**Company Number: 03685911 Registered Charity Number: 1081183** 

## **CRUELTY FREE INTERNATIONAL TRUST** 

**FOR THE YEAR ENDED 31 MARCH 2025** 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

|**CONTENTS**||**PAGE**|
|---|---|---|
|Legal and Administrative Information||2|
|Trustee<br>Report||3<br> 11|
|||12<br> 18|
|Statement of Financial Activities||19|
|Balance Sheet||20|
|Cashflow Statement||21|
|Notes to the Financial Statements||22 - 31|



1 



|2<br>**_____________________________________________________________________**<br>**PRINCIPAL BANKERS**<br>**Co-Operative Bank**<br>1 Islington High Street<br>London<br>N1 9TR<br>**AUDITORS**<br>**Moore Kingston Smith LLP**<br>9 Appold Street<br>London<br>EC2A 2AP<br>**SOLICITORS**<br>**Bates Wells & Braithwaite**<br>**LLP**<br>10 Queen Street Place<br>London<br>EC4R 1BE<br>**INSURANCE BROKERS**<br>**Towergate Risk Solutions**<br>Halford House<br>Coval Lane<br>Chelmsford<br>ESSEX<br>CM1 1TD<br>**REGISTERED AND PRINCIPAL ADDRESS**<br>16a Crane Grove<br>Highbury<br>London N7 8NN<br>**CRUELTY FREE INTERNATIONAL TRUST**<br>**FOR THE YEAR ENDED 31 MARCH 2025**<br>**LEGAL AND ADMINISTRATIVE INFORMATION**||
|---|---|
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**CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees present for submission their report for the 12-month period to 31 March 2025. 

## **CONSTITUTION** 

The Organisation was incorporated and registered as a Charity on the 18 December 1998 and is governed by the Memorandum and Articles of Association set out on that date and amended in June 2013. The Organisation is both a Charity and Company limited by guarantee and has no share capital. Though independently governed, the Organisation has a single permanent corporate member, Cruelty Free International (registered company number 04115167). 

## **OBJECTS** 

The Organisation acts as an educational body in respect to all aspects of animal testing. It strives to educate the public in the moral, scientific, and other arguments both for and against animal testing; the prevention of cruelty to and suffering of animals, including laboratory animals, and the alternatives to animal testing. 

In terms of ongoing activities, the long-term business plan is to provide education services to the public in respect of testing on animals, make grant funding awards in support of the development of scientific alternatives to animal testing, and to ensure that animal testing is lawfully regulated and accountable. 

## **PUBLIC BENEFIT** 

The Trustees confirm that they have complied with the duty to have due regard to the guidance on public benefit published by the Charity Commission, including its guidance 

3 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

The Organisation provides public benefit through the fulfilment of its charitable objectives; by educating the public regarding arguments both for and against all aspects of animal testing, and in the funding, development, and promotion of humane and effective science. 

## **TRUSTEES** 

The Organisation is governed by an Executive Committee of Trustees. Ordinarily, the Executive Committee meets in session four times per year and is responsible for the strategic direction, tactical outputs, and all other affairs of the Organisation. 

Appointments to the Executive Committee are made by recommendation of serving Trustees. Each recommendation is considered on merit, and recommendations must be seconded and pass a majority vote thereafter. Once appointed, new Trustees are inducted into the affairs of the Organisation, and are provided with relevant training, should that be required. 

As Cruelty Free International is the sole member of the Organisation, it has the effective right to determine the appointment of all new Trustees, and to remove any Trustees from office. 

The Trustees that served during the year were: 

|Director|Chris Deacon|
|---|---|
|Director|Bob Garner|
|Director|Siobhan Barrett|
|Director|Eleanor Thomas|
|Director|Nicki Brooks(from 3 July 2024)|
|Company Secretary|Michelle Thew|



4 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

## **REVIEW OF ACTIVITY, AND FUTURE PLANS** 

The Organisation generated a very positive financial performance and total income during the year increased significantly to £928,373 [2024: £572,863]. Of this total, Legacies & Donations income amounted to £902,523 [2024: £554,421] and Investment income to a further £25,850 [2024: £18,442].  A breakdown of income by category is available in note 2 on page 27. 

