Charty numb•r: 1175317 STEEL WARRIORS UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
STEEL WARRIORS CONTENTS Page Reference and administrative details of the charlty. its trv¥tsos and advlsers Trustees, report Indopendent examlner's report Statement of financial activities Balance shogt Notes to the flnanclal statements 9-16
STEEL WARRIORS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Benedict Wintour Harry Edwards Simon Garner Simone Ming Shakade Khan Kelly Harrison Charlty reglstergd number 1175317 Prlnclpal office 31 Fullerton Road, London, SW18 18U Accountants Cllfford Fry & Co LLP, Sl Ma$ House, Netherhamplon, Salisbury, Witshire, SP2 8PU Page 1
STEEL WARRIORS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together wf(h the financial slalemenls of the charity for the 1 January 2024 to 31 December 2024. Objectives and A¢livities •. Pollcles and oblectlves steel WarTiors believe that young lives should be built on steel, not destroyed by it. We are a unique and innovative sport for good charty. the only one in the UK lo mef( down serzed knives, tuming the steel into outdoor gyms. Using the growing sport of ¢alisthenics, we transform the lives of young people affected by crime, violence and social exclusion, giving them the skills and confidence they need to create posrtive future5. Our vision is to build a UK-wide network of gyms that not only empower young people to realise Iheii passions and pursue their goals, but also fosters stronger, closer and more loving commurbilie$. Achlevements and p¢rformance . Review of activitiOS Steel Warriors continued lo build on our unique and impactful approach in 2024, recwiting a new Chief Executive Officer and growing our slaff team. In September 2024, we officially launched our partnership with GYMSha and opened our first pop-up indoor gym at their flagship Regent Street store. We also began selling our co-branded merchandise Ihrou9h our website lo generate unreslrided income for the charty. In November 2024, we opened our fourth London ouldoof gym on the Carpenters Estate in Newham, bringing the lolal number of public outdoor gyTns tr) four (alongside Ruskin Park, Finsbury Park and Langdon Park}, along with our gym in HMP Brixton. We significanlty expanded our programmes, now offering.. Weekly Community Classes a¢¢e$5ible to all at all our public gyms Targeted weekly sessions for specific groups, for example teenagers or gids and young women A 10-week in-school programme for students aged 13 to 18 A week-long 'Get Started with Heah and Fitness. employability course, in partnership with The King's Trust, for 16 to 25 year olds who are not in employment, education or training 1..1 mentoring and youth leadeT5hip programme We also marked the year wlth several high-profile communty events, reinforcing our aim lo unite and empower communities through fitness and shared purpose. The year also invofved vitsl internal development. S19el Warriors iniliata new systems for.. Business planning Team structure, clearer roles and professional development plans Fundraising, with progress on diversrfying income streams Operational procedures, setting the stage for future scal8 This foundational work is essential lo ensuring we are impact-driven, compliant and slralegically aligned for fvlure growth. Vve continue to improve our abilty to demonstrate and articulate our impact. Page 2
STEEL WARRIORS TRUSTEES. REPORT lcontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2024 A survey of Young People attending ourtargeled inlervenlK)ns showed.. 940A learned something new 73°h feel physically stronger 73QA feel better about themsefves 630h feel MO optimistic about the future 760h are building stronger relationships wrth adutts A teacher al Haringey Learning Partnership said-. "l just wanted to say how hugety influential and dramatic the change I've seen in some of the young people we've been worf(ing with. The buy-in from the students has been fantastic, the coaches have been unbelievablg. A survey of our Community Class participants showed.. IOOV/o experienced improved mental and physical wellbeing 950h feit better able to achieve goals and reer objectives One regular attendee said.. I moved here and was feeling lonely and isolated. when I found Steel Warriors I was so thankfull I feel part of the community with a shared interest in wellbeing. It has definitely improved my mental health and overall wellbeing in such a big way.. Financial rgvlow . Go5ng concgm After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence lor the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial statemen15. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. Structurei governaTrce and management . Constitution The charity was incorporated on 24 October 2017 and commenced trading on that date. There have been no changes in the objectives since the last annual report. b. Method of appointmènt or election of Trustees The management of the charity is the responsibility of the Trustees who are eleded and ¢o-OPted under the terms of the Trust deed. c. Organlsatlonal structure and decision making The Board of Trustees Benedict Winlour, Steel Warriors Co-founder Harry Edwards. Chair Simon Garner Simone Ming Shakade Khan Kdty Harrison Page 3
