Annual Report April 2024 – March 2025 Disability Challengers | Company No: 4300724 | Registered Charity No: 1095134 ## CEO Report I am pleased to share Challengers’ Annual Report and Accounts for 2024-25. A year in which our commitment to transforming lives through the power of play, and since taking up my position as Chief Executive Officer in 2022, has never felt more vital. Last September we launched our new 5-year strategy and as we enter the second year of Strategy 2024-2029, we have made strong progress in expanding our reach and strengthening the foundations on which our future work will depend. At the heart of all that we do is our belief that play is not optional — it is fundamental, and our non-exclusion policy ensures that every child belongs. For over 45 years, Challengers has provided a range of fully inclusive play, leisure and early educational opportunities for disabled children and young people, aged 2- 18, across Surrey, Hampshire, West Sussex and Greater London. Services include Pre-school and Play and Youth Schemes, our expanded 555 Service delivering urgent support to disabled young people aged 5-18 who are out of education, and The Hub, offering holistic support for families of disabled children. Services that have delivered thousands of hours of safe, joyful, inclusive play, connection, and support. We know that social isolation among disabled children and their families remains a serious concern: one that goes beyond physical spaces. Our work to support parent carers through mental health initiatives, to help families navigate systems, to offer free advice, workshops and family events has begun to shift the balance. I owe deep thanks to our staff, volunteers, trustees, funders and every supporter. Your passion, kindness and belief in what Challengers stands for are the reason we can make real change. Together, as we look ahead, we will continue to challenge barriers, push for inclusion, and ensure that every disabled child or young person we serve has opportunities not just to be seen, but to belong, to grow, and to enjoy childhood fully. Thank you for being part of this journey. ## **Gennie Dearman, Chief Executive Officer of Challengers** 2 ## Chair Report The 2024-2025 financial year at Challengers has been as inspiring and remarkable as the last, and I want to take a moment to reflect on the incredible journey we have had at Challengers. Against a backdrop of continuing financial constraints, with pressure on funding and fundraising amid an increased demand on our services, we launched our new 5-year strategy. An ambitious roadmap to grow our reach and the support we provide by 25%, but against which, already within our first year, we have made in-roads into achieving the bold targets set-out within. The Board of Trustees supports the strategic ambitions set out in Challengers’ Strategy 2024-2029 and its role is to ensure that the charity is clear on its direction of travel within the strategy. It is the role of the Trustees to bring our external experience and insight into the organisation to help and shape the progress of that strategy. Our collective knowledge and experience enable us to scrutinise, challenge, and offer advice to the Senior Leadership Team. Serving as Chair of the Trustee Board continues to be a privilege, and as I bear witness to the highly committed dedication of Team Orange, I could not be prouder. On behalf of myself and my fellow Trustees, I would like to thank Gennie Dearman and the Senior Leadership Team for their leadership, and despite the challenges have steered Team Orange with strength and purpose. Your unwavering commitment and resilience in the face of financial pressures and growing demand for our services has been nothing short of inspiring. My thanks also to every member of Team Orange – you all continue to amaze me with your dedication, creativity, determination and deep passion for the children and families we support. I am immensely proud of the progress we have made and look forward to the year ahead, to achieving more strategic milestones and making a difference, together. ## **Russell Harvey, Chair of Challengers Trustee Board** The Trustees present their report and the audited financial statements for the year ended 31 March 2025. Reference and administrative information set out on page 17 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. This Trustees’ annual report includes a directors’ report as required by company law. 3 ## About Challengers It’s been 46 years since Challengers started providing support for disabled children, young people and their families. Back in the 1970s there was very little on offer for disabled children. They were isolated, excluded and had nowhere to go to socialise and have fun. Thanks to our founders Colin Hassell and Dr Helen Foley MBE, Challengers was built in 1979 to change that. Last September we launched our new 5-year strategy. It comes at a pivotal moment – because while celebrating our heritage is important – the need for our work has never been greater. ## **Our vision** **A world where all children and young people can play together freely.** ## **Our mission** **To transform the lives of disabled children, young people and their families through the power of play.** ## **Our approach** The Challengers Approach is a set of five values which define our organisation, guiding our actions and decisions, and shaping our culture. 