ALL ABOARD SHOPS LIMITED DIRECTORS, AND TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2025 Company No: 02571767 Charity No: 1125462
'ALL ABOARD, SHOPS LIMITED REPORT AND ACCOUNTS CONTENTS Page Directors, and Trustses, Report Independent Auditor's Report 9-11 statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Accounts 15-23
'ALL ABOARD, SHOPS LIMITED DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 The trustees are pleased to present their annual directors, report together with the financial ststements ot the charity for the year ended 31st December 2025. The frnancial statements comply with the Charities Acl 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Attounting and Reporting by Charities." Statements of Recommended Practice applicable to charTties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191- OUR PURPOSE AND ACTIVITIES The principal aims and objectives of the Charty a trj operate retail shops. The proffts from such operats'ons being donated for the benefit of UK Charities and to promote the ideals of recycling and working fof a cleaner and healthier environment. 1. The protection and preservation of the environmenl for the public benefft is.. al the promotion of waste reduction. re-use reclamation, use of recycled products and the use of surplus items bl advancing the education of the public about all aspects of waste generation. waste management and Waste re-cycling 2. To make grants to such re91Ste charities irs accordance with the law for England and Wales, as the Trustees see fit. Public Benefrt ststsment In shaping our objectives for the year and planriing our activities, the trustees have ¢onsidered the Charity Commission's guidance on public benefit, including the guidance 'public benefit.. running a chaTity IPD21. The achievements and activities above demonstrate the public benefit arising through the Charity's activities. Grant making policy The charity has set up 8 small committee of trustees to consider applications from grant seeking registered charities. All applications must complete 8 short questionnaire requesting some basic information on their stslus, financial position and use of the grant requested, if SUcSsful. The committee focuses on the smaller charities, which provide a valuable Servi to the community. Our policy is to provide funds for smaller andlor locally based charities whose criteria accord with the objects of our constitution. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document 'All Aboard, Shops Limited is a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 4th January 1991 and registered as a charity on 11th August 2008. It is a registered charity constituted as a limited company under the Memorandum and Artscles of Association. The Charity's registration number is 1125462 and the company registration number is 02571767. Recfuitment and appoinlmgnl of Trustees As set out in the Articles of AssOction, the Chair of the Twstees is nominated by exÈsting Trustees. The Directors of the organisation are also the Charity's Trustees for the purpose5 of charity law. The Board of Trustees has the power to appoint additional TTUStees as it considers fit to do so. The Trustees have no beneficial interest in the cornpany other than as members. The Trustees are also the directrJr8 of the company. All of the Trustees are members of the company and guarantee lo contribule £1 each in event of winding up while they are a trustee or within 12 months of them Ceasing to be a trustee. Trustee induction and training The Trustees recognise the importance of maintaining a good working knowledge of Charity and company law and best practise by reading appropriate publications and attendance at charty and company courses run by outside providers. Page 12
'ALL ABOARD, SHOPS LIMITED DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 New Trustees are gNen copies of the Memorandum ar¢d Articles of Assoaation. Oryanisation The Board of Trustees, which comprises seven members, administers the Charity. The Board meets periodully to review the affairs of the Charity and to consider strategies and operations. To facilitate activities, the Board have delegated authority, within terms of delegation approved by the Trustees, for operational matters including financial, employment and other Lated activities. All decisions relats'ng to strategy and policy are made by the Board of Trustees. Key rnanagement personnel remunerntion The remuneration of the CEO is decided by the trustees and the mUneratiOn of the key management personnel is determined in the first instsnce by the CEO and SubseqUenY approved by the Board. There are regular appraisals beeen the CEO and key personnel during which individual performance Criteria are estsblished and a mechanism for measurement agreed. Related Parties The Charity does not have transactions with related parties or other charities and organisations with which tt co- operates in pursuit of its charilable object£ves. Rbk management The Trustees have a risk management strategy which comprises.. Maintsining an active risk register covering key risks across the organisation which is reviewed on an annual basis. HIO & Shop H&S Rlsk Assessments are carried out by an extemal H&S company twice a year. Meetings with the H&S company and management team are held regularly to review risk assessment findings and act on findings. Planual Handling Staff and Volunteers are trained in manual handling, trips, slips and falls by OLfr extemal H&S company and regular updates and refresher training is undertaken. Safeguarding -we have an up-to-date Safeguarding Policy that is regulady reviewed and updated by our Employee HR provFder. Data Protection -we have a dedicated Data Protection Officer to ensure we are Dats & GDPR compliant. The charity has been audited by the Data Protection Officer and his findings have been actioned by the Senior Leadership Team and shared with the Chairman ofthe Board. IT Systems -we have a dedicated IT provider who manages and oversees the majority of our IT systems, emails and online servi$ remotety. Disaster Rgcovery Plan -following the Covid pandemic and the subsequent closure of our shops and our HIO we now have in place a Disaster Recovery plan that allows key HIO personnel to work remotely and aecess business illftjrmation on a cloud plaffomi in the event of a fire or similar disaster to the WO building or infrastructure so that the day to day running of the charity can continue uninterrupted. Our HIO telephone system can be redirected to a dedicated mobile phone, so our donors, customers and staff have communication with All Aboard and key personnel. The Board of Trustees number elght, all of whom ¢ome with extensive experien in the retail, professional and commercial fields. The Board holds regulady meetings throughosjt the year wtth the CEO and Executive stsff. Page 13
