cha1y reglstration number 1140916 Company reglstration nun*¥eT 07554557 (Engl and Wales) ALACRITY FOUNDATION ANNUALREPORT AND FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2024
ALACRITY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES StmonGibsonCBE argaret Ev*s Alan (kkeysen (¥)pointed 6 Aprll 2023) (Appointed6 Aprll 2023) (Appointed7 December 2023) MsFSLCtrJtts SECRETARY CMARfNNUMBER 1140916 CQMPANYNUM8ER 07554557 REGISTEREDOFFICE ]acrtyHouse Motteratofwharf Kingsway Nwport NW20 IHG AUDITOR sby &Willk4ms LLP Ced¥ House Hazell Drwe G¥vent NWOBFY
ALACRITYFOUNDATION CONTETrrrs Page Tfusteesr8port IndeperKlent aLJtor* rewt 6-10 Statent0t(? art Bala0$8et 12 statement ot Casht 13 Ngt8Stotr flnaticial statrrtS 14-23
ALACRITYFOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Thetrustees presenttheirtnJstee rgWrt?ndtinartial statemènts fort1 yearended 31 arCh2O24. Thetinarrfial statennt have Jeen wepare¢J In accounting policies set out in notesto tha f1nancial statenents and conply with the CnarrtiES Act 20111 and "AcentIng arKJ Reporting by Charrties." Statem2nt cf Recommended Practi5e a01cab to chafities prepaiiryy t1r Qut$ in accordarKe wrth tne Fifianclal 9eporting Stsn(JariJ ar4)licable in t1 UK andftepLt¢licof IraThJ IFRS 1021- {effectwe l January 2019>. OBJECTIVESAND AcnvmES The Alacrity Fwrydation In UK is establistte(I with the Mdate to mentor ad train thtr nK)St suitèb¢e gra¢Juotes and crÈatÈ a weratK)n of Brit15h technokjgy-basee companE5 Thp Alacrlty scheme is based on 6 proven methodologyfor comrwciali¢ingtechnol(NJi and creaty.ro sÉJcce5slul entrepreneurs. The objectives of t Fountjatsoi are speutically restrrtpd to thE adrennI of educab.cn and learning. In partcular but not limited to jneSS studie5, ¥usinEss rnand9ent practice and thE devebpment of engineerin9 and rachl0gVfOr beiefit of thE PLknIi Alacrty Foirx1atI pro¥ides an Inta)sive trairj envir(wt with mÉntors arKI industry partners to prepare graduate5 for entrepreneursPup I the technok¥Jy sector tlurirYJ the 12 month Arity programn graduate5 will develcp essential product rn0nagent. conmArcialisation atKI entrepTpneurial skilL%. addition to tkns appl¢ learnin9 graduates w411 be mentored by experts and senior executive5 in u variEty of dtsciplines.This".raining will Frèpare gaduatesto njn a successful scalable higbtechiology cDmpany. The pragram is exw'entral in nature. byhere graduates afe assigne¢J to Je$ trNgt form the basis of a rgal techiology produrt or sepoice oppomjnity. The Fountlation tscditates ir)dustsy sponsor¥ tyringing kNJwn problems frOrnt mdrketplace to the project teams. The teatns tlw? rryto l¥JilJ proijutts to solve ihese real- world Iwsinèss issues. If successful. project team wll he create(l an OPFlXtunltY to start a comtTErcial relationship witrj the IlUStry swnsor. To9ethÈr th will lorm a ne tecknnoksy company, with continuir8 support andfunoing a55t5tèrte to gNe the9raas nvalLobk ra-£tartto anentrepreneurial future. PUBLIC 8ENEFIT We have rofcrrod to thé gL#tsnce contained in thc Charity Comnisssons, gen£fal guidan on wblic beneft't rgviewing our alms and objectives pnd in arLyig lutUTè actNitiÈs. In particular the trusteps CDnsi(Jer planned aCtN[t will co?tritsute tu the 8ims arKI cl)jeth'ves they have set. ACHIEVEMENTSAND PERFORMANCE &grill81718crlsadCVoV£]Cts89WnSL objectnes Thespec5fic highlights that ha¥8 occurred Sir W year include the following. Continu&J the irKremntal Qeveknprrftt of piogrammo core progamme and inclusvJn of Cyber Inallor) Hub. nrolle¢ 20 Uate recrnits on tothe 2023-2024 prryrnmme. 3. Successfully delivEfed tw+TE.. bootcamp% in c(xlingandtl other in busrness. 4. Conriiued to develop Al&Jity FDun(JationÈnetwork of project and mentDriTYJ panners. 5. Maintainpdtt tinancAal i'iabilty of Operat1thrgh sound fiscal rkryerrEnt.
