REGisfERED COMPANY NUMBEIL. 06909767 (England and Wales) REGIERED CHARTfY NUMBER: 1133536 REPORT OF THE TRusfEES AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR GREENPOWER EDUCATION TRUST Lewis Brownlee (Chichester) Limited ststthory Auditors Appledram Bams Birdham Road Chichester West Su55ex P020 7EQ
GREENPOWER EDUCATION TRUST COP¥TENTS OF THE FINANaAL ATEME1{[S FOR THE YEAR ENDED 31 DECEMBER 2024 Page Chairnian's Report I to 3 Report of the Trustees 4 to 10 Report of the Independent Auditors 11 to 13 Statement of financial Activities 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Cash How Statement 17 Notes to the Finanaal Statements 18 to 28
GREENPOWER EDUCATION TRusr CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 When I sat down to write this yearfs Trust Rep¢xt, l asked Bamabas to send me an overview of evering we had achieved over the last 12 months. I wanted to make sure I hadnt overfooked anythirlg. What I received was nothing short of astounding-an incredible amount of progress, followed by an immense sense of pride in tt)e team we've cultivated together. After Bamabas's appointment, one of our first priorities was to work with him on creating a robust fivtryear plan, one that would help us get back on track with the growth we saw in 2019. We focused on five key areas: - Strengthening and growing the Greenpower network, reputstion, and profile - Developing and refining Greenpower producticm and pucts Developing and refining GenpoWer events - Expanding the STEM community and educational work Strengthening Greenpower's finanaal sustainabilty Thanks to the dedication of the team, we've gxcessfully made strides in achieving the first part of these strategic goals. Strengthening and Growing the Greenpower Network, Reputation, and Proflle As is the case with any organisation, wee seen some staff move on, but this has also provided us wth the opportunity to strengthen and expand our team. We've welcomed a new Events Manager, Business Administrator, Finan Manager, and I0 additional Event Coordinators. This expansion has added depth to our team that we haven't seen in years, boosting our resilience to fa challenges head-on and giving us the stsbility to review our operations. We've conducted a comprehensive review of our processes, induding consultations through lean management, leading to operational improvements across the board, induding in finanaal management and budgeting. One of this board's key goals has always been for Greenpower to become a household name. We've begun to make real progress in that direction, working in collaboration with organisations like Motorsport UK and Fully Charged, as well as engaging with the Design and Technology Assoaation to increase our OutaCh to primary schools. This partnership will help us grow the Goblin offering and engage more children in sfEM education. Internationally, we're expanding too. A'm delighted to announ new linsee5 for Saudi Arabia and the UAE, and we I(k foNard to building long-term partnerships wth them to foster the next generation of engineers on a global scale. Developing and Refinlng Greenpower Production and Products To ensure we continue evolving in line with industry advaftments, we've reinforced our regulatory committee with new members, bringing diverse expertise and fresh perspectives to improve decision-making, We've increased the frequency of meetings to three times a year, enabling us to proactively add$5 emerging challenges. One major focus has been on enhancing safety and perfomiantr within our prc%Jrammes. We're introdudng new regulations in 2025 to ensure even higher safety standards for participants, teams, and event organisers. These updates demonstrate our commitment to continuously improving the integrity of our competstions. Greenpower USA has also undergone a comprehensive regulatory review, ensuring alignment with our overall framewo while accommodating region-specific adaptstions. As the automotive industy transityons toward elettrific2tion and sustsinable mobility, we're adapting to ensure our events, vehicles, and safety protocols remain relevant and wrrent. we' also working with our supporters to align practical and computsbonal skills, addressing a real need in the aLrtomotive industry. I'm exated to share more on this initiative as it develops. Developing and Refining Greenpower Events Greenpower's charitsble purpose is delivered through its events, and 2024 was no exception. While we fad our first-ever CanlIatiOn at Scottow due to a storm, which blew our tents haa¥ down the rdtraCk, I'm incredibly proud of how the team managed the situabon and how graaous oJr parb'opants were. This just proves the strength of the communty that's been builL Our events are the highlight of our year and we are committed to expanding our reach across the UK. In 2024, we hosted 20 Formula 24 events, 19 Formula 24+ events, and 11 F(MTnula Goblins. Lwking ahead to 2025, we've already added an extr Formula 24 & 24+ event and tt)ree al10n31 FmUla Goblins. The demand is dear, and over the next five years, we aim to meet it in a sustsinable and strategic way. Page I
GREENPOWER EDUCATION TRusr CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Expanding the sfEM Community and Educational Worf( We're focused on continuously enhanong training and development to ensure our partiapants re1ve the best possible support. A key initiative is the development of new training for chief scrutineers and derks to maintain the smooth operation of our events. These updated trBining sessions will ensure they have the latest knowledge and sknlls necessary for effective event execlrtion. Our bi-monthly Ambassador meetings remain a vitsl pla0 for co51aboration, providing key insights and recommendations that help shape the future of our programmes. Addibonally, our monthly vists to Centres of EXlIentr have been cnjcial in strengthening relationships with our partner insbtutions, allowing us to assess their needs and provide tsilored support. Strengthening Greenpower's Financial Sustainability The past 12 month5 have brought further instsbiltty to UK chariti'es, with economic unortainty making charitable giving more challenging. As an organisation focused on enriching young lives, this has been difficult to navigate. However, we have worked hard to ensure our finanaal sustainabilty, rebuilding our funding base to help us cope with future challenges. We are pleased to report continued success In securing funding and sponsorship from key partners. Ford remains a major supporter, providing substantial funding in 2024 and support continuing for 2025. Other confirmed contributors indude Lockheed Martin, TAQA, Dudgeon Wind Fam, Renishaw, Mirus, Perkins, KMF, Perkins, James Dyson Foundation, Blink Charging, Cubico Investments, Cummins, as well as others, all of whom are supporbng variou5 initiats'ves, events, and educational projects. Additional proposals are in developmen¢ with further support expected in earty 2025. We extend our sincere thanks to all Lwr partnets and SFK)nsors for their invaluable contributions, enabling us to expand our reach and impact Strengthening Leadership & Governance In additson to our strategic