OpenCharities

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

← Exceed Worldwide

2024-03-31-accounts

Exceed Worldwide

Financial Statements

for the financial year ended 31 March 2024

Registered number: 02807200 Charity number: 1032476

Exceed Worldwide

Directors and trustees Mr Daniel Blocka
Mr David Boone (Chairman)
Mr Steven Gard
Ms Kokoro Motegi
Mr Stephen Blatchford
Professor Paul Fleming
Mr Brian Wall
Dr Cheryl Metcalf
Audit Committee Ms Kokoro Motegi
Mr David Boone
Mr Stephen Blatchford
Finance Committee Mr Stephen Blatchford (Chairman)
Mr Daniel Blocka
Dr Cheryl Metcalf
Mr David Boone
Chief executive officer Mr Carson Harte
Registered Office 160 City Road
London
England
EC1V 2NX
Bankers Danske Bank
PO Box 183
Donegall Square West
Belfast
Independent Auditors Grant Thornton
Chartered Accountants & Statutory Auditors
13-18 City Quay
Dublin 2
Ireland

Exceed Worldwide

Contents

Page
Trustees’ Annual Report, incorporating the Strategic Report 1 – 15
Directors’ responsibilities statement 16
Independent auditor’s report to the trustees 17 - 21
Consolidated statement of financial activities 22
Consolidated and company statement of financial position 23
Consolidated statement of cash flows 24
Consolidated analysis of net cash 25
Notes to the financial statements 26 - 41

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

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

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

The Trustees of Exceed are pleased to present their Directors’ report together with the audited consolidated financial statements of the charity and its subsidiaries for the year ended 31 March 2024, which are also prepared to meet the requirements for a Directors’ report (including their Strategic report) and financial statements for Companies Act purposes.

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

Chairman’s Report

The Board of Trustees for Exceed Worldwide are encouraged by the reinvigorated field activities and by many positive developments in the organization during the past year.

Foremost were the exceptional efforts made by senior management to implement the requirements of the ACCESS II funding from DFAT Australia. Huge strides were made in governance and training of human resources, accounting, and in deftly handling the local political situation in Cambodia. The executive team have spent extraordinary but necessary amounts of time in-country in Cambodia to see this through.

Our country director and CEO represented Exceed at the ISPO World Congress in Mexico, further building the reputation of the organization in the international P&O community. I personally have had the opportunity to review the situation of Exceed operations in Cambodia twice during this time. In November 2023, a very significant face to face board meeting was held in Cambodia for the Trustees. Many thanks are owed to the volunteer Trustees who gave generously of their time and travelled very far to participate. It was notable that so many Trustees were able to personally fund their costs of participation to save those expenses from the organization. It was profoundly important that the Trustees could interact with the daily working of the school and the clinic there as both our foundational to the success of the past and the future.

In addition, this gave us an opportunity to have in-depth strategic discussions for many hours. One area in particular that the Board of Trustees monitored was the state of the Exceed Clinic in Manila. A combination of draconian COVID lockdown measures in the Philippines and the departure of some staff during the pandemic exacerbated a stagnation of the business. After much consideration and discussion, the board unanimously decided that extension of further financial support to the Manila clinic was warranted in an effort to rebuild the business, as pre-pandemic this clinic stood out as our most financially sound venture.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

The meeting coincided with an amazing public celebration that allowed Exceed to highlight the 30 years of work in Cambodia with local media and high-level government representation. An additional meeting hosted by the Swiss chief of mission in Cambodia led to furthering fruitful discussions with the Board members of MINEX, a potentially very useful collaborating organization.

Ongoing discussions have continued with external funders including private charitable donations, potential commercial investors and government assistance in the form of grants are getting favorable reception though are slow to materialise. The success of this past year’s efforts are a key “selling point” when encouraging further cash contributions to the operations of Exceed.

I commend the Executive and Staff members of Exceed Worldwide for maintaining constant and transparent communication with the Board of Trustees, and for the extreme efforts made to ensure that the organisation was ready to rebound post-pandemic as opportunities availed themselves.

Objectives and Activities

Exceed operates in countries where access to P&O services is limited or unavailable. Established in Cambodia in 1989, we have expanded to establish internationally accredited training schools and high quality services in a number of countries in the region including Sri Lanka, Indonesia, the Philippines and Myanmar. The schools in Sri Lanka, Indonesia are all now under local management. Exceed maintains an active management support role with the school and clinics in Cambodia.

Our beneficiaries include people with disabilities who are amongst the poorest of the poor. In our countries of operation, people with disabilities are routinely marginalised and often excluded from education, training and employment opportunities. It is often not possible for persons with disabilities to access or pay for services themselves, so each training school includes a free-of-charge physical rehabilitation centre.

Cambodia also operates two physical rehabilitation clinics located in provinces south and north of the capital. Exceed focusses on equal rights for the most disadvantaged members of society so we particularly strive to ensure that women and children with disabilities have equal access to our services and to all education, training and employment opportunities. We also seek to employ appropriately qualified people with disabilities as well as offer training opportunities on our internationally accredited training courses to those meeting the course entry requirements.

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

Exceed Worldwide worked in partnership with The Nippon Foundation to develop the 2001 Strategic Plan for the Establishment of Schools of Prosthetics and Orthotics in South East Asia. Following the handover of the Exceed schools in Sri Lanka (2015) and Indonesia (2018), Exceed continued to work in partnership with the school in the Philippines until April 2021 when it also successfully reverted to full local management. Following a military coup in February 2021, face to face teaching at the school in

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Myanmar was suspended and the international teaching staff had to leave the country. Over a period of many months in 2021/2022 work was undertaken to facilitate the direct transfer of the Myanmar students over to the school in Cambodia. This effort involved significant negotiations at the highest level and ultimately resulted in representations made to the Cambodian Prime Minister by the Chairman of the Nippon Foundation – Mr Yohei Sasakawa - enable those students who wanted to continue their prosthetics orthotics education to transfer over to continue their studies in Cambodia.

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

The programme of work includes:

Exceed Social Enterprises (ESE) established a stand-alone, private, fee-paying clinic in 2015 providing PO devices using modern, high technology components and materials. This service immediately expanded the range of PO services offered within Cambodia as well as expanding the education and increasing career development opportunities for young PO clinicians.

