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2025-05-31-accounts

Docusign Envelope ID: C0FA5C0B-41BF-48BC-87E7-741B42306247

Charity number: 1194457

ONWARDS & UPWARDS

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Docusign Envelope ID: C0FA5C0B-41BF-48BC-87E7-741B42306247

ONWARDS & UPWARDS

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Auditors' Report on the Financial Statements 7 - 10
Consolidated Statement of Financial Activities 11
Consolidated Balance Sheet 12
Charity Balance Sheet 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15 - 35

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ONWARDS & UPWARDS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2025

Trustees Mr J Sellors
Mr C A Moore
Sir J M Sunderland
Ms Z Atkins (appointed 18 June 2024)
Her Honour Judge J Khan KC (appointed 30 October 2025)
Charity registered
number
1194457
Principal office
210 Lewisham High Street
The Lewisham Centre
Lewisham
London
SE13 6JP
Independent auditors
TC Group
Statutory Auditor
One Bell Lane
Lewes
East Sussex
BN7 1JU

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ONWARDS & UPWARDS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2025

The trustees present their annual report and financial statements for the year ended 31 May 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objective of the Charity is to promote the rehabilitation of offenders for the public benefit, by providing training in useful skills, employment, mentoring, guidance and rehabilitation, so as to prepare offenders for sustainable employment and to help them to re-integrate into the community. “Offenders” includes ex-offenders and those at risk of offending.

The underlying purpose of the Charity is thus to break the cycle of reoffending.

The Charity does this by

  1. Providing training courses for ex-offenders and supporting them to find employment

  2. Developing sustainable social enterprises to recruit, employ and support some of the ex-offenders it has trained

Public Benefit

Every year, roughly 53,000 (1) prisoners are released from UK prisons. Over 23,500 of them will be back inside again within the year, with a national re-offending rate of 48% (2),(3),. Commit crime, do time, let out, no job, no alternative…(repeat).

This is called the cycle of reoffending and one of the primary drivers of the cycle is unemployment. Ex-offenders are significantly less likely to reoffend if working full time, but only 17% (4) find a legitimate job within the year. It’s not for the want of trying, but 75% (5) of employers will not hire them. For every person trapped in the cycle, more are impacted indirectly, making this a problem with an annual societal price tag of £18 billion (2).

We have learnt that employment is important, but that for a great many who leave prison, far from being job ready; the journey is a longer one. There is a rebuilding process that begins slowly and must take into consideration all aspects of the individual and the future they aspire to. This can begin with people simply finding a place to go where they are welcome, where they have something meaningful to do, and where the energy is positive and the environment joyful; at least in part. We provide those first steps, the circumstances and nurturing for people to build their confidence and change their narrative. For the people we work with there are very often other challenges and barriers in life preventing them from moving forward or tripping them up down the line. We welcome trainees with significant offending histories, with no previous work experience, with complex challenges both personal and professional, and often for the first time give them a good option to choose. Our pastoral support programme then works to overcome the challenges where possible and empower people to take ownership of the next stage of their lives. Our aim at the end of this journey is for a positive outcome and wherever possible for this to be sustainable employment.

Where informed and empathetic employers actively look to support and employ ex-offenders, re-offending rates far below the national average are commonplace. It is a model with a good evidence base and significant wider public benefit from the reduction in re-offending, the drop in crime this represents, the reduction in direct impacts on families and communities, and the staggering economic saving it delivers. Each of our ventures aims to achieve these results and deliver this level of impact.

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ONWARDS & UPWARDS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

At a more localised level, the introduction of social enterprise spaces into communities opens conversation and helps to change opinions. We want ex-offenders to not only be supported by potential employers, but by the wider community who can recognise successful reintegration into society through interaction with our model. We have also found that our communities appreciate both the positive representation and assisting of ex-offenders, with many having personal experience of the numerous difficulties that arise from offending risk and imprisonment.

