Company regisirnlioTh numb¢r.' 07996065 Chatily rtgisirlllion nutllb¢r= 1148173 Able 2 Achieve Trust Limited (A ¢ompany Itmit¢d by share capital) Annual Report atld Financial Statemcnt5 for thc Y¢Br End￿ 31 MaT¢h 2024 Able 2 Aehieve Trust Limited Contents RefereDce and Admini$trative Details Ttustees. Report 2to4 Indcp¢rad¢nt ExamÉncls Rwort Statemcnt of Financi81 AcTivitL¢S 6t07 BalaD¢e Sheet Notcs to the Financial Siat¢rnents 9t019 Able 2 Achieve Trust Limited Reference ¥nd Adminlstradve Details Cthlirman Rev N R N Dietz Chief Exetutlvt Offlter M E R Ellioti Serretary M Gulliver Other Officers E Ruel Ch*rlty ReglstratloTh Number 148173 CompAny Re8istr4(fibn 14kn￿ber 07996065 Thc charity is in¢oryorated In Englamd. Regi5t¢r¢d Office 23-25 Princ¢s Streei Yeov21 Somersei BA20 IEN IDdtpend¢•t Examiner Mr Craig Harrison Howes Ch￿rtered Accoiinlgnt 22 WAtercombe Hcighi$ Y¢ovil BA20 2TA Pagc I Able 2 Achieve Trust Limited Trustees, Report Th£ trusttes. who tre dittctor$ for th¢ purposes of compatty law. pr¢5enl the annual report together wilh the rin0nci*I stslemejjts akd auditors, report of the ¢harilabl¢ ￿mpallY forth¢ Y¢￿ ¢nd¢d 3 1 Mawh 21f24. ObJtttives #¢tlvlties Thc tn&sle¢s confirm that they h&ve tomplied with thtt rtquirem¢nts of s¢cliL)tt 17 of the Chatities Act 2011 10 have due regard ¢0 the public b¢nEfiI guidance publish¢d by th¢ ajarity Commissiok for England #nd W#le$. Tru$iét$ #nd officers The tThJstees and O￿l¢¢rS serving during the year and sinc¢ ih¢ year end were as follo Trnstees: l Ru¢ll T A r.hrst¢TS R¢v R S Reed S S J Elltolt (appointed I Ik¢cmbcr 2023) M Gulliver Chairnwn: Rev N R N Diclx Chief Executive Olyi￿r.. R J U Ellioll (rcsi8ned 4 January 2024) M E R Elliots {appoinlcd 5 July 2023) Secrew.. M Gulliver Other Offi¢¢rs'. E Ru¢l Flnalld￿ lostrumeDts 06ierlivrt &Mdpoliries Th¢ ¢harity's activities expose it to a puthber of fmancial risks including credit risk. ¢Ash tlow risk and liquidity risk. The use of fjnancial deriYative5 15 gov¢med by lh¢ ¢hatity'5 ￿lI¢jeS approved by thc board of tNst¢¢$. which Provide written PTinG>ples on the us¢ of r]nancJal derivativ¢$ to manage thcsc risks. The Chariry doc& not use deTivativc financial in5tr1bnents for sp¢wiAtive pu￿Ose5. Cafhjlow Ti&k Th¢ thariiy'5 aclivilics expose it primarily lo th¢ financixl riskg of chang¢s in forei￿ curr¢ncy ¢xrhADge raies and int¢r¢sl JY4tes. The ¢harity uses for¢igJ] exch*Dge forward ¢othtra¢is and Inte￿5t rate swap contracts to h¢dg¢ th¢s¢ ¢xposllres. Interest b¢¥rtng assets 8nd liabilities we held at fixed rats io ensur¢ c¢rtsinry of cash flows. Page 2 Able 2 Achieve Trust Limited Tru5tees' Report CrÉdit ri.Tk Th¢ chaTily'S prinripal financial 45sets are bank balontes and cash. trad¢ and other r￿e1Vable5. and invesiments. The charity's Gredil risk is primarily attributabl¢ to its trade rece>vables_ Th¢ arnowjls presented in the balance sheet are n¢1 of allowance$ for doubifvl receivables. Art allowanc¢ for impainnent is mad¢ wheTe there is an idcntified lo$$ evcnt which. bas¢d ot) previous experi¢n£e. is evidence of a reduciion the recov¢rability of the Cash flows. Th¢ credit risk on Iwuid fund8 and derivaiive f￿an¢7￿] instsuments is limited because the counte￿artIeS are bank$ wilh high ¢r¢dtl-ratin88 as5ign¢d by international CT¢dil-fdiing asencie5. The charity has no %i8nificanr con¢¢niration of credii risk. wilh ex]M>5ure 8pre4d over a Igrge number of CWLt¢Tpatties and ¢ustom¢r8. LiqwidtyAsk In order to rnaiDtAin liquidity to ¢nsure thai sutTici¢ut fun¢Js are av#ilabte for ongoing o￿TatiO￿)$ and fiJtDre dcv¢lopmenis, th¢ rhbtiiy uses a mixi￿re of long-t¢rm ll￿d shoff-tcnn debi finatKe. Futhr details re8ard￿8 liquidity risk can bc foutsd in the Statem¢ut of accountin8 poIT¢ies in the fjnancial statements. St¥¢tm¢nt