ALACRITYFOUNDATION TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) (copiriNUED) FOR THEYEAR ENDED 31 MARCH 2024 FINANCIALREViEW The Foundation matye a fjvfrit of £3.488 12023 - £186.1801 dwFrrtJ the year. ir£orne ar>J oxwditure accountfor the yw isan knrylrment losson inVestnOf£94s92l2o2s- £54.2771. As at 31 M8rch 2024, the Fndaticfj repJrted retsiied tvr•J$ of £861,30412023-£864.792). Surpfusfijndswill e loCated to cTUrent of additional grathotes lover the projected 18 per eohortl arKI oth9r impyovementsto the delivery 85the CurrentfiThg mcy4es towArds corrpletto Reser¥•$poli¢y It isthe wjlicy of the chartty that unrestncted ftjnds which have not been (Je5wJnated for a spècific usè shJJld be maintaine(J at a Iwel equivalent t¢ tetween ttree six month Èxpenoiture. Tr trustees consKler that reservss at this level will ensure that in event of a signrficant drop in fuAdthn9 thty wlll be ableto contiryje e charty'g Current artivities while c¢>nsKYeration Is glven to ways kn which addrtslal funds mty b• raised. Thi% ofreserves has been rnaintained throu9h(Mrttheyear. Inwestmentpolicy Under the Memoran and Artfcles of A&'atIc tts charTty Iv$ the p(pert0 i$tthe furtherance of the eharity¥prlnclple ècttvty. All investrrents cc¥npty wttt)trE ChaTtyCommission guidelines. The Trustses havlng regard to liwi(rty requirements of the charlty have OFxrated a pollw of keeplng surF4us cash balanS as liwid as po&sbbB aTrJ any surplus baar)ce$ will be Invested In fixed tsrm deposit accountsthat can be attessedeasllywh mgded. PLANS FOR FirrLIRE PERIODS The objectives gts9 fL)rNard intothe nextye: l. To fijrther develop and implpment tre Alacrty Fcnat)ft progèry¥n8. 2. To continuo to enh¥Keth• breadth qualty ofentrepreneurshiptrthiw forthetsams. 3.Todevelop a networkof Strateg partrrs for team Pfojerts 4. To enhance symbiotic work wth l¥gher &jjcati Inst[tutio in the dlePn>nt of the programme and piooucts. 5. Toexpandthe operations 0fFaat1on intsrrrts of itsiwvaè 0tyc9ramnanO geaphiC cfftrap In the LIK. 6. T0rther<1eVeI0pthe Ccer lmovkn.on Hub prCJrrre. 7. To a catystin ccnnectirvJ businessesto creats a cornn¥Jnity IMJbwithin Newport 8. To be an instrumental wt of the kn Who grwp - emFowering connectlng kmal8S Within thè WKJrkplace.
ALACRITYFOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEl4lENT The AlrIty F0bndaion 'i'ihe FoundaLion'l Is a registered chty ano is grned Ov a ofTrusteesthat oversees the followmg actFvfriès of the FrdatIon. l. To agree and regulwty rYvJThttw the FourKJatIS strategic (tirectycrbs engjrè that it piJrsues tts stated obFctives. 2. Ensure that the OTgani5aticn tcti[S ithin legal. Charrtae aThJ financ1 requirements Ot a h8ritable orga?isatior. 3. Settins DvÈr311 polio/. rtèfini1g goaL8. setting tafws andYffjluativJ perfOrMe against a3ree¥ targets. &. To ensure the linano81 stajilty ol the trganisation and thè pr(ptsr invgstnwt of funds In accordartt with the Fout¥JationE stated aimsand o¥FCtives ar4J 1¥fil 5ègisiatWL The executivetean¥ purpjse Is to IMple1t 5trategie5 and conduct activities In accordance with the gltra51 obj&¢tsvès ofthé FOundation&ittapprcprte ser 9overiance ftornthe Boaid of Tru5tee5. As Chairmai, Sin Gibson Li a memDèr of Board of Trustees Yéith resposG)iliry for overseeing the executNe team of ttre Foundat anc pio¥idsng stTategr ana opErational SUFwrt lor its activfcies. He is 150 respon5ible.or stakehcer relath)nships and developin9fun(Jiryg streams for the Foundation. Thetrustee¥tortheyear are as1olk). - Simon Gibson C8E - m.argaret Evans - Oebra Elizat>èth Evans Williarfts !Re5tgned 6 Aw'l 2027) - Hil¥¥ Lappin Scott (Resigied S April 2023 - an Ockende? IAppoirrteES 6 Aprtl 20231 - David Homer IAppDinted 6 April 2025; - Flwa Stephanie Legh CoLrtto (Appointed 7 Decembw 20231 RECRUITMENT AND APPOINTMENTOFTRUSTEES Complying withthe 5tatEYnentof rccornmended practice ISORPI 120151. T[ltee5{rC app(xnted, inducted and tra1nèdtrSparentIV, effectively a? effitientty. Tr rtICleS of Atation statetrotttre thall not be more than Se¥TrUsteeS and they shall bè appointert asfollcms". -cr may te apwint&J fromtineto tirrye tyWesleyC)vgr liloro$ loryj as WesleyCJoverremalnsaMembwl: - Gp.è may be pOIrted from tiFre to tin ty ts* Welsh Mirusters or a5 longas th2 Welsh Mlnisters remain a V.emberl: - one be 8wointed trom time to tine by the Trustees of Thè Waterfoo Fwnuation as Img as the TtusteesofTre Wutsrk>o FwnQation remaina Member)". arKJ - The Trustee5 rroy. with the F¢ior vnitten appro¥al of wesl Clover and the Welsh Uinisters {in èach c8se for as long as such pwty Shall remain a Uèmber). appomtany otherper5Cfj a5 a Trustee.
