Charlty r•9lstration n¢Jmb¢r 1740916 IEngland4ndWal•s) Company rpgl¥tratign rturnb¢r 07554557 ALACRITY FOUNDATION ANNUALREPORT ANDFINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2025
ALACRITYFOUNDATION LEGALAND ADMINISTRATIVE INFORMATION TrUSTEES Dr S J Gib¥onCBE r anoreden.AlanJ0hn IAr D Honr kls FS Lcwtts sEcRAR¥ Mr Mcolcomb CHARrrYNIJM8ER (ENGLAND AND WALe 1140916 COMPAhlYNUIABER 07554557 REGISTEIIED OFFICE Ala¢rity HJs• Mo(Seratorwnart Klngsway NePOrt NP20 IHG AUDrroR KiI5by &Wlllhams LLP CeoarHouse Hazell Drive Newptsrt South Wales NPIO 8FY
ALACRITYFOUNDATION CONTENTS P•g Trust8es rwort IependentadItor$ rtport 6-10 Statementof IInancl actlvlties 8aSance sheet 13 ststernent ofcashlk%vs 12 Notesto thefinancial statement9 1&-25
ALACRITYFOUNDATION TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED31 MARCH2025 Thetrustèès prasonttn8ff tfustevs r¢por8nd finaKial statements forthe yearended 31 k4arch 2025. Thefinerel $ternent have been prere(l inac¢ordancewiththeaccountingpol¢iesseiout In notsstotme f5nancial $tètèmants and compty wtth the Charities Act 20111 ar 'AccountiThJ and Reporiing ty Charities.. ststèftt of Rècomimended Practlse applKatsk to chanties preparlng their acwunis In accordance withthe Flnan¢i81 Reportng Standard applicabla intne UK andRepuiilicof Iretsnd IFRS 102)" (effecti l Januaiy20191. OBJECTIvESANLIAnvlTIES The AT¥ry FoundatTon in the L8 establistd wity tne mandato to mentor arAI train the most suitable aduates and create a new ge[ratIoN of Brttysh teChnolo-baSett Compan5. The Al8Cllty schemè Is basèd on a proven methudolDgyforcommefcialisirKJ technology ar Crtsating success'ul entrepreneurs. Tmè obiectivets of the FoUrVJatThn are specifTcdly re5tr'.cted to the hovancemèrt of education anLJ leaming, in p4rtFcular bLtt Th)1 Ilmiiea to buslness Stud5, busines5 rnanagement prartic& ¢$ the developmt or engineering andtechndryJylor tne berfltof tne pu)Ii¢. The Alacrlty Foundation provKlgs an mten3yi e trainlng envirmment with mentor5 and Indusiry partrrs to Prepare gra(lu&tes Igr entrewwovrship in txo gecThI0gY sector. During the 12 rn011th Alaciily prog¥ammè gra¢u8tES will ¢evelop essenual produrt maTh3g¢ment, ¢ornmefclalisation ana entreprenwrial skills In adrt[tn to this appliett learning, gradu3trdS w-11 be mentored by experts an& senior executNe$ In a variety o disclpllnes. This tfainTng will prepare graduatss to runa successfvl scalable nigbtechndogycompany. The PfO9ram 15 expw"entkal In natUTe, where graduates arè assiw to wojpcts that foirn ihe basis of a real technolcfjy product or Seice opportunity. The Foun(Jation lacilitates indutstrv sponsors tfflnglng kwwn protlern5 froJn m8fkeipi*e to ihè oro}ecttèarrts. The teamsthontry tobuild pr(et$ tosolve thege real- wortd tsusiness issues. If suecesslul, the prop¢t tehm wlll have ¢reatsd an opportunityto 3tart a cMimer¢i81 raL)tionship wlth the IrL¢stry sponsgr. T¥g2ther they %vill form a nèw tèchnology company, with continuing svpportanahJn4lng a5sI5ianc& to 9ive the graduates an Invaluablo hgaLI-startto•nentrépreneuriallutuie. Publl¢b8rwfft We navè rèkrr8(I to the gulcance coitailled In tka cnar.ty CcmmiSSions' geer81 guicSanc¢ on public beneftt when reviewin9 aims and objectives and In plann ig tuture aciivities. In particulw Ib£ INstees conwdof how FAanned actiwfiieb will conrributeto the aimsand objectwe¥they set. ACHIEVEMENTSAND PERFORMANCE s@nifkéntacbvitiesarydacbioVtw?6tsJsJInsr0tsleCts The specffic N"ghlightsthat hEwoo¢wrredsince last year Indudèth8followin9'. l. Contirmjed the 5ncrénwital dev8kJwnent of the program ctre prOgrMe and,nduson of thecybgr 1m0vatnhUb. 2. Enrolled 22graduJte recruiis ontoine 2024-2025programrne. 3. SJccessfully tteliverèd ts¥o flve-week )ootcamps. one InctIng andthe other in business. 4. Continued to develop Alacrity Fuundations natsvorkof pro'ect and mentorir.g p8rinerg. Maintaifted Iheflna4aI viabrfrty oloFeratlor through stsund fiscal man4ement.