of trystee&' rtsponsffiblliti¢ Thf trusiees (who ate a150 the dir¢ctor.i of Able 2 Acbi¢v¢ Tnjst Limitcd foT th¢ pwposes of company lawl are responsible for pr¢p8ring the tnJsTres' T¢POrt and the financial ¥tsiemethls in Bccordancc WLlh applicabl¢ law and Unitd Kingdom Accouttiitig Stanthrds IUnii¢d Kingdom Gtherally Accept¢d A¢¢ouniing Praclic¢l, ill¢ludirtg FRS 102 The Financial Reporting Sthndard applicable in Ib¢ UK and Republic of Ir¢lalld". Company law requires the Itusiees tQ PTepare financial S¢a*ments for cach financial year. Undei cvmp¥J)y liw th¢ m]stees musl not appTove the f￿ancIal sta*menrs unl¢s5 th¢y are saiisfi¢d that they givt a trn¢ and faiiview of th¢ siaie of affair5 of Ihe chariiable CDmp&ny and of the irtcoming r¢sourc¢s and applicalion of r¢sources. ineluding ils income and expcndiiurc. of the tharitable company for thai peri(Kl. In prepaTfrt8 these finan¢ial slalem¢DlS, the trustr¢s ajt required w.. $ele¢t suitabl¢ ¥¢¢ounrinB polic1¢5 #ttd apply thcm wnsi5tently'. obseTYe the methods and win¢iplts in the Chatities SORP; make judg¢m¢nt5 and e8timaies that are reasollable #nd prndent. state wtlether applicable accountittg standards, ¢ompTising FRS 102 have beeD followed, subject to any material d¢parttue5 disclosed and explained in th¢ financial staicments; oTrd prepare thc fm&n¢ial statements (Fn the going ¢ofttem basis unl￿5 it is inappropriate to pr¢sum¢ Ikat the charitable compony will u)niinu¢ in busit)ess. Th¢ InJ$ie¢5 ar¢ r¢sponsible for ktepittg proper accounting record5 that ran disclose with r¢asonJbl¢ accuracy at any time th¢ financial posrtion of ¢h¢ th*itablc company and enable ttlem 10 ensure that the fjnaneial siatemcnts comply with the Cowanies Ac¢ 2006. They ar¢ aLso respDnsible for sJfe8UOTthng the asscts of tht charitablc company and l)wKe for taking reasonable sieps for the PTevention and det¢¢liot) of fraud and oth¢r i￿¢￿￿11r￿tie5. Th¢ uw8te¢5 are responsibl¢ for the maint¢n3n¢¢ ond integrity of th¢ corporate and finBn¢ial InfOrn￿tIon included ott lh¢ chgTltable company's wtbsii¢. L¢gisl?lion governing ih¢ PT¢paT81ion and disse]ninatiun or rJn8h¢ial statements ￿#Y dityer frotll l¢gislaiAon in other jurisdictions. Di5¢1osurt of infoTrnAtioM to auditor Each iruslee has taken stcps that they ought to have lak￿ as k Injstee in ord¢r to make themselves OW8T¢ of ￿]Y relevttnt audit iJ)forniatiOt) atsd to establish that thc charity's auditor is awarc of that itilorm8tion. Th¢ trnstees confjrni IILal IheTe is no r¢lEvaiil infomiaison that thty know of and of which Ih¢y know th¢ auditor is unawar¢. Page 3 Able 2 Achieve Trust Limited Trustees, Report ChArity ngme Other name$ charfty 15 known by Reg15tered tharlty numb¢r Charity's prlntJp81 #od￿11 blc2Achi¢ve Ttutt 2A Trust 1148173 S Princ¢s SireeL Yeovil, SoTh¢rs¢t A20 IEN Trllsttts: Nam¢s of the charity TrUS￿eS on dat¢ ofapproval of TTU5t¢Es'Annual Report ER Ellioit *￿&re1 Gulliver ev Sleven Reed uly 2023 q>t 2016 une 2022 Sccr¢tary v Matthew Di¢tz S¢pt 2016 epl 2022 unc 2022 air Tacy Chesters alcom Gulliv¢r ward Rucl ane Elliott epl 2016 2023 Ice Chair Ihit of govtrnlng do¢umtnt-. Ablt2Achievt Trusi Lirnit¢il is an independent Gharity and a cot))patty limited by 8uarantc¢. Fegisiered rt￿mber 07996065. The governing documeni is the ￿￿￿Orand￿M and arti¢l¢s of as8ocialioTL dated 19 Mor¢h 2012, kmthded oll I" 2012. This 15 th¢ 12th period of operdtiott for rhe trusL Trustee Recrniement #nd appoinlment.. n¢w ttustres are invit¢d to become I￿Ste¢S by existing tru5t¢¢s and resign at th£ subsequ¢nl ATJnual G¢n¢ral m¢elin8. Otjc third of tri]stees shall r¢tiT¢ by rotation b¢in8 those in office, and they tan seek Tp¢lection. None of the trust¢&% h*$ any beneficial inl¢r¢5t in Ihe compguy. All Irusttts aT¢ mcmbers of