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← The Bulldog Trust Limited

2025-06-30-accounts

Charity registration number 1123081 (England and Wales)

Company registration number 06510777

THE BULLDOG TRUST LIMITED ANNUAL

REPORT AND CONSOLIDATED FINANCIAL

STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

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THE BULLDOG TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr C M R Hoare Mr R H Mcpherson Mrs P A Melhuish (Appointed 19 September 2024) Mr S K Sacks

Secretary Wilsons (Company Secretaries) Limited Charity number (England and Wales) 1123081 Company number 06510777 Registered office Alexandra House St Johns Street Salisbury Wiltshire United Kingdom SP1 2SB Auditor Xeinadin Audit Limited 46-48 East Street Epsom Surrey United Kingdom KT17 1HQ

THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilities 8
Independent auditor's report 9 - 11
Consolidated Statement of financial activities 12
Consolidated Balance sheet 13
Company Balance sheet 14
Consolidated Statement of cash flows 15
Notes to the financial statements 16 - 30

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 30 JUNE 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 Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

The Bulldog Trust

In the first half of 2024 the Trustees and the new Director set out a new strategy for BT and 2TP: to expand and increase the social impact of BT using 2TP as a vital tool. 2TP's existing activities (including the annual exhibition) would continue but would be added to, to develop a greater year-round community programme which would be linked to the exhibition with a common theme. The overarching objective of the Trust remains to offer opportunities to those who may lack them and unlock potential in the UK.

This strategy has developed successes and momentum even more quickly than the Trust had hoped. The growing programme of community projects is working with groups specialising in support for a wide variety of areas of continuing social need where the Trust feels that it can offer opportunities including mental health support; rehabilitation and mentoring; combating social isolation; cultural enrichment for the disadvantaged; and providing opportunities for socio-economically disadvantaged young people. The commitment to this social impact element grew our time with community group activities in 2TP from around 60 hours in 2023-24 to more than 200 hours in 2024-25. All this whilst continuing our Schools Programme which reached over 900 state-school children, families and the public.

Objectives & Activities

The objects of the Trust are "to support or promote such charitable institutions or purposes in such a manner and such propositions as the trustees may in their absolute discretion determine". The Trustees have regard to Charity Commission guidance on public benefit in formulating the Trust's approach to its activities. Charles M R Hoare serves as Chairman of Trustees. The Bulldog Trust is privileged to be the owner of a remarkable building, Two Temple Place, in central London.

The following Purpose was agreed by the Trustees during their 2024 strategy review: "We believe that the UK is full of overlooked potential and underutilised talent. The Bulldog Trust's Purpose is the creation of opportunities for those who lack them. We do this by working with groups already engaged in similar efforts where we can enhance their impact. The Bulldog Trust helps to provide both first and second chances.

Our independence allows us to develop networks and partnerships freely, and to take risks. We seek out partner community, activist and cultural groups and educational institutions which we can work with in a complementary way towards mutually agreed aims, providing our financial and physical resources and creative expertise. We believe that creativity and culture can be powerful forces for making both stronger communities and positive social change and that Two Temple Place is a powerful tool to those ends.

Our impact can be opportunities for those needing to find a way out of social isolation and into wellbeing (as programme participant or volunteer), or looking for a chance at rehabilitation, or seeking a platform for creative expression. We also want to provide confidence and positive experiences to those still in education (whatever their age) to ensure that they grasp their future opportunities.

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

The Trust makes these things possible with our partners by hosting, connecting, educating, advocating and exhibiting. We make the most of Two Temple Place and its capacity as a venue to make events feel special. Our cultural activity is part of our wider opportunity and education agenda and always has a clear connection to our goals. We continue, uniquely, to offer a showcase for the UK's regional collections and archives as part of our ongoing initiative to highlight the incredible potential outside London - potential that is all too often overlooked. The creation of opportunities for artists, curators, volunteers, participants, those on work placements, visitors and partner institutions is a vital part of our wider programme of unlocking potential. " 9 April 2024

Two Temple Place

Two Temple Place ("2TP") is the operational heart of the Bulldog Trust, combining cultural and community programmes that open the building to the public for free with an active commercial hire function that generates vital income for the charity's work. Both serve to reimagine 2TP into a huge variety of guises for major exhibitions, participatory community residencies and special events. Alongside the annual flagship spring exhibition, a growing programme of community projects is working with groups specialising in support for a wide variety of areas of continuing social need where the Trust feels that it can offer opportunities. All staff are employed by the Bulldog Trust, and form a small but strong, committed and highly effective team across all areas of its operation.

