2023-05-31-accounts

Charlty registratlon numb•r 1194457 ONWARDS & UPWARDS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

ONWARDS & UPWARDS LEGAL AND ADMINISTRATIVE INFORMATION Trust￿3 Slr J M Sundarland Mr J Sellors Mr C Moore Mr J Turfey (Appointed 24 July 20231 (Appointed 27 Seplember 20221 Charlty numb•r 1194457 Prlnclpal addr085 29 Dalmor8 Ro8d London SE21 8HD Independent examlner Knlll James LLP One Bell Lane L¢w¢s East Sussex BN7 1JU

ONWARDS & UPWARDS CONTENTS Pag• Trusle8s' rèport Indèpènd8rit examlngrfs report statem8nt ol finanrAal actfvhles Balance sheet Notes lo thè ffinancial 81at&ments 7-16

ONWARDS & UPWARDS TRUSTEES, REPORT FOR THE YEAR ENDED 31 MA Y 2023 The Irustèas pr8sant th8ir annual report and financial statements for th& y8r trnded 31 May 2023. The financi81 statements have been prepared In a¢cordance with the accounting policies set out in note 1 to the financi815tsternents and comply with the charity's Constitution dated 13 M8y 2021, the Charities Acl 2011 ar 'A¢¢ounting and Reporting by Charities.. Statemgnl of Recommended Practice applicable to charities preparlng thèir aecounts in accordanca with the Financial Repwlin9 Stsndard applicable in the UK and Republic ol Ireland IFRS 1021. leffe¢tive 1 January 20191. Acknowlegement We would really like lo thank Dur partners HMPPS lor allowing us lo work In partnership wlth ihern to help thèm achi8ve their objective of reducing ￿OffendIng by providing the men 8nd women in their care with 8tnployabl $kills. None of this would have bgen possible lo set up in prfsons without them and we would like b make sure Ihal our thanks to them is captured in this report. Thank you. Oblectlv•s and actlvltl•s The objective of the Charity is to promote the rehabilitation of offenders lor the public benefil, by providing Iraining in useful" skills, employment, mentorfng. gul(Jènce and rehabilit81ion. so as to prepare offenders for sustainable employment and to help them to r8-int8gr8te into the community."Offenders" includos ex-offenders and fhose at risk ol offending. The underlying purpose ol the Charity Is thus to break the cycle of reoffending. The Charity does Ihls by 1. Providing training courses for ex-offendars and supportlng them to find employment 2. developing sustainable social enterprises to recruit. employ and support sorne of the eX￿ffetYJerS it ha5 trained Publlc Benefit Every year, oround 47,000, prison818 are ￿leaSed from UK prisons. Over 23.500 of thèm will be bad( insido again Ihin the year, wrth a national re-offendlng rate 01480/9 Commit crime. do time, let out, no job, no altemativts... Irepeatl. This is called the cycl8 of r801fending and the primary diiver of the cyde is unemployment. Ex-offenders are 9%" less likely to reoffend If working full lime, but only 17%, ffind a legitimate job within the year. And il's not for the want of trying, but 75Yfj of employer5 will not hire them. For every person trapped in tho cyclg. more are impacted indirectly, making this 8 problem wlth an annual pri{￿ tag of £16 billion,. There are busin8SS•S that havè actively looked lo ernploy and support 8x-offend8rs, and thay hava aehiéved re- offendlng rates of under 5V By devekping buslnesses that employ 8n¢ support ex-()ffondtrrs. if we can achieve those reoffending rates then for every person we employ. we wlll savè tha publlc purse, a$ well as increasing tax receipts, redueing the victims ol crirne and ensuring more families have a pr8sent 18ther, partn8r or brother, setling posib've exarnpl8s to oth8r family and community members. artel , Apr 2021-Mar 2022 ilwhw ov ukj oV￿￿nin￿nt., ovpri1n￿￿lICv1 hll s )11 s Ilassei -ieullentli lalisliLS Jul-sep 2020 $ IJL oveiiinwn oc ortijn si 5 iibw ¥'u DV￿[nIn￿liV tlicali011sledut hll s lthaLJO or uklem -ox- SferEd

