Charity regi5tTation number 1105320 (England and Wales) Company registration number 05049547 FIX IT (UK) LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
FIX IT (UK) LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Councillor K Cunliffe Mrs HC Todd Mr SJ Smith Charity nurnber (England and Wales) 1105320 Company number 05049547 Prlnclpal address Unit 617 Rosebridge Industrial Estste Moss Street Springview Wigan WN3 4TA Re8lstered offlce 41 Bridgeman Terrace Wigan Lancashlre United Kingdom WNI ITT Independent exarnlner Hulljady 418ridgeman Terrace Wigan Lancashire United Kingdom WNII
FIX IT (UK) LTD CONTENTS Page Trustees, report Independent examiner's report Statement of flnanclal actlvitles io Balance sheet li Notes to the financial statements 12-20
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST2024 The trustees present their annual report and financial statements lor the year ended 31 August 2024. The flnancial statements have been prepared in accordance with the accounting policies Set out in note I to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities,. Staternent of Recommended Practice applicable to charitles preparn their account5 in accordance with the FinancSal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, Objectlves and activltles The charity's objectives are to advance the education and trainin8 of the inhabitants of the Wigan Borough. Fix It IUKI Ltd works with young people who face a variety of complex barriers to participation in malnstream education and training including those with learning difficulties, those lacking p051tive role models, young offenders, those involved in antl-50cial behavlour and young people who are not In educotion, employment or training INEETI or at risk of becoming NEET. Alm5 ofthe charSty Fix It IUKI Limited ralses the a5piratlons of young people from the borough and surroundlng areas to meet the opportunities and responsibillties of society today, by offering them practical training in Motor Vehicle Studies and personal development programmes that build confldence. motivation and personal, social and life skills. Our social purpose 15 to improve the life chances. choices and opportunities of young people who are soclally and economlcally excluded by enabling them to engage in learning, achieving, succeedin8 and progressing into further education, other trainin8 or employment. Fix It IUKI Ltd provides opportunities for disadvanta8ed young people aged 14-16 and up to 24 if they are SEND, to develop their ski115, gain qualifications and undertake practical work experience in motor vehicle maintenance and body-work skills. In addition, Fix It IUKI Ltd offer5 young people the opportunity to engage in functional skills IMath5 and English), PSHE & C and life and work Fix It IUKI Ltd uses the attraction of working with cars and other motor vehicles to engage and motivate young people on our programmes. Our activities and programmes are designed specifically to engage those young people who are le5S academically focused and benefit from learning acquired through practically based activities. The majority of our programmes involve delivery of practical activities in our purpose-built workshop, which are supported by theoretical training sessions to enable our staff to assess the level of knowledge gained by young people and award certification. Fix It IUKI Ltd delivers nationally recognised accredited IMI Ilnstltute Of The Motor Indurtryl quallfications alongside a range of personal, social life and employment skills training through OpenAwards. Fix It UK prides itself on mentoring to SUPPQrt each youn8 person's transition into further training, edycatlon or employment. Public benefit The trustees have paid due regard to guidance Issued by the Charity Commission In decldlng what activities the charity should undertake.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Achievements and performance Slgnificant activities and ochievements against objectives INTRODucfioN As can be determined from the previous annual report, 2022123 saw an exceptlonally successful turnaround In tPte fortunes of the Charity. This turnaround ensured rhat a significant deficit at the start of 2022123 became a surplus at the end of that financial year. This allowed the Charity to build on that success over 2023124 and take the Charity further forwards. The year 2023124 was another very successful year and the Charity continues to grow and strengthen across the board. Flnancial performance was particularly 800d over the year wlth a healthy surplus generated. This allowed the Charity to move to a phase of substantial investment, firstly