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2025-09-30-accounts

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Charity number: 1191441

THE TRUANTS FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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THE TRUANTS FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Trustees' responsibilities statement 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 22

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THE TRUANTS FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees Roderick Smallwood, Chair
Steve Pennington, Trustee
Alan Bennie, Trustee
Michael Hole, Trustee
Thomas Baigrie, Trustee
Alexander Milas, Trustee
Adam Nicholas Tyrer, Trustee
Andrew Scott Hunns, Trustee (appointed 12 August 2025)
Rebecca Elizabeth Smallwood, Trustee (appointed 12 August 2025)
Eric Newnham, Trustee (appointed 12 August 2025)
Charity registered
number
1191441
Principal office
Matrix Studios
91 Peterborough Road
London
SW6 3BU
Accountants
SRLV Audit Limited
Chartered Accountants
Elsley Court
20-22 Great Titchfield Street
London
W1W 8BE

Page 1

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THE TRUANTS FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their annual report together with the financial statements of the Charity for the year ended 30 September 2025.

Objectives and activities

a. Policies and objectives

Charity Commision guidance on public benefi t

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The Truants as a fundraising group was formed by Chairman Rod Smallwood in 2010. The Charity became a Foundation and was registered with The Charities Commission on 23 September 2020.

b. Strategies for achieving objectives

The objectives of the Charity are to provide relief to children who are in need as a result of ill health, poverty or financial hardship and for the preservation of life and promotion of good health and welfare of people in any part of the world by the provision of financial assistance.

The objectives include but are not limited to supporting six major charities through various fundraising events including international and UK Cycle Rides, Dinner Events, Online Auctions, an Annual Golf Day and an Annual Race Day.

c. Activities undertaken to achieve objectives

In the last 12 months (from October 2024 - September 2025), several activities were undertaken by the Charity.

The Truants took on their 10th adventure across 4 countries in Africa - starting in Zambia, and cycling across borders into Namibia, Botswana and finishing on the bridge at Victoria Falls in Zimbabwe. Heat, Lions and lack of training didn’t deter our merry band of men and women from completing their task and raising money for our 4 children’s charities: Nordoff & Robbins Music Therapy, Teenage Cancer Trust, Childline and Save The Children. Following a successful end of ride dinner in April, we announced that the trip raised a total of £560,000 over the period for vulnerable young people across the world.

Heavy Metal Truants 13th ride "Ride Day The 13th" in June saw the team headed for Download Festival one more time.

The link between music and our Charity remains at the forefront of our minds and our annual online auction via the platform EMMA Live bought in £56,127 which rounded our total yearly HMT fundraising to £162,959. This was donated to our four charities in November 2025.

Due to a busy year, the Golf Day took a well deserved break, but we hope to renew the event either late 2026 or 2027.

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THE TRUANTS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Objectives and activities (continued)

d. Volunteers

The following people have volunteered their time for the digital growth of Heavy Metal Truants: Marusa Osterjek Lauran Carter (via Liquid Crimson) Toni Atonosava (via Liquid Crimson) Jason Lord (via Liquid Crimson) Linda Clinker (via Liquid Crimson)

The following people have volunteered their time for the Heavy Metal Truants Committee and HMT Auction: Dave Shackleton

Andy Hunns Helen Whittaker Richard Orr Ailsa McWilliam Graham Berry

The following people have volunteered their time for the creative Truants artwork: Stuart Crouch Matt Dixon James Isaacs

e. Main activities undertaken to further the Charity's purposes for the public benefit

The following events were held during the year ended 30 September 2025:

Heavy Metal Truants - Ride Day The 13th: from 1 June to 13 June 2025 Africa Bike Ride: from 22 March to 28 March 2025

Achievements and performance

a. Main achievements of the Charity

The Charity donations are obtained via Race Nation and general donations through Paypal, Stripe and izettle. For the year ended 30 September 2025, the Charity received the following donations:

Race Nation - £264,352 (2024 - £54,010) General donations - £249,467 (2024 - £150,028)

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THE TRUANTS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Achievements and performance (continued)

b. Fundraising

All funds obtained for any events are split between the following charities at the end of the activity year:

The Truants:

Childline/ NSPCC Nordoff Robbins Music Therapy Teenage Cancer Trust Save The Children

Heavy Metal Truants:

Save The Children Childline/ NSPCC Nordoff Robbins Music Therapy Teenage Cancer Trust All Within My Hands

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Charity has a policy of keeping enough reserves to sustain the organisation, should all external funding cease, for a period of three months.

