Charity registration number 1136450 Company reglstratlon number 07185413 (England and Wales) AcfioN 2112010) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 AcfioN 21 (2010) LEGAL AND ADMINI￿RATIVE INFORMATION Trustees John O'maoileoin Emma Knights (Chairl Nicola Marie Barker Rameshchandra Patel (Treasurer) Jessica Clare Robins Ashique Pan3kkat Chris Moir Hema Yellapragada (Appointed 27 january 20261 IAppointed 5 June 20261 Secretary Mr R Patel Charlty number 11364SO Company number 07185413 Reglstered offlce Re-useful Centre Unit 3 Milverton House Court Street Leamington Spa Warwick5hire CV3128B Independent examlner Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers Unity Trust Bank plc Nine Brindley Place Birmingham BI 2HB Lloyds Bank plc PO Box 8CIJ Tredegar Park Newport NPIO 8SB Staff members Louise Haycock Daryl Davies Siu Lai Tam General Manager Shop Manager Finance Officer Part time Shop Manager Part time Shop Manager Nicola Lynn Parham Bryony Louise Calcutt AcfioN 21 (2010) CONTEKf5 Tru5tees' report Independent examiner's report Statement of financial activities Balance sheet io-ii Notes to the financial statements 12-21 AcfioN 21 (2010) TRUSTEES. REPORT {INCLUDING DIRE￿oR5. REPORT) FOR THE YEAR ENDED 31 MARCH 2026 The trustees present their annual ￿port and financial statements for the year ended 31 March 2026. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's Memorandum and Articles of Association. the Companies Act 2006 and "Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR5 1021" (effective l January 20191. Oblectlves and Artlvltles At Action 21, our mission is to reduce waste, promote reuse. increase sustainability skills, and strengthen community wellbeing across Warwick District and surrounding areas. For 30 years. we have remained committed to practical community action that delivers environmental benefit. social value. and long-term resilience for local people. Our Vlslon We envision a local community where waste is minimised, resources are valued, and people are empowere(i with the knowledge and tools to live more sustainablv. Our Ch•rltable Alms To protect and preserve the environment for public benefit by promotin8 waste reduction, reuse, recycling. and the responsible use of surplus items. To advance public education and skills in sustsinability-related areas. especially energy. food, and transport. What We Do l. Communlty Reuse & Envlronmental Impart Operating from our Re-useful Centre in Court Street, Le3mington Spa, we collect, refurbish, and redistribute donated goods to extend produrt life and redtjce environmental impact. Durin8 2025-26, we diverted more than 120 tonnes of waste from landfill, preventing an estimated 240 tonnes of Coi emissions. Through practical reuse and repair initiatives. Action 21 continues to contribute directly to local climate action and resource conservation. AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 2. Affordable Actess through Uptyded Goods Thousand5 of donated iterns, including furniture, bicycle5, household 8ood5, and electrical items, are refurbished and sold at affordable prices through our charity retail operations. This enables individuals and families to access essential goods during a period of significant financial pressure and rising living costs. The Re-useful centre also provides a friendly hub. Over the past year, we have continued to strengthen our community reach and now work collaboratively with 34 statutory. voluntary. and community-led organisations across Warwickshire. These partnerships have enabled us to widen service delivery. improve referral pathways. and ensure our activities respond directly to the evolving needs of local communities. Action 21 supports 26 third Sector and statutory organisations throughout the Warwick Oistrict Area. Our cost-of-living vouchers, funded by Royal Leamington Spa Town Council and Warwick Distritt Countil IWDCI, are distributed through partner agencies workin8 Wlth vvlnerable individuals and families and can be redeemed within the Re-useful Centre for a range of items, including clothing, household goods, toys, electrical 8oods and furniture. Our current agents inclu(Je Kingsway, Lillington and Westgate Children anil Family Centre's Brunswick Hub, Sydni Cenire, WDC Homeless team and WDC Food Bank. We also support organisations by providing donations for their clients. including "Welcome packs" via WDC Homeless team. Come and Play (donations of toys for their play sessionsl, OWNBOOKS la book recycling project to help youn8 children without books at homel. Campion School Ibooks to re-establish their school libraryl, Friends of Leamington Railway Ibooks are donated to travellers at the station) and Warwickshire County Council's Migration team (scooters for children placed some distance from school). 