in the facilities for learners and then onto targeted specialised staff recruitment. The Charity strengthened across all business operations. Key improvements were made in the Curriculum, the Built Environment, Quality A55urance, Health & Safety, Key Stakeholder Relationshlps, expansion of catchment area5 and finally in the staffing establishment. CURRICULUM The curriculum model continues to be developed through ongoin8 continuous improvement. The Post 16 offer is dellvered through the Institute of the Motor Industry IIMII Qualifications and the Pre-16 offer Is delivered vla Open Awards quallflcations. Post 16 learners a offered qualifications from entry level l up to level 2 in motor vehicle malntenance and repalr. Additionally they study functional skllls maths and English from pre entry level up to Level 2, the pathway for post 16 15 now realistlcally 3 maximum of three year5. Pre 16 learners generally have a two year pattiway where the Entry Level 3 award lyear 11 and certificate (year 21 are offered, The Post 16 learner5 also undertake a significant pro8ramme of Social Emotional Mental Health and Personal Social Health Economic & Citizenship curriculum to supplement their educational journey, this is now qualification based and is certificated education. It Is extremely pleasing to report that through both awarding body quality inspections In 2023124, IMI and Open Awards, the entire provision has been rated as "low risk" and direct claim for all main qualifications has been awarded by both awarding bodies.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Educatlonal Achlevement & Key Performance Indicators {KPls) Fix It UK Ltd recorded another successful year to date in terms of achievements, exam p355 rates were good. A total of 73 individual qualifications were awarded across the centre. The overall achievements are tabulated below,. Academic Year 2023124 Centre Qualifitatlons ohort Pre 16 ualification kills for Further Learning and Employment (Moto ehlclel kills for Further Learning and Employment (Moto ehicle} Skills for Further Learning and Employment (Moto ehlclel uaiification Level chleved Entry Level 3 Award Pre 16 Entry Level 3 Certificate Pre 16 Level I Certif icate otal ualificatlon Level Entry Level 3 Award ohort Post 16 ualSficatlon kills for Further Learnin8 and Employment ILIt hleved Post 16 kills for Further Learning and Ernployment Iwork Ifel kills for Further Learning and Employmen (Employabllltyl Level I Certificate Post 16 Level I Certificate ohort Post 16 Post 16 uallfl¢atlon Functional Skills . English Functional Ski115 ommunlcation uallficatlon Level Entry Level 3 Entry Level 3 chleved Speaking Listening Post 16 Functional Skills - English Functional Ski115 ommunication Level I Level I Post 16 Speaking Listening Post 16 Post 16 Functional Skills - Mathematics Functional Skills Speaking ommunication IMI Personal Social DevelL7prnent IMI Award in Automotive Maintenance and Repair l Ml Certificate in Automotive Maintenance and Repair IMI Dlploma in Automotive Malntenance ar¢d Repair IMI Certificate in Vehicle Component Fitting Entry Level 3 Level 2 Listenin8 P05t 16 Level I Entry Level 3 Level I Level I Level 2 otal Post 16 Post 16 P05t 16 Post 16 verall Total
FIX IT {UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 KEY PERFORMANCE INDICATORS Pre 16 Provision Pre 16 Open Awards Skills for Further Learnin8 & Employment (Introductlon to Motor Vehicle) Results Analysis Number of Learners Registered 31 loo% Number of Learners, who attained full qualification 28 90% Pre-16 Overall Success Rate 2023124 Pre 16 Retention- 90% Retention is difficult to measure within the Pre 16 area, given that the learner is the legal responsibility of the school and although some learners were removed by schools, only 3 learners were tempororily excluded by Fix It and the school chose not to reintroduce those learners. 2023124 Pre 16 Attendance- 71% Although true benchmarks are difficult to find due to the very diverse nature of Alternative Provision the best comparator is the 'Absence rates in state-funded alternative provision autumn and Spring term combined, in England between 2018119 Autumn and spring term and 2022123 Autumn and spring term which provides a benchmark attendance flgure of 59.3%. Post 16 Provlslon Post-16 Success by Quallflcatlon Results (All Quallflcatlonsl Number of Qualiflcatlons Registered 105 Number of Learners, who attained full qualification 73 Post.16 Overall Success Rate ,69.52% 2023124 P05t 16 Retentlon- 88.5% loo% 69.52% This was another solid performance and although the three learners that left provision were excluded, every single sUPPOrt mechanism had been put in place in an attempt to retain these individual learners. Furthermore. Fix It worked with the Local Authority to ensure that a successful transition to an approPrate setting was made for all three excluded learners. 