(1) https://www.gov.uk/government/collections/offender-management-statistics-quarterly, Apr 2023-Mar 2024

(2) https://www.gov.uk/government/publications/economic-and-social-costs-of-reoffending

(3) https://www.gov.uk/government/collections/proven-reoffending-statistics Jan-March 2023

(4) https://www.gov.uk/government/publications/education-and-employment-strategy-2018

(5) https://www.insidetime.org/wp-content/uploads/resources/Employment/Prejudged-Tagged-for-life.pdf

Achievements and performance

In the year to 31 May 2025, Onwards and Upwards experienced significant growth, in terms of its training and referral capacity and the growth of its first venture, XO Bikes limited. The second venture in the portfolio ‘XO Barbers’ also came to life with the first in-prison barbershop completed in HMP Brixton.

The model for each of our ventures is three pronged; in-prison training workshops that create high-energy learning environments, community training programmes that achieve industry recognized qualifications alongside an excellent pastoral and employment support pathway, and the social enterprise that creates job, builds the bridge to the public, and brings about wider awareness of the issues the criminal justice system faces and potential solutions.

For XO Bikes the model is well progressed. At our workshop in HMP Pentonville we have trained 45 people this year. We deliver the first phase of our Velotech qualification and have been delighted that a number of the graduates have joined us for the next stage upon release.

We have delivered six full training programmes at our community workshop in Lewisham supporting 44 people, with 29 gaining Velotech qualifications. The technical content is the focus for the trainees, and sits very comfortably with the pastoral and employment content dispersed throughout the week. This includes weekly oneto-ones, masterclasses, opportunities to spend time with case workers, and our employment pathway structure that builds employability, work-readiness and supports people in finding jobs. We have had excellent engagement for all parts of the programme and are learning from every course we run and every individual we train how we can adapt what we offer to achieve the best possible outcomes for those we work with.

The keystone in our model is the public facing, powerfully and positively branded social enterprise, and XO Bikes has achieved our ambitions of being beautiful and loud. Every bike that is sold, repaired, or donated helps change perceptions through simple interactions between the public and our great team. As a business XO Bikes produced a small surplus and as such is a proof of concept for others in the sector that profitable businesses can be run by hiring people that have spent time in prison, but who have now committed to a brighter future.

Last year we trialled a bike mechanic youth taster day in response to growing interest from young people on the cusp of entering the criminal justice system. These are one day events that work in partnership with organisations supporting young people and focus on practical experience in the workshop with positive role models with lived experience. This year we have run eight days with 46 young people. Feedback has been incredibly positive from the young trainees and staff alike. It highlights two strengths; the chance for people who have struggled in mainstream education to try practical tasks and find fluency in them, and the opportunity to have frank discussions with ex-offenders who have spent time in prison and can guide them along a different path.

XO Barbers is a new addition to the portfolio and has its first in-prison barbershop finished and ready for training. It is a space that is staggeringly out of place in prison. It will begin training very soon and run continuous courses training prisoners to become barbers in an environment that nurtures their development, grows their confidence, and prepares their mindset for a real chance at rehabilitation upon release. We plan for the community training barbershop to follow in the year to come.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

It is a founding premise of Onwards and Upwards that the barriers created by employers preventing a great many ex-offenders from moving on with their lives is in part caused by ignorance and prejudice. Anyone that commits a crime is a bad person, and always will be. Moreover they are not worthy of investment, as the probability is that they will both put the organisation at risk, and be unable to avoid committing further crime. We aim to challenge this, to raise the profile of those individuals that leave prison and want to build a positive future, who want to work, to pay taxes, to bring up their children, and just lead perfectly normal lives. We do this by being loud. We shine a spotlight on the brilliant trainees we have and try to make sure as many people meet them, hear them speak, have their bike fixed by them or get their hair cut. A single moment instantly shifting the dial massively on how they think of an ex-offender. This year we have been really loud and featured in The Times, the FT, on This Morning, BBC News, and a number of podcasts.

