Charity number. 1176317 STEEL WARRIORS UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
STEEL WARRIORS CONTENTS Page Rofor•n¢g and administrative detalls of the charlty, Its trustsos and advlsers Trustees, report Independent examinerfs report statement of finan¢i41 aclivitigs Balance sheet Notes to the financial statements 9-17
STEEL WARRIORS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Truste¢$ Benedict Winlour Harry Edwards Dr Chudozie Okongwu Iresigned 1 April 20241 Simon Gamer (appointed 24 April 2023) Simone Ming lappoinled 24 April 2023} Shakade Khan lappoinled 12 April 20231 Kelly Harrison (appointed 1 May 20231 Charlty reglstered number 1175317 Prlnclpal offlce 31 Fullerton Road, London, SW18 1BU Accountants Clifford Fry & Co LLP, Sl Matys House, Netherhampton, Salisbury. SP2 8PU Page 1
STEEL WARRIORS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual pOrt together with the finanaal statements of the charity for the 1 January 2023 to 31 December 2023. Objectives and Actlvltles a. Policles and obJectlve6 We melt down knives taken off the streets and recycle the steel into outdoor community gyms. We provide young people with a free space that not only gels them talking about knife crime. but also enables them lo build the physical and mentsl Confiden to walk away from gangs and serious youth violence. Using street workout, also known as callisthenics, as a platform, we leach young people how to achieve seemingly impossible goals. We help them to unlock their talents and challenge 'the impossible,, $0 they can realise their aspirations and live the life they want. Our three pillars are.. Physical activity, health and wellbeing Personal development Community engagement Since our inception, Steel Wairiors has successfully funded and built three gyms in inner London. located in Haringey, Lambeth and Tower Hamlets. These boroughs have been impacted by high levels of knife crime. Working closely with councils, residents. education, health and youth services, each gym acts as a community hub, a safe space where people can train, hang out and build new relationships We also employ local coaches to run free, weekly training sessions, including during the summer holidays, for all ages and levels of fitness. Our vision is to build a UK-wide network of outdoor community gyms a street workout movement - that empowers young people to succeed in life and fosters stronger, safer and better-connected neighbourhoods. Our purposes are.. To help young people aged 13-24 years old by.. Providing, or assisting in the provision of facilities for, recreation or other leisure time actNilies provided in the interests of social welfare and designed lo improve quality of life., b. Providing support, activities and intervenb'on5 which develop their skills. capacities and capabilities lo enable them to participate in society as Matu and responsible individuals. To promote the prevention of crime and youth violence. in particular. bul not exclusively, by providing infomiab'on and advice lo young people on how to reach their personal goals both at our gyms and in day-to4ay life, so they can succeed in mainstream society. To provide, or assist in the provision of, facilitie5 in the interests of social welfare for CreatIon of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances wlh the obje¢l of improving their living conditions. Our strategy is lo continue lo support and invest in disadvantaged young people by-. Building further outdcrt)r community gyms in inner<ty areas impacted by knife Grime,. Rolling out the new Street Workout and Mentality Programmes online through our Steel Warriors App., Rolling out our Intervention Programme across our gyms.. Continuing to develop h)cal partnerships and nerkS to ensure our work is embedded in the communty", Page 2
STEEL WARRIORS TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 Implementing robust monitoring, measuring and leaming systems that focus on the impact of our woik,. Growing income and achieving a sustsinable business model. In shaping ouf objectives for the year and planning our aclivilies, the Trustees have considered the Charity Commission's guidance on publi¢ benefit, including the guidance 'public benefit.. running a charity (P821'. Achi8voments and perforniance . Reviow of activiligs During 2023 we commenced new relationships with corporate partners and used these generous donations to fund free-to-all calislhenics training sessions at our three gyms. Flnancial review a. Going concom After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existen for the foreseeable future. For this reason they conts'nue lo adopt the going concem basis In preparing the financial slatemenls. Further details regarding the adoption of the going concern basis ¢an be found in the Accounting Policies. Structurei governancg and management a. Constrtution The charty was incorporated on 24 October 2017 and commenced trading on Ihal date. There have been no changes in the objectives Sin the last annual report. b. Method of appointment or glection of Trustees The management of the charity is the responsibility of the Trustees who are elected and Go-opled under the lemis of the Trust deed. c. Organisatlonal structure and decision making The Board of Trustees Benedict Wintour, Steel Warriors Co-founder- supports with marketing and stakeholders. Harry Edwards, Partner. Herbert Smith Freehills- supports with legal matters. Chudozie Okongwu, Managing Director, NERA- supports with financial matters. Simon Garner- supports with fundraising experience Simone Ming - sUPPOrts with training experience Shakade Khan - supports with community experien¢e Kelty Harrison - supports with construction experience Our trustees have a varied experience in Legal, Finance, HR and PR and Marketing. There are no fomial procedures for the induction or training of trustees. Page 3