ALACRITY FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS" REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thè Articles of AssoetatbDn also requlre that thwe are rt less tthan three Trustees at 811 tIS and the Trustees 011 fro time to tirrE. subject to the ¢m5ent of MÈsley CIobEr and thè 1$h Minbters lin each case foras lory as partyshbll Fwwina Membwl. arpjintork otthWnumberasChairm. wre an general rW"r%J is lkl it shall nots ts ireMent of thJ5e Trustees w) have r&tlred duilrrfJ the prlouS financial year )d the appointment of reaCern or •J(rrtKnal Trustees. Thore were ch3nges intts composition of the eoard of Trustees In the period. Care Is tak£n to ¢nsure that the Trustees shJuld have the divèrse iaThJe of skills. experien¢e and knowlAdge nepded to run an organisatn effeCtelY Trustees ensure that they ¢1ve the necessary riduction, training dgOing SuppCrttheyTet0dEsChafge th•ir<'e$. STATEMENTOFTRUSTEESRESPOPISIBIUTIES The truste¢s, who are also thè directors of Alacrity Foundaucn fc the wrpose ol crynpany law. are responslble for prewng t Tiustees Repk)rt al financial stateNEnts accordan with appliCae law and Unrted KingdomAc¢ryJnting Stsndards (Lknrte¢ n40)GenerallyActed Accounttng pte). Company re(pires trustees to prepare fInar41 statsrrents tor each fin&)cial year whKh givè 8 truo d fak vw of the state of affairs of t charty ar of the hcomng resowces and 8ppli¢atign of resource& CdIng the inrne aTrJ eynOitur& oYttr ch01e comparyfor that ar, In preparfng thesefhaJx(al statewrrt% #trUsteesare reqLArndtD: -5elect Suitablea¢xountg pOlESar1n•pfyth8rn CaStty., -¢b5erve th8 matS and prhcples knthecharttSR. - makejudgementsand estimatesth8tareild prudent and - yepare the thancial statements on the goir4 ¢irn basis unkn It Is In¥>proo to Fyesume that thg charty will continue in operat. The trustses are $OnsIble YLY ke¥Try a¢ewJts aCCOLtnting records that disclose with reasonable accuracy at any time financval Posit of the charity an¢Y enable them to enre that the fknanthal statements comply wrth Companies Act 2006. TW are also responsib for safeguar(JiThg tts assets of t charTty and hence for taking asOnab[8 steps for prevention and detecti of fraud and other Irrogularities_ AuDoR In accordance wrthth&coryary& artides 8 re>)krtlm proporoth8tKllsby GnianS LLP te re¥ppointsd as auditsr of companywsll be fxrtat a General kleeting.
ALACRITYFOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 Thetrustees report was apwoved B?ard ofTrustees Gibson TRUSTEE
Ililsby Williams. ALACRITYFOUNDATION INDEPENDENT AUDITORE REPORT TO THE TRUSTEES OF ALACRITY FOUNDATION Opinion We Nave audit&J the finanual statements OF Akxrty Fourkl8ts"en <"Char) lor the ye¥ 37 Mar¢h 2024 whi¢hc0prIsethe statement of fin¥aTr activ[t& the balae sheet, the statement of ¢ash flow5 and notesto th& financial statements. Indudiro significantxcwnting polcEs. fhefi'nancial reporting framwork that has been tpplied in thèir preparaton ts aFPI1e Law and United Kirodom Accountiro ¥ardS hcluding Finalla1 Reporttng Standard 102 77EFlrwK1ReXtry6Yw3Pabh theUKaodReptWIc 01tr8lèndlUnited ngdOrn Gerralty Accepted Accounting Pract¢¢). In our opinton. the ftnancial statements.. give 3 tNe and tsir view of the state of Cable compwws affairs ag at m Mh 2024 and of Its kncoming resources and application ol resources. fortheyear tn ded. have bwi prortY wepared in aectjrdarsce Unlted kn'rodom Generally Accèpted AOunt}rj Practtce., and have been prewod In accordancèwfththe reWiruntsofttttr C¢leS Act2(6. Baslsforopinion We conductd our ajtrrt in accordm with Intem3ticfflal Stsr)d¥ds ¢ Au#rt¢ng IUKI IISAS IuK)I applable 18w. Cxjr respw&bIleS urter tIM)se standard5 are Jrth8r ¢JtrscriTr)ed in the Auditor> rgspon&bJlittss lor tlw •udit of fin8ncwl statts sectton of our rgport We are independent of the tharty in accordance viith etmul requlrenwts that are relèvant to our audit of the flnancial Staterrt8 tre UK, including the FRCS Ethical Standar(L ¥KI Y have fvir(lI c4Jr otfr etlycal responsibilities in accordants wrth tse re(pirer)ents. We beli that ttte wart evWJee obtained is sufficient and approwiate to provkje a basis tor cMJr Cpinion. CorKluslon$ relatlngto going concern In ditIng financial statsnnts we hwo conduded that trustees use of the going con¢em basls of accounting ITht preparatiL on of the finarKial statements is aFproprk?t Based on the work we have perford. we not hlentffied any material Unrts1)ties relating tr) ebEnts or cDndrtrons that. lTr#ivldualty or CO1ctiVe. rn4 cast ggnificant on the charlty* abilty to continue as a golr£ concom lor a period of at least twelve moiths from the flnaw¥l statements aro auttiorised for issue. Our resp0nslbil5es andthe resporvait4ffties ofttruSt8eSwlt res•togokng concem are described intre releVtSectI0nS of this report.