The keystone for all we aim to achieve is breaking the cycle of re-offending. For this year our known re-offending rate was 6.89%, and we shall aim to keep it ever this low and indeed lower for all the people we continue to work with.

Financial review

Total income was £1,212,487 through donations and gift aid, fundraising events, bikes sales, as well as restricted and unrestricted grants. Total expenditure was £1,066,622, which was primarily the costs of providing training courses together with the additional pastoral and employability support, establishing, developing, and supporting XO Bikes and XO Barbers, and developing and testing our future ventures. This included salary of management and consultation, fundraising, and the expenses of setting up the workshop for training. Surplus for the year was £145,865.

Reserves Policy

Our policy is to aim to hold between 3 and 6 months of operating expenditure in reserve. Our free reserves at the end of May 2025 were £260,151.

Future Plans

The year ahead is a transformational one for the charity as it matures into a multi-venture model and continues to develop current ventures into their full shape. Practically this means training and supporting more people across more locations, and continuing to develop additional ventures.

For XO Bikes we plan to open a second in-prison workshop, which together with HMP Pentonville will offer excellent mechanic training and a space that gives people the chance to ignite their spark. Both in-prison workshops will then offer places on the community programme for which there are areas of development for the next year. We will trial longer programmes to give people more time to prepare for employment or a positive transition to the next phase of life, and increase our employer engagement activities to make sure employers are involved throughout the programme and can inform and contribute to the training in a way that produces mechanics they would want to hire.

We will continue to run our Youth Taster Days but also aim to trial our youth venture designed to positively engage young people with a range of positive role models that can help guide them towards good decisions during formative years and to stay away from gangs and other criminal behaviour that lead reliably to a bad result for all.

By the end of next year XO Barbers will have taken great strides forward. The barbershop in HMP Brixton will be running training smoothly with a long wait list. We may even have discussions progressed for a second in-prison barbershop. We absolutely aim to have the XO Barbers Academy installed, ready for training, and hopefully with a pilot course completed and a great many useful lessons learned.

Our long-term vision is to have a portfolio of sustainable social ventures replicating the XO model across different sectors. All providing training opportunities, personal and professional development, and good quality jobs that can act as a springboard into stable roles in exciting sectors. With our first two ventures off the runway, by the end of next year a third will be in the wings and just about ready to take its first steps.

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ONWARDS & UPWARDS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

Structure, governance and management

The Charity was established by a charitable trust deed/memorandum and articles of association dated 13th May 2021. The charity is constituted as a Charitable Incorporated Organisation (registered by the Charity Commission on 13 May 2021: CC number 1194457).

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr J Sellors Mr C A Moore Mr J Turley (Resigned 11 March 2025) Sir J M Sunderland Ms Z Atkins (Appointed 18 June 2024) Judge J Khan (Appointed 30 October 2025)

Recruitment and Appointment of Trustees

The power to appoint new Trustees is exercised by a majority in number of the existing Trustees. Where there is a need for new Trustees, this would be identified by the remaining Trustees.

New trustees are invited to meet with the management team and other member staff, as well as ex- offenders who are participating on the scheme, to discuss the operation of the Charity and the Social Enterprise. They receive all the relevant documentation relating to the constitution of the Foundation and minutes of recent Board meetings.

Additional training is provided as required and Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

None of the trustees 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.

Organisational Structure

Onwards and Upwards is the registered Charity, governed by the Board of Trustees. Day-to-day activities are managed by the senior team comprising the Founder, Managing Director, Ops Director, and a fractional CEO. They are very ably supported by a diverse team with a brilliant mix of expertise, experience, and lived experience of the criminal justice system, and a great many wonderful volunteers.