ONWARDS & UPWARDS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Achievemènts and pèrformanc8 In the year to 31 May 2023, Onwards and Upwards experienced signbficanl growth. in temis of ils training and referral capac¢ty 8nd the groth of its first venture, XO Bikès limited. The Ch8rity delivered 6 tra￿ning COUT5es in bike repair and maintonanee training a total 0116 ex-offenders lo 3 mix of bronze, sllver and gold Velot8c professiona15 qualrflcations. Three of these trainees were subsequently èmployed by XO Bikes limited on a full-lime basis, and others have volunteered and spent Ilme on our 'community b8nch' la workbench that can ba booked to work on bikes on a volunlary basisl. The qual￿ed trainees who were nol èmployed have been supported lo find Émployment with other organizations. and in th8 year, 12 were successfully placed In employment. The flrst venture, XO 8ik8s Limited, was taken beyond proof of conc8pt, and was successfully launched as a 518rt- up and by the end ol the ye8r was receiving donated bikes, relurblshing them, and selling Ihem to the publlc. throtjgh 8 retail outlet in Lewisham, close to thè main workshop. As menb'oned above, 3 of the Iralnees were ubs8quently employed by XO Bikès to refurbish bik8S. Fundralslng has also b88n successful, with enough funds raised lo cover core costs for the charity, provide iraining and fund the estsblishment ol XO 8ik8s Ilmited. with 8 surplus rem8ining at the end of thè year. Flnancial review Total income w88 £249,921 through donations and gift aid, as well 8s restricted and unrestrfcted grants, Total expenditure was £237,340. which was primanly the costs of providing trainlng co(tr8ès, and establishing and supporting the first business. XO Bikes liM￿ed, including salary of management and consultation. fijndraising, and the exp9n8es ol s811ing up Ihg workshop lor trainlng. Surplu5 ft)r the year was £14.454. Future Plans The estsblishrnent of XO Bikes was funded by Onwards and Upwards. Once XO Blkes Is profitable, funds wll be channelled back into Onw8rds and Upwards to grow, diversify and to start up future new buslntrssès. The k)ng-lerm plan ol the charity is to eslablish more buslnesses repliGating the model of XO Blkes, that r8cruli and employ gx- offenders, In other market seclors. The CIO wll wrlte Iht.. business plans, before secure and allocate the requirèd funds lo test concgpt and launch the ventur8s, and deliv8r th8 centralised sèrvices to establish it (finance, marketing, management, etcl. Rèserves Pollcy Ouf policy is to 8lIH to hold 2 months of operating expendlture in reserve. Plans for future periods Thè long-temi plan of th* charity is to 8stablish more businesses replicating th9 model of XO Bikos. that train and employ ex-off8nders in other markel sectors. The CIO wll write the business plans and delivgr the centralised Servicès lo establish Ihe new S￿la1 enterprises Ifinance, marketlng, managernent elcl, before raising the required funds to test concept and launch ihe ventures. XO Blkes wa5 funded by an initial loan from Onwards & Upwards, with th• funds raised with donatlon8 from our direct network5. Once XOB Ss profilaNe, it wll repay the loan to Onwards and Upwards, and in tho future, all profits will b8 giftèd back lo the charity. These lund5 will be used lo grow, diversrfy and to start up future new businesses. Some ol the funds g8neratecl will be invested In a bid writer to apply for grants and funds that can further support Ihe pursuit of our charitable obl8Ctives.