goals, we have tsken the opportunity to review the composition of our board to ensure we continue to uphold our charitsble mission effectrely. A strong and diverse leadership team is essents'al to driving our Vision forward, and we are committed to bringing in expert15e that aligns with our long-term objectlves. With that in mind, in 2024 we were delighted to welcome, Simon Smith, and Sara Lennon to the board, Their combined experience and knowledge will be invaluable in shaping the future of our organisation, strengthening our governan, and supporting the continued growth of our programmes. We look fornard to their contributions as we navigate the exciting opportunities ahead. Impart Analysis In 2024, we undertook an in depth impact analysis. One of the key findings ts a 12010 increase in the number of teams compared to 2023. While overall participation is still below pre-pandemic leve15, thi5 5how5 that Greenpower is 5ti11 an essential part of STEM outreach. A large wrtion of the parbcipant reduction has owrred in Formula Goblin teams, which traditionally focused on l¢xal ra. It's hoped that a renewed focus on Fomula Goblin events will help grow these numbers in the coming years. In contrnst, Fomula 24 and Formula 24+ participation has remained steady. Despite a 200/0 reduction in the number of race5, the numkr of teams per ra has held steady, showing the loyaity and dedication of our older partiapants, for which we are truly gtertjI. Whilst Greenpower has always operated a IOO¥o inclusion policy, we like to understsnd our demographic trends to identify area5 of weakness. While the overall tkrcentsge of female participants has remained at 36 %, there has been a 51ve shift in Formula 24 and Forniula 24+ teams, with female paapation rising from 26¥0 in 2019 to 33¥9 in 2024. This is a brilliant change and gives hope for an increase in women ch(x)sing to take the STEM career path. One encouraging trend is that fAO/o of organisations have been involved in the programme fc over five years, wtih 57Wo of these now running multiple cars. Maintaining current teams was always a challenge for us an (Kgani5ation and it 15 heartwarming to see our efforts come to fruition. Page 2
GREENPOWER EDUCATION TRusr CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The impact on students has been probJnd, naturalW when it cornes to engagement with STEM Subjects but also with personal development. Many students show a 5ignifiont shift in their attitudes toward learning after taking part in the programme. Notably, their interest in STEM sub]"ects increases, and they show growth in sLKial skn'lls and workpla readiness. The programme also has a notsble impact on sbjdent retention. In some Greenpower has helped to improve attendan and has been particularty effective in supporting students in alternative provision units. The ability of the programme to integrate students with additional needs and pyovide a voice for quieter students is another key strength. Building confidence takes time, and Greenpower has played a cruaal role in helping students stay engaged in school and develop the sknlls needed for future Sucss. The Hive Youth Zone, shared their feedbad( about the impart of the programme within their provision, it has teen gat to hear, Yhere's not enough space to Captrre all the achievements our team has made, but I can confidenljy say I'm proud to have been a part of their development as individuals. Thank You As we refiect on 2024, we can look back wrth immense pride at all thavs been accomplished. This year, we've faced challenges, but what has truly stOLKI out is the resilien, determination, and positive spirit of our part¢apants, team leadets, volunteers, and supporters. We've come together as a commun'ty and athieved so much, and rt's a testament to the power of teamwork and dedication. I want to extend my heartfelt thanks to every one of you-our partiapants, team leaders, volunteers, supporters, and sponsors. You've made a remarkabie differentt, and iv5 because of your time, energy, and passion that we've been able to provide incredible opportunities for young mir)ds to thrive. As we look ahead, our commitment to inspiring and educating the next generation remains strong, and we will contlnue to work hard to ensu that our initiatives a sustainable and accessible to all. With your continued support, there's no limit to what we can achieve, and together, we will keep making strides toward a brighter, more sustainable future. Thank you for being a part of this joumey wtth usl Dr Nash Vracas, Chair of the Trustees Page 3
GREENPOWER EDiICATION TRusr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charrty for the purSe5 of the Companies Act 2006, present their report with the financial statements of the charrty for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to chartbes preparing their accounts in accordance with the Finanoal ReFrtIng Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND AcrIvrrIES Objectives and aims Greenpower's core mission is to inspire young people to excel in saen, technology, engineering, and mathematics (STEM) through a unique hands-on challenge: designing, building, and racing an electric car. To support this goal, the charity develops car kits, supplies essential parts. and establishes technical regulations for the events it organizes-allowing partiapants to engage in teamwork, compelition, and problem-solving. The competition is divided into three categories: Formula Goblin (ages 9-11) Formula 24 (ages 11-16) Formula 24+ (ages 16-25) The chatity's activf(ies cover all aspetts of managing the challenge, induding: Updating technical regulations to uphold safety standards and ensure fair compebtion Promoting the challenge to a broad audience Supplying car knts for new teams and spare parts for existing teams Offering support to new, existing, and prospective teams through websites, manuals, centers of excellen, and ambassadors Organising and running rBce events Securing and maintaining corporate sponsorship to ensure sustainabilty and cost-effectiveness for teams Providing educational resources and supp)rt This report oudines the charity's achievements arKI the impact of its work during the repong period. It highlights the Suc$ of each initiative and the benefts delivered to the indviiduals and groups the charity aims to support. In fulfilling its objectives, the trustees consider the guidan on public benefit issued by the Charity Commission and believe that the charity's activities contnbute significantiy to public education. Page 4