In November 2018, Exceed developed a two-year pilot project with the Cambodian Ministry of Social Affairs, Veterans and Youth Rehabilitation (MoSVY) and the National Institute of Social Affairs (NISA). The Modern Services Clinic (MSC) offers paid-for services and moved onto the campus of Cambodian school of PO. This development increased accessibility to, and raised awareness of, higher technology PO services – previously only accessible to those able to travel outside of Cambodia. The location of the MSC alongside the school has provided the opportunity to offer clinical placements to young graduates and expand their knowledge of modern technology.

Two additional, stand-alone clinics were similarly established in Sri Lanka and Philippines as subsidiary companies within Exceed Social Enterprises. Both clinics provide clinical services and also operate as hubs for the Supply and Distribution work of ESE.

ESE clinics are staffed by graduates of the Exceed schools in Sri Lanka and Philippines respectively and these modern service facilities function to raise awareness of the wider range of prosthetic orthotic materials and components that can be imported to each country. These clinics offer a ‘paid-for’ service that offers those with disposable income the option to opt for higher technology devices. While the ultimate aim is to re-invest profits from each of these feepaying clinic back into services for people with disabilities living in poverty both clinics have been severely impacted by the Covid pandemic. As a result of the pandemic, sales of devices as well as demand for plastics and components dropped dramatically. Drop in demand for plastics

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

or components used in manufacture also severely impacted the performances of each clinic. Post-covid recovery was considerably slower than had been anticipated – with Manila being particularly impacted. Civil unrest in Sri Lanka in 2022 followed the economic crisis and created in an extremely challenging environment that took some time to overcome. So while recovery in each country has been somewhat slower than had been anticipated, the signs of improved demand in both services and supply and distribution are now apparent.

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

Grant making policy

Exceed Worldwide provides grants to its partner organisations in accordance with its role as facilitator of funds provided by the Nippon Foundation. In the year to 31 March 2024, grants totalling £1,031,681 (2023: £1,081,544) were paid to these organisations. The parent company does not make grants to nonpartners.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Public benefit

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

Structure, Governance and Management

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

Organisation

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

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

All Trustees give of their time freely and did not receive any remuneration during the year. Details of Trustee expenses and related party transactions are disclosed in note 8 and note 24 respectively to the financial statements. Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer and in accordance with the regulations withdraw from decisions where a conflict of interest arises. The Board has established a number of sub-committees to carry out a more detailed review of the functions it is responsible for.

Finance Committee

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

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

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

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

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

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

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

Audit Committee

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

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

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

During the early part of 2024, the Audit Committee re-visited the Terms of Reference and, having developed an updated version, they were finally ratified by the Board in November 2024.

Members

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

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Appointment of Trustees

The Board of Trustees have the power to appoint new Trustees. Any Trustee so appointed will be subject to election by the members at the following Annual General Meeting. According to the Articles of Association, after a term of three years, a Trustee shall retire and be eligible for re-election.

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

If the candidate is deemed suitable, a recommendation will come from the Committee to the Board of Trustees for approval. A suitable candidate may be invited to observe a Board meeting prior to taking up any appointment. If the appointment proceeds, the nominated person can join the Board at any time during the year and will then be recommended by the Board of Trustees for election by the members at the next AGM.

All new Board members were provided with the Induction Pack of files and briefing meetings were scheduled with management team according to the induction process described.

Following their initial engagement with the Board in April 2022, both Sheila Kleyn and Elaine Boyd stepped down from the Board in August 2023.

A new Trustee, Mr Stephen Blatchford, joined the Board in November 2023.

Trustee induction and training

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

In addition, new Trustees are encouraged to engage with Board activities and visit one of the project countries during their first year as a Trustee. With that, the Exceed Board Chair visited Cambodia in March 2023. A face-to-face Board meeting was subsequently hosted in Cambodia in November 2023 that aligned with the 30[th] Anniversary celebrations of Exceed beginning work in Cambodia followed by a meeting of the Leaders of the regional PO schools established by Exceed.

As permitted by the Articles of Association, the Trustees have the benefit of an indemnity, which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The Trustee indemnity was in place throughout the last financial year and up to the date of signing these financial statements.

Reference and administration details

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

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Achievements and performance

Cambodia

The Cambodian School of Prosthetics and Orthotics (CSPO) is now known as the Department of Prosthetics and Orthotics (DPO) of the Faculty of Prosthetic and Orthotic Engineering of the National Institute of Social Affairs (NISA).

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

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

The International Society of Prosthetics and Orthotics (ISPO) is the governing body of the profession of Prosthetics and Orthotics. ISPO hosts a World Congress every two years to set standards, facilitate exchange of information, progress the profession and provide a forum for service providers and manufacturers to meet. The last ISPO World Congress took place in Guadalajara, Mexico in April 2023. Due to costs and practical difficulties experienced by Cambodian nationals being able to obtain a visa to enter Mexico only two members of Exceed – Carson Harte and Kheng Sisary – were able to attend.

The ISPO international standards were re-named:

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

Once a school is accredited it is regularly evaluated and re-accredited by ISPO. DPO was inspected remotely in September 2022 and accredited for another five years (until 2027).

The Prosthetic Orthotic Technician (POT) Programme at DPO was successfully accredited in August 2019 when it became one of the first schools in the world to offer the ISPO-accredited Technician training programme.

The recognition from ISPO for the POT Programme was due to expire in April 2022. The selfassessment report for the technician programme was completed and submitted to ISPO office in September 2021 for the expected evaluation in April 2022. The accreditation was further extended until May 2024. Then, due to pressure on the ISPO for accreditation ‘in-person’ inspections, this schedule has been further postponed with the current date of inspection now estimated to be February 2025.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Although student recruitment numbers were severely impacted in 2023-2024 by the pandemic, DPO successfully graduated fifteen BPO students in September 2024 with many nationalities being represented among those graduating. Ten of the graduates were from Myanmar and were sponsored by the Nippon Foundation. Due to the ongoing conflict in Myanmar, nine of the graduates elected to remain in Cambodia and are gaining clinical experience as interns seconded to rehabilitation clinics around Cambodia. One of the Myanmar graduates chose to return home. Among the remaining five graduates were students from Sudan, Malawi and Laos – all of whom returned to their home countries soon after their final exams.