ONWARDS & UPWARDS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2023 Structuro. gov•manc• and manag•m&nt Thg Ch8rity was established by a memorandum and articles of associab'on dated 13th May 2021. The charity is eonstitutod as 8 Charitsble Incorporated Organisation (registered by the Charty Commissioll on 13 May 2021.. CC urrber 11944571. The trustees who Served during the year and up to the date of signature of the flnan¢ial ststemenls were.. Slr J M Sunderfand Mr J Sellors Mr 8 Gr8rg Mr C Moore Mr J Turfey R8signed 23 May 20231 IAppointed 24 July 2023 IAppointed 27 Seplemb6r 20221 Recrultment and Appolntment of Trustg•S Th8 pow8r to appoint ngw Ituste9s is exercised by a rnajority in number of the existing trustees. Wh6r8 there is 8 nè8d for new trustèas, this would b8 identified by the rernainin9 Iruslees. New Iruslees are invited lo meet with the management team and other member staff. as well as ex- offenders who are participating on the scheme. lo discuss the operatitsn ol the Charity and the Social Enterprise. They receive all the ralevant docum6niation relating to thè constitutK)n of thè Foundation and ￿inuteS of recent Board meetings. Additional tralnlng Is pmvlded as iequired and are encourdged to 8tt8nd appropriate extemal trainiThJ events where Ihesa will facilitata th& undortakino of thalr rola. None of Ihe trustees has any beneficial interest in the company. All of th6 trustees are membgrs of the company and guarantee to contribule £1 in the event ol a wndlng UP. Organlsatlonal Structure Onwards and Upwards is the reglstered Charity, govemed by the Board of Trustees. Day-l04ay aclivilies are In8naged by the founder. sUPPOrt8d by a COO, 8 number of consultants, and 8 number volunteers, including Ihe CEO. XO Bikes. the first eperating business from Onwards and Upwards, is a Limited Company (company nurrber 11944571 whieh is 100% owned by tho Charity. XO Bikès ¢urrenWy has 3 Director5. The two CtrFounders of Onwards and Upwards, and onè of th8 Trustées. An addltional Director, indep8ndent of the Charily and trustees, is being currently being sought_ Th&trU was approv•d by the Board of Truste&s. Mr J Sellors Dale.. 2c)L+

ONWARDS & UPWARDS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ONWARDS & UPWARDS I r8POrt to Ihe trust66s on my examinatlon ol the financial statements of Orbwards & Upwards (the charity) foi the year ended 31 May 2023. Rèsponslbilitles and basis of r•port As the trustees of the ¢hadly you 8r9 responsible lor the preparatSon of the financlal slalements In accordance with the requirements of the Charities Act 20111(he 2011 Act). I report in respect of my examination ol the charity s financlal stalgtn8nts carried oul und8r s•Cl￿n 145 01 the 2011 Act. In carrwng out my examinalSon I have followsd all the appli¢abl8 Directions gwen by the Charity Commission under se¢lk>n 14515llbl of the 2011 Act. Independent •xamingrf$ statement Sinc8 the charity's gross income exceeded £250,000 your examiner must be a rnember of a body listed in section 145 01 the 2011 Act. I confi'm th8t l am qualffied to undertake the 8xamination bec8u$e l am a rnember of ICAEW, which is one of the listed bodles. Your altention is drawn lo the fact that the ch&rfty hgs prep8rèd financial statern8nt5 in accordancè ¥wth Accounting and Reporting by Charities pieparing their accounts in accordance with the Financial Reporting Standard applicable In th8 UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recomrnended Practlce issued on 1 April 2005 whlch is referred to in the extant regulatlons bul h88 now been wlthdrawn. l understand that this has begn donè in order for financial st8t8m8nts to provide a true and fair view in accordanc with GenerallyAGE8Pt•d Accounting Practice effective for reporting periods beginnlng on 01 after 1 January 2015. I have completed my 9xamination. I confirm that no maltgrs have come lo my attention In connectSon wlh tho exarnination giving me ¢ause lo beI￿ve that in any material rosp¢¢l'. accounting records were not kept in respect ol the charity as required by section 130 of Ihg 2011 Act., or the financial statements do not accord wrth those re¢ords,' or the finaneial statements do nol comply wth the applicable reqU1￿ments concernlng the form and ￿￿tènI of 8ccount5 set out in the Charities IAccotJnt8 and Reports) R8gulations 2008 other than any requirement that the accounts give a true and falr view which is not a matter con5id8rad as part of an indopendent examin8ti0n. I have no ¢oncems and have come across no other matlers in connecbon with the examination lo whlch attentlon should be drawn in this report in order lo enable 8 proper understanding ¢)f the finanaal sl8t8m8nts to be rea(l)ed. M A Fllsèll FCA on b•half of Knlll James LLP On8 Bell Lane Lawes East Sussex BN7 1JU D8tÈd'.