GREENPOWER EDUCATION TRU REPORT OF THE TRUStEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT Achievement and perforniance Charitable activtties In measuring whether Greenpower is meeting its charitsble objecbves, Greenpower Ic4)ks at oiJtputs and outcomes as well as specific projett lated milestones. Key outputs are overall parbcipation, number events executed and diversty. Greenpower intrcKJuced a new Strategic Plan which has helped the tharity focus on achieving key objectives to improve and develop the organisation. In 2024 we saw an increase in partiapation of teams, the supply of knt cars remaining steadyi and more events We delivered compared to 2023. The totsl number of cars racing in 2024 has increased from 553 in 2023 to 618 which is great news that the programme is continuing to Grow. 2024 Number of unique teams raar Goblin 270 F24 289 F24+ 83 Total 618 The events were well attended in 2024, and there continues to be a need to increase the number of events. Increasing the number of events remains a challenge as we balan funding, recnjitinent and management of volunteets, as well as finding suitable pla to host events. As ever the team a rising to the exciting prospect of bringing the fantastlc Greenpower prc*Jramme to more communities and young people. The team rose to the challenge, and continues to meet expectations and make improvements wherever possible. The totsl number of teams competing across all otegories was 618 in 2024, whid) remains 16% below the 2019 levels, when the totsl reached 739. However, the organisation made strong progress throughout 2024. Greenpower distributed 172 F24 thrs and 100 Goblin ors whlch was a duCtion from 2023 when 319 were sold. Outcomes.. Greenpower c3rried out an annual survey at the end of 2024, and we were delighted to hear the progrdmme is continuing the make a drfferen to educators and young people. Greenpower greauy depends on the support of teams and their leaders to collert impatt dats. To better understand how the program InflUenS young people and their wider organisats'ons, we aim to continue to strengthen our engagement with teams. In 2025, we plan to enhan this interaction through developing the annual suNey, meet with teams, and provide more opportune5 to gain feedback. We have provided some of the feedback within the annual report that we gained from teams. teamfuntington Case Study The Greenwwer Goblin project is such an imF4)rtant part of what the school has to offer the students. It Is run as a school club on Saturday mornings and is free of charge to families, being self-fijnded through sponsorship and student organised fundraising events. It really offers something a little different to other dubs. It is sfEM based but includes so much more; fijndraising, workiro as part of a team, and of course the ex(?tement of ras. The dub was started in 2014 when we purchased a Goblin thr having picked up a Greenpower leafiet at a Goodwc event. We felt it was something that our son (then in year five) would enjoy. In fact, all three of our children have beneffted from partaknng in the Greenpower project and, over the years, more than eighty sbjdents have also been engaged. We have a broadly even split of gir5s and boys in the club, from both years five and six. Due to high demand, we run an application protrss and numbers are nomially limr(ed to around eight sbjdents per year. We like to have some students taking part ft)r Iwo years running to 1ntTcdu continuity. This allows them to pass on their acquired knowledge and skills to new members of the team, whith we believe to an important part of the preSs. The scheme encourages the students to work as a team, sUPPOrting each other through good and bad situations. We have seen it to be espeaally beneficial to those young peopk who may be lacknng in Confiden and who haven't found their place to shine wtthin the schcol communty. Their pumey within the dub can boost Self-estrn and provide them with achievements to be proud of. Page 5
GREENPOWER EDUCATION TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 It also opens their eyes to the possibilitses of sfEM subjects aTrJ following a pathway to a career in sfEM. The club has grown in size and nattjre Since we first started. (er the yeats we have developed a process, which we follow each year, adding in new ideas and experien Ofdsionally. In 2024, we added another Goblin car to our garage, which we believe enhances the students, experien. We have also recently become a Centre of Excellence for Goblin teams in the local area. Many of our team members have gone on to tske part in Greenpjwer F24 at secondary school, or choose STEM subjects at GCSE or A-level and we often hear of their arnbibons to follow a career in engineering or technology. One standout example of a young person who has benefited from her journey through the club is Eva, a member of the team from 2014 to 2016. A chance encounter wth Eva in 2023 led us to reminisce about her time in our Goblin club. Eva explained that she was due to start at universty that Autumn to study chemistry- When asked if she felt that taking part in the Goblin programme had played any part in that deasion, her reply was emphatic: "If I hadn't done Goblin club, I wouldnt have even conSided science." Over the next few years our main aim as a team is to continue to provide an exating and enriching experien for the students that pass through the club. Ajongside this, we aim to engage rn0 with the community, spread the word about the Greenpower projett, and support local teams to stsrt or continue to run their dubs. Financial review Financial positlon Totsl income for the year ended 31 December 2024 was £1,366,7813 decrease of £12,787 compared to 2023. Overall expenditure in the Feriod was £1,386,273, an increase of £7,366 compared to 2023. The net effect is that in 2024, the Greenpower EdLKation Trust had a deficit of £19,492 compared with a surplus in 2023 of £661. Reserves policy The charity continued to build on his finanoal position, and continues to work on restoring its reseNes position as matter of urgency which will continue to be the fc(us of 2025, alongside delivering our charitable purpose. We continue to focus on increasing fundraising efforts and secunng new supp)rters, and streamlining our sales, ordering and payment processes. The organisation continues to focus on building a 3 month reserve. Page 6
GREENPOWER EDUCATXON TRusr REPORT OF THE TRUSfEES FOR THE YEAR ENDED 31 DECEMBER 2024 srRATEGIC REPORT Prinapal risks and UnrtaIne$ The CEO and Board has reviewed and identffied the prinapal risks and untrttsinties ¢Jitrcal to the success of Greenpower Education Tru5Vs and continued operabon. These, together with the associated mitigating actions are described below: Safety The safety and well-being of all Greenpower parliapants, teams, Staff, arKI volunteers rna1n our top priority as charity. Throughout 2024, we maintsined strict safety measures and ensured Complian while continually leaming and improving to keep our events both exoting and secure. We will continue to uphold our procedures and ek ways to enhance our safety praCtis. In 2025, we will pla an even greater emphasis on scrubneering in the F241F24+ categories to ensure all cars meet safety Standards and young people are adequately prepared for the competing. RardIng Goblin events we will ensure that the cars are adequatety assembled and events remain and safe. We will also continue to strengthenlng i)ur relationship with MotOTSPK)rt UK to improve aSFects of safety. Demand and Supply We have been really pleased wlth the number of teams either beginnin9 the programme,or re-launching the programme. As a result knt cars and parts supply has remained steady. We have experienced challenges with rising costs with supply of parts, however we are pleased