Donor relationships remain a priority focus for our teams as their ongoing support is essential to secure our work in rehabilitation and professional education. Funding for disability programmes in Asia continues to be challenging. As the Cambodian economy develops, so potential donors look to other countries in greater need of financial support. With that, considerable effort goes into sustaining the long-term donor relationships we have as well as remaining alert to new contacts and new opportunities.

Following the dramatic intervention and funding from Beast Philanthropy in March 2023 – with a grant of $234,000 USD, we simultaneously received news of funding from the Sir Bobby Charlton Foundation (SBCF) of $240,000USD. Both grants assured the continuation of the work at the Kompong Som and the Kompong Chhnang centres for the rest of 2023 and into 2024.

During 2024, the Sir Bobby Charlton Foundation also expressed interest in funding the Higher Education Programme – to support young people with disabilities to access higher education. This was a highly successful programme in the past and yielded excellent outcomes with many graduates progressing into a variety of mainstream professional jobs. It is anticipated that this new programme will commence in 2025 with ten students being supported.

Other established donors – such as Mine-Ex have committed to continue – and increase – sponsorship of student places on the Associate PO course (previously Category 2) into 2025 while others, such as A Leg to Stand On and Limbs 4 All, continued to support prosthetic devices for children and support for children to go to school with the KidsExceed programme.

The Exceed Quality Team continued its focus on maintaining standards and ensuring a focus on Continuous Improvement. The ISO re-certification is dependent upon an audit and this took place remotely in April 2023 conducted by Global Compliance Certification (GCC), Malaysia. The audit was ultimately successful with Exceed being re-certified with ISO 9001:2015 accreditation – with the new certificate issued in April 2023 and expiring in May 2026. The first ‘in-person’ audit was also successfully concluded in April 2024.

Exceed continued to provide rehabilitation services from three centres in Phnom Penh, Kompong Som and Kompong Chhnang. Services provided by Exceed rehab centres include lower limb and upper limb prosthesis and orthoses, spinal orthoses, provision of assistive devices such as crutches, walkers or canes, provision of wheelchairs, physiotherapy assessments and interventions and treatment and rehabilitation with club foot.

Other than the provision of physical rehabilitation, community teams also assist with identification of people with disabilities in the community, assistance for children to access school as well as assistance for people to access further education, training and employment.

Numbers of clients accessing services continues to increase. The post-pandemic recovery period was more prolonged than had been anticipated and is only now returning to pre-pandemic levels. Funding from Beast Philanthropy and Sir Bobby Charlton Foundation secured the centre-based and community

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

operations at the two provincial clinics in Kompong Chhnang and Kompong Som during 2023 and 2024.

The Exceed Modern Service Clinic (MSC) moved on campus with DPO in December 2018. This move was identified as a two-year pilot project from February 2019 to February 2021 and approved by the Ministry of Social Affairs and Youth Rehabilitation. The MSC provides a higher level of service and more advanced technology and initially included a Cost-Recovery Programme.

While the pilot resulted in a significant increase in uptake of the higher-level services the Cost Recovery programme was deleted from the last MoSVY Memorandum of Understanding.

The performance of the MSC continues to recover from the impact of the pandemic with patient numbers, and range of devices, increasing once again.

ExceedOnline – Exceed’s blending learning programme that was initially designed to ensure the continuation of PO education for our international students during the pandemic is still being incorporated into our teaching programme. Further applications of that initiative remain under active consideration.

During 2023, Exceed were developing operations in line with the Decree 907 of the Royal Government of Cambodia whereby PO services and the school of PO would transition from working under the line management of the Ministry of Social Affairs, Veterans and Youth Rehabilitation and over to line management by Ministry of Health. This Decree aligned with the WHO mandate to strengthen rehabilitation within healthcare systems – in our case, the immediate goal being to establish a number of PO clinics within hospitals. With that, Exceed began work on the ACCESS2 programme in January 2024 with funding from the Australian Department of Foreign Affairs. Exceed joined the ACCESS2 programme as a lead Strategic Implementing Partner and will receive an initial $2.2 million AUS grant to initiate the work to develop the new-look services across Cambodia over the course of the 5-year programme. So far, Exceed have established a new Central Fabrication Unit in Phnom Penh that will manufacture devices for the new hospital-based services. Exceed have also opened four new clinics in both public and private hospitals with pending agreements on ‘visiting services’ with several other hospitals in and around Phnom Penh, Kratie in the North East of Cambodia and developing services in Kompong Som that will also extend to services in other coastal provinces.

Exceed Prosthetics Orthotics Philippines – Exceed Manila Clinic, Quezon City, Manila

The Exceed clinic in Quezon City, Manila was established in 2014 and is staffed by a small team of clinicians and support staff who provide clinic-based services as well as partnering with two local hospitals to provide services there. Exceed Supply and Distribution also function from this site and supply to other service providers. As the Sole Distributors for North Sea Plastic ( a global supplier of the specialist thermoplastic used by the PO industry) Exceed Manila are in a good position to supply this plastic to the sector. Exceed are also a Sole Distributor for Regal Prosthesis – a Hong Kong-based company supplying prosthetic and orthotic components as well as custom and semi-custom silicon prosthesis. This company produces quality-assured components that contribute to the work of Exceed to provide high quality materials, components and finished devices for people with disabilities in the Philippines.

While patient numbers and doctors referrals remained lower than pre-pandemic numbers, Exceed Supply and Distribution successfully tendered for a contract with the Philippine Orthopaedic Hospital (POC) in Manila to provide thermoplastic and components for their physical rehab centre at the hospital.

While servicing the contract has absorbed considerable capacity from the team, it was judged that this effort was beneficial overall and would pave the way for further opportunities in the future. Funding was committed by the Board of Exceed to align with the work to sustain and develop the clinic.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Key marketing and profile-raising opportunities were identified and budget allocated to appointment of key staff and replacement of older equipment. With that input, it was anticipated that the uptake of services would improve. To date, the team have participated in two exhibition/conferences – one being a Sports Summit at The Medical City Hospital in August 2024 and the second being an Exceed stand at the Annual Congress of the Philippines Orthopaedic Association in November 2024 – a unique opportunity to establish links with orthopaedic doctors from across the Philippines. Both events brought the team together in a unique way and yielded many contacts that can be explored as part of the development and expansion of clinical / supply and distribution services.

