REGISTERED COMPANY NUMBER: 02] 71777 (England and Wales)
REGISTERED CHAIUTY NUMBER: 800614
REPORT OF THE TRusfEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31sr JULY 2024
FOR
FIRsf RUNG LIMITED
Sproull & Co.
Chartered Accotsnlants
Statutory Auditors
First Floor, Jebsen House
534 l High Street
Ruislip
Middlesex
HA4 7BD

FIRST RUNG LIMITED
CONTENTS OF THE FINANCIAL STATEMEIYTS
FOR THE YEAR ENDED 31ST JULY 2024
Page
Reference and Administrative Details
Report of the Trustees
Statement of Trustees, Responsibilities
Report of the Independent Auditors
7 to 9
Statement of Financial Activities
io
Statement of Financial Position
Statement of Casb Flows
12
Iyotes to the Statement of Cash Flows
13
Notes to the Financial Statements
14 to 22
Detailed Statement of Financial Activities
23

FIRST RUNG LIMITED
REFERENCE AND ADMtNISTRATIVE DETAILS
FOR THE YEAR ENDED 31ST JULY 2024
TRUSTEES
O Ahmed
HAIi
J R Eifion-Jones (Treasurer)
E J Jones (Chair)
I J Laivrence
M Mahajan
CSPike
S Riley
COMPANY SECRETARY
H J Wap•vick
RECISTERED OFFICE
197-205 High Street
Ponders End
Enfield
Middlesex
EN3 4DZ
RECISTFRED COMPANY
NUMBER
02171777 (England and Wales)
REGISTERED CHARITY
NUMBER
800614
AUDITORS
Sproull & Co.
Chartcred Accollntants
ststutory Auditors
First Floor, Jebsen House
53-61 I ligh Street
Ruislip
Middlesex
HA4 7BD
BANKERS
HSBC Bank plc
l The Town
Enfield
EN2 6LD
Barclays Bank plc
54 High Street
Ruislip
Middlesex
HA4 7AT
Page I

FIRST RUNG LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
The trustees who are also directors of the charity for the purposes of the Companles Act 2006, present their report with
the fmancial statements of the charity for the year ended 31 st July 2024. The trusiees have adopted the provisions of
Accounting and Reporting by Charities: Statement of Reconunended 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 l Janvary 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To advance education for the public benefi¢ particularly but not exclusively, by the provision of vocational
training.
The relief of unemployment foi the public benefiL particularly, but not exclusively. by the provision of training,
retraining and periods of work experience through the progtwnmes of the Education and Skills Funding Agency
(ESFA), or similar programrnes ftmded by local and central Govertllnent, COTpofdte partners and the European
Social Fund.
To deliver training and development to young people $0 that their employment prospects are significantly
improved. This can be through classroom or digÉtal delivery,.
To provide learning, tratning, and work experience Oppor￿nItIeS for young people to prepare them for the
world of work. This is tailored to the individual needs of the young person and is supported by a
comprehensive pastoral care programme.
Public benefil
Trustee5 of a charity have a duty to rq)ort on their charitys public benefiL The Trustees of First Rung Limited have
considered the guidance issued by the Charity Commission. The Trustees have Concluded that'.-
The aims and activities of the organisation continue to be charitsble-
The aims and the work dolle give identifiable benefits in the charitable sector and both directly and indirectly to
young people in need.
The benefits are for the public, are not unreasonably restrictive in any way and certainly not by ability to pay"
There is no detriment or hann arising from the aims and activities.
The trustees can confirnl that they are complying with the Charity Comrni&sion's guidance on public benefit. First Rung
is a registered charity. its only activity is the provision of learning, training and preparing young people for work. Prior
to joining us ￿￿]Y of our learners stru￿0 le to identify the next stage in their education or work. The charity. by providiiig
tailor made courses combined with excellent pastoral care, nurtures the young people, enabling them to make the next
step in their journey for the benefit of society. local employers and the economy.
Activities
Stud PTO
ramme
First Rung continues to deliver the 16-18 years old Study progratntne, which offers bespoke learning and employability
provisioTh to young people based on their needs and Prior attainment. The aim is to provide young people with the skills
and qualifications to progress to an apprenticeship, employment or further education.
Learners have the opportunity to achieve a level I vocational qualification in either Accountancy, Business
Administration. Customer Service or Health and s￿lat Care. They develop their skills in Englis￿ Mathematics and ICT
by uiidertaking the Functional Skills qualification at the appropriate level. First Rung continues to offer GCSE English
and Mathematics provision to leamers who did not previously achieve at least a grade 3 in these subjects.
All learners on the programme attend preparation for life and WO￿ sessions to support them to develop the necessary
skills and attributes to sustain employmenl and be a good citizen. All learners are also expected to undertake a work
placement as part of the programtne.
Page 2