STEEL WARRIORS TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Our trustees have a varied experience in legal, PR and mart(eling, fundraising, ¢alislhenics, and construction. New trustees will be recruited in 2025 wf(h expertise in financial management, safeguarding and HR. Candidates will be inleNiewed by the Chair and al least one other Trustee. A bespoke induction and training package will be delivered overseen by the Chair and CEO. including attending community classes and meeting team member5. Tiuslees discuss and approve the pay and remuneration of the staff each year. d. Rlsk management Prlnci l Risks and Uncertaintios Steel Warriors operates in a complex environment with several internal and extemal risk5. This year w8 introduced strengthened approach lo risk idenlificalion and management, maintsining a cornprehensive risk register and proactively manage risks through oversight by the Board and Leadership Team. The trustees have considered key risks in relation lo governance. finance, workforce, delNery of services and environmental factors. A key risk faced by Steel Warriors includes uncertainty in the funding environment, particularly in relation to unrestricted and mulli-year funding. In response lo this, the organisalion reciuiled staff experienced in fundraising and moved lo diversify income slrearns. including through a wider range of trusts and frjundations, and corporate supporters and collaborations. Plans for future perlods Future developments- plans for 2025 The Board approved a comprehensive business plan for 2025, which lays the groundwork for a five-year strategy from 2026. 11 focuses on strengthening our core infraslrudure. delivery model, and impact measurement. We aim to.. further diversify and strengthen income generatK)n, includlng individual giving develop our collaboration with Gymshark, the international gym clothing brand - prowde a broader range of programmes and year-round delivery support 800 young people through our targeted inlervenlions establish a youth voice group develop and implement a scalable prison-based programme promote our interventions with young people on social media secure three new gym 511es in London intr¢xluce a strategic approach lo marketing and communications strengthen ways lo measule our impa provide ¢areer development for all staff recruit new trustees with skills in finance, safeguarding and HR These priorf(ies align wrth our charrtable oth'ectives and reaffirm our mission to help young people alise their potential through fitness, community and opportunty. This report was approved by the Trustees, on 02110125 and signed on thr bohalf by.. Ben Wintour Bon Wintour Page 4
STEEL WARRIORS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examinerfs report to the Trusteès of Steel Warrlors (the'charity'l I report lo the charty Trustees on my examination of the accounts of the charity foi the year ended 31 December 2024. This report is made solely lo the ¢harity's Trustees, as a body, in aceordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charity's Trustees those matters l am required to slate to them in an Independent examiner's rèport and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the charity and the charity's Trustees as a body. for my work or for this report. R8sponslbllltl&s and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 20111'the 2011 AcY}. I report in respect of my examinatn of the charty's accounts carried out under section 145 of the 2011 Act and in carrying out my 9xaminalion I have foll¢)wed all the applicable Directions given by the Charity Commission under sedion 145{5llbl of the 2011 Act. Indgpgndent examlner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of lenter body here), which is one of the listed bodies. Your attention is drawn lo the fad that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Pracliee applicable to ch8rilies preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} in preference to the Accounting and Reporting by Charities.. Slalement of Recommended Practice Issued on 1 April 2005 which is referred lo in the extant regulations but has been wthdrawn. l understand that this has been done in order for the accounts to provide a tDJe and fair view in accordance wf(h the Generalty Accepted Accounting Practice effedive for reporting periods beginning on or after 1 January 201 S. I have completed my examination. I can confirm that no matters have come to my attention in connection wrth the examination giving me cause lo believe that in any material re$p8cl'. accounting records were not kept in respect of the charity as required by sectiorÈ 130 of the 2011 Act., or the accounts do not accord wf(h those records.. or the accounts do not comply wlh the applicable requirements conceming the forrn and content of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter Considered as part of an independent examination. P8ge 5
STEEL WARRIORS INDEPENDENT EXAMINER'S REPORT {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed.. Dated.. Cdick3 Erica Parker FCCA Cllfford Fry & Co LLP Sl Mary's House Nelhethamplon SiSbury Willshi SP2 8PU Page 6