ONWARDS & UPWARDS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY2023 Unrestricted Restrl¢ted funds funds 2023 2023 Total Unr•stricted funds 21122 2023 Notss Donations and l&ga¢ies CharStable artivities Investments 50,426 153,000 1,873 50,426 199,495 1,873 139,050 46,495 Total Income 205,299 46,495 251.794 139.050 ndit Raising funds 6,646 176 6.822 Charitsblè octivitses 210.212 20.306 230.518 86,847 Total ¢xpendlture 216,858 20,482 237,340 86.847 Not l•xp•ndltur•Vln¢om• for th• y•arl Net movem811t in funds 111,5591 26,013 14,454 52,203 Fund balonces at 1 June 2022 $2,203 52,203 Fund balaneès at 31 Mèy 2023 40,644 26,013 66,657 52.203 Th8 statèmènt of finanei81 aetiwtiès includes all gains and loss&s r•cognis*d in th8 y8ai. All income and exp8nditure deriv8 from continuing acliviti&s.

30-Jan-2024

Jon Selllors Jon Selllors (Mar 18, 2024 16:30 GMT)

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MA Y 2023 Accounting poll¢le$ Charlty Informatlon Onwards & Upwards is a Ch8fit8blè Ineorporated Organksation governed by a charitsble trust deed I memorandum and arucles of a5soaation dated 13 Mgy 2021, registered In England. 1.1 Roportlng porlod The comparative figures have been prepared for a pedod of 55 w99ks 88 this was the charity's ffirst reportlng pèriod. 1.2 AccountSng convèntlon The financial ststements have been prepared in accordance with thg charity's goveming document, the Charities Act 2011. FRS 102 'The Financial Reporting Standard ap￿ICable in the UK and Republic of Ireland. I'FRS 102"18nd the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practic8 applicable lo charities preparing thoir accounts in accordance with the Financial Reporting Standard applleablg in the UK and Republic of Ireland IFRS 1021" leffectiv6 1 January 20191. The charity Is a Public Benafil Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charitiès not to prepare a Stat￿ent ol Cash Flow5. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only t() th8 exienl required lo provide a true and fail view. This d8partUl8 ha5 involved following th• Siat6rnent ol Recommended Practice for charib'es applying FRS 102 rather than th8 version of the Statement ¢f Rocommand8d Practica which is rèfarrad lo in the Regulations but which has since been withdrawn. The 1Snan¢ial st8lementS are prepared in sterling, which is the functional curr8ncy of the charity. Monetary amount5 in these financi81 statements are rounded to the nearest £. Thg financial statements have been prepared under the historical cost convention. The prinapal accounting poliaes adopted are set out below. 1.3 Going conc•m At tho timè ol approvin9 the financial statements, the trustees believe that tha charSty hos #deqvate resources to continue in operational oKi$lence for the forese93ble future on the basis of receiving an ongoing supply ol donated bikes and continu¢d don8ti¢ns 8nd grants. Thus Ihe truslees continu6 lo adopt the going cwcern basis of accounting in preparing the financial statemènts. 1.4 Charltablo funds Unrestricted funds org availabl? for use al the discretlon of the trustees in furtheran¢g of th9ir charitable objèctives. Restricled funds ara sU￿.¢¢t to SPo¢ifi¢ conditions by donors as to how they may ba used. The purposes and uses ol the restricted funds are set out in the not6s to the fin8nck41 statements. 1.5 Income Inctrme is rècognisèd whèn th& charity is legally enlillgd to il after any performance conditions hav8 been rnel, the amc*unts can be measured reliably, and il is probable that income will b& reGeivsd. Cash donations are rg¢ognised on ra¢eipL Other dL)n8tions are recognised once the charity has been notified of th8 donation, unless performance conditions ￿quire deferral of the amount. Incom& tax recov8rable in relation to donations received under GiftAid or deeds of covenant is recognised al the ts'me of the donation.