XO Bikes, the first operating business from Onwards and Upwards, is a Limited Company (XO Bikes Limited, company number 13913618) which is 100% owned by the Charity. XO Bikes currently has four Directors: two of the senior managers of Onwards and Upwards, the senior manager of XO Bikes Limited, and an independent director. XO Barbers, the second operating business, is also a Limited Company (XO Barbering Limited, company number 16484364) which is 100% owned by the Charity, and has a similar directorship to XO Bikes Limited.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, TC Group, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

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

Mr C A Moore

Date: 31 March 2026

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ONWARDS & UPWARDS

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONWARDS & UPWARDS

Opinion

We have audited the financial statements of Onwards & Upwards (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONWARDS & UPWARDS (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONWARDS & UPWARDS (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONWARDS & UPWARDS (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

TC Group

Statutory Auditors

Office: Lewes

TC Group are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2025

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
146,800
-
-
-
146,800
1,562
62,916
64,478
82,322
(25,344)
56,978
14,436
56,978
71,414		 Unrestricted
funds
2025
£
590,776
417,631
5,638
51,642
1,065,687
390,545
611,599
1,002,144
63,543
25,344
88,887
240,599
88,887
329,486		 Total
funds
2025
£
737,576
417,631
5,638
51,642
1,212,487
392,107
674,515
1,066,622
145,865
-
145,865
255,035
145,865
400,900		 Total
funds
2024
£
492,416
309,063
2,691
62,753
866,923
304,221
355,096
659,317
207,606
-
207,606
47,429
207,606
255,035

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 35 form part of these financial statements.

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CONSOLIDATED BALANCE SHEET AS AT 31 MAY 2025

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 97,288
7,875
401,979
507,142
(175,577)		 2025
£
-
69,335
69,335
331,565
400,900
-
400,900
400,900
71,414
329,486
400,900		 97,536
24,114
159,734
281,384
(30,708)		 2024
£
3,085
42,547
45,632
250,676
296,308
(41,273)
255,035
255,035
14,436
240,599
255,035

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

Mr C A Moore

Date: 31 March 2026

The notes on pages 15 to 35 form part of these financial statements.

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CHARITY BALANCE SHEET AS AT 31 MAY 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 53,627
395,994
449,621
(117,990)		 2025
£
69,335
10,002
79,337
331,631
410,968
410,968
410,968
71,410
339,558
410,968		 75,630
156,166
231,796
(12,569)		 2024
£
42,547
10,001
52,548
219,227
271,775
271,775
271,775
14,436
257,339
271,775

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

Mr C A Moore

Date: 31 March 2026

The notes on pages 15 to 35 form part of these financial statements.

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 15 to 35 form part of these financial statements		 2025
£
297,908
5,638
(61,301)
(55,663)
-
242,245
159,734
401,979		 2024
£
164,586
2,691
(49,228)
(46,537)
-
118,049
41,685
159,734

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

1. General information

Onwards & Upwards is a Charitable Incorporated Organisation governed by a memorandum and articles of association dated 13 May 2021, registered in England.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

2.2 Income

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

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

2. Accounting policies (continued)

2.3 Expenditure

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

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

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

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 33 % straight line

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

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

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

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

2.10 Cash at bank and in hand

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

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

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

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

3. Income from donations and legacies

Restricted
funds
2025
Unrestricted
funds
2025
£
£
Donations
-
56,376
Grants
146,800
534,400
146,800
590,776
Total 2024
65,534
426,882
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2025
£
Fundraising events
120,540
Total 2024
98,372
Income from non charitable trading activities
Unrestricted
funds
2025
£
Sales
297,091
Total 2024
210,691		 Total
funds
2025
£
56,376
681,200
737,576
492,416
Total
funds
2025
£
120,540
98,372
Total
funds
2025
£
297,091
210,691		 Total
funds
2024
£
34,382
458,034
492,416
Total
funds
2024
£
98,372
Total
funds
2024
£
210,691