FIRST RUNG LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
OBJECTIVES AND ACTIVITIES
renticeshi
Apprenticeships offer employers the opporttmity both to recruit neiv staff who wtll be trained to industy standard while
tliey work, and to up-skill exlsting staff.
Companies ivith an annual pay bill of more than £3 million have to pay an apprenticeship levy at a rate of 0.50/0 of iheir
wmual pay bill. They can use this fvnd lo provide apprenticeship trdining to their staff. The fuiids are accessed through
the Digital Apprenliceship Service (DAS) syslein. Apprenticeship standards provide a structure of industry relevant to
both on and off the job iraining. Off the job training is delivered by Fitst Rung eiiher in centre or on-line. On the job
Irdintng is delivered in work by the employer. Apprcntice5hips are both level 2 and 3 and are delivered in a ranue of
vocational areas.
Smaller employers who are not required io pay the apprentlCe5hip levy can also einploy and trdin apprentices. Funding
for thc training delivered by First Runtr is drawn doivn from the Digital Apprenliceship Service. Due to a cliange in
govenunent policy. these apprenticeships are now fully fill]ded. the employer no longer h&s lo contribute.
During thc year ended 31 July 2024 First Rung delivered apprenticeships in the areas of Early Ye8r4 Teaching
AssislanL Accountancy, Business Adn]inistration and Customer Service.
Back on Track Tar
eted NEli."I' Greater London Authori
This NEET (Not in Employment. Education or Training} programme launched in April 2024. M'as designed lo focus on
young Londoners who are furthest frovn the labour maTket and experiencing multiple fornis of disadvantage anivor have
sionificant additional support needs including:
Looked after children or care leavers.
Those iyho are homeles5 or at risk of homelessness.
Those involved in substancc misusc andlor criminal activity.
Young carers.
-I"hose with SEND (Special Educational Needs and Disabilities).
The GLA divided the progtzmme into 4 arcas of London. Firsi Rung was award¢d a grant for thc Ponders End site iii the
North & East London area. All participants are supported on a one-l(H)ne basis by an advisor.
Jobs aiid Skills for Londoners Greater l.ondon Authori
FirsL Rung launched Healih and Social Care prog￿nmeS through a project called "Skills and Jobs for Londoiiets" for
leaTners aged 19 and over sttldy qualifications at levels 2 and 3.
h Needs Su
First Rung has become a specialist provider of support to learner5 aged 16-25 who have additional needs identified in an
Education, Health and Care Plan (EFICP). First Rung supported 20 learners during the year, funded jointly througj the
ESFA and Iwal authorities.
UK Shared Pros
eri
Fund UKSPF- Multi
me
Towards the end of the year, First Rung secured funding as a subcontra¢tor to Harrow. Uxbridge and Richmond College
to deliver numeracy training to young people aged 16-25.
Page 3

FIRST RUNG LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
ACHIEVEMENT IiND PERFORMANCE
Achievements
Delive
of Learnin
First Rung supported 249 Study Programme and 50 apprentices l&qmers during the year.
uali
of Provision
The Charity's aim is continuously to improve the quality of the learning that it provides. To achieve this aim. each year a
critical self-assessment is undertaken, the findings from which are used to produce a Quality Improvement Plan {QlP)
which identifies the areas requiring attention. the person tasked with the work and the deadline of completion.
Ofsled
The Apprenticeship. Study Programme and High Needs provision is subject to inspection by Ofsted. First Rung was
inspected by Ofsted in December 2022 and grnded "Good" overall. This included a "Good" judgement in the new
area5 of Apprenticeships and High Need5 SUPPOrt.
Fundraising activitRes
During thi5 financial year. the Trustees decided that the environment and circumstances were still Thot conducive to
active fundraising. In ihe future, we will return to active fimdraising when the time is right and opportunities arise.
40th Anniversary Celebration
First Rung marked its 40th anniversary in November 2023 with a celebration event at ttLe Crown Hotel, Cricklewood.
The event was attended by learners. employers. paithers. trustees and the staff team and included an awards ceremony.
FJNANCIAL REVIEW
Results for the Financial Year and Long Term Slrategy
The financial health of the organisation has continued to improve resulting in a surplus of £179,466 for the year ended
31 July 2024. During the year the organisation continued to invest ID Stair developmenL including teacher training and
purchased IT hardware for staff and learners.
Risks attached to achievement of objectives
First Rung faces risks from changes in Government priorities in employment and skills provision. to mitigate this risk the
Charity is proactively looking to diversify into al*rnative incorne Streams, so that there is less dependence on the ESFA
contract which at present constitutes the majority of our income. There has been some success in this area with the
securing of UKSPF Fund and First RuJ]g was awarded a Greater L4)ndon Authority contract in 2022-23, followed by
another in 2023-24.
The safety of our learners, many of whom are vulnerable, is of paramount importanc¢ to First Rung. To mitigate the
risks, all staff and trustees are DBS (Disclosure and Barring Service) checked and have regular training in Safeguarding,
'Prevent' and bullying awareness. Safeguarding is included as a topic for discussion at every Board meeting.
Investment policy and objectives
It is the policy of the Trustees to invest surplus in short tem] Cash deposits. From time to time the Trustees, via the
Finance & Premise5 Committee, look at the overall resources of the OTgani5ation and its future needs in order to
establish whether there is scope for extending the range of investments. The organisation's improving financial position
now allows for over half of our reserves to be held in short tenn deposits.
Reserves policy
The Trustees have agreed that, in the short terni, free reserves (net current assets) should be maintained at a minimum
level of tlyee months of operating costs. in order to provide cover in the evenl of any interruption of income and to
enable opportunities to invest in the organisation as they arise. The free reserves at 31 July 2024 were £471,710
(£292.244 &s at 31 July 2023) and now just exceed the Trustees, target of 3 monihs, operating costs. This strategy
includes a commithient to move to a free reserves level that consistently exceeds three months. Continuing to operate at
a surplus this year supports this policy.
Page 4