While being unable to travel due to multiple travel restrictions resulting from the Covid pandemic, Audrey Harte (Operations Manager) made the first visit to Manila since 2019 in January 2024. Audrey was able to work with the team on review of clinic situation and how best to avail of upcoming opportunities in 2024. A visit to POC was conducted as part of the tender process that was ultimately successful. The first face-to-face meeting of the Exceed Philippines Board was hosted by the Exceed Attorney, Danilo Patron with Board membership reviewed and a new President appointed.

Myanmar: Partnership project – Myanmar School of Prosthetics & Orthotics (MSPO)

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

Exceed Myanmar consisted of three main projects:

Myanmar School of Prosthetics and Orthotics, University of Medical Technology,

Yangon (UMTY): MSPO is a department of University of Medical Technology, Yangon.

National Rehabilitation Hospital, Yangon: Exceed Worldwide supported the P&O clinic run by the Ministry of Health at the National Rehabilitation Hospital, Yangon.

Mandalay Orthopaedic Hospital:

The P&O clinic opened to provide services in February 2017.

In preparation for handover at the end of 2024, a new oversight committee was established with the Ministry of Health and other stakeholders.

While the project had been on track with the original schedule, the impact of the Coronavirus at the beginning of 2020 was the first event to impact upon the project with services and teaching suspended and all international staff departing for home. The second event to impact the programme was the military coup in February 2021. While teaching was able to continue (in a limited way) online, the incountry work in Myanmar was suspended indefinitely. Although Exceed international staff were no longer able to work in country, Exceed have continued to maintain buildings and support local staff with admin and finance staff making occasional work trips out to Cambodia to work from there for short periods.

As a means of sustaining the training programme an alternative strategy was proposed to Nippon whereby Myanmar students and faculty would be relocated to DPO in Cambodia to continue their studies. This initiative involved considerable intensive efforts by Carson Harte – working closely with the Nippon Foundation – to collaborate with Ministries in both Myanmar and Cambodia – including engagement of the Prime Minister of Cambodia – to secure the relocation of the Myanmar students and faculty in June 2022.

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

The Myanmar school currently works alongside the Cambodian school with Myanmar teachers now working in DPO and recent Myanmar graduate PO’s now working as interns in clinics across Cambodia.

Sri Lanka – Exceed Lanka Private Clinic – Ragama, Colombo

This stand-alone private clinic was established in 2016 and is staffed by a small team of clinicians and support staff who provide clinic-based services as well as offering access to workshop facilities and fabrication services to freelance clinicians and supplies to other service providers around the country.

Exceed Lanka also offer Supply and Distribution of materials and components to government and other service providers as necessary with significant orders for thermoplastics from North Sea Plastics and components from Blatchford UK – an established UK manufacturer of quality components.

Sri Lanka continued to recover from the economic crisis in 2022 and have begun to slowly recover. Exceed Lanka remains positioned to respond to the recovery and it is anticipated that investment plans for ESE will impact upon the development of services in Sri Lanka.

During the financial year, the Clinic Manager, Mr Ananda Runnage resigned to move to Australia. Ananda had been one of the first Sri Lankan students at the school in Cambodia and, following his retirement from the army, had worked in the Philippines with Exceed at the school there. While news of his departure was unexpected Exceed were fortunate to be able to employ a new Manager, Mr HPU Mihiran. Mihiran had previously worked as Clinic Manager in Mandalay, Myanmar for several years before having to depart due to circumstances. He then moved with the Myanmar group to work in Cambodia for two years prior to returning to Sri Lanka where he is now Manager of the clinic in Ragama.

Financial review

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

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

We are committed to moving forward with a strategy of securing a sustainable, recurring funding base through the continued development of Exceed Social Enterprise Ltd

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

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

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

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

The financial position as at 31 March 2024 and the results for the year then ended were as expected and budgeted. The group had income of £2.9m compared to £2.4m in the prior year. The group’s resources expended increased from £2.4m to £2.6m in the current year. Overall the Group has made an unrestricted surplus of £129k compared to a surplus of £186k in the prior year. The restricted reserves balance increased by £209k.

Risk management

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

The risk register lists all current identified risks with each item being analysed according to likelihood of occurrence and the potential impact should it occur. Actions taken to mitigate the risk are also detailed.

Risks related to finance include fluctuations in exchange rates, political and economic instability such as civil unrest and the impact of corruption and bribery. In relation to previous events, the financial impact of terrorism and natural disasters must be taken into account.

Going Concern

The trustees are confident that the group and company have adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due.

Exceed Worldwide have recently signed an agreement with The Nippon Foundation, in which The Nippon Foundation commit to support the partner organisation in Myanmar until 2024.

The school in Cambodia is recovering well with recruitment for both the APO and POT in 2025 including 12 students for APO and 8 for POT at this time.

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

Reserves policy

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

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

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

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

The trustees have currently agreed that the reserves policy should be based on their ability to wind up the organisation and pay all redundancy and associated costs. That amount is currently set at $205,000

Unrestricted funds at 31 March 2024 were £789k (2023: £659k).

Exceed Worldwide

Trustees’ Annual Report, incorporating the Strategic Report

for the financial year ended 31 March 2024

Restricted funds are held for restricted projects and cannot be spent at the trustee’s discretion.

Plans for future periods

The UK senior management team engaged actively with the teams in each country. .