4 ## Strategy We are now one year into our new 5-year strategy, with foundations firmly in place. Over the past twelve months our sessions at our Play and Youth centres have grown, re-opening a second site in Guildford; through The Hub we have connected with over 270 families who don't access our short breaks service, making sure they’re not left out of our community; piloted Stay and Play sessions, providing after school fun for the whole family; launched 555 Guildford, a new provision for children as young as five without a school place, successfully amplifying the voices of families in crisis with BBC coverage; and held our first annual family festival, Orange Aid. This progress matters because demand continues to rise. Social isolation is widespread with approximately 70% of disabled young people experiencing chronic loneliness; families are being excluded from settings, simply because of the complexity of their child’s needs; and as much as 79% of families feel they're not getting the right support. Our strategy sets ambitious yet essential goals to grow our reach and the support we provide by 25%. Providing more places to play; more chances for families to come together, to feel supported and less isolated; and more advocacy, to challenge the systemic exclusion too many children face. The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. 5 ## Our impact at a glance Our commitment to creating truly inclusive experiences for disabled children and their families is reflected in the impact of our services, and our Parent Carer Survey data clearly demonstrates how vital Challengers is to them. ## The issues families are facing ## What our parents say 51% of Challengers parent carers told us that they have been excluded from other settings due to their child’s disability, and worry that the lack of services available will reduce their child’s social interactions and friendships. 79% believe they don’t get the right level of support for their disabled child. This puts a huge strain on families, and 51% told us are worried about family breakdown as a result of this. **----- Start of picture text -----**
This year, we’ve provided
77,269
hours of support to
966
families
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Hours by service
Pre-school
17,583 hours
The Hub
10,401 hours
Play and Youth 555 Service
44,154 hours 5,131 hours
6
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**We provide a range of inclusive services to support families of disabled children, and many parents refer to Challengers as a lifeline.** While children and young people are enjoying social and play opportunities at Challengers, their families get vital respite from their demanding care responsibilities - helping to keep them strong and together. ## Fundraising statement and conditions At Challengers, our mission is to transform the lives of disabled children, young people and their families using the power of play. Achieving this mission is only possible through raising the necessary funds for the services we provide. The mission informs the fundraising choices we make as we strive to promote inclusion throughout our fundraising. Despite the continued challenges of fundraising with the increase in the cost of living, we received £1,145k of voluntary income, up 8.6% from the previous financial year. This was in line with targets for the year. Throughout the year, we also received the generous support of many local companies, individuals and community groups through donations, staff fundraising, events and street collections, among many other incredible contributions! Our thanks go out to everyone who gave donations of their time and other resources to enable Challengers to provide vital support to disabled children and young people. Volunteers are a vital part of #TeamOrange - in 2024-25 contributing just under 1,000 hours helping out at our Play and Youth schemes - from lending a hand to decorating projects; coming into the office and supporting our admin work; to being the face of Challengers at our many public events. We are grateful to everyone who has given up their time to make what we do possible. 7 Challengers remains committed to a fair and ethical approach to all our fundraising practices. We strive to build long-term relationships to grow a more sustainable approach to fundraising which will maximise return over the longer term. We are registered with the Fundraising Regulator, are signed up to the Fundraising Preference Service, and comply with Fundraising Regulator’s Code of Fundraising Practice for the UK and our own Ethical Fundraising Policy and Vulnerable People Policy. All our fundraising is carried out by our in-house fundraising team, alongside volunteers who are supported by us. Volunteers, whether acting as individuals, in the workplace or as community groups, receive information and guidance from us and we maintain regular contact to oversee their activities to ensure they comply with the Code of Fundraising Practice. We do not work with Professional Fundraising Organisations to solicit donations, have a strict policy of never selling or passing on our supporters’ personal data for marketing purposes, and have never bought fundraising data from a third party. In the period 2024-25 we received no complaints about fundraising. ## **With thanks to all of our donors and supporters** - National Lottery Community Fund - The Normansfield and Richmond Foundation - City Bridge Foundation - Farnham Town Council - Community Foundation for Surrey - Heathrow Community Trust - The David Family Foundation - Sport England - The Betty Riseley Trust for Children - Councillor Davidson - Your Fund Surrey - Councillor Powell - Your Fund Surrey - Councillor MacLeod - Your Fund Surrey Councillor T Groves - Hampshire County Council Councillor S Reid - Hampshire County Council Church Crookham Parish Council - Cranleigh Parish Council - Kingston Council Neighbourhood Grant - Bishopstoke Parish Council 8 ## Financial overview The 2024/25 year reported a deficit of £31k across all funds. Unrestricted funds had a surplus of £34k, the restricted funds had a surplus of £8k and the designated funds had a deficit of £72k. The designated funds deficit relates to depreciation charges against assets acquired in previous years. The restricted funds surplus was a result of restricted income received in the current year that will be spent in future years, or was used to fund capital expenditure. The unrestricted funds recorded a surplus as a result of increased income from Surrey local authority contracts, and increased fundraising income. ## **2024-25 income** **----- Start of picture text -----**