Kilsby Williams. ALACRITYFOUNDATION INDEPENDEKf AUDITOR"S REPORT (CONTINUED) TOTHE TRUSTEES OF ALACRITY FOUNDATION Other Information Tre other inforrnation cowse5 the inf(rntTh Irl¢jae0 in tr Ual report other tln finanual statsnentsand tiw auditors report treOn. Thetru5tees are reSportsie Yortke other informaiion contained within the annual fÈporr. (kjr ?pnion on the firyamal ¥.atenents does not coverthe other 1nlormatKin ap.d we o Dot express )y form of assurarre colS1orb thereon. Our resDonsibility is to read the other informailon nd. in doing so. coiisider whetr othef intrmatiory is matsrlally wwo51Ster%t wtth the finCl81 statements or (yJr knowle¢se obtaioed n the wurse of ts atsdrt. or otherwlse appeals to k materially rnisstai. It¥ye ioeitify such matellal IonsISterlesOr apPt nsterial missratements we ar8 r8quiredto detèrmine ther this give5rise to a materwl misStatEYnert inttelinawal st8tementsttremselws. If, based on the work have pertorrred: 6 coicknttg that there a material mi5Statenent ol tS other ntormation. e are Tequirettto report that tact We have nothingto repcrt inthis regard. Matter$ on whl¢h wè aro requii•dto report byexception We nave nothinc to report in resFeCt of ttr.e follthying mattets in relation to whichthe Charsti8s IAccounts and Reports) Regulations 200e requife Lsto rcporl to you it. in ouropin.'on." the information given In StatetS is incwislstent in any material Spert with the trLLStees report", or sufficieitaccounting records hawe not been kepL or tts financial statements are not in reementTthth aciy)untr'ng r&ords". or h&rfe not received alltr tnfc¥mation aThJ expnatn$ ¥s r&]uire forraudit. R8sponslbilitia$of trusteès s explain2d more fvlly in tne statement of trustees resp(nsibtlitièS. the tTUStee5. ale also the (Jirectors of tr charity purpose ol companv Saw. are respvtsible for-.he preparatv)n of thè fifiaicial statements for béng satisfied thai they true ond fair aTra for su¢h internal control as the trusteas deterntne is necessary to enable thè prepaFJtiM of fnancial stoteryents that ale free fiom material mlsstatemet, ether ¢Jue to fraLJ or erraf. In preparing financial statements: the trustees ale respon5ib12 tor assessipg tho charity's tlrty to cotirKJe as a rping cDncem. disclo&ng. as applraL>le: mattèrs relatea to goiry corceri a1 usiig the going concem baois of accounting unless the trustees either ténd to liwidatetts ¢haritable COM OrtoceaseorntlQn& *)a¥e no realth"caltemati¥È but to co so.
Ililsby Williams. ALACRrrYFOUNDATION INDEPENDEfrifAUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ALACRITY FOUNDAnoN Auditors responslb1l1ti fof th• audfjt of thèllnanual statements We have beery app)inted as auditor under sectKsn 144 of tl Chari(ps Act 2DII report In xcordance witl) the Actand rnbv•rrt regulatijns made c hrj effectthereuntsr. Our oblectives are to obtsfft reasonab assuraKe atOLrtvthgttrtl fiTrda1 StateMt5 a wholeare free from material misstatement. bthether due to fraud or error, an¢ to i$5uE an [tOrS report that includes cxjr oplnion. Reasonable assur is a high1tr4pI of assurwKe tJt is Th)t • guarantee that an audit con(lucted In 8ccordance wth ISAS IUKI will alw8y3 detect a materi•l rnisstatement when it exists. Mtsstatements c8n arrse from trd or error and are CDrn5pJered matert if. indivhaualty or n the aggregate. tw c(xJld reasonably be expe¢t8dto Inffuerththe 8cwomie d8cisKJnsofusers tskw ¢Y¢thel)asisottlfnBr9O1 st8ternent5. extsnttowhthoWprotsre$are cap8t4eofdptecting Wregul¥e5 induding fra, is detalled bo>Jw. We g•p)ed #n urwJerstaThJlThJ of lepl aTrJ regulatL¥ frarA1)rk appltable to tl g)mpary and the irKlusl considered the risk of acts ty Ccrny that were eontrary to applicable laws and regulatK)ns, inclurfin ocedures to resFond to ris& reco9nislro that the risk of rK)t detecting a rnaterial misstatemant duetofr" )t detecttr)g one resulting trom errcf, as fraud rw v0e deli)erate GonalMent ty, ffx exami mL8representat1s, orthrough c$) Wefoeuss8d on laWSd fegulatlffis which cwld gibe rise to 8 mrsstatement D thefinancial statem to, the Companies Att 200S •d UK tsx legi4ation. l)Jr tests irycluded agreeing the financial statwnen supporting documentatity). enqUIrS wf(h manageTrt aThl erquwies of legal counsd. There are InherE yocedures thscxlbed above and, the further rgnwett rrrCOnV1Irtce with laws regulations is from r&flethed in the finanaal staternents. the less likoty we wyjuid t)ecome awe ot it. We éld not identify arry k lrre5wlarits. including fraud As in 811 r dIts. ¥ atso ajdyessed the ri&k of Tnanaownent override of intèrl iournalsandev8luatlng whetherthere was evt(knce of bias bythe diTectOT5th3t Tepresentecj a risk of material n As part of8n rtFt in acctsarKe with ISIS IUK). exer¢is¢ wofgss)nal]udgmerrt ano maffttsin PTofesskJn audrf(. We alx).. l(Jentify ass the ofmaterkal mlsstaterwt ofthe finrla1 statanthft& whets dueto fraud or error. deslgn arKY perform audtt procettures responsive to those ¥isks. and obtain audit evidence that is suffieÈnt approwiate to Pfovide ) ba¥5 tcf On10n. The ri¢ of not detecting a matsrial mlsstatement resultng from fraud is Atgher than for on& resultir4 frorn err, as fraud Involve collusion, forgery. intentK)nal onrs5ro¥E nMSrepresIatn$. orthe (werrFd& of intemal control. Obtabn an understanding of internal control reknrt to thewdTt in tfftsrto design aL1t proceduresth8t e appropriate Ir) the circu[Ttances, t not for the FJrp)se of expressing an opinion on the effeCtes$ otthe internal crffttrol.
Kilsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDOR.5 REPORT (CONTINUED) TO THE TRUSTEES OF ALACRI FOUNDATION Evaluat.e tre appropriatks$ of accountil5 wlicyes used re1481$S of acccwnting estimaTesand related ¢i%cknsures male by thetrustees. Conclude on thc approJriatsS Ot the tTU5tees' use of th- going coreTN of accounting and. trased Iyt the evIde ObtaIrd. whether a material uertlty exists Te1ated to eyents or ondkbns that may Cast sigitficant rtoubt cn charrtys ability to contyre a5 3 gDing Con. If we condude Ihat a aterIal uncertainty exists, we ¥e rewtred to dr3v4 attention Iii our auditor¥ report to the related (Ji5cIDsures 11 th#x Thro01 sttsrts or. Sf such disdosures are irnadèquate. to moijify our opinb?n. Our conclusions are base¢ onthE evide) obtsitEd up tothe cats of our auditor'5 report. Hwever, fvtUreentS or coTrJrtiois tNycaLssetre chjrityto aset0 continue as agoing concern. Evaluate rhe overall ppwtHtion, structwe ¥KI content ol final statement& rlUdIng the disdosur&s. and whether the financial statempnts repret the unoerfwrg transactions and events in mannwthat achievesfaif prest We corrrnunicste wtth te charged wh 90¥ernar regarding arncrsg Othei rnatters the planned scop arKJ tirnry of the audit and s gnifrcait 4thit fir)dings incluoiryg &gnificant defialeS in internal coitrol that we identfy11jUr)lt. A Yurther déscription of ourresp0rtibilitS is avlalIe on the Final Reputirs Cwncllts websrte at: httP5.Jl www.frc.org.Uklaudrtorsp7skni IlfLiÈS Thts descr1ptiwrFS partof ourauditryb report. Use otour report Thig report Is sotety to the cN¥tty'S trusteas. a5 a tJo¢y, in accordaryce with part 4 01 tr Chanties (Accounts Reports) RogulHions 2008 Our wdit workhJ5 uTrJertaken so tnHi we might state to th chKityÈ Irustees those ma-.ters we a requlred to state to ir in an repLYt and for purpDse. To the fullest extent Fermtttnd Lry W. we th not accept oi assuirt responsibilty to anyonE Jther than the charty and charty¥ trustees as a body. foi ow audrt worK for ihis fewrL ¢xforthe opinions we have formed.
Ililsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (COlUlNUED) TO THE TRUSTEES OF ALACRITYFOUNDATION KSlsbyS WSllkgmsLLP Chartered accountants &st8tutorywJditcf Ced¥Hs¢ H¥Trll Dt¥ve Newport Gwent NPIO 8FY -10-
ALACRITY FOUNDATION STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITUREAccouKr FOR THE YEAR ENDED 31 MARCH 2024 Uirestricted UnStriCted ftJnd> funds 2024 2023 Notes INCOME AND END(YWMENTSFllfM' Donations aThJ legactes livestment5 otherin¢om6 l369.127 1,342.273 S7 13161 998 TOTAL INCOME l570.12S 1.342.01& EXPENDtTURE CJ: Charitable activities 1.373.613 1,528,194 TOTALEXPENDITURE 1.373,613 I,F2B,I94 NETEXPENOITURE AND MOVEMENTIN FUNDS 13.4881 1186.180) RECONCIL114TION OF FUNDS: Fud b&la.?ce5 l April 2D23 664.792 1.050.972 FUND BALANCES AT31 MARCH 2024 861.3C4 864.792 The statement ?f finarTrcsal pLtsvities incKJ¢es all gai)s a1 losses rewgnised v the yeor. All Incrxne and exparyrtiture derIrroM Cont xtTvrTr2s. 11
ALACRITYFOUNDATION BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes FIXED ASSErs Tangibleassets Mixed motÉve Investhrrts 13 14 35.359 27,854 39,883 12Z447 TOTALAss5 LESSCURRENTLIA8ILmES CURRENT ASSETS Debtors Cashat bankand inhd 63.213 161330 75 539.169 492941 42l932 306.920 I031110 728,852 CREDrrc*s: AMCIJNTS FALUNO DUE WITHIN ONE YEAR 1234.079) (26.590) MEfeuFIRENT ASSErs 798.091 70Z462 T¢yfALASSETS LESS CURRENTUABILMES 861.304 864792 NET Assrrs B61,304 864,792 THE FUNOSOF THE CHARITY Unrestricted fvrKIs 861.304 864.792 861,504 864.792 These fir¥9ncial statements habE been pryed in acCOrdte wlth the wovtsicfjs to companies subJe¢tto thesmall COMP1$ ieglm The finncial starenw)ts Pre approved tythetrustses (....... mon Gibson C8E TRUWEE Comp•y TegIStratic number 07554557 {Ery18 aTrY Wates} 12-
ALACRITYFOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nots CASH FLOWS FROM OPERATI? ACTWITIES Cash generated trornl;absortJecl by) opèratlDqS 793,394 1185.2171 INVEsfiNG AcnviTIES Purchase of tansible fixed asset5 Proceeds frorndispD5al of taryiblefsxed assets Investment incfft CeiVed 19.3nl 14,1141 1,998 57 NEfcASH USED IN 514VEsfTI ACTWtriES 17.373) 14.0571 NEfcASH USED IN FINAIKING ACTtvm£s NÈTINCREASEIIDECREASE) INCASH AND CAS EOUIVALEMrs 186.021 1187,2741 Ca* ond cash equ[Vantsat o.. year 306.920 494.194 CASHAND CASH EQUIVALENTS ATEND YEAR 492.941 306.920 13-
ALACRITYFOUNDATION NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 AccounNG POUC CrIty informat]on rlty Fow)d8tiors is a private ¢onpany IKnrted by guwant ricoip(Yated in Eng1&1# and Wale$. The registered office is Ajacrity Fk)us8. Mc<lerator Wknarf. Kingsway, Newwrt NP20 IHG. 1.1 Accounting conventlon The finarial statements have been prepared in aectrdance wrth the Corrpanies Art2006, FRSI(r2'Th? Finanaal Reportirtg Standtt apPCab in the UKand RepLtJlic of Ireland. I'FRS 102,1 thp Charities SORP "Accountbio by Charities: Statwnent of Re¢onrnended Pricè applicable to elmrities preparwlg thwraccwnts in cOrd82 with fv Financial Repjrtlftg Standard apIe8b1• in the UKand Republ of Ireknd IFRS102J- {eltective l January 20191. The financial statements are prepared in stsrling. wthich is th8 JrtIOfll cJJrrew of the charty. onetaryamwnts in thesefinanual sts1entsara rouThJedto thè (eSt £. The fin8rtiaf stat8ments have teen prepared tsrNJef the historFC81 cost conventiorL The prirripaf ?ccounJrKJ Fdidosa(Jopted areset wtbelw, 1.2 Goingcon¢em At the time of approvlng the tin8nc¥al ststerrwts trustees have a reasonable expectation that tho Chority has adeq¢Jate resources to continue in cperatronal existeice forthef¢yeseeablefvtur8. Thustre trusteeswrTtinuetoadopt the going ¢¢fjKem basisof accounting In pr•paringtr firJand81 Statemt& 13 Ch•ritabFe Ivnds Unrestrlcte¢J funds are available for u%e at discretkn of the trust n ftJrtlrancO of 1r eharttable obiectNes. Rèstricte(I fLnds ar& subprt to $C[r corbjitions ty th)fy)rs Cf gfrtors a5 to how tw may t¢ used. Thepurp0$8sd uses ofthe restrlcted frjnds are setout In Tr)tsstothetnanclal statenwts. En¢Jowment fu1$ are subpct to speulic crdItiOr4 by doncrs tFHt tr c4)ital must be malntstr)ed ty thech8rity. 1.4 Income Income is recowised when th8 charty is 18galty entideo to tt after any perfomance (y)ndrticfis hav¥ been meL thè •rnounts can be measured liatrIy. aThJ rttspTobable that Incomewill be received. Cash +Jwatirms are rwni8ed on re¢ept. otlw thjnatlons are recogni5ed once the ¢harty has been notlfied of the donatKin. unless performm eoTrSitions require deferyal of the anount. Incorne tax recoverable in rdatEon to rs?natr recefved under Grft or degds of CoVt Is recognised at the time ofthedonatlon. Lègaciès are recognised on pt or tharity hès been notified of an IM1ftg dIstritiOn. the amount is kJNx¥n, and recpt is eypecteiL If tl aftunt is rKJt kn¢yin, thè legacy is twted*s8 cltingent asset. -14-
ALACRITYFOUNDATION NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTINGPOUCIES ICorrtinued} 1.5 EXnltUr ExpenditLre is recognised once there is a gol or nStrUCte OOligatw)n w tsansfef economic llenefitto a third parry, it Is prtJabk that a tfan5fer of economic tsefrt5 will be required In settlerynL and the amouit olthe olgatirn cai be nea>Jred reliably. Expenditure is 8rt(s by ¥ttTvtty. Tr costs ot eath actNity ar8 made up of thè total of direct C05ts and shaied cost5, IrlU01n9 SUPPNtcosts in urthrtskng each tirty. Dtrèctcosts attrbutable to a sirrfJleactivit} are dllocatee tti,"ectlytDthot acrivry. Sharea c05ts whh contrsbuteto more than one activity anc suppixt COCLS which are rK)t aitributableto a 5175le activity are apportioed between tnose activi18 on a basis cop5iSter)t with the use of resourtss CtraI staff costs are allocated the basls of titTE spent. and cttarges are allcc2tÈd onthe rtnOt asset& use. 1.6 Tangiblgftxed assets Tangible ftxed assets lThitially rreasured atcost and subsequenty meawred at COST or valua"on. net ofdeprecthon 4ny Impairment Ktsses. D4precwth)n is Tfcogn5sed so asto wrrteoff thei>xtor valuation of a33ets less their residual values over their u5&ftJ Ilves mthe follwin9 bases.. Fixtures and frttR)gs Comsxjters 15% straNJht lir 33% straY4ht Ilne gain o.. loss arisinc cn &isrx)sal Gf asset is Oetermined as the drffrrertè betwe sale pre0S a[the carryr7g value oftyp a5seL 3rK ts rec(MJnised thestatsrnentof finlat activities. 