that things have continued mosty unchanged. As interest increases in the Greenpower programme, we will be exploring ways to scale up so that it can remain accessible for all young people. Bullding back wlth Goblins and Increasing the capacity of the F24IF24+ category In 2024 we saw an increase in teams and organisations joining the prcJramme in all categories. We have been delighted wlth the tske up of the F24 programme, and the number of teams partiapating in this category has grown past pre-covid levels. We have also been pleased that more organisations have been getting involved in the Goblins, however, this has been to a lesser extent. In 2025 we will explore ways to increase engagement in the Goblin category and re£ngage with previous organisations which will te a priority. With the F24 and F24+ category we aim to explore ways to Increase capacity to meet the increase demand for race entries. Income During 2024, as in 2023, car sales were steady and we had a gocrfj balance of intemational and domestic orders results'ng in 272 totsl kits sold. We are extremely thankfijl to our supporters this year and the programme would not be able to function without the generosity of organisations and individuals who are invests'ng in the future engineers and innovator5 of the future. An enomious thanks to Ford Motor Company, TAQ& Mirus Air(Taft Seats'ng, Lockheed man, Cummins, Norfolk Community Fund, Blink Charging, and Dudgeon Wind Fa, Cubico, Renishaw, Pethns, lame5 Dyson Foundation, BBL batteries, and KMF Group for their finanaal support helping Greenpower to deliver the events all over the UK. We would like to also extend a thank you to Hogan Lovells, Spacesuit, Lotus, the Royal Navy, and Motor5POrt UK, sfEM Learning, for providing their servitrs and suppjrt which enable the charity to deliver the programme. In 2025, Greenpower will continue develop relationships and grow the supporter family to ensure that the barrier to entry remains as low as possible, and is able to develop the charty to tetter serve ifs beneficiaries. Development of resources Greenpower has reached thousands of young people over 25 years, and the outcomes are significant. Moving foNard, we intend to develop further resour to enhan the prcyjramme and support educators and young people. Through doing this we hope that the learning resour5 will help txovide a level playing field and help young people to demonstrate their achievements better. Raisbng awareness of the charity Greenpower is a well-regarded charty and has been a pneer in the sfEM tharity sector for 25 years, and still it rem3ins largely unknown by many. In the UK there are 25,WO plus schcM)Is, and Greenpower had 413 organisations equating to 618 teams that rc engaged with in 2024. Greenwwer affords a fantastic opwrtunty for young people and so our aim is to continue to improve the qualty of the prograTnme, and reach more young people. To do this we will continue to improve our communication5 extemallyr continue to develop and build strategic relationships, and use every opwrtunty to promote the programme. 8y continuously striving to do this we hope that more young people will be able to experientr the benefits of Greenpower. Page 7
GREENPOWER EDUCATION TRusr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT Future plans Our prioritie5 for 2025 remain similar to 2024.. To build capactty and develop the events Focus on ina$[ng the number of teams engaged in Goblins Develop and improve our communication and prorrotion of the pr¢)Jramrr Continue to develop our fundraising progrdmme Build on 2024 with fijrther improvement to our international work so that Greenpower is able to reach even more young people Create educational resources so that schools and youth dubs STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is govemed by ts Memorandum and Artides of Associatit)n dated May 2009, as amended 4 December 2009 as amended by special resolution(s) dated 3 Juty 2016. Recruitment and appointment of new trusteas Trustees are acknvely sought to add breadth of experbse to the organisation. Potential trustees submit their Cvs for consideration, they a then met with in an inteFview style fonnat, and are invited to attend a quarterly trustee meeting. If they decide they would like to accept the role, election will te put to a vote of the existing trustees. If elected, all new trustees are required to attend NCVO trustee training. In accordan with the governing document for the charity, at each annual generdl meeting, one third of the trustees (or, if their number is not three or a multiple of three, the numter nearest to three), must retire from offitr. If there is only one trustee, he or she must retire. The trustees can choose to retire at the AGM. Othernise, there is a fixed term of three (3) years for all trustees. After said fixed term, the trustee must retire andlor be re*letted by the board. The Chalr may be selected from the Board of Trustees at any point during the peri&J in offi. A Vice-chair may be elected at the AGM but no later than the AGM protreding the retirement of the Chair. The Chair position is subject to annual re-elettion at the AGM by memters and willingness of the individual to continue. Oryanisational strurture The Board of Trustees has a responsibilty to ensure diligen of the Genpower onjanisation in line with that set out by Companies House and the Charities Commission. The Trustees delegate the daY-tOlaY management of GreentM)wer Education Trust to the Chief Executive Officer, who is responsible for the development of the Trust in accordan with the strategy, policy and decisions of the Board of Trustees. The CEO is supported by a senior ManageMt team within the fijnctions of operdt'ons, events, finan, and development. All Trustees give their time voluntarily and retrive no benefits from the charrty. If qUId, reasonable expenses a payable in line with the Greerjpower Educ7tion Tnjst standard expenses policy. Pay and remuneratlon Salaries for stsff are set by the Chief Executive in line with the budget and agreed by the Board of Trustees. The Chief Executive's salary is set by the Chairman and l- Chaimian, and agreed by the Board of Trustees before being implemented. Related parttes None of the Trustees receive remunerati(y) or other benefit from their work with the charty. Any connectton LEtween a Ttrustee or Sen1 manager of the charty with any supplier to the charity must be di5d05ed to the full board of tNstees in the same way as any other contractual relationship wh a related paty. Page 8