ALACRITYFOUNDATION TRUSTEES REPORT (INCLUDINC DIRECTORS. REPORT) (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2025 FINANCIALREVIEW Thè Foundation mada 8 Surplus 01 £24276S 12024 - r25.858) duriTrJ the year. Incluéed in thè ffle and expenditureaccountforthè year Is an irnpairmentjosson Inv¢strnentsof£27.20012024_£65.2461. AS at 31 fvlarch 2025. the Foundatlon worteLf retaifd ftjnrts of £1,133,41512024- £890.6501. Suiplus ft5 wrll bè 8Uocated to the recwitmgnt of addithMèl gradu8tes lover the pfoJecte¢$ 18 peT cohtsrtl and other mwtstothe wogrammedoliv¢ryasthèeurTènt fvndlng round moves t(Wdrds compl¢tk)n. eservespolky It isthe pollLy ofthe Gharitythat unrestrtert funds whlch ma nor been designa(ffor a specific LL8e should be maiitained èt a level e9uivatont to etenth[ee and stx monrh's expefiditurs. Thetrostees consider that sefv•s at thÉs lÈvèl w511 ensure that, Intne eventof a signlticantdropin lun(Jlng, they wtll be 8bkto contlwe the charitys ¢urrent activrties while considwaticin is g¥ven to vrays In whlrh additional fijnds may be ralsed. This level of reserves h35 been maintained throughoLrt the yoar. Investnpentmi'cy Undef the Memorandum and Arti¢l¢s tsfAs$o¢igtionthe¢harity trosthe p0rt0 invest frJr the fiJth¢rance of th¢ charttysprin¢ipl&aetiwty. All Investmentscomptywith the Charltycommission guidejines. The TnJstee$. havin9 regard to the liquidity requlrements of the have operecS a poliry ot keeping iplus b3lJnce5 as Ilquid as possible and any surplus ban will be invests¢J In lixed term deposit 8ccounts thatc be accesse¢1 easilywfwi eded. PLANS FOR FufuRE PERICOS Theobje¢tivsgoing torward into the next Year8." Tofurther dÈvel¢pand implementtheAlacrlty Fon¢1¥tlnpr09rarnMe. 2. To continue to enhartethebreadthand waliryof entrtrpreneurshw trairig forthetÈam¥. 3. To develop a netW¢yk ofstrategic partnexs lorteam projÈcts. Maintan relationshipswith HigherEducètion providers. 5 To expan¢ the opefations ofthe FoLW)dation in terrns of its range of PTogramnps and 9e(graphic cover$ge inthe UK. 6. To further dÈveloptheCyber Innovation Hubprogramme. To bea catslyst inconnecting buSI$se$tOCreète acommunityhub Y¢ithin Nwport. 8, Oevel¢)p a TKtre focussed and intenttino15tak•holdgrnètworklinked to rnentorsand investrnent.
ALACRITY FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRUMRE. COVERNANCE AND MANAGEMENT The aCrity FoLrt•ttl I'the Foundatton"I Is 8 w"stsr¢d charityand is governed by B goa¥¢ ofTwstees that ovlysees the foll)W9 acdvttresorthe Foundation.. l. To ree 3nd regularly Monit tn¢ Foundath)n¥ strateglc dIreCtn3 and trn5we that it pursues its stateLI obiectiv¢s. 2. Enswe th thè c¢gantsation flCtnS within te lagal. Charitab finarKial requirements of charit4bie organisatio 3. Settffig ¥815 policy. defininggoal$, 5èttingtargets antt evaluati+)g peTformanceagoin¥ta¥eed iargét$. 4. To ensure the linanoal statsilsty ofttte organ%sation and th¢ proper investment ol fLm¢Js in accordan¢e with the Foundatlonsstated aimsand obJoctiv¥sand relevani le9isFatron. Theox¢culivetean)'s purpose is to implertwr stratsgi8s and conduct acti¥itos In accorO8n¢e w the o¥wall ob3ertiv¢s ofthe FwThJaiionand appropriatesteer an¢ weinanre from tile BrtoITrstees. A$ Chairman. Simon Gibson foundin9 m¢mb¢r oflh Boafd tslTrus:ees w.'th responsibi rty for over8¥elng the exutiVetearn of the Ftrjndation ano providfftg stf8tegic ènd operhtiorvl support lor 8 atti¥Ie5. He is also responsiblo lorstakeholderfplationsnlps and develop""ng funisirvj 5treams4or thèFoundation. graduates 8T c.'e8te a nesv generation ofBrrtlsh tecnnoiogy-basèa cornpanies. The Al8erity Sc1w Is based on aprown methodology forcornmerTra1islng technology&n¢ Cfeating suctessful entreprereur5. Thetrvstees for the yeJrare as folkms.. Dr S J Gibscn C kl$ K4 D Evans kll Alaft (kkendan.anJ0hD MrOHor Dr D E Evans.Wil i8m$ M$ F S Lcoutts 18esigned9 May 20251 (Resigned 6 Apr".; 20241 Recw1trpFent3nd8ppotTrt0ttm&tees Comptying Withtme statenEnLaf feconwnended PraCte IsoRpI12015}. Trtsste898reAppolntgd, indLKtedan tTainedtran$parently, effectrvelyan(J efficiently Artl¢les ofAs8oei$titsrt sAt6that thère ghall not be rnOf& thon seven Irusteèsandthoy th•ll appcinted 85 1011ty¥s'. one may tse appolnLed frtjn time to time bywesl Clover Itor a5 lon9 as Sleyel0Ve[ rerna%ns a Uemtr}', one beappointsd tromtirne to tsmo trithfrwelsh M5nisters Iforas l¢ngè$ th*Welsh klinisters temain a tdemberl., ¢)nÈ May Dè appointéd from time to tine by the Trustees ofThe Wataiioo Foundation Ilw as long as ttye TrL(Stees ofTheWatef.ooFoun(Jation remsinè knemberl.. The Tntsteo3 may, with ihe prior vffrtten approval of W&sley Clover and the Vlelsh Klinisters lin each c09e for as long as gijch party shall remaln a Mernberl, apwnt OLher person as a rru5tee.