1.7 Imyirment of flxed a55et¥ At exh reportsig date. diaIty reVieWstr carrying amounts of its tangible assets to detemir whether there is indicarion that ttv)* J5sets have suttered an in1rment loss. If any Such indication exists. the reclerable aount of the 8sset i% estim&ted In order to deterrnine èxtent of the Smpairmeni loss lif any). 1.8 Ca$h and ca#hqulvalents Cash and ca5n equi'wal&aJts incmjde cash hand. deposlts tr)at call with bank& ott. shoft-tem liquid investnents t orw4inal maturit5 Df tbree nthS or less bar¥k oyeidratts. Bank ovefdrèris arè shownwsthin boriowirrfJs nrrEnt lthil¢ties. 15-
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AccoupKfiNG PfxicfES (Contlnued) 1.9 FinancSal in¥trument$ ¢harty has el¥cted to appty provis$ThS of Sertk)n 11 '8asic Finaickryl In5trurnents' and Sectlon 12 'OtherFinancial InStruMeS Issues. of FRS102to atl of rtSfI Itnts. Ftnancial instruThnts arè recognised in the charitvs bthce sheet the chartty tecomes pm to the contractual wt>rfis(ons of the Instrument. FinaThclal assets and liatslities are off5eL with thè Aet amounts presented in the financial statements, when there is a Jegalty eifor¢eable rvJht to set off thè retwiged aMntS WKI there is intention to settle on a not basi5 orto realise fv asset Settle l1abilitysimutiane. 8aslefjn•ndalassers Basr trn8nc¥al assets, whKh incljde debtors an(J cash a) bk bth¢es, ale inltialty measured at transaCtn price iAdudlng transactiOA costs arKI are gJbsequentty carrled at amortised cost using the effective interest metrod re$S 8rraroenwt cMstitutes a finanung transaction. whère the tranStXtn Is measu# at the present Vall of tl ftrture reipts discrAJnted at a market rate of Interest. Finandèl assets ctassrfd asrecelydblevth 0Year not8rseI 8a¥iGlinancialli•ts"lities Basic financial Ilabilthes, indLxdiry credTtOlS and bk k3an5 are mallY recognisad at tranwtion wce unless arr8r4Jement coStuteS a lirn5 tran$t) where tha debt instrumwt is measured at the present Wdlue of th& future payments di$countett at a ket Tats of Intest FTnancial liabilitles cl8ss1fi.ed 15 pwlewlthincntr year are rb)tam¢rtlseO. Debt instruffwts we subseqLntlycarried at8)rtised (rt usrwtheeftgctive interestrats m8thod. Trade creditois are obllgJtiuns to pay fc goDts OT seM(s that have been aequirècl In the ordlnary eourse o operations from supplier& Annts pble are das$rf as cuvteF)t lrdb1lttts rf paent is due within one year or less. If not tney are Pfesente¢ as rYTrcurrènt liabilrbes. Trade ¢redrtors are recognised initially at trwisaction Pfice arbj SLknseqLtentty meate£l at amortised cost uslng the effectfve irrtest method. Derneoqnltlon trfffiinwlli•bllltles Financial Iiaoilitvas arè dereco9nised the cryrtwathJaf obligatty?ns Expire or are discharged UMrrED BYGUARENTEE The charlty L% 8 comwy limited ty g[tarte0 ¥KI ha5 no sharè Captsl. Tr lfillSty of each nrntser In event of windirlg-up is limited to £1. -16-
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FRCIM OONATIONS AND LEGACIES Unr•#t¥lcted Vnrestrleted lund$ nd¥ 202& 2023 Donationsand grtts 1.369.727 1,342,273 Donationsandglfts Wesley CloYerCollaLK)rotion Agreetrent AIBcrtty Cyjer andCIH onmouthsÈre Mediacymru Grow "gital 347,077 708,552 123.152 176,063 412.874 30.837 332.761 16.Tr00 130.629 1416.672 2.500 DCAR KSJnrTh)uth3hire OttErdon8tK)ns 14,2B3 1.369.127 1.342,273 IPKOME FROM INVESTME1$ Llnre$trirt•d Unrèstricted furhds fsJnd¥ 2024 202J terestrgcetvabie 57 OTHER INCOME Unrestrirtod Unrestricted tunds fundk 2024 2023 t gain on di5P05al oftangible1ixed assets 998 1316) -17-