FIRST RUNG LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charit), is controlled by its governing documenL a deed of trust, and constilutes a limiled company, limiied by
guarantee. as defined by the Companies Act 2006.
Day to day decisions regarding the charity are made by the senior management team, led by the CEO. There are Iwo
Board sub-committees covering Finance & Premises and Quallty, Personnel and Renumerdtion..
Board of Trustees
The follom'ing list includes all Twstees and key management who served during the financial year.
Chair
Elizabeth Joan Jones
Treasurer
Alan Warner
Jonathan Richard
Etfion-jones
Resigned 14.12.2023
Appoinled 13.9.2023
Other Trnstees
Sonal liiley
Omar Ahmcd
Juliet Szabv-merridew
Mohit Mahajan
lain Jamcs tAivrence
Calvin Sidney Pike
Har￿a Ali
Enunamuella Emovon
Resigned l 0.1.2024
Appointed 13.9.2023
Appointed 18.1.24 Resigned 1.10.24
Cotnparly Secretary
Hannah Julie Wanyick
Senior Staff
Chief Executive
Steve Woolcock
Deputy CEOIOperations Manager
Denis Dillon
Head of Centres and Inclusion
Francesca Murnlori
Finance and performance manager
Drnvi Attygalle
STATEMENT AS TO DISCLOSURF OF INFORMATTON TO AUDITOR.S
So faT as the trustees are aware. there is no relevanl infomiation (as def￿ed by Section 418 of the Companies Act 2006)
of which the charitable company's auditors are unaivare, and each trnst¢e has taken all the steps that they ought to have
taken as a trustee in order to make them aware of any audit inforn)ation and to establish that the charitable company's
auditors are aivare of that inforniation.
AUDITORS
Under section 487(2) of the Companies Acl 2006. SpTouII & Co.. Chartered Accountants and Statutory Auditors. are
deemed to be reappointed as auditors.
Approved by order of the board of trustees on .....
0 &S.... and signed on its behalf by:
EJJone
ee
Page 5