4. Income from other trading activities Income from fundraising events

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

5. Investment income

Unrestricted
funds
2025
£
Other interest receivable
5,638
Total 2024
2,691		 Total
funds
2025
£
5,638
2,691		 Total
funds
2024
£
2,691

6. Other incoming resources

Donated bikes
Chance for Change project
Bike Mechanic Career Events
Total 2024		 Restricted
funds
2025

£
-
-
-
-
28,103		 Unrestricted
funds
2025
£
33,000
18,642
-
51,642
34,650		 Total
funds
2025
£
33,000
18,642
-
51,642
62,753		 Total
funds
2024
£
32,650
28,103
2,000
62,753

7. Expenditure on raising funds

Fundraising expenses

Fundraising expenses
Total 2024		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
1,562
76,563
7,860
67,061		 Total
funds
2025
£
78,125
74,921		 Total
funds
2024
£
74,921

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

7. Expenditure on raising funds (continued)

Other trading expenses

Unrestricted
funds
2025
£
Cost of sales
159,384
Administration expenses
21,723
Interest payable
3,267
Administration staff costs
129,608
313,982
Total 2024
229,300		 Total
funds
2025
£
159,384
21,723
3,267
129,608
313,982
229,300		 Total
funds
2024
£
123,522
16,592
2,989
86,197
229,300

8. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs
Total 2024		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
62,916
611,599
97,354
257,742		 Total
2025
£
674,515
355,096		 Total
2024
£
355,096

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

9. Analysis of expenditure by activities

Direct costs
Total 2024		 Activities
undertaken
directly
2025
£
662,390
348,261		 Support
costs
2025
£
12,125
6,835		 Total
funds
2025
£
674,515
355,096		 Total
funds
2024
£
355,096

Analysis of direct costs

Staff costs
Depreciation
Printing, postage and stationery
Motor, travel and subsistence
Insurance
Legal, professional and consultancy fees
Repairs and renewals
Rates
Motor vehicle fines and penalties
Light, power and heating
IT Software and consumables
Telephone and internet
Training and programme expenses
Staff and volunteer expenses
General expenses
Total 2024		 Direct costs
2025
£
228,602
34,513
16,049
16,939
13,649
38,976
19,048
(1,799)
333
7,021
2,681
1,357
219,000
20,539
45,482
662,390
348,261		 Total
funds
2025
£
228,602
34,513
16,049
16,939
13,649
38,976
19,048
(1,799)
333
7,021
2,681
1,357
219,000
20,539
45,482
662,390
348,261		 Total
funds
2024
£
126,265
21,015
1,210
8,334
7,424
65,960
7,778
2,425
612
7,256
1,749
557
90,037
4,999
2,640
348,261

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Direct costs
2025
£
Accountancy
2,375
Meals and refreshments
5,326
Bank charges
4,424
12,125
Total 2024
6,835
10.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
11.
Staff costs
Group
Group
2025
2024
£
£
Wages and salaries
298,536
192,556
Social security costs
39,749
15,439
Contribution to defined contribution pension
schemes
19,925
4,467
358,210
212,462		 Total
funds
2025
£
2,375
5,326
4,424
12,125
6,835
2025
£
5,000
Charity
2025
£
166,687
29,876
15,693
212,256		 Total
funds
2024
£
3,155
2,416
1,264
6,835
2024
£
-
Charity
2024
£
95,114
7,888
2,082
105,084

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

11. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Employees 17 13 8 3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £80,001 - £90,000 1 1

12. Trustees' remuneration and expenses

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

During the year ended 31 May 2025, no Trustee expenses have been incurred (2024 - £NIL) .