ALACRITYFOUNDATION TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Artlcles ol Assoclatian also requtre that tlre are not Iw tran three Trustees at all times and the Trustees shall from time to tlrre subject to the corisent 01 Wesley Clover and the W¢lsh Minlsters (in e8¢h case for as long a5 such party shall remain a Nlemb¥rl. 3ppoSnt¢ne of theirnumberaschalrman. Where 8nar¥w81 general nwing19 held it$hall notatheretlrement ofthoseTFUStoeywhohfft Tetlredéwir¥J the Pr1$ financlal year the 8ppointnwit ot replaeement or addlonal Trustees. There were no changes hth9 eompostionofthe Boaroof Trust& Intr0. Care is tsken to ensure tttat Trusteeg SIUld thè dNerse range of skills. experiencè ond knowledga neèded to r¢Jn an organlsatlon effèctiwly and Tru3teos enswe that they roceNe the necessary inthctio ttaiThng aftd on-golrFg suppctrtthey needto¢JlseNargetreirduties STATENiwfoFTRUSTEES RESPONSI8ILrriES The trktsteès. who #re 3150 the directors of Asacrity Foundation for thè wrposo of rompary law, are responsible for prep8ring the Trustees Report and the fln$ncial statements In acclydae wlth a[Cab law aThJ United Kingdom AccwntingStanthr(Is (united KldrnGefr01lY A¢CeptedAccotin9 Practice). Comwy law require5 tre trustees to prepa finClaI staternent8 foi èach fH)anei81 year give a true 8rYJ lolr view of the state of affairs of the chartty and or the incoming osour¢05 and p1¢atIOn ol wourcvs. Including ircorneand expenditure, of the chantable companyfor thatyear. In preparingthese flnancial statemènt5, thetrustee$ are requlredto.. - select 3Uttablea¢¢wntlng policles 8n¢ th¢nappWthern conssstentty,. - otservethe mgthod5 and principtes IntheChartiesSThIP'. - makojJJgements and eettrnate5 thatare re8son8ble ¢1 prsJdent: - state whethef èpplkablÈ UK Accounting st00rd5 Mave been followd, subject to any material departures disclose¢ 8nd explained in the finanual staternents: and - prep¥e the financial statements on the going ¢oncern basis unl¢sg rc is InappropTiOte to Presume that the ebarStywlll corrtinueln operaticffj. The trustees are SpOnSIble fr¥r keepfftg aygquète atttsJntirrfJ records that diydostr with roasonable accuracy at any tine the financla position of the ¢harity enle them to enstjre that the ftroncial ststernents cMplY wlth thè Comwies Act 2006. They ar¢ also re¥rx)nsible fly safeguarding the assets of the charity end hence for takSng reasonaè st4Js for thè prevention and dete¢tion ol fraud other irregularltles. AUDITOR Inaccorclance wrth the conpanygartlcles, 3 resokntlon proposiro thatKilsby &Wllliams lLPbeappotr*ted as auditor ofthteompary will be putataGenef31 k4getSng.