Measured by its annual footprint in free events, visits and longer projects, the Trust reaches large numbers of people at 2TP, over 50,000 in 2024-25. As ever, the Trust is mindful of its responsibility to the building's long-term preservation.

Commercial activity generates funds for public opening and the free programme, while also ensuring maintenance needs are well served. The conservation of 2TP is part of the charity’s activities, with a multi-year schedule of significant projects ahead to ensure that the Bulldog Trust acts as guardian of 2TP for future generations. For example, during summer 2024, the Trust funded the restoration of the floor of the Great Hall and the renewal of the lift in Two Temple Place and during 2025 has focused on vital risk mitigation projects like the replacement of distribution boards and the removal of gas appliances from the commercial kitchen.

The major building projects in the summer of 2024 and electrical works throughout 2025 were all on time and on budget. The trustees were careful to factor the projects into risk assessments and future budgeting.

Commercial Events

The commercial hire team, with a full-time third staff member, has helped to deliver complex events, and the team's impressive standards of customer service continue to be consistently commented on by clients. Commercial hire activity reached 60 days of events, with the income generated to be put back into the life of 2TP to support the charity's wider objectives. This work is vital in enabling us to support community groups and showcase regional collections in our annual exhibition on a sustainable basis.

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Cultural & Community Programme

Our investment in a more senior Community and Education Manager maintaining and growing our community and charity relationships and the support of a part-time coordinator to administer this greater portfolio of partnerships. That investment has born fruit already with a greater variety of community partners and a stronger year-round social impact with 250% growth in community group visits from 2023-24 to 2024-25.

In 2025 the Trust’s two years of work culminated in Lives Less Ordinary which was a Two Temple Place exhibition, conceived and curated by early career curator Samantha Manton. Our 2025 exhibition explored the overlooked richness and diversity of working-class life and creative expression from the 1950s to now. Challenging longstanding inequities and misrepresentation, this exhibition presented compelling assertions of pride, tenderness, resilience, humour and hopefulness. Looking beyond the often reductive narratives of crisis and struggle that traditionally characterise representation of working-class people and communities in British arts institutions, Lives Less Ordinary championed a gaze from within, from artists from working-class backgrounds who have used their creativity to reflect wide-ranging experiences and identities, depicting and defining their culture and communities on their own terms.

This was our most ambitious exhibition project to date by complexity and counterparties with 45 lenders including 22 regional cultural institutions, 17 contemporary working-class artists and 6 artists’ archives. The exhibition was supported by Museum as Muck, the Working Class British Art Network, Working Class Creatives Database and Working Arts Club. For this exhibition, instead of partnering with museum collections, we linked with these crucial networks who already work to support those from working class backgrounds in the cultural sector. Our education programme again attracted more than 900 Year 5 and 6 children from state-funded schools in London and there were 46 public events.

Of particular note was the related Community Participation Project. This was the first time we engaged in a project like this linking our exhibition to our full yearlong community programme. The participatory project was embedded within the programme and exhibition development and created a caring and transformative space where conversation and self-expression flourished, offering participants the chance to contribute to the exhibition’s narrative.

Outside the intensive exhibition period, we saw thousands of visitors over 60+ days of public opening, guided tours, workshops and special installations. Periodically, London arts festivals drive inquisitive new audiences to explore the building, with events such as Open House, Craft Week, London Design Festival, London Architecture Festival and other city-wide offerings bringing new visitors. We also provide free family open days, and the regular use of our binaural sound installation, which 'lives' site-specifically in the Great Hall. The Dragon Hall community project visited weekly over several months with facilitated creative workshops for older people. Other collaborations with community groups and specialist organisations included ongoing work with Westminster City Lions and Central & North West London NHS Trust.

Another area of considerable growth in activity was our work with those helping recent prison leavers and those approaching their formal release dates. We have hosted training and workshops for The Glasshouse and Switchback and have plans to do more with both.