GREENPOWER EDUCATION TRusr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRuuRE, GOVERNANCE AND MANAGEMENT Risk management The Trustees have a duty of due diligen to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran against fraud and error. Risk management is considered in every aspect of our work. fvlanaging large events with significant numbers of visitors, young partiopants and Voluntee carries inherent risk and demands constant attention and review. The risk register and the control systems to manage the risks are reviewed regularly at Board meetings, considering day to day and event risks along with other major risks. The Trustees are 5ati5fied tt)at these arrangements, combined with the annual review of financial controls and the reserves policy, will ensure that the organisation can continue to fulfil its charitable objectives. REFERENCE AND ADMINIsfRATIVE DEfAILS Registered Company number 06909767 (England and Wales) Registered Charity number 1133536 Registered office The Greenpower Cent Arundel Road FOnIell West Sussex BN18 OSD Trustees A K Ahluwalia (resigned 2315/2024) C S Baylis (resigned 201212025) L Horsfall (resigned 221212024) S D Morgan A D Browne Y Chikowore {appointed 201212025) V R Clarke P J Coyle (appointed 201212025) E A Craven (appointed 201212025) J J Dyson S N A Lennon (appointed 261912024) H Shen7rd S R Smith (appointed 221212024) N S Vracas J B Clark (resigned 711012024) L T L Russell (resigned 231512024) Auditors Lewis Brownlee (Chichester) Mited Statutory Auditor5 Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Key Management Personnel Barnabas Shelbourne, Chief Executive Offir Nicollette Baldwin, Director of Operdtions Page 9
GREENPOWER EDUCATION TRusr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 TRusfEES' RESPONSIBILttY sfATEMEKr The trustees (who are also the directors of Greenpower Education Trust for the wjrposes of company law) are responsible for preparing the Annual Report and the finanaal statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom GeneTrlly A"pted Accounting Prattl). Company law require5 the trustees to prepare financial ststements for each finanaal year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of reSoUrs, including the income and expenditure, of the charttable company for that period. In preparing those finanoal statements, the trustees are required to select suitable accounting policies and then apply them consistenty; observe the methods and prinoples in the arity SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subj to any material departures disclod and explained in the finanoal statements; prepare the financial ststements on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with asonable accuracy at any time the finanaal posation of the charitsble company and to enable them to ensure that the finanaal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the tharitsble company and hence for tsking reasonable steps for the prevention and detectton of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitsble companvs auditors a unaware; and the trustees have taken all steps that they ought to have taken to make themselves awa of any relevant aud infomiation and to establish that the audttors are awa of that infomation. AUDITORS On 16th December 2024 the a)ichester Offi of Sheen Stickland merged wth Lewis 8rownlee (Chithester) Limited who will be proposed for re-appointment as auditors at the forthcoming Annual General Meeting. Report of the trustee5 in orpjrating a strategic report, approved by order of the tA)ard of trustees, as the company direttors, on . 11.i..*./&oLf............ and signed on the board's behalf by: N S Vracas - Trustee Page 10
REPORT OFTHE INDEPENDENT AUDrroRS TO THE MEMBERS OF GREENPOWER EDUCATION TRusr Opinion We have audited the financial Statements of Greenpower Education Trust (the 'charitable company,) for the year ended 31 December 2024 which comprise the Ststement of Finanoal Attivities, the Balan Sheet, the Cash Flow 5tstement and notes to the financial statements, induding a summary of signifi(znt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United kn'ngdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial statements: give a true and fair view of the state of the charitable companvs affairs as at 31 Dernber 2024 and of its incoming resources and application of resources, induding its income and expenditure, for the year then ended. have been properly prepared in accordan with United lfjngdom Generally Accepted Accounting Practi, and have been ppared in accordan with the requirements of the Companies Act 2Cw)6. Basis for opinion We conducted our audtt in accordan with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiliti.es under those standards are ftjrther described in the Auditors. responsibilitses for the audit of the financial ststements section of our report. We are independent of the charitsble company in accordan with the ethical quIrernents that are relevant to our audit of the finanaal ststements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obtained is suffiaent and appropnate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have c0fuded that the trustees, use of the golng concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material unrtaIntieS lating to events or conditions that, individually or collectively, may cast significant doubt on the charrt3ble company's abilty to continue as a going conrn for a period of at least tmelve months from when the finanaal statements a authorised for issue. Our responsibilities and the responslbj'lities of the trustees with resFett to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other inf0MtiOn. The other infomation comprises the inforniation induded in the Annual Report, other than the financial statements and our Rerort of the Independent Auditors thereon. Our opinion on the finanaal statements does not cover the other information and, except to the extent otherwise explicrtly stated in our report, we do not express any form of assurantr conclusion thereon. In connection wtth our audit of the financial statements, our responsibillty Is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the finanaal ststements 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 determine whether this give5 rise to a material mi55tatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatsment of this Other infomiation, we a required to reth)rt that fatt. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audtt: the infomiation given in the Report of the Trustees for the finanoal year for which the financial statements a prepad is consistent with the finanoal statements- and the Report of the Trustees has been prepared in accordan with applicable legal requirements. Page 11