ALACRITY FOUNDATION TRUSTEES REPORT(INCLUDINGDIRECTORS' REPORT> (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Thetnjstses reportNYas approvod tythe 8oaid ofTste&S. DrSJ GibsonC8E Trustsa . +.19. aoa5
Kilsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ALACRITY FOUNDATION Opinlon We have audif8d the ftnancl ststerfnts of Ala¢rity Foundatton Ithe'chartty) toi the year ended 31 N4arch 2025vthith comprl$ethe statement0ffin8aI ¥¢t1treS, the balance sheet, the statamentofeaShlkn and notes to thefinanciAI statements, Kncluding slgnificantaccountiro POIles. Thefinancial rertg frnmewotk that has been applied In their preparatlon is appltcable 18¥¥ and Unitsd Kingdom Accounting Standafds. cILKJing Flnanclal ReportitvJ Standarl 702 Thefin8nctslRepDttingStw)dard8ppJtsb/ein rhe UKandlMxl oflrelandlUnitedKingdom Generalty Ac¢pted A¢¢ounting Practbcel. In our oplnk)ry treflnanclal ¥(atements'. glve a vlvw ot the stste of charitsb1e comwy's affalrs as at 31 Klar¢h 2025 and of irtomlng resource$1 applicaticn olresources, lortheyeai thenend8d'. have been property prepared in awortsnce wSth Unrted KirJdorn GerrallY Accepted Accwnting Pract4ce." an hav¢ been prepared in aCCOfdance with the requ(r8rrts of th& Comwnie5 Art 2006 and CharleS Act 2011. Ba$lsforopinion We conducted our aucltt In ac¢ordartt Yrith IntertIonal sraThfj8rds on Auditsng IUKI tISAs (UK)) and applicable law. Our re¥ponsibilities undèT th¢se standards are further described in the Auditor& reSponslitieS for the 6Ldit of tl fir2anGial ststements seotion ol report. We are INJepenJent of the charlty In accordance Mth the ethical reqwrernerrtS that are relevant to our audit of the financi81 ststements in the UK. In¢ludirng the FRC'$ Ethle4 Standard, an¢J we have fulfilled OLtr other èthical respoThsibilitle5 in accordance wlth these reqlrirements. We that the audit evidence we have obtsined is suffltient and 8PPfopriateto provkse a basis forour winion. ConelusEons r¢htingto golry coneem n auditlng the finanoal statements. we ha¥e conclud¢LI that the trustees use ofthe going concem basis of acccuntkng intheprep8iation olth¢f+Tr3ncial statemènts is 8PPfoprle. Based on the worwe hav¢ pwtsfmed. we 17av& not entifI¢d any rnaterisl Uncertaine$ relating to event8 or condltlorvs that, in4JSvldually or collectlvely. may cast slwiffcant doJbt on thè chority5 ability to contlwe 8$ a going concern for a period of at trtelve months frorn when the tinancial statemenrs are auth¢riswJ foi IsgJ&. Our respOnbIlItIeS andthe responstbiif(lesof tho tru5teesw5th resperttogoiro concem are deSCred inthe reknnt Sectsor0fts1Is rewt.
Ililsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITORE REPORT (CONTINUED) TOTHE TRUSTEES OF ALACRITY FOUNDATION Other inforrnation The otber information comprlsgs thv trnlarmation ilUdd #i the annual reptri oth th the fi¢181 statements8n# ourwoits report thèreon. Therrustpes aTrresponslbie for tre other InttHrtKJn contoned wtthin the annual roport. Our opinion oftthe financial stateffient5 does not cuvèi the other 5nforrn&tson ¢Jo not express wy ftym of assur8r¥ce conclu5N)n thereon. Our responsibility kto rèad the Information and. In doing so. consi(iei whether other Inlormatton Is materially Inron$i5tenl wlth tha financial st2tements vr cur knoW9e obtained the cour5E of the alt. or otherwise appears t() tyo mefially misstatsd. If wo i¢ontify such rnaterial iwonsistÈncièsof apparent rnaterial misslettntS. ¥Ye are requlredto detsrrnir whetherthis givès risé to a rp.aierial Misstat¢I.t inthe financial sts[ementSt5ehv¢s. If. bJ¥ed on the wcrk we have FertOfrneiJ, we conckjde that there Is a m8terlal misstatement ot thi5 ¢tr nformauon, wear requiFèd tofeportthattact, Wo have rrf)thingto report ttr#$fegard. Mattor$on whlch wèarèrequire(I to reportby ox¢8ptFon We haye Trothing to report In re5PP¢t oftne follawing natters in felion towhicn the Ctsrit.,es 1cOunts and Rèports) Regulatio2008 require5 UStoreporL to YDL li. in owopinion-. the Inlorirotion given In thè tlftamal staternent5 15 ffttsjnstsnI in any material respect with the tiustees Teport., or sutticientaccothvngfè¢ordshav6 notbeen k¢Pt. or th8 tlnancial staEeFnentsarenDt ina4reementwiLh the accouniing r£ctsrOs,' or we have not received allthe Informatlonand eXPnatIOnS w?require for our audit. Re5ponslbilitttr8of trustse8 As ¥ptained more fully Inthe statewent ottrustses r3$pon5)IllIles. the Trustses. wh) are asso the director$ ol tho ¢h4rity for the purposeof cornpany law. are resjonsible fly rhe prepwist4on of thè financièl statements and lor being satisfieij tnot they giye a true and fair ¥iew, 8FKI for internal contioi as tnè trustees detèrminè ts necessary to enaole the preparètli)n ol iinancwl stptements thai aEe free trom matwiol misstatsment. svhether duÈ to fraud or error. In prepBrin9 the fLnancial ststements. the trustees are respcrsilile for assess9 tne chwtty's ability ts coniinue as a golng concern. dis¢losin9. as pliCaN0, mattèrs felated to going concern and using thè gong concerp. basis 018CCOLtntln9 YeSS the trustse5 ¥ithei intendto liquidateth ¢haritsble cory>any orttsceaseoperations. or h*eno retSticattQrndty.ve buitodoso.
Kilsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (COKnNUED) TO THE TRU£E$ OF ALACRITY FOUNDATION AudFtor r¢sponsltyllltleslortho audit of tfInancIal statèm8nt$ We have been appointed a5 avdttor tjryler sectt)n 144 tsf the Chaiities A¢t 2011 and reptsrt ir accordance with Actand leVant rewlatians ma¢eorhav5ro effectternd. Cbjr objectwes aretoobtsln reasonable assuranc8ath)utwhetrthetnWK1oI 5t3tementS as a whoarefree from mateiial rnisststèiy( whether du& to fraud or error, and to Issue an auditors report that inrlude5 OU4 oplnDn. Rtrasorle assLrranco is a high level of assur8n¢e but 15 n(rt a guarantee that an 1t corjducted in accordance wlth IS415 (UK) wlll alway5 detect a rnaterial misstttementwhen itexlsts. Misststsments can arisÈ Irom fRud or •rror and are tttftsidered matsfial 1£ indlvldually Of In the aggregate. Iw etsukl reasorwbly be expectedto influèncethe ¢¢onornicdgcisths of useTstskènonthe ba9is ofthese frn2nclal Statents liregul8r1t$. Including fraud. are instances of non-comphance with laws and regulations We desi9n procedures in line with our résp¢nsibillties outlined a¢ov¢ to ttetect rerIal mi5Statements ip. respect of irregul¥t{e$. includiro fraud. The extent to which our proceouiag are eapable ol detectry frrrtgulaTltles, including ltsu¢J is dets41ed befow-. We gained an Lm¢erstaftding of the legal and regulatoiy fyarnework appllcabl¢ t¢ the ch817ty and the industry in which tt operates, and ¢onsifkred thg rtsk ol acts by the tharity that were contrary to applicable laws ènd iegulations. including fraud. We designed audit procedur¢$ to resptsnd ro the nsK ocognisirtg thatthe r(sk of not detecting a matsrtal rrmssratement dtje tofraud is ghJrthan the risk of not detecting one reSu1ng from erTor, as frauj may Involve deliberate concealnwntty. for e¥ample. forgèry or intentional m¢wepresènt#tions. orthrough cotlLSSiOn. Wè focussed on lawts and regulatlorts which covld ge rise to & materi rnlsstatwnent in ttte finanual sratements, Includg. but not limite¢ to. the Charitles A¢t 2011 and UK tax leglslation. Our tests included aeIng the financial statameftt clix1ts5ures to undertying $uw)ortlng doeurnentation. erkwirie$ with mana9emerit ar enqulries ol legal ¢ounsÈl. There are Inherent l&mitattons In the audit procedures described abm aThJ, thefijrthw removed non-complkincewtth laws regu18tion51$ from the eventsafKJ transact¥on$ reflected irs the flnancil stateFrEnts, the less likely we would become aware of it. We did not Klenttfy aTr¢ key audit matters rolatlng to trregularitie5. IludIng tratsd. As in all ow audits, we al80 a(1dssed the risk of m8nagerrrt overrsde of intemal controls, includirvj testing journals and ¢wdluatSng whether there was e¥Jen¢e ofblas tru$leesthatTewesenteda rlsk ofmaterial misstotementdueto fraud. A5 partof an 8udbt In a¢¢OrdanwIth ISAS IUKI. we exèrctse prtsfessl0naliuMentJftd rnalntsin professional se¢ptKismthroughoLrtth¢ avJ+t, Wealso: Identlfy and assess the risks of nteri81 misstatementotthe tlnanctal $tatemwts, Wther dueto fr8ud or *rfor. ¢Je5ign and perform autjlt procedwes responsfvt to those fisks, and obtain audil eVh1er that is sufflcient approprlats to provide a tjèsis for our Opin. Th& risk of not detecting a materièl misstatement resutting from frau¢J is higher than for one resulting from èrTor. as frauL% may involvè Cdlusion, lorgery, Intentional omissions. misrepresentations. ortneoYerTide ol Internal control.
