Docusyn Envdope ID.. 67F8B04>BF904C67.9A84.B70BE2660323 Charity Reglstrdtlon No. 1194457 ONWARDS & UPWARDS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 2024 BUSINESS ADVISORS & ACCOVP4fATs One Bell Lane Lewes East Sussex BN7 IJU
tkJ¢usiyn Envelope 10. 67F8804>BF9D4C67-9AW870BE2660323 ONWARDS & UPWARDS CONTENTS Page Company information Trustees. report Independent examiner's repo¥t Statement of ftnancial activitie5 Balance sheei Stètement of cash flows io Notes to the financial 5tatefnent5 11-24
DocuSn Envelope ID. 87F8B04&BF9D4C87.9AW8708E2680323 ONWARDS & UPWARD5 COMPANY INFORMATION Trustees Mrj Sellors Mrcl Moore Mr J Turley Sirj M Sunderland Ms Z Atkins (Appolnted 24 July 20231 (Appointed 18 June 20241 Charity number 1194457 Prfn¢lpal address 29 Dalmore Road London United Kingdom SE218HD Independent examiner Davld Martln FCA One Bell lane Lewes East Sussex BN7 IJU
Doutsign Envdope ID. 57F8B04&BF9D4C67.9A84.6708E2660323 ONWAROS & UPWARDS TRusfEES' REPORT FOR THE YEAR ENDED 31 MAY2024 The trustees PSent theii annual report and financial stalements for the year ended 31 May 2024. The financial 5talements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Chèritie5'. Stalement of Recommended PractTce applicable to charities preparing theii accounts in accordance with the Financièl Reporting Stèndard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. Objectlves and artivities The objective of the Charity Is to prc*mote the rehabilitation of offenders for the public beneht, by providing training in useful skills, employThent. mentoring, guidance ar¥d rehabilitation. 50 35 to prepare offenders ftsr sustainable ernployment and to help them to re-integrate into the community. -offenders- Includes ex-offenders and those at risk of offending. The underlying pvrpose of the Charity 15 thus to break the cycle of reoffending. The Charity does this bv l. Providing training courses for ex-offenders and 5UPPOrting them to find employment 2. developing sustainable social enterprises to Tecruit, employ and 5UPPOrt some of the ex-offenders it hès trained
D(th%vJn Envew ID $7F8B8F9rHc67-9A8d-708268O323 QNWAROS & UPWARDS TRusfEES' REPORT IcoKnNUEDI FOR THE YEAR EhlDED 31 MAY2024 Publi¢ Benefit In the reporting y¢af, over 53,OWIII prisoners were released from UK prlsons. Over 26.51K) of them will be back inside again within the year, with a national re-offending Trte of 48%121,131. Commit crime, do time. let out, no job. no alternative..Irepeatl. This is called the cycle of re-offending and the primary driver of the cWe 15 unemployment. Ex-offender5 are 9% 141,151 less likely to reoffend if worktng full time, but only 17%161 find a legitimate job within the year. And it's not for the want of trying, but 75%171 of employers will not hire them. Foi every person trapped in the cycle, morè are impacted indirectly, making this a problem with an annual price ts8 of £18 billionl21. There are businesses that have actively looked to employ and support ex-offenders, and they have achieved re- offending rate5 of under S%181,191. By developing businesses that employ and support ex-offenders. we aim to achieve those regffending r3tes and for every person we employ, we will save the public purse, as well as intrea5ing tax receipts, redv¢ing the virtim5 of crime and ensuring more families havè a present parent, partner or sibling, setting Posltive examples to other family and community members. 111 htt s:Ilww. 2024 121 hll s.Ilwww. overnmenu ublicalionsleconomic-and-social-cosls-of-reoffendin 131 hll s Ilwww. ov.u overnmenvcolleclionsl roven-reoffendin -slalislics Jan-marth 2023 141 htt s'.Ilassels. ublishin .service. ov.u ovemmenuu loadsls slemlu 108dslallachmenl datslfilel 2174121im acl-em lo menl-reoffendin dl 151 htt s.1. ov.u overnmenL' ublicalionslunlock-o sludieslem risoners-andex-offenders rnm ov.ukl ovemmenveollectionsloffender-mana emenl-stalistics uarterl Apr 2023-Mar ov. ortunil -em lo er-information ack-and-case- ov 171 hll s'llww.Insidelime.or Iw -contenUu loadslresourceslEm 181 hll s.'Ilhacro.or .uklem lo in XffeNder9-wOrksl 191 hll s.'Il¢enireforènirÈ lo menVPre ud ed-Ta ed-for-life. df rene conten