As ever, the building's Volunteers - who now number 200 - remain indispensable and are a vital ingredient of our public opening as well as being a key group of the Trust's beneficiaries. Volunteering is a great means of avoiding social isolation. Their infectious enthusiasm, warm welcome and generous knowledge is passed on yearly to visitors. We have also been delighted in recent years to introduce our longer serving returnees to new faces, in particular young and overseas recruits, as well as new neurodiverse members and those with additional needs.

Environmental sustainability is a key strategic aim for the building's operations, working across commercial and cultural activity to reduce our carbon footprint and introduce better practice throughout all our outputs. In 2024-25, with robust policies of re-use/reduce/recycle across all our cultural and community work, we signed a zero to landfill waste contract. An environmental and sustainability action plan was put in place that went live in October 2024 and in September 2024, as planned, we signed a 2-year 100% renewables electricity contract. A new benefit of this approach was almost complete re-use of our exhibition materials with only one plinth from all of our exhibition infrastructure not being taken away for a prolonged life at other cultural venues. This is a vital improvement on the issue all time-limited exhibitions and displays have with sustainability.

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Financial review

Total income for the year was £1,024,374 (2024: £1,551,270 2023: £2,909,909 and 2022: £2,057,648). Total expenditure for the year was £1,291,612 (2024: £2,519,310 2023: £2,733,277 and 2022: £2,277,332). The aggregate funds deficit for the group for the year was £244,782 (2024 deficit £804,012 2023 surplus: £124,013 and 2022 deficit £405,279). The 2022, 2023 and 2024 financial information includes The Fore, who fledged as a separate organisation with its own charitable status in late 2023.

Of the income funds of the charity, unrestricted funds are received from income from the commercial activities (private hire of the house and retail) and investment income and may be used generally for the charity's objectives. Across all areas of activity, the Trustees remain satisfied that the charity's assets are available and adequate to fulfil the obligations of the charity.

Future plans

Looking ahead, the Trust has revised and renewed its Purpose of social impact via the creation of opportunity, unlocking potential and nurturing talent and the evidence of 2024-25 is that this appeals widely to other charities and community groups. This has been facilitated by not leasing out the space previously used by The Fore (a now separate charity previously part of the Trust). This means that we have a permanent space for community and educational activities at 2TP which can be used with much less tension with our commercial activities. This allows greater community work to be accomplished and planned ahead of time. We have invested in a more experienced community and educational manager and a part-time coordinator. 2024-25 has shown that with a concerted programme of outreach the Trust can fulfil the objectives of the new strategy and have social impact year-round.

Our programme for 2025-26, The Weight of Being, will focus on mental health and resilience which will be an ideal focus for our continued growth under the new strategy of combining our cultural and social work into coherent annual programmes with year-round social impact.

The Weight of Being considers mental health as a universal thread that connects us all, rather than a cause of isolation and institutionalisation. It will advocate for greater understanding of mental health issues and offer a platform for our partner groups. The Weight of Being offers opportunities through which to examine the vital intersection of resilience, vulnerability, creativity, identity, and societal change through community and educational programming.

Two Temple Place’s year-round Programme 2025-26 will provide opportunities for education, outreach, and partnerships with community groups, schools and regional collections and museums. The Weight of Being is intended to spark meaningful conversations about resilience and emotional well-being, offering a profound reflection on the toll of existence and the strength found in shared experiences, ultimately fostering hope and deepening understanding. We have already started hosting mental health community groups in a series of creative workshops on this theme and will continue those through the 2025-26 Programme.

The Exhibition at the Programme’s core is The Weight of Being: Vulnerability and Resilience in British Art, curated by Angela Thomas, which will run, with free entry, at Two Temple Place from January to April 2026. It explores the profound ways in which mental health can shape artistic expression, drawing on contemporary and TwentiethCentury British artists working across many media, and representing diverse demographics. The exhibition will examine how individuals and communities navigate oppression, economic hardship, war and displacement, as well as the most relatable everyday challenges to our mental well-being.

The Exhibition showcases deeply personal yet widely relatable psychological and emotional experiences. It invites visitors not only to explore how creativity reflects and responds to internal crises and external pressures but also how it can foster resilience, empathy, solidarity and connection across our communities.