FIRST RUNG LIMITED
STATEMENT OF TRUSTEES, RESPONSIBIL￿lEs
FOR THE YEAR ENDED 31ST JULY 2024
The trustees (who are also the directors of First Rung Limited for the putposes of company law) are responsible for
preparing the Report of the Trns(ees and the fll)ancial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Gene)7lly Accepted Accounting Prdctice).
Company law requires thc trustccs to PTcparc fiDancial statements for eacb fmancial year which give a true and faiT view
of the state of affairs of the charitable company and of the incoming resources and application of resources, including
the income and expenditure. of the charitable company for that period. In preparing those fu￿nCIal statements, the
trustees are required to
select suitable accounting policies and then apply them consistently"
observe the methods and principles in the Charity SORP.
make judgements aT]d estimates that are reasonable and prudent"
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable
company will continue in business.
The trustees are responsible for keeping proper accounting r¢eords which disclose with reasonable accuracy at any time
the financial position of the charitable cotnpany and to enable them to ensure that the financial statements cotnply with
the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitable company and hence for
taking reasonable steps for th¢ prevention and detection of frdud and other irregularitics.
Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST RUNG LIMITED
Opinion
We have audited ihe financial slatements of First Rung Limited (the 'charitable cornpan￿) for the year ended
31 st July 2024 ivhich comprise the Statement of Financial Activities, the Ststement of Financial Posilion. the Statement
of Cash Flows and notes to the f￿anCIal slalements. including a sumw of significant accounting policies. The
fmancial reporting framework that has been applied in their preparntion is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a trne aiid fair view of the state of the charitable CoMpan￿S affairs as at 3 1st July 2024 and of its incoming
resources and applicalion of resources. includiiig its income and expendityre, for the year then ended;
have been prnperly prepared in accordance with United Kingdom Generally Accepted Accoullting Practice" and
have been Prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance ivith International Standards on Audiling (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 repo￿ We are independent of the clwiiable company in accordance wilh the ethical
requiremenls ihat are relevant to our audit of the financial statetnents in the UK, including the FRC'S F.ithiral Standard,
and we have fulfilled our other ethical responsibilities in accordance iyith 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 thc financial stdtewnents, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the fmancial statenients is appropiiate.
Based on thc ivork we have perfornied, we have not identified any Tnaterial uncertainties relating to events or conditions
that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going
conceni for a period of at leasl twelvc months Irom when the f￿ancial sialemcnts are auihoriscd lor issuc.
Our responsibilities and the responsibilities of the trustees with respect to going coJ)cern are described in the relevant
sections of this report.
Other information
The trustees are responsible for the other infornmtion. The other infonnation comprises the inforn)alion included in the
Annual RcporL other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements d(Ks not cover the other infoTmation and, except to the extent otherwise
explicitly stated in our report, we do not express any fonn of assurance conclusion thereon.
In connection with our audit of the financial statements, our Tesponsibility is to read the oiher infornialion and. in doiiig
so, consider whether the other infonnation is materially inconsistent with the flnancial statements or our knowledge
obtained in the audit or otherwise appcars to bc materially misstatcd. If ive identify such material inconsisteiicies or
apparent mat¢Tial misstatements. Ive are required to detem)ine whether this gives rise to a material iiiisstatement in the
financial statements themselves. If, bas¢d on thc work we have perfornicd, Ive conclude that there is a material
missiatement of thi5 Other inforn]atioJJ. we are required to report that facL We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audi(:
the infonnation given in the Report of the Trnstees for the financial year for which the f￿ancial statements are
prepared is consistent with the f￿anCIal statements- and
the Report of the Trustees has been prepared in accordance iyith applicable legal requiremenls.
Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST RUNG LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charilable company and its environment obtained in the course of
the audit, we have not identified material tnisstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you
if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from
branches not Vj51ted by us- or
the financial statements are not in agreement with the accounting records and returns" or
certain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the infomiation and explanations we require for our audit- or
the trustee5 were not entitled to take advanlage of the small companics exemption from the requirement to prepare a
Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Tn￿tees, Responsibilities, the tr￿teeS (who are also the directors of the
charitable company for the purposes of company law) are responsible for the prepardtion of the financial statements and
for being satisfied that they give a true and fair view, and for such internal control &s the trustees detemiine is necessary
to enable the preparation of fmancial statements that are free from material misstatemenl whether due to fraud or error.
In prepaTiDg the financial statements, the t￿￿teeS are responsible for assessing the charitable company's ability to
ontinue 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 charitable company or to cease operations. or have
no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statem¢nt5 as a whole are free from
material misstatement. whether due to fraud or error, and to issue a Report of the IndependeTht Auditors that includes our
opinion. Reasonable assurance is a high level of assurdnce. but is not a guardnlee that an audit conducted in accordance
with ISA5 (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 f￿ancial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the sector in which it opcratcs. wc idcntificd thc principle risk5 of
non-compliance with laws and regulations related to charitable companies and the application of charitable funds. We
also considered those laws and regulations which have a direct impact on the preparation of the financial statements such
as the Companies Act 2006 and the Cbarities SORP IFRS 102).
Through enquiry of management we gained aD understanding of their relevant laws and regulations. the entitys policies
and procedures regarding compliance; and how they identify, evaluate and account for litigation claims. We understand
that the company cornplies with the framework through having in place robust procedures and policie5 and by
outsourcing and taking external professional legal, tax and accounting advice on relevant specialist functions and areas.
The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the
company's f￿anCIal statements to material misstatemen¢ includtng how frdud might occur. The areas identified in this
discussion were:
Manipulation or error in the classification of income leading to the under or overstatement of unrestricted or
restricted funds.
Manipulation or error in the use of fund5 leading to expenditure which is not in accordance with the charitable
cornpanY5 objectives.
Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST RUNG LIMITED
The procedures we carried out to gain sufficienl appropriate audit evidence in the above areas included:
Identify and assess ihe risks of material misstalement of the financial statements, whether due to fraud or e￿Or,
design and perform audit procedures responsive to those risks. and obtsin audit evidence (hat is SU￿1Clent and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstateinent resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal conlrol relevant to the audit in order to design audit procedures that are
appropriate in ihe circumstances, but nol for the purpose of expressing an opinion of the effectiveness of the
charitable con)panYs internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the diTe¢tors.
Identifying and testing journal entries.
Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and
Ivhether the fmancial slatements represent the underlying transactions aiid events in a manner that achieves fair
presentation.
A further description of our responsibilities for the audil of the financial statements is located on the Financial Reporting
Council's ivebsite at www.frc.org.uk/audAtorsresponsibilitie5. This description forn]5 part of our Keport of the
Independent Auditors.
Use of our report
This report is made solely to the charitable compally's members. &s a b￿. in accordance with Chapter 3 of Pan 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cotnpany's
menibers tliose malters we arc required to state to theffl in an audttors, report and for no other purpose. To the fullest
cxtenl pennitted by law. we do not accept or assume responsibility to anyone other than thc charilablc company and the
haritable coiiipany's mcmbers as a body, for our audit work, for this report, or for the opinions we have fonned.
Michelle Wickwar A.CA.. F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Sproull & Co.
Chartercd Accountants
Statutory Auditors
First Floor, Jeb5en House
53-61 High Street
Ruislip
Middlesex
HA4 7BD
Page 9

