presentation cutrency Itdns included in the fwanrial 5tatcments of cach of thc Etoup's entities ineasured using the cutrency of the rim2 cronomic cnvAronment ill whicb each crates Ctbc fi)nLuonal cuJ're.nty?. The Jxn(ial 5tstem¢nlS Are PlESeiLted in'SteAing'. is the group'5 pre￿1￿￿0Th cuirertcy. ii. Ttatysaction& And balances Foieign curxcnq trdnSaCtion5 are Uan￿ated intrj tht (￿￿￿10n￿l cu£rtncyusingthe tschange rates preYxi]itiL at the dates of the trattsactions otvaiuatioTh ivherc 5etdement ocsuch and ltr)m ¢1* trgn%l&tion #t yvdr-end eKchanF raies it¢￿8 Are reM￿sur￿. Foreigrt exchangt ggjThs atid 1055cs resulisiig ftortt the setdement of mosie.tary assets and liabilit￿ denominated in f￿￿Cutte￿CIfS arettcogntscd irL tbe iiicome ststcmcnt. except when defetred Jn other comprehensiye iocome as qualifying up itt It￿ependendY admini5tettd fill￿s. Income tax The P0reJit company is a dutity by HM Rev¢Aye & Customs. and, #s such, is ¢ntided to cettsin tsx cxcmption5 on income aod rDtits fmin investmcnts and stsrpluse5 on any trn(ling 4¢tivities caiTied o (urthe.rdth¢e of ptimary o jec(iYc5, if tbese p￿rits aiid 5uolw$ Ire applied solely fur cl)#ritab5e purp05cs. lThe lJ1rent company 1$ not X¢8isktrd for VAT aml resoutccs expetsjed tl)et¢fore indude irrecovcr2blc input VAT. For the trAding 511bsidiqry undert#kin%$, the taxatioft ex￿rtse for the period Comptises iec(w]ised in tht icporting peti(xi. Tax reco￿USe(l in ihc ptoflt and 10s5 9ccoiiJ)t. CunEnt tax 1$ d)e aiiiount OF incotne payAl>le in rcspect of the tH7gblc ptofit for thc yvdr or piior ycArs.'I"xx is calculated nft the brtSiS of thx rAtes and laws that have been ￿]Rcled or stsbstrntively enacted by the period end. Managctllenl peiiodically ev2liiate5 POSiUoDS taken ID tax reh1rn5 with respect to SiDJati011s in ivhi¢h oiiplicable regulauoa ts $ubjc¢¢ tt) intcipietAtiOD. It estsbltsl￿s provi%iou5 wheff gpptoptiate on the b95is of atnount5 xpectcd to bc paid to the tAx authotiiie8. Tanglbl¢ A86ets Tangible as¥et5 Ilfc Stated at hisb)ric C05t less #ccwnuhttd deprecialio TAngible Fjxed as8Cts are inCh￿¢d at purthase cost, lo￿.ther with any in(xlental costs of xquisition. eprecRation is calcularcd to wxite off the c05t of tan8iblc fixed assets. less c5tJtn¥ted iesidllal valiies, otl R 5tr9iglit line bfjsis over rhe expecttsl ￿SeE￿I econ(wiic ]iYes of tbe assets conceir*d Thc plsllc1p￿ aanual tÈtes L15cd are 95 follows: I￿/• I￿/. 