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Structure, governance and management

Governing document

The Trust is a limited company, limited by guarantee, as defined by the Companies Act 2006. It is governed by its Articles of Association that were last revised in September 2011.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr C M R Hoare

Mr R H Mcpherson Mrs P A Melhuish (Appointed 19 September 2024)

Mr S K Sacks

Recruitment and appointment of trustees

Trustees are recruited and appointed by consensus of the existing trustees of the Bulldog Trust Limited. The range of skills across the Trustees are a strong fit for the Bulldog Trust's strategy and operations, with finance, risk management, arts and charity sector experience all represented. Trustees meet separately with the Director to discuss specific areas of work to maintain a Board-level overview of the organisation's ongoing health. Phillipa Melhuish joined as a Trustee in September 2024, bringing valuable experience of long-term volunteering at a major national museum.

Organisational structure

There are currently four trustees (three until September 2024), who are also members of the Board of Management. This Board meets four times a year and more frequently if required, which it did for the early 2024 strategy review process. The Director of Two Temple Place and The Bulldog Trust has delegated authority.

Related parties

The Bulldog Trust Limited owns the entire share capital of trading subsidiary Two Temple Place Limited. The Company was established for the provision of our commercial private and corporate entertaining activities.

Risk management

The Trustees have considered the major risks to which the Trust is exposed, regularly review those risks, and ensure robust systems and procedures to manage them. An organisation-wide Risk Register is in place and was reviewed again in 2024. In 2024 the Director and staff have embarked on a complete review and overhaul of all policies which was completed in March 2025. All policies will then be reviewed regularly.

The key risks the Trust is exposed to are the variability of investment returns and volatility in the global stock market, dependency on commercial income, and the impact of climate conditions on the building. Substantial management effort is devoted to maintaining and increasing income to help manage these risks, and a new investment manager, Cazenove Capital, was selected in mid-2025 after a competitive tender process with the full transfer of assets occurring by September 2025.

Financial Management

The charity has completed migration from a number of disparate systems and processes to an integrated multisystem setup using cloud-based finance services, giving the organisation increased financial rigour and improved controls, with an ability to audit internally when required.

The charity has engaged with an external firm of accountants who look after payroll and book-keeping. The charity has produced a series of Standing Financial Instructions policies including: delegation of financial authority; fraud; expenses; compliance; and budget controls.

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THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Reserves Policy, Investments and Property

Reserves ensure that the Trust is protected against future contingencies, including scenarios which might require the winding-down of BT and 2TP. The level of reserves is that which the Trustees believe is appropriate at the time to enable the charity to withstand fluctuations in income and to meet its charitable objectives and to take opportunities that may arise to develop or augment the Trust’s work.

The reserves level is reviewed every two years (and more frequently if there are related concerns).

The Trust also holds a fixed asset reserve of £5m, which is not a liquid asset. The Trustees have no designated appropriate minimum free reserves for the organisation in order to allow freedom of action when opportunities arise. At all times the reserves should be comfortably sufficient to cover the following, which at the time of this policy review they are.

Investments & Property

Rathbones trading as Investec Wealth and Management managed the Trust's funds during the 2024-2025 financial year and the Trustees thank them for their work during a difficult and turbulent year in which investment performance was disappointing. It was decided that the Trust needed to move on from Rathbones in light of this performance and a competitive tender process was followed with proposals received from six investment managers and Cazenove Capital being selected from a shortlist of three after face-to-face meetings.

The Trustees continue to take a cautious approach, with portfolios prudently positioned and risk spread across shortand longer-term investments and industry sectors.

Financial Processes

Financial processes are reviewed by the Trustees and refreshed on an ongoing basis.

The Trustees have established and interrogated procedures and policies to minimise the impact of risks. Management accounts are prepared monthly by the Finance Director with support from the General Manager and are reviewed by the Director. Budget holders feed directly into monthly accounts and work with the Finance Director and Director to pre-empt and manage budget overspends and underspends. An external firm of accountants supports and maintains an overview of monthly management accounts. We plan to keep the latter arrangement for the time being as an additional support to our internal risk management.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Docusign Envelope ID: B41C03E7-1102-42D9-A3C0-6DF89329B0BB

THE BULLDOG TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

The trustees' report, including the strategic report, was approved by the Board of Trustees. [Carte Hoare

Trustee

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THE BULLDOG TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2025

The trustees, who are also the directors of The Bulldog Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

The trustees are responsible for keeping adequate 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.