Current planning revolves around our previously agreed strategic objectives:

  1. Human resources

  2. Prosthetics and Orthotics Quality Education

  3. Enterprise for sustainability

  4. Research

  5. New Opportunities for Expansion of Core Activities

  6. Supply Chain Management

  7. Advocacy

1. Human resources

2. Prosthetics and Orthotics Quality Education

3. Enterprise for sustainability

4. Research

Exceed Worldwide Trustees, AnnuaI Report, incorporating the Strategic Report for the financial ye￿ e￿Ied 31 March 202A S. New Opportunities for Expansion of Core Activities Vith of prosthetic orthotic Profess￿￿3]5 at our core- OPPOTtunities for new schools or tsaioing programmes will be auiyety explored. 6. Suppty Chain Mn¥gemeni ..{ key element of the s￿]21 enterprise AJ)xtyxiive. review of supply Cha￿ remains a key grea of tocus for opportunities in the Co￿]ng year. 7. Advoca Exceed remains committed to thi.s Fundament%1 obiertiye and is active in areas to advocare tor persons with disabditie$ ]iving In poverty who cannot the most bas￿ services. Ex¢e¢d continues ro actsv¢l} seck ￿nditig oppominiuc5 8nd ¢Jcw partnerships."I'he work of Excccd Research Network continues ro preseni Opwjrtu￿EIeS for meeting the'Research' objv¢tiv¢ of our long- terru Stratepc pian. New panncES siill bejng added to ERN with a numbei of notsble successc% in re5ear¢h with several currendv under actsve consider2ti0n. The envllonment for research ALndLng is becoming challenging 2nd thi's is imp3ciing upon opw>rtunities for initiariNes aAd collaborations. Flnwever. thc work will conrinue in antIC￿a￿on of improving conditions. Statemeni of di8c108ure of infomiaiion ￿ udiior8 So fat as each of the In￿ree5 •t the date of approval of th¢se fuMncial statemeats is Aw￿e.. there is no relevattt llth"t of wkn.ch the group's auth.￿r$ are unaw3re. and thrTr. hYe t2kctt all thc steps that thei ought to bale taken 2$ d￿¢((0[$ io order to mgJLe themseli'es of 2n% relev2nt audii illfollna￿n aad to establish that the gzoup'5 audiiots are awa￿ of that informOtiOfl. Indepertdent Audito C?rant'Thomton, Ch2rtered.Iccouftt2nts were 2ppoitiied as I￿1"tOrS io the year and ￿ryll be proposed for red1PPOmtment iti accordance wirh Section 485 of the ComparLies,4ct 2CAK). Bv order of the Board. thyi Trustee Dati. oone 18 08cèmber 2024 15-

ExGeed Worldwide Directors, responsibilities statement for the financial year ended 31 March 3) The DArectors ate responsible foi prepw the Str2tegic Rq)0￿ DArectOT'$ Report 2nd the coths0]￿2ted finatjcial statement5 in accordance with applic2ble law aod regubiions. Company ]aw requitcs the directo￿ to prepare lthao(ial statements fot e2eh f￿anC￿l vear. Lnder that the dwecrors havc ekcted to prcpare the Fjxwicial st#rements io accoldance with App]icable law and Uniled Kingdom.Iccounung Staod4tds (Uniied Kingdom Generall! .4ccepted .4ccOUAt￿ Practice), including FJnanci21 Reporting Stsndard 102 The Fitiatsctsl kq￿r￿ Standard apphcable the UK and Repubhc of Ireland" Under company ]aw, the dityciots must not approi'e the financial statements unless thev are 58ti5fied rhat the). Eive 2 And fair of the state of affairs of the cotnpatt) and Group xnd of the profit ox Ios5 of the Group for that peti(d. In prepati￿ these financial statemenw the (ILrectoty are tequ￿ io". selert suitablc aco)untAog pohoes for tbe Group's financial 51atemd]ts ar￿ th¢n appl) them con515tently' make judRementS ILrtd estim%res th31 are re8sonable and PDJdent; stale whethet 3ppiLcable UK Accounting Standards have bc¢n followed, subject to aoy m8rerJal dLpartutrs 0 the goAtig conccrn ba￿ unles$ it is ittapproprjate to presume that the Group continue in busjness. The director5 are tt$pon$ible for keeping adequate accounting records that are SUFf￿lent to show and explain the cotnpany's trartsactions And disclose rea$0￿ble accuracy at aft! lime the financial position f thL' cumpan%' and the Group #nd to enable them to ensure rha¢ the fmanci21 st2tement% com l}. with thc C.c)mpanies ..Ict ?(X)6. They arc also re$ nsible for safeguardhng ihe a5se15 of rh¢ compan} an the Cjroup and h6ncL, For taking reasooable $(ep$ ot the pmentioo and detecuoa of 40d other ￿tegula￿.11e$. Thx$ report w&% approved by the bo*￿ 4nd sgaed ott its bebaif. David Boone Direetot Date 18 December 2024 16-

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 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

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

In our opinion, Exceed Worldwide’s financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the ‘Responsibilities of the auditor for the audit of the financial statements’ section of our report. We are independent of the group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC’s Ethical Standard concerning the integrity, objectivity and independence of the auditor. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

-17 -

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:

Matters on which we are required to report by exception

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

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

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

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

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

In preparing the financial statements, management is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group 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 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.

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:

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)

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

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: 18 December 2024

Exceed Worldwide

Consolidated statement of financial activities

for the financial year ended 31 March 2024

Restricted
funds		 Unrestricted
funds		 Total 2024 Restricted
funds		 Unrestricted
funds		 Total 2023
Note £ £ £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary income 4 1,241,525 993,048 2,234,573 1,032,157 903,297 1,935,454
Activities for generating funds
Commercial income 4 - 538,382 538,382 - 360,849 360,849
1,241,525 1,531,430 2,772,955 1,032,157 1,264,146 2,296,303
Incoming resources from charitable activities
Management fees frompartner organisations 4 - 133,425 133,425 - 156,873 156,873
- 133,425 133,425 - 156,873 156,873
Total incoming resources 1,241,525 1,664,855 2,906,380 1,032,157 1,421,019 2,453,176
Resources expended
Raising funds
Expenditure relating to fundraising 5 - 44,361 44,361 - 26,344 26,344
Expenditure relatingto commercial activity 5 - 450,318 450,318 - 487,888 487,888
- 494,679 494,679 - 514,232 514,232
Charitable activities
Charitable activities 5 1,031,681 1,029,712 2,061,394 1,081,544 834,219 1,915,763
Total resources expended 1,031,681 1,524,391 2,556,072 1,081,544 1,348,451 2,429,995
Net incoming/(outgoing) resources before other
recognisedgains and losses		 209,844 140,464 350,308 (49,387) 72,568 23,181
Other recognised gains and losses
Currencytranslation differences 18 - (10,872) (10,872) - 113,813 113,813
Net movement in funds 209,844 129,592 339,436 (49,387) 186,381 136,994
Total funds brought forward 504,159 659,695 1,163,854 553,546 473,314 1,026,860
Total funds carried forward 714,003 789,287 1,503,290 504,159 659,695 1,163,854

All amounts relate to continuing operations.