330/0 25/• Workshop equipmeAt IT and officc equipment F&xtutes and fittings Wh￿e the rec(IvetAble am0￿￿( of a fLxed ¥s5etxs Fouttd to be bdt>w its nct b￿k value. the a55et ts ivritten down to the ttcoveThblc amollttt attd the kns ImpaltiThe￿ is WAscd the Ststemenl of Fioancial Activitie5. -32- Ex¢eed Worldwide Notes to the Financial Statements fot the finxncialyeat ended 31 March 2011 Aecounting politie8 (cofttitiued) Inve8tuJent in subsidlary eotskpAny Inve5tmetit in a sllbsidthrF tomwAay 1$ bdd at cost kss accumulated impairmetst105ses. Inventories Inyefttories are stated at the lower of cost esiÉtnA￿l selling pritt le55 Costs to sell. InvefttOLiCS gre recogoised a5 att expense in the pctiud iti which the xdata ￿VenUe is recogni￿. Cost 15 dertnnincd on the ftyst-in. first-out (Fifo) meth(Kl. Cost &Thdudes thc PULrhase price., li￿l￿dIng taxes and dutieg and trA115FKPLt and h0ttdli￿ dI￿¢￿Y atttiburable to bong1￿ tbe iuven¢ory to Its PLrsent lotatioti and condiunjx. At the end of ¢8ch rqx)rtin8 peri(xl involt￿leS ire a¥t*ssed fot impaitrJienL If an of inveiitory ts i￿pAired, the identified itiyentory is rcdu¢ed to its sellulg ptice Ic5S Costs to cothplcte and sell and An itnpiinnen¢ thArgc is rcLognised iti the. pwfit and loss account. !Vher¢ • reversal of Ihe iTn aiLYnent A$ requiLrd the itnpotrtntnt chaigc És revctaed. up to the otigits#l 11npatttt￿t Ios4 is recogllis a$ # credit iii the siatemcIit of fthanual %ctivitie$. Ca8h and eABh equiv4lents Cash al￿ ¢*sh equivalents indudes cash in b3ll￿ deposits held 2t call wAth bxnks, orhcr $hort-teiYtL IxiKhly ltyiud iTrYesttThen¢s ivith original matutities of Ill￿¢ nionths oi Icss and bank overdrnfis. ljaftk overdrafts, vhtn aiTrplicRble, aie shown wiihin knrrowings in currtnt liabiliiies. FinanclAI In8¢tuments The Parent conjpany hos cliosen ¢0 adopt Seclions 11 afd 12 of fRS IIY2 in re5pec¢of fmanci#lLfkStwmertts. i. PlThanci•l ￿Gets B#sic fin9nciAI a5se¢S. includitig tsxde and other debtors and cash and bank balances fire initsslly Lrcogniscd at trdns*ctioLI price. unless the j￿ngement cotl$titu￿5 a finAncing transactio￿ whcre tbe transaciion 15 measuttd at present value of the fumtc re¢cipts distwnted at i market r4te of intettst. Such 25sets *tc subscquendy CAtticd At arnorti5ed cost Iisin8 the cffective Atst¢rest methl oftlie asset h25 t￿nSFerred to anotheK party who b05 the i)Tacticai 2bility to ￿nI]atet#llY seu the asser to nrelated thitd party withour additiojjal EesttiCitOAkS. -33- Ex¢eed Worldwide Notes to the Financial Statements foi the fina￿la1 yeat ended 31 Match 21123 Accoutkfing policies (cotsuttue Fittancxal in8tn]ment8 {cotttinued) ii. Fiiiancial liabilitiea ]3asic finaA¢i21 Itibi]ities. iadudthg trade and othei payables iniii8lly recogm￿d at trattsAr.iian pric4 unless thc gfLxngement consututes a fth#n(urtg ttan8aCtior4 ivhere the debt iostsutnent 15 meAsured at the present vttlue of the futurc payments di&countyl At a mathtt rAte oFiAteteSL Debt in3trumeots are sub54llently clttied at athortised usiog the effecttve ffinterest tste method. I'tade payablc5 ate oblg*rions to Pay for gocK15 or 5eThFittS ihat I￿ve been teceived in thc ordillHry coutye of busines8 from sui)p]iei&'l'radc Pa￿b[C$ arc dassified intn xmouiits foll￿£ due within onc y¢*i if payment is thie wA(hin yttLr or le$> If noL they Ire presented #s ¥nM)unts f8]lit)g due aft￿ one year. 