'ALL ABOARD. SHOPS LIMITED DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 The trustees formally review the risk register annualty and assess financial sustainability risks, including dependency on retail income, cost inflation, and liquidity pressures. Mtbgation strategies include ¢ost control, diversification of income streams, and maintaining adequate reserves. ACHIEVEMENT AND PERFORMANCE The 2025 firkancial year was set against a challenging backdrop for the Charity retail secÈor and the wider High Street Continued pressure on household spending, significant statutory wage increases and structural change within the secondary textile market (RAG- recycled goods) combined to create a more demanding operating environment Despite these headwinds, the charity delivered a breakeven position before distributions. At a time when many similar charity retail organisations reported deficits or rationalised store portfolios, maintaining financial stability reflects disciplined management, clear decision-making and responsible stewardship of charitsble resources. Total income for the year increased by 3.320A on the previous year. This growth demonstrates the strength of ommunity support and the resilience of our retail operations. despite subdued consumer confidence and increasing online competition. Income from recycled goods IRAGI stabilised during the year bul remains more than 500A below levels achieved only few years ago. This sustsined market reset has materially reduced contribution from a previously dependable income stream, reinforcing the importance of strengthening core retail performance. Externally driven cost increases materially reshaped our expenditure base. The National LNing Wage rose by 9.8% in April 2024 and by a ftjrther 6.7% in April 2025. Employer National Insuran Contributions also increased significantly, akingside higher occupancy and supplier costs. As a resuiL total expenditure before distributions rose 7.5¥0 driven primarily by salary inflation. Maintsining stabilty in this context required )Imi ¢ost control, disciplined prioritisation and close oversight of perfornian. The outcome for the year protects the charity's financial positson and provides a stsble platfo from which to rebuild operating margins over the medifjjm term. Voluntser Engagement & Staff Wellbeing Volunt&rs continue to be the lifeblood of our ¢harity and they gave over 31,000 hours of time to All Aboard in 2025. On behalf of the trustees, staff and beneficiaries we would like to extend our heartfelt thanks to each ond every one of them. Keen to ensure that volunteers are effectively supported throughout their time with us, a number of initiatnies have been identffied to sustain and nurture our volunteer base.. Following a comprehensive audit of our volunteer programme conducted by the Jewish Volunteer Neork IJVNI in 13te 2024, the intention wa5 10 implement the findings and recommendations outlined in the reF)Ort during the course of 2025. However, due to unexpected staff vacancies within the department, we were ur*able to progress this work during the year. We plan to revisit and take forward these recommendations in 2026.A key initiattve for 2025 was the transitson of the entire HR system to an online plattorm. enabling the department to operate on a ftjlly paperless basis. This represented a significant undertaking and was initially delayed following the retirement of our long-serving HR Manager. However, the incoming new Head of HR hss made this project a priority and completion is now expected by the end of Ql 2026. on implemented, the system will allow staff records to be digitised, improving attessibility and tracking, while also reducing the amount of time spent by HR on routsne administrative record management. Retail Expanslon & StTateglc Adjustments Recognising the need to strengthen income for the long temi. the charity implemènted a deliberate strategy to expand our retail footprint in a measured and financially disciplined way. In eady 2025, the CEO approached several charities that were disposing of underperforming shops. Following detailed research, site visits and engagement with senior leadership teams, three shops were selected from more than 80 reviewed, as they met our defined financial retum thresholds and strategic criteria. Page 14
'ALL ABOARD, SHOPS LIMITED DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 As these were existing shops with established slaff teams, the acquisitions were subject to TUPE legislation {Transfer of Undertakings Protection of Employment Regulations 20061, ensuring the protection of employees, temis and conditions. While the legal transfer process was necessarily thorough and complex, it ensltred the affected staff were tre8ted faidy and SponSiblY throughout. The first of these newly acquired shops was in Christchurch, which opened at the end of August 2025 and the second was in Stourbridge which opene(S in mid-December 2025 (both shops being on short leases so any ri$k is fvrther mltigatedl. The third newly acquired shop was in Fleet which opened in March 2026. In addition, we secured a long-sought after location in Muswell Hill, opening in September 2025 with a refreshed look and updated brand identity. The new format has been warmly received by the local community. with early trading performance exceeding inilial f0CaSts and reinforcing confidence