STEEL WARRIORS TRUSTEES. REPORT (continued} FOR THE YEAR ENDED 31 DECEMBER 2023 The board of trustees perforrns the administration. including financial management of Ihe charity and works with volunteers to support the manufacture and construction of the gyms. External professional servi¢e providers are engaged where necessary, including in the production of the financial stalemenls. The trustees periodically review the skills and experience of the board. Where gaps are identified, addilKsnal trustees are recruited. Trustees discuss and approve the pay and remuneration of the full-time stsff each year. This report was approved by the Trustees, on 28110r2024 and signed on their beham by.. Ben Wintour Page 4
STEEL WARRIORS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to the Trustg9s of Stoel Warrlors lthe '¢harity'l I report to the charity Trustees on my examinab'on of the accounts of the charity for the year ended 31 December 2023. This report is made solely to the charity's Trustees, as a body. in accordance wth Part 4 of the Charities IA¢counts and Reports) Regulations 2008 My work has been undertaken so that I might stste lo the charity's Trustees those matters l am required to slate lo them in an Independent examiner's report and for no other purpose To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the charitys Trustees as a body, for my work or for this report. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance wlth the requirements of the Charits'es Act 20111'the 2011 Acfl. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb} of the 2011 kl. Independent examiner's statement Your attention is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporb'ng by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally ApIed Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can 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 130 of the 2011 Ac(. or the accounts do not arLord wth those records., or 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 'tnJe and fair, view which is not a matter considered as part of an independent examinabon. Page S
STEEL WARRIORS INDEPENDENT EXAMINER'S REPORT {continuedl FOR THE YEAR ENDED 31 DECEMBER 2023 I have no concerns and have come across no other matters in connection with the examination to which attentson should be drawn in this report in order lo enabte a proper understanding of the accounts lo be reached. Signed.. Dated.. Ja, Erica Parker FCCA Cllfford Fry & Co LLP Sl MaS House Netherhamplon Salisbury SP2 8PU Page 6
STEEL WARRIORS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Noto Income from: Donations and legacies Other Irading activities 102,443 10,000 102.443 30,000 139,745 20,000 Total income 112,443 20.000 132,443 139,745 Exponditure on: Raising funds Charitable acliwlies.. Operational support Charitable acb'vities Other charitable activities 3,651 3,651 61,425 28,696 16,763 61,425 48,696 16,763 100,000 38,192 12,771 20,000 Total expendlture 110.535 20,000 130,535 150,963 N9t income I lexpendlturel before other rg¢ognised galns and losses Not movement In fund8 1,908 1,908 1,908 1,908 111,2181 111,2181 Reconcilialion of funds". Total funds brought forward 34,553 34,SS3 45,771 Total funds carried for4vard 36A61 36,461 34,553 The notes on pages 9 to 17 fom part of these financial statements. Page 7
STEEL WARRIORS BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Noto Fixed a5SOts Tangible assets Current assgts Cash at bank and in hand 10 619 38.261 37,057 Credltors: amounts falling due within one year 11 {1,8001 {3,123} Net curront assets 36,461 33,934 Net assets 36.461 34,553 Charity Funds Unreslricled funds 12 36,461 34,553 Total funds 36,461 34,553 The financial statements were approved by the Trustees on 2811012024 and sned on their behaK, by.. Ben Wlntour The notes on pages 9 10 17 form part of these financial ststemenls. Page 8
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies 1.1 Basis of preparation of flnancial $tstgmgnts The financial slalemenls have been prepared lo give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been wrf(hdrawn. The financial statements have been prepared under the hislorul cost convention wth items recognised at cost or transaction value unless otheThYise slated in the relevant notes to these accounts. The financial statements have been prepa in accordance with the Statement of Recommended Practice.. knounting and Reporting by Charities preparing their accounts in cordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011. Steel Warriors constitutes a publi¢ benefit entity as defined by FRS 102. 1.2 Income All income is recognised once the tharity has enlitlemenl lo the income, it is probable that the income wll be received and the amount of Income receivable can be measured reliably. Donated services or facilibes are recognised when the charity has control over the item, any ¢ondilions associated with the donated item have been mel, the receipt of economic benefit from the Use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time of the Friends is not recognised and refer lo the Trustees, report for more information about their contribut1. On receipt, donated professional services and donated facilities are recognised on the basis of the value of tre gift to the charity which is the amount the charity would have been willing to pay lo obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. Page 9
STEEL WARR(ORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinugdl 1.3 Expenditure Expenditure 15 recognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, il 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 classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct Costs attributable lo a single activity are allocated directly lo that acltvity. Shared costs which conlribule lo more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of bme spent, and depreciation charge5 allocated on the portion of the asset's use. Support Costs are those costs incurred direcdy in support of expenditure on the objects of the charty and include project management carried out at Headquarters. Govemance costs are those incurred in connection wth administration of the charity and compliance with constitutional and stalulory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity appO.oned lo charitable activities. 1.4 Tanglble fixed assets and deprlat10Th Tangible ftxed assets are carried at cost, net of depreciab'on and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their ests"maled residual value, over their expected useful lives on the following bases.. Office equipment 250A Straight line 1.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. thi$ is normally upon notIfatr.0n of the interest paid or payable by the Bank. 1.6 Cash at Bank and In hand Cash at bank and in hand includes cash and short lerrn highty liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 10