'rrade pttyable8 arc ttcogui5ed illithAlly •t tThnsactioti piice gnd 8ub5cquendy tn¢•sured at *mortiscd cost using the ¢ffeciAYC ititercst methd. ftnAncial ltsbiliues derecogni8ed when the liabiliry ts exiit)gui8hed. that 15 when the ¢onttartual obligauun is di5¢h#yd. cantellcd or exibÉres. Fund accounting The GIoup gnd PAKeat ¢omp8ny b8$ vatious rypes of funds for which it is ttsponsible and whid) r4uire $ep#LXtc dssclosiitr. Der￿lliOnS of the vatitsus rypes offim￿S are 0$ fouo Re8tticted fund8 s a$ smted by the donor. Expertdithre itteetitig tbe Crit￿￿1 Is identified LO the fut￿, t1¥ed￿r wi Unrcstricted fund8 Unrcstricted fund5 at¢ donAtions gnd oihcr incoming re80Utres tcccived ￿ geneLYtcd wliicb atc exi)eJJdablc at the disueuort of thc (Ftoup iii fiirtherdnce of its objcttivc. DcBignaied fundo UntestLiCted funds are those that hgve been ta(ma￿ed by the'fntsttes fot 2 specific puipose. Thc desigiiation has An administrntiv¢ PULFOSC ody. ANI does not legally irsttict Twstee's dJ5Uetioii to apply the ￿nd. Related patty tran6action The Group Patcrttcompany disclose5 trans¥ctson$ with re12ted partics th¥t are not wholly ownedivithin the same Grmip. 1vb￿e appioptxate, tt20sic¢iQnS of a simdar tratsire Are aggEcgatcYl unless, in the opsniun OE the dittctots. sep%￿at¢ disdosurc is netes59ry LO undet5tsnd the effett of the tt2n50¢tioths on the Group finttttcial 5ta¢rtnents. Ctitical ACCOUntiDg jiidgements attd estimation uncettsinty 4￿tImat¢S and judpent$ ate co￿l￿ul1￿ e¥2luatedaad on histDituI cxpctiencc #nd Ot]￿ fattors. induditig expec¢attons of ￿tUre eyents that IAieYed to be ttasonabk uoder the citcun]staAte ~34- Exceed Worklwide Notes to the Financial Statements fotr the finattci4lyear ended 31 Match Ctitical aceouttuttg jiidgement$ and e61irtixtiott uiicertaiftry (coniitiued) Signific*ni matuE¢ment l￿dgement 1%c followiiig are siEAi6£apt mallagctftent pdwents in ApplyiDg accounrxng wh]ities oFthe cotllp8ny that have the mc)st 5igNficant effect the 1snan021 stawments. CJA8sific8tion of*e8tnc¢edAttd tsttre$¢aCtedmcome *fvdcorre8pondin< expeJJdi¢iire DeterJn1￿t￿ appmptxate da&sificaiion of ioc(Nne as bcin¥ ather rstyicted or uitrcsiiycled iii ]ifte ivith don0￿S, coAi¢acted supuls)tton5 j5 a sgoificant JUdge￿ent applLed by rnanaga)ienL 'I'h(>rough revleivs ol agreements 2te pEtfomied by mat)agetuellt to ensureappwpriate anAIy8is expenditt￿£ iri ]ine ivith 5a¥ne. E81imates 8t￿ A88iimp¢io rhek Ancial reporuog diie, djat have x wufic2nt tt5k of causinR A m#tetial adjuslmertt to t]Ic wrying *inouknts of a￿tS and habjiities withtD tbe ncKt fllwKial year A8 dtscussed bdov. EsliinAtiw u$efuJliveB ofd¢ptyeci*ble Assets fvI#n¥kei?