Other trading Donations
8% 13%
Trusts & Legacies
14%
Local Authority
36%
Grants
4%
Entrance Fees
25%
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Total income increased by 12% in 2024/25 to £3.2m (2023/24: £2.9m). Donations and legacies were £861k (+9% vs 2023/24). This year saw a decrease in trust and foundation income of 3% (-£12k vs 2023/24), a decrease in corporate income of 7% (-£16k vs 2023/24), income from individuals increased by £112k (+106% vs 2023/24), income from communities increased by £16k (+37% vs. 2023/24) while legacy income decreased 91% (-£28k vs. 2023/24). Income from charitable activity was £2.1m (+15% vs 2023/24) 9 **----- Start of picture text -----**
1200 1,175
1000
800
800
600
451
410
400
259
200 128
8
0
Donations Trusts & Legacies Grants Entrance Fees Local Authority Investment Other Trading
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## **Expenditure** Total expenditure increased by 15% to £3.3m vs the 2023/24 period. Charitable expenditure in the year increased by 15% vs 2023/24. Expenditure on support costs increased by 8% vs 2023/24. Support costs include the cost of teams within Finance, People and Culture and Communications together with investment in staff recruitment, learning and development. Governance costs increased by 4% vs 2023/24. In accordance with charity accounting practice, Support and Governance costs are allocated to charitable expenditure based on each activity’s proportion of delivered hours. ## **Breakdown of charitable expenditure (£2.8m)** **----- Start of picture text -----**
Community Hub 113,402
1,398,391
Youth Schemes
1,337,348
Play and Pre-school Schemes
0 200,000 400,000 600,000 800,0001,000,0001,200,0001,400,000
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10 ## **Reserves** Challengers’ reserves policy is to maintain free reserves of between 3 and 5 months expenditure, plus an additional £50k-£100k for remedial property repairs and maintenance. Due to seasonal changes in activity levels this will fluctuate throughout the year. However, free reserves should be maintained between £739k and £1,248k. The main objective of the reserves policy is to deal with short term cashflow challenges to protect the long-term future of the charity. In addition, the trustees believe this level of reserve would allow a safe and sensible closure in the event that this was the only option. Reserves are reviewed monthly at the Finance and Risk subcommittee. The free reserves level at year end was £593k, representing 2.6 months 2024/25 average operating expenditure. Year-end designated funds stood at £2.56m, the residual value of this fund is required to support the long-term security of premises and other fixed assets to ensure the charity can meet its objectives. Of this amount, £2.30m has been set aside for known future depreciation cost on buildings at our Farnham and Guildford centres over the next 50 years. ## **Risk** The Board’s risk appetite guides the risk management process. The Board is not seeking to eliminate risk as there is a recognition that it is necessary to accept the risks that cannot be mitigated in full or which fall beyond Challengers’ control. However, the Senior Leadership Team actively monitor and manage such risks to provide reasonable, but not absolute assurance that the charity is protected. Challengers have a robust risk monitoring process. Risks are ranked by the likelihood of occurrence and impact to the charity. The Board consider that the principal challenges faced by Challengers, and the associated risks are the need to: - continue to provide a high quality service, and recruit and retain talented staff; - continue to operate with a sustainable funding model; and ensure voluntary income targets are met. 11 The Risk Register is reviewed on a monthly basis at the Finance and Risk meeting and in addition at the relevant Board meetings. The management of day-to-day operational risks is delegated to the Senior Leadership Team to proactively manage throughout the year. The Board approves a comprehensive annual budget and plan for Challengers and the Board and its Committees monitor performance against these plans and budgets on a monthly basis. Material variances, together with any revised financial forecasts, are submitted regularly to the Finance Committee and to the Board. The Board is satisfied that these systems, combined with internal financial controls and the reserves policy, will ensure that sufficient resources are available to meet the immediate needs of Challengers in the event of adverse conditions. ## **Going concern** The Trustees take financial governance seriously and each month consider the monthly finance reports, the cashflow and the organisational KPIs to ensure Challengers is meeting its charitable objectives and continue to do so