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Aecounting policlos Icontlnuedl L8gacies ar8 recognised on rèceipt or othernqse il Ihe charity has been noltfted ol an impending dislributs'on, Ihe amount Is known, and receipt Is expected. If the amount is not known. the legacy is Irealed as a contingent asset. 1.6 Expendlture Exp8ndittJre is recognised once there Is a legal or constructive obligabon to transfer economlc benelbt lo a Ihird party. il is probab18 that a transfer of economic benefits will be required in setdemenl, and the amount ol thè obligation can be measured reliably. Expenditure is classrfied by actlvlly. The costs of each activity are made up of the tot810l di￿1 costs and shared costs, including support cosis involved in undertsking each aclSvity. Direct costs altrlbulable to a single activity are allocated directly to that activity. Shared costs which CDntribLrte lo more thèn one activily and support cost5 which are not atlribulab18 to a single activity are apportion￿ between Ihosa actlvities on a basis consistent W￿th the use of resourcès. Central staff costs are allotated on the basis of time spent, and depreci8tK)n charges 8re allocated on the portion of the asset's us8. 1.7 Tanglblo flxed ass•ts Tangibl8 fixèd assets are initially m8asured at cost and subsequontly measured al Cost or valuation, net of depreciation and 8ny impairmenl10ssès. Depr90ialion is iecogni58d 50 as lo write off the cost or Valua￿On of assets less thelr residu81 values over their ussful lives on the following bases.. Fixlures and fittings 20Vo & 33.3% Str8ighl Line The gain or loss arising on the disposal of an 8ss8t is determined as the differen¢e between the salè proceeds 8nd the carrying value of the 855et. and is reco9ni$ed In the sts19rn8nt of financlal 8¢tivliies. 1.8 Flxed assot InvgBtments Fixed asset investments are initially m8asuie¢J at transaction price ex¢luding transaction costs, and are subsequently measured at fair value 8t each reporting date. Changes in fair value are r9COgnised in nel incomellexpendiiurel for Ihg y8ar. Trans8clion costs are expensed as incurred. A subsidiary is an entity controlled by tho charty- Control Is thg wwer to govem th¢ fflnancial and operating policies of the entity so as lo obtain benefits from Its activities. 1.9 Impaimiènt of fixed assets At each reporting end dale, thè charity Tevw4S the carrying amounts ol its langiblfy ass8ts to dglermin& whether ihere is any Indicab'on that those assets have suffered an impairment loss. If any such Ind￿atIon exists. the recover8blo amount ol th8 asset is estimatèd in order to determine the extent of the impairm8nl loss lif any). 1.10 Cash and ¢a$h •qulvalents Cash and cash equiv8lenis Include cash in hand, d8POSits held at call with banks, Cpther short-tami liquid investments with original malurilies trf thre8 months or less, and bank overdrafts. Bank overdrafts ar8 shown within borrowings in current liabilities.