Docusign Emelope ID 67F8804>8F904C67.9A84.870BE2660323 ONWARDS & UPWARDS TRusfEES' REPOAT (COlNuED) FOR ThE YEAR ENDEO 31 MAY2024 Achie¥ements and performance In the year to 31 May 2024, Onwards and Upwards experienced significant growth. in terms of its training and referral capacity and the grtswth of its first venture, XO Bike5 limlted. The Charity delivered 6 training courses in bike repair and maintenance trèining a total of 21 ex-offenders to a mix of bronze, silver and gold Velotech professionals qualifications. 3 of these trainees were Subsequently employed by XO Bikes Limite(J on a full-time basi5, and others have volvnteered and spent time on our'community bench, I workbench that can be booked to work on bikes on a voluntary basis), The qualified trainees who were not employed have been supported to find employment with other organizations, and 6 months 3ftèr course finish date 11 were in employment. education, or further tr3ining. Following significant interest from yovth organizations we have piloted a YoLrth Taster Day with two partner or8anizations. Feedback has been positive and we will continue this trial. learning fTOm working in P3ftneiship. The first venture. XO Bikes Limited broke even in the last financial year and is on course to make a profit this year and return funds lo lenders and Onwards and Upwards as shareholder. Fundraising has also been successful, with enough funds raised to cover core costs for the charity, provide training and fund the establishment of XO Bikes limited, wilh a surpltys remaining at the end of the year Financial review Total income was £623,582 through donations and gift aid, fundratsing events. as well as restricted and unrestricted grant5, Totsl expenditure was £418,464, which was primarily the costs of providing training courses, and establishing and supporting XO Bikes limited, and exploring the next venture, including salary of management and consultation. lundfa15in& and the expenses of setting up the workshop for training. Surplus for the year was £205,118. Reser¥e5 Poliry OUT policy is to aim to hold 3 months of operating expenditure in reserve. Futtlre Plans In further development of our bike trainin8 programme. we will be launching in-prison XO 8ikes training work5hop5 that will provide Velotech courses to people In prison. and support and guidance in joinlng our community training upon release. This will provide much needed meaningful attivity in prison. and a p051tive learning envilonfflent. replicating our workshop In the community, to smooth transition when trainees join for our full course.
Docu5vJn E&Ope ID.. 67F8804>BF9D4C67-9AB7cE266o323 ONWARDS & UPWARDS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY2024 Following the trial of our Youth Taster Days, wè plan to formalise our offer to young people lunder the age of 181 at risk of entering the triminal justice system. This will give them exposure to the ¢aceers available In bike mechanics, build confidence in practical skills. and inspiration from t)ositive role mtsdels. The long-tefm plan of the charity is to establish more 5UStainable social ventures replitatin8 the model of xo eike5, that recruit, train, and employ ex-offendefs, in other market secttsrs. Following our research and market testing process our second venture will be XO Barbers. The CIO will write the business plans and deliver thè tentrali5ed 5ervice5 to establish the new 54xial enterprises (finance. marketlng. management. et¢l, before raisin8 the required funds to test concept and launch the ventures. The establishment of XO Bikes was funded by Onwards and Upwards. Once XO 84kes is profitable, surplus will be channelled back into Onwards and Upward5 to 8row, diversify and to start up future new ventures. Strurture 8ovemance and management The Charity was established by a charitsble trust deedlmemorandum and articles of association dated 13th May 2021. The charity 15 constituted as a Charitable Incorporated Organisation Iregistered by the Charity Commission on 13 May 2021.. CC number 11944571. The trustees who served during the year and up to the date of signatUTe of the financial statements were.. Mrj Sellors MrCJ Moore Mr J Tu(fey Sir J M Sunderland Ms Z Atkins (Appointed 24July 20231 (Appointed 18 lune 20241 RÈcrultment and Appolntment of Trustees The power to appoint new Trustees is exertised by a majority in nLtrnber of the existing Trustees. Where there is a need for new Trusteès. this would be identified by the rernainin8 Trustees. New trustees are invited to meet with the management team and other member stsff, as