2023124 Post 16 Attendance- 82% Although there is some work to do in this area, it is important to recognise the type cf young person that accesses Alternative Provislon (API. Very often, the young people are very low malnstream school attenders, non engager5, non attender5 / school refusers, they also often present with diagnosed conditions and have Significant social or emotional difficulties. Therefore achievin8 over 80% as an overall attendance figure with numerou5 learners attaining 100% attendance is a good achievement. DfE publishes absence figures for both Pupil Referral Units IPRUs} and Alternative Provision IAPS) combined. The latest attendance data for these settings Is the autumn 2021 term which showed that 76% of enrolments were persistently absent, meaning that they missed IO% or more sessions and 31°h were severely absent. meaning that they missed 50% or more sessions.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 EsfATES & FACILITIES The Built Environment The main building continues to suffer from significant internal backlo8 maintenance due to previous lack of investment and the poor standard of building work and finish on historical works. However, due to improved learner numbers and financial performance the man38ement were able to set aside a capital sum for improvements. These improvements are outlined later in this Section of the report. The lease was 'held-over" up until September 2023, however. negotiatlons were arranged for a 51gnificant extension and a new lease 15 now In place, this lease is fixed for 10 years with an extension, in the Charity'5 favour, of 5 further years to 2038. Capltal Investments - Caterlng I P05t 16. The charity was able to make some much needed and lon8 overdue capital investments due to the success over the last two year5. Si8nificant investment occurred in the caterin8 area in the Summer period of 2024 where £IOOk of investment was made. Catering was historically In-house, however, thls was costly and was a drain on the other key areas of the charity. Hospitallty & Caterln8 is now a new vocatlonal area for the Charity and initSally 3 students were recrulted along wlth a member of teachlng staff. A new commercial kitchen wa5 Installed, a new refectory area along wlth modern new teachlng facilities. The design also allowed for a large flexible space to be utillsed for full student events, guest speaker5, staff training or full staff meetin8S. The kitchen now operates as the functioning commercial kitchen for the provision of food to all learners, whilst training up to five Post16 learners in the vocational area of catering. This area is seen as a real potential area of growth, real employment opportunities exist across the Hospitality and Caterin8 industry. The Charity is lookin8 to Strengthen links with local Hospitality & Catering employers through it5 arrangement with Aspiring Futures (Wigan Council) Additional investrnent occurred in the Motor Vehicle areas. The rear workshop in Unit 5 was fully refurbished to include a mezzanine classroom and larger workshop space. Investment has also been rnade in machinery, tooling and general MV resource5 includin8 more up to date vehicles. Finally, targeted investment occurred In learner facilities. so along with the aforementioned refectory / restaurant area, outside seating and social spaces for both pre 16 and p05t 16 learners were installed. Energy Markets The Head of Centre atted proactively in 2024 due to the ongoln8 conflict In Ukraine and also the instabillty in the Middle East. a further three year contract has been agreed with a new supplier at what are seen as very competitive market rates. Thi5 arran8ement was entered into early when the market experienced a dip in wholesale costs. Energy markets continue to be extremely volatile and it was prudent to act early to protect the charity. This will 8ive bud8et certainty in respect to future energy expenditure over the next 3 years. Insurance Covers A si8nificant reduction in premium was achieved back in 2021-22, where it was reco8nised that the charity's insuranee Cover was not fit for purpose and significant over-insurance was occurring in areas that the charity did not operate in leg.comrnercial & vehicle fleet). This reduction was sustained through 2022123 with a very comparable premium achieved for the correct level of cover5. This continued again in 2023/24 and the insurance costs are now fully in-line with sector norms.