2021-06-30-accounts

REGISTERED CHARITY NUMBER: 1167867

Report of the Trustees and Unaudited Financial Statements for the Year Ended 30[th] June 2021

For Xcelerate

Michael J. Dodden & Co Chartered Certified Accountants 34 North Street Bridgwater Somerset TA6 3YD

Xcelerate Contents of the Financial Statements For the Year Ended 30[th] June 2021

	Page
Report to the Trustees	1 – 3
Independent Examiner’s Report	4
Statement of Financial Activities	5
Balance Sheet	6
Nots to the Financial Statements	7 – 10
Detailed Statement of Financial Activities	11

Xcelerate Report to the Trustees For the Year Ended 30[th] June 2021

The trustees present their report with the financial statements of the charity for the year ended 30th June 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The object of the Xcelerate CIO is to promote, for the benefit of the inhabitants of Somerset and the surrounding area, the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare with the aim of improving the condition of life of the said inhabitants. Our activities have so far reached out to young people of Bridgwater, the majority coming from south Bridgwater/ Hamp area.

Significant activities

A difficult year with interruption from the Covid19 pandemic. Although financially sound, the impact on the organisation was its inability to deliver projects or programs for young people due to lock downs and social distancing. The management team discussed the post Covid scene and started to compile ideas for projects to help mitigate mental health in young people. Long term projects continued, for example the planning and design for the new barn and activities center continued. There was also some grounds work that took place where possible. These activities included tree planting, fencing, and pathways. Some successes from the year were the planning permission being granted to the activities center. The contractor was immediately contacted so that construction would take place as soon as possible. We continue to work together with My Days Care and Silver Bridge School.

Additional Details of Objectives & Activities

We put special attention to children and young people to help them develop and thrive into active members of the community. Our aim is that we can give young people a future so that they love life, love to learn, and learn a work ethic. We aim to improve life skills, education, employability and enterprise. We facilitate new learning experiences with a range of different skill set required. The activities are fun, educational, recreational and social. They can be phenomena based learning or project based. They have clear goals and outcomes that can be monitored into the future. Projects often result in creations that are made as part of these exercises so that the young people have a constant reminder of the learning experience. An example of a creation would a willow statue, that stands as a reminder of a project both lessons learned and also social experience. This creates a visual lasting memory for young people.

ACHIEVEMENT AND PERFORMANCE

We are pleased to report that we have achieved the following aims and objectives: - Working together with My Days Adult Learning - an organisation for the care and education of adults. – Successfully completing a COVID safe. – Planning permission granted to new activities centre barn. Contractors instructed to commence

Page 1

Xcelerate Report to the Trustees For the Year Ended 30[th] June 2021

FINANCIAL REVIEW

A continued solid year, total income of £92,372 (2020: £101,546) is in line with expectations of our charity. Reserves of £122,173 (2020: £69,459) have been carried forward to next year. This shows the charity can maintain its overhead costs, as it is its objective to deliver as many projects as possible with the scope of funding available whilst always ensuring that can continue to operate and cover overhead costs.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Xcelerate CIO, a Charitable Incorporated Organisation, a not-for-profit Charity with limited liability, was incorporated in England & Wales on 27 June 2016 and is regulated by the Charity framework as set out by the Charity Commission.

Induction and training of new trustees

Individuals who are keen to promote and support our charitable objectives are welcome to become Trustees and help guide the organisation to give the greatest benefit for as many young people as possible.

We welcome individuals with experience or with a professional background to bring their expertise to the Board. Following successful appointment and necessary background checks and approval, new Trustees would be given formal induction into current systems, Policies, and Procedures. They would also be introduced to current volunteers and their roles and projects that are current and planned. Although we are currently a small charity we have big visions for the future. With extra support our vision can be developed and spread across the country to benefit as many people as possible.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number: 1167867

Principal address

Lower Lakes Business Retreat Straight Drove Chilton Trinity Somerset TA5 2BQ

Trustees

Mr A J Jackson Mr C M Hall Mr T H Jacobs

Independent Examiner

Michael J Dodden & Co Chartered Certified Accountants 34 North Street Bridgwater Somerset TA6 3YD

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Xcelerate

Report of the Trustees For the Year Ended 30[th] June 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors Ashfords Ashford Court Blackbrook Park Avenue Taunton TA1 2PX

Bankers

HSBC 30 High Street Weston-Super Mare BS23 1JE

Approved by order of the board of trustees on 30th March 2022 and signed on its behalf by:

Mr A J Jackson - Chair

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Xcelerate Independent examiner’s report to the trustees For the Year Ended 30[th] June 2021

Independent examiner's report to the trustees of Xcelerate

I report to the charity trustees on my examination of the accounts of Xcelerate (the Trust) for the year ended 30th June 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Michael J Dodden & Co Chartered Certified Accountants 34 North Street Bridgwater Somerset. TA6 3YD