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles {continuedl 1.7 Llabllltle6 and provlslons Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to setue the obligab"on. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al Ihe p-taX discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar tharges. 1.8 Financial instrumonts The ¢harity only has finanGial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently rneasured at arnortised cost using the effective interest method. 1.9 Fund accounting General funds are unrestrreled funds whh are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund The aim and use of each restricted fund is set out in the notes lo the financial stalemenl$. Income from donations and legacies Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations Grants 74,443 28,000 74.443 28.000 139,745 Total donatsons and legacies 102,443 102,443 139,745 Total 2022 139.745 139,745 Page 11
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fundrals5ng Income Unrestricted funds 2023 Restrictgd fvnds 2023 Total funds 2023 Total fund5 2022 Corwrate partners 10.000 20,000 30.0(M) 10,000 20.000 30,000 Direct costs Total 2023 Total 2022 Actlvltle8 Gym programme Rent and steel related costs 41,881 6,815 41,881 6,815 40,073 3,938 48.696 48,696 44,011 Total 2022 44,011 44.011 Support ¢osts Total 2023 Total 2022 Activities Administration Computer and IT costs Travel Operational supp)rt Depreciation 7.988 2.240 1.899 61.425 619 7,988 2,240 1,899 61,425 619 3,076 757 100,000 619 74.171 74,171 104,452 Total 2022 104,452 104,452 Page12
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Governance costs Unrestricted funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Independent examinabon 4,017 4,017 2,500 Anatysls of Expendlture by exponditurg type Depre¢lation Other costs 2023 2023 Total 2023 Total 2022 Expenditure on raising voluntary incorne 3,651 3,651 Costs of ralslng funds 3,651 3.651 Direct costs Expenditure on govemance 619 122.248 4.017 122,867 4,017 148,463 2,500 619 129,916 130.535 150,963 Total 2022 619 150,344 150,963 Net Incomellexpenditure) This is staled after charging.. 2023 2022 Depreciation of tangib fixed assets: - owned by the charity 619 619 During the year, no Trustees received any remuneration12022 - £NILI. During the year, no Trustees received any benefits in kind12022 - £NILI- During the year, no Tiustees received any reimbursement of expenses12022 - £NILI. Audftorn. remun¢ratlon 2023 2022 Independent Examinerfs remuneration 1.800 1,800 Page 13
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tangible fixod assets Office equipment Cost Al 1 January 2023 and 31 DeGember2023 2,476 Depreciation At 1 January 2023 Charge for the year 1,857 619 At 31 December 2023 2,476 Net book value At 31 December2023 At 31 December 2022 619 11. Croditors: Amounts falllng due wlthin one ygar 2023 2022 Accruals and deferred income 1,800 3,123 12. Statement of funds Statsment of funds - current year Balance at 31 D¢cembgr 2023 Balance at 1 January 2023 Income Expendlture Unr¢stri¢tgd funds General Funds - all funds 34.553 112,443 1110,5351 36,461 Restrlcted funds Restricted Funds - all funds 20,000 120.000} Total of funds 34,SS3 132A43 1130,5351 36.461 Page 14
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Ststgrnent of funds Icontinuedl Statement of funds- prior year Balance at 31 December 2022 Balance al 1 January 2022 Income Expenditure General Funds - all funds 45,771 139,745 1150,9631 34,553 Rgstricted funds Total of funds 45.771 139,745 I150.3) 34,553 Summary of funds - currenl year Balance at 31 December 2023 Balance at 1 January 2023 In¢om¢ Expenditure General funds 34,553 112.443 1110,535} 36,461 Summary of funds - prlor year Balance at 31 December 2022 Balance al 1 January 2022 Income Expenditure General funds 45,771 139,745 1150,9631 34,553 Page15
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Analy858 of net assets between funds Analysis of not assets between funds - curront year Unrestricted Restricted fund8 funds 2023 2023 Total funds 2023 Current assets Creditors due within one year 38,261 (1,800 38,261 11,800) 36,461 36,461 Analysls of net assets between funds - prior year Unreslricled funds 2022 Restricted funds 2022 Total fund$ 2022 Tangible fixed assets Current assets Creditors due within one year 619 37,057 13,1231 619 37,057 13,1231 34,553 34,553 14. Reconclllatlon of net movement in funds lo net cash Ilow from operating actlvltles 2023 2022 Net incomellexpendilurel for the year las per Statement of Financial Activiliesl 1,908 111.2181 Adjustment for". Depreciation charges (Decreasellincrease in Creditors 619 11,3231 619 1,800 Net cash provlded byllusod inl operating actlvltles 1,204 (8.7991 15. Analysis of cash and cash equivalonts 2023 2022 Cash in hand 38.261 37,057 Total 38,261 37,057 Page 16
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Relatod party transactlons The charity receives legal advice on a pro-bono basis from Herbert Smith Freehills LLP, of which one of the Iruslees is a partner. The advice ha5 been valued al £61,42512022." £12,771} in these accounls.There were no other related paty transactions. The charity also paid fees to the following trustees for calisthenic gym sessions. Simone Ming.. £5,577 and Shakade Khan.. £5.990. Page 17