in the model when positioned in the right locations. This period of expansion placed significant demands on the CEO, Leadership Team, Retail and HR Teams. The successful delivery of these projects reflects strong governan, effecbve cross-team collaboration and a shad ¢offlmitment lo positioning the charity to retum to sustainable surplus and expand charitable impact going fomard. Collaboration & Community Engagement The CEO and Marketing Manager have ersgaged with a number of key charity partners to strengthen collaborative relationships and explore new opportunities to support Stock generab"on. As a resu5t of these discussions, several strategically located donation stations have been installed within supporter Head Offices, providing an a¢SsIble and convenient route for staff to donate rtems and helping to increase the volume of qualtty stock entering the retail operation. During 2025, the CEO and Marketing Manager attended a number of Maccabi GB inter-school tournaments. that engage with approximately 3,500 young people. These events provided an important opportunity to promote the positive role of sport and community participation. The toumarnents were proudly sponsored by All Aboard, reinforcing the organisation's commitment to SUPF)Orting youth development and comrnunty cohesion through sport. Community engagement remained a key focus throughout 2025. 1 am pleased to report that we collected donations from over 20 local schools and synagogues. This initiative not only strengthened our connection with the local community but a150 encouraged younger children and their families to support a local charity. while promoting environmental awareness and the importance of recycling items rather than allowing them to go to landfill. Ail Aboard also welcomed a number of ¢harity partners into ils retail stores to meet with shop teams and customers. These visrts provided grant recipients with an opportunity to talk more about their work, raise awareness of the causes supported through the retail operation and highlight the collaborative relationship btheen the organisations. This initiative helped strengthen understanding among staff and customers of the wider impact generated through the partnership. Sustainabilty As an organisation operating within the sustainability sector. we continue to review our operational processes and procurement practices to identify opportunities for improvement and to ensure that environmental considerations remain central to our decision-making. During the year, we had originally planned lo transition our final remaining small diesel van to an electrtc vehicle following the end of its lease in mid~2025. However, after reviewing the significantly increased costs associated with leasing a replacement electric vehicle, it was considered financially prudent lo defer this transition. The replacement is now scheduled for May 2026, when the position will ts reviewed again in light of maTket conditions and operational requirements. Pac.=
'ALL ABOARD, SHOPS LIMITED DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEPIBER 2025 In add¥tion, during the year we made Ihe decision to change our textile recycling partner after several years of working with the previous provider. This decision was taken for a number of operational and commercial reasons. Our new recycling partner is a major operator within the textile recycling market and their scale and infrastructure provide the charty with greater confidence and secunty in what is currently a particularly challenging sector. This partnership helps ensure that unsold or non-saleable items conb'nue to be processed responsibly and in line with our sustainability objectives. We are also pleased to report the estimated environmental impact generated through our retail, head office and warehouse operations. Beeen 1 January 2025 and 31 December 2025, All Aboard Charity Shops estimate a significant reduction in landfill waste, equating to 201,190 kg CO2elTonne (Carbon WARM, normalised vs landfill) - the equivalent of taking 180+ cars off the Foad for a year. This saving is primarily attributable lo the diversion of donated goods away from landfill through resale. reu* and recycling activities, ¢omprising.' Material Tonnes Diverted 154.00 14.40 20.85 11.94 201.19 C02e Saved {kg} C02e Saved (tonnes) Textiles Shoes Booksl Pa Glass I Ceramics TOTAL 579 034 199,427 61,313 579.03 199.43 61.31 3.74 843.52 These figures demonstrate the continued environmental benefit delivered through the charity's retail operations, supporting both the arcular economy and the responsible reuse of donated goods. Future Outlook The year ahead will require continued focus and adaptability. Economic conditions remain uncertain and cost pressures, parttcularly in relation to wages, propety and supplier pricing, are expected to persist. The secondary RAG textile market continues to operate at significantty redUd levels compared with previous years, limiting reGovery from that income stream. Against this backdrop. the Board's focus remains on restoring sustainable operating margins over the medium term. Priorities include consolidating the integration of newly acquired shops, oplimising perfOrrnan across the existing estate and rnaintsining disciplined cost managemenL We will continue to take a cautious, bLtt proactive approach to growth, assessing opportunities careftjlly against defined financial and strategic criterta. Investment in people, operational efficiency and brand posib"oning will remain central to improving our like-for-like performance. By balancing prudents with ambition, the Charity aims to move beyond breakeven and return to generating sustainable surpluses that can be distributed tr) maximise long-term impact for our beneficiaries. FINANCIAL REVIEW Total income for the year was £3,547,631 12024.. £3,433,468), representing an increase of 3.30A. Totsl expenditure including distribution was £3,555,17212024'. £3,518,298), resulting in a net deficit of £7,54112024'. £84.830}. The Statement of financial Activities showed a net deficit, after distributions, of £7,541 12024 - deficit of £84,830) for the year and reserves sland at £829.18012024- £836,721). During the year 2025 the Charity made donations of £18,535 {2024 - £242,777) to UK Charities. The tnjstees acknowledge that charitable distribution5 were lower than in prior year5 due lo financial pressijres. The eharty's activities continue to deliver public benefit through envIronEntal impact and recycling initiatives. The trustees aim to increase charitsble distribtjtions as operating surpluses improve Principal Funding Sources Principal ftsnding sources are sale of donated goods through the Charity's shops. Page 16