REPORT OF THE INDEPENDENT AUDThORS TO THE MEMBERS OF GREENPOWER EDUCATION TRusr Matters on which we are required to report by exception In the light of the knowledge and understanding of the charrtable company and ts environment obtained in the course of the audit, we have not identified material misststements in the Report of the Trustees. We have nothing to rep)rt in respett of the following matters where trt Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept or turnS adequate for our audit have not been reiVed from branches not visited by us; or the financial statements are not in agreement with the accounting records and rebjms. or certain disdosures of tsteeS, remuneration speofied by law are not made, or we have not reiVed all the infomation and explanations we require for our audiL Responsibilities of trustees As explained more fully in the Trustees, ResFonsibiliti'es Ststrment, the trustees (who are also the d1CtorS of the charitsble company for the purposes of company law) are responsible for the preparation of the finanoal statements and for being satisfied that they give a true and fair view, and for suth intemal control as the twstees determine is necessary to enable the preparation of financtal statements that are free from material misststement, whether due to fraud or error. In preparing the financial ststements, the trustees a responsible for a55essing the d)aritable company's abilty to continue as a going conrn, disclosing, as applicable, matters lated to going conrn and using the going concern basis of accounting unless the trustees either intend to Ilquidate the tharitsble company or to ase operation5, or have no realistic alternative but to do so. Our responslbllitles for the audit of the financial statements Our objectives are to obtain reasonable assuran ab(MJt whether the finanaal ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assuran is a high level of assurdntr, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could aSOnablY be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to whith our procedures are capable of detecting 1rguI3r1tie$, Indudlng fraud Is detslled below: Because of the Inhent lim'tstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misststement in the finanaal statements or non-complian with regulation. This risk increases the more that cofflplian wrth a law or regulation is removed from the events and transattions reflected in the finanaal statements, as we will be less likely to become aware of InStanS of non-complian. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Conalment, forgeryi collusion, omission or mlsrepresentation. A further description of our re%nsItlItles for the audrt of the financial statements is Ic£ated on the Financial Reporting Council's website at www.frc.org.uklauditcwsresponsibilities. This descripb'on forms part of our Report of the Independent Auditors. Page 12
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF GREENPOWER EDUCATION TRusr Use of our report This report is made solely to the tharitable companls members, as a t#)Jy, in accordan wtth Chapter 3 of Part 16 of the Companies Att 2006. Our audtt work has been undertaken so that we might state to the charitable company's members those matters we are qUIred to state to them in an auditors. report and for no other purpose. To the fullest extent pemiitted by law, we do n(rt aept or assume resFonsibilty to anyone other than the charitable company and the charitsble company's members as a body, for our audit work, for this rewrt, or for the opinions we have formed. Sarah Atexander FCCA FCA (Senior Statutory Audfcor) for and on behalf of Lewis Brownlee (Chichester) Limited Ststutory Auditors Appledram Bams Birdham Road Chichester West Sussex P020 7EQ Date: ...... Page 13
GREENPOWER EDUCAIION TRusr srATEMENT OF FINANCIAL AcnvrriES (INCORPORATING AN INCOME AND EXPENDThURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted fund funds 2024 Total funds 2023 Total funds Notes INCOME AND ENDOWMEprrs FROM Donattons and legaaes 40 10,000 193,340 251,769 Charitable activities Sales of cars and parts 1 173 441 1 1127799 Totsl 1356 781 1366 781 1379 568 EXPENDITURE ON Charitable artivities Sales of cars and parts 1357 861 1386 273 1378 907 NEf INCOME/(EXPENDrnIRE) (1,080) (18N12) (19,492) 661 RECONCILIATION OF FUNDS Totsl funds brought forward 98,690 18.412 117,102 116,441 TOTAL FUNDS CARRIED FORWARD 117 102 The notes form part of the* financial ststements Pa9e 14
GREENPOWER EDiICATION TRUST BALANCE SHEEr 31 DECEMBER 2024 2024 Totsl funds 2023 Total funds Unrestricted Restricted fund funds Notes FIXED ASSETS Tangible ats Investments li 12 3,750 3,750 3,751 3,751 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 13 14 63,115 158,043 63,115 158,043 61,474 126,900 267 133 273,427 273.427 455,507 CREDrroRS Amounts falling due within one year 15 (165,485) (165,485) (314,042) NET CURRENT ASSErs 107 942 107 942 141465 TOTAL ASSETS LESS CURRENT UABILITIES 111,693 111,693 141,466 CREDrroRS Amounts falling due after more than one year 16 (14,083) (14,083) (24,364) NEf ASSETS 117 102 FUNDS Unrestricied funds Restricted funds 19 97,610 98,690 TOTAL FUNDS 117 102 The financial ststements were approved by the Board of Trustees and authorised for issue on . and were signed on its behalf by: N S Vracas - Trustee The notes form part of these financial statements Page 15
GIiEENPOWER EDUCATION TRU CASH FLOW StATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating artivlties Cash generated from operations 199 165) 213 284 Net cash (uod in)/provided by operating activities 199 165) 213 284 Cash flows from investing activities Purchase of tsngible fixed assets Sale of tangible fixed assets (5.000) 671 Net cash (used in)Iprovided by investing athvities Cash flows from financlng activities Loan repayments in year Net cash used in finanang acb'vilies 10 027) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (214,863) 203,503 267 132 Cash and cash equivalents at the end of the reporting period 267 132 The notes fomi part of these finanaal statements Page 16
GREENPOWER EDUCATION TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET (EXPENDThURE)/INCOME TO CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expenditure)lincome for the reporting period (as per the ststement of Financial Activities) Adjustments for: Depreciation charges L05s on disposal of fixed assets (Enuease)/decrease in stocks Increase in debtors (Decrease)lincrease in creditors (19,492) 661 1,250 671 (1,641) (31,143) 148 810) 71,963 (35,000) 175 660 Net cash (used In)/provided by operations 199 165) ANALYSIS OF CASH AND CASH EQUtVALENTS 2024 2023 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due withln one year Total cash and cash equivalents 198 266,935 i) 52,269 267 132 ANALYSIS OF CHANGES IN NET FUNDS At 111124 Cash flow At 31112124 Net cash Cash at bank and In hand Bank overdraft 267,133 (214,864) 52,269 267 132 214 863) Debt Debts falling due wrthin l year Debts falling due after l year {10,036) (254) (10,290) 14 083) Totsl 232 732 204 836) The notes fonn part of these finanaal statements Page 17
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Basis of preparing the financial statements The finanoal ststements of the charitsble company, which is a public benefit entty under FRS 102 have been prepared in accordan wrth the Charities SORP (FRS 102) 'Accounting and Reporting by Chanties.