STEEL WARRIORS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unro$lrlcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Other trading activtties 157,042 3.753 113,012 270.054 3.7S3 132,443 Total incoma 160.795 113.012 273,807 132,443 Expenditure on: Raising funds.. Voluntary income Charitable activities.. Operational support Charitable activi(ies Other charitable actDlrties 11,915 11.91S 3,651 19,345 111,145 19,345 196,157 61,425 48,696 18,763 85,012 Total expgndlturo 142,405 85.012 227.417 130.535 Net income before other re¢ognised gains and losses Net movement In funds 18,390 18,390 28,000 28,000 46,390 46,390 1,908 1,908 Reconciliation of funds: Total funds brought forward 36.461 36,461 34,553 Total funds carrled forward 54,851 28.000 82,851 36,461 The notes on page5 9 10 16 form part of these finanetal sL*ements. Page 7
STEEL WARRIORS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Curient assets Cash at bank and in hand 87.619 38,261 Creditors: amounts falling due wi(hin one year 12 {4,768) 11.8001 Net curr&nt assets 82,851 36,461 Net assets 82.851 36.461 Charlty Funds Reslricled funds Unrestricted funds 13 13 28.000 54,851 36,461 Total fund$ 82,851 36,461 The firk2ncial ststements were approved by the Trustees on 02110125 and signed on their behalf, by.. Ben Wintour The notes on pages 9 to 16 form part of these financhil slalements. Page 8
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles 1.1 Basls of pr8paratlon of flnanclal statements The financial statements have been prepared lo give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulah'ons 2008 only to the extent required to provide a Irue and fairf view. This departure has involved foll¢)wing the Charsties SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Pwlic& effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention wrth items recogni5ed al cost or transaction value unless otherwise slated in the relevant notes lo these accounts. The financial statements have been p¥epared in accordance wf(h the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 ju 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charrties Act 2011. Steel Warriors conslilthes a public benefrt entity as (kfined by FRS 102. 12 Incomo All income is recognised once the charity has entitlement to the income. il is probable that the income will be receThied and the anUnt of income receiva)le can be measured reliabty. 1.3 Expondituro Expenditure is recognised once Ih8re is a legal or constructive obligatson to transfer economic benefit lo a third paty, rt is probable that a transfer of economic benefi15 will be required in settlement and the amount of the obligation ean be measured reliably. Expenditure is classrfied by activity. The costs of each aclivty a made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activty. Direet costs attributable to a single activity are allocated direct to that activity. Shad costs which contribute lo more than one activity and support cost5 which are not attributable lo a single activity are apportioned beiween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreci81ion charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on th8 objects of the charty and include prtsjecl management carried out at Headquarters. Govemance costs are those incurred in connection w((h administration of the charity and compliance with constitutional and statutory requirements. Costs of generating funds are costs Incurred in attrlIng voluntary income, and those incurred in Ir&Jing actsvf(ies that raise lunds. Charitable activities and Govgrnance Costs are costs incurred on the charitys operations, including support costs and wsls relating lo the govemance of the charty apportioned to Charitable aclivilies. 1.4 Tanglble fixed assets and depreciatlon Tangible fixed assets ar& carried at cost, nel of depreciation and any provision for impaimenl. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their eslimaled residual value, over their expected useful lives on the following bases.. Office equipment 250A Straight line Page 9
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 1.5 Interest receivable Interest on ftjnds held on deposit is included when re1vable and the amount can be measured reliably by the charity.. this is nomially upon noliftstion 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 temi highly liquid investments with a short malurty of three months or less from the dale of acquisf(ion or opening of the doposil or similar account. 1.7 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a resurt of a past event, rt is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be eslimaled reliably. Liabilit9 a recognised al the amount that the charity anticipates it will pay lo settle the debt or the amount il has received as advanced payrnenls for the goods or services it rnusl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Vvhere the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted al the pre-tax discount rate that reflects the risks spe¢ifi¢ to the liabilty. The unwinding of the discount Is recognised within interest payable and similar charges. 1.8 Financial instrnmonts The charity only has financial 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 wf(h the exception of bank loans which are subsequently meaSud al amortised cost using the effective interest method. 1.9 Ponsion$ The charty operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 1.10 Fund accounting General funds aTe unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purpose5. Restricleil funds are lund5 Ythtch are lo be used in accordance with specific reslriclions 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 spe¢rfic fund. The aim and u$9 of each restrided fund is set out in the notes lo the financial statements. Page 10