FIRST RUNG LJMITED
STATEMENT OF FINANCIAL AcfiviTtES
FOR THE YEAR ENDED 31ST JULY 2024
2024
Total
funds
2023
Total
funds
Unrestricted
fund
Restricted
fund
Notes
INCOME AND ENDOWMENfs FROM
Charitable activities
Main charitable activities
2,004,710
2,004,710
1,712,652
Investment income
2,879
2,879
491
Total
2,007,589
2,007,589
1,713,14i
EXPENDITURE ON
Charitable activities
Main charitable activities
Support costs
l J36S64
491299
l J36,564
491,299
1,205,399
434,751
Total
1,827,863
1,827,863
1.640,150
NET INCOME
179.726
179,726
72,993
RECONCILIATION OF FUNDS
Total fimds brought forward
292244
292,244
219,251
TOTAL FUNDS CARRIED FORWARD
471,970
471,970
292.244
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The statement of flnancial activities includes all gains and losses recognised in the year.
The statement of financial activities also complies with the requirements for an income and expenditure account under
the Companies Act 2006.
The notes forni part of these f￿anCIal statements
Page 10

FIRsf RUNG LIMITED
STATEMENT OF FINANCJAL POSITION
31ST JULY 2024
2024
2023
Noles
FIXED ASSETS
Tangible assels
12
70,496
83,297
CURRENT ASSETS
Debtors
Cash at bank and in hand
13
382J80
342,745
248,594
215,433
725,125
464.027
CREDITORS
Amounts falling due wiihin one year
14
(323,651)
(255.080)
NET CURRENT ASSETS
401,474
208,947
TOTAL ASSETS LESS CURRENT
LIABILITIES
471,970
292,244
NET ASSETS
471,970
292,244
FUNDS
Unrestricted funds
17
471,970
292,244
TOTAL FUNDS
471,970
292,244
Thesc financial Statements have been prepared in accordance ivith the provisions applicable to charitable companies
subject to the small companics rcgime.
The financial statements were approvcd by the Board of Truslees and authorised for issue
.5 1../...1>3..J...&a.L.S... and were signed on its behalf by.
on
ones -
tee
The notes forni part of these fmancial stalements
Pagell

FIRST RUNG LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST JULY 2024
2024
2023
Notes
Cash flows from operating activities
Cash generated from operations
139,944
29,001
Net cash provided by operdting activities
139.944
29,001
Cash flows from investing activiti£s
Purchase of tangible fixed assets
Interest received
(15.511)
2,879
(938)
491
Net cash used in investing activities
(12,632)
{447)
Change in eash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
127J12
28.554
215,433
186,879
Cash and cash equivalents at the end of
the reporting period
342,745
215.4J3
The notes forni part of these financial statements
Page 12

