cha1￿y 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 aL*J*tor* rewt 6-10 Staten￿t0t(￿?￿￿ art Bala￿0$￿8et 12 statement ot Casht￿ 13 Ngt8Stotr flnaticial stat￿rrtS 14-23 ALACRITYFOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Thetrustees presenttheirtnJstee* rgWrt?ndtinartial statemènts fort1￿ yearended 31 ￿arCh2O24. Thetinarrfial staten*nt have Jeen wepare¢J In accounting policies set out in notesto tha f1nancial statenents and conply with the CnarrtiES Act 20111 and "Ace￿ntIng arKJ Reporting by Charrties." Statem2nt cf Recommended Practi5e a01cab￿ to chafities prepaiiryy t￿1r ￿Qu￿t$ in accordarKe wrth tne Fifianclal 9eporting Stsn(JariJ ar4)licable in t1￿ UK andftepLt¢licof Ir￿aThJ IFRS 1021- {effectwe l January 2019>. OBJECTIVESAND AcnvmES The Alacrity Fwrydation In UK is establistte(I with the M￿date to mentor a￿d 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 ad￿r￿en￿nI of educab.cn and learning. In partcular but not limited to ￿j￿neSS studie5, ¥usinEss rnand9￿ent practice and thE devebpment of engineerin9 and rach￿l0gVfOr ￿ beiefit of thE PLknIi Alacrty Foirx1atI￿ pro¥ides an Inta)sive trai￿r*j envir(w￿t with mÉntors arKI industry partners to prepare graduate5 for entrepreneursPup I￿ the technok¥Jy sector tlurirYJ the 12 month A*rity programn graduate5 will develcp essential product rn0nage￿nt. 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 h￿e create(l an OPFlXtunltY to start a comtTErcial relationship witrj the I￿lUStry swnsor. To9ethÈr th￿ will lorm a ne* tecknnoksy company, with continuir8 support andfunoing a55t5tèrte to gNe the9ra￿a￿s￿ 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 ￿arLyi￿g 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 &grill￿81718cr￿l￿￿sa￿d￿C*VoV£￿]C￿ts89WnSL objectnes Thespec5fic highlights that ha¥8 occurred Sir￿ W year include the following. Continu&J the irKremntal Qeveknprr*ftt of ￿ piogrammo core progamme and inclusvJn of ￿ Cyber In￿￿allor) 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 Operat1￿thr￿gh 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 inVestn￿￿Of£94s92l2o2s- £54.2771. As at 31 M8rch 2024, the F￿ndaticfj repJrted retsiied tvr•J$ of £861,30412023-£864.792). Surpfusfijndswill e ￿loCated to ￿cTUr￿￿ent of additional grathotes lover the projected 18 per eohortl arKI oth9r impyovementsto the delivery 85the Currentf￿*￿iThg mcy4es towArds corrpletto Reser¥•$poli¢y It isthe wjlicy of the chartty that unrestncted ftjnds which have not been (Je5wJnated for a spècific usè shJJld be maintaine(J at a Iwel equivalent t¢ tetween ttree six month* Èxpenoiture. Tr trustees consKler that reservss at this level will ensure that in ￿ event of a signrficant drop in fuAdthn9 thty wlll be ableto contiryje e charty'g Current artivities while c¢>nsKYeration Is glven to ways kn which addrtsl￿al funds mty b• raised. Thi% ofreserves has been rnaintained throu9h(Mrttheyear. Inwestmentpolicy Under the Memoran￿￿ and Artfcles of A&￿'atIc￿ tts charTty Iv$ the p(p￿ert0 i￿￿$t￿the furtherance of the eharity¥prlnclple ècttvty. All investrrents cc¥npty wttt)trE ChaTtyCommission guidelines. The Trustses havlng regard to liwi(rty requirements of the charlty have OFxrated a pollw of keeplng surF4us cash balan￿S as liwid as po&s*bbB aTrJ any surplus baar)ce$ will be Invested In fixed tsrm deposit accountsthat can be attessedeasllywh* mgded. PLANS FOR FirrLIRE PERIODS The objectives gts￿9 fL)rNard intothe nexty*e: l. To fijrther develop and implpment tre Alacrty Fc￿n￿at￿)ft progèry¥n8. 