The reserves at the end of the period were £67,010 (2024 - £316,483).

Structure, governance and management

a. Constitution

The Truants Foundation is a registered charity, number 1191441, and is constituted under a Trust Deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.

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THE TRUANTS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

In accordance with the Governing Document, the Trustees are responsible for the appointment of new Trustees.

New Trustees are appointed where they have the necessary skills to contribute to the Charity's management and development. When new Trustees are appointed, they are given an introduction to the work of the Trustees and provided with the information they need to fulfil their roles.

Induction and training of new Trustees

Trustees' responsibilities are explained to them before they accept appointment and they are given a copy of the Charity Commission's "The Essential Trustee: what you need to know, what you need to do", which they are encouraged to read. Each Trustee then provides documentation to enable them to be independently checked under UK Anti Money Laundering legislation.

Organisational structure

The management committee is made up of: The management committee is made up of:
Roderick Smallwood Chairman
Alexander Milas Trustee
Michael Hole Trustee
Thomas Baigrie Trustee
Alan Bennie Trustee
Steve Pennington Trustee
Andrew Scott Hunns Trustee
Rebecca Smallwood Trustee
Eric Newnham Trustee
Adam Nicholas Tyrer Trustee
The senior management team is made up of:
Helen Curl Charity secretary/Head of Operations
Charles Bradbrook Accountant

Trustee Support

The Truants Foundation has a board of Trustees that give their time freely for board duties.

Management Support

As from January 2023, the Trustees have approved the payment of £30,000 per annum, inclusive of VAT, to Phantom Music Management Ltd for the services of Helen Curl as head of operations. She will officially spend 2.5 days of her working week on duties for The Truants Foundation.

Services will be paid for as £7,500 per quarter totalling £30,000 per annum.

Any expenditure that she deals with over £500 will continue to be approved by at least two Trustees.

d. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

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THE TRUANTS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Structure, governance and management (continued)

The Charity does not have any challenges or issues seeking to tackle its activities.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Approved by order of the members of the board of Trustees on 28 July 2026 and signed on their behalf by:

Roderick Smallwood Chairman

Steve Pennington Trustee

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THE TRUANTS FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 28 July 2026 and signed on its behalf by:

Roderick Smallwood Chairman

Steve Pennington Trustee

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THE TRUANTS FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

Independent examiner's report to the Trustees of The Truants Foundation ('the Charity')

I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2025.

Responsibilities and basis of report

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

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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.

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THE TRUANTS FOUNDATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to 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 to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Richard Gilbert

For and on behalf of

SRLV Audit Limited

Chartered Accountants Elsley Court 20-22 Great Titchfield Street London W1W 8BE

28 July 2026

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THE TRUANTS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income from:
Donations and legacies
3
Activities for generating funds
3
Total income
Expenditure on:
Raising funds
Charitable activities
5
Other expenditure
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
513,819
83,289
597,108
24,205
768,739
53,637
846,581
(249,473)
316,483
(249,473)
67,010		 Total
funds
2025
£
513,819
83,289
597,108
24,205
768,739
53,637
846,581
(249,473)
316,483
(249,473)
67,010		 Total
funds
2024
£
204,038
166,185
370,223
74,902
159,600
55,401
289,903
80,320
236,163
80,320
316,483

The statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 13 to 22 form part of these financial statements.

Page 10

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THE TRUANTS FOUNDATION

BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
17
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Unrestricted funds
14
Total funds		 2,572
127,748
130,320
(63,311)		 2025
£
1
1
67,009
67,010
67,010
67,010
67,010		 16,245
350,729
366,974
(50,492)		 2024
£
1
1
316,482
316,483
316,483
316,483
316,483

The financial statements were approved and authorised for issue by the Trustees on 28 July 2026 and signed on their behalf by:

Roderick Smallwood Chairman

Steve Pennington Trustee

The notes on pages 13 to 22 form part of these financial statements.