in the foreseeable future. The Board of Trustees agree that Challengers is a strong and viable going concern. The factors that lead to this conclusion are: Demand for Challengers services - Contracts in place or in the process of being renewed. - Strong financial governance and current financial position Good management control and regular governance - Effective and proactive management team Clearly demonstrable public benefit - Clear and well-informed strategic plan - Well-informed income generation plan 12 ## **Remuneration** Challengers has developed a remuneration statement to provide a clear and transparent set of guidelines which demonstrate accountability and applies to all employees. During the 2024/25 year, Challengers continued as a Real Living Wage employer and committed to pay all staff at least the real living wage on an annual basis. The organisation does not offer an annual discretionary bonus scheme, nor does it offer a long-term incentive plan (LTIP). The organisation has a series of salary bands in a structure that is fair and equitable. Job roles are mapped onto this structure. Salary bands are benchmarked with industry and local standards to ensure that they are fair as well as remove subjectivity to salary decisions. Each year we continue to monitor this structure and compare with competitors and other organisations. ## **Gender pay gap** Despite significant progress over the past two decades, a gender pay gap still exists in the UK. Encouragingly, it has continued to decline. According to the Office for National Statistics (ONS), the gender pay gap for full-time employees in April 2024 stood at 7.0%, down from 7.5% in 2023. This represents a fall of approximately a quarter over the past decade. The gender pay gap is notably higher among full-time employees aged 40 and over, while it is close to zero for those under 30. At Challengers, our workforce is predominantly under the age of 40, which aligns with the lower national pay gap in this age group. As a charity working in the care sector, we attract a large number of female employees, which is typical for our industry. However, we are pleased to report that we also attract a good number of male employees, particularly when compared to other organisations in the sector. 13 At Challengers, we enforce a strict pay structure which ensures that men and women are paid equally for the same role – this applies across office and scheme-based roles. We are committed to being a learning and equal opportunities organisation that invests in both men and women alike, keen to support them to be the very best they can be for the charity and for themselves. For our operational staff hourly rates are based on the Real Living Wage. We pay this rate as a minimum hourly rate to all staff regardless of age and have committed to abide by the Real Living Wage in the future. In addition, service staff working on services within Greater London are paid a minimum rate of the London Living Wage. **----- Start of picture text -----**
2024/25 2023/24
20
14.21
13.94
13.01 13.10 13.59
13.10
11.95 11.95
15
10
5
0
Mean Gender Pay -1.9% 4.3%
Gap %
(in favour of females) (in favour of males)
Median Gender
Pay Gap % 0% 0%
Mean Female Hourly Pay RateMedian Female Hourly Pay RateMean Male Hourly Pay RateMedian Male Hourly Pay Rate
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14 ## **Leadership** As with all charities, it is the responsibility of the Trustees to ensure the efficient, legal and professional performance of Challengers. The Chief Executive Officer works with the board to develop the strategic framework, agree the strategic direction and report on the delivery. The operational day-to-day running is delegated to the Senior Leadership Team (SLT) who are: - Gennie Dearman, Chief Executive Officer - Andrew Kendall (to March 2025), Alison Sarkar (from March 2025), Head of Finance - Samantha Lane, Head of Fundraising (to December 2024) - Paul Wilson, Head of Service The SLT provide regular reporting to the Trustees through sub-committee meetings and main board. ## **Trustee recruitment** Following recruitment, new Trustees will be allocated a ‘mentor’ from amongst the present Trustees and will undertake an induction programme under the control of the Chief Executive and the mentor. They will be given induction material to allow them to fully understand the charitable purpose of Challengers, its financial situation, its future plans and the current situation of the charity. The new Trustee will be encouraged to visit the centre when children are present and to attend at least one community-based project early on. All Trustees are welcome to attend any of the staff training sessions. The induction information provided to new Trustees is as follows: The latest Strategic Review - Most recent Annual Report and accounts Key Policies - Annual Risk Audit - Copy of Memorandum and Articles of Association. - Copies of Charity Commission leaflet CC3 “The Essential Trustee: what you need to know” and Companies House booklet “Being a Director” - This Trustees Handbook where, as appendices, there is additional important information such as a list of present Trustees, Trustee job description etc. Committee terms of reference 15 ## **Trustee responsibilities** The Trustees (who are also directors of Disability Challengers for the purposes of company law) set and monitor strategy and policies. The Trustees delegate authority to deliver strategy to the Chief Executive Officer and Senior Leadership Team with regular board meetings where reports are received on all the core activities of the charitable company. The Trustees have established standing sub-groups each with its terms of reference for Finance, Audit & Risk; and Fundraising. They are responsible for preparing the Trustees’ annual reports and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 16 In so far as Trustees are aware: - There is no relevant audit information of which the charitable company’s auditor is unaware - The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. Auditors Sayer Vincent LLP were re-appointed during the year to act as Challengers’ auditors. ## **The Trustees’ report was approved by the Trustees on 3 December 2025 and is signed on their behalf by:** Mr Russell Harvey, Chair of the Board ## **Trustees Admin Report** The organisation is a charitable company limited by guarantee, incorporated on 8th October 2001 and registered as a charity on 19th December 2002. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts. 17 ## **Executive committee** - Chair of the Board – Russell Harvey - Vice Chair of the Board – Jake Hatt - Treasurer – Bernard McAlister - Board Secretary – Megan Dooley - Communications Trustee – Alison Stenlake - Fundraising Trustee – Lee Bennett - Safeguarding Trustee – Danae Salwan - Governance Trustee – Kim Sanders - Parent Trustee - Natasha Morris - Trustee – Deborah Smith ## **Leadership Team** - Chief Executive Officer – Gennie Dearman - Head of Finance – Andrew Kendall (to March 2025) / Alison Sarkar (from March 2025) - Head of Fundraising – Samantha Lane (to December 2024) - Head of Service – Paul Wilson ## **Advisors** Auditors - Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Honorary Legal Advisers - rhw solicitors LLP Ranger House, Walnut Tree Close Guildford, GU1 4UL Bankers - Barclays Bank PLC, North Street, Guildford, GU1 4AG **www.disability-challengers.org** Stoke Park, Guildford, Surrey, GU1 1TU Registered Charity Number: 1095134 Companies House: 04300724 18 Independent auditor’s report To the members of Disability Challengers ## Opinion We have audited the financial statements of Disability Challengers (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice - Have been prepared in accordance with the requirements of the Companies Act 2006 ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 19 Independent auditor’s report To the members of Disability Challengers ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Disability Challengers’ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Trustees’ annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 20 Independent auditor’s report To the members of Disability Challengers ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - The information given in the Trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - The Trustees’ Annual Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or The financial statements are not in agreement with the accounting records and returns; or - Certain disclosures of Trustees’ remuneration specified by law are not made; or - We have not received all the information and explanations we require for our audit; or - The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Annual Report and from the requirement to prepare a strategic report. 21 Independent auditor’s report To the members of Disability Challengers ## **Responsibilities of Trustees** As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 22 Independent auditor’s report To the members of Disability Challengers ## **Capability of the audit in detecting irregularities** In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. - We reviewed any reports made to regulators. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 23 Independent auditor’s report To the members of Disability Challengers Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Joanna Pittman (Senior statutory auditor) 21 November 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG 24 Dlsabllliy Challengers Sw•mffit •1 flMn¢thl aciMII•s Ilncorwailng an lrtome and e¥pendttuwt xcourt) Comp•ny n). 4300724 For th• *hthd 31 Mvth 2025 2025 T￿1 Unf*Sif6cted Desl9nated Aestrlcied 2024 Toial Unr*sifkted Deswied Restritted lThiome from Oonaiions and legicjes C￿rItable aciiviiles Pr*-sthool and H•v Youih Schtmes Community Hub her iradlng aciiviiies Inb*simenis 514.563 346.714 861,271 458.597 329.151 787.748 980.466 1,043.28S 11.466 254.502 7.712 980.466 1.043.215 79.591 2S9,31 S 7,712 848.785 909.512 7.644 241.762 8.253 848.78S 909.512 77.924 247.278 8.253 68.125 4.813 70.280 5.517 Totsl Inc¢KM 2,811.993 419.6S2 3.231,646 2,474.S54 404.948 2.879.502 Exp•ndllur• •n: Ralsln9 lunds Charltable aciiviiles Pfe-school ar*d Youth khem*s Communlty Hyb Other 409.6J6 3.725 41 J.361 305.592 5.749 311.341 1.139.075 1.17J.946 31.597 69.636 26.644 128.635 197.801 11.805 1.337.346 1.398.391 113.402 1.020.888 1.005.882 23.892 61.727 39.446 142.046 158.474 65,525 1.224.662 1.203.801 89.417 2.754.254 96.280 J.262.500 2.356.254 101.173 371.793 2.829.220 Incomi l (•xp•ndltyr•) for tht ytlf 57.740 196.2801 7.686 130.8S4 118.301 1101.1731 33.155 SO.283 Tr•nslefS be￿**n Iuhds 124.0001 24.000 1109.0561 109.056 m¢y•Ym•nt In funds 33.740 172,2101 7.686 (30.8S4) 9.245 33.155 50,283 Reioniiliaiion ol funds Total funds bfOU9ht loThvard Total funds rarriod forward 559,379 2,636.582 759.709 J.955.670 550.134 2.628.699 726,S54 3.905,387 593.119 2.564.302 767.395 3.924.816 559.379 2.636.582 759.709 3.955.670 All ol tht 4bo¥* rtsths ¥• dtvi4*d from COniiNlr4 aa*4#*J. Then Olhv •ws w Iosmi Olhv IhaA ihM• abtyrt. in lurds disclos•d In Note 19• to lirt•ncl•l st•t•m*rti. 25 Dlsablllty Challengers Balance sherf Company no. 4300724 For the ended 31 March 2025 202S 2024 Noie Fixed