'ALL ABOARD, SHOPS LIMITED DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025 Fundraising standards 'All Aboard, Shops Limited is not registered with the Fundraising Regulator and the charity has not carried out any significant fundraising activities. No Complaints were received during the year in relation to fundraising. Investment powers and policy The Memorandum and Articles of Association authorises the Trustees to make and hold investments using the general nds of the Charity. The trustees have the power to invest in any way that they see fiL ReseNes policy At 31 December 2025, total ft&nds were £829,18012024'. £836,721). ofwhich £446,846 represents free reserves. The trustees have set 3 reserves target of £400.000. equNalent to approximately months of operating expenditure. The current level of reserves is above this target and is considered adequate to support the charity's ongoing operations and mitigate financial risks. The trustees will continue to review the reserves policy to ensure it remains appropriate in light of economic conditions and operational requirements. REFERENCE AND ADMINISTRATIVE DETAILS Company Number: 02571767 Charity Number: 1125462 Directors and Trustees: C A Huggett - Appointed on 2110512025 l H Brecker Resigned on 1610912025 R L Lipson M H Wernicke - Deceased on 1711112025 N R Kelsey D Ordman D Ezekiel R Grossman SLI DRShaw Secretary: B Haynes Senior Leadgrship Tearn: A Haynes Chief Executive Officer B Haynes Head of Finance s stuart Head ofHR S Kostick HR Manager D Petrou Head of Retail Resigned on October 2025 Registered Offlce: Stella Lucas House, Colne Way , Wafford , England ,W024 7NE Website: h s'.Ilww.allaboardsho s.comlsho s.html Audito. SCB (Accountants) Ltd, 31 Sackville Street. Manchester, M13LZ Bankers: Natwest Bank Plc, Tavistock House, Tavistock Square. London WC1 H 9XA Page 17
'ALL ABOARD. SHOPS LIMITED DIRECTORS, AND TRUSTEES, REPORT (Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also directors of 'AII Aboard, Shops Limited for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statement5 in aOrdanCe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements lor each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they that give a true and fair view of the stste of affairs of the company and of its income and expenditure for that period. In preparing these financial statements, the Trustees are required to.. select suitsble accounting policies and then apply them consistendy. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will contr.nue in business. The Tru$tees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial statements comp 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 irregularibes. The trustees are responsible for maintenance and integrity of the corporate and financial infomiation induded on the ¢harrtable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdicb'ons. STATEMENT OF DISCLOSURE TO AUDrroR In so far as the Trustees are aware.. there is no relevant audit infomialion of which the charitable company's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomialion and to estsblish that the charity's auditor aware of that infomiation. AUDITORS A resolution will be proposed and agreed at the Annual Gefteral Meeting that SCB {Accountantsl Ltd be appointed as audrtors of the Charity for the ensuing year. The report of the directors has been prepared taking advantage of the small companies, exemption of section 41 SA of the Companies Act 2006. APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY: DAVID ORDMAN CHAIR OF TRUSTEES Date: 20 ry 2 Page I
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 'ALL ABOARD, SHOPS LIMITED Opinlon We have audited the financial statements of'AII Aboard, Shops Limited for the year ended 31S1 December 2025, which comprise the Statement of Financial Activtties Isummary Income and Expenditure Account), Balan Sheet, the statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢uting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Ger)erally ACpIed Accounting Practieel. In our opinion the financial statements- give a true and fair view of the stale of the charitable company's affairs as at 31st December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Apted Accounting Practi,. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audrt in accordan with International Standards on Auditing IUKI IISAS IUKII 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 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 OL*r opinion. Conclusions relating to going concern In auditing the financial statements, we have ¢on¢lvded that the diwtor$' use of the going concem basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's abilty to continue as a going concem for a period of at least e1ve months from when the finarkcial statements a authori$ed for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other inforniation The dir1015 are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs port thereon. Our opinion on the financial statements does not cover the other infomialion and, expt to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated_ If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation we are required to report that fact. Vve have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audtt.. The infomation given in the directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and The directors. report has been prepared in accordance with applicable legal requirements. Page 19