As a point of focus, the Organisation has sought to continue to diversify income generation further to avoid reliance on any single strand, and progress has demonstrably been made in this regard.  Fundraising at the individual-giving level was much improved and income derived from supporter development activities amounted to £28,569 [2024: £11,886], almost a three-fold increase in comparison to the previous year. Looking ahead, and with new emphasis placed on the renewal of individual-giving, it is hoped that the Organisation can build further on this improvement as it launches its new full spectrum fundraising programme in the forthcoming financial year. Similarly, during the year the value of corporate donations also increased markedly to £177,695 [2024: £152,164] offering further encouragement fundraising diversification and sustainability. With these successes in mind, the Organisation remains indebted to the generosity of its financial donors, both individuals and corporate bodies alike, and their interest and financial support remains of critical importance to our enduring work. 

During the year Legacies income amounted to £696,259 [2024: £390,371] as a number of new un-expected legacy cases became known.  Representing the largest single source of income, Legacies income remains of paramout importance to the Organisation. 

In the funding and delivery of its work, total expenditure across the Organisation amounted to £436,489 [2024: £426,591] and, because of an unexpected surge of legacies receipts late in the financial year, the Organisation returned an unplanned surplus of £491,884 [2024: £146,272]. 

5 



**FOR THE YEAR ENDED 31 MARCH 2025** 

## **CRUELTY FREE INTERNATIONAL TRUST** 

In terms of expenditure, the cost of the Organisation ’S ongoing fundraising activities amounted to £130,179 [2024: £140,953], and a further £306,310 [2024: £285,638] of funds were expended in support of the Organisation’s key charitable activities ~~.~~ A breakdown of the Organisation’s expenditure by category is provided in Note 3 on page 27 and 28. 

An enduring component of the Organisation’s strategy is the issuing of grant funds in support of its wider science agenda, and during the year the Organisation awarded grant funding of £83,381 [2024: £123,602] to support Cruelty Free International deliver its science outputs ~~.~~ Funding nominated in support of Cruelty Free International was used to sustain its _Global implementation of non-animal approaches for testing consumer products and their ingredients_ initative and this technical project was successfully delivered by the science unit of that organisation. The nature of the Organisation’s relationship with Cruelty Free International is disclosed in Note 8 on page 30 and 31 of this document. 

Through the issuing of grants of this nature, the organisation seeks to ensure that existing law is upheld, through the promotion of humane science and alternative methods to animal testing; and by contributing to the debate on the use of animals in testing, the Organisation generated public benefit in accordance with its charitable purpose. During the year the Organisation sought to broaden its charitable outputs to include a new education strand, and an education and awareness position was established to commence preliminary work on the development of a digital-education service. With key stages of delivery expected to be rolled out in forthcoming financial years, it is hoped that the education service will subsequently help the Organisation connect with a range of new and sustainable audiences. To complement this work, a new restricted fund for education was also established during the year, and the Organisation subsequently accumulated £14,143 [2024: £ nil] of restricted income of which £8,978 [2024: £ nil] was used in the delivery of education outputs during the year. 

6 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

Despite the positive financial performance at the Organisation itself, a number of staff changes were made during the year at Cruelty Free International, following that entities decision to restructure its finance team and marketing and communications function to align its resources to evolving strategic priorities. The decision to restructure these teams resulted in four redundancies being made, including staff that had previously been deployed in support of the Organisation. 

The Organisation worked diligently across the year to further improve its data and IT systems to help protect against cyber crime, and it also renewed its anti-fraud regulations to ensure adherence to best practice working. And in terms of planning for future financial periods, the Organisation intends to launch a new website to support audience development and help sustain fundraising, and it hopes to finalise new environmental and carbon emissions policies, the principles of which are closely aligned to its core ethical values. 