well as ex- offender5 who are participating on the scheme. to discuss the operation of the Charity and the ventures. They receive all the relevant documentation relating to the constitution of the Foundation and minutes of recent Board meetings. Additional training is provided as qUired and are encouraged to attend appropriate external training events where these will facilitate the undertakin8 of their role. None of the trustee5 has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. OrgJni53tional Strurture Onward5 and Upwards is the registered Charity. governed by the Board of Tnjstees. Day-to.day activities are managed by the founder. supported by a COO. a number of consultants. and a number volunteers, including the CEO. XO Bikes, the first operating business from Onwards and Upwards. Is a Ltmited Company (company number 139136181 which is 100% owned by the Charkty. XO Blkes Currently has 3 DIrtOrS at the date of approval of these financal statements.
Docusi9n Envelope ID 67F8B04>BF9D4C67.YA84-B7QBÈ2660323 ONWARDS & UPWARDS TRUSTEES. REpoiif (co1NVEDj FOR THE YEAR ENDED 31 MAY2024 The t¥ustees' report was approved by the Board of Trustees. Mr J Sellors 3/2812025 Date..
Docusiqn Envelope ID.. 67F8Bo4>8Fg¢67.9A84-B708E268UJ23 ONWARDS & UPWAROS INDEPENDENT EK4MINER'S REI)ORT TO THE TRuEE5 OF ONWARDS & UPWARDS I report to the trustees on my examination of the financial statements of Onwards & Upwards (the charity) for the year ended 31 May 2024. ResponsibilitÈes and basis of report As the trustee5 of the charity you are responsible for the preparation of the financial ststements in accordance with the requirements of the Charities Act 2011 Ithe 2011 Act). I report in respect tsf my examination of the charit¢s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission uniler settion 14515llbl of the 2011 Att. Independent emamlnees statemet)t Since the charity's gross income exceeded £250,WO your examiner must 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 ICAEW, which is one of the listed bodie5. Your attet)tion is drnwn to the fact that the ¢harity has prepared financial ststements in accordance with Accotsnting and Reportin8 by Charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommendèd Practice issued on l April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order fi)r financial statements to provsde a true and fair vsew in accordance with Generally Accepted Ae¢ountin8 PrJrtice effective for reportng periods beginning on or after I January 2015. I have completed my examination. I confirm that no matter5 have come to my attention ir4 connection with the examination giving me cause to believe that in any material respect: accounting CordS were not kept in respett of the charity as required by section 130 of the 2011 Act: or the financial statements do not accord wlth those records,. or the fnancial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Rep(>rtsl flegulations 2008 other than any requirement that the accounts glve 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 connettion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Martln FCA One 8ell Lane Lewes East Sussex BN7 UU
Oocusign Envdrye ID. 67F8804>8F90-4C67.9A84-B70BE2660323 ONWARDS & UPWARDS STATEMENT OF FINANCIAL AcfiviTIES INCLUOING INCOME ANO EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MAY2024 Unrestrirted Restricted funds funds 2024 2024 Total Unrestricted Restritted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from.. Donatlons and legècies Charitable activities Other trading activities Investments Other income 34.382 392,500 98,372 2,691 2.0(K) 34,382 486.137 98.372 2,691 50,426 153,000 50.426 199,495 93,637 46,495 1,873 1.873 Total income 529,945 93,637 623,582 205,299 46,495 251,794 Empenditure on: Raising fund5 Charitable activities 67.061 246,189 7,860 97,354 74,921 343,543 6,646 210,212 176 20,306 6,822 230,518 Total expendtture 313,250 105,214 418.464 216,858 20,482 237,340 Net incomellexpenditurel and movement in funds 216.695 111,5771 205,118 111.5591 26,013 14,454 Reconciliation of funds.. Fund balances at l June 2023 40,644 26.013 66,657 52,203 52,203 Fund balances at 31 May 2024 257,339 14,436 271,775 40,644 26,013 66,657 The statement of financial activities includè5 311 gains and losses recognised tn the year. All income and expenditure derive from continuing activities.