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF (Contld) 'ALL ABOARD, SHOPS LIMITED Matters on which we aro required to report by exception In Ihe light of the knowledge and understanding of the company and its environment obtained in the course of the audit we have not identified material misststements in the directors, pOrL We have nothing to report in respeGt of the following matters in relation to which the Companies Act 20C6 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 reiVed from branches not V151ted by us-, the financial slatements are not in agreement with the accounting records and rerns.. certain disclosures of trustees, remuneration specified by law are not made., we h8ve not r1Ved all the information and explanab'ons we require fr)r our audit.. the trustees were not entiued tr) prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors, and Trustees, Report. Responsibilities of directorn As explained more fully in the directors, responsibilities ststements, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair v¢ew, and for such intemal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or effor. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the directors either intend tr) liquidate the company or to cease operalions. or have no realistic altematNe but to do so. Auditor's responsibilities for the audit of the flnancial statements Our objectsves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due lo fraud or error, and to issue an auditor's reFX)rt 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 IUKI will always delect a material misstatement when il exists. Misslatemenls 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. The extent to which our pro¢edures are capable of detecting irregularities. including fraud, is detailed below: Irregularities, including fraud. are inStanS of non-compliance with laws and regulations. We design procedures in line with OUT responsibilsties, outlined above. to detect material misststements in respect of iTregularities, including fraud. We gained an understanding ol the legal and regulatory framework applicable to the company and the industy in which il operates. and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Direclors the policies and procedures in place regarding Complian with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focussed on laws and regulations which could reasonably be expected lo give rise to a material misststement in the financial statements. including, but not limited to, the Companies Act 2006, UK tax legislation, Charity Act 2011, SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentsb'on and enquiries with management. Our procedures in relation to fraud included but were not limited to". inquires of management whether they have any knowledge of any 8Ctual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We delemiined that the principal risks related lo posting manual journal entries lo manipulate financial performance and rnanagemenl bias through judgements in accounting eslimales. We also addressed the risk of management override of internal controls, including testing joumals and appropriateness of other entries in the nominal ledger,- reviewing transactions around the end of the reporting period,. and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Page 510
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF (Contld) 'ALL ABOARD, SHOPS LIMITED Because of the inherent limitations of an audc there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial slalements or non-MplIar>¢e 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 slatemenls, as we will be less likely to become aware of instanS of non-compliance. The risk is 81$0 greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.frc_or .uklauditorsres onsibilibes. This description foms part of our auditovs report Use of our report This report is made solely to the company's members, as a body, in accordance wtth Chapter 3 of Part 16 of the Companies Act 2006_ Our audit work has been undertaken so that we might state to the wmpany's members those matters we are required to state to them in an auditorfs rewrt and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this repo¢ or for the opinions we have formed. Jeffrey Bor FCA (Senior Statutory Audltor) For and on behalf of SCB (Accountants) Ltd 31 Sackville Street, Manchester M13LZ Date: 2210512026
'ALL ABOARD, SHOPS LIMITED STATEMENT OF FINANCIAL ACTIVITIES SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2025 UntriCted Funds Notes 2025 2024 Income Grants, donations and legacies 234.704 234,704 222.307 Income from other trading activibes 3,307.332 3,307,332 3,203,958 Investment income 5.084 5,084 6.780 Other income 511 511 423 Total Income 3.547.631 3,547,631 3,433,468 Expenditvre Cost of raising fvnds 3.536,637 3.536.637 3.275,521 Expenditure on charitable activits'es Total expendlture 18.535 18,535 242,777 3,555,172 3,555,172 3,518.298 Net expenditure and net movement In funds for the year 17,541} (7,541) {84,8301 Reconciliation of funds Tot21 funds, brought fOard Totsl funds. carried forward 836,721 836.721 921,551 829,180 829.180 836,721 The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. CONTINUING OPERATIoNg None of the company's activities were acquired or discontinued during the above financial periods. TOTAL RECOGNISED GAINS AND LOSSES The company has no recognised gains or losses other than the above movement in funds for the above financial periods. The notes on pages 15 to 23 form part of these accounts. Page 112
'ALL ABOARD. SHOPS LIMITED BALANCE SHEET AS AT 31ST DECEMBER 2025 2025 2024 Flxed assets Tangible fixed assets 12 382,334 340,074 Current assets Debtors Cash at bank and in hand 13 179,255 413,423 156,011 559.181 592,678 715,192 Llabilities Creditors falling due within one year 14 {145,8321 1214,661) Net current assets 446,846 500,531 Creditors falling due after one year 14 13.8841 Net assets 829,180 836,721 The funds of the charity Unrestricted funds 16 829,180 836,721 Total ¢harlty funds 829.180 836,721 The Trustees have prepared a¢wunts in accordance with Section 398 of the Companies Act 2006 and Section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. These accounts were approved by the Board of Directors and TTUStees on 20 behaW by.. and were signed on its DAVID ORDMAN DAVID EZEKIEL Coin ny Registration No: 02571767 The notes on pages 15 to 23 fomi part of these accounts. Page 113