2. To continuo to enh¥Keth• breadth qualty ofentrepreneurshiptrthiw forthetsams. 3.Todevelop a networkof Strateg￿ partr*rs for team Pfojerts 4. To enhance symbiotic work wth l¥gher &jjcati￿ Inst[tutio￿ in the d￿lePn>*nt of the programme and piooucts. 5. Toexpandthe operations 0f￿F￿￿aat1on intsrrrts of itsiwvaè 0tyc9ramn￿anO ge￿aphiC cfftrap In the LIK. 6. T0￿rther<1eVeI0pthe C*cer lmovkn.on Hub prC*Jr￿rre. 7. To a cat*ystin 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 Al￿rIty F0bndai￿on 'i'ihe FoundaLion'l Is a registered chty ano is g￿rned Ov a ofTrusteesthat oversees the followmg actFvfriès of the Fr￿datIon. l. To agree and regulwty rYvJThttw the FourKJatI￿S strategic (tirectycrbs engjrè that it piJrsues tts stated obFctives. 2. Ensure that the OTgani5aticn t￿cti[￿S *ithin ￿ legal. Charrta￿e aThJ financ￿1 requirements Ot a h8ritable orga?isatior. 3. Settins DvÈr311 polio/. rtèfini1g goaL8. setting tafws andYffjluativJ perfOrM￿e 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 IMple￿1t 5trategie5 and conduct activities In accordance with the gltra51 obj&¢tsvès ofthé FOundation&ittapprcpr￿te s*er 9overiance ftornthe Boaid of Tru5tee5. As Chairmai, Sin￿￿ Gibson Li a memDèr of Board of Trustees Yéith respo*sG)iliry for overseeing the executNe team of ttre Foundat￿￿ anc pio¥idsng stTategr ana opErational SUFwrt lor its activfcies. He is 150 respon5ible.or stakeh￿cer 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[l￿tee5{rC app(xnted, inducted and tra1nèdtr￿SparentIV, effectively a?* effitientty. Tr* ￿rtICleS of A￿￿tation statetrottt*re 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 r￿t less tthan three Trustees at 811 tI￿S and the Trustees *011 fro￿ time to tirrE. subject to the ¢m5ent of MÈsley CIobEr and thè ￿1$h Minbters lin each case foras lory as￿ partyshbll Fwwina Membwl. arpjintork otthWnumberasChairm￿. w￿re an general rW"r%J is l*kl it shall nots ts ￿ireMent of thJ5e Trustees w￿) have r&tlred duilrrfJ the pr￿louS financial year *)d the appointment of re￿aCern￿￿ or •J(rrtK*nal Trustees. Thore were ch3nges intts composition of the eoard of Trustees In the period. Care Is tak£n to ¢nsure that the Trustees shJuld have the divèrse iaThJe of skills. experien¢e and knowlAdge nepded to run an organisat￿n effeCt￿￿elY Trustees ensure that they ￿¢￿1ve the necessary riduction, training ￿d￿￿gOing SuppCrttheyT￿e￿t0dEsChafge th•ir<￿￿'e$. 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 appliCa￿e law and Unrted KingdomAc¢ryJnting Stsndards (Lknrte¢ ￿n40￿)￿GenerallyAc￿ted Accounttng p￿t￿e). Company re(pires trustees to prepare fInar￿*41 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& ￿C￿dIng the in￿rne aTrJ eynOitur& oYttr* ch￿01e comparyfor that ￿ar, In preparfng thesefhaJx(al statewrrt% #￿trUsteesare reqLArndtD: -5elect Suitablea¢xount￿g pOl￿ESar￿1￿￿n•pfyth8rn Ca￿St￿ty., -¢b5erve th8 mat￿S and prhcples knthechartt￿S￿R￿. - makejudgementsand estimatesth8tare￿￿*il*￿￿d prudent and - yepare the thancial statements on the goir4 ¢i￿rn basis unkn It Is In¥>pro￿o￿ 