3. Sustalnable Moblllty and Blke Workshop Development Our bike workshop continues to provide affordable, low-carbon transport while promoting health, wellbeing, and active travel. Ouring the past year, the volunteer-run workshop has successfully undergone a significant operational re-model resulting in improved efficiency. Durin8 this year 450 bicycles were donated to the project, and a very similar number has been refurbished for re-use, primarily sale at low prices. We also have received some support from Royal Leamington Sp3 and Warwickshire County Council in order to provide free or further reduced bicycles for those requiring them for work, education, or access to other key places. We also work with many cycling networks across the county. including the Warwick District Cycle Mayor, Warwickshire Active Travel. and Cycle Infinity. to support their initiatives to encourage sustainable. healthy transport. 4. Volunteer-Led Cornmunity Artion We have a dedicated team of volunteers who are central to every aspect of our work, supported by three paid roles. Our volunteers come from diverse life experiences and socio-economic backgrounds. Action 21 provides a safe, supportive. and inclusive environment that reduces social isolation and fosters community connection and well-being. AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 5. Devèlopment and Employablllty Action 21 supports inclusive community development by creating volunteering and training opportunities that strengthen resilience. build confidence. and help progression into further education and employment. This includes.. Bicycle repair and maintenance Retail operation5 and merchandising PAT testing and elettrical Safety Scrap Metal department Gardening Crafting and other community projects 6. Communlty Gardenlng and Green Spaces In partnership with Warwick District Council and with some funding from the National Lottery, we have continued to develop community gardening and environmental improvement initiatives, beginning Wlth Radcliffe Gardens. These projects empower volunteers and residents to transform neglected areas Into welcoming green spaces that encourage biodiversity, environmental awareness, and community pride. 7. Partnershlps and So¢lal Enterprlse Action 21 continues to strengrhen its role as a trusted community-baseil social enterprise through partnerships with local authorities, e(Jucational institutions, other charities and bvsinesses. We have also this year engaged more closely with University of Warwick through its sustainable business and enterprise-related degree modules. Representatives from Action 21 contributed to student assessment panels and supported the evaluation and presentation of sustainability-focused business projects, which forrn part of students, final degree assessments. This partnership reflects our growing role as a recognised community social enterprise and supports the development of future sustainability leaders. In addition to our community volunteer programme, Action 21 develops and maintains torporate volunteering initiatives with both local and national businesses. Our collaborations with companies, including Geberit UK, Eaton and Pertemps, provide valuable 5UPPOrt for Action21 through volunteering days, resource5, and technical expert15e and praclical opportunities for other or8anisations to engage directly in sustainability, reuse, and community action projetts. AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 8. Communlty Engagement and Advotary A5 co-founder5 of Eco Fe5t, we continue to champion local environmental action, sustainability awareness, and community-led clirnate initiatives. Held annually at Pump Roorn Gardens, the festival brings together residents, organisations, businesses, and policymakers to celebrate and promote sustainable living. Action 21 is linked with warwicksh1￿ Climate Alliance which meets monthly to share experience and knowledge from groups across the county. This year we incubated an eco-hub in Leamington Spa by providing the umbrella for local residents to apply for funding while the hub was in the early stage of being set up which it achieved before the end of this financial year. We are also pleased to work collaboratively with the town's new Library of Things. 