Finally, with a clear strategic view, and a general reserve fund amounting to £1,649,766 [2024: £1,157,882] of which £1,635,623 are un-restricted and £14,143 are restricted funds, the Organisation is therefore well placed to meet its objectives during the year ahead.  A summary of the Organ are set out on the balance sheet on page 20 of this document. 

## **RESERVES POLICY** 

The Organisation is committed to maintain adequate levels of reserves, the calculation of which is sophisticated enough to protect cash flow whilst maintaining sufficient funding to deliver three months of budgeted expenditure. During this year of operation, the minimum reserve level required was calculated to amount to £100,000 [2024: £110,000]. 

Accumulated funds that are currently held in excess of the minimum level of reserves deemed necessary, will be used to expand the impact of the O education, science, and regulatory activity, and to underpin the O the financial periods that lie ahead. 

7 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **FUNDRAISING STANDARDS** 

With regards to its fundraising activities, and in accordance with the disclosure requirements of section 144 (2) of the 2011 Act, the Organisation confirms its voluntary registration with the Fundraising Regulator, and its compliance with the code of fundraising practice set out by that body. 

During the year, the Organisation fundraising activity was delivered by its internal professional fundraising team, who acted in accordance with regulatory guidance.  The Organisation operates a privacy policy and a vulnerable persons policy to protect its audiences.  The Organisation did not receive any fundraising complaints during this time. 

A commercial participator fundraising agreement was active during the year, and funds were receivable in the form of corporate donations. Oversight of the commercial participator fundraising agreement was management. 

## **REVIEW OF RISKS** 

The Trustees are responsible for the management of the risks faced by the Organisation. Risks are identified and assessed, and controls are established and used throughout the year. 

A comprehensive review of the O on an annual basis and a detailed Risk Register, addressing the full spectrum of the O is continuously monitored, maintained, and subsequently appended as necessary. 

A particular risk affecting the Organisation s sustainability is fundraising and income generation, the performance of which is sensitive to sectoral and economic headwinds which can cause significant fluctuations in results. To mitigate this risk, the Organisation strives to maintain a comprehensive cashflow statement and sufficient reserves as detailed above. 

8 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

The internal stewardship of donations and more broadly of maintaining compliance with regulatory standards, whilst achieving best practice benchmarking, represents another set of practical risks.  For this reason, the Organisation maintains a series of comprehensive systems, policies, and procedures to ensure that its supporter journey is compliant with the minimum standards maintained by the Fundraising Regulator and the Information Commissioners Office, and all the regulatory framework in which it is required to work. 

## **THE KEY CONTROLS USED BY THE ORGANISATION INCLUDE:** 

- Established operational and governance structure, formal agenda, and minuted records for all Trustee meetings; 

- Comprehensive strategic and business planning, annual budget setting, with comprehensive performance measure and budte review, and monthly accrualsbased management accounting and reporting. 

Through observation of these risk management processes, trustees are satisfied that the major risks identified have been adequately mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 

## **KEY MANAGEMENT REMUNERATION** 

The Organisation has no staff of its own. The work of the Organisation is primarily administered by Cruelty Free International workers that are seconded to the Organisation to carry out specific tasks by financial agreement with that organisation, please see Note 3 on page 27 and 28 for further detailed information. 

The Organisation is content that the costs incurred in the delivery of its work have been correctly apportioned and that staff costs are managed and regulated by Cruelty Free International in accordance with best practice, including through the provision of sectoral benchmarking, and a comprehensive annual staff appraisal process. 

9 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees (who are also directors for the purposes of company law) are responsible applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. 

In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

10 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

So far as the Trustees are aware: 

- unaware; 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the organisation's auditor is aware of that information. 

Small Company Rules: Advantage is taken in preparing this report of the provisions applicable to small companies entitled to the small companies’ exemption. 

Approved by the Trustees on and signed on their behalf by: 

Chris Deacon Date:  16 October 2025 Director 

11 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

## **Opinion** 

25 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom able Practice). 

In our opinion the financial statements: 

- March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

12 



**CRUELTY FREE INTERNATIONAL TRUST FOR THE YEAR ENDED 31 MARCH 2025** 

## **Conclusions relating to going concern** 

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 charitable company'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. 