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 en￿re 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_ AuD￿oR In accordance wrthth&coryary& artides 8 re>)krtlm propo*roth8tKllsby G￿nianS 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¢hc0￿prIsethe statement of fin¥￿￿aTr activ[t￿& the bala￿e sheet, the statement of ¢ash flow5 and notesto th& financial statements. Indudiro significantxcwnting polcEs. fhefi'nancial reporting framwork that has been tpplied in thèir preparat*on ts aFPI￿*1e Law and United Kirodom Accountiro ￿¥￿ardS hcluding Final￿la1 Reporttng Standard 102 77EFlrwK￿1Re￿Xtry6Yw￿3P￿￿abh￿ theUKaodReptWIc 01tr8lèndlUnited ￿ngdOrn Ger*ralty Accepted Accounting Pract¢¢). In our opinton. the ftnancial statements.. give 3 tNe and tsir view of the state of C￿able compwws affairs ag at m M￿h 2024 and of Its kncoming resources and application ol resources. fortheyear t￿n ￿ded. have bwi pro￿rtY wepared in aectjrdarsce Unlted kn'rodom Generally Accèpted A￿Ount}r￿j Practtce., and have been prewod In accordancèwfththe reWirun￿tsofttttr C¢￿￿leS Act2(￿6. Baslsforopinion We conduct*d our ajtrrt in accord*m with Intem3ticfflal Stsr)d¥ds ¢￿ Au#rt¢ng IUKI IISAS IuK)I appl*able 18w. Cxjr respw&bIl￿eS urter tIM)se standard5 are *Jrth8r ¢JtrscriTr)ed in the Auditor> rgspon&bJlittss lor tlw •udit of fin8ncwl stat￿ts sectton of our rgport We are independent of the tharty in accordance viith etmul requlrenwts that are relèvant to our audit of the flnancial Staterr￿￿t8 tre UK, including the FRCS Ethical Standar(L ¥KI Y￿ have fvir(lI￿ c4Jr otf*r etlycal responsibilities in accordants wrth t￿se re(pirer)ents. We beli￿ that ttte wart evWJe￿e obtained is sufficient and approwiate to provkje a basis tor cMJr Cpinion. CorKluslon$ relatlngto going concern In ￿ditIng financial statsn￿nts 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 perfor￿d. we not hlentffied any material Un￿rts1)ties relating tr) ebEnts or cDndrtrons that. lTr#ivldualty or CO1￿ctiVe￿. 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 resp0nslbil￿5es andthe resporvait4ffties oft￿truSt8eSwlt￿ res•togokng concem are described intre releV￿tSectI0nS of this report. Kilsby Williams. ALACRITYFOUNDATION INDEPENDEKf AUDITOR"S REPORT (CONTINUED) TOTHE TRUSTEES OF ALACRITY FOUNDATION Other Information Tre other inforrnation cowse5 the inf(rnt￿Th Ir￿l¢jae0 in tr ￿Ual report other tl*n ￿ finanual statsnentsand tiw auditors report t￿reOn. Thetru5tees are reSportsi￿e 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 co￿l￿S1orb thereon. Our resDonsibility is to read the other informailon nd. in doing so. coiisider whet￿r othef intrmatiory is matsrlally wwo51Ster%t wtth the fi￿nCl81 statements or (yJr knowle¢se obtaioed n the wurse of ts atsdrt. or otherwlse appeals to k materially rnisstai￿. It¥ye ioeitify such matellal I￿onsISter￿lesOr apP￿t 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 t￿S 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 State￿tS is incwislstent in any material ￿Spert with the trLLStees report", or sufficieitaccounting records hawe not been kepL or tts financial statements are not in ￿reement￿Tthth aciy)untr'ng r&ords". or h&rfe not received alltr tnfc¥mation aThJ exp*nat￿n$ ¥s* r&]uire for￿raudit. 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 bé￿ng 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 mlsstateme￿t, ￿￿ether ¢Jue to fraL*J or erraf. In preparing financial statements: the trustees ale respon5ib12 tor assessipg tho charity's *tlrty to co*tirKJe as a rping cDncem. disclo&ng. as applraL>le: mattèrs relatea to goiry corceri a￿1 usiig the going concem baois of accounting unless the trustees either ténd to liwidatetts ¢haritable COM￿ Ortoceaseo￿rntlQn& *)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* h￿r￿j effectthereuntsr. Our oblectives are to obtsfft reasonab￿ assuraKe atOLrtvthgtt*rtl* fiTr￿da1 StateM*t5￿ a wholeare free from material misstatement. bthether due to fraud or error, an¢ to i$5uE an ￿￿[tOrS report that includes cxjr oplnion. Reasonable assur￿￿ is a high1tr4pI of assurwKe t*Jt is Th)t • guarantee that an audit con(lucted In 8ccordance wth ISAS IUKI will alw8y3 detect a materi•l rnisstatement when it exists. Mtsstatements c8n arrse from tr￿d or error and are CDrn5pJered matert* if. indivhaualty or n the aggregate. tw c(xJld reasonably be expe¢t8dto Inffuerththe 8cwomie d8cisKJnsofusers tskw ¢Y¢thel)asisottl￿fnBr￿9O1 st8ternent5. extsnttowhthoWpro￿ts￿re$are cap8t4eofdptecting Wregul¥￿e5 induding fra￿￿, is detalled bo>Jw. We g•p)ed #n urwJerstaThJlThJ of lepl aTrJ regulatL￿¥ frar￿A1)rk appltable to tl* g)mpary and the irKlusl considered the risk of acts ty Ccrn￿y 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 ￿v0￿e deli)erate Gon￿alMent ty, ffx exami mL8representat1￿s, orthrough c￿$￿) Wefoeuss8d on laWS￿d fegulatlffis which cwld gibe rise to 8 mrsstatement D thefinancial statem to, the Companies Att 200S •d UK tsx legi4ation. l)Jr tests irycluded agreeing the financial statwnen supporting documentatity). enqUIr￿S wf(h manageTr￿t aThl erquwies of legal counsd. There are InherE yocedures thscxlbed above and, the further rgnwett r￿rrCOnV1￿Irtce with laws regulations is from r&flethed in the finanaal staternents. the less likoty we wyjuid t)ecome aw*e ot it. We éld not identify arry k lrre5wlarit￿s. including fraud As in 811 ￿r ￿dIts. ¥￿ atso ajdyessed the ri&k of Tnanaownent override of intèrl iournalsandev8luatlng whetherthere was evt(knce of bias bythe diTectOT5th3t Tepresentecj a risk of material n As part of8n ￿rtFt in accts*arKe with ISIS IUK). ￿ exer¢is¢ wofgss*)nal]udgmerrt ano maffttsin PTofesskJn audrf(. We alx).. l(Jentify ass￿ the ofmaterkal mlsstaterwt ofthe fin￿r￿la1 statanthft& whets dueto fraud or error. deslgn arKY perform audtt procettures responsive to those ¥isks. and obtain audit evidence that is suffieÈnt approwiate to Pfovide ) ba¥5 tcf O￿n10n. The ri￿¢ of not detecting a matsrial mlsstatement resultng from fraud is Atgher than for on& resultir4 frorn err￿, as fraud Involve collusion, forgery. intentK)nal onrs5ro¥E nMSrepres￿Iat￿n$. orthe (werrFd& of intemal control. Obtabn an understanding of internal control reknrt to thewdTt in tfftsrto design aL￿1t proceduresth8t e appropriate Ir) the circu[T￿tances, ￿t not for the F*Jrp)se of expressing an opinion on the effeCt￿e￿s$ otthe internal crffttrol. Kilsby Williams. ALACRITY FOUNDATION INDEPENDENT AUD￿OR.5 REPORT (CONTINUED) TO THE TRUSTEES OF ALACRI￿ FOUNDATION Evaluat.e tre appropriat￿￿ks$ of accountil5 wlicyes used re￿148￿1￿￿$S of acccwnting estimaTesand related ¢i%cknsures male by thetrustees. Conclude on thc approJriat￿sS Ot the tTU5tees' use of th- going cor￿eTN of accounting and. trased Iyt the evId￿e ObtaIr￿d. whether a material u￿ert￿l￿ty exists Te1ated to eyents or ondkbns that may Cast sigitficant rtoubt cn charrtys ability to contyr￿￿e 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 Thro￿01 sttsr￿ts 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, fvtUre￿entS or coTrJrtiois tNycaLssetre chjrityto ￿aset0 continue as agoing concern. Evaluate rhe overall ppwtHtion, structwe ¥KI content ol fin￿￿al statement& r￿lUdIng the disdosur&s. and whether the financial statempnts repre￿t the unoerfwrg transactions and events in mannwthat achievesfaif pres￿t￿ We corrrnunicste wtth t*￿e charged w￿h 90¥ernar￿ regarding arncrsg Othei rnatters the planned scop arKJ tirnry of the audit and s gnifrcait 4thit fir)dings incluoiryg &gnificant defia￿leS in internal coitrol that we identfy￿1￿￿1jUr￿)lt. A Yurther déscription of ourresp0rtibilit￿S is av￿la￿lIe on the Fin￿al Reputirs Cwncllts websrte at: httP5.Jl www.frc.org.Uklaudrtors￿p￿7skni IlfLiÈS Thts descr1ptiw￿rF￿S 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) RogulHi*ons 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¥H￿s¢ 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 Un￿StriCted 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 C*J: 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: Fu*d 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 a￿1 losses rewgnised v the yeor. All Incrxne and exparyrtiture derI￿rroM 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 TOTALAss￿5 LESSCURRENTLIA8ILmES CURRENT ASSETS Debtors Cashat bankand inh￿d 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 acCOrd￿te wlth the wovtsicfjs to companies subJe¢tto thesmall COMP￿1￿$ 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[Va￿ntsat 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 Accou￿nNG POUC C￿rIty informat]on rlty Fow)d8tiors is a private ¢onpany IKnrted by guwant* ricoip(Yated in Eng1&1# and Wale$. The registered office is Ajacrity Fk)us8. McJred reliably. Expenditure is ￿8￿rt￿(s by ¥ttTvtty. Tr costs ot eath actNity ar8 made up of thè total of direct C05ts and shaied cost5, Ir￿lU01n9 SUPPNtcosts in urthrtskng each ￿ti￿rty. Dtrèctcosts attrbutable to a sirrfJleactivit} are dllocatee tti,"ectlytDthot acrivry. Sharea c05ts wh￿h contrsbuteto more than one activity anc suppixt COCLS which are rK)t aitributableto a 5175le activity are apportio￿ed between tnose activi1￿8 on a basis cop5iSter)t with the use of resourtss C￿traI staff costs are allocated the basls of titTE spent. and cttarges are allcc2tÈd onthe ￿rt￿nOt asset& use. 1.6 Tangiblgftxed assets Tangible ftxed assets lThitially rreasured atcost and subsequenty meawred at COST or valua*"on. net ofdeprecthon 4ny Impairment Ktsses. D4precwth)n is Tfcogn5sed so asto wrrteoff thei>xtor valuation of a33ets less their residual values over their u5&ftJ Ilves mthe follwin9 bases.. Fixtures and frttR)gs Comsxjters 15% straNJht lir 33% straY4ht Ilne gain o.. loss arisinc cn ￿ &isrx)sal Gf ￿ asset is Oetermined as the drffrrertè betwe￿ sale pr￿e0S a[￿the carryr7g value oftyp a5seL 3rK ts rec(MJnised thestatsrnentof fin￿lat activities. 1.7 Imyirment of flxed a55et¥ At exh reportsig date. diaIty reVieWstr￿ carrying amounts of its tangible assets to detemir whether there is indicarion that ttv)* J5sets have suttered an in￿1rment loss. If any Such indication exists. the rec￿lerable a￿ount of the 8sset i% estim&ted In order to deterrnine èxtent of the Smpairmeni loss lif any). 1.8 Ca$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 maturit￿5 Df tbree n￿thS or less bar¥k oyeidratts. Bank ovefdrèris arè shownwsthin boriowirrfJs n￿rrEnt 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￿$ThS of Sertk)n 11 '8asic Finaickryl In5trurnents' and Sectlon 12 'OtherFinancial InStruMe￿S Issues. of FRS102to atl of rtSfI￿￿￿ It￿￿￿￿nts. Ftnancial instruThnts arè recognised in the charitvs bthce sheet the chartty tecomes pm to the contractual wt>rfis(ons of the Instrument. FinaThclal assets and liatslities are off5eL with thè Aet amounts presented in the financial statements, when there is a Jegalty eifor¢eable rvJht to set off thè retwiged aM￿ntS WKI there is ￿ intention to settle on a not basi5 orto realise fv asset Settle￿ l1abilitysimutiane￿. 8aslefjn•ndalassers Basr trn8nc¥al assets, whKh incljde debtors an(J cash a￿) b￿k bth¢es, ale inltialty measured at transaCt￿n price iAdudlng transactiOA costs arKI are gJbsequentty carrled at amortised cost using the effective interest metrod ￿r￿e$S 8rraroenwt cMstitutes a finanung transaction. whère the tranS￿tXtn Is measu￿# at the present Vall￿ of tl* ftrture re￿ipts discrAJnted at a market rate of Interest. Finandèl assets ctassrf*d asrecelydblevth 0￿Year￿ not8￿r￿se￿I 8a¥iGlinancialli•ts"lities Basic financial Ilabilthes, indLxdiry credTtOlS and b￿k k3an5 are m￿allY recognisad at tranwtion wce unless arr8r4Jement co￿St￿uteS a li￿r￿n5 tran$￿t￿)￿ where tha debt instrumwt is measured at the present Wdlue of th& future payments di$countett at a ￿ket Tats of Inte￿st FTnancial liabilitles cl8ss1fi.ed 15 pwlewlthincntr year are rb)tam¢rtlseO. Debt instruffwts we subseqL*ntlycarried 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& An￿nts p￿ble are das$rf￿￿ as cuvteF)t lrdb1ltt￿ts rf pa￿ent is due within one year or less. If not tney are Pfesente¢ as rYTrcurrènt liabilrbes. Trade ¢redrtors are recognised initially at trwisaction Pfice arbj SLknseqLtentty mea￿te£l at amortised cost uslng the effectfve irrte￿st method. Derneoqnltlon trfffii*nwlli•bllltles Financial Iiaoilitvas arè dereco9nised the cryrtwathJaf obligatty?ns Expire or are discharged UMrrED BYGUARENTEE The charlty L% 8 comwy limited ty g[tar￿te0 ¥KI ha5 no sharè Captsl. Tr lfi*llSty of each n￿rntser In event of windirlg-up is limited to £1. -16- ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FRCIM OONATIONS AND LEGACIES Unr•#t¥lcted Vnrestrleted lund$ 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$trirt•d Unrèstricted furhds fsJnd¥ 2024 202J terestrgcetvabie 57 OTHER INCOME Unrestrirtod Unrestricted tunds fundk 2024 2023 t gain on di5P05al oftangible1ixed assets 998 1316) -17- ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMEKfs (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 tXPENDrruREC•J e￿AR￿ABLE ACTivmES Total Total ￿)st$ 2024 2023 Dlreeteost$ 25T.821 107.487 .977 2,369 333,167 48.369 16,197 588 Deprec13tion and ImpaI￿nt Ll9htand heat