￿llt xevieivs Ils cstimates of the useful ilves of tyr¢ci*ble assets at e2ch rei)oMing d%te b•sed on the expectLd iitility of the assets. Uncertainties An diese e5tirnates to techAico1 or physical ob501escaice thgt miy change the Ulti￿ oEcenain office and computer equipmenL Incoming re60urce8 Re8iricied Untc4triLILd fund¥ 2023 fundB 2023 2023 VolLltitary intnme and ublici 'I'oi*l inLI)mc relthtin Activitie6 f()r gentmting fiittd¥ I'()i))mtrcifil iijcome Total iiiLume frtsm fvlaiia leinetst fees froIn TotAI incomi 1.(132,IS7 1,032,157 3,M 1,935,454 903,297 1,93fj,4.fj4 31￿,A49 360,849 360.849 360,849 156,873 156,1173 1421,019 2 453 176 nctatin xrtner o flind8 nisations tfSOUtCC8 1,034157 Re81ficied Un￿0￿1¢I¢d funds 2022 fund8 2022 Total 2022 VolttntRry inc()me FundtAisin and ubhci Total Aneume telatin to fiithisin Activitie8 for genetraiing fimd Comtnetcittl irtcomc Othet incomc Inycstmcnt income Total income from h,12na ejnent fecs ftoiu Total ffincomi tesource8 1.449.7(h5 1.449,7( 439,794 1,8895(K) 439,'194 1,889,5(N) 454.982 1.993 454,982 1,993 tterAtin funds artner DlSAtioii$ 456,979 456,979 149,335 149.335 I,(M6.Ilk 2,495,814 1,449.7( -35- Exceed Worldwryde Notes to the Financial Statements for the fitt#ncial year ended 31 M1￿Cli 2011 Re80UtceB expended Restricted UntC8tricred (und8 2023 fund8 2023 Totsl 2023 R218ing fund8 Support costs (iiote 6) Ful￿raisi11 and ublici 'I'otal ex etkditute ftelaiin to fundtai$io Lharitablc activities Field $t2ff FAeld expcn5e5 bield equipment and buildings Tt#vel Matrtials DevLlopment siippoxt tost5 (not¢ 6) 0￿￿ $uiiporr costs (no￿ 6) Grant expendituic L¢rnnrs paid to partner oqanisations) Audfior's tcmunerAtiOD GovLmgiir.e co818 Totshl LhariiablL' 4ctiviticB to c'.c)mrtiercial Acrivi 26,033 -411 26J44 26,033 311 26,344 497.039 156,872 817,934 416,640 18,971 63,004 70.941 41.634 78,171 388,446 IOJ34 9,688 191.5,763 4f47,88&1 2,421) 995 259.768 18.971 23,817 70,941 41,634 78,171 39.187 388.446 10,334 9,()88 834,219 487,X88 1,3411451 I.081￿14 Total tLsviircc6 ex ded 1,081,544 Re8tricttd Utsff8tticted fund& 2022 rundts 2022 Total 2022 R818an¥ fitnd8 Support cosis (note 6) rundraisi gnd iibLio Total ex enditi￿t ff Jxun Ch¥AtAble a¢iiviiie8 Fidd stRff Field expenses Fidd cquipment attd buildi￿& Ttyvel Matcrials DcvciopmeE]t suppoxt costs (notc 6) Othcr 5UPPOrt costs (note 6) GrAnt expetidl￿tE @r#nts paA to prtn¢r 0￿￿18￿U1)t]s) Auditv£s temunera¢ion Governancc costs Total cb4rit*ble activitit8 eiiditure relatin to Corntu￿0a1 activi Total teBources ex ended 25,969 25,969 to fiindraiAin 26 $34,630 246,702 190,878 7.047 3.485 49.177 41122 76,863 781?32 190,878 7,047 6.857 51287 42,122 76,863 381,460 14.869 4,416 1.55'1,131 552,122 2 135,502 3J72 381.460 14J69 4,416 635,559 552,122 13,930 921,572 921,572 -36- Exceed Wor1dv￿de Notcs to the Financial Statements fut the fiDanciAlyw ended 31 March 21)23 Suppott C08ts Chatitable a¢tivities Fiindrai&ing & publicity Development Total 20 Unte8ttiCted F4mpbyte costs Depttciatio Postage gnd printitsg Travel rinanctal co$ts Ftofessinnal fees 60255 24.104 36,154 120,513 3,188 .1,188 Joi 1,991 1109 1326 9.121 792 9,211 41.634 145,838 792 9211 78,171 26,033 Ch*riiAble #clivitie8 Fundr•iÉing & publieity Developxncnt TotAI 2022 UttttBiricted Jmiilc)yLe c05fs Depreoalion Po8tagc atsd pnntsng 'rrnvd 25555 38.033 12C),775 3.449 3,449 259 1592 381 953 6W 1.815 4T1 690 10,495 76 518 95 FitiarL(ial c051S ProEesstun#l fees 25.968 42 122 144,954 Employee infomiqtlon Ctoiip CompAny 2023 2022 Staff c08ts WAgc5 2Thd s#lAric PfittsLer project employees Social $ccllrity rosts Pcnsion cos¢$ 491,142 497,039 24578 470254 511,8)1 24,810 384,305 497,039 12,889 2,171 864,404 239,IPO S11,￿1 6.723 1,015 591 1,010 927 757,614 The Èvctage ttumber of pet%ms employed Ikntiog the ytsr was: Gtoup ComFAny 2023 20 Numbet 2022 2022 Nu￿ber Niimbct Diirct chatitsble stsff Commercixl staff 67 13 85 62 14 88 70 -37- Exceed Woyldwide Notes to the Financial Statements for the finattei#lyeat ended 31 Match 21Y23 Employee infomiation (conrinued) Dutitig tbe fjnaocigl Far. no cmployet reccivcd eMOhm￿t$, Ancbjding 58]gry atLd benefits kind, IA the bandtng af £d),000-00,QKX) (2022.. Nil). no employee th thc baadiug of £IO,000-£8O,0￿ (2022.. Nd). no employee in the banding of £BO,(MX).£90.(MX) (X)21. Nig and onc employee in th¢ banding ol £90.OCK)- £l(K).O(K) P022.' one). FJnployct ￿nSIOn contobutiollÉ wett noi n￿de foi thcsc CtsLployees. Key management compenbaiion K¢y tllanagemeDt indudes the directors and ttwnbet8 0( senior w8Ttsgemeor. The compcnsatiott paid OI pdyfjblc to key man#g¢ment for employee setvices is sI￿n bdi)w'. Gtoup Company 2023 20 XY22 2022 Salaties 2nd other short~twm btJ)efits Pension costs 287,010 256,702 131,683 97559 2{￿•,9]0 13L683 97 59 Ttuitee I directot remutteration The tLustee5 received no rynnliLmenis during the year POZ2: Tlxexe were no travd exp¢nse3 teimbiirsed ￿ the board of tsu$tee8 durillg the yeAr {￿22.. £Nil). Tru5tCC5' I￿den￿lty insurance h*$ been purchased by the Group At i cost of £6.640 P02Z. £6.403). Net incoming/(oiitgolng) te8OUtces befo￿ othet recogni8ed goin8 and 1088e8 2023 2022 Thi& ¥tated after chargiw. Wages saLfirie5 Social secutity c()$ts l)eiLSiv%L costs 988.181 982,055 21,578 24,810 2,832 4,062 1,015,591 1010,927 Deprec.ixtioa Fce$ payable to the gtOUP'S A￿&t0￿ fot thc audit of gw fmallcigl statenjents Ftts ble to the 3,188 14,000 3,449 13,250 '5 auditors for the 8udit of SU com nieu 5.500 -38- Exceed Worklwide Notes to the Financial Statements fur the finaticialyeai ettded 31 Ma￿h 2023 io. TaDgibie *&8e B￿lIalog8 Work51wp IT & office Fixtures equipment eqiiipment & fittin88 Total Gtou C08t At l A lil 2022 At 31 MatLlI 2013 A¢cumulated deP￿CIatiO At l Apiil 20?.?. Cl)a lor the Ai 31 March 2023 i.