## **Other information** 

The other information comprises the information included in the annual report, other than the other information. 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. 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 

13 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the financial statements are prepared is consistent with the financial statements; and 

requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to 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 visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies Report. 

14 



**CRUELTY FREE INTERNATIONAL TRUST** 

**FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

## **Responsibilities of trustees** 

As explained more fully in the statement set out on page 10 and 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 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 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 gh 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 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. 

15 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** 

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. 

Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

16 



**CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit.  We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

   - accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable 

   - report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

17 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **______________________________________________________________________** 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required t o state to them in an auditor’s report and for no other purpose ~~.~~ To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Luke Holt (Senior Statutory Auditor) Date: 20 October 2025 for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 

9 Appold Street 

London 

EC2A 2AP 

18 



## **CRUELTY FREE INTERNATIONAL TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025** 

|**INCOME**<br>Income from Donations and<br>Legacies<br>Investment Income<br>**Total Income**<br>**EXPENDITURE**<br>Raising Funds<br>Charitable Activities<br>**Total Expenditure**<br>**Net Surplus / (Deficit)**<br>**Balance at 1 April 2024**<br>**Balance at 31 March 2025**|**Notes**<br>**2.**<br>**3.**||**Unrestricted**<br>**2025**<br>**£**<br>**888,773**<br>**25,457**|**Restricted**<br>**2025**<br>**£**<br>**13,750**<br>**393**|
|---|---|---|---|---|
||||**914,230**|**14,143**|
||||**130,179**<br>**297,332**|**-**<br>**8,978**|
||||**427,511**|**8,978**|
||||**486,719**<br>**1,157,882**||
||||**1,644,601**||



The Statement of Financial Activities is in respect of continuing activities. There are no other gains or losses in the year except those reported in the Statement of Financial Activities. The accompanying notes form part of the financial statements. 

19 



## **CRUELTY FREE INTERNATIONAL TRUST BALANCE SHEET** 

## **AS AT 31 MARCH 2025** 

||**Notes**|**Notes**|**Unrestricted**|**Restricted**|**Total**|||
|---|---|---|---|---|---|---|---|
||||**2025**|**2025**|**2025**||_2024_|
||||**£**|**£**|**£**||_£_|
|**CURRENT ASSETS**||||||||
|Debtors|**4.**||**1,014,131**|**2,500**|**1,016,631**||_491,800_|
|Cash at bank and in hand|||**3,685**|**-**|**3,685**||_274,682_|
|Short term cash investment|||**628,898**|**11,643**|**640,541**||_401,126_|
|**Total Current Assets**|||**1,646,714**|**14,143**|**1,660,857**||_1,167,608_|
|**CURRENT LIABILITIES**||||||||
|Less: Creditors<br> amounts<br>due within one year|**5.**||**_(11,091)_**|_-_|**_(11,091)_**||_(9,726)_|
|**Net Current Assets**|||**1,635,623**|_-_|**1,649,766**||_1,157,882_|
|**Net Assets**|||**1,635,623**|**14,143**|**1,649,766**||_1,157,882_|
|**RESERVES**||||||||
|**General Fund**|**6.**||**1,635,623**|**14,143**|**1,649,766**||_1,157,882_|