Docusign Énwdope ID. 87F8804>BF9D4C67.9AW8708E2660323 ONWARDS & UPWARDS BALANCE SHEET AS Af31 MAY2024 2024 2023 t4otes Flxed assets Tangible assets Investments 15 16 42.547 io,ooi 14,334 io,ooi 52,548 24,335 Current assets Debtor5 Cash at bank and in hand 17 74,556 156,166 34,301 26,196 230.722 60,497 Creditors.. amounts falling du• within one vear 19 111.4951 118.1751 Net current assets 219,227 42,322 Totsl assets less current Ilabllltles 271.775 66,657 The funds of the charlty Restrirted income fiJnds Unrestricted funds zi 22 14,436 257,339 26,013 40,644 271,775 66.657 3/2812025 The financial statements were approved by the trustees on ......................... Mr I Sellors
Docusign Envelope ID.. 67F8B043_BF9D4C67_9A84_870BE2660323 ONWARDS & UPWARDS srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY2024 2024 2023 Notes Cash flows from operating actlvitles Cash generated fromllabsorbed byl operations 26 181,507 15.7341 Investing attiwties Purchase of tangible fixed assets Proceeds from disposal of subsidiaries Investment income received 149,2281 120,9721 iio.Ixiii 1.873 2,691 Net cash used in investlng activlties 146,5371 129,1(X) Financing 3rtlVÉties Repayment of borrowings 15,0001 456 Net cash lused inllgenerated from financing actiwties 15.0001 456 Net intrease/ldecreasel in cash and cash equi¥alent5 129,970 134,3781 Cash and cash equivalents at beginning of year 26.196 60,574 Cash and cash equivalents at end of year 156,166 26,196 io
DocusvJn Envelope10." 67F8B04&BF9D4C67.9A84.B70BE2680323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL sfATEMETr¥rs FOR THE YEAR ENDED31 MAY2024 A¢¢ountin8 pollcle5 tharity inforfflatlon Onwards & Upwards is a Charitable Incorporated Organisation govemèd by a charitable trust deed I memorandum and articles of association dated 13 May 2021, re8lStered in England. 1.1 Actotsnting Convention The financial statèments have been prepared in accordance with the charity's governing document, the Charities Act 2DII, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities- Statement of Recommended Practlce appllcable to charities preparing their accounts in accordance with the Financièl Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The charity is a Public 8enefft Entity a5 defined by FRS 102. The flnancial stètements have departed from the Charities (Accounts and Reports) Regulation$ 21M)8 only to the extent required to provide a true and lair view. This departure has involved following the Statement of Recommended Practice for charitIÈ5 applying FRS 102 rather than the version of the Statement of Recommended Practice whith is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared In sterllng. which Ss the functional CUTrenq of the charity. Monetary amounts in these financial statements ale rounded to the nearest £. The financial statemes)ts have been prepared under the historical cost convention. The principal accountlng policies adopted are Set out below. 1.2 Golng concem At the time of approving the financial statements. the trustees believe that the charity has adequate resources to continue in operational existence for the foreseeable future on the basis of receiving a ongoing supply of donated bikes and continued donations and grants. Thus the trustees continue to adopt the goln8 Concern basis of accounting in prepafing the finanoal ststements. 1.3 Charitable funds Vnrestricted funds a available for use at the discretion of the trustee5 in fvrtherance of their charitable objectives. Restricted fund5 are subject to specific conditions by don0 or grantors as to how they may be used. The purposes and uses of the restricted funds a set out in the notes to the finan¢ial statements. 1.4 Income Income is reco8nised when the charity is legally entitled to it after any perf0rn7ance conditions have been met, the amounts can be measured reliably, and it IS Pfobable that income wlll be received. Cash donations are recogni5ed on receipt. Other donations are recogni5ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recogn*sed at the time of the donation.