2026 rnarks Action 21,5 30th anniversary, a significant milestone in the organisation's history. Our initial celebration event, held at Pump Rooms in Marth, brought together past and present volunteers, trustees, partner organisations, supporters, and former staff to retognise three decades of community action, environmental leadership, and social impa￿. The event highliBhted the lasting contribution of all those who have supported Action 21's activities an(J reaffirmed our commitment to continuing this work for future generations. Premlses Uncertainty about the future of the Re.Useful Centre Imilverton House) and the bike workshop (Eaton Works) continue. Both leases are precarious and the trustees have therefore continued to actively seek more secure affordable premises which are in very short supply in South Leamington. The trustees have determined that it is crucial to the charity's sustainability that we remain in an area with need and good customer footfall. Extensive negotiations were carried out in particular with the landlord of one building under renovation but failed after several months due to its condition and the lack of a fire escape. We are also aiming to increase our space to enable us to accept more furniture for which we know there is a need in the comrnunity. We have engaged with local groups, residents an(J businesses in the discussions about the development of the creative quarter of Leamingron Spa in which we are situated, and we are pleased to have the support of Warwick District Council and our neighbours in keeping us in the Ioc81 community. Staff The charity employ5 a general manager who oversee5 day to day operations and is supported by two full- time equivalent Shop managers and a part-time finance officer. Volunteers are an e55ential resource for Attion 21. Forty volunteers regularly support the operation of the Re-useful Centre, bike wOr￿hOp, and community gardening, as well as Action 21's administrative, communication5, and marketing a¢tivities. The chair of trustees holds regular meetings with volunteers to ensure we are listening to their ideas and views and that they are aware of and involved in any changes. AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 A Strateglc Approath Trustees have developed a Strategic plan for the coming two years to ensure all our charitable objective5 are met. We are aiming to grow our turnover to enable us to meet any increases in rent which are likely to be forthcoming, to save more from landfill and to have a surplus to spend on other local environmental projects. Marketlnglcommunlcatlons We aim to expand public awareness of Action 21's projects and activities to promote the Re-useful Centre to increase donations and purchases, to recrtlit new voltjnteers,. and to publicise events and projects. Action 21's website features volunteer profiles and blogs. Action 21.5 Facebook, Instagram and LinkedlN pages promote the day-to-day activities at the Re-vseful Centre and forthcoming events. We have been refreshing our content. Publlc Benefit The trustees have paid due regard to guidance issued by the Charity Commission in detiding what activities the charity should undertake. Operatlonal sustalnablllty Despite continuing economlc uncertainty, the reduction of the quality of donations and increasing operational pressures across the charitable sector, Artion 21 has successfully sustained its income and operational stability throughout the year. This achievement reflects prudent financial management, strong community support, and the continued commitment of our volunteers. partners, and trustees. Flnanclal Revlew The financial statements show ihai a surplus of £24,172 Jrose in the year to 31 March 2026. This was better than expectations and resvlted in an increase in the general ￿ServeS (unrestricted fundsl to £153,341. Overall income from all sources in the year amounted to £211.499 (above the previou5 yearl and expenditure in the year was £187,327. Reserves Poliry The trustees have adopted a policy that unrestricted funds should be held as reserves at a level that equates to 3 minimum of four months, unrestricted expenditure. This would enable the charity to continue to operate andlor to meet its obligations including its p￿MiseS and redundancy payments. in the event that unrestritted income ceased to be received for a period or was significantly reduced. The unrestricted reserves at 31 March 2026 equated to over 10 months of normal unrestricted expenditure. Total reserve5 for the year amounted to £178,526 lincluding restricted fund5 of £25,185). AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Structure, Go¥ernan¢e and Management Action 21 120101 is a charitable company limited by guarantee and does not have a share capital. It was incorporated on 10 March 2010 and registered as 3 charity on 18 June 2010. Action 21120101 took over the assets and liabilities of its predecessor company. Action 21 Iregistered number 41500061. on l August 2010. The governing document of Action 21 120101 is its Memorandum and Articles of Association which were signed on 2 March 2010. The charity's trustees are also dirertors of the company. One third of the trustees retire