These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

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

Director Date: 16 October 2025 

**Registered Company Number: 03685911** 

20 



**CRUELTY FREE INTERNATIONAL TRUST CASHFLOW STATEMENT** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

|**_____________________________________________**<br>**CASHFLOWS FROM OPERATING ACTIVITIES**<br>Net Cash (used in) operating activities<br>Change in cash and cash equivalents in the reporting<br>period<br>Cash and cash equivalents at the beginning of the period<br>**Cash and cash equivalents at the end of the reporting**<br>**period**<br>**RECONCILIATION OF NET CASHFOW FROM**<br>**OPERATING ACTIVITIES**<br>Net Surplus / (deficit)<br>(Increase) / Decrease in debtors<br>Increase / (Decrease) in creditors<br>**Net cash (used in) operating activities**<br>The Trust has no debt and therefore a Net Debt Note, as<br>the Charities FRS 102 SORP, has not been prepared.|**_______________________**<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**(31,582)**<br>_(42,378)_<br>**(31,582)**<br>_(42,378)_<br>**675,808**<br>_718,186_<br>**644,226**<br>_675,808_<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**491,884**<br>_146,272_<br>**(524,831)**<br>_(163,258)_<br>**1,365**<br>_(25,392)_<br>**(31,582)**<br>_(42,378)_<br>required by Update Bulletin 2 to|**________**<br>_2024_<br>_£_<br>_(42,378)_|
|---|---|---|
|||_(42,378)_<br>_718,186_|
|||_675,808_|
|||_2024_<br>_£_<br>_146,272_<br>_(163,258)_<br>_(25,392)_|
|||_(42,378)_|



21 



**CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS** 

# **FOR THE YEAR ENDED 31 MARCH 2025** 

**______________________________________________________________________** 

## **1. ACCOUNTING POLICIES** 

## **a) Company Information** 

Cruelty Free International Trust is a limited company domiciled and incorporated in England and Wales.  The registered office is 16a Crane Grove, London N7 8NN. 

## **b) Accounting Convention** 

These financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Charities Act 2011 and the requirements of the Companies Act 2006.  The charity constitutes a public benefit entity as defined by FRS 102.  The financial statements were prepared under FRS 102. 

The financial statements are prepared in sterling, which is the functional currency of the company.  Monetary amounts in these financial statements are rounded to the nearest pound. 

The financial statements have been prepared on the historical cost convention.  The principal accounting policies adopted are set out below. 

## **c) Going Concern** 

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cause significant doubt on the ability of the charitable company to continue as a going concern. 

22 



**CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. With adequate resources in place, a sophisticated 10-year strategy agreed, and an enduring mission to address, the Trustees are confident that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. 

## **d) Value Added Tax** 

All figures stated in the accounts are inclusive of valued added tax where applicable. 

## **e) Income** 

All incoming resources are included in the Statement of Financial Activities on a receivable basis when the charitable company is legally entitled to the income, the receipt of income is probable, and the amount can be quantified reliably. 

For legacies, entitlement arises when the charity is aware that probate has been granted. Receipt is normally probable when the executors have established that there are sufficient assets in the estate. Legacy income is recognised when there is entitlement, probability of receipt and can be reliably measured. 

## **f) Expenditure** 

basis. Fundraising expenditure comprises costs incurred encouraging people and Governance expenditure comprises all expenditure not directly related to the charitable activity of fundraising, including audit fees. Support costs represent those costs which are wholly or partially in support of on usage. 

## **g) Funds** 

Unrestricted funds are available for use at the discretion of the trustees to further the general objectives of the company and charity. A restricted fund to support the education objectives of the charitable company has been established. 

23 



**CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **h) Financial Instruments** 

financial instruments. 

charitable company becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _**Basic Financial Assets**_ 

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction cost and are subsequently carried at settlement value unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 

## _**Derecognition of Financial Assets**_ 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risk and the rewards of ownership to another entity. 

## _**Classification of Financial Liabilities**_ 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charitable company after deducting all of its liabilities. 

24 



**CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## _**Basic Financial Liabilities**_ 

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at market rate of interest. 

Debt instruments are subsequently carried at amortised cost, 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 business from suppliers.  Accounts payable are classified as current liabilities if payment is due within one year or less.  If not, they are presented as noncurrent liabilities.  Trade creditors are recognised initially at transaction price and subsequently at settlement value. 

## _**Derecognition of Financial Liabilities**_ 

Financial liabilities are derecognised when, and only when, the charitable obligations are discharged, cancelled, or they expire. 

## **i) Cash, Cash Equivalents and short term cash investments** 

Cash and cash equivalents include cash in hand, held at call with banks, and other shortterm liquid investments with original maturities of three months or less. 