Docusign En¥elopÈ ID" 67F8B04&BF9D4C67-9A84.B70BE2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL SYATEMENTS ICONTINUEDI FOR fHE YEAR ENDED 31 MAY2024 Accounting policies Icontlnued) Le6acies a reetrgnised on receipt or otherwise if the charity has been notified of an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditure Expenditure is reeognised once there is a legal or constructive obligation to transfèr economic benefit to a third pèrty, it Is probable that a tiansfer of economlc benefits will be required in Settlement, and the amount of the obligation can be measured reliably. Expenditure is elas5ified by artivity. The costs of each activity èle made up of the total of direct COSts and shared Costs, including support costs involved in undertBking each artlvity. Direct costs attributable to a single activity are allocated directly to that bctivity. Shared costs which contribute to more than one attivity nd support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resotyrces. Central staff costs are allotaièd on the ba515 of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible lixed assets are initially measured at cost and subsequently measured at cost or valuation, nel ot depr&ciation and any impairment105se5. Depreciation is recogni5ed so as to write off the cost or valuation of assets le%5 thei¥ residual values over their useful live5 on the following bases.. Fixtures and fittings 20% & 33.3% Straight Line The gain or loss arising on the disposal of an asset is determined as the dsfference between the Sale proceeds and the carrying value of the asset. and is recognised in the statement of financial attivities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subseqvently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel fof the yeaf. Transaction costs are expensed as incurred. A subsidiary 15 an entity controlled by the charity. Control is the power to govern the financial and operating policies of the enttrtv go as to obtain benefits from Éts activities. 1.8 Impairment of fixed assets At each reporting end date. the charity review5 the carrying amounts of its tangible assets to determine whether there Is any Indication that those assets have suffered an Impairment loss. If any Such Indication exists. the recoverable 3mount of the assel is estimated in order to determine the extent of the impairrnent Ios5 lif anvl. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. 8ank overdrafts are shown within borrowings *n current liabilities. 12
DOcusn Envew ID.. 67F88Q43-8F9D4C87-9A84-B70BE2660323 ONWARDS & UPWARDS NOTES TO niE FINANCIAL STATEMENTS ICONnNUEDI FOR THE YEAR ENDED 31 MAY2024 Accountlng pollfles Icontlnuedl 1.10 FlnancSal Instruments The charity has elected to apply the provisions of Sertlon 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrument5 155ues' of FRS 102 to all of its financial Instruments. Financial instrltments are retogni5ed in the charity's balance sheet when the charity becomes party to the contractual prtsvisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statemènts, when there is a le8ally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settlè the liability simultaneously. 8uskllnonclol ossets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction ¢0sts and are subsequently carried at amortised cost vsing the effective interest method unle55 the arrangement constitutes a financitlg transaction. whère the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as CeiVable withln one year are not amortised. BaskAlnonclol Ilobmlties Basic financial Itabilities, including creditols and bank loans are initially re¢ognis¢d at transartion price unless the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the futurè paymer5t5 discounted at a market rate of interest. Financial liabilities classified as payable withln one year afe not amortlsed. Debt instruments are subsequently carried at amortised c05t, U5in¥ the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from Suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-curreni liabilities. Trade creditor5 are reco8nised initially at transaction price and subsequently measured at amortised cost usin8 the effective interest method. Derecoonltlon ojllnancial Ilabilltles Financial liabilities are derecognised when the tharitvs contrattual obligations expire or are discharged or cancelled. 