(r21 1021,669 8 615 1.054,341 8 615 1,054J41 3,374 1.017.1( 1.135 1,018,139 12524 1153 3.374 615 1.041.417 3,188 8,615 1,044,605 Net book value At 31 MArch 2023 Ai l A )ril ?.022 3,430 4.56) 6,306 8.3)9 1?.,924 BuAlding8 Workslwp I'l. & office Ilixttjre equipmeni tqiiipment & fitiingB Tot21 an CA)8t At 1 A Li] 2022 At 31 MArch 2011 Acciimiilated dept¢¢iAtion At l April 20?.2 Ch% At 31 MarLli 2023 20.683 20,683 3,374 3J74 8,615 1,1)54141 8,615 1054,341 1,021,669 1.017.104 1,135 1018239 12324 3?74 8,615 1.041.417 exr J4J77 74 8 615 1,044,(JO.S F4et book vali At 31 Marcli 2023 I tl 2.022 6J06 8.359 4,5(15 11924 -39- Exceed Worldwide Notes to the Financial Statcments fotthe fits4ncial year ended 31 Match 2023 IL Investments InYeBtmei)t8 tn subsidiatie$ Com Co&t net bookvAlue At l A ril 2(Y22 At 31 ma￿h2o23 an 27U,IM)I The 5ubsyJiaty undcr¢¥kw whose regjlts I￿ ￿ne(ted iu the ¢onsolidst¢d fxnancial 8tat£thents by vittue of control, arc a5 follows: SiibsidA4ry undettAklngB Name F.xceed Social Enterptises Ltd jBtered office l(A) Lity Ilo%d, IA)ndory Englaftd. Eciv 2NX Class of 8hsittB Ordingry Holdi l(Kf/*- Diiect ,xce¢d Prosthetics And 187A & 189A, St. Bozey. Phnom Orthoti¢$ Co., Lrd Penh Thmcy, PhiLm Trop2ing Chhukatigkar'l'cuk Thh. Khan Sen Sok. Phnom Penb. Clmbodia Otdinary IIXY/.- DAttCt Exceed Lankfi pvr Ltd 16& KadawAtha Road, Ra￿t￿l &1 Lank# Ordingry l(X)°/o- Indirect Excttd Ph Limitcd 7D- 7r Coiinthi4n pl￿ CoAxI(4 121 Paseo De Roxas, iE8azpi Viib8< San tA)retuo. Ciry of Makaii, NC.R, Fourth l)istric Philb. iincs, 1223 ordi￿8￿ I(MY/o . Indtrect The principHI ￿CtiVity of rhe #bove companie8 is to yle private P&0 ¢linics Ittd provide A distsibution servir.e For P&() comptrnents and motcno1% Thcit io to getwnte P￿rI[S Ivl)Jch l)e used Eor $rtial ini #ct by $iipporting Ihc dcvdoptnent of I)&0 education and liysicll ￿habIlitatiOn setvices that dy accessible to people WAth th5abditic5 in thelt registered jurj ctso All r)F the akx)ve 5ub5idiattes *re induded in thc consolidativ Stock Gtoup Company 2023 2tr22 Goods Eor ffsak 55 73 Ther¢ 15 llo tn2teriAI diffcrcnce i*tweett the rylacemeni cost of and their b¥]aace sheet values. Excoed Worldwide Notes to the Financial Statements for the fitsattcialyeaT ended 31 March2023 Debto Gto￿P Compatty 2011 xn2 2022 Trode debto C)ther debiors Amoutits owed by group uodetta￿￿SS ents 73,963 19,826 155.515 57,551 13,823 5L231 $8,126 123.180 44,434 IC)S80 12,815 133.829 65,766 159,55S 123.105 336,171 An impairmcnt 105$ of Wil (2021. DJ16) wa$ rec(yYsd trade debtor& Amounts ￿Ved by gTOUP wKlertakiTJg8 A￿ unsecuttd. int¢rest free and rew4y#b]e on demsnd. 