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THE TRUANTS FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Cash flows from operating activities
Net cash (used in)/generated from operating activities
16
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
17
The notes on pages 13 to 22 form part of these financial statements		 2025
£
(222,981)
(222,981)
350,729
127,748		 2024
£
119,101
119,101
231,628
350,729

Page 12

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. General information

The principal objectives of the Charity are to provide relief to children who are in need as a result of ill health, poverty or financial hardship and for the preservation of life and promotion of the good health and welfare of people in any part of the world by the provision of financial assistance.

The Truants Foundation is a Charitable Incorporated Organisation (CIO), with charity registration number 1191441. The address of the principal office of the Charity is Matrix Studios, 91 Peterborough Road, London, SW6 3BU.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Truants Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Charity's functional and presentational currency is pound sterling.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.4 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at 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.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Fund accounting

General funds are unrestricted funds which 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.

3. Income from donations

Donations
Donations		 Unrestricted
funds
2025
£
513,819
Unrestricted
funds
2024
£
204,038		 Total
funds
2025
£
513,819
Total
funds
2024
£
204,038

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Income from fundraising events

Auction income
Ride fee income
Auction income
Ride fee income
Golf day income
Race day sponsorship income
Race day income		 Unrestricted
funds
2025
£
64,329
18,960
83,289
Unrestricted
funds
2024
£
51,897
25,089
31,125
49,500
8,574
166,185		 Unrestricted
funds
2025
£
64,329
18,960
83,289
Unrestricted
funds
2024
£
51,897
25,089
31,125
49,500
8,574
166,185		 Total
funds
2025
£
64,329
18,960
83,289
Total
funds
2024
£
51,897
25,089
31,125
49,500
8,574
166,185
83,289
Unrestricted
funds
2024
£
51,897
25,089
31,125
49,500
8,574
166,185
4.
Analysis of grants
Donations to Institutions
Donations to Institutions		 Grants to
Institutions
2025
£
761,139
Grants to
Institutions
2024
£
156,000		 Total
funds
2025
£
761,139
Total
funds
2024
£
156,000

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Charity made the following donations to institutions during the year:

Nordoff Robbins
NSPCC Childline
Save The Children
Teenage Cancer Trust
Nordoff Robbins
NSPCC Childline
Save The Children
Teenage Cancer Trust
All Within My Hands		 Unrestricted
funds
2025
£
198,118
188,118
186,785
188,118
761,139
Unrestricted
funds
2024
£
37,750
37,750
37,750
37,750
5,000
156,000		 Unrestricted
funds
2025
£
198,118
188,118
186,785
188,118
761,139
Unrestricted
funds
2024
£
37,750
37,750
37,750
37,750
5,000
156,000		 Total
funds
2025
£
198,118
188,118
186,785
188,118
761,139
761,139
Unrestricted
funds
2024
£
37,750
37,750
37,750
37,750
5,000
156,000		 Total
funds
2024
£
37,750
37,750
37,750
37,750
5,000
156,000

5. Analysis of expenditure on charitable activities Summary by fund type

Other charitable activities
Other charitable activities		 Unrestricted
funds
2025
£
768,739
Unrestricted
funds
2024
£
159,600		 Total
2025
£
768,739
Total
2024
£
159,600

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

6. Other expenditure

Bank charges
Travel and accommodation
Advertising and promotion
Computer costs
Professional fees
Printing, postage and stationery
Race Nation fees
Bank charges
Advertising and promotion
Computer cost
Professional fees
Printing, postage and stationery
Race Nation fees		 Unrestricted
funds
2025
£
2,100
2,554
6,403
834
34,302
1,298
6,146
53,637
Unrestricted
funds
2024
£
1,379
6,000
1,372
42,036
3,178
1,436
55,401		 Total
funds
2025
£
2,100
2,554
6,403
834
34,302
1,298
6,146
53,637
Total
funds
2024
£
1,379
6,000
1,372
42,036
3,178
1,436
55,401

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. Analysis of expenditure by activities

Other charitable activities
Other charitable activities		 Governance
costs
2025
£
3,600		 Grant
funding of
activities
2025
£
761,139
Governance
costs
2024
£
3,600		 Support
costs
2025
£
4,000
Grant
funding of
activities
2024
£
156,000		 Total
funds
2025
£
768,739
Total
funds
2024
£
159,600

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,600 (2024 - £3,600). SRLV Audit Limited's services were provided on a pro-bono basis and therefore £3,600 has been recorded as a donation received in the period in relation to this.