by rotation at each Annual General Meeting. A retiring trustee is eligible for re-election. The Board normally meets monthly and is responsible for the strate8ic direction and policies of the charity. The General Manager attends all Board meetings and is responsible for running the charity. Individual board members take on additional roles to support the General Manager in relation to finance, human resources, fund raising and education projerts. The trustees, who are also the dirertors for the purpose of company law, and who served during the year and up to the date of signature of the financial ststements We￿.. John O'maoileoln Emma Knights (Chairl Nicola Marie Barker Rameshchandra Patel (Treasurer) Ollie james Roberts Jessica Clare Robins A5hique Panakkat Chris Moir Hema Yellapragada (Resigned 6July 20251 (Appointed 27 January 20261 (Appointed S June 20261 Recrubtrnent and Appolntment of Trustees The charity take measures to expand the number of trustees in order to strengthen the skills base and to compensate for the departure of any members. Individuals expressing an interest in becoming a trtjstee meet the General Manager and the Chair and are encouraged to visit the charity's premises to experience how the charity operates before deciding whether to formally apply. After the Board decides whether to co- opt the applicant, the decision is recorded in the minutes and again at the next Annual General Meeting. New trustees are given Charity Commission guides, a copy of the last Annual Report and Financial Statements. the strategic plan and copies of minutes of recent 803rd meetings. Our Trustees, Handbook is currently being reviewed. AcfioN 21 (2010) TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Rlsk rèvlew During the year the Board again reviewed the major risks to which it is exposed and identified systems or procedures to manage those risks. The Board considers that insurance cover and reserves are adequate to ensure the continued operation or orderly closure of the charity in the event of the occurrence of any unexpected incident. The risk of not finding suitable and affordable premises presents a significant threat to the charity's ability to operate. The trustees have actively sought more secure premises and continue to do 50. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The Trustees, report was approved by the Board of Trustees. Emma Knights 21 Jul 2026 Date: AcfioN 21 (2010) INDEPENDENT LXAMINER'S REPORT TO THE TRusfEES OF ACTION 21 (20101 I report to the trustees on my examination of the financial statements of Action 21120101 (the charityl for the year ended 31 March 2026. Responslbllltles and basls of report A5 the trustees of the charity land also it5 directors for the purposes of company lawl, you are responsible for the preparation of the financial Statements in aicordance with the requirement5 of the Companie5 Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination ol the charity's financial statements carried out under section 145 of the Charities Att 2011. In carrying out my examination I have followed the Dirertions given by the Charity Commi55ion under sertion 1451511bl of the Charities Act 2011. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2CQ6. the financial statements do not accord with those records,. or the financial statements do not comply with the accountin8 ￿qUirementS of section 396 of the Companies Act 2006 other thèn any requirement that the financial statements give a irue and fair view, which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finantial statements to be reached. Wende Hubbard FCCA Burgls & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA 21 July 2026 Dated.. AcfioN 21 (2010) srATEMENT OF FINANCIAL A￿1VITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2026 Unrestrltted Restrlcted Total Unrèstrlctèd Restrlcted Total funds 2026 funds 2026 funds 2025 funds 2025 2026 2025 Notes Income from: Donation5 and legacies Other trading activities 18,862 27,140 46,CK)2 13,883 13,883 162.808 2,689 162.808 2,689 163.753 1,319 163,753 1,319 Investments Total Sn¢ome 184,359 27,140 211,499 178,955 178,955 Expendlture on: Raising funds Charitable activities 181,834 181,834 5.493 171,985 172,485 5.493 Totsl expendbture 181,834 5,493 187,327 171,985 5CKI 172,485 Net Incorne and rnovement In funds 2.S25 21,647 24,172 6,970 15001 6,470 Re￿nCIlIatIon of funds: Fund balance5 at l April 2025 150.816 3,538 IS4.354 143.846 4.038 147,884 Fund balances at 31 March 20Z6 153,341 25,185 178,526 150,816 3,538 154,354 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. AcfioN 21 (2010) BALANCE SHE ASAT31 MARCH2026 2026 2025 Notes Flxed assets Tangible assets io 234 Current assets Debtors Cash at bank and in hand li 2.996 2￿,541 5,100 173,887 203.543 178,987 Creditor5,' amounts falling due withln one year 12 125,2511 124,6331 Net current assets 178,292 154,354 Total assets less Current Ilabllltles 178,526 154,354 Net assets eKludln8 penslon Ilablllty 178,526 154,354 The funds of the ¢harbty Restricted income funds Unrestricted funds Is 25.185 153,341 3,538 150,816 178,526 154,354 The company is entitled to the exemption from the audit re9uirement contained in section 477 of the Companles Act 2(K)6, for the year ended 31 March 2026. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial 5tatement5 have beerb prepared in accordance with the provisions applicable to companies subject to the small companies regime. 10- AcfioN 21 (2010) BALANCE SHE￿ ICONTINUEDI ASAT31 MARCH2026 21 Jul 2026 The financial statements were approved by the trustees on . Emma Knights (Chairl Rameshchandra Patel IT￿asUrer1 Company reBistration number 07185413 (England and Walesl AcfioN 21 (2010) NOTES TO THE FINANCIAL ￿ATEmE￿r5 FOR THE YEAR ENDED 31 MARCH 2026 A¢¢ountlng poll¢les Charlty Informatlon Action 21 120101 is a private company limited by guarantee incorporated in England and Wales. The registered office is Re-usefijl Centre, Unit 3 Milverton House, Court Street, Leamington Spa, Warwickshire, CV312BB. 1.1 Basls of preparatlon The financial Statements have been prepared in accordance with the charity's Memorandum and Article5 of Association, the Companie5 Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland~ I'FRS 102-1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applrcable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecrive l January 20191. The charity is a Public 8enefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement ofcash Flo￿. The financial statements are prepared in sterling. which is the functional currency of the charitv. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon.The prlncipal accounting policies adopted are sei out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the ￿stricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. 12_ AcfioN 21 (2010) NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles {Contlnuedl Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt 15 expected. If the amount is not known, the legacy 15 treated as a contingent asset. Grants and other income are recognised when the income is due providing terms antl conditions have been met. Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Income from trading operations represent sales generated by re-use operations. Donated goods for resale are not included in the valuation prior to being sold as it has been deemed impractical to measure the fair value of the goods and the cost of calculation would outweigh the benefit to the u5er5 of the accounts, 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. All expenses are accounted for on an accruals basis. 1.6 Tanglble fixed a55ets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is re¢ognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 20% str3l8ht line12S% vansl The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date. the charity ￿vIewS the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 13- AcfioN 21 (2010) NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles {Contlnuedl 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial In5truments155ues' of FRS 102 to all of it5 financial instruments. Financial instruments are Tecognised in the charity's balance sheet when the charity becomes party to the contrattual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finèncial statements, when there is a legally enforceable ri8ht to set off the recognised amounts and there is an intention to settle on a net basls or to reallse the asset an(J settle the liability slmultaneously. BaslcAlnanclal ossets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 8uslcSlnanclol11¢7bllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the futvre payments discounted at a market rate of interest. Financial liabilitie5 ¢la55ified as payable within one year are not amort15ed. Debt instruments are subsequently carried at amortised cost, usin8 the effective interest rate method. Trade creditors are obligations to pay for 8oods or services that have been acqtjired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently meaSU￿d at amortised cost using the effective interest method. Derecognition offin(l￿1￿111Qb1IItIe5 Financial liabilities are derecognised when the charitvs contractual obligations expire or are discharged or cancelled. 14_ AcfioN 21 (2010) NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles {Contlnuedl 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit scheme5 are charged as an expense as they fall due. Income from donatlons and le8a