1.11 Employee beneflts Terminalion benefits are retognised immediately as an expense when the charity is dernonstrablv committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retlrement benèfits Payments to defined contribution retirement benefit schemes are charged as an expense as theyfall due. 13-
DorAJSiW Envdope ID 67FBB043.8F9D4c67-9A84-B70BE2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL sTATEmEr$ ICONTINUEDI FOR TIIE YEAR ENDED 31 MAY2024 Income frnm donations and legacies unStrIcted funds 2024 UnStrICted funds 2023 Donations and gifts 34,382 50,426 ItKome from charitable artivities Unrestricted Restrirted funds funds 2024 Total Ullrestrictèd Restricted funds funds 2023 2023 Total 2024 2024 2023 Charitable Activities Performance related grants Other income 392,5Tr) 65.534 28,103 458,034 28,103 153,000 46.495 199,495 392.5(K) 93.637 486,137 153,000 46.495 199,495 Income from other trading activities Un$tricted Unrestricted funds funds 2024 2023 Fundraising events 98,372 Income from Irwestment5 Unrestrirted Unrestrirted funds funds 2024 2023 Interest ¥eceivable 2,691 1,873 14
Oocusyn En¥elope ID". 67F88043.BF9D4C67.9A84-8708E2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR niE YEAR ENDED 31 MAY2024 Other Income Unre5trtrted Unre5trirted funds funds 2024 2023 81ke Mechanic caer Events Expendtture on rnislng funds Unrestrlrted Restri¢ted funds funds 2024 Total Unrestricted Restrlrted furtrds funds 2023 2023 Total 2024 2024 202a Fundralslnff and publlc5ty Advertising Other fundraising costs 1,136 65,925 1.136 73,785 296 6.350 176 472 6,350 7,860 67.061 7,860 74,921 6,646 176 6,822 15
Docusign En¥elope ID.. fj7F8B043.BF9D4C67_9A84_B708E2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MAY2024 Expenditure on charitable activities Charitable rtivitbes Charitable activitie5 2024 2023 Direct costs Staff costs Depreciation and impairment Printing, Postage & Stationery Motor. Travel & Subsistence Insurance Legal. Professional & Consultancv Repairs & Renewals Rates 105.085 21.015 1,209 6.845 5.197 65.960 5,466 2.425 612 133,457 9.409 615 3,085 3.819 58.100 863 Motor Vehicles Fines & Penaltie5 ght. Power & Heating IT Software & Consumables Telephone & Internet Programme & Training Expenses Staff & Volunteer Expenses General Expenses 240 3.940 749 361 5.280 5.079 1.749 390 90,037 4,999 1,295 318,708 221,213 Grant funding of activities (see note 91 18.000 Share of 5UPPOrt and governance costs (see note 101 Support 6,835 9,305 343.543 230,518 Analysis by fund unreStrcted funds Restricted funds 246.189 97.354 210,212 20,306 343.543 230,518 Pro@ramme & Training Expenses include5 programffle and training related staff costs. For the previous year. these were not separated from other stsff cost5. Grants payable Grant5 payable of £18,0(M] are in respect of gT3nts to XO Bikes Limited. 16-
Docu$ Envdope ID.. 67F8B043-BF9D4C67-gA84-B70BE2660323 ONWARDS & UPWARDS WQTES TO THE FINANCIAL STATEMENfs {CONTINUEDI FOR THE YEAR ENDED 31 MAY2024 10 Support costs allocated to artivities 2024 2023 Staff costs Governance costs 6,292 3,013 6,835 6.835 9.305 Analysed between: Charitable attivities 6,835 9,305 Included within governance c95ts above are payments to the Independent Examiner of £3,155. 11 Net movement In funds 2024 2023 The net movement in fund5 is ststed after chargin811creditingl.. Depreciation of owned tsngible fixed assets 21,015 9.409 12 Trusteès None of the tiustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. During the year, 4 trustees made donations to the Charity totalling £17.985 and one trL*Stee was reimbursed expenses totslling £220. Expenses reimbursed wère for Bene¥al expenses Telated to work as a trustee. 13 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Management 17
Docusiyn En¥ek)pe ID." 67F8B04>BF9D4C67.9A84.870BE2660323 ONWARDS & UPWARDS NOTESTOTHE FINANCIALSTATEMES ICONTINUEDI FOR THE YEAR ENOED 31 MAY2024 13 Employees Icontlntsedl Employment costs 2024 2023 Wages and salarles Social security costs Other pension costs 95,115 7,888 2,082 127,985 9,563 2,201 105,085 139,749 The number of employee5 whose annual remuneration was more than £60.000 is as follows". 2024 2023 Number NuFnber £80,000- £90,00012023 £60,000 to £70,000) 14 TaJtat¥on The chèrity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 1B
Docuslgn Envel(ye ID.. 67F8B043-gF9D4C87-gA84B70BE2660323 ONWARDS & UPWARDS NOTESTO THE FINANCIAL STATEMENTS {coMfiNUEDI FOR THE YEAR ENDED 31 MAY2024 15 Tanglble fixed assets ffttlny Cost At l June 2023 Additions 23.743 49.228 At31 May 2024 72,971 Depreclètlon and impalrment At l June 2023 Depreciation charged in the year 9,409 21.015 At31 May 2024 30,424 Carrying amount At 31 May 2024 42,547 At31 May 2023 14.334 16 Flxed asset in¥estm*rtts Other Investments co or valuation At l June 2023 & 31 May 2024 io,ooi Carrylng amount At 31 May 2024 io,ooi At31 May 2023 io,ooi 2024 2023 Other investments comprlse: Notes Investments in sub5idiarie5 io,ooi io,ooi 19-
DO519n Envelope ID. 67F8B043-BF9t>4C67-9AW8708E2660323 ONWARD5 & UPWARDS NOTESTO THE FINANCIAL 5fATEMENTS ICONTINUEDI FOR fHE YEAR ENDED 31 MAY2024 17 Debtors 2024 2023 Amounts falllng tlue wthin one year- Trade debtors Amounts owed by subsidiary undertakings Other debtors 62.499 7.057 31,080 3,221 74,556 34,301 18 Loans and overdraft5 2024 2023 Other loans 196 5,196 Payable within one year 196 5,196 19 Credltors.. amounts falling due wthin one year 2024 2023 Borrowings Other taxation and social securitv Trade creditors Other creditors Accruals and deferTed income 196 5.196 2.256 6,106 737 2,200 10.722 257 11.495 18,175 Retirement benefit sthemes 2024 2023 Defined contributiorb schemes Charge to profit or loss in respett of defined contrtbution scheme5 2.082 2,201 The charity operate5 a defined contribytion pension scheme for a11 qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -20-
Qocu5ign Envdcpe ID.. 67F8B04S8F9D4C67_9AB7oBE26Go323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS ICOTrmNUEDI FOR ThIE YEAR ENDED 31 MAY2024 21 Restrlrted funds The restricted funds of the charlty comprise the unexpended balances of donations and grants held on trust subject to specific conditions by don0 as to how they may be used. At l June 2023 Incomln8 resources Resources expended At31 Mav 2024 Weaver's Company Benevolent Fund Banham Foundation The National Lottery Awards for All The Clothworkers Foundation Portal Trust Serco Foundation GTR Your Station Your Community Fund Hiscox Foundation Skipton Buildin8 society Charitable Foundation Lee Education Charity of WillTram Hatcliffe Pentonville 5.897 5,581 5,435 9,100 14,7771 15,5811 15,4351 19,1001 118.6481 15.0001 19,3001 114,3701 11,sooi 13.4001 128.1031 1,120 31.964 5,OCM) 9,300 14,370 1.500 3,400 28,103 13,316 26,013 93.637 1105,2141 14,436 PrevSous year: At l June 2022 Incomin8 resour5 Resources expended At31 May 2023 Weaver's Company Benevolent Fund Banham Foundation The National Lottery Awards for All The Clothworkers Foundation The Merchant Taylors 13.420 9.125 9.850 9,100 5,000 17,5231 13,5441 14,41SI 5,897 5,581 5.435 9.100 I5,Cl 46,495 20,482 26,013 21