'ALL ABOARD, SHOPS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2025 Notes 2025 2024 Nèt cash louttlowl I Inflow from operating activities 18 128,1671 9,778 Cash flows from investing activltles Interest income Purchase of tangible fixed assets 5,084 (121,3351 6,780 {56.9691 Cash used in investlng aclivities (116,2511 150,1891 Cash Ilows from flnancing activities Interest on borrowing 11,3401 11,340} Cash used In flnanclng activitles 11,3401 11,340} Decrease in cash & cash equivalents in the year {145,7581 {41.7511 Cash & cash equivalents at the beginning of the year 559.181 600,931 Total cash & cash equlvalents at the end of the year 413,423 559,181 Page 114
'ALL ABOARD. SHOPS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2025 AGCOUNTING POLICIES 1.1 Basis of preparatlon of accounts The financial statements have been prepared in accordan with Accounting and Reporting by Chartties.. ststement 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 102) leffective 1 January 20191 Icharslies SORP IFRS 10211. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. The Charty meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which 15 the fvnctional currency of the Charity. Monetsry amounts in these financial statements are rounded lo the nearest £. The accounts (financial stmentsl have been prepared under the histortcal cost convention with items re¢ognised at cost or transaction value unless othetwise staled in the relevant notels) to these accounts. 1.2 Preparatlon of accounts on a golng concern basls The Charity's Financial Statements show net deficit of £7,541 for the year and free reserves of £829,180. The Trustees have assessed whether the use of the going cOnM basis is appropriate and have considered FX)ssible events or conditsons that might cast significant doubt on the ability of the charity to continue as a going concem. Trustees will continue to monitor and ensure spending to be done in line with income in order to maintain target level of reserves. The review of Cashflow for 12 months from the date of approval of the financial statements, the assoGied assumptions that underpin it, secured new income and the steps that could be taken to reduce expendtture should this be necessary. Based on this assessment, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable fvture. Thef0, the twstees have adopted the going concem basis in preparing these accounts_ 1.3 Income Income is recognised when the Charity has entitlement to the funds, any perfomwncè conditions attached to the itemlsl of income have been met, it is probable that the income will be reiVed and amount can be measLrred reliably. a} Income reNed by way of donations and legacies are included in fvll in the Statement of Financial Activities when received, unless they relate to a specified future period, in which case they are deferred. bl Legacies entitlement is tsken as the earlier of the date on which either.. the charity is aware that the probate has been granted. the estate has been f5nalised and notification has been made by the executorlsl to the Charity that the distribution is made, or when a distribution is received from the estate. No legacies were received during the year. cl Interest on ftjnds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest Paid or payable by the Bank. 1.4 Donated goods Donated goods for resale are not recognised on receipt. Instead, the value to the charity of the donated goods sold is recognised as income when sold. Estimating the fair value of donated go¢JJs for resale is impractical because of the low-value items received. The prOed$ of sale are oategorised as 'lncome from other trading activities. in the Statement of Financial Activities. 1.5 Volunteers and donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item. any conditions associated with the donated item have been met, the receipt of economic benefrt from the use by the charty of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time of the Friends is not recognised 8nd refers to the trustees. annual report for more infomiation about their contribution. On receipt. donated professional services and donated facilities are recognised on the basis of the value of the gfft to the charity which is the amount the charity would have been willing to pay to obtsin services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. No such donations were received during the year. Page 116
ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 1.6 Expenditure recognition Expenditure is recognised on an 8ccru81 basis as a liability is incurred. Expenditure is classified under the following activty headings.. al Cost of raising funds comprises the cost of seeking donations and legacies and Ihe costs of trading for fundraising purposes including the Charity's shops. b) Expenditu on charitable activities comprise the making of donations to other chartties. Donations a recognised as 8 Cost when the Board of Trustees approve the totsl donations for the year. 1.7 Allocation of support costs Support Costs are those fijnctions that assist the work of the charity but do not directty undertake charilab activities. Support costs include back-office costs, finance. personnel, payroll and governance costs which support the charity's activities. These costs have been allocated beeen cost of raising ftjnds and expenditure on charitable activities. The b8sis on which support costs have been allocated are set out in note 7. 1.8 Funds accounting Unrestricted fvjnds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Chanty 1.9 Operating leases The charity classifies the lease of propety as an operating lease. The rentals are charged to the Statement of Financial Activities on a slraight-line basis over the lease duration. 