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 Hea￿h 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 th￿r 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 examinat￿n 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
S￿iSbury
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 an￿Unt 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. Sha￿d 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 attr￿lIng 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 re￿1vable 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. Liabilit￿9 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 meaSu￿d 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