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& y*8r 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
$kills. None of this would have bgen possible lo set up in prfsons without them and we would like b make sure Ihal
our thanks to them is captured in this report. Thank you.
Oblectlv•s and actlvltl•s
The objective of the Charity is to promote the rehabilitation of offenders lor the public benefil, by providing Iraining in
useful" skills, employment, mentorfng. gul(Jènce and rehabilit81ion. so as to prepare offenders for sustainable
employment and to help them to r8-int8gr8te into the community."Offenders" includos ex-offenders and fhose at risk
ol offending.
The underlying purpose ol the Charity Is thus to break the cycle of reoffending.
The Charity does Ihls by
1. Providing training courses for ex-offendars and supportlng them to find employment
2. developing sustainable social enterprises to recruit. employ and support sorne of the eX￿ffetYJerS it ha5
trained
Publlc Benefit
Every year, oround 47,000, prison818 are ￿leaSed from UK prisons. Over 23.500 of thèm will be bad( insido again
Ihin the year, wrth a national re-offendlng rate 01480/9
Commit crime. do time, let out, no job, no altemativts...
Irepeatl.
This is called the cycl8 of r801fending and the primary diiver of the cyde is unemployment. Ex-offenders are 9%"
less likely to reoffend If working full lime, but only 17%, ffind a legitimate job within the year. And il's not for the want
of trying, but 75Yfj of employer5 will not hire them. For every person trapped in tho cyclg. more are impacted
indirectly, making this 8 problem wlth an annual pri{￿ tag of £16 billion,.
There are busin8SS•S that havè actively looked lo ernploy and support 8x-offend8rs, and thay hava aehiéved re-
offendlng rates of under 5V
By devek*ping buslnesses that employ 8n¢ support ex-()ffondtrrs. if we can achieve those reoffending rates then for
every person we employ. we wlll savè tha publlc purse, a$ 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.
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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 (jo@longvieweconomics.com) Status: Signed Transaction ID: CBJCHBCAABAAEJxPvgfuRtLHKxKQK13jwXvq7_TkIDLY 

## "Final accounts O&U YE 2023 signed" History 

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