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THE BULLDOG TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BULLDOG TRUST LIMITED

Opinion

We have audited the financial statements of The Bulldog Trust Limited (the parent ‘charitable company’) and its subsidiary (the ‘group’) for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and the parent 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 financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information and 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 group 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 group 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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THE BULLDOG TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BULLDOG TRUST LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the parent charitable company for the purpose of company law, are responsible for the preparation of the group 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 group financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group financial statements, the trustees are responsible for assessing the charitable company and charitable group’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Docusign Envelope ID: B41C03E7-1102-42D9-A3C0-6DF89329B0BB

THE BULLDOG TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BULLDOG TRUST LIMITED

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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. [Hamp2D7BEDDAC18A4C8...DocuSigned Dawby: Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor) For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants 46-48 East Street Epsom Surrey KT17 1HQ United Kingdom DALES eccmvescomesnsenansarey 03/02/2026 Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE BULLDOG TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted
funds
2025
Unrestricted
funds
2024
Notes
£
£
Income from:
Donations and legacies
2
14,685
58,598
Other trading activities
3
49,112
73,061
Other activities for generating funds
4
840,310
811,510
Investments
5
120,267
111,815
Total income
1,024,374
1,054,984
Expenditure on:
Raising funds
6
15,100
15,057
Commercial trading activities
7
805,377
792,010
Charitable activities
Exhibition expenses
8
423,391
259,109
Grants for charitable purposes
8
47,744
369,269
Total expenditure
1,291,612
1,435,445
Net gains/(losses) on investments
14
22,456
164,028
Net expenditure and movement in funds
(244,782)
(216,433)
Reconciliation of funds:
Fund balances at 1 July 2024
8,458,280
8,674,713
Fund balances at 30 June 2025
8,213,498
8,458,280		 Restricted
funds
2024
£
490,866
2,225
-
3,195
496,286
-
-
-
1,083,865
1,083,865
-
(587,579)
587,579
-		 Total
2024
£
549,464
75,286
811,510
115,010
1,551,270
15,057
792,010
259,109
1,453,134
2,519,310
164,028
(804,012)
9,262,292
8,458,280

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: B41C03E7-1102-42D9-A3C0-6DF89329B0BB

THE BULLDOG TRUST LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 16 5,093,119 5,104,737
Investments 17 2,917,452 3,133,674
8,010,571 8,238,411
Current assets
Stocks 18 23,509 17,515
Debtors 19 173,947 158,996
Cash at bank and in hand 216,217 307,042
413,673 483,553
Creditors: amounts falling duewithin 20
one year (210,746) (263,684)
Net current assets 202,927 219,869
Total assets less current liabilities 8,213,498 8,458,280
The funds ofthe charity
Unrestricted funds 22 8,213,498 8,458,280
8,213,498 8,458,280

03/02/2026

The financialoe statements were approved by the trustees on ...................005

v7[CarteNemes 7ODSTS6ABPFA464...Signed by: Hoare Mr C M R Hoare Trustee

Company registration number 06510777 (England and Wales)

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Docusign Envelope ID: B41C03E7-1102-42D9-A3C0-6DF89329B0BB

THE BULLDOG TRUST LIMITED

COMPANY BALANCE SHEET

AS AT 30 JUNE 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 16 5,061,614 5,061,768
Investments 17 3,742,454 3,958,676
8,804,068 9,020,444
Current assets
Debtors 19 399,730 363,645
Cash at bank and in hand 155,883 238,286
555,613 601,931
Creditors: amounts fallingduewithin 20
one year (32,217) (129,258)
Net current assets 523,396 472,673
Total assets less current liabilities 9,327,464 9,493,117
The funds ofthe charity
Unrestricted funds 22 9,327,464 9,493,117
9,327,464 9,493,117

The financial statements were approved by the trustees on 03/02/2026 o+\==70D3156ABFFA4E4:..[arteSigned by: Hoare Mr C M R Hoare Trustee