30th March 2022

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Xcelerate

Statement of Financial Activities For the Year Ended 30[th] June 2021

2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 62,925 Charitable activities Provision of training and conservation 29,447 _ Total 92,372 EXPENDITURE ON Charitable activities 2 Provision of training and conservation 39,658 _ NET INCOME 52,714 RECONCILIATION OF FUNDS Total funds brought forward 69,459 _ TOTAL FUNDS CARRIED FORWARD 122,173 ____	2020 Total funds. £ 93,590 7,956 __ 101,546 43,746 _ 57,800 11,659 69,459 ___

The notes form part of these financial statements

Page 5

Xcelerate

Balance Sheet 30[th] June 2021

2021 Unrestricted funds £ Notes CURRENT ASSETS Debtors 4 68,350 Cash at bank 55,923 __ 124,273 CREDITORS Amounts falling due within one year 5 (2,100) _ NET CURRENT ASSETS 122,173 _ TOTAL ASSETS LESS CURRENT LIABILITIES 122,173 _ NET ASSETS 122,173 _ FUNDS 7 Unrestricted funds 122,173 _ TOTAL FUNDS 122,173 _____	2020 Total funds £ 55,060 17,568 __ 72,628 (3,169) _ 69,459 69,459 69,459 _ 69,459 _ 69,459 ____

The financial statements were approved by the Board of Trustees and authorised for issue on 30th March 2021 and were signed on its behalf by:

Mr A J Jackson - Chair

Mr C M Hall - Trustee

The notes form part of these financial statements

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Xcelerate Notes to the Financial Statements For the Year Ended 30[th] June 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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 (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared ’nder the historical cost convention‘

Financial reporting standard 102 – reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:

• the requirements of Section 7 Statement of Cash Flows.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity 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. Expenditure 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 attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within 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 purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitment s

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

continued...

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Xcelerate Notes to the Financial Statements For the Year Ended 30[th] June 2021

2. CHARITABLE ACTIVITIES COSTS

Provision of training and conservation	Direct Costs £ 38,454 ______	Support Costs £ 1,204 _____	Totals £ 39,658 _

3.TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th June 2021 nor for the year ended 30th June 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30th June 2021 nor for the year ended 30th June 2020.

4. DEBTORS

4. DEBTORS Amounts falling due within one year: Trade debtors Loan to Lower Lakes Segavas Loan Amounts falling due after more than one year: Loan to Lower Lakes Aggregate amounts	2021 £ - 11,350 2,000 _ 55,000 _ 68,350 _____	2020 £ 60 - - _ 55,000 ____
		55,060 ______

During the year ended 30 June 2021 a £55,000 loan was extended to Lower Lakes Ltd. This loan is to be repaid in full within 5 years. Interest of 5% per annum is payable.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 6) Trade creditors Accruals and deferred income	2021 £ - - 2,100 _ 2,100 ____	2020 £ 49 2,220 900 __ 3,169 ____

continued

Page 8

Xcelerate Notes to the Financial Statements For the Year Ended 30[th] June 2021

6. LOANS

An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 7. MOVEMENT IN FUNDS At 1.7.20 £ Unrestricted funds General fund 69,459 _ TOTAL FUNDS 69,459 _ Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 92,372 _ TOTAL FUNDS 92,372 _ Comparatives for movement in funds At 1.7.19 £ Unrestricted funds General fund 11,659 __ TOTAL FUNDS 11,659 _____	_	2021 £ - _ Net movement in funds £ 52,714 _ 52,714 _ Resources expended £ (39,658) _ (39,658) _ Net movement in funds £ 57,800 _ 57,800 ___	2020 £ 49 At 30.6.21 £ 122,173 __ 122,173 _ Movement in funds £ 52,714 _ 52,714 _ At 30.6.20 £ 69,459 69,459 ____

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Xcelerate Notes to the Financial Statements For the Year Ended 30[th] June 2021

7. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 101,546 __ 101,546 ____	Resources expended £ (43,746) _ (43,746) _	Movement in funds £ 57,800 __ 57,800 ____

8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30th June 2021.

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Xcelerate

Notes to the Financial Statements For the Year Ended 30[th] June 2021

INCOME AND ENDOWMENTS Donations and legacies Grants and donations Charitable activities The Business Retreat Lake hire Other income Total incoming resources EXPENDITURE Charitable activities Rent Sundries Materials purchased The Business Retreat Software costs Support costs Finance Bank charges Governance costs Independent Examiner's fees Total resources expended Net income	_	2021 £ 62,925 23,717 3,150 2,580 __ 29,447 92,372 30,000 - 8,144 138 172 38,454 4 1,200 39,658 52,714 ___	_ _	2020 £ 93,590 6,227 1,729 - __ 7,956 _ 101,546 36,500 695 3,945 1,010 240 __ 42,390 138 1,218 __ 43,746 _ 57,800 ___

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