- Ststement of Recommended Practi applicable to chartbes preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019),, Financial Reporting Stsndard 102 The Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland, and the Companies Att 2006. The finanoal statements have been prepad under lJ)e historical cost convention, with the exception of investments which are induded at market value. Income All income is recognised in the Ststement of Finanaal Activities On the charity has entitlement to the funds, it is probable that the income will be recewed and the amount can be measured reliably. Grants and sponsorships are induded in the Ststement of Financial Activities on a retrivable basis. The balan of income received for speafic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. whe income is received in a(fvan of entittement of receipt, its recogntion is deferred and induded in creditors as deferred income. whe entitleMt occurs before income is r1ved, the income is accrued. Donated services or facilities are recognid when the Charity has control over the item, any condltions associated with the donated item have been met, the reIpt of economic benef from the use of the Charty of the item is probable and that economic benefft can be measured reliably. In accordance wtth the Char(ties SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees, report for more informatlon about their contribution. On retript, donated professional Servi and facilib'es are recognised on the basis of the value of the glft to the Charity which is the amount rt would have been willing to pay to obtsin Servi5 or facilities of equivalent economic benefit on the open market; a corresponding amount Is then recognised in expenditu in the period of ipt. Expenditure Liabilities are recognised as expenditu as soon as the is a legal or constructive obligation committing the charty to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. ExpeThjitU is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attrFbuted to particular headings they have been allocated to attiviiies on a basis conslstent with the use of resources. Government grants Govemrnent grants relating to tsngible fixed assets are treated as deferred income and leaSed to trje ststement of Financial Attivities over the expected usefijl lives of the assets cOnrned. Other grBnts are credited to the Statement of Financial Activities as the related expenditure is incurred. Interest re1¥able Interest on funds held on deposit is induded when receivable and the amount on be measured reliably by the Charity; this is nomally upon notification of the interest paid or payable by the institution with whom the fijnds are deposited. Intangible assets and amortisation Intsngible assets costing £1,000 or more are caprt3lised and recognised when future economic benefrts are probable and the c05t or value of the asset can t)e measured reliably. Intangible assets are initially recognised at cosL After recogniti(J), under the c05t m(Jel, intsngible ats are measured as cost less any accurnulated amorti5ation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to wrrte off the cost of each asset on a straight line basis over its expetted u*ful life. Page 18 continued...
GREENPOWER EDUCATION TRUS[ NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Intangible assets and amortisation Amortisation is provided on the following basis Website - 3 years straight line. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off eath asset over ts estimated useful life. Plant and machinery Fixtures and fittings Motor vehides 200/0 on cost 20% on cost 33 % on cost Tangible fixed assets costing £2,000 or MO are capitslised and recognised when ftrture economic benefits are probable and the cost or value of the asset can be measured reliably. Stocks Stlxks are valued at the lower of cost and net alisable value after making due allowan for obsolete and slow-moving stocks. Cost includes all dirett costs and an appropriate proporknon of fixed and variable overheads. Taxation The charity is exempt from corporats'on tax on its charitable activities. Fund accounting Unrestricted funds can be used in accnrdance with the charitrdble objectives at the discretion of the trustees. Restricted funds can only be used for particular restrlcted purposes wtthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and wrpose of each fiJnd is induded in the notes to the financial statements. Pension costs and other post-retirement benefits The charitsble company operates a defined contribution pension scheme. Contributions payable to the charitsble company's pension xheme are charged to the Ststement of Financial Attivits'es in the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Donations Grants Sponsorship 138,889 23,000 31 150,306 11,463 193 340 251769 Grants received, induded in the above, are as follows: 2024 2023 Other grants Page 19 continued...
GREENPOWER EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARrrABLE ACTIVITIES 2024 Sales of cars and parts Entry fees Miscellaneous income Distributson and carriage International linSeS Activity Sales of cars and parts Sales of cars and parts Sales of cars and parts Sales of cars and parts Sales of cars and parts 2023 1,031,166 98A95 260 32,520 986,312 83,036 129 47,322 1 173 441 1127 799 CHARrrABLE ACTIVITIES cosrs Direct Support Costs (see costs (see note 5) note 6) Totals Sales of cars and parts 1217 136 169 137 1386 273 DIRECT cosrs OF CHARITABLE AcrIvmES 2024 2023 Stsff costs Rates and water Advertising Elettric car racing series Other direct cost Consultancy fees Rent Staff training and contractors Bad debts Opening stock aosing stock 355,015 2,598 8,085 775,748 30,695 289,711 2,898 2,307 785,889 42,000 8,316 30,000 909 30,000 2,631 14,005 61,474 63 115) 133,437 61474) 1217 136 1233 993 SUPPORT cosrs Management Governan costs Finan Totals Sales of cars and parts 169 137 Page 20 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT cosrs - continued Support costs, included in the above, are as follows". 2024 Sales of cars and parts 2023 Total activities Insurance Light and heat Telephone General offits expenses aeaning Motor expenses Travel and subsisten Repairs and maintenan UK entertainment Bank charges Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Auditors, remuneration Accountsncy and legal fees 15,678 3,487 3,534 28,758 4,070 9,486 34,087 3,840 9,954 7,677 1,250 671 7,400 15,807 2,556 3,492 21,001 2,026 4,732 32,897 2,072 3,150 6,314 7,835 169 137 NET INCOME/(EXPENDTfuRE) Net income/(expenditure) is ststed after charging/(crediting): 2024 2023 Auditors, remuneration Depreciation - owned assets Deficit on disF()sal of fixed assets 7,400 1,250 671 7,83S TRusfEES' REMUNERATION AND BENEFrrs There were no trustee5' muneratiOn or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses During the year ended 31 December 2024 extenses totalling £78 (2023: £266) were reimbursed to one trustee (2023: t0 trustees) in relation to travel costs. Page 21 continued...
GREENPOWER EDUCATION TRUS[ NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF cosrs 2024 2023 Wages and salaries Social security costs Other pension costs 324,441 25,209 270,270 14,783 355 015 289 711 The average monthly number of employees during the year was as follows: 2024 13 Charitsble activibes 2023 12 One employee reiVed remuneration in the band £60,000 to £70,OCK), Totsl remuneration to key management personnel amounted to £lll,S17, this being the remuneration and employment benefjts of the CEO and Head of Operations. io. INTANGIBLE FIXED ASSErs Computer software COST At l January 2024 and 31 December 2024 AMORTISATION At l January 2024 and 31 Demter 2024 NET BOOK VALUE At 31 Dember 2024 At 31 Dember 2023 11. TANGIBLE FIXED ASSErs Fixtures and fittings Plant and machinery Motor vehicles Tota15 COST At l January 2024 Addiknon5 10,390 1,651 12,041 At 31 Detrmber 2024 DEPRECIATION At l January 2024 Charge for year 10,390 1,651 12,041 At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Page 22 continued...