Company registration number 06510777 (England and Wales)

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THE BULLDOG TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
25
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of investment
property
Purchase of other investments
Proceeds from disposal of other investments
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
-
-
(912,544)
1,151,210
120,267		 £
(449,758)
358,933
-
(90,825)
307,042
216,217		 2024
£
£
(1,392,354)
(6,394)
800,000
(2,463,450)
1,970,960
115,010
416,126
-
(976,228)
1,283,270
307,042		 2024
£
£
(1,392,354)
(6,394)
800,000
(2,463,450)
1,970,960
115,010
416,126
-
(976,228)
1,283,270
307,042
(976,228)
1,283,270
307,042

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

Charity information

The Bulldog Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Alexandra House, St Johns Street, Salisbury, Wiltshire, SP1 2SB, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 2019 "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)". The charity is a Public Benefit Entity as defined by FRS 102.

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

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

Preparation of consolidated financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Two Temple Place Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Liabilities are recognised as 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 amount 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Investments to property 15% on cost Plant and machinery 15% on cost

Depreciation is not charged on the freehold property because the length of the useful life is such that depreciation would not be material. An annual impairment review is carried out.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

(Continued)

1.9 Retirement benefits

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

2 Income from donations and legacies Group only

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Donations and gifts
14,685
-
Grants
-
-
14,685
-		 Total
Unrestricted
funds
Restricted
funds
Total
2025
2024
2024
2024
£
£
£
£
14,685
58,598
-
58,598
-
-
490,866
490,866
14,685
58,598
490,866
549,464

Grants received, included in the above, are as follows:

, ,
Rothschild
Henry Oldfield Trust
Aeonian Foundation
Black Rock
Bulldog Trust
Other donations		 2024
35,486
30,000
70,500
250,000
103,800
1,080
490,866

The grant income above was generated by ‘The Fore’ which became an independent charity in September 2023.

3 Income from other trading activities 3 Group only

Restricted Restricted
funds 2025 funds 2024
£
 £
Fundraising events 49,112 75,286
Restricted Restricted
4
4		 Other activities from generating funds funds 2025
 funds 2024
Group only £ £
Events 764,514 776,006
Grant income 14,119 19,999
Museum tax relief 61,677 15,505
Totals 840,310 811,510

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted
 Unrestricted Restricted Total
funds funds funds
Total 2025 2024 2024 2024
£ £ £ £
Rental income 26,838 21,387 - 21,387
Other income 90,775 86,973 -
 86,973
Interest receivable 2,654 3,455 3,195 6,650
120,267 111,815 3,195 115,010

6 Expenditure on raising funds Group only

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment management 15,100 15,057

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted Unrestricted
funds funds 2024
2024
£ £
Depreciation 11,618 21,083
Premises 359,015 253,823
Office 10,504 16,211
IT 15,758 17,813
Staff 353,290 442,972
Advertising 12,386 2,559
Travel 1,074 1,108
Accountancy 23,541 18,854
Professional fees 16,581 16,490
Bank charges 1,610 1,034
Bad debts - 63
805,377 792,010

Total 2024 £ 1,174,777 51,968 207,141 154 50,000 1,484,040 222,608 5,595 228,203 1,712,243 1,712,243
Grants for
Exhibition		 charitable
expenses		 purposes Restricted Unrestricted 2024
2024		 £
£		 938,098
-		 -
51,968		 -
207,141		 -
-		 -
-		 938,098
259,109		 144,267
-		 1,500
-		 145,767
-		 1,083,865
259,109
Grants for
Exhibition
Total
Grants for		 charitable
expenses
charitable		 purposes
purposes		 Unrestricted Unrestricted Unrestricted Unrestricted 2025
2025
2025
2024		 £
£
£
£		 47,744
-
47,744
236,679		 -
31,074
31,074
-		 -
213,299
213,299
-		 -
-
-
154		 50,000 47,744
244,373
292,117
286,833		 -
173,018
173,018
78,341		 -
6,000
6,000
4,095		 -
179,018
179,018
82,436		 47,744
423,391
471,135
369,269
8
Expenditure on Charitable activities		 Group only Direct costs Grants to institutions Cost of sales Exhibition expenses Depreciation Loss on sale of fixed asset Share of support costs (See note 9) Support Governance Total