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
13.
Intangible assets
Group
Cost
At 1 June 2024
At 31 May 2025
Amortisation
At 1 June 2024
Charge for the year
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024
14.
Tangible fixed assets
Group
Cost or valuation
At 1 June 2024
Additions
At 31 May 2025
Depreciation
At 1 June 2024
Charge for the year
At 31 May 2025		 Computer
software
£
9,255
9,255
6,170
3,085
9,255
-
3,085
Fixtures and
fittings
£
72,971
61,301
134,272
30,424
34,513
64,937

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
14.
Tangible fixed assets (continued)
Group (continued)
Net book value
At 31 May 2025
At 31 May 2024
Charity
Cost or valuation
At 1 June 2024
Additions
At 31 May 2025
Depreciation
At 1 June 2024
Charge for the year
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024		 Fixtures and
fittings
£
69,335
42,547
Fixtures and
fittings
£
72,971
61,301
134,272
30,424
34,513
64,937
69,335
42,547

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

15. Fixed asset investments

Charity
Cost or valuation
At 1 June 2024
Additions
At 31 May 2025
Net book value
At 31 May 2025
At 31 May 2024		 Investments
in
subsidiary
companies
£
10,001
1
10,002
10,002
10,001

Principal subsidiaries

The following were subsidiary undertakings of the Charity:

Names Company Registered office or principal Principal activity
number place of business
XO Bikes Limited 13913618 212 Lewisham High Street, The refurbishment
London, England, SE13 6JP and sale of bikes
XO Barbering Limited 16484364 210 Lewisham High Street, Barbering
London, England, SE13 6JP
Class of Holding Included in
shares consolidation
Ordinary 100% Yes
Ordinary 100% Yes

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

15. Fixed asset investments (continued)

The financial results of the subsidiaries for the year were:

Names
Income
£
Expenditure
£
Profit/(Loss)
/ Surplus/
(Deficit) for
the year
£
XO Bikes Limited
348,091
(341,369)
6,722
XO Barbering Limited
-
(50)
-
16.
Stocks
Group
2025
£
Finished goods and goods for resale
97,288
17.
Debtors
Group
Group
Charity
2025
2024
2025
£
£
£
Due within one year
Trade debtors
195
5,927
195
Amounts owed by group undertakings
-
-
53,432
Other debtors
7,262
18,187
-
Prepayments and accrued income
418
-
-
7,875
24,114
53,627		 Net assets
£
(17)
(49)
Group
2024
£
97,536
Charity
2024
£
5,000
62,499
8,131
-
75,630

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

18. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income		 Group
2025
£
42,201
34,741
44,854
4,939
487
48,355
175,577		 Group
2024
£
-
17,481
6,784
1,297
196
4,950
30,708		 Charity
2025
£
-
25,914
42,507
3,998
196
45,375
117,990		 Charity
2024
£
-
6,106
3,330
737
196
2,200
12,569

19. Creditors: Amounts falling due after more than one year

Group Group
2025 2024
£ £
Other loans - 41,273

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

20. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Reserves
Restricted funds
Weaver's Company Benevolent
Fund
Portal Trust
The National Lottery Awards for
All
London Catalyst
City & Guild
XO Barbering
Total of funds		 Balance at 1
June 2024
£
257,339
(16,740)
240,599
1,120
13,316
-
-
-
-
14,436
255,035		 Income
£
735,596
330,091
1,065,687
-
-
19,800
2,000
5,000
120,000
146,800
1,212,487		 Expenditure
£
(678,725)
(323,419)
(1,002,144)
(1,120)
(13,316)
(12,393)
(2,000)
(3,500)
(32,149)
(64,478)
(1,066,622)		 Transfers
in/out
£
25,344
-
25,344
-
-
-
-
-
(25,344)
(25,344)
-		 Balance at
31 May 2025
£
339,554
(10,068)
329,486
-
-
7,407
-
1,500
62,507
71,414
400,900