a55ei5". Tangible assets 3.150.018 3.262,292 3.150.018 3.262,292 Cvrrent assets: Debtors Short term deposits Cash at bank and in hand 535.117 173,838 664,410 500.613 173.839 667,310 1.373.365 1.341.762 Llabllltles. Creditors.. amounts falling due within one year Net current assets (589.400) (627.888) 783.965 713.874 Total assets less current Ilabllltles 3.933.983 3.976,166 Creditors: amounts falling due after one year 19.167) (20.496) Total net assets 3.924.816 3.955,670 The filnds of the eharlty. Resiriaed income funds Unresiricted income funds.. Designated funds General funds 19a 767.39S 759,709 2.5fA,302 593,119 2.636.582 559.379 Total unresrricted funds 3,157.421 3,195,961 Total charlty funds 3.924.816 3.955.670 Approved by the trusiees on 3 December 2025 and s￿ned on their behall by Russell Harvty Chairman Bernard McAlister Treasurer 26 Dlsablllty Challengers Statement of cash fl(Ms Company no. 4300724 For the ar ended 31 March 2025 Note 2025 2024 Cash flfrws from operatlng actmtles Net untlw polkles a) Statutory lTrfonnadon Disability Challen9ers Is a charitable company limited ty guafantee and Is incorporated in the United Klngdom and Wales. The regi51ered office addr￿5 and princi￿1 place of busine55 is C￿llengerS Play Centre. Stoke Park. London R￿d. Guildford. GUI I TU. bl Ba%1£ of prepar.Ilion The financial siarements have been prepaffed in accordance with AccouniTng and Reporting ty Charities". Siaiement of Recommended Practice applicable io charities preparing their accounts in accordance with the Financial Reponin9 Siandard applicable in ihe UK and Republic of Ireland IFRS 1021- Icharities SORP FRS 1021. The Flnanclal Reportin9 Standard appllcable in ihe UK and Republlc of Ireland IFRS 1021 and the Companies Aci 2006. Asseis and Ilabillties are Initlalfy recognised at histoflcal cost or transaction value unless Othern￿Se stated in ihe relevant accounilng pollcy or note. ln applw'ng the fI￿n(la• reporting framew¢yk. the trustees have made • number of subjettive judgements, for example in respert of 51gnificant accounting estimates. Estimaies and judgemenis are coniinually evaluaied and are based on historical experience and oiher faciors. including expeaations of future evenis thai are ￿lIeved io be reasonable under the circumsiances. The nature of the eslimaiion means ihe aciual outcome5 could differ from Ihose esiimaits. Any 51gnificani estimaies and Judgemenis affeciing Ihese financial statemen are detailed wiihin the relevant accouffliTrg policy below. c) Publbc benefft entlty The charity meets the definirk>n of a public benefii entiry under FRS 102. dy Gnlry rnncern The trustets consider that theft awe no mattrial uncertaint•ts about chari￿$ ability io conlinut as a goln9 coKern. Having assessed proJe(ted fulufe Income. expenditure and cash Ilows ovef the penod 10 31 December 2026. Including expected ser¥lce delivery. changes to local auihority fundln9 and the vanability of fundr&sing income and analysed the sirength of the charity's reser¥es. Ilquid assets and lis ability 10 Wlthstand a sh¢)rt-ierm maierial fall In I￿Orne. Ihe irustees have concluded ihai there is a reasonable expeciaiion ihai the charity has adequate resources io continue their aciiNrities lor the foreseeable future. Therefore. we coniinued to adow the golng concern basls In preparlng the financlal suiements. Income Income Is recognlsed when ihe charlty has eniiilemeni io rhe funds. any performance condlilons attached io the lncorne have been mer. Ir Is probable thai ihe income will be received and thai ihe amount can be measured feliablv. Income from governmeni and other gfanfs. tAheiher 'capiral' grants or 'revenue' 9ranis. ts reco9ftlsed ¥then ihe charity ha5 entiilemeni io ihe funds. any performance condiiions arrached to ihe granis have been mei. li is probable thai the income will be received and ihe amount can be measured reliably and Is noi deferred. For legacies. eniitlemenr is taken as ihe earlier of rhe dale on wthich eiiher.. rhe charity is aware ihai probaie has been granted. Ihe estate has been finalised and noiification has been made execuiorlsl ro rhe charity Ihai a disiribuiion will be made. or ￿en a distribuiion is received Irom ihe esiaie. Receipi of a legacy. in whole or in pan. is only consKlered probable ¥vhen ihe amouni can be measured reliably and rhe charity has been noiified of ihe execuior's inieniion to make a disiriburion. Where legacies have been noiified to ihe charity. or ihe charir¥ is aware of the 9raniing of probate. and ihe criieria for income rffogniiion have n¢x Ixen rnei. then the legacy is a treated as a contingent asset and disclosed if maierial. lThcornt rtcei¥ed in advance of rhe pfovi5ion of a spKified 5eNice is deferred until ihe criieiia for I￿1)Me reco9niiion are met. Donaiions ol gifts, ser4ices and facilities Donated professional ser4Tices and donated faciliiies are recognised as tnconx *then ihe charity has conirol over ihe item or received ihe service. any conditions asso(iaied 4Mih ihe donation have been md. the receipi of economic benefit from the use by the charity of the item is probable and thai economic benefii can be measured reliably. In accordance with the Charities SORP (FRS 102). volunteer itme is not reco9nised $0 refer to ihe irusiees. annual report for more infofmation aboui iheir contribution. On reieipt. donaied gifts. professional services and donated faciliiies are reiognised on ihe basis of the value of the gift to the charity which IS the amouni the chariry would have been wlling 10 pay 10 obiain services or faciliiies of equrvaleni economic benefii on ihe open market.. a corresponding amouni is rhen recognised in expendiiure in the pef iod of receipt. 