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2023 A¢¢ountlng policies (Continued) 1.11 Flnanclal Instrumènts The charity has elected to apply the provislons ol Section 11 'B8slo Financial Instruments, and Secb'on 12 'Olher Financial Inslruments Issues, of FRS 102 tts all of its flnan¢ial instrym?nts. Flnan¢ial Inslwments are recognised in th8 charitys balance sheet when th8 charity becomès paty to the contractual provision5 of the instrurnenl. Financial assets and liabilities are offset, with the nel amounts Pl8s8nled in thg financial stalernents, when there is a legally enforceable right to sel off the recognised amounts and th6rè is an int8ntiDn lo settle on a nel basis or to realise the asset and settle the liabillty simultaneously. Baslc flnanclal assets Basic fillancial asset5, which include debfors and cash and bank balances, are initialty rnea8ur8d al Iransaction price including transaction costs and are subsequently carried at amortised cost using the èffective interest rn&thod unless the arrangement constitutes a financing transactlon, wher& the transacts'on is measured at the present value of the future receipts discounted at a markèt rat& of interest. Finan¢i8185sets classllied as racgivable wSthin one yeaf ars not amorbsed. Baslc Ilnanclal Ilabllltlès Basic financial liabilities. including creditors and bank loans are initially ￿COgnIsed at transaction price unless the arrangem&nt constitutes a financing transaction, where the d8bt insliumenl 15 rlleasured al the present value ol the future payments discounted at 8 maiket rate of intèrest. Financial li8bilities classified as payable withln one year are not amortlsed. Debt instruments are subsequently carried al amortised cost, using the effective Interest rate mèthod. Trade creditors are obligations to pay for goods or services that have been acquired in the Ordin￿ course ol operations from suppliers. Amounts payabl6 ar8 classified as curr8nt li8bililies if payment is due within one year or IÈs5. If not, they ar8 pr8sent8d as non-current liabiliti85. Trad8 creditors are recognised initially al transaction prieè ar￿ subsÈqLJèntly measur8d at amortlS8d cost Using th8 effective interest rnethod. D•r•cognltlon of flnanelal Ilabllltlgs Financial liabilit￿S are derecognised when the charity's contractual obligathons expirtr or ar8 discharg8d or cancelled. 1.12 Employee benefits Temination benefits are recognised Immedlately as an expense when th8 charity is d8monslrably commitled to terminat8 the employmènt of an employ86 or to providè tèrmln8tlon b8nèffts. 1.13 Rètlrèment b•n•fits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Donatlons and logacles Unrestrlctod unr￿trIcted fund8 funds 2023 2022 Donations and grfts 50,4Z6 139,050

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 Charrtablg O¢tlvltlBs Charitable Incomg 2023 2022 Performance rd8lèd grants 199,495 Analysls by fund Unrestricted funds Restrfclad fund5 153,000 46,495 199,495 Investments Unrostrfcled funds Total 2023 2022 Inlarest receivable 1,873 Ralslng fund5 Unr•strScted R•strlcted funds fund$ Total Total 2023 2023 2023 2022 Fundr Advertislng Other fundraising costs 296 6,350 176 472 6,350 Fundraising and publicity 6,646 176 6.822 6.646 176 6.822 10-

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MA Y 2023 Charltable acllvltles 2023 2022 Staff costs Depr8ciation and ifflpairment Printing, Postage & Stationery Travel & Subsistence Insur8nc* Legal, Professional & Consultancy Fe8S Repalrs & Renewals Motor Expenses L￿Jht. Heat & Power IT Software & Consumable3 Telephtmè & Internèt Trainer Expenses Other Charitable Expenses 139,749 9,409 615 3,085 3,819 58,100 863 240 3,940 749 361 S,280 1,295 62,900 1.288 224 13,180 4,410 66 227,505 82,075 Share of govern8n¢è costs (sèe note 71 3,013 4,772 230,518 86,847 Analysis by fund Unrestrict&d funds Re$tActèd funds 210,212 20,306 86,847 230,518 86,847 Support costs Support Gov•rnan¢• osts osts 2023 2022 Accountsncy Fees Entertaining Bank Charg&s 2.450 545 18 2.450 545 18 4,422 260 90 3,013 3.013 4,772 Analysed befv4een Ch8rilablè aetivities 3,013 3,013 4,772 Included within account8ncy lees abov8 8r8 p8ym&nts to the Independent Examiner of £2.450.

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Trustee8 None of the trustees lor any persons Connected wlh thernl receN8d any remunèration or benefits from the charity during the year. Employees The average monthly numbèr of employe9s durlng the year wa5.. 2023 Number 2022 Nurnb•r Management Employment ¢osts 2023 2022 Wages and salarles Social security ¢osts Other p8nsion costs 127.985 9,563 2,201 58,500 3.299 1,101 139,749 62,91X) Th8 number of employees whose annual r8rnuneralion was more than £60,000 is as follows.. 2023 Number 2022 Number £60,000 to £70,000 10 Taxation The ¢h8rlty is exempl from tax on income and gains falling within so¢tion 505 of Ihg Taxgs Act 1988 or sectlon 252 of the Taxation of Ch8rgeabl6 Gains Act 1992 lo the exlenl that these are applied lo its charitable objècts. 12

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 11 Tangibl• fix•d as8•ts Flxturo$ qnd 11thTh98 Cost At 1 June 2022 Additions 2,771 20,972 At 31 May 2023 23,743 Depreciation and impairment Depreclation charged In tho year 9.409 At 31 May 2023 9,409 Carrylng amount At 31 May 2023 14,334 At 31 May 2022 2,771 12 Flxtrd assgt Inv¢$tments Othèr Invostm¢nts Cost or valuation At l June 2022 Additions 10.001 At 31 May 2023 10.001 Carrylng amount At 31 May 2023 10,001 At 31 May 2022 2023 2022 Oth¢r investments ¢ompris¢'. Notes Inv8stments In subsidl8ri8S 19 10,001 13

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2023 13 Debtors 2023 2022 Amounts falling duè wlthln onè year: Amounts owed by subsidiary undertakings Other debtors 31,080 3.221 5,324 34,301 5,324 14 Loans and over(Irafts 2023 2022 Other loans 5.196 4,740 Payablè within one year S,196 4.740 1S Creditor5- amounts falllng due wlthln one year 2023 2022 Borrowings Trad& creditors Olher creditors Accru81s and deferred Income 5,196 10,722 257 2.000 4,740 6,148 3.828 1.750 18,175 16.466 14-

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 16 Restrictèd fund The income funds of the charity Include restricted funds comprising Ihg followng unexpended balan￿S of dgnations and grants h8ld on trust lor specitic purposes.. Movement In funds InGoming resources Movement in funds Balance at 1 Jun6 2022 Incomlng re8aurc68 R&sourte¥ B4lan¢e at èxpended 31 May 2023 Weaveff s Company Benevolent Fund Banham Foundation The National Lotiery Awards forAII The Clothworkgrs Foundation Th8 Merchant Taylors 13,420 9,125 9,850 9.100 5.000 17,523) 13,5441 14.4151 5,897 5,581 5,435 9,100 15.OCN)I 46,495 120,4821 26.013 Weavers, Company Ben•vol8nt Fund funding lor 12 individuals 18-30 years old lo achieve Valol&ch qualificatlons 88nham Found8tion- Funding for d8velopment of servicing and olher activities beyond th8 workshop The National Lottery Awards for All- Funding for wider community engagement The Clothworkers- Funding for mobile servlcing vehicle and too15 The Merchant Taylors- Fund for our core tralnlng programmè 17 Analysls of n•t assets bolween funds Unr6strSctad R•strlet•d fvnds funds 2023 2023 Total Unrestricted funds 2022 2023 Fund balance5 at 31 May 2023 are representèd by.. Tangible assats Investrnents Currant assètsllli8billtl8sI 14,334 10.001 16.309 14,334 10,001 42,322 2.771 26,013 49,432 40,6d4 26,013 66,657 52,203 18 R8lat•d party transactlons During the poriod th6 charity has advancèd a loan of £15,000 tr) and pald expenses lo be reimbursed ol £56,783 on behalf of ￿S trading subsidiary company XO Bikes Limited. The arnounl outstanding on the loan at the balance sheet date was £16.853 after accruing interest at a rale of 12.35°1. Amounts due to be reimbursed al the balance sheet date were £14,228, leaving a lolal amwnl due al the balance sheet date of £31,081. 15.

ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MAY2023 19 Sub8idiarfes Details of the charill5 subsidlarles at 31 May 2023 are as follows., Name of undertaklng Registered Nature of bu¥ln•ss Cla88 of % Held shares held Dlrect Indlr•et XO Bikes Limbled 22123 Lewisham The r8furblshrnenl and Bale of Ordinary Centre. London. blkes England. SE13 7EP 100.00 16-

Final accounts O&U YE 2023 signed

Final Audit Report

2024-03-18

Created: 2024-03-11 By: Jo Watling ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAEJxPvgfuRtLHKxKQK13jwXvq7_TkIDLY

"Final accounts O&U YE 2023 signed" History

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Agreement completed.

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