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Reserves
Restricted funds
Weaver's Company Benevolent Fund
Portal Trust
The National Lottery Awards for All
Serco Foundation
GTR Your Station Community Fund
Hiscox Foundation
Banham Foundation
The Clothworkers Foundation
Skipton Building Society Charitable
Foundation
Lee Education Charity of William Hatcliffe
Pentonville
Total of funds		 Balance at
1 June 2023
£
40,644
(19,228)
21,416
5,897
-
5,435
-
-
-
5,581
9,100
-
-
-
26,013
47,429		 Income
£
529,945
261,341
791,286
-
31,964
-
5,000
9,300
14,370
-
-
1,500
3,400
28,103
93,637
884,923		 Expenditure
£
(313,250)
(258,853)
(572,103)
(4,777)
(18,648)
(5,435)
(5,000)
(9,300)
(14,370)
(5,581)
(9,100)
(1,500)
(3,400)
(28,103)
(105,214)
(677,317)		 Balance at
31 May 2024
£
257,339
(16,740)
240,599
1,120
13,316
-
-
-
-
-
-
-
-
-
14,436
255,035

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

20. Statement of funds (continued)

Fund descriptions

Weavers' Company Benevolent Fund - funding for 12 individuals 18-30 years old to achieve Velotech qualifications

Portal Trust - Funding for 12 places on our core bike mechanics training programme for young people The National Lottery Awards for All – Funding for wider community engagement

London Catalyst - for developing the pastoral support provided in our community training programme City & Guilds - funding for the development of in-prison bike workshops XO Barbering includes the following grants:

Additional 2024 funds

Serco Foundation - Funding for our core bike mechanics training programme GTR Your Station Your Community Fund - Funding for our core bike mechanics training programme Hiscox Foundation - Funding for our core bike mechanics training programme

Banham Foundation – Funding for the development of servicing and other activities beyond the workshop The Clothworkers – Funding for mobile servicing vehicle and tools

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

21. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
June 2024
£
240,599
14,436
255,035		 Income
£
1,065,687
146,800
1,212,487
Balance at
1 June 2023
£
21,416
26,013
47,429		 Expenditure
£
(1,002,144)
(64,478)
(1,066,622)
Income
£
791,286
93,637
884,923		 Transfers
in/out
£
25,344
(25,344)
-
Expenditure
£
(572,103)
(105,214)
(677,317)		 Balance at
31 May 2025
£
329,486
71,414
400,900
Balance at
31 May 2024
£
240,599
14,436
255,035
Summary of funds - prior year
General funds
Restricted funds

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
69,335
71,414
435,728
-
(175,577)
71,414
329,486		 Total
funds
2025
£
69,335
507,142
(175,577)
400,900

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2024
£
-
-
14,436
-
-
14,436		 Unrestricted
funds
2024
£
42,547
3,085
266,948
(30,708)
(41,273)
240,599		 Total
funds
2024
£
42,547
3,085
281,384
(30,708)
(41,273)
255,035

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Increase in deferred income
Net cash provided by operating activities		 Group
2025
£
145,865
34,513
3,085
(5,638)
248
7,498
69,337
43,000
297,908		 Group
2024
£
207,606
21,015
3,085
(2,691)
(48,048)
(16,287)
(94)
-
164,586

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ONWARDS & UPWARDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
401,979
401,979		 Group
2024
£
159,734
159,734

25. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Related derivatives		 At 1 June
2024
£
159,734
(1,297)
(41,273)
-
117,164		 Cash flows
£
242,245
(45,843)
41,273
-
237,675		 At 31 May
2025
£
401,979
(47,140)
-
-
354,839

26. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £19,925 (2024 - £4,467) were payable to the fund at the balance sheet date and are included in creditors.

27. Related party transactions

J Turley, trustee of the charity up to his resignation on 11 March 2025, is a director of Fajevest Limited. XO Bikes Limited was granted a £50,000 unsecured loan facility by Fajevest Limited in 2022 of which £40,000 was drawn down upon. During the year interest of £928.64 (2024 - £908.20) was accrued. At the balance sheet date included within creditors is a loan due to Fajevest Limited of £42,201 (2024 - £41,273).

Post year end an agreement was issued to waive the accrued interest and reduce the capital amount to be repaid.

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