The notes on pages 26 to 41 form part of these financial statements.

Exceed Worldwide Consolidated and Company statement of fin2nci21 position AS at 31 March 2024 Gtoup CO￿pan 2024 2023 Notr Fixed asseis 'rwble as%lS lai'cstments 'I'ot&ils fLXLd asseis Current a68ets io 16,915 9,736 16.915 270.th)1 286,916 9.736 270.(K)I 2?9.737 16,915 9,736 12 13 88,474 83.161 288,847 159.555 301,829 1,456,856 1,258.305 L433 J82 I￿$￿8 1.9)1.021 1,735.211 5267 2L?.874 148,243 I￿74910 1278.147 I￿86,968 1595,825 1287.883 94535 Debto Cash at bank #nd Ati haod Total current ¥$sets C.rL.dituts.. f21 . Ju¢ within one Net curteni assets Total asset$ Ic84 Current libiiiiie8 C.rLdiiots'. fallLn duc aftu one Ne¢ aSBet6 123,180 1,236,917 1.300,097 83.70 •76.395 1,55C).1.12 14 car 15 6]￿28 1.163.854 1812J56 1,467 889 Income fundi Lnr¢%tricted Restsicred Toil chati 18 19 789,287 659.695 1,098J53 714,Ih13 504.li9 I503,2￿ 1.163.854 1,812J56 i04.159 1,46-.8X9 funds Thc Cjroup h28 elccred In take rhe extmpti(m undcr scciion 408 of tbe Companics.4ci_Y(K) oot to thc Complnv's sratemcoi of financial actikities. The net movemenr iti funds of the Con)p8n}' for w2$ an Ao¢rc4$e of £344,467 (2023.. £254.0351 e )'ear The financi21 $taten)ents were approyed by Board and sw)ed OA its behalf on 18 December 2024. ed ott behalf of the board.. David Boone TtUB¢ee Regt8teted number. 028072 18 Doeember 2024 The notes on pages 26 to 41 fr)nn pan of these fJnanci31 Statem￿[￿ 23-

Exceed Worldwide

Consolidated statement of cash flows

As at 31 March 2024

2024 2023
£ £
Cash flows from operating activities
Net movement in funds 339,436 136,994
Depreciation 3,188 3,188
Increase in stock (5,313) (27,588)
(Increase)/ decrease in debtors (129,292) 176,616
Increase/ (decrease)in creditors 5,678 (290,734)
Net cash generated from /(used in) operating 213,697 (1,524)
activities
Cash flows used in investing activities
Purchase of tangible fixed assets (10,367) -
Net cash outflow from investing activities (10,367) -
Cash flows used in financing activities
Repayment of bank loans (4,779) (5,091)
Net cash outflow from financing activities (4,779) (5,091)
Increase/ (decrease) in cash and cash equivalents in the 198,551 (6,615)
financial year
Cash and cash equivalents at the beginning of theyear 1,258,305 1,264,920
Cash and cash equivalents at the end of theyear 1,456,856 1,258,305
Cash and cash equivalents at the end of the year
comprise of
Cash at bank and in hand 1,456,856 1,258,305

The notes on pages 26 to 41 form part of these financial statements.

Exceed Worldwide

Consolidated analysis of net cash

As at 31 March 2024

At the
start of		 Cash At end of
year year
£ £ £
Cash 1,258,305 198,551 1,456,856
Loans falling due within one year (6,210) - (6,210)
Loans fallingdue after more than oneyear (35,786) 4,779 (31,007)
Total net cash 1,216,309 203,330 1,419,639

The notes on pages 26 to 41 form part of these financial statements.

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

1. General Information

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

The principal activity of the Group is to bring relief to the poor of Cambodia whether such relief be for their physical, mental or spiritual welfare, to promote and advance the education of the general public in all areas concerning the country and people of Cambodia and to bring relief to such other country or countries having similar need to those currently existing in Cambodia and to educate the public regarding such countries. Exceed Worldwide also works in partnership with The Nippon Foundation to help administer projects in Indonesia, the Philippines and Myanmar. The address of the registered office is 160 City Road, London, EC1V 2NX.

2. Accounting policies

Statement of compliance

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

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

Basis of preparation and consolidation

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention to 31 March 2024.

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

The Parent company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual Statement of financial activities. The Parent company has also taken advantage of the following exemptions available within FRS102:

The Group consolidated financial statements include the financial statements of the Parent company and all of its subsidiary undertakings made up to 31 March 2024.

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

2. Accounting policies (continued)

Basis of preparation and consolidation (continued)

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

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

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

Going Concern

The Trustees are confident that the group and company have adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due.

Exceed Worldwide have signed an agreement with The Nippon Foundation, in which The Nippon Foundation commit to support the partner organisation in Myanmar until 2024. Agreement has been reached with The Nippon Foundation to extend this period of support until December 2026.

Based on funding opportunities noted within ‘Future plans’, trustees are confident that the organisation is entering in a period of strong financial stability and future significant growth.

The school in Cambodia is holding steady although recruitment for both the APO and POT in 2024 are lagging due to budget cuts for ICRC in 2023-2024. ICRC are the main organisation sponsoring students for both APO and POT training from SE Asia and further afield.

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

Foreign currency

i. Functional and presentation currency

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

ii. Transactions and balances

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

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

2. Accounting policies (continued)

Foreign currency (continued)

iii. Translation

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

Incoming resources

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

Gifts and donations

Gifts and donations are included in full in the Statement of financial activities when receivable.

Legacies

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

Commercial income

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

Exceptional items

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

Resources expended

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

Charitable activities

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

Governance costs

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

Cost of generating funds

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

2. Accounting policies (continued)

Resources expended (continued)

Pensions

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

Employee benefits

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

i. Short term benefits

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

ii. Defined contribution pension plans

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

Income tax

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

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

Tangible assets

Tangible assets are stated at historic cost less accumulated depreciation.