1.10 Taxation The Char*ty is a registered chanty and, therefore, is not liable for Income Tax or Corporation Tax on in¢ome derived from its charitable activities, as it falls within the various exemptions available to registered Charities. 1.11 Tangible fixed assets Expenditure relating to tangible fixed assets is expected to be used over several yeaTS and where the asset exceeds £2000, they are capilalised al cost and depreciated over their eslimaled useful economic lives. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estsmated residual value, over their expected useful lives on the following basis.. Short temi lease and improvements Fixtures. fittings and equipment EPOS System Over period of lease 20°k net book value Over 5 years 1.12 Cash at bank and In hand Cash at bank and in hand includes cash and short-term cash deposits. 1.13 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.14 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from 8 past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount after allowing for any trade discounts due. 1.15 Financial instruments The Trust only has financial assets and financial lÉabil¥ties of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenly measured at amorbsed cost using the effective interest method. Pats> 116
ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS {Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 1.16 Judgement and key sour¢es of estimation uncertalnty In the application of the company'5 a¢counting policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other fa¢tots th8t are considered to be relevant. Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the e5tiTnate is VISed where the revision affects only that period, or in the period of the revision and future perirjds where the revision affects both current and future periods which are addressed as below.. Useful economic lives of tangible assets- Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the trustees. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting pertLxIs. 1.17 Pensions The charity operates a defined contn"bulion scheme for the benefit of its employees. Contribution's payables are charged to the statement of financial activity in the period they are payable. GRANTS, DONATIONS AND LEGACIES Unrestricted 2025 2024 Legacies & Bequest Individual donations Gift aid 1,350 4,251 216,71 2.114 232.590 2.114 232,590 234.704 234,704 222,307 The donations and legacies in 2024 totalling £222,307 was all attributed to unrestrrcted funds. INCOME FROM OTHER TRADING AcTIVlEs Unrestricted 2025 2024 Tradlng Income: Tumover from donated goods 3,307,332 3.307,332 3,307,332 3,307,332 3.203,958 3,203,958 The trading income in 2024 lotalling £3.203.958 was all attributed to unrestricted funds. INVESTMENT INCOME Unrestrict 2025 2024 Interest on cash deposits 5,084 5,084 5,084 6.780 5.084 6,780 The interest income in 2024 totalling £6,780 was all attributed to unrestricted fvnds.
'ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 OTHER INCOME Unrestricted 2025 2024 Bag Sales Curator 239 272 239 272 373 50 511 511 423 The other income in 2024 totalling £423 was all attributed to unrestiicted funds. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Charity shops Donations 2025 2024 Staff costs Shop costs Cttarit8ble donations {see note 8} Govemance costs (see note 71 Support costs (see note 71 1,826,660 893,944 1,826,660 1.679.801 893,944 822,381 18.535 242,777 6,720 6.720 809,313 766,619 18,535 6,720 809,313 3,536,637 18,535 3.555,172 3,518,298 ExpenditLfre of £3.555,172 in 202512024 - £3.518,2981 was charged to unrestricted funds. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The Charity initsally identifies the costs of its support functions. 11 then identifies those costs which relate to the govemance function. Govemance costs and other support costs are apportioned separalely bebNeen charity's o key activities undertaken Isee note 61 in the year. Support costs have been allocated on the basis of staff time and floor area usage where appropriate. Refer to the table below for the basis for apportionment and the analysis of support costs and govemance costs. General Support Governance 2025 2024 Premises Warehouse salaries General and Offi staff costs Communications Travelling Information technology HP Interest Legal and professional fees Depreciation Bank and credit card charges other expenses Audit fees 127,051 49,584 318,091 63,103 37,434 52,218 1,340 34,150 79,075 46,987 280 127,051 49.584 318,091 63.103 37,434 52.218 1,340 34,150 79,075 46,987 280 6,720 816,033 116,482 40,808 298,948 69,117 41,511 44.556 1.340 33,785 78,798 41.275 6.720 6,720 6,720 773,339 809,313 Page 118
'ALL ABOARD, SHOPS LlPJtITED NOTES TO THE ACCOUNTS (Convd) FOR THE YEAR ENDED 31ST DECEMBER 2025 CHARITABLE DONATIONS Unrestricted 2Q25 2024 Charitable purpose: Communty Education Elder5y Welfare Environmental Medical Welfa Youth Carrier bagslenvironmental Welfarelcommunity Youth Welfare Youthlcommunity Jewsh ProVinS Charities Medicallcommunity 10,515 610 10.515 610 50,560 34,097 4,250 8,260 31,000 77,537 5,000 373 5,000 15,200 9,500 1,000 1,000 242,777 373 373 7.037 7,037 18,535 18,535 NET INCOMING RESOURCES Net incoming reSoUrS are shown after charging.. 2025 2024 Depreciation of tangible fixed assets Operating leases- rent Auditovs remuneration 79.075 634.599 6,720 78,798 587,984 6,720 720,394 673,502 10. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL STAFF COSTS 202S 2024 Salaries and Wages Social security costs Pension costs 1,910,181 193,986 33.158 1,604,441 130.359 31,585 2,137,325 1,966,385 The number of employees whose total employee benefits excluding pension contributions eaming over £60,000 classified within bands of £10,000 is as follows.. 2025 2024 £60,000-£69,999 £70.000-£79,999 £80.000489,999 No Trustee received any remuneration during the year12024 - £nil}- No Trustees received reimbursed expenses during the year12024 - £nil) The key management personnel of the charity comprise the Chief Executive Officer. The totsl employee benefits (including employer national Insuran and employer pension) of the key management personnel during the year were £88.64412024 - £84,719).
'ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS (Convd) FOR THE YEAR ENDED 31ST DECEMBER 2025 11. STAFF NUMBERS The average weekly full time number of staff eTnployed by the Charity during the p8riod was as follows.. 2025 2024 Direct charitable work Administrative work 60 The average number monthly employees during the year were 12012024- 1081. In addition, a great amount of tsme, the value of which it is impossible to reflect in these financial statements, is donated by approximatety 210 volunteers which equates lo over 31,000 volunteer hours during the year. In temis of number this is equivalent to sixteen full time staff positions. 12. TANGIBLE FIXED ASSETS Short temi Lea¥¢ ènd Improvemerts Fixtures, Fittings and Equipment EPOS System Totsl Cost as at l January 2025 Additions Disposals Cost as at 31 December 2025 250,481 44,834 674,294 76,501 118.039 1.042,814 121,335 295,315 75CI.795 118,039 1,164,149 Acc Dep as at 1 January 2025 Charge ftsr the year ACL Dep as at 31 Decembei 2025 199.108 397,246 61,924 459,170 1Ce,386 5,826 112,212 702,740 210,433 781,815 Net Book Value as on 31 Dember 2025 84,882 291,625 5,827 382,334 Net Book Value as on 31 December 2024 51,373 277,048 11,853 340,074 The net book value of tangible fixed assets includes £5.827 in respect of assets held under finance lease. The depreciation charge in respect of such assets arTh)unted to £5,82612024- £5,826) for the year. 13. DEBTORS 2025 2024 Other debtors Accrned Income and Prepayments 3,471 175,784 953 155,058 179,255 156,011 Page 120
'ALL ABOARD. SHOPS LIMITED NOTES TO THE ACCOUNTS (Conud) FOR THE YEAR ENDED 31ST DECEMBER 2025 14. CREDITORS: Credltors falllng due wlthln one year 2025 2024 Net obligation under financial lease agreement Trade creditors Taxation and social security Other Creditors and Accruals 3,884 72,410 41,326 28,212 5,826 30,106 30,248 148,481 145,832 214,661 Creditors falling du8 aft¢r one year 2025 2024 Net obligation under financial lease agerneTrt 3,884 3.884 Other Creditors and Accruals include a balance of £Nil {2024.' £106,160) approved by the Board to be distributed 8s Donations to other charities. 15. SHARE CAPITAL The company is limited by guarantee and does not have a share capital divided by shares. 16. ANALYSIS OF CHARITABLE FUNDS Balan¢• at 01.01.2025 Balance at 31.12.2025 Income Expenditure Unrestrfcted funds: General funds 836.721 3.547,631 3,555.172 829,180 Total funds 836,721 3,547,631 3,555.172 829,180 Analysls of charitable funds- previous year Balance at 01.01.2024 Balance at 31.12.2024 Income Expendlture Unrestrictod funds: General funds 921.551 3,433.468 3,518,298 836.721 Total funds 921.551 3,433,468 3,518,296 836,721 Description, nature and purp¢ of unrestricted fund¥: General fvnd represents fullds available to spend al the di$cretion of the Tmstees. Page 121
'ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS {Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 17. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS Unrestricted 2025 2024 Tangible fixed assets Net CLsrrent assets Creditors f811ing dL¢e after one year 382,334 446,846 382,334 446.846 340,074 500,531 {3,8841 836,721 829,180 829.180 Prevlous year: Unrestricted 2024 2023 Tangible fixed assets Net current assets Creditors falling due after one year 340,074 500,531 3,884 836,721 340,074 500,531 13,884 836,721 361,903 586.383 16.7351 921.551 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES 2025 2024 Net movement in funds Add back depreciation Add back Interest on Finance Lease Deduct interest income shown in investment activibes Ilncrease)Idecrease in debtors Decrease in creditors 17,5411 79,075 1,340 {5,0841 123,2441 172,7131 28,167 {84,8301 78.798 1,340 16,7801 30,499 19.2491 9,778 Net cash loutllow) I Inflow from operating activities 19. OPERATING LEASE CommMENTs The amount5 payable in the forthcoming year in respect of operating leases relating to rent and service charges are sh(Iwn below. analysed according to the expiry date of the leases. 2025 2024 Within one year Between bNo and five years After five years 532,088 1.277,725 451,662 486,378 912,788 176,812 1,575,978 2,261,475 Page 122
'ALL ABOARD, SHOPS LIMITED NOTES TO THE ACCOUNTS (Contld) FOR THE YEAR ENDED 31ST DECEMBER 2025 20. ULTIMATE CONTROLLING PARTY For the whole of the year. the charity was under the control of the directors and trustees as shown on page 7. 21. RELATED PARTY TRANSACTIONS Details of transactions wf(h trustees and senior management a ift note 10. 22. PENSION COSTS The pension contributions payable by the Chanty amounted to £33,15812024 - £31,585). £1,81712024- £1,509) were due at the year end and included in creditors. Paoe 123