14. Creditot6: Amount6 falling due wiihitt one ye•t Gtoiip 2023 Company 2023 2022 Trade crtditors Amounts owed to the Nippon Found81ion Othu ulditott and accw¥Js Il#nk loans rtote 16 36,690 17,649 162,325 6,210 87J07 3,920 17,649 61133 412,￿1 2(￿.021 507 55 15, Creditor8: lmoiints fAlling di* ift¢t more th4n oDt ye8t Gtoup 2023 Company 2023 all2 2022 Ajnoiints ow¢d to the Nippon FO￿￿allOn Bank loan5 note 16 88243 35,786 124,029 95573 40.(KX) 135 373 88343 95373 88 43 95 73 Anaty8i8 of tbc mathtiry of #D)ounts owed to the Nippon Foundation 18 given below. Gtoup 2023 Company 2023 2022 2022 MatiitAty: In ottt ytrdt or less, oi on deujwnd Betwtea one and tsyo year5 Betweetk and r￿e yeats After mole dLiSi fNc 17.649 17,649 52,947 17,647 105092 17,649 17,649 52,947 17,647 105,892 15.335 46.(KJ4 34.034 95J73 15535 34,034 95 73 -41- Exceed Worldwide Notes to the Financial Statements fot the financial yeat ended 31 Matth 2013 16. Batsk ioats8 Gmup Compatsy 2023 2022 Bank loans 41,996 41,996 47,081 47,087 An4LIysis of thc maturity of bankloan8 io givetx below: Gmup Company 20 3)22 2022 MAtLItity: In onc year or kss, nr on demAnd Betsvcci) one two ytrAt$ Beiweert ¢wo fwe yexts Aftcr mole thatt five e￿S 6210 12,420 23J66 7,(A7 10,(MXJ 30.IMX) Bank Ir>xn attracts art aniiufjl Interest of 25•/D gnd arc repayable ovcr th¢ coutse of 72 nyonth8. Baok loan is Euuy iepayabie in Septemlxr 2026. 17. Analy810 of net a88ets be(w¢eft fum48 Unre8tricted fundts Totthl fund8 2023 R¢81riCted ful￿8 Grou "LangAble fjxed asse¢¥ Net ciirrcnt assets Creditors.. f%liin duc #f￿r morc th4n onc 9,756 773,988 124,0 659.695 9,736 1,274147 124,029 1,163,854 504.159 51M,159 Total runds 2023 Re8tticted fiiDd8 Unre8trAct¢d rund8 Com an 'rarL8ible Fixed wssets Jnvcsttnents Nct cuttent 2syets credito￿.. falitn due after inorc than one 9,736 270,(L)I 772,236 ,243 963,730 9,736 270,IKII 1,276?95 88,243 1,467,889 504.159 504,159 2022 Restricted h]nds Unte8trieted fund6 Total futsds Gto lanyblc ftscd assets Nct current 8ssets Creditots.. falli due after MO￿ than one 12.924 595,763 135?73 473,314 12,924 1,149?09 135,373 1,026,8CIl) 553546 ear 553,546 -42- Exceed Worldvéxle Notes to the Financial Statements fot the financial yeat ended 31 March 2023 17. AtvAty8is of net aSBets between fwkdB (coniinued) Restricted futkds 2022 UDteBtricted fund8 Total funds Corn "l angible [￿ed assets Invesmients Net r.urr¢iit 25SCt$ Creditors: fallin due afier mQEe ihaTh one 12.9?A 270,(X)I 472,756 5,373 12.924 270.￿1 1,026,302 5,373 1,213,854 553.546 5.5.1,546 18. Unte8iricted fund8 Balance l Aptil Incoming Outgolng 2022 fund8 fund8 Ttansfet bettveen funds Cuttency BAiAttee 31 Morch 2023 difference Grau CitiiL'i*I fund¥ 473,314 1.421,019 14 1421019 1.348.451 113,813 113813 65Y,695 651) 695 BalaJJce l April Incomi 2022 fund8 TrAA•fer Ciirrency BalY4ttce 31 be￿cen tr•n&latiOn March fund diff¢teiice 2023 Ouwoin riiDd8 Com An GenerAI fund$ 308 1,t*IO,170 l (K>0170 103,815 1￿.7815 963,730 963,730 660 The. designated &ind comptis¢$ amounts set aside to ffftance thc fvrure d¢velopment of ¢he ownisation. As A ie5ult OF Ihc fjnancial loss Èa¢urred atour i)artnet pmjeet in ludonesia, (he p]aniwl fuivrc developmcrtt of the Gtotsp Wns SU8pcnded and ￿ndS trAnSfe￿¢d ￿ the general for vse iviihin the Gtoup. 