th¢ ￿mpanY and 8￿￿ontee to contiibut¢ £10 ID the event ofiiquidation of the cotnpany. Th¢Trustees employ staff to run tbe day.Tr￿Y activiti¢B of the th￿lty, wilb strategic d¢ci5iQll8being taken ai a Tws*e level. Ch*r£table P￿rpOSes.. Thc obJ¢cts of the charlty, ￿ sd in th¢ gov¢nJins document, Are.. Yo Tcli¢v¢ the needs of people with A learning disability or difficulty in particular but not exclusively by providin8 support and services ￿ h¢lp Ih¢s¢ individvals develop ess¢ntial life skills and b¢if-confid¢nc¢ thrvugh legThin8. living and working." We review OUT aims. obiediVCS and ac¢iviti¢s each y¢aT, Trustees discussed and reviewtd Values. Thi5 TCVI¢W looks at that we achi¢v¢d and the outcoIn¢5 of our work in the previous 12 monrh$. The revicw l(x)ks at thc success of ¢a¢h key activity and th¢ bcnef5ts th¢y have brought to those group5 of p¢ople we are set up lo help. Pdge 4 Summaryof tht A¢tfvltles in r¢laiion to tthe5e object5." Thc ttview •lstb help5 us ensurc our aim, obj¢¢lives and activities remained focused on OUT siatcd pur￿Ses. W¢ have referred to the 8uidaDc¢ rontailled in the Chgrity Cojmmissiots's gcn¢ral guId￿Ce on public benefit when reviewiDg QUT aim and obj¢¢tiV¢5 th¢y have sd. Summary of the *tblevtment5 of the ¢h*rlty duTlng iht fJthand*l perS•d= Our main obj¢ciiVU torthe ycar conliJ)ued 10 be providing support and services to hclp those we SUp￿rt develop cssentitsl life skills and selfacollf)dttt¢¢ through leamittg, liviJJ& and workiiig. Giverl the shorffall in statutory services ther¢ 15 A tlear need for chaTithble organisatiorks to ￿lfil thai tteed. Achi￿¢￿¢￿1￿ included.. Change of use of abl¢2antiqlJlties to eJJcompa$s A tommunity shopy 5¢JliJ)8 prothcts madc by able2achieve l¢arn¢T$ attd commuDity projects thai able2achieve are involved with. OpeN¢d the Silver Bum)wAir BnB in Ottery Si MAry wjllch ha5 recfntly 4dJieved Super Host Stath5, ablt2S¢w brgup fortailoTing forthe local community io be ￿rther d¢v¢lo]Kd th deltver support to l¢Brners engagc ond l¢)m $ewing skill& All 5eTvices deliver r¢al work life skills off¢ring work preparalion pl8f¢tn¢nts forpeoplc with a lrarnfft disabi]ity aThd associated di50rd¢TS within the local area We acce8s th¢ ¢ommuniry for prtsj¢¢ts and have betn WDTkit)g Yeovil in Bloom ity Ihe Town. C8rymooy project. Yeovil Steam railwayj The Rivers Tru£t. the Gttajjium Trust, m￿he]neY Potiery* Eli Gr¢erJhill Barton, Burrow Hill Cid¢r dDd South Ptthertojl Hospitsl. Brlef 8t*tement of tharlty's polky.. The priticipal funding 50UT(cs for the charity &r¢ cumily by way of sponsorship from Ltd Companics and in¢ortJe genera*d by the charity shop outl¢t$ ond a convenient donatioD from a local b¥5in¢55 link¢d to day services. Detslls of any dtflelt.. Tke ch8Tity'S find5 are Spent establishillg oew v(KationRI areas for work skills lo b¢ tsughi and learnt by indivi¢Jtsal$. A 51rate8y for ea¢h T¢tRil outlet to break even has DOW been drawn up onc¢ the ouiler has an established customer bas¢, Thc Trustees applicd foT 5¢vetal local grants, some of the5¢ were successfijl. Plgns for fthre perlods: The Chgrity will continu¢ ￿ expalld on its work pr¢pwalio RecTUit Tjwsiees frott) Devon. Supporting young pcople with 4¢¢¢ssiThg work. Main ￿ea of expansion will b¢ focu58cd on the Bake-Abl¢ ¢nl¢ryiTi¥¢ a]Jd seeking thnditi8 for eXI￿nal placcm¢mts. expanding cojllmunity link4 and working lowaTds th¢ Trnst being financially ind¢pethdeni. Thc annual report wa5 appFOVtd by the tillSTee5 ofthe chariiy on 6 December 2024 and signed otL its bchalf by: M E R Elliott Chief cxt¢uliv¢ officer Page 4 Able 2 Achieve Trust Limited Independent Ex4miner's Report to the trustees of Able 2 Achleve Trust Llmited {'¢he CompaJ)y') I r¢port to the charity tnjstccs on my examination of the a￿0￿￿￿ of the CoMpa￿Y for the year ended 31 March 2024. Responslblllttes bisls of report As the chariry's InL¥i¢es of the C.omp3ny (aJ]d also ils dirrrtors for the pu￿08C5 of ¢ampany law) you are respvnsibl¢ for the preparation of thc accounts in accordanc¢ with the requirements of th¢ CoJnpaThies Art 2(106 ('the 2006 Act,). Havsng satisfied myself rhat th¢ a¢tounts of the Cotnpany ar¢ ttol required to be audited undcr Part 16 of the 2006 Act and are c1]￿b[C for ind¢pertdent cxaminalian, I report in respect o(my ¢xamination of your ch¥ily's accounts &$ ¢atried out und¢r Section 145 of the Ch4rities Act 2011 I'the 2011 A¢t'l. Jtl Carrying ollt my examination I have followed the DiTc¢iions given by the Chaiity Commission undeT section 145151(b) of the 2011 Act. Indepethdellt examkner's st#t¢ment Sirtce tbc CompaDy'$ gross iLcorn¢ ¢xr<¢ded £250,000 your ¢xaminei musi be a mcmbu of i body listed in se¢tion 145 of the 2011 A¢t. I confirn) that l am qualified io uKdertak¢ the examination b￿aUse l gm a member of ICAEW. which is one of the Iisted bodies. I have completed ts)y ex4minaiion_ I confjmi that no have com¢ lo my •tl¢nlion in ujnneciion with lh¢ eXaMi￿￿On givin8 me uu5¢ to b¢li¢ve: l. accountitlg r¢¢ords were not kcpt ttl r¢spect of Able 2 A¢hiev¢ TN5t Lirnited as required by section 386 of Ihe 2006 Act. or 2. Ihe accovnts do rjoi *ccord with those records- or 3. the accounts do noi comply with the aclounting r¢qUIr¢￿¢￿t$ of seciiim 396 of the 2006 ALI other than any requiT¢]l)¢J)i thai the accounts give a 'lrue and fair vie* which is not a rnattw ron$idtted as part of an indep¢ftdeni txaminalion. or 4. Ihe accthjnts have not b¢cn prepared sn accordance with the method¥ and prin¢iples of the Stai¢meni of Recon)mcnded P￿tIce for accounting and reportÉng by thatiti¢s lappliubl¢ to ¢harities preparing their accounts in 4¢¢0rdatsce wi¢h the Financjal Reporting Standard applicabl¢ in th¢ UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no oihern)att¢ts in tontteciion wiih th¢ ¢x8minaiion io which altention should be drawn in this rcport in ordeT 10 ettable a prop¢r uThl¢rsia#ding of the accounts lo bc r¢aehed. CTai8 Howes FCA Chancred AcGountartt ICAEW 22 WatercoDJk Heights Ycovil BA20 2TA 6 D#embeT2024 Pa8e 5 Able 2 Achieve Trust Limited Statement of Financial Activities for the YeAr Ended 31 March 2024 ncluding Income and Expenditure Account and Statement of Total Re¢ognised Gains and Losses) Uthnstrlcied fund¥ Tot*1 2024 Note IDtome 4nd Endoivments fTOlhl: DoDalions and legacies Other tr8dit)8 aciivjties Othet tncom¢ 42,012 339.640 42.012 339.640 36.432 Toial income 418.084 418.084 ExpendI￿re on.. Raisjng f4nds Chuiiable activities {419,5361 864 1419.5361 864 Total ¢np¢llditure (420 41K> Net ¢xp¢nditiJre 2.316) Nel movement irj fijnds (2.316) {2,316} RteODtilialio* of funds Totsl funds brought fojivard 259 259 Tol#l funds carried forward 16 UNr¢$trlcied funds Total 2023 Note Intome and F.ndowments frnm: Donaiions and lega¢i¢5 Other tr8ding 4¢tivities Oiher income 63.832 316.6 63,832 316,690 38.773 Total income 419295 419295 Expendltvre on= Raising Charitable actiwli¢s (458.280) 1,246 (4582801 Totsl exptndiNre 459 526).. 26 N¢1 ¢xpelldilure Nel movement in funds 140.231) {40.2311 Rtcoo¢lJlalloM of fund$ Total fund$ brought forward 40.492 40,492 Totsl Ca￿led forward 16 261 261 All ofthe Charity's activiti¢s derive from operalions duriDg Ihe al)ove Iwo PEriods. Th¢ uoies on pagcs 9 ¢0 19 forn) an iDie8ral part 01ihes¢ finllncial stattmenis. Page 6 Able 2 Achiei'e Trnst Llmited (Reglstrailon number: 07996065) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed a55ds ITJtangibl¢ assets Tanwblc a$$¢18 4,500 348 4.848 5.000 522 5.522 10 Curr¢nt 158ets Stocks Dcbiois Ctsh al bank 4nd in hand 830 274.789 4.670 