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and grants Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Totsl fund5 2023 Donations Grants Corporate 91,542 55,500 10.IXIO 91,542 153,512 25,000 74,443 28,000 30,000 98,012 1 S,000 Total donations and grants 157,042 113,012 270.054 132.443 Total 2023 132,443 132,443 Tradlng actlvltl•s Unrestricted Restrictod funds funds 2024 2024 Total funds 2024 Total funds 2023 Charity trading incom Chanty trading income 3,753 3,753 Nel ineome from trading activf(ies 3,753 3,753 Direct costs Total 2024 Total 2023 Activities Sessional coaches New gym build Rent and storage Wages and salaries National insurance Pension cost 89,663 7.070 6.493 73,278 1,859 913 89,563 7,070 6,493 73,278 1,859 913 41,881 6,815 179,176 179.176 48.696 Total 2023 48,696 48,696 Page11
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs Total 2024 Total 2023 Aetivities Administration ComputeT and IT costs Travel Operational support Depreciation 9,679 414 2,111 19.345 9.679 414 2,111 19.345 7,988 2,240 1.899 61.425 619 31,549 31.549 74,171 Total 2023 74,171 74,171 Govemance ¢o$ts Unrgstrfcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Independent examination 4,777 4,777 4.017 Analysis of Expendltura by expendlture type Staff costs Depreciation Other Costs 2024 2024 2024 Total 2024 Total 2023 Expenditure on raising voluntary income 11,915 11,915 3.651 Costs of ralslng fund$ 11.916 11,915 3.651 Direct costs Expenditure on governance 76.050 134.675 210,725 4,777 122,867 4,017 76.OSO 151.367 227.417 130,535 Total 2023 619 129,916 130.535 Page 12
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Net Incomellexpendlture This Is slated after charglng.. 2024 2023 Depreciation of tangible f*xed assets.. - owned by the charty 619 Accountants. rernuneration 2024 2023 Accounlanls, remuneration 1,890 1.800 10. Staff costs Staff eosls were as follows.. 2024 2023 Wages and salaries Social security Costs Other pension costs 73,278 1,859 913 76.050 The average number of persons employed by the tharty during the year was as follows.. 2024 No. 2023 No employee received remuneration amounting lo more than £60,000 in either yeaT. Page 13
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tangible flxed assets Office equipment Cost At 1 January 2024 and 31 December 2024 2.476 Dopreclatlon Al 1 January 2024 and 31 December 2024 2,476 Net book value Al 31 December 2024 At 31 December 2023 12. Creditors: Amounts falllng due within one year 2024 2023 Other creditors Accruals and deferrèd income 378 4.390 1,800 4,768 1,800 13. Statement offunds Statement of funds- current year Balance at 31 December 2024 Balan at 1 January 2024 Income Expenditure Unrestricted funds General Funds- all funds 36,461 160.795 1142MOSI 54,851 Restricted funds R8slricted Funds - all fund3 113,012 {85,0121 28.000 Total of funds 36,461 273,807 1227.4171 82,851 Page 14
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Ststgmont of funds {contlnuedl Statement of funds- prior year Balance al 31 December 2023 Balance at 1 January 2023 Income Expenditure General Funds- all funds 34,553 112,443 1110,5351 36,461 Restrlcted fundg Restricted Funds- all funds 20.000 {20,000) Total of funds 34.553 132,443 1130,5351 36,461 14. Analysis of not assets betW8gn funds Analysls of net assets betwèen funds - current year Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Current assets Creditors due within one year 59,619 14,7681 28,000 87,619 14,768} 54,861 28,000 82,861 Analysls of net assets betrrteen funds- prlor year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Current assets Creditors due wrthin one year 38,261 11,800) 38,261 11,8001 36,461 36,461 Page 15
STEEL WARRIORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Reconciliation of net movement In funds to net cash flow from operating activitiOS 2024 2023 Net income for the year {a$ per Statement of Financial Adiviliesl 46,390 1,908 Adjustmant for: Depreciation charges Increaselldecrease} in credi1015 619 11,3231 2,968 Net cash providod by operating activities 49,358 1,204 16. Analysls of cash and ¢ash equivalents 2024 2023 Cash in hand 87.619 38,261 Total 87,619 38,261 17. Pension ¢ommitments The charity operates a defined contributions pension seheme. The assets of the scheme are held separately from Ih05e of the charity in an independently administered fund. The pension cost charge represents Contributions payable by the charty to the fund and amounted to £913 12023 £nill. Contributions lolalling £318 12023 £nill were payable to the fund al the balance sheet date and are included in creditors. 18. Related party tran$a¢tionJ The charrty receives legal advice on a pro-bono basis from Herbert Smith Freehills LLP, of which one of the Iruslees is a partner. The adwce has been valued al £19,345 12023.. £61.4251 in these accounts. There were no other related paty trans8Ltions. The charity also paid fees lo the following trustees for calislhenic gym sessions. Simone Ming.. £6,528 12023., £5,577) and Shakade Khan.. £20,26912023-. £5,990). Page 16