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

9
Support costs allocated to activities
Staff costs
Premises
Bank charges
Professional fees
Consultancy
Administrative expenses
Governance costs
Governance costs comprise:
Audit fees
10 Net movement in funds
Group only
The net movement in funds is stated after
charging/(crediting):
Fees payable for the audit of the charity’s financial
statements
Depreciation of owned tangible fixed assets
Loss on disposal of investment property		 2025
£
171,560
-
-
-
-
1,458
6,000
179,018
2025
£
6,000
6,000		 2025
£
6,000
154
-		 2024
£
135,979
55,441
176
2,363
5,760
22,890
5,595
228,204
2024
£
5,595
5,595
2024
£
6,910
21,237
50,000

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

11 Trustees Group only

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024.

12 Employees Group only

2025 2024
The average monthly number of employees during the year was: Number Number
14 15
Employment costs 2025 2024
£ £
Wages and salaries 456,456 505,938
Social security costs 39,552 45,114
Other pension costs 13,779 14,456
509,787 565,508

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

13 Employees (Continued)
Group only
The number of employees whose annual remuneration was more than £60,000
is as follows:
2025 2024
Number Number
£60,000 to £70,000 1 1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 263,565 160,779
14 Gains and losses on investments
Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 10,890 153,300
Sale of investments 11,566 10,728
Sale of investment properties - (50,000)
22,456 114,028

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

16 Tangible fixed assets
Group Plant and Freehold Paintings Total
machinery land and
buildings
£ £ £ £
Cost
At 1 July 2024 1,187,949 5,000,000 61,000 6,248,949
Disposals (593,035) (593,035)
At 30 June 2025 594,914 5,000,000 61,000 5,655,914
Depreciation and impairment
At 1 July 2024 1,144,212 - - 1,144,212
Depreciation charged in the year 11,618 - - 11,618
Depreciation on disposals (593,035) - - (593,035)
At 30 June 2025 562,795 - - 562,795
Carrying amount
At 30 June 2025 32,119 5,000,000 61,000 5,093,119
At 30 June 2024 43,737 5,000,000 61,000 5,104,737
Parent
Plant and Freehold Paintings Total
machinery land and
buildings
£ £ £ £
Cost
At 1 July 2024 922 5,000,000 61,000 5,061,922
At 30 June 2025 922 5,000,000 61,000 5,061,922
Depreciation and impairment
At 1 July 2024 154 - - 154
Depreciation charged in the year 154 - - 154
At 30 June 2025 308 - - 308
Carrying amount
At 30 June 2025 614 5,000,000 61,000 5,061,614
At 30 June 2024 768 5,000,000 61,000 5,061,768

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

17 Fixed asset Investments

Group
Cost or valuation
At 1 July 2024
Additions
Valuation changes
Other movements
Investment drawdown
Disposals
At 30 June 2025
Carrying amount
At 30 June 2025
At 30 June 2024
Parent
Listed investments
£
Cost or valuation
At 1 July 2024
3,066,238
Additions
355,995
Valuation changes
22,456
Other movements
-
Investment drawdown
-
Disposals
(556,549)
At 30 June 2025
2,888,140
Carrying amount
At 30 June 2025
2,888,140
At 30 June 2024
3,066,238		 Listed
investments
£
3,066,238
355,995
22,456
-
-
(556,549)
2,888,140
2,888,140
3,066,238
Unlisted
investments
£
825,002
-
-
-
-
-
825,002
825,002
825,002		 Cash in
Portfolio
£
67,436
556,549
-
(13,678)
(225,000)
(355,995)
29,312
29,312
67,436
Cash in
Portfolio
£
67,436
556,549
-
(13,678)
(225,000)
(355,995)
29,312
29,312
67,436		 Cash in
Portfolio
£
67,436
556,549
-
(13,678)
(225,000)
(355,995)
29,312
29,312		 Total
£
3,133,674
912,544
22,456
(13,678)
(225,000)
(912,544)
2,917,452
2,917,452
67,436 3,133,674
Total
£
3,958,676
912,544
22,456
(13,678)
(225,000)
(912,544)
3,742,454
3,742,454
3,958,676

The unlisted investment represents the charity's 100% interest in Two Temple Place Limited.