280.289 6.469 203.167 12 13 218.034 cr￿{torS. Amounti f*lllng due wi¢bih year 14 -1287.194 223295 curresjt liabilities 6,905 5261 Net Iliabilitiesllasseis 2,057 261 Fynd$ of tbe tharity: Uureslrl¢ltd IDcome fund$ un￿5¢￿¢te￿ fiind6 ,057 261 16 2.057 261 For ib¢ finxttcial year ending 31 March 2024 tbe charity was enlitlcd to extmption from a￿d]I ut)der section 477 of the Companies Acl 2006 relatin8 to small companies. Directors. TCSPOrt%ibtliiies'. The m¢mbers have not rtqLJired the charity to obtsitj an audii of its •¢¢ounis for the year qucsiion in accordonrt with section 476," a￿d The directors ackDowl¢dg¢ Ibeii respollsibilities for Complying with tht rcquirement$ of the Act with rcsp¢¢t io accountin¥ records and the prtparalion of Actoutjis. Th¢ fjnancial Ststements on pag¢5 6 to 19 were apwved by tht t￿￿¢5, and authorised for i5SUt OJJ 6 Decenjbei 2024 atKi signed on Ih¢ir behzifby.. M E R Elliott Chief executiv¢ offi¢¢r The nulc5 011 Pages 9 10 19 fortll an inie8ral part of thc5¢ firhaneial stat¢ments. Pag¢ 8 Able 2 A¢hieve Trust Limited Notes to the Financiol Statements for the Year Ended 31 March 2024 I Chgraty stalus The chariry 1$ limited by shaTe tapiiaL incorpoTal¢d its England. The addres$ of its Te8iStered offlce i¥.. 23.25 Princ¢s Street Yeovil Somer8et BA20 IEN Thcse financial slat¢mEn¢S wert autknrL5¢d for i$$u¢ by rhe trustees on 6 D¢canb¢r2024. 2 Amortis¢d cost using Ih¢ ¢ff¢¢iivt inleTesl method. BDrrowing5 luierc$i-bcaring bom>wi￿£S are inits.ally rccorded at fair value. ner of trallsaciion ￿Sts. I￿leTeS¢-be8rillg bottowings 5ubsequettily eaffied at amortis¢d cosi, with ihe difftr¢nce between the PTocceds, rtct ol Iransadion ¢os*s. 3nd the aTnount due on r¢demptiOn being rccognised as a ¢harg¢ io tk Stat¢ment of Financial ActivitJe8 OV¢T th¢ peTiod of the relevaDi borrowin¥. Interest cxpcnst 15 recognis&l on the basis of the eff¢¢fj've ijyter¢si method aDd is includcd in in¢¢T¢SL paythle and similar charges. Borrowings ar¢ ¢1gssifJed as cujreni liabilities un1¢5s th¢ chsrily has an uncondiiional rbghi tu delcr seitlemenl of the liabiliry for at l¢ast twclvc mDnth$ aller the report￿g datc. Pa8e 11 Able 2 Achieve Trust LRmited Notes Iffv the Financial Statements for the Ye*r Ended 31 March 2024 For¢iin exthange Tran5atlions in for¢ign Cu￿entit5 arc Tccorded at the ratc of ¢x¢hange at the dat¢ of the Iransadion. Monetary asscls and liabilitl¢B denoTt)sn2ied in for¢igJJ ¢U￿ncle5 ai the balarhce $he¢t dgte are rtponcd at th¢ rates of exchang¢ PT¢vailing at that date. The results of overseas Iy¢rations ure translated ar the aveTagc rates of exchange durtttg the period and their balance sheets al the Tgt¢s rlllirtg ai ihc bolanct sheet dal¢. Exrhunge differences aTysing on translatiotL of Ihc opcning n¢t asseis and r¢sult$ of oversea5 op¢raiions ar¢ reported irt oihcr COTnprehensive in¢OTt* 8nd ccumulat¢d irt equiiy latlributed to non-ci>ntrolling inter¢slB ys appTopriate). Other exchunEe differences ar¢ recognised in thc Statement of Financial Activiti¢5 in the J)criod in whi¢h they atise e%c¢pt for". l) exchang¢ differences on transactions ¢nter¢d into to hedgc c¢rt8in foTei8n currency risks (see above).. 2) exchaJJg¢ differences arisiDg UIL 8aLnS or loss￿ OJJ mon-montlary items which ar¢ retoBLised in oiher comprehen5iV¢ thtome. and 3) iti the ca5¢ of tbe consolidaied financial stat¢m¢nt%, txch*Jgc diff¢reDe¢s on monetsry ii¢ms receivable from OT payable to g fOttl￿ opcration for which senl¢m¢nl is neither pl&nn¢d nor likely 10 occur {thcrefore forming part of the n¢1 inv¢simeni in the forei￿ operation), whi¢h ore recogDi$td itt other compr¢h¢nsive incom¢ ¥nd r¢ported undcr CqUTty. Fwtsd $tructur¢ UnT¢$tri¢tcd incorn¢ fuThd8 are general funds that arc available fer u8e at thc tru5t¢¢$ discreiion in fijnberance of the objectives of th¢ rharily. Fin*n¢ixl Instrurntllts Cla￿1￿1¢￿¢{0 Financial assets and fiDan¢ial liabilities ar¢ reco￿)15¢d when the charity b￿rneS a paty to th¢ ¢ontractual provisiorJ5 of the insirum¢lll. Fin4)ncial liabiliiics and ¢qllity iNsmimcnt$ are classified a¢rording to the wbsianc¢ of the contractsal Trangcm¢nts e]]ier¢d into. An ¢qviiy instrumerjt is any conirgcl ihat evjdenccs a rcsidual interest in ihe assets of th¢ cb8rity afterdeducling all of its liabilities. Pag¢ 12 Ablè 2 Aehleve Trust Limfited IYote5 to the Financial Statements for the Year Ended 31 M#rth 2024 All financial 95s¢ls gnd liabiliiie5 are iniiially mea8ur¢d 01 iratt$a¢iion pri¢e lin¢luding transaction Ca￿S). except for those financial assets classified as at fair value through profrt or loss, which aT¢ initially measured at fair value (which is norn)ally the iran5aciion price excluding Ir41nsa¢tion c05¢5), unl¢s5 th¢ 4Trangemcnl consliiutes a fjnancing Iran&2Ction. If an arrang¢menl conslilules a fJ]Jancing tranwtioN the finan¢i#l 8s5el or f￿ancial liability is measured at the present value of the fvtur¢ p¥ym¢nt% discounted at a market rai¢ of intcrest for a similar debi instrument. Financial assets and liabilities are only offsei iti ihe siaiemenl of fiDancig1 position when, and ollly when there Cxisis a Icgally ¢nfor¢¢ablc 10 sel off the rccognised amounts and th¢ charity iniends eiiher 10 seide a net basis. or ro rcalisc ihe asset and setiie the liability simultaneously. Firtancial assets are deretognised when and only whcn a) the conlrattual r]ght$ to thc ￿5h flows fram the financial assei expire or are settled, b) th¢ rharity tr4n5fcrs to another party substantially all of the ri$k$ #nd waids of owncr5hip of th¢ fiD&ncial asset, or c) th¢ ch8Tily. dcspitt having TeiaiNed 50]ne, bul not all, significant risks at)d rewards of ownership? ha$ transf¢rr¢d wntrol of the asscl to another pany. Finan¢ial liabiliti¢s ore d¢r￿Ognis¢d onty the obligation 8pectfied in the ¢ontra¢i is disrharged, cancellcd or expires. Pa8e 13 Able 2 Achieve Trust Limited Notes to the Finan¢7al Statements for the Year Ended 31 Mareh 2024 D¢bi inslrurn¢Dts which meci the following ¢onditions are subsequently measur￿1 ai aM(￿ls¢d c051 using th¢ cff￿ti￿ inl¢rcst ]n¢thiKJ.. (al The tontrd¢ludl rC￿rn to the holder is {i} a fixed amollnt,. {ii) a positiv¢ fixed rat¢ or a positive v3ri*ble rite. or liiil a combination of a positive or A n¢gaiive fiKed rat¢ Jnd o posiiivc vartable rate. Ib} Thc ¢ontract may provide for repaym¢nts of th¢ principal or thc return lo thc holder (but ￿th) k7 be linked lo a sin8le relevant observable index of general pric¢ l￿flation of the curret)cy in which th¢ J¢bt ill5trumcnt 15 denominated. pft)vid¢d sttth links ar¢ Trot Icverag¢d. Icl The contract may provide for a dctetminable vari3tii>n of th¢ rebjrn io the bolder during th¢ lif¢ of ihe n8￿Mcn1, provided that li) Ih¢ n¢w rate $at15fi¢s coj)dition l&) and the variation is not contingtnl on fulure events other than11) a ¢hang¢ of a Gontr¥rtual variable rate'121 lo proteci the holder against ￿¢41t deterioration of thc i58uer'13} changes levies applied by a central bank or arising Irom changes In r¢l¢vant taxation Dr law.. or lill the Dew rate is a market raie of int¢r¢st ond 5ati5fi¢s rondition {al. (d) There is no contracwal provision th￿ ¢ould, by its tern￿, result in the holder losing the Principal amount or arty ittteresi attributsble to the rurrnt pcriod or ptior p¢ricd (e) Coniracthal provisiens that pemiil the i$su¢r lo pr¢pay a debt iDstrument or pern)tt the hold¢r lo pui il back io (he issuer before ma)Jrity are not contiJJg¢nt on tutur¢ ¢vcnts, other than 10 pr￿¢¢1 the hulder 28ainsl the cKdil deterioration of the issuer Dt a chang¢ in ¢ontrol of the i5sucr, OF io protect Ihe holder OT i&wer against chws in l¢vi¢s applied by a central bank or arising from changes in relevant iaxatiort or law. {0 Contractual provisions ￿LY pernjit th¢ ¢xl¢nsion ofthe lemi of ihe debt instrumen4 provided thai rhe remm to the holder any oth¢r ci>ntsactual provisions appliceble during the extended l¢nn satisfy the ¢ondition8 of para8raphs (al 10 (c). D¢bi y115t￿M¢￿t$ Ihal ar¢ Classified as payfjble or receivible wthin one Y¢￿ on iniiial rccognitiort ttrtd which m¢¢t the above conditions are measured at Ihc undiscounied att)ount of the cash or other Consideraliot) ¢xp¢¢*d to b¢ paid or recei￿d, net of impairnienr. With the ¢x¢eption of 50mc hedging instrurncDls. other debi instruments niA m¢¢ling these conditions are m¢asuTed at fair valu¢ through profji or loss. Commitments 10 m&ke and receive loans which mttt the conditions mentioned above are mthsurcd al ¢osl (which may be nil) less impaiJyn¢nL Inveslmemrs Invegtsn¢nt¥ ith nonrfonv¢rtiThl¢ preference Shares and non-puttable ordinary or prefcTen¢c shares (whLYe shares are publicly tra(kd or their fair value i% reliably m¢asurnble) are measured at f¥ir value rhrough profti or loss. ere fair VAllle caTmoi b¢ m¢8sured reliably. ijjvcstrnents are mcasured ai cost 1¢$$ impairni¢nL Investments in 6vbsidiaries and associa1¢5 aTe m¢asuTed at C05t less itnpairnient. For investmettih io $ubsidi8ri¢s acquiT¢d for ¢onsid¢ralion including the issue of shtsres qualifying for m¢Tger rclief, cost is M&￿￿red by reference to ihe norninal value of ihe shares issued plus fair vllIue of Oth￿ consideration. Any premium ts igThor¢4. Pa8e14 Able 2 Achieve Trust Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Thc charity u5e5 d¢iivaiiv¢ financial instrurn¢nis 10 redutt expostjre 10 foreign exclullg¢ risk and inlwc5t rate movem¢nts. The charÈry does not hold or issuc derivativt fJt)atKial ltt$truTr￿1ts for speculatiY¢ Pur￿)Se$. Dcrivatives are initially recognised ai fair valuc at the datc a derivxtive coniracl is entered into and are sub8equent]y remeasur¢d to th¢iT fgir value at each reporting d8t¢. The rcwltin8 8aitt or loss is recogniged in sialemeni of rtttancial activitie$ imrnediatety unless the deTtvalive is designa¢￿ and ¢ffective as a hedgtng instrumet)L in whith ¢v¢nt th¢ timiDg of ihe reco8nition in stst¢mcnt of fthancial activities depends on the aiure of Ihc hcd8c Tclotion5hip. FA¥r v4lMe The besl cvid¢nc¢ of fair value is a quoted price for an ideJJiical asset ID an active market. Whets quotd price% are unavailable. the price of a re¢¢nt trgnsoction for an identical asset provides evidence of f4ir va]ue as long as Ihere bos noi been a SiBnifJcartt th#ng¢ in economic LvcuTr51ances or a signifitatLt 18psc of iiTn¢ since the transaetion took place. If the nMrket is not active and recent transa£iions of an ideniical ass¢t on th¢it own are not ll good estimate olfait vulue, the fair valu¢ is esiimaied by tssing a valuation iechrtiquc. J Income from doDgtlons and legacles Unr¢sirlcted ftsnd Gtntr*J Total funds Grant& including c4pilal grinls,. Grarlts from other chariries Regular Eiving ond Capital donations 2,278 2278 39.734 Totil for 2024 42,012 Total f•r 202J 4 1ntom¢ fr•m oth¢r tnding *¢tivities Unrtstrideil f￿nd$ General Ttstul fuods Trading income., Sal¢s aDd s¢rvice5 Sponsorship income 169,420 170.220 169.420 170 Total for 2024 339 640 339.640 Total for 2023 316690 Page 15 Able 2 Achieve Trust Limited Notes to the Fingncial Statements for the Year EDded 31 March 2024 5 Other IAcome Unrestri¢tEd Tot runds GtDer*l R¢ntsl income 36.432 Total for 2024 TotAI for 2023 6 Expeodlturt r8ising funds Costs of ¢r#dlng attSvltles u￿r￿rEtt¢d Totsl fvJLd$ G¢n¢r Note Cosis of goodg sold D¢pr¢¢iation. ?rnortisation and other similgr costs Other dir¢¢l cosls of activities for generatiThg funds 2.855 674 243,731 2.855 674 243.731 Tot#1 for 2024 247260 247,260 Total for 2023 279,471 279471 Total costs 7 Staff toslj The asgt¢golc payroll costs w¢r¢ a5 follows.. 