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 HEALTH AND SAFETY The Health & Safety Pollcy is reviewed annually and signed off by the Chair of Trustees. Significant work has been undertaken to ensure that Fix It UK Ltd Health and Safety policies, procedures and general standards meet the required standards expected by local authorities and school partners. Quallty Assurance Assessments {QAAI & Health & Safety The Charity has been subject to significant and Increased audit from our partners, SLT welcome this increased rigour in respect to Health & Safety standards. The following organisations have all performed H&5 a55urance and audit vlslts,. Acorns School ISI Cambian Tyldesley ISI Fred Longworth High School IMI Lowton High School IMI. Newbridge Learning Community ISI Oakfield High School and College ISI Shaftesbury High School IPRUI Shevington High School IMI The Westleigh School IMI. Waterloo Lodge ISI Bedford Hi8h School IMI Deanery High School IMI Moorbrook School ISI Wigan Councll ILA) St Helen5 Council Lancashire County Council 1S1- Special School IMI Malnstream School IPRUI Pupil Referral Unlt ILA) - Local Authority ¥ Denotes a school that Fix It were contacted or visited by Ofsted during their full inspection Outstanding feedback has been received from all the above schools and the local authority where no significant actions or areas for improvement were noted. This was particularly pleasin8 and demonstrates continuous improvement. AccSdent Statlstlcs 2023124 There were 28 recorded accident5 in the year, all of which were minor In nature. None of these were tlassified a5 reportable accidents, Sncidents, injuries or diseases las defined by RIDDOR,) The lead cause of accidents was tools & equipment. This is the expected lead category given the age and inexperience of our youn8 people in what is often 3 new environment to them. Qualty Assurance l Local Authority Inspertions I SEN Reviews Our own local authority ILA) launched a new engagement visit Inspection regime during 2022123. Thls was adopted by two further LA'S the charity works with, namely Lancashire and St Helens. All three Local Authoritles vislted to conduct a full QAA visit and to review the Special Educational Needs ISENI arrangements. The en838ement visits looked at all areas of the whole provision, this included Inot an exhaustive list} Recruitment- Pre16 Referral process / Post 16 VIO application for funding process and learner intervlew process Relationships Safeguarding and Health & Safety Curriculum Pathways / Quality of Provision I Schools W Process Attendance both monitoring and reportin8 pre and post 16 Individual Learning Plans / Interventions with individual learners Emotional & Social Support / Behaviour Learner Servlces Destinations The council agreed fully with Fix It's assessment of afea5 of development and none of these were considered to be inadequate or requiring significant improvement. The vislt overall was very posltive. The SEN vislt also went without any areas of concern, areas of good practice were identified around safeguarding and SEMH support.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Flnanclal revlew The charity's gross income rose from £723K to £962K in 2023124, an increase of 33%. There was an increase in costs of 27%, from £588K to £747k. mostly as a result of increased staff numbers and associated costs. Overall there was a surplus of £214,313 for the year to 31 August 2024 (compared to a surplus in 2023 of £135,1741. An arran8ement made with HMRC in 2022 to repay overdue PAYE continued as agreed and repayments were made according to that schedule. The arrangement has since finished with all overdue PAYE now settled. The charity has drawn up reallstic budgets and cash flows projections which demonstrate that if activities continue as expected, the charity will be able to continue to operate for the forseeable future. In summary, Fix It IUKI Ltd was in a financially strong posltion at 31 August 2024, with net a55ets of £280,768, which has enabled the charity to invest in improved facllities and curriculum artivities. Indlcations are that with continued careful management of resources, the charlty will continue to positively Impact the lives of a number of the rn05t disadvantaged voun8 people In the Borough of Wigan and beyond. Reserves policy It Is the policy of this charlty to hold In reserves, If p05s1ble, the equlvalent of two months, 8eneral runnln8 Costs and an additional one month's salary costs. This amounts to approximately £135,000. It is also our policy to hold an amount