Ililsby Williams. ALACRITYFOUNDATION INDEPENDENT AUDrroR'S REPORT (coimNUEDI TO THE TRUSTEES OF ALACRITY FOUNDATION Obtain an uThYerstano,'roof internaletsntrol ielevantto the wdit in0rdt0¢e5i9fi auditprocedurnsthst are appxopriate In the ¢ifClmlStanc8s, bvt nrt lor the purpose of expresn9 an pp¥nlon th effect1'w$S of the intsrn31 ci)ntroi. Evaluate tmp appropri9L.1È$$ ot accounttry policies used and the reagonaDleness ol accoLntlng astlrnatesand rèlated CSsclosure5 macleby Lnetrustees. Conclu¢e on tre appropriaterws of thè irustees. use ol tr,e going con¢ern basis of acCOtirrfj and. ba¥¥d on the auth"t evTdence ODtsine(L Wh9tr a rroterlal uncertainty exists rdated to ovents or conditiorts that may C yAgnllicant ttoubt the charitys atlitY to continue as 8 goiryJ If vle concludp that a m8rk?l uncertèlnty eyi5ts. are required to dra attention in oijr audltors reptsrt to the r¢ted ed0Sre3 In tho tinandal ststements or. it wch disclosures arè matjeqbate. to our opinion. Ow conclusDrns are based cnthe audtt 8videncé obtabned up to the ¢Jate of ourw¢itOf s rep)rt. However, I'ature events ()rcorxlitÈons may cause the charityto ceasetoeontinueasa going concern. Ewaiuate the ovwall presentation. itfucture and corytent of the fsnand85 Statements. inclu¢irg tho 5sclosurè% and wh¢lher thèfinanck41 stat¢ments repre3èritthe unthrlyiri9transactlons aDtt events in a mannerthat achleRsf31rpr¢sontation. W8 commtsnlcate with those cnafgeci governarte règarcslng, arnong other mattws. the plivined scope andtiming of audit and tIcant audit lin¢Jlngs. ificlvding any 51gniflcant defldencles In Internal control thatwe Oentify<Jwing our audit. Afurtfi descriptionof our responsibilities isa¥ailable on thè FincIal Reportlng CLxJncifswebst"teat.. htipts..11 v.tr¢.oig.uklaudiLorsièsponsibllitles. Thi$¢J¢sc¥ipiionlomspartof our avditor¥ report, Uie ofour opart This ¢erxirt ts rna¢e solely to the charltys trustee5. as a body, In aceordan¢8 wlth Part 4 01 the Ch•rilies (Ateounts and Ileportsl Aegukations 20C8. Ouraudlt work has been urKJeFtskgn 50 th8t WÈ might state totr charitys trustees tnose matters w¢ are requir&1 to stare to trn In an atsJitort report artd fot no other purpo$e. To the fviiest extwTrt perrnittee w lasy, tto not ¥C8Pt or assumè responsibility to awe othtsr than the charrty and the charitys ttustees as a body. for our 8Lttht worL iorthi$ reporr. or fort1 opnions we hayeformed.
Kilsby Williams. ALACRITYFOUNDATION INDEPENDEpifAUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ALACRITY FOUNDATION Jonathan Harrhy Senior StatutoryAudltor forandon behalfof Kilw & Wllllams LLP Chartered accountants &ststutoryauditc¢ Co¢8f House Ha2ell Drive J.J_ 11 Sryjthwales NPIQ 8FY !Q/.1.2/25. Kilsby & WIIKams LLP IsellbIefQrapP0intrnet as asJdltorofthecharity by virtue of its eliglbilltyf 8ppolntrnw)tas audttorofa CompanYrterSeCtion 1212ottheCompanies Act 2006. 10-
ALACRITYFOUNDATION STATEMENTOF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACC¢JJNT FOR THE YEAR ENDED 31 MARCH2025 Vnre¥trl¢t•d R•8trlet•d funds 2025 Total Unrastrlctod ReStrted lunits 2024 20 2024 8 iestated asrestated u roltated Total 2025 2025 Nat•s INCOME AND eNDOWMENTSFROM'. Oonatiorks and legacES Ctt81itabte activities Other Iory 759.323 15,000 9S8,539 1.717,862 Isooo 352.960 1.016,167 1.369.127 998 998 YOTALINCCthIE T14,523 956.539 1.752.862 355,958 1,016.167 1.370.125 EXPENDITVRE ON.. CharitaDle 8Cti¥iii&$ 531,558 958.539 I490.097 328,100 1.016.167 1.34&.267 TOTALEXPENDMJRE 531,558 958,559 1.490.097 328.100 1.016,167 l.i4&.267 NETSNCOMEAND MOVEMEKf IN FUNDS 242,765 242.765 25,858 25.858 RECONCILIAmC0F FUNDS.. Fund balan¢e5 at l April 2024 690.6>0 890,650 864,792 86&,792 FUND 8ALANCESAT31 MARCH 2025 1,733.415 1.133,415 890.650 890.650 The staternent of f..nanci41 activities sncludes all gains antt losses recogni5ed in tne year. Atl fftconE and expeno,.ture der..ve frun continuin5 activitips.