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMEKfs (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 tXPENDrruREC•J eARABLE ACTivmES Total Total )st$ 2024 2023 Dlreeteost$ 25T.821 107.487 .977 2,369 333,167 48.369 16,197 588 Deprec13tion and ImpaInt Ll9htand heat Inswance Othèr estsblishments otorandTravel costs otfwgfficosts StipeTh Trainin9 Computerexpenses Advertising ancj matIr9 ex¥e8 PIOgrrreXPenseS 1,794 15.163 68.026 308.192 356,448 559 16.104 62.444 2393 16.651 322.915 19Q876 333 26.30B 240.313 L170.443 1,227,051 Share of ¥lport and govern•no co¥ts (see note7} Supwrt 203.170 301.143 1.373,613 1.528,194 Analysis byfund Unrestri¢tsd fvF*s 1.373,613 1,528.194 18-
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 SUPPORTcOSTSALLCTEDTo ACTivmES 2024 2025 sraff costs Premi5e5 Communthtion aThJ General offe Legal and professional otorand travel &)vernance costs 106,660 33.Oi6 17.566 5.825 16.861 17,702 5.5DO 154.563 58.868 50.085 15.246 11.620 5,061 5.5C)O 20&170 301.143 Analylfjd between.. Total costs 203.170 301,143 2024 2023 Governan¢• ¢osts comprlo: Audit fees &500 5.500 5.500 S.500 NEfMOVEklENTtN FUN05 2024 2023 The netmcvement th tunds isstatgJaft9rcliwgingl{crediting}.. Fee5 payatle for the audit of the charity'sfnancid statements DeprÈciatioi ol owned tarig.'"blefixed assets {Profitillos50n dtSFthal of ta)9}b ttKcd ¥Jssets 5.500 12695 19981 5,XlO 14.092 316 AUOITORE REMUNERAMON Fees payablèto thechwitygauditorarKI aSsCrfias.' 2024 2023 Foraudit 5er¥ic•8 Audit ofth financial StatertsOf charty 500 i.50 19-
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 TRUSTEES None ofthe trustees re¢01 ary remuneratB)n or beIltsfrorn tr charity cbring the yegr or preiious year. EMPLOYEES average nTrJnthtynumkrof emFdirrir¥Jtheyeaf Was.. 2024 Number 2023 Number Management Administrative Total EmployTh•nt costs 2024 2Q23 Wagasand salaries Socral security costs 337.833 20,648 464.326 23.404 358.481 487.730 The nurtier of empl¢wes wknè annual renMJner8tlon YMS ryre than £60.000 is as foSloKg'. 2024 Number 2023 NuMr £60,000 to £69,999 £90.OOOto£99,999 12 TAXAm( The chBrty is ex¢mpt from taxathjn on Its artfvrtles ej$e all tts Incor is ¥pted for tharit&b purposes.
ALACRITYFOUNDATION
NOTES TO THE FINANCIALSTATEMENTS (CONTINUED)
FOR THEYEAR ENDED 31 MARCH 2024
13 TANGIBLE FIXED ASSErs
F1rtUrtt Cory>utws
rrttkngs
Total
Cost
At l April 2023
ALACRrrYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 CREDThORS: AMOVNfsFALLINC DUE wrrHINONEYEAR, 2024 2023 OthertaxAtlon èrKlsocial secijrlty Defwred income Trade ere(rrtors Accruats ddeferred aKor 8.968 208,328 8,624 16,723 17.766 234019 2&391 17 DEFERRED INCOME 2024 2023 Other deferr¢(1 nccffl 208,328 Defeffed income l9lrKded in ttrthaTrial statsnntsasfollcMts". 2024 2025 Dèferr8d IrKonishCded witNn: Current liabiliti8s 208.328 ovements In the Deferred ncomeat i April 2023 Releas¢dfrorn prevtws peTio¢s Resoureesdaferred rl theyar 266,667 (266.6671 208.328 Ceferreo incomeat 31 klarch 2024 208,328
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 18 UNRESTRICTEO FUNDS The unrestrKted funts ofthe tharTtycomprisetsuwnd&Y bakncesof donations grlS wh 3re Th)"Lsubject to specif c condition5 by dofK)rs antt STlOrS asto nowthey may be used. These incknde desnate1unds wko.ch have teen sèt asid6 t0UnreslCled thetrustee5torspecific purposes. At 7 Aprli 2025 Inwmlng Resources At 31 March resoureÈs •xpgnded 2024 General funds 864.792 I370.125 {1.5.615) 861.304 Prevlous y•ar- At i Aprfl Incomlng Resourc0¥ At 31 March 2022 resouTces expen(J8d 2023 GèfteralfijI$ I050.972 1.342.0114 17,528.1941 864.792 19 RÉLATED PARTYTRA14SACTIONS TherewerenOdLt19 rcbied p8tytr'onS dtwir4Jthe yoar12023 none), 20 CASH GENERATED FROM OPERATIls 2024 2023 Delicit for thayear 1186.180) Adjustments tor: Invtrstment Incone recognised ir StutEn101 financialacts¥Jty"es IGain)11055 on (Jwosal gttanglble [ert asset5 D¥Jreci8tlt)naThJ irnpaiment of tangiblefixed assets 157} 316 8,369 1998) 107,487 Movgments in working Ca•1.. In¢[Se)1¢YeCfea$C in debtors tcrèase41increase In credttor5 Increaseildecrease) in defetred irK£tt 1117.2371 16991 206,329 219,539 1.463 1266,6671 Cash g•n•rat•d froml(•bsorbed tyl operntlo 193.394 {183.2171 ANALYSISOF CHANGES IN NEfFUNDS ctsrtyhad no niatsri31 debtdufir¥JtheyeaT.