FIRST RUNG LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST JULY 2024
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING A￿1VITIEs
2024
2023
Net income for the reporting period (as per the S¢aÉement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)Ide¢rease in debtors
Increase/(decTease) in creditors
179,726
72,993
28J12
(2.879)
(133.786)
68571
30,295
(491)
28,449
(102.245)
Net cash provided by operations
139,944
29,001
ANAL YSIS OF CHANGES IN NET FUNDS
At 1.8.23
Cash flow
At 3J.7.24
Net cash
Cash at bank and in hand
215.433
127J12
342,745
215.433
127.312
342,745
Total
215,433
127J12
342,745
The notes fornTr part of these fmancial statements
Page 13

FIRST RUNG LIMITED
IYOTES TO THE FINANCIAL sTATEME￿rs
FOR THE YEAR ENDED 31ST JULY 2024
GENERAL INFORMATION
First Rung Limited is a private company limited by guarantee incorp)rated in England and Wales. The regisiered
office is 197 - 205 High StreeL Ponders End. Enfield. EN3 4DZ. Fi￿1 Rung Limited is also a registered charity
in England and Wales. Charity number is 800614.
ACCOUNTING POLICIES
Basis of preparing the financial statements
The fLnancial statements of the charitable company. which is a public benefit entity under FRS 102, 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
Reportin(T Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019).,
Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland, and the Companies Act 2006. The fmancial statements have been prepared under the historical cost
convention.
Critical accounting judgements and key sources of estimation Uncertainty
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates
and assumptions about the catrying amount of assets and liabilities that a￿ not readily apparent from other
sources. The estimates and &8sociated assumplions are b&sed on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estitnates.
The estimates and underlying &ssumptions are reviewed on an ongoing basis. Revisions to accounting estirnates
are recognised in the period tn which the estimate is revised where the revision affects only that period, or in the
period of the revision and future periods where the revision affects both cu￿ent and future periods. There were
no critical accounling estimates and judgements made in preparing these fMancial statements.
Going concern
At the time of approving the fmancial statements, the Trustees have a reasonable expectation that the charity has
adequate resources to continue in operntional existence for the foieseeable future. This view I￿S been reinforced
by First Rung'5 ability to maintain a positive c&sh balance. without recourse to borrowing. Thi5 Posltion is
strengthened by the continuation of our existing ESFA funding contract until July 2024 and recent confirniation
that the following year's contract until July 2025 wTrll show sigmificant growth.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it
is PTobable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised &s expenditure as soon as there is a legal or constructive obligation committing the
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and
the amounr of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all cost related to the category. Where costs cannot be directly
attributed to particular headings they have been allocated to activities on a basis consistent with the use of
resources.
Government grants
The company reco￿lS¢S income arising from government grants using the perforn]ance model.
Tangible fixed assets and impairment of fixed assets
Tangible fixed assets are initially measured at cost and subsequently rne￿ured at Cost, net of depreciation and
any impainnent losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on
the following bases:
Page 14

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31ST JULY 2024
ACCOUNTING POLICIES- continued
Tangibl¢ fixed assets and impairment of fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Over the terni of the I￿e
33.3J /0 Straight line
2(W/o Straight line
The gain or loss arising on the disposal of an asset Is detern]ined as the difference between the sale proceeds and
carrying value of the asset. and is recogni£ed in net incomel(expenditure) for the year.
At each reporting end date, the charity reviews the caTryino aniounts of its tangible assets to detem]ine whether
there is any indicalion that those assets have suffered an impainnent loss. If any such indication exists. the
recoverablc amount ofthc asset is estin)ated in order to delcrniine the cxtenl ofthe impairn)ent loss (if any).
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fuud accounting
Unrestricted fi￿dS can be used in accordance with the charitable objectives at ihe discretion of the trustees.
Restricted funds can only be used for particul￿ restricted purposes within the objects of the charity. Restrictions
arise when specified by the donor or when funds are rdised for particular reslricted purposes.
Pension costs and other post-retirement benefits
'rhe charitable covnpany operates a defmed contribution pension scheme. Contributions payable to the charilable
company's pension scheme are charged io the Siateiiient of Financial Aclivilies in the period to which they relate.
Payments in respect of other post-retirement benefits are charged to the Statement of liinancial Activitics in the
period to which they relate.
Employee benefits
The cost of any unused holiday cntiilcmcnl is recognised in the period in which the employee's services are
recei￿d.
Termination benefits are recognised iminediately as an expense when ihe charity is demonstrably committed lo
tenninate the employfflent of an employee or to provide terwnination benefjts.
Financial instrllments
The charity has elected to apply the provisions of Section I I 'Basic Financial Jv55truments' and Section 12 '0ther
Financial Instruments Jssues. of FRS 102 to all of its f￿anCIal iDstrumeDts.
Financial instruments are recognised in the charity's balance sheel ivhen the charity becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts preseDl¢d in the financial statenients. when there is
a legally enforceable right to set off the recognised amounts and there is an intentiOT] to settle on a nel basis or to
realise the asset and settle the liability simultaneously.
Basic financial assets
Basic fmancial assets. which include debtors and cash and bank balances. are initially measured at transaction
price including transaction costs and are subsequently carried at amortised cost using ihe effective interest
method unless the arrangement constitutes a fmancing tralisaclion. where the transaction is nieasured ai the
Present value of the future receipts discounted at a market rd* of interest. Financial assets classified as
receivable within one year are not amortised.
Page 15