Inswance Othèr estsblishments otorandTravel costs otfwgffi￿costs StipeTh Trainin9 Computerexpenses Advertising ancj ma￿tIr9 ex￿¥￿e8 PIOgr￿rr￿eXPenseS 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 ¥l￿port 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 SUPPORTcOSTSALLC￿TEDTo ACTivmES 2024 2025 sraff costs Premi5e5 Communthtion aThJ General off￿e 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 comprl*o: 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 aSsCrfia￿s.' 2024 2023 Foraudit 5er¥ic•8 Audit ofth* financial Stater￿tsOf charty 500 i.50 19- ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 TRUSTEES None ofthe trustees re¢0￿1 ary remuneratB)n or be￿Iltsfrorn tr* charity cbring the yegr or preiious year. EMPLOYEES average nTrJnthtynumkrof emF*dirrir¥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 ry￿re than £60.000 is as foSloKg'. 2024 Number 2023 NuM￿r £60,000 to £69,999 £90.OOOto£99,999 12 TAXAm( The chBrty is ex¢mpt from taxathjn on Its artfvrtles ￿e￿j$e all tts Incor￿ is ¥p￿ted for tharit&b purposes. ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2024 13 TANGIBLE FIXED ASSErs F1rtUr￿*￿tt Cory>utws rrttkngs Total Cost At l April 2023 69 DoprecSatlon Impalrn*nt At I April 2023 Depreciatiry) charged intlE y Ellminatsd in respect of dtsposals 11,309 6.817 31,643 6.078 16571 42952 32,895 16371 At 31 March 2024 18.126 37,084 55.210 C8rryfAg amount At 31 March 2024 33.161 2.198 35,359 At 31 Uarch 2023 31.706 8.177 59,883 14 MIXED MufivE INVESTMENTS At l Aprll 2023 Impairmeits 122. 446 194.i921 At 31 M4reh 2024 27.854 35 DEBTORS 2024 2023 Amountsfjlliny due wlthin one yw." Prepavrr￿nts and aCCYLEd ncorr 539.169 427,932 ALACRrrYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 CREDThORS: AMOVNfsFALLINC DUE wrrHINONEYEAR, 2024 2023 OthertaxAtlon èrKlsocial secijrlty Defwred income Trade ere(rrtors Accruats ￿ddeferred aKor 8.968 208,328 8,624 16,723 17.766 234019 2&391 17 DEFERRED INCOME 2024 2023 Other deferr¢(1 nccffl 208,328 Defeffed income l9lrK￿ded in ttr*thaTrial statsn*ntsasfollcMts". 2024 2025 Dèferr8d IrKon*ishC￿ded witNn: Current liabiliti8s 208.328 ovements In the Deferred ncomeat i April 2023 Releas¢dfrorn prevtws peTio¢s Resoureesdaferred rl they*ar 266,667 (266.6671 208.328 Ceferreo incomeat 31 klarch 2024 208,328 ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 18 UNRESTRICTEO FUNDS The unrestrKted funts ofthe tharTtycomprisets*uwnd&Y bakncesof donations ￿ gr￿lS wh 3re Th)"Lsubject to specif c condition5 by dofK)rs antt ST￿lOrS asto nowthey may be used. These incknde des￿nate￿1unds wko.ch have teen sèt asid6 ￿t0*Unres￿lCled thetrustee5torspecific purposes. At 7 Aprli 2025 Inwmlng Resources At 31 March resoureÈs •xpgnded 2024 General funds 864.792 I370.125 {1.￿5.615) 861.304 Prevlous y•ar- At i Aprfl Incomlng Resourc0¥ At 31 March 2022 resouTces expen(J8d 2023 Gèfteralfij￿I$ I050.972 1.342.0114 17,528.1941 864.792 19 RÉLATED PARTYTRA14SACTIONS TherewerenOdL￿t19 rcbied p8tytr￿'onS dtwir4Jthe yoar12023 none), 20 CASH GENERATED FROM OPERATI￿ls 2024 2023 Delicit for thayear 1186.180) Adjustments tor: Invtrstment Incone recognised ir* StutEn￿￿101 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 t*crèase41increase 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.