Of the £2,888,140 listed investments held at 30th June 2025, £1,001,953 are held in the UK and £1,744,016 are held in vehicles with overseas holdings. All other investment assets are held in the UK.

Investments that are material to the investment portfolio are detailed as follows:

All investments are held to generate an investment return for use in the activities of the charity.

The historical cost of investments held as at 30th June 2025 was £2,562,123 (2024: £2,707,657).

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

17
Fixed asset investments
Investments at fair value comprise:
Guiness Asset Management Global Equity Income Fund
Brown Advisory Funds BA Beutel Goodman US
JP Morgan EFTS
Blackrock Rm Ltd European Dynamic Fund Inc
Goldman Sachs
18 Stock
Group only
Stock for resale
19
Debtors
Group
Amounts falling due within one year:
Trade debtors
Other debtors
Parent
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
20
Creditors: amounts falling due within one year
Group
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 (Continued)
2025
£
2024
£
156,278
152,845
133,200
144,500
119,486
-
80,297
108,018
-
227,000
489,261
489489
632,363
2025
£
2024
£
23,509
17,515
2025
2024
£
£
45,661
46,303
128,286
112,693
173,947
158,996
2025
2024
£
£
-
9,412
399,636
326,409
94
-
-
27,824
399,730
363,645
2025
2024
£
£
10,788
16,038
39,518
18,646
4,498
107,376
155,942
121,624
210,746
263,684		 (Continued)
2025
£
2024
£
156,278
152,845
133,200
144,500
119,486
-
80,297
108,018
-
227,000
489,261
489489
632,363
2025
£
2024
£
23,509
17,515
2025
2024
£
£
45,661
46,303
128,286
112,693
173,947
158,996
2025
2024
£
£
-
9,412
399,636
326,409
94
-
-
27,824
399,730
363,645
2025
2024
£
£
10,788
16,038
39,518
18,646
4,498
107,376
155,942
121,624
210,746
263,684
363,645
2024
£
16,038
18,646
107,376
121,624
263,684

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

20
Creditors: amounts falling due within one year (contd)
Parent
Social security and other taxes
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
21,045
2,877
8,295
32,217
2025
£
4,141		 2024
£
9,549
107,374
12,335
129,258
2024
£
3,733

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Group

At 1 July 2024
£
General Fund
8,458,280
8,458,280
Previous year:
At 1 July 2023
£
General Fund
8,674,713
Parent
At 1 July 2024
£
General Fund
9,493,117
Previous year:
At 1 July 2023
£
General Fund
9,645,871		 Incoming
resources
Resources
expended
£
£
1,024,374
(1,291,612)
1,024,374
(1,291,612)
Incoming
resources
Resources
expended
£
£
1,054,984
(1,435,445)
Incoming
resources
Resources
expended
£
£
224,474
(412,583)
Incoming
resources
Resources
expended
£
£
257,870
(574,652)		 Gains and
losses
At 30 June
2025
£
£
22,456
8,213,498
22,456
8,213,498
Gains and
losses
At 30 June
2024
£
£
164,028
8,458,280
Gains and
losses
At 30 June
2025
£
£
22,456
9,327,464
Gains and
losses
At 30 June
2024
£
£
164,028
9,493,117

23 Related party transactions

The Trust has taken exemption from disclosing related party transactions with Two Temple Place Limited on the basis that it is a 100% owned subsidiary and consolidated financial statements are prepared.

24 Subsidiaries

Details of the charity's subsidiaries at 30 June 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Two Temple Place Limited United Kingdom Letting and operating of Ordinary 100.00
conference and exhibition Shares
space

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THE BULLDOG TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

25
Cash absorbed by operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investment property
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Decrease/(increase) in stock
(Decrease) in creditors
Cash absorbed by operations
26
Analysis of changes in net funds		 2025
2024
£
£
(244,782)
(804,012)
(120,267)
(115,010)
-
50,000
(11,566)
(10,728)
(10,890)
(153,300)
11,618
21,237
(14,941)
67,741
(5,994)
12,223
(52,936)
(460,505)
(449,758)
(1,392,354)

The charity had no material debt during the year.