for any necessary building works. This policy is reviewed annually. At 31 August 2024, thè charity had cash reserves of £127,79712023 - £67,234) and net current assets of £108,60812023 £5,799), a significant increase from the prior year, when cash reserves were £30,249. The trustees have assessed the major risks to whlch the eharity Is exposed. and are satlsfled that systems are In place to mitl8ate exposure to those risks. Structure, governance and management The charity Is a company limited by guarantee and is governed by its governing document, the Mernorandum and articles of assoclation. The company wa5 incorporated in February 2004. The trvstees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were= Councillor K Cunliffe Mr KR Rimmer Mr5 HC Todd Mr M Keeffe Mr SJ Smith (Resigned 21 October 20241 IResigned 4 November 20241 Recruitment and oppointment of trustees Trustee5 have been selected for thelr commltment to our charltable cause5 and for any particular skills they might have to support the charity's work. The charity attively seeks and welcome5 new applicatlons from interested people. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and 8uarantee to contribute £1 in the event of a winding up.
FIX IT (UK) LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Orgonlsotionol strurture Organisational strurture Although the charity is controlled by the board of trustee5 who are ultimately responsible for the operation of the charity, on a day to day basis, responslbility for the running of the charity is delegated to two directly employed managers. Lee Walls and Diane Stone, who, together wlth a small specialist team. ensure the charitable objectives are carried out. The managers re8ularly report to, and are monitod by the trustees. The trustees, report was approved by the 8oard of Trustees. Councillor K Cunliffe Trustee Mrs HCTodd Trustee 27 Febrtsary 2025
FIX IT (UK) LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIX IT (UK) LTD I report to the trustees on my examlnation of the financial statements of Fix IT IUKI Ltd (the charity) for the year ended 31 August 2024. Responsibilities and basis of report A5 the trustees of the charity land also Its directors for the purposes of company lawl, you are responslble for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having $3ti5fied myself that the financial ststements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and a ellglble for independent examination, I report In respect of my examination of the charity's fInancal statements carried out vnder section 145 of the Charities Act 2011. In carryin8 Out my examirb3tion I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examlner's statement Since the charlty's gross Income exceeded £250.000. the independent examiner must be a member of a body listed In section 145 of the Charities Act 2011. 1 conflrm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I conflrm that no matters have come to my attention in connection with the examlnatlon Ivlng me cause to belleve that Sn any material respect- accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial 5t3tements do not accord with those records,. or the financial statements do not comply with the accountin8 requlrements of section 396 of the Companies Act 2006 other than any requirement that the flnancial statement5 give a true and fair vlew, which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Proctice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Clare Jady FCA of Hulljady 418rid8eman Terrace Wigan Lancashire WNII United Kingdom 27 February 2025
FIX IT (UK) LTD STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 Unrestrlcted funds 2024 Unrestrlcted funds 2023 Notes Income fforn: Donations and legacies Charitable activities Other trading activities Investments 1,900 955,953 721,851 116 1,394 3,959 Total Sncome 961,812 723,361 Expendlture on: Charitable activities 747,499 588,187 Total expendlture 747,499 588,187 Net Income and movement In funds 214,313 135,174 Reconclllatlon of funds.. Fund balances at I September 2023 66,455 168,7191 Fund balances at 31 August 2024 280,768 66,455 10-
FIX IT (UK) LTD BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notes Fixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 14 180,085 72,544 15 16 500 500 145,404 67,234 168,355 127,797 296,652 213,138 Creditors: amounts falling due within one year 18 1188,0441 1207,3391 Net current asset5 108,608 5,799 Total assets less current liabllltles 288,693 78,343 Creditors: amounts fallin8 due after more than one year 19 17,9251 {11.8881 Net assets 280,768 66,455 Income funds Unre5tricied funds 280,768 66,455 280,768 66,455 The company is entitled to the exemptlon from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024. The dlrector5 acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparatlon of flnancial statements. The members have not reqvired the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 27 February 2025 Councillor K Cunliffe Trustee Mrsj Trustee ith Company Reglstratlon P40. 05049547