Docugn Envelope ID. 67F89043-8F9D4C67-9AW870BE2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL ATEmENTs ICONTINUEDI FOR ThE YEAR ENDED 31 MAY2024 21 Restrfcted funds {Continuedl Weavers. Company Benevolent Fund funding for 12 individua15 18-30 years old to achieve Velotech qualificat50ns Banham Foundation- Funding for the development of servicing and other activitie5 beyond the workshop The National Lottery Awards for All- Funding for wider community engagement The Clothworkers- Funding for mobile servicing vehicle and tools Merchant Taylor's Foundation Funding for our core bike mechanics training programme Portal Trust- Funding for 12 places on our core bike mech3nits training programme fof young people Serco Foundation - Funding for our core bike mechanics training programme GTR Your StatSon Yovr Community Fund Funding for our cole bike mechanics training programme Hiscox Foundation- Fundirng for our core bike mechanics training programme Skipton Building &)ciety Charitable Foundation - Funding for specialised eqtjipment Used in bike mechanic training Lee Education Charity of William Hatcliffe- Funding for curriculum development projert 22 Unrestricted funds The unrestricted funds of the charity Comprise the unexpended balances of donations and grants whith are not subject to specific conditic>n5 by donors and grantors as to how they may be used. These include designated funds which have been set aside OLJt ol unrestricted fund5 by the trustees for specific Purposes. At l June 2023 Incoming resources Resources empended At31 Mav 2024 General funds 40,644 529,945 1313.2501 257,339 Pr¥ious year". At l Junè 2022 Incomin8 resources Resources expended At31 Mav 2023 General fund5 52.203 205,299 1216,8581 40,644 22-
DcaA8Lqn Envelope ID.. 67F8B043.BF9D4C67.gA84-870BE2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL STATEMENTS {cof4TINUED) FOR THE YEAR EIIDED 31 MAY2024 Analysls of net a55ets between funds Unre5tri¢ted fund5 Z024 Restrtrted funds 20Z4 Total 2024 At31 May 2024: Tangible assets Investment5 Current assetsllliabilitiesl 42,547 io,ooi 204,791 42,547 io,ooi 219,227 14,436 2S7,339 14.436 271,775 Unrestrlrted funds 2023 RestrScted funds 2023 Total 2023 At31 May 2023: Tangible a55ets Investments CtErrent assetsllliabilstiesl 14,334 io,ooi 16,309 14,334 io,ooi 42,322 26,013 40,644 26,013 66,657 24 Related party transactlons The amouni outstanding on the loan with XO Bikes Ltd at the balance sheet date was £18,934 after accnjing Interest of £2,081 during the year at a rate of 12.35%. Amounts due to be reimbursed at the balante shèet date were £43,565, leaving a total amount due at the balance sheet date of £62,499. 25 Subsldlarles Detai15 of the charity's subsidiaries at 31 May 2024 are as follows.. Name of undertaklng Registered offl£e Nature of buslness Class of shares held % Held Dlfert Indlrect XO Bikes Limited 22123 Lewisham The refurbishment and sale of Ordinary Centre, London, bikè5 En818nd, SE13 7EP ioo.rx) -23-
Docu$ign EnlOpe ID.. 67F8B043.BF9D_4C67.9AW6709E2660323 ONWARDS & UPWARDS NOTES TO THE FINANCIAL ATEmENTs ICONfiNUEDI FOR THE YEAR ENDED 31 MAY2024 26 Cash generated from operation5 2024 2023 Surplus for the year 205,118 14,454 Adjustments for". Investment income recognised in statement of financial activities Depreciation ar5d impairment of tangible fixed assets 12,6911 21.015 11,8731 9,409 Movements in working captal.. 11ncreasel in debtors (Decreasellincrease in creditor5 140,2551 11,6801 128.9771 1,253 Cash genefated Iromllabsorbed by) operations 181.507 15,7341 27 Analysis of changes in net funds At l 1023 tash fk At 31 May 2024 Cash at bank and in hand 26,196 129,970 156.166 Loans falling due within one year 15.1961 11961 21.000 134,970 155.970 -24-