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATETrIENTS - continued
FOR THE YEAR ENDED 31ST JUL Y 2024
ACCOUNTING POLICIES- continued
Finaneial instruments
Basic financial liabilities
Basic financial liabiljties, including creditors are initially recognized al transaction price unless the arrangement
constitutes a f￿anCIng transactio￿ where the debt instrument is measured at the present value of the future
payments discounted at a market rate of interest. Flnallcial liabilities classified as payable within one year are not
amortised.
Debt instruments are subsequentty catyied at amortised cosL using 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 &s current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognized initia]ly at trdll5action
price and subsequently measured at amortised cost using the effective interest method.
INVESTMENT INCOME
2024
2023
Interest receivable
2,879
491
INCOME FROM CHARITABLE ACTIVITIES
2024
2023
Activity
ESFA Study programme and
traineeships
Apprenticeships
Other
Main charitable activlties
Main charitable activities
Main charitable activities
1224,046
291,082
489.582
974,765
191,190
546,697
2,004.710
1,712,652
CHARITABLE ACTIvrrtES COSTS
Direct
Costs {see
note 6)
Support
costs (see
note 7)
Tot21s
Matn charitable activities
Support C05t5
lJ36,564
1,336,564
491,299
491299
I a36￿64
491299
1,827,863
Page 16

FIRST RUNC LIMrrED
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31ST JULY 2024
DIRECT COSTS OF CHARITABLE ACTIvrriES
2024
2023
Staff costs
Leamer support costs
Training costs and materials
Registration fees
1,234,426
5,555
24,676
71,907
1,128,704
4,057
9,295
63,343
1,336,564
1,205,399
SUPPORT COSTS
Governance
costs
Management
Tota15
Support costs
479.887
11,412
491,299
Support costs. included in the above. are as follows:
2024
Support
costs
2023
activities
Sundries
Premises costs
otrice costs
Legal and professional
Bank charges
Staff expenses
Depreciation of tangible and heritage ￿ets
Auditors, rcinuneration
Auditors, remuneration for non audit work
19
289,811
52,630
6205
464
44,827
30,295
10,500
336,755
63,197
9202
336
42,085
28J12
10,500
912
491399
434.751
NET INCOMEI(F,XPF.NDITURE)
Net incomel(exp¢nditure) is stated after chargingl(crediting):
2024
2023
Audilors, remuneration
Audilors. remuneration for non audit ivork
Depreciation - owned assets
10,500
912
28J12
10,500
30,295
Page 17

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024
TRUSTEES, REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the ended 31 st July 2024 nor for the year ended
31 st July 2023.
Trustees, expenses
There were no trustees, expenses paid for the year ended 31 st July 2024 nor for the year ended 3 1st July 2023.
io.
STAFF COSTS
2024
2023
Wages and salaries
Social security costs
Other pension costs
1,131,739
80,246
22,441
1,022,359
83,476
22,869
1234,426
1,128,704
The average monthly number of ctnployees during the year was as follows:
2024
30
2023
32
Direct charitable services
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was..
2024
2023
£60,001- £70.000
£80,001- £90,000
Of the employees whose emoluments exceed £60,000. Two (2023: one) have retirenlent benefits accruing under
defLned benefit scheme £529 (2023: £354). Pension contributions relating to those staff earning over £60,000
totalled £6,196 in the Current year (2023: £4,250).
The senior management team (consisting of Senior Staff Chief Executive, Deputy CEO and Operational Manager
and Head of Centres and Inclusion) received total remuneration of £200,770 (2023: £193,000).
Page 18