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Accounting policies Charlty Information Fix IT IUKI Ltd is a prlvate company limited by guarantee incorporated in England and Wales. The reElStered office is 41 Brid8eman Terrace, Wigan, Lancashire, WN I ITT, United Kingdom. 1.1 Accountlng conventlon The financial statements have been pPared in accordance with the charity's Boverning document. the Companies Act 2006 and 'Accountin8 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charlty has taken advantage of the provisions in the SORP for charities applylng FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest f. The flnanclal statements have been prepared under the hlstorical cost convention, Imodified to Include the revaluation of freehold properties and to include investment propertles and certain financial Instruments at fair valuel. The prlncipal accountin8 pollcSes adopted are set out below. 1.2 Golng eoncern At the time of approving the flnancial statements, the trustees have 3 reasonable expertation that the charity has adequate resources to continue In operatlonal existence for the foreseeable future. Thus the trustees continue to adopt the going concern ba515 of accountin8 in preparlng the financial statements. 1.3 Charltable funds All funds of the charity are available for use at the discretion of the trustees in furtherance of their charitable objectives and are therefore unrestricted. 1.4 Income Income is cOgnised when the charity is le8ally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donatlons are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 1.5 Expendlture Expenditure is reeognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be rneasured reliably. Expenditure Is classSfied by activlty. The costs of each actlvity are made up of the total of direct costs and shad costs, including support costs involved in undertaking each activity. Direct Costs attributable to a Single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support ¢osts which are not attributable to a single activity are apportioned between those activities on a ba515 consistent with the use of resources. Central staff costs are allocated oti the basis of time spent, and depreciation charges are allocated on the portion of the aS5et's use. Expenditure is recogni5ed when the charity has a legal obligation to pay and 15 accounted for on an accruals basis. 12-
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Accounting policies (Contlnuedl 1.6 Tangible fixed assets Tangible fixed assets are Initially measured at Cost and subsequently measured at cost or valuation, net of depreciation and any impairment losse5. Depreciation is recognised so as to write off the cost or valuation of assets less their resldual values over their useful lives on the following bases: Plant and equipment Fixtures and littings Computers Motor vehicles 20% of cost 20% reducing balance 20#A reducing balance 33)/¢ reducing b813nce The gain or loss arisin8 on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is reco8nised in the statement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the eharity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment 1055. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Stocks Stocks are stated at the lower of cost and estimated selling prlce less costs to complete and sell. Cost comprlses dlrect materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value 15 the estimated selllng price less all estimated costs of completion and costs to be incurred in marketing, 5ellin8 and disrribution. 1.9 Cash and cash equlvalents Cash and cash equivalents Snclude cash in hand, dep051ts held at call wlth banks, other short-term liquid Investments with original maturities of three months or less, and bank overdrafts. 8ank overdrafts are shown within borrowin85 in current liabilities. 1.10 Flnanclal Instruments The charity hos elected to apply the provlsions of Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financlal instruments. Flnancial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provislons of the Instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amosjnts and there is an intention to settle on a net basis or to realise th* asset and settle the liability simtsltaneously. 13-