9. Trustees' remuneration and expenses

During the period, no Trustee received any remuneration or other benefits (2024 - £NIL).

During the period ended 30 September 2025, no Trustee expenses have been incurred (2024 - £NIL).

10. Headcount

The average monthly number of Trustees during the year was 10 (2024 - 8). The average monthly number of key management during the year was 2 (2024 - 2).

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. Fixed asset investments

Cost
At 1 October 2024
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Investments in
subsidiary
companies
£
1
1
1
1

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Registered office or principal Class of Holding
place of business shares
Truants Raceday Limited Elsley Court, 20-22 Great Ordinary 100%
Titchfield Street, shares
London, W1W 8BE

Truants Raceday Limited's principal activity was that of a dormant company. Truants Raceday Limited was dissolved on 11 November 2025.

Page 19

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals		 2025
£
2,376
196
2,572
2025
£
53,302
2,262
7,747
63,311		 2024
£
-
16,245
16,245
2024
£
18,230
2,262
30,000
50,492

13. Creditors: Amounts falling due within one year

14. Summary and statement of funds Statement of funds - current period

Unrestricted funds
General Funds - all funds
Statement of funds - prior period
Unrestricted funds
General Funds - all funds		 Balance at 1
October
2024
£
Income
£
Expenditure
£
316,483
597,108
(846,581)
Balance at
1 October
2023
£
Income
£
Expenditure
£
236,163
370,223
(289,903)		 Balance at 30
September
2025
£
67,010
Balance at
30 September
2024
£
316,483

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted
funds
2025
£
Fixed asset investments
1
Current assets
130,320
Creditors due within one year
(63,311)
Total
67,010
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Fixed asset investments
1
Current assets
366,974
Creditors due within one year
(50,492)
Total
316,483
16.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net income/expenditure for the year (as per Statement of Financial
Activities)
(249,473)
Adjustments for:
Decrease/ (increase) in debtors
13,673
Increase in creditors
12,819
Net cash (used in)/generated from operating activities
(222,981)		 15.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted
funds
2025
£
Fixed asset investments
1
Current assets
130,320
Creditors due within one year
(63,311)
Total
67,010
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Fixed asset investments
1
Current assets
366,974
Creditors due within one year
(50,492)
Total
316,483
16.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net income/expenditure for the year (as per Statement of Financial
Activities)
(249,473)
Adjustments for:
Decrease/ (increase) in debtors
13,673
Increase in creditors
12,819
Net cash (used in)/generated from operating activities
(222,981)		 Total
funds
2025
£
1
130,320
(63,311)
67,010
Total
funds
2024
£
1
366,974
(50,492)
316,483
2024
£
80,320
(11,711)
50,492
119,101

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THE TRUANTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17. Analysis of cash and cash equivalents

2025 2024
£ £
Cash at bank and in hand 127,748 350,729

18. Analysis of changes in net debt

At 1 October At 30 September
2024 Cash flows 2025
£ £ £
Cash at bank and in hand 350,729 (222,981) 127,748

19. Related party transactions

At the balance sheet date, the Charity owed £2,261 (2024 - £2,261) to Miles Commercial Limited, a company in which a Trustee is a director.

Alan Bennie, a Trustee, is the appointed treasurer for funds held outside of the Charity, contributed by cycle ride participants, some of whom are members of the Trustee group. At the balance sheet date, those participants collectively owed the Charity £2,375 (2024 - £3,167).

During the year, Phantom Music Management Ltd, a company in which a Trustee is a director, recharged £30,000 (2024 - £37,500) of Helen Curl's salary to the Charity which relates to the two and a half days she works for the Charity as Head of Operations. Included in accruals is £7,500 (2024 - £30,000) relating to invoices which had yet to be raised at the balance sheet date by Phantom Music Management Ltd relating to Helen Curl's salary.

Included within creditors due within one year, is £1 (2024 - £1) owed to Truants Raceday Limited, a wholly owned subsidiary.

During the year, the Charity received donations/fundraising income totalling £3,500 (2024 - £21,646) from related parties without any conditions.

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