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

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

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

2. Accounting policies (continued)

Investment in subsidiary company

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

Inventories

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

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

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

Cash and cash equivalents

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

Financial instruments

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

i. Financial assets

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

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

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

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

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

2. Accounting policies (continued)

Financial instruments (continued)

ii. Financial liabilities

Basic financial liabilities, including trade and other payables, and bank loan are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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

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

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

Fund accounting

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

Restricted funds

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

Unrestricted funds

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

Designated funds

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

Related party transactions

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

3. Critical accounting judgements and estimation uncertainty

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

Exceed Worldwide

Notes to the Financial Statements for the financial year ended 31 March 2024

3. Critical accounting judgements and estimation uncertainty (continued)

Significant management judgement

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

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

Estimates and Assumptions

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

Estimating useful lives of depreciable assets

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

4. Incoming resources

Restricted Unrestricted Total
funds 2024 funds 2024 2024
£ £ £
Voluntary income
Fundraisingandpublicity 1,241,525 993,048 2,234,573
Total income relating to fundraising 1,241,525 993,048 2,234,573
Activities for generating funds
Commercial income - 538,382 538,382
Total income fromgenerating funds - 538,382 538,382
Management fees frompartner organisations - 133,425 133,425
Total incoming resources 1,241,525 1,664,855 2,906,380
Restricted Unrestricted Total
funds 2023 funds 2023 2023
£ £ £
Voluntary income
Fundraisingandpublicity 1,032,157 903,297 1,935,454
Total income relating to fundraising 1,032,157 903,297 1,935,454
Activities for generating funds
Commercial income - 360,849 360,849
Total income fromgenerating funds - 360,849 360,849
Management fees frompartner organisations - 156,873 156,873
Total incoming resources 1,032,157 1,421,019 2,453,176

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

5. Resources expended

Restricted
funds 2024		 Unrestricted
funds 2024		 Total 2024
£ £ £
Raising funds
Support costs (note 6) - 43,857 43,857
Fundraisingandpublicity - 504 504
Total expenditure relating to fundraising - 44,361 44,361
Charitable activities
Field staff 338,719 179,889 518,608
Field expenses 135,440 118,348 253,788
Field equipment and buildings 503 36,089 36,592
Travel 51,174 42,348 93,522
Materials - 221,395 221,395
Student costs - 225,426 225,426
Grant expenditure (grants paid to partner organisations) 505,845 - 505,845
Development support costs (note 6) - 65,163 65,163
Other support costs (note 6) - 121,101 121,101
Auditor’s remuneration - 15,040 15,040
Interest payable - 994 994
Governance costs - 3,920 3,920
Total charitable activities 1,031,681 1,029,712 2,061,394
Expenditure relatingto commercial activity - 450,318 450,318
Total resources expended 1,031,681 1,524,391 2,556,072
Restricted
funds 2023		 Unrestricted
funds 2023		 Total 2023
£ £ £
Raising funds
Support costs (note 6) - 26,033 26,033
Fundraisingandpublicity - 311 311
Total expenditure relating to fundraising - 26,344 26,344
Charitable activities
Field staff 497,039 320,895 817,934
Field expenses 156,872 259,768 416,640
Field equipment and buildings - 18,971 18,971
Travel 39,187 23,817 63,004
Materials - 70,941 70,941
Development support costs (note 6) - 41,634 41,634
Other support costs (note 6) - 78,171 78,171
Grant expenditure (grants paid to partner organisations) 388,446 - 388,446
Auditor’s remuneration - 10,334 10,334
Governance costs - 9,688 9,688
Total charitable activities 1,081,544 834,219 1,915,763
Expenditure relatingto commercial activity - 487,888 487,888
Total resources expended 1,081,544 1,348,451 2,429,995

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

6. Support costs

Charitable Fundraising Total
activities & publicity Development 2024
Unrestricted £ £ £ £
Employee costs 101,628 40,652 60,976 203,256
Depreciation - - 3,188 3,188
Postage and printing 3,335 953 476 4,764
Travel 9,140 2,252 523 11,915
Financial costs 1,206 - - 1,206
Professional fees 5,792 - - 5,792
121,101 43,857 65,163 230,121
Charitable Fundraising Total
activities & publicity Development 2023
Unrestricted £ £ £ £
Employee costs 60,255 24,104 36,154 120,513
Depreciation - - 3,188 3,188
Postage and printing 2,109 603 301 3,013
Travel 5,804 1,326 1,991 9,121
Financial costs 792 - - 792
Professional fees 9,211 - - 9,211
78,171 26,033 41,634 145,838

7. Employee information

7.
Employee information
Group Company
2024 2023 2024 2023
£ £ £ £
Staff costs
Wages and salaries 666,136 491,142 554,500 384,305
Partner project employees 291,532 497,039 - -
Social security costs 16,674 24,578 9,800 12,889
Pension costs 15,480 2,832 7,740 2,171
989,822 1,015,591 572,040 399,365

The average number of persons employed during the year was:

Group Group Company Company
2024 2023 2024 2023
Number Number Number Number
Administrative 8 8 5 4
Direct charitable staff 59 66 59 66
Commercial staff 17 14 - -
84 88 64 70

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

7. Employee information (continued)

During the financial year, no employee received emoluments, including salary and benefits in kind, in the banding of £60,000-£70,000 (2023: Nil), no employee in the banding of £70,000-£80,000 (2023: Nil), no employee in the banding of £80,000-£90,000 (2023: Nil) and one employee in the banding of £90,000£100,000 (2023: one). Employer pension contributions were not made for these employees.

Key management compensation

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

Group Company Company
2024 2023 2024 2023
£ £ £ £
Salaries and other short-term benefits 316,711 287,010 154,634 131,683
Pension costs 3,915 3,900 - -
320,626 290,910 154,634 131,683

8. Trustee / director remuneration

The trustees received no emoluments during the year (2023: £Nil). There were no travel expenses reimbursed to the board of trustees during the year (2023: £Nil). Trustees’ indemnity insurance has been purchased by the Group at a cost of £3,920 (2023: £6,640).