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Accounting poli¢4es (Continued) Basicjlnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Buslcflnonclol Ilubllltles Basic financial liabilities. including creditors and bank loans are initially reeognised at transaction price unless the arrangement constitutes a financing transaction, where the debt irnstrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt Instruments are Subsequently carried at amortised cost, usin8 the effective interest rate method. Trade creditors are obligations to pay for 8oods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current113blliEles if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed initially at tranSaCtOn price and subsequently measured at amortised cost using the effective interest method. Derecoqnltlon offinonclol liabilities Flnancial liabllStles are dereco8nised when the ¢haritrfs contractual obligatlons expire or are dlscharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement 15 recognised In the period in which the employee's services are recelved. Termination benefits are recognised immediately as an expense when the charity Is demonstrably committed to terminate the employment of an employee or to provlde termination benefits, 1.12 Retlrement beneflts Payments to defined contribution fetirement benefSt Schemes are charged as an expense as they fall due. 1.13 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk5 and rewards of ownership to the lessees. All other leases are classified as operating leases. A55ets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included In the balance Sheet as a finance lease obligation. Lease payrnents are treated as con515ting of capital and interest element5. The interest is charged to net incomellexpenditurel for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. 14
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Cfitlcal ac¢ountln8 e5tirnates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not adIlY apparent from other source5. The estimates and 3550ciated assumptions are based on historlcal experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates arbd underlying assumptlons are reviewed on an ongoing basis, Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or In the period of the revision and future perlod5 where the revision affects both current and future periods. The statement of financlal activltie5 includes all gaSns and1055es recognised in the year. Unrestricted funds Total 2024 2023 Donations and gifts Sale of donated assets 600 1.300 Income Irom eharltable activltles Unrestrirted funds 2024 Unrestrlrted funds 2023 Charltable artivlties Services provided under contract 955,953 721,851 Other tradln8 artivities Totsl Unrestrirted funds 2024 2023 Meals from canteen 116 15
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Income from Investments Unrestrirted funds 2024 Unrestrirted funds 2023 Interest receivable 3,959 1.394 Expenditure on charitable activitie5 Charltable artivities 2024 Charltable activitie$ 2023 Dlrert costs Staff costs Depreciation and impairment Teaching expenses Accreditation fees Consultancy costs Learner rewards Staff unlform Cleanin8 and laundry Student bursaries Staff training 511,515 19,604 19,464 9,531 2,04Q 1,767 1,334 3,179 27,048 2,933 401,799 11.916 12,647 6,230 980 2,256 1,390 2,991 19.167 3,264 598,415 462,640 Share of support and governance costs (see note 9) Support Governance 138,383 10,701 114,953 10,594 747,499 588,187 Analysls by fund Unrestricted funds 747,499 588,187 DescrlptSon of charitable activitle5 Charitable activiti The charity's principal activity is to work with young people who fate a variety of Complex challen8es and to assist them in improving their life chances. The charity uses the attraction of workin8 With motor vehicles to engage and motivate young people and to give them the opportunity to engage in functional maths and English. STEM technolo8ies and life ènd work ski115, Wlth the aim of assisting them to move into further training, education or employment 16