19. ReBtricted (w￿8 Rr5tricted fi]nds rompiisc uttexpended balatK*s on do￿￿tiOnS #Thd 8t8nt5 givcn fot spwific purptlses. Those fi￿a5 Ivjll be expeDdd in Euts￿e yeArs An accoidattce ￿1th do￿￿ Trish￿ The8e ate shown below.. Movement in r￿lia$ Transfer Cutttncy Balance 31 bctweei) ttan81ation MAtch fitsLd8 diffetence Balance l Aptil lttcomin8 OuwojDg 2022 fundx Gnbup and com 553&16 553,i46 1 032,157 1.032,157 1,081,544 1.081,.544 504,159 504,159 Ihe Exceed Woddwide fiind5 trstricted to our opeL#tsons iti CoTDbry]i2. The h,BPO Eund5 arc Eoi the p%ttrLet oyftisation in Yan8oll& mYanll￿r. -43- Exceed Worfdwide Notes to the Fin2nci21 Ststements fot ihe financi01ye￿ ended 31 Maich 2A)23 Tax2ti0n 'rhe Group is 3 Itgistercd chsoty. aad 8$ such ts entidd to ccrtxKn tsx cxemptions oll income and iirofits ftotn investmcnts, and suq)Iu8es any trading *ctiViliC5 carried on in furthennce of the GI￿1P,$ prithaiy objective5, IF these profits $uqTrluscs xte applied soldy for chAritabk i)L)L])oses. 21. t*gal 8tstU8 of Exced Worldwide xceed WorldwAde, not h•villg tharc capxtsLi51imited by Euarantteuwler (be pti)Vi5ioos of the Companies Act, 2￿6. The liability of tlie n￿Mbe£S of Exceed Wor]divide sh#ll oot excced £1 should tlic l)awit company Ix ivouThd-up. bxLeed Worldivtde is a ryisiered cliariiy arjd AS exempt fro￿ corpoTatiOt) tAx and itieoinL 8nd chALgeAblc £Ains. $0 far as they continue to be aijplied fot charitsble purpose5 only. Jndemnity insurance During tht year Exceed WoAdwide incurx¢d costs of£6,640 P)22.. £6,403) for insurgnce ivh¢rcby Ill Ttustces and employees •ciing on Edalf of the Trn5tees in fu￿nCial tllaitrrs ite covet¢d by tbe profcssionAI indemnity dAU5t. 23. Ultim4te cott¢toliitsg party The board of try1s￿e5 Ire considered to be the uliimate controlling ￿ttY of the Group 2fKI Company. R¢l*fed party disek)6ut¢ The Pirent cortLpAny h*s availed of the exC￿ption u1m1￿ FRS I(Y2 5ectioD 33. pAragrAph 33.IA irt ttlatlon to the (iisdosurc OE the tt*n$actions gtoup companies as all of thc votsng rights are corttttjlled ivithin the Group. lyanmar Sch¢>ol uEPro$thetic5 #nd Ort}￿tICS (MSPO) is A Iylty indewdeot ttgi5ter¢d d4tiry atflliated to F.xce¢d Worldividc. nonethde8S Plt their yAnmar oivn (￿anCial 8ta¢cJnents dut to their irtdcpendent chaDty slattis. Fund5 rai4ed ate thcreÈn refcyxed to 25 'MSPO" is referred to as a 'Pattoer Ownisation T within xestricted funds. see note 19. Ttansactions iwith Trn$iees ote detaii¢d within note 8 to the sthtemettts. 25. Events tsince the end of the financial ye IEcte are no e¥ent¥ that have affected the Gn)up siticc of thc Fmttci21 ye*t. -44-