28 Dlsabllhy Ch•lleThgefS Notes to the flA4ndal ststemems Company no. 4300724 l Accouflung p￿1¢1*$ (conunued) Intprpst recelv3ble Inleresr ¢)n funds held on deposlt Is Included *then fKebvable and the •rnount un be measured rellably by the ¢harlty,' Ih15 Is normally upon notlfication of the Inieresi pald or payable by the bank. Fund accouniln9 Resiricled funds are io be used for speclfic purposes as lald d¢y*n h ihe donor. Expendliure ¥thkh meets rhese criteria Is charged to ihe fund. Unrestrlcred lunds are donailons and ￿heff Incomlng resources re(elved or 9eneraied for ihe charliable purposes. Deslqnaied funds are unresiricied funds earniarked by the irustees for partkular purposes. Expendi'.ure and ITrecoverable VAT Expendlture Is reco9nised once ihere Is a legal Of constNctNe obllgaiion to make a paymeni io a ihlrd party. 11 Is probable ihai senlement 411 b• r•qulr•d and th• amount ol lh• oblloaiion can b• m•asur•d r•llably. Exp•ndltur• 1% clasiih•d und•r ih• foll(￿1￿9 actfvlty h•adlng1' Costs of ralslng funds relate io the costs Incurred by tht charlty In Induclng thlrd partles to voluntary contrlbutlons to It, as well as ihe cost of any acllvlties with a fundraising purpost Expendliure on chariiable activliles includes ihe cosis ol dellverlng Pre-5¢hool. Pl•y. Y¢wth arHI Young Aduli servlfes unden•ken to funher ihe purposes ol ihe charity and ihelr ass¢xiaied support cosis Other expendllure represents ihose iiems not lalllng Inio any oiher headlng Irrecoverable VAT Is charged as i ¢OSi ag￿n$t ihe a¢tMty for wthlch iho expendllure was Incurred. Allftr?Tlnff f)1 ivppon rt)sts Resourcts expended art allocated to the partlcular actmty *t*tro th¢ cost relates dlredly to that actlvlty. Howo¥*r, the cosi of overall dlrortion and adrninlstrallon of each activity, tomprising the salary and overhead costs of the tentral functlon. Is Ipportioned on the followln9 basis thich are an eslim•le. based on staff tiffle, of the amount attributable to earh adlvlty. Where informaiion about the alms. objectives and projects of ihe charity is prowded io pottniial beneficlafles. Ihe costs assoclaied wlth ihls publicity art allocated io charilable exptndituro. Where such Information aboui the alms. objecrives and projecis of the charlty Is also provided io poienilal donors. actlvlty cosr5 are apponioned be￿en fundraising and chafltable aalvliles on ihe bas15 of area of Ilieraiure occupled by each aalvlry. Pre-school and Play Schemes Youih Schemes Communlty Hub Suppon and governance cosis are re-a11￿￿1ed io each of ihe aciMile5 on the followlng basls Vthlch Is an esilmate. based on staff rlme. of the amouni allribuiable to each aaiviry. Pre-school and Play Schtmts Youth 5chtffle5 Communlty Hub 51% 4fA 51% iy Governance costs are the costs assotialtd vliih iht ¢Jo¥*rna￿* arrangements of the (harity. Those costs art associated with consiltulional and slalutory requirements Ind in 32.469 8S.746 7.544 5.713 71.698 12.176 14.S39 42,277 70.017 2.362 16.193) 3,756 5,331 6.523 3.043 307 30.104 9.914 14.048 47,441 (2.793) 32.469 311.341 929,308 925.821 85.942 63,488 513.319 2,829,220 Support costs 262.844 247.383 3.092 1513.319 Governance costs 32.509 30.597 382 (63.488) T•xal •xp•ndl¢urn 2024 1.224.662 1.203.801 89,417 2,829,220 33 Dlsablllty Chajlenqers Notes to the flnanclal statements Company no. 4300724 For the ended 31 Marth 2025 Net Income l (expendlture) for the year Thls is stared after charging I Icrediiing)= 2025 2024 Depreciation Auditorfs remuneraiion (excluding VAT): Audit 131,890 128.512 11.800 11,250 Anatysls of staff costs. trustee remuneratlon and expenses. and the cost of key management personnel Statt costs were as tollows: 2025 2024 Salaries and wages Redundancy and ferminaiion cosis Social security cosis Employer's contribuiion io defined coniriburion pension schemes Consuliancy costs 2,234.335 12.665 136.757 31,411 1.912.839 26.727 2,415,167 2.056.682 The redundancy and rennlnatlon costs were settled and pakl at ihe balance sheer dale One employee earned above £60,000 during the period (2024: one employee earned above £60.000 ) wirhin the foll￿1n9 band. 2025 number 2024 number £70.001- £80.000 The total employee benefrts lincluding pension Cofitributions and employees national insurance) of ihe key management personnel were £268,525 (2024.. £248.990>. The charliy trusiees were neither paid nor received any other benefiis from employment with the charity in the year (2024= £nll). No chariiy irusiee received payment fty piofessional or oiher ser¥ices supplied to ihe charity12024.. £nil). i O Staff numbers The average number of employees (head count based on number of staff empltyed) durin9 the year was 199 (2024.. 176). 2025 No. 2024 Raisinq funds Pre-school and Play Schemes Youih Schemes Support 86 92 14 79 74 199 176 34 Dl$ablllty Challenoers Notes to the flnanclal statements Company no. 4300724 For the ended 31 March 202 I l Related party ¢ransactJons There are no related party transactlons to dlsclose for 2025 12024.. none). Donatlons totalllnq £79 were ￿ceIved from related panles dvrlnq the year without condltions (2024". £3.592). 12 Tax*tlon The charity is exempt from corporarion lax as all lis income is chariiable and is applied for chariiable purposes. 