2024 2023 Stlff toit$ durlng the year were: Wages and salyrie5 Other staff costs 164.006 864 164.870 170,n2 1.246 171.978 The mottihly average tjumber of p¢rsons (including scnior managern¢nl I Irad¢rship Ic¥m} ¢mploytd by th¢ ¢Jwily ￿￿]ll8 Ihe year expressed as full time equival¢nts Wa$ os follows". 21)24 2023 Number of staff 20 21 Page 16 Able 2 Aehieve Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 612023 - 61 of the above ¢mploycts participated ift the D¢fin¢d Contribut?on Pension Schemes. Contributions lo the ¢tnploy¢e pension schemes for lh¢ y¢•r lolalled £2.855 (2023- £2.803). 8 T#x8tioD The charity i$ & r¢gistcred ch&rity and is th¢refor¢ excmpl ftom laxation. g Intangibk (Ixed 8$8tts Coothvi]I Total Cost At l April 2023 5.000 5.Ix)O Ai 31 Mlrth 2024 5.000 5,000 Amortisalfion Charg¢ for th¢ year 500 51M> At 31 M2rch 2024 5QO 51x1 Net book val At 31 March 2024 4,500 At 3R March 2023 10 T*ntfible flltd ajstts Land and buildings FyrniluTe and equipmtllt Mot•r vthicIts Total Coit At l April 2023 8,027 1.573 500 10.100 At 31 March 2024 573 500 10,100 DepTtciatiors At l April 2023 Charge for the year At 31 March 2024 8.027 1,051 174 500 9,578 174 500 Net book vllye Al 31 2024 348 348 At 31 March 2023 522 522 Page 17 Includtd within the net book value of land and buildin8s abow and buildings and £Nil {2023 £Ni4 in respect of leas¢hoJds. Page17 Included wthin th¢ net book valuc of land a￿1 buildings alyive is £Nil {2023 - £Nill in respccl of fiethold land and buildings and £Nil {2023- £Nil) in respect of leaseholds. Pag¢ 17 Able 2 Achieve Trust Limited Notes lo the Financial St#temehts for the Year Ended 3] March 2024 11 Sto£k 2024 2023 Sto¢ks 830 6.469 12 Debton 2024 2023 Trdde debtors Prepaym¢nts Other d¢btors 167.740 10.501 96.548 274 789 120289 2.874 80,004 203 167 13 Casb and fgsh equiYthDtS 2024 20Z3 Cash at bonk 14 Credfitors: amount5 fallkng dDe wltknin year 2024 2023 Trade ¢rtditor5 h¢r taxation ?nd social sccutily (hhcr crediiors A¢GTua]s 281,029 2.249 218.948 T.549 (21 2.800 287.194 15 CommitrneDt$ Other finattd•l ¢oTrrnitm¢mts Rcnt payable under leasc5 for pr¢rni5es. The toral amount of other fJ]bart¢ial commitments not provided in thc finanrial statements wa5 £229.36212023 - £296,712). 16 Balante at I AprAI 2023 Resourtts ¢ypendtd resour¢ Mar¢b 2024 U4r¢strl¢ted fvnds G¢Deral 259 418084 1420.400 2,057 Pa8e 18 Able 2 Achieve Trust Limited Notes to the Financial Siatement5 for the Year Ended 31 March 2024 Balance at I April 2022 Resourcej expended BAIAnte at 3] Mxtth 2023 resource5 Unrtstrltttd Oencral 40,492 419295 459.526 261 17 Rel&ted party tran3artiotts DuTill8 the ycaT the chariry rnade the following Telated p8ry transactions.. Able 2 Athkve Llmite41 {IThe sole mcmber of the ¢hariry is a limitcd ctsmp&ny. Able 2 Achi¢v¢ Lxtnitedl } DonatlOn5 or £30.105 {£42,664) and rent of £17,625 (2023 £13.200) were reeeivcd from Abl¢ 2 Achieve Limited dunttg the y¢Br. Al Ihe bHloYJce sheet date th¢ amount due to Abl¢ 2 Aebieve Limiicd was £7,92112023 - £48.412). Page19 Able 2 A¢hieve Trust Limited DetAiled S¢#tement of Fin4n¢lal Acti￿tIeS for the Year Ended 31 March 2024 Totsl 2024 To¢91 2023 Jncome and Endowm¢nts Iro￿. Donatjons and legacies {an)lysed below) Oth¢r trrtdirtg aciiviiies laDalysed below) Other incomc1o*alysed bclow) 42,012 339.640 36,432 63.832 316,690 38.773 Totsl in¢ome 418084 419.295 Expendlture oll.. R&ising funds {analyscd below) Ch8niabl¢ ¥divities lanaJys¢d btlow) 1419,536) -_@64 420 400 1458280) 1.246 Totsl expenditllre 459 526 N¢l