ALACRITY FOUNDATION STATEMENTOFCASH FLOWS FOR THEYEAR ENDED 31 MARCH 2025 2025 a# re8tated Nrte$ CASHFLOWS FROM OPERATINGACTivmES Cashgefier8ted from oper8t.ons 189,626 193,394 INVESTINGACTivrriES Pur¢hosg oftan9ibleth*d assets Proceeds fvom¢Jispos81 of tsrrfJiblellxed assets I.953) 19,3711 1,998 NETCASH USED IN INVa8TING ACYIVTfiES 134,953) 17.3731 NcASH USED IN FINANCING ACnVFTfS NEfiNCREASEIN CASH AND CASH EOUIVALENTS 154,673 186.021 Cashand cash equvialentsat beginnlng ofyear 492.941 306,920 CASH AND CASH EQUIVALENTS ATENDOFYEAR 647.614 492.9&7 12-
ALACRITYFOUNDATION BALANCE SHErr AS AT 31 MARCH 2025 202S 2024 68 restated Noto$ FIXED ASSErs TgIble assets K4tAett motive inwe¥.ments 13 14 58.523 45,000 35.358 57,200 TOTALASSETS LESSCUPAEMfLIA8ILmES CURRENT ASSETS Oebtors Cashgtr)ank ar 10 hand 103,523 91559 15 40U,762 6&7,614 $59,169 £92.941 1.048,Y16 1.032.110 CAEDITORS- AMOUNTS FALL114GDUE WITHINONE YEAR 16 113,4841 12540191 NETCLIRRENT ASSETS 1.029.892 798.091 YOTALASS£TS LESSCURRENf LIABILITIES 1.133.415 890.650 NA$sr8 1.733.615 B90,65ts THE FUNDS OFTrIE CHARtTY Unrestncteufvnds 890,650 1.133.415 B9J,650 The company Is entrtled to exemptiw from the avtht requiretrent contained In SlI0 477 ot the Comp8ni#sAct 2006. ftrtnèyear endod 31 Marth X125_ Tttese tInOla1 statements nave been prepared in accordancè wsth th¢ provisKsns 8ppli¢aDle to wmpanies subioctto thesmallcorrpanlos roglm¥. Thelinancial $tstemèntSWgTr appro%*d bythetrusteos ¢)n... Dr SJ Gi)sonCBE TrUSTEE CompanyregistTab'un number 07554557 (England and Wak$l 13-
ALACRITY FOUNDATION NOTES TOTHE FINANCIALSTAfEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING1ucIES Charityinfomiatlon Ajxfity Foundat)n Is a private company Ilmlw by gu8ontse Iwr8ted In Engla and Wales. The reotstedOftIee is AlacrltyHouse, Mo¢Jorator Wharf. KiroY8y. NW20 IHG. l.l Accountlng conventlon T1 finwsclal stements tsve been prepare(S #i Kcordance withthecompanies Act 2006, FRS 102-The Financial RePIng andard applicablt In the LKand Pepublie gf IrelarKI" I'FRS 102.1 and the Charft5 SORP "Accour)tLng and Reporting by Ch8ritios.. Statement of Rewmmèntsd Practkè picable to thtbes prwaring their accounts In accordance with the FlnanGial Reporting Stan(JardApplIcab In the UKan# Republic ofir•laTrJ IFRS 102). leffectlvèl January 2019}. The finarrial statements We weparèd in Stsrliry. which is the fuiKtional (rrencY ot the charty. Muretsryamcwntsin thtrsefinanctal stJtements are rounded rothe rparest £. The financial statsments ha¥e been prepared vThYer the hi3torEal cost convention. The principal accountiA9polici8s 5PtetJ weset out below, 12 Ooln9 Concern At the time of approving the finantial statements. the trust¢e5 a wsonatr expectath)n that the chartty hasadequot¢ resources tocontinue inoperationai existence forthe foreseeable future. Thusttta trusteescont1rLt9Jttopt the going eoncem bas+s ofaccountsng In preparing tre flJan¢ial statements. 1.5 Charttablo funds Unrestricted lunds ale lLe lor use at thè ¢Jt5cretK•n of the trustees in furth8rBnce of thwr ¢haritableobjectNes. Restricte¢1 lunds Hre subject to specilic condlthns by donixy or grantOFS a$ to hcAY they may be used. Thepu0osEsa Jses of thè rstricte(S fvndsare $$t out inthe nores LO thetinanclal ststtrments. EndDwrnent funds 8re subjert to specif condktlon8 w dorK>rs that the c8Pltal [¥st tse malntained by trcharlty. IA Income Irrr 18 18cognrsd the ¢harTty is legally entlde%J to It aftef any perft>rmance conditlons be meL tratNotsntscan bemeasured rèliably. 8nd itisprobablethat incemewill be received. Cash donations are recognlsed on 1pt. other d(ThtW15 8re recognjsed on¢È the charity has beèn notlfiJ of the donatloo unl¢ss P8ffoFm8rte condltions require deferral of the amount. lrtorne tax recoverlo in relation to donètions received under Gift Aid or deeds ot covenant IS faCO9nised at the t*mgof thedoftatl¢)n. Legac4es a iecognls¢d on receipt or otherwi3e rf the clwlty has been notllléd of impeThling distribution. the arnount is knowrK artd reo•pt Is èxpected. If the ¥mcKJnt is not knth¥n, tho tega¢y 1$ treate£l asa contingent asset. 14_