GREENPOWER EDUCATION TRusr NOTES TO ThE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. FIXED ASSET INVEsfMENTS Shares in group undertakings MARKET VALUE At l January 2024 and 31 Detrmber 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. The company's investments at the balantr sheet date in the share capital of companies include the following: Greenpower Limited Registered offitr: The Greenpower Centre, Arundel Road, Fontwell, AnJThJel, West Sussex, 8N18 OSD Nature of business: Primary education Class of share: Ordinary holding loo 2024 2023 Aggregate capital and reserves 2,495 2,495 13. sfocKS 2024 2023 Stocks 14. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepayments and accrued income 128,064 91,730 1,355 24,179 8,730 126 900 Page 23 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMEi¥fs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 15, cREDORS. AMOUNTS FALLING DUE wmiiN ONE YEAR 2024 2023 Bank loans and overdratts (see note 17) Trade creditors Amounts owed to group undertakings Social security and other tsxes Other creditors Accruals and deferred income 10,290 51,965 2,618 7,109 759 10,037 200,883 2,618 15,617 4,760 Deferred income 2024 2023 Deferred income at l January 2023 Resources defeed during the year Amounts leaSed from previous Fericds 66,835 81,494 39,301 66,835 39 301) Deferred income comprises of £81,494 stOMer payments in advan (2023: £66,835). 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 17) 17. LOANS An analysis of the maturrty of loans is given below.. 2024 2023 Amounts falling due within one year on demand: Bank overdrafts Bank loans Amounts falling beteen one and two years". Bank loans- 1-2 years Amounts falling due between tm and five years: Bank loans - 2-5 years In October 2020 the Trust signed up to the Government Boun Back Loan scheme and reiVed £50,000. The Trust has been granted a paYment holiday for a period of 12 months from the date on which the loan is drawn in respect of the capital element of their repayments. From October 2021 the Trust Was required to make 60 monthty repayments of £887. Interest is charges on the loan at 2.50/0 per year. Page 24 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 18. LEASING AGREEMENTS Minimum lease payments under non-CanlIable operating leases fall due as follows: 2024 2023 Within one year Betn one and five years In more than fEve years 30,000 12,000 30,000 120,000 109 500 247 500 19. MOVEMENT IN FUNDS Net movement in funds At 31112124 At 111124 Unrestricted funds General fund 98,690 (1,080) 97,610 Restricted funds Cummins CPD Cubico Sustainable Investments 6,949 li (6,949) 18 412) TOTAL FUNDS 117 102 19 492) Net movement in fvnds, induded in the atve are as follows: Incoming resour Resources expended Movement in funds Unrestricted funds General fund 1,356,781 (1,35761) (1,080) Restricted funds Cummins CPD Norfolk Communty Cubico Sustainable Investrnents (6,949) {io,000) 11463) 10,000 (6,949) 11463) 18 412) TOTAL FUNDS 1386 273 1366 781 19492} Page 25 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 19. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 111123 At 31112123 Unrestricted funds General fund 33,055 20,016 45,619 98,690 Restrirted funds Cummins CPD ups Kusuma Westminster Motorola MacRobert Trust Be Together Cubico Sustsinable Investrnents 30,662 14,493 12,405 8,773 8,137 7,051 1,865 (30,818) 7,105 (14,493) (12,405) (8,773) (8,137) (7,051) (1,865) 6,949 TOTAL FUNDS 661 117 102 Comparative net movement in funds, induded in the above are as follows: Incoming Resour9 resources expended Movement in funds Unrestricted funds General fund 1,368,105 (1,348,089) 20,016 Restricted funds Cummins CPD Cubico Sustainable Investments (30,818) (30,818) 19 355) TOTAL FUNDS 1379 568 1378 907) 661 Page 26 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 19. MOVEMENT IN FUNDS- continued A current year 12 month5 and prM)r year 12 months combined SitiOn is as follows: Net movement in funds Transfers between funds At 111123 At 31112124 Unrestricted funds GeneTrl fund 33.055 18,936 45,619 97,610 Restrirted funds Cummins CPD ups Kusuma Westminster Motorola MacRobert Trust Be Together 30,662 14,493 12,405 8,773 8,137 7,051 (37,767) 7,105 (14,493) {12,405) (8,773) (8,137) (7,051) TOTAL FUNDS 18 831) A current year 12 months and kyior year 12 months combined net movement in funds, induded in the above are as follows: Incomlng resources Resources Movement expended in funds Unrestricted funds General fund 2,724,886 (2,705,950) 18,936 Restn"cted funds Cummins CPD Norfolk Community Cubico Sustsinable Investments (37,767) (10,000) 11463) (37,767) 10,000 21463 37 767) 2 746 349 2 765 180) TOTAL FUNDS Norfolk Community Participation of 14 schools in the great Yarmouth and North Ncrfolk and BreandS regions to tske part in the Greenpower F24 challenge. Cummings CBD Funding to inbed GreenWer Goblin project into primary sdKol curriculum and to provide CPD for teachers running the project. Cubica Funding to assist 7 schools (preferdbty East London and female identified composibon) purchase F24 cars, set up new teams and partlcipate in Greenpower challenges. Page 27 continued...
GREENPOWER EDUCATION TRusr NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 20. RELATED PARTY DISCLOSURES At the year end date, the charity owed Greenpower Lrmited, its IOOOA owned subsidiary £2,618 (2023: £2,618). No related party trBnsatttons took place during this year or the previous finanoal year. Page 28