FIRST RUNG LIMITED
NOTES TO THF. FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31ST JULY 2024
ii.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unreslricted
fund
Restricted
fund
Total
funds
INCOME AND ENDOWMENTS FROM
Charitable activities
Main charitable activities
,712.652
,712,652
Investment income
491
491
Total
.713,143
,713,143
EXPENDITURE ON
Charitable acttvities
Main charitable activities
Support costs
1,205.399
434.751
1,205.399
434.751
Total
1.640.150
1.640.150
NET INCOME
72.993
72,993
RECONCILIATION OF FUNDS
Total fijnds brougbt forward
219.251
219.251
TOTAL FUNDS CARRIED FORWARD
292,244
292,244
12.
TANGIBLE FIXED ASSETS
FiJtures
and
rvtting5
asehold
improvements
PlaDt and
machinery
Tota15
COST
At 1st August 2023
Additions
236,190
179,056
13223
39,940
2,288
455,186
15,511
At 31st July 2024
236.190
192,279
42228
470.697
DEPRECIATION
At I st August 2023
Charge for year
154,035
24,887
178.544
2,455
39JlO
970
371,889
28,312
At J 1st July 2024
178J22
180,999
40280
400,201
NET BOOK VALUE
At 3 1st July 2024
57268
11.280
1,948
70,496
At 3 1st July 2023
82,155
512
630
83,297
Page 19

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31ST JULY 2024
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trdde debtors
Other debtors
Prepayments and accNed income
21,030
258,377
102,973
26,656
72,759
149,179
382J80
248,594
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade creditors
Social security aThd other taxes
Other creditors
Accrued expenses
42,129
24,039
180,982
76,501
28,176
22,021
163,935
40,948
323,651
255,080
15.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024
2023
Within one year
Between one and five years
137,645
220286
38,874
36,500
357,931
75,374
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Total
funds
2023
Total
funds
Unrestricted
fund
R￿trIcted
fund
Fixed assets
Current assets
Current liabilities
70,496
725,125
(323,651)
70.496
725,125
(323,651)
83,297
464,027
(255,080)
471,970
471,970
292,244
Page 20

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued
FOR THE YEAR ENDED JIST JULY 2024
17.
MOVEMENT IN FUNDS
Net
movement
in funds
At 1.8.23
At 31.7.24
Unrestricted funds
General fvnd
292,244
179,726
471,970
TOTAL FUNDS
292,244
179,726
471,970
Nel movement in funds. included in the above are a5 follows:
IncoAning
resource5
Resources
expended
Movement
in funds
Unrestricted funds
General fund
2,007,589
(1.827,863)
179,726
TOTAL FUNDS
2.007.589
(1.827,863)
179,726
Comparatives for movement in funds
Net
movement
in funds
At 1.&22
At 31.7.23
Unrestricted funds
General fund
219,251
72.993
292.244
TOTAL FUNDS
219.251
72,993
292.244
Comparative net movement in fimd4 included in the aFM>ve are as follows-
Incoming
resources
Resources
expended
Movement
in funds
Unrestricted funds
General fund
.713,143
(1,640,150)
72,993
TOTAL FUNDS
,713,143
(1,640.150)
72.993
Page21

FIRST RUNG LIMITED
NOTES TO THE FINANCIAL STATEMENIS- continued
FOR THE YEAR ENDED 31ST JULY 2024
18.
RELATED PARTY DISCLOSURES
There were no related paty transactions for the year ended 3 1st July 2024.
Page 22

FtRST RUNG LIMITED
DETAILFD STATF.MENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2024
2024
2023
INCOME AND ENDOWMENTS
Investmenl Income
Interest receivable
2,879
491
Charitable a¢tivAties
ESFA Study progranllne and irdineeships
ApprentlLeships
Other
1.224.046
291,082
489,582
974,765
191,190
546,697
2,004,710
1.712,652
Total incoming resources
2,OlJ7,589
1,713,143
EXPENDITURE
Charitable activilies
Wages
Social security
Pensions
Learner support costs
"I raining costs and n]aterials
Registration fecs
1,131,739
80,246
22.441
5,555
24.676
71,907
1,022,359
83.476
22.869
4,057
9.295
63,343
lJ36,564
1,205,399
Support Costs
Management
Sundries
PreLiiises costs
o￿lCe costs
Legal and prolessional
Bank charges
Staifcxpeiws
Depn of leasehold improvements
Planl and machlncry
Fixtures and fittings
)9
289,811
52,630
6,205
464
44.827
24,886
3,444
1.965
336,755
63.197
9.202
336
42,085
24.887
2,455
970
479,887
424251
Governance costs
Auditors. remuneration
Auditors, remuneration for non audit work
10.500
912
10.500
11,412
10.500
Total resources expended
1.827.863
1.640.150
Net in¢ome
179,726
72,993
This page does not fonn part of the statutory fll)ancial statemeiits
Page 23