Cash is also held on longer term deposits for treasury management purposes for period for up to 1 year in duration, and these funds are classified within the balance sheet as short term cash investments. 

25 



## **CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 MARCH 2025** 

## **j) Employee Benefits** 

The costs of short-term employee benefits are recognised as a liability and an expense. 

The cost of any unused holiday entitlement is recognised in the period in which the 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **k) Critical Judgements** 

We are not aware of any critical judgements or estimates that have had a significant effect on amounts recognised in the financial statements. 

## **l) Retirement Benefits** 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 

## **m) Judgements and Key Sources of Estimation Uncertainty** 

In the application of the charitable required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods. 

26 



**CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. INCOME** 

|||**Unrestricted**<br>**2025**<br>**£**|**Restricted**<br>**2025**<br>**£**|**Restricted**<br>**2025**<br>**£**|**Restricted**<br>**2025**<br>**£**||_2024_<br>_£_|
|---|---|---|---|---|---|---|---|
|||||||||
|Legacies||**696,259**|||||_390,371_|
|Supporter Development<br>Other Donations||||||||
|||**14,819**|||||_11,886_|
|||**177,695**|||||_152,164_|
|Investment||**25,457**|**393**<br>**25,850**||||_18,442_|
|**EXPENDITURE**<br>**Raising Funds**<br>Developments and Appeals<br>Other Costs<br>**TOTAL**<br>**Charitable Activities**<br>Project Programmes -<br>Science Grants to Cruelty<br>Free International & Cruelty<br>Free Europe<br>Support Costs<br>**TOTAL**<br>**TOTAL**||||||||
|||**914,230**|**Restricted**<br>**Total**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>**14,143**<br>**928,373**||||_572,863_|
|||||||||
|||**Unrestricted**<br>**2025**<br>**£**|**Restricted**<br>**2025**<br>**£**|**Total**<br>**2025**<br>**£**|||_2024_<br>_£_|
|||**3,368**|_-_<br>**3,368**||||_6,157_|
|||**126,811**|_-_<br>**126,811**||||_134,796_|
|||**130,179**|_-_<br>**130,179**||||_140,953_|
|||||||||
|||**2025**<br>**£**|**2025**<br>**2025**<br>**£**<br>**£**||||_2024_<br>_£_|
|||**83,381**|**-**<br>**83,381**||||_123,602_|
|||**192,335**|**8,978**<br>**201,313**||||_119,211_|
|||**275,716**|**8,978**<br>**284,694**||||_242,813_|



## **3. EXPENDITURE** 

27 



## **CRUELTY FREE INTERNATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS** 

## 

**______________________________________________________________________** 

## **3. EXPENDITURE (Continued)** 

|**Support Costs**<br>Auditors Remuneration - Current Year (excl. VAT)<br>Committee Expenses<br>Other Costs<br>Staffing<br>Allocated to Charitable Activities<br>**TOTAL**<br>**Staff Cost**<br>Wages and Salaries<br>Social Security Costs<br>Pensions Contributions<br>**TOTAL**|**2025**<br>**£**<br>**8,014**<br>**296**<br>**2,454**<br>**10,852**<br>**(21,616)**<br>**-**<br>**2025**<br>**£**<br>**199,602**<br>**26,132**<br>**9,242**<br>**234,976**|_2024_<br>_£_<br>_9,238_<br>_894_<br>_10,592_<br>_22,101_<br>_(42,825)_|
|---|---|---|
|||_-_|
|||_2024_<br>_£_<br>_163,925_<br>_27,388_<br>_9,965_|
|||_201,278_|



Drawn from a number of different departments, on average four (2024: three) Cruelty Free International staff members worked on behalf of the Trust across the year to deliver a range of outputs; and their salaries were proportionately recharged to the Trust on an _at cost_ basis. 

- i) Two senior management-level staff worked for the Trust, each on a part time basis, at a combined cost of £61,624 (2024: £63,906) across the year. 

- ii) No individual earned in excess of £60,000 in the current or previous year. iii) 4: £ nil). 

28