13 Tang•bl* l•xed Freehold Equlpmeni property Play Equipment Other Moior vehlcles Furnlture Total At the Start of the year Additions in year 3.548,699 628.772 8.999 292.319 6.759 102.938 22.192 3.859 4.594,921 19,616 At the end of the year 3.548.699 637.771 299.078 102.938 26.052 4.614.537 At the start of the year Charge for the year 710.633 63.207 280.467 38.223 223.981 29.154 102.938 1.332,629 131,890 1.306 At the end of the year Net book value At the end ofthe yw 773,840 318,690 253.135 102.938 15.918 1.464.519 2.774.859 319.081 45.943 10.134 3.150,018 Ai the start of the year 2.838,067 348.305 68.339 7,581 3,262.293 Land wlth a value of £681.865 (2024: £681.865) Is Included wlthln freehold property and not depreclaied. All of ihe above assets are used for chariiable purposes. 14 Debtors 2025 2024 Trade debiors Prepayments Accrued income 323.237 128,380 83.500 334.594 122.792 43.227 535.117 500.613 1 S Credttors: amounts falllng due ￿1n one year 2025 2024 Trade credltors 8orrowin95 Lease liabilltles Taxation and soclal securlty Accruals Oeferred income (note 16) 52,388 i 0,000 1,858 32,947 150,216 341,991 S6,379 io.000 13.854 31.321 8S.604 430.729 S89,400 627.888 35 Dlsablllty Challengers Notes to the flnanclal statements Company no. 4300724 For the ended 31 Marth 2025 Deferred income comprises of Locaj Authority contraas and session fees booked in advance of delivery. 2025 2024 Balance at the beginning of the year Amount released to income in the year Amount deferred in the year 430.729 (430.729) 341,991 181.322 (181.3221 430.729 Balance at the end of the year 341,991 430.729 17 Credltors: amounts falllng due In greater than one year 2025 2024 Borr¢Mings Lease Ilabllliles 9.167 19.167 1.330 9.167 20,497 Borr￿Ing5 comprises a Coronavirus Business Interruptioft Loan from 8ar(lays 8ank repayable over 7 years with the final repayment due in February 2028. The loan is unsecured and is subje(i ro interest of 2.S% per annum. I8a Anal￿1$ of net assets beThveen fund5 (current year) General unrestriaed DeS￿naled Restricied Trtal funds Tangible fixed assets Net current asseis Non-curreni liabilites 2.476.877 87.425 673.142 94.253 3,150.019 783.964 (9,167) 602.286 (9.167) Net assets at 31 March 2025 593,119 2.564.302 767.395 3,924.816 18b Anatysls of net bet￿n funds (prlor >vr) General unrestricted Deslgnaied Restricied T￿al funds Tangible fixed assets Net current asset5 Non-current liabilitles 2.555.710 80.871 706.582 53.127 3.262.292 713.874 (20.4961 579.877 (20.496) 14tc assets at l Apfll 2024 559.380 2,636,581 759.709 3.955.670 36 Dlsablllty Challengers Notes to the flnandal statements Company no. 4300724 For the ended 31 March 2025 19a Mtrrtments In funds (current year) At l Aprll 2024 Income & Expenditure gains & losses At 31 Marth 2025 Transfers Restrkted funds: Capltal Equipment fund Famham Refurbishmeni Project Scheme operafing Pre-school and Play Schemes Youth Schemes Community Hub Total IL&LIJLLLd funds 383.815 322.767 12.900 30.895 24.952 14.384 371,763 339.278 1.336 14.093 37.699 106.597 201.134 68.125 99.206 191.619 81.805 .727 23,608 759.710 419.650 411.965 767.395 ,Tr (Ti'(1 funds: Designated funds.. Property and Developmeni fund Property Maintenance fund Fixed Asset fund 2.351,922 73.7SO 210.910 53.605 2,298.317 97.750 168.235 24,000 42.675 i ulai iiesiyiid4ed lunds Gonoral funds 2.636,582 96,280 2.754.254 24,000 2,564.302 593.119 559.379 2.811.993 124.000 Total unrestrkted funds 3.195,960 2.811.993 2.850.534 3.157.421 Total funds 3.955.671 3.231.644 3.262.499 3,924.817 The narratlve lo explaln the purpose of each fund Is glven at the fool of the note bell￿. 37 Dlsablllty Challengers Notes to the flnanclal statements Company no. 4300724 For the ended 31 March 2025 I YD Movemenr5 In Tunas ￿￿Or year) At l Aprll 2023 Income & Expeftdtture gains & losses At 31 March 2024 Transfers Restrfcted funds: C3plra' Equipmeni fund Farnham Refurbishment Project 298,884 325,348 101.589 7.800 16.658 10.381 383.815 322.767 Scheme operatlng Pre-school and Play Schemes Youth Schemes Communlty Hub 31.562 37,817 32.943 93.242 132,037 70.281 123.468 155,760 65.525 1.336 14.093 37.699 Total restrlctod funds 726.554 404.948 371.792 759.710 UrTrestVrted fiinds". Deslgnared funds.. Properry and Developmen¢ fund Property Maintenance fund Fixed Asset fund 2.376.609 50.000 202.090 74.950 50.264 23.750 35.042 2.351.922 73.750 210.910 26,222 Total designated funds 2.628.699 101.173 109.056 2.636.582 General funds SS0,134 2,474,554 2.356,254 1109,0561 559.379 Total unrestrkied funds 3.178,832 2.474.554 2.457.426 3.195.961 Total funds 3.905.386 2.879.502 2.829.219 3.955.671 Transfers between fvnds 202 5.. Transfer of £24.000 from unrestrl(ted General lunds to Deslgnated funds to Increase the Prope￿ Malntenance fund In Designated funds. Purposes of restrlcted funds Equipmeni fund - Represenis donati¢)ns for specific iiem of equipment. Depreciat•on being provided over the useful life of the item. Farnham Building Refurbishmenr Project - During 2018 our play and youth buikling5 al our Farnham Site under wenl significanr refurbishment. The project was completed in January 2019. This fund will cover furure depreciation charges a554xiared with refurbishmeni. Purposes of deslgnated funds Property and Development fund Is the result of capital campaigns one lo buy the land and buildings at Challengers Farnham centre and the other to build Challer￿er5 new centre ai Guildford which was cornpleled in 2013. This fund will cover future depreciation and maintenance charges for both propenies. Property Maintenance fund - This designated fund has been established to cover the cost of building maintenace and repairs of our Farnham and Cuildford sites. 38 Dlsablllty Challengers N(Aes to the flnanclal ststemeftts Company no. 4300724 For the ended 31 March 2025 Lfydi Jidiu) IJI Lllf Lllal Ilv The charlty is a company limlted by guaranlte and has no share capttal. The Ilablllty of each member In ihe event of wlndln9 UP 15 limited io £1. 39