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Support costs Support costs Governance costs 2024 support costs Governance costs 2023 Rent. rates and premises expenses Insurance Telephone Light and heat Postage, printing and stationery IT and computer ¢ostS Interest on loans Bank charges Sundry expenses 48,110 7,644 12,456 9,284 48.110 41,751 7,985 11,562 10,783 41,751 7.985 11,562 10,783 12,456 9.284 2,029 8,453 2,029 8,453 1,636 3,151 84 554 37,447 1,636 3,151 84 554 37,447 678 678 49,729 49,729 Independent examlnation Accountancy and payroll Governance services 1,000 7,089 2,612 1,000 7,089 2,612 1,000 7.805 1.789 1,000 7,805 1,789 138,383 10.701 149,084 114,953 10,594 125,547 Analy5ed between Charitable activltles 138,383 10,701 149,084 114,953 10,594 125,547 io Nèt movement In funds 2024 2023 The net movement in funds is stated after ch3rging/lcreditingl: Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed asset5 1,000 19.604 1,000 11,916 11 Trustees None of the trustees lor any persons connected wlth them) recelved any remuneration or benefits from the charity during the year, except a5 below.. Matthew Keeffe, who was a trustee until his resignation on 4 November 2024, carried out consultancy work for the charity during the year to 31 August 2023, vla a limited company of which he is the sole share holder and director. The amounts involved are: Matthew Keeffe. £1,74012023- £9801 17-
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 12 Employees The avera8e monthly number of employee5 during the year wa5: 2024 2023 Number Number Total staff numbers 18 15 Employment costs 2024 2023 Wages and Salaries Other pension costs 502,351 9,164 394,525 7,274 511,515 401,799 There were no employees whose annval remuneratlon was more than £60,000, Remuneratlon of key management personnel The charity $5 managed on a day-to-day basis by a manager and deputy manager who are each paid in the salary bracket £40,001- £50,000 per annum. 13 Taxatlon The charlty Ss exempt from taxatlon on its actlvltles because all Its Income Is applied for charltable purposes. 14 Tangible flxed assets Pl•nt ind equlpmènt Flxtures #nd Ilttln85 Computers Motor vehl¢1•5 Total Cost At I September 2023 Additions 5,214 3,168 118,225 115,343 14.338 6,335 1,000 2,300 138.777 127,146 At 31 August 2024 8,382 233,568 20.673 3,300 265,923 Depreciatlon and irnpalrment At I September 2023 Depreciation charged in the year 87 1,025 58,164 15,842 7,430 2,205 553 532 66,234 19,604 At 31 August 2024 1,112 74,006 9,635 1,085 85,838 Carrying amount At 31 August 2024 7,270 159.562 11,038 2,215 180,085 At 31 August 2023 5,127 60,061 6,909 447 72,544 18-
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 15 Stocks 2024 2023 Raw materials and consumables 500 500 16 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued Income 166.083 2,272 144,797 607 168,355 145,404 17 Flnance lease obllgatlons It is the company's policy to lease certain equipment under finance leases. The averagè lease term is S years. All leasÈs are on a fixed repayment basis and no arrangements have been entered into for contingent rent31 payments 18 Credltors: amounts fallin8 due within one year 2024 2023 Notes Obligations under finance leases Other taxation and social security Trade creditors Accruals and deferred Income 17 3.962 10,825 7,171 166,086 3,962 48,039 7,615 147,723 188,044 207,339 19 Creditors: amounts fallSn8 due after more than one year 2024 2023 Notes Obligations under finance leases 17 7,925 11,888 20 Retirement benefit schemes 2024 2023 Defined contribution schemes Char8e to proflt or loss in respect of defined contribution schemes 9,164 7,274 19
FIX IT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Retirement benefit schemes Icontlnued) The charlty operates a defined contrlbutlon penslon scheme for all qualifylng employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 21 Unre5trlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and 8rant5 which are not subjert to speclfic conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestrlcted funds by the trustees for specific purposes. At I September 2023 Ineomln8 resources Resources expended At 31 August 2024 General funds 66,455 961,812 1747.4991 280,768 Pr¢vSous year: At I Septernber 2022 In¢omln8 resources Resource5 expended At 31 August 2023 General funds 168,7191 723,361 1588,1871 66,455 22 Operatlng lease commltments Lessee The operatin8 leases represent rentals due on the charity's premises to third partles. The lease wa5 negotlated over terms of 10 years. The lease includes a provislon for upward rent reviews according to prevailin8 market conditions. There are option5 in place for the charlty to extend the lease terms for a further five years to 2038. At the reporting end date the charity had outstanding commitments ftjr future minimum lease payments under non- cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between two and five years In over five years 47,235 190,184 190,184 3,884 427,603 3,884 23 Related party transartions Other than the transactions disclosed in note 11, there were no disclosable related party transactions during the year 12023 - none). -20-