ALACRITYFOUNDATION NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 ACCOVNTWG POLICIES (Contlnu•dl 1.5 Expondlturg Expentsrtu isrecogni8ed orrtthere isalegalorconstructNeobligatlon to translereconomk benelit to third p8rty. li 1$ that a transfer ol e¢0M4C benelits w511 De requirèd in Settlement. and the amtsunt oltho 019a¢10n c8n be ffasured reliably. Expen(trture 1$ classit5£Q by Jcitvity. Ine costs of Éach actNrf(v are maoe vp of the total ot dlrecl costs and stroredcosts, Including supportcosts involvett'm urx¥ertaking each a¢tlvity. Directcosts attributable to a Singlo activityaie allocated dir&tlyto that2ctSvlty. Sharèd costs which contiioute tomore thary one 8CtNity and support cost5 which are notattributJble a Single &thvity are apportie betwè$n thtss¢ ttivities on a basis consist&rtt withtkrd use of resources. Central staff o)sts ure alIttad on the basis oftlme spent. and depréciationchaFges are allocate(son th&pOrtnOth¢ 8ssei usè. 1.6 Trnglbl•fSyed assets TangSble asset5 are tniti#ly meosuro¢ at cost and5L)sèrtJentty measured Bt ¢o$t or valuBtiorL nel 0fdeWecy0n andany Impairment10$5e$. Oeprecsation Is recognised so as LowrTte off the¢ost Orvaluation ot a55et5 less IhèiT rèskjual Yaluesover tidruseful lives on tkie followlng b85¢S.' Flxturesandfittings Comwters 15% Straight line 33% straight Ilne Tre gain or IDSS &isifig on tile Oisposal vf afi asset Is ¢Jetermined as diffefenc¢ between thè sale pr[)caetts8ndthecarryg valueof theayset, aTh# Is reco9Thset1 in the statement ol Iinanck818ctNities. 1.7 Imp•irffntol flxed èssèts Al e8ch rekk)rting erKI dBte. the charity reviewJ the cairying 8movnts of its talb..a5sets to determine whether ther& Is any IrLestion tAa those asset5 have suttered an irnpairment loss. K any such in¢Jicaiion exySt5, the r0verslI2 amwnt ot tlw wet IS Estimaièd In ordei * deterysine ihè tOnt of th8 Impairm¢nt loss (ilarvl. 1.8 Cash andcash •quiv•lents Cash and casn equwalents iric1ude cash in haftd. deposit5 held ai ¢allwf(h banks. ather shtsrt.term Ilquid Investments with orKJiftal rnatur,"ttes of rhree rronths or 1055, and bank overdratts. e8nk overdrafts are shownwrth5n borrowings fft Currafrt 5iabilttie5. 15-
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THEYEAR ENDED31 MARCH 202S ACCOVPUIMGPOLICIES ICOntsnu) 1.9 Thnanclal Instrum•nt$ The¢harty has elected to apply the provisions ot Sectkfft 11'8astc Finaroal Instrumws' and Section 72 'Other FinancSal 1nstnknYts Issues, of FRS102to ¥lofts financlal Instrurnents. Flnanckol Instruments are recognLgad In the charitys baLgnce sheet when charity t>eci>rnes p?rtyto theeontracfval provislons olthe instrkjwt. Fanal asy¢t$ and liabilit$ are offset, with the net amrAJTrts wesented In the finandal statomwts. when thwe is a legally enforceab right to sot off thè rècognlsed arnounts and the Is an Intention to settleona net basisor to rea15sethe asset andsettlethè liabillty slrnultsneously. Basic linancial assets. whith ir7clude debtors aThJ cash and bank tk718rS inltlolly eBSUre at transact price including transartw costs an¢J a subsequèndy e8rrSecS at arnortlsed cost usSng the effective InteSt mèthyl unless the arrangemént constitLrtes a financi traA5actbn. where the trans8Ction Is measured at the present wdlue of the tuture rIptS dsctyJnted at a market rate ol ithest. Financial •$set5 classled os recewa11ewithlnoneyear? notamÉYtised. S1¢financIall1&1•s Basic finan¢kAI Ilabilities. Including citditQT¥ and bank loans ar¢ iA((ially rectsgnsed at transaction prte unless thè arrarKJement constitutes a financing transactlon. wtre the ¢Jebt instrLanent is measured at the Pfsent value of the fvtufe payments discounted at a market rète uf interest. Financial 1obilitie5 dassifi&da5 pablew1thln one yeor3renotamrbsed. Debt instruments 8re subsequenttycarriedat 8rrKrtised cost, usingthe etrective InteSE rats m&thod. Tr8d8 creditrJr5 are obllgatiefis to pèy tor goo(Ss or SrCeS ttst have been acqutred In ordinary CULsrsè of operatlons from supyiers. Jlmounts payable are ela>8&fÉed as current Ilabilities pr payment 1$ dLre wtthin one year or less. If AOL they a presente(l as non<urrent liabilities. Trède credY<ors are recognised initially at transaction price and subsequently ffleasur at amortised cost using the effecti Interestmethod. o•r9n1¢10nQIIlnd•l/l4ilitI¢s Financ431 liabl1leS a lerecogrvseij when the charty* contractval obligatlons explre orare discharged orcaKelied. UMITED 8YOVAREpif£E The charity is a company Ilrnlted ty gLrate? has rKS share capital. The Ilablllty of ea¢tr. mