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
& ACCOVP4fA￿Ts
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

DocuS￿n 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 P￿Sent 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 $7F8B￿8F9rHc67-9A8d-￿708￿268O323
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.
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Docusign Emelope ID 67F8804>8F904C67.9A84.870BE2660323
ONWARDS & UPWARDS
TRusfEES' REPOAT (CO￿lNuED)
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>BF9D4C67-9A￿B7c￿E266o323
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 DI￿rtOrS at the date of approval of these
financ*al statements.

Docusi9n Envelope ID 67F8B04>BF9D4C67.YA84-B7QBÈ2660323
ONWARDS & UPWARDS
TRUSTEES. REpoiif (co￿1NVEDj
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 TRu￿EE5 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 report*ng 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 f*nancial 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

DOcus￿n 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 sTATEmE￿r$ ICONTINUEDI
FOR TIIE YEAR ENDED 31 MAY2024
Income frnm donations and legacies
un￿StrIcted
funds
2024
Un￿StrICted
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 ca￿er 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
unreStr￿cted 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 FINANCIALSTATEME￿S 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-

DO￿519n 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_9A￿B7oBE26Go323
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
resour￿5
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,C￿l
46,495
20,482
26,013
21

Docu*gn 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 En￿lOpe 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 cap￿tal..
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-