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

2024 2023
£ £
This stated after charging:
Depreciation 3,188 3,188
Fees payable to the group’s auditors for the audit of group financial 15,040 14,000
statements
Fees payable to the group’s auditors for the audit of subsidiary 5,500 5,500
companies

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

10. Tangible assets

Buildings
Workshop
equipment
IT & office
equipment
Fixtures
& fittings
Group and Company
£
£
£
£		 Total
£
Cost
At 1 April 2023
1,021,669
20,683
3,374
8,615
Additions
-
10,067
300
-		 1,054,341
10,367
At 31 March 2024
1,021,669
30,750
3,674
8,615		 1,064,708
Accumulated depreciation
At 1 April 2023
1,018,239
14,377
3,374
8,615
Charge for theyear
1,135
2,053
-
-		 1,044,605
3,188
At 31 March 2024
1,019,374
16,430
3,374
8,615		 1,047,793
Net book value
At 31 March 2024
2,295
14,320
300
-		 16,915
At 1 April 2023
3,430
6,306
-
-		 9,736

11. Investments

11.
Investments
Investments in
subsidiaries
Company £
Cost and net book value
At 1 April 2023 270,001
Impairment charge -
At 31 March 2024 270,001

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

Subsidiary undertakings

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

11. Investments (continued)

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

All of the above subsidiaries are included in the consolidation.

12. Stock

Group Company
2024 2023 2024 2023
£ £ £ £
Goods for resale 88,474 83,161 - -

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

13. Debtors

Group Company Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 135,575 73,963 64,534 -
Other debtors 33,426 19,826 25,767 13,823
Amounts owed by group undertakings - - 97,208 51,231
Prepayments 119,846 65,766 114,320 58,126
288,847 159,555 301,829 123,180

An impairment loss of £Nil (2023: £Nil) was recognised against trade debtors.

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

14. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 19,683 36,690 - 3,920
Amounts owed to the Nippon Foundation 17,649 17,649 17,649 17,649
(note 15)
Other creditors and accruals 211,725 162,325 130,594 62,133
Bank loans(note 16) 6,210 6,210 - -
255,267 222,874 148,243 83,702

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

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

Group Company Company
2024 2023 2024 2023
£ £ £ £
Amounts owed to the Nippon Foundation 61,528 88,243 61,528 88,243
Bank loans(note 16) 31,007 35,786 - -
92,535 124,029 61,528 88,243
Analysis of the maturity of amounts owed to
the Nippon Foundation is given below: Group and Company
2024 2023
£ £
Maturity:
In one year or less, or on demand 17,649 17,649
Between one and two years 17,649 17,649
Between two and five years 43,879 52,947
After more than fiveyears - 17,647
79,177 105,892

16. Bank loans

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 37,217 41,996 - -
37,217 41,996 - -
Analysis of the maturity of bank loans is given
below: Group Company
2024 2023 2024 2023
£ £ £ £
Maturity:
In one year or less, or on demand 6,210 6,210 - -
Between one and two years 12,420 12,420 - -
Between two and fiveyears 18,587 23,366 - -
37,217 41,996 - -

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

17. Analysis of net assets between funds

2024 Restricted Unrestricted Total
funds funds funds
Group £ £ £
Tangible fixed assets - 16,915 16,915
Net current assets 714,003 864,907 1,578,910
Creditors: fallingdue after more than oneyear - (92,535) (92,535)
714,003 789,287 1,503,290
2024 Restricted Unrestricted Total
funds funds funds
Company £ £ £
Tangible fixed assets - 16,915 16,915
Investments - 270,001 270,001
Net current assets 714,003 872,965 1,586,968
Creditors: fallingdue after more than oneyear - (61,528) (61,528)
714,003 1,098,353 1,812,356
2023 Restricted Unrestricted Total
funds funds funds
Group £ £ £
Tangible fixed assets - 9,736 9,736
Net current assets 504,159 773,988 1,278,147
Creditors: fallingdue after more than oneyear - (124,029) (124,029)
504,159 659,695 1,163,854
2023 Restricted Unrestricted Total
funds funds funds
Company £ £ £
Tangible fixed assets - 9,736 9,736
Investments - 270,001 270,001
Net current assets 504,159 772,236 1,276,395
Creditors: fallingdue after more than oneyear - (88,243) (88,243)
504,159 963,730 1,467,889

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

18. Unrestricted funds

Currency
Balance Transfer translation Balance 31
1 April Incoming Outgoing between difference March
2023 funds funds funds and others 2024
Group £ £ £ £ £ £
General funds 659,695 1,664,854 (1,524,391) - (10,872) 789,287
659,695 1,664,854 (1,524,391) - (10,872) 789,287
Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
2023 funds funds funds difference 2024
Company £ £ £ £ £ £
General funds 963,730 1,126,046 (976,755) - (14,668) 1,098,353
963,730 1,126,046 (976,755) - (14,668) 1,098,353

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

19. Restricted funds

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

Movement in funds
Balance Transfer Currency Balance 31
1 April Incoming Outgoing between translation March
Group and 2023 funds funds funds difference 2024
company £ £ £ £ £ £
MSPO 504,159 794,028 (715,332) - - 582,856
CSPO - 447,496 (316,349) - - 131,147
504,159 1,241,525 (1,031,681) - - 714,003

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

Exceed Worldwide

Notes to the Financial Statements

for the financial year ended 31 March 2024

20. Taxation

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

21. Legal status of Exceed Worldwide

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

22. Indemnity insurance

During the year Exceed Worldwide incurred costs of £3,920 (2023: £6,640) for insurance whereby all Trustees and employees acting on behalf of the Trustees in financial matters are covered by the professional indemnity clause.

23. Ultimate controlling party

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

24. Related party disclosure

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

Myanmar School of Prosthetics and Orthotics (MSPO) is a legally independent registered charity affiliated to Exceed Worldwide.

Whilst Exceed Worldwide raises funds and makes grant payments to MSPO, they nonetheless prepare their own financial statements due to their independent charity status. Funds raised for the project in Myanmar are therein referred to as "MSPO" and is referred to as a "Partner Organisation". This fund is included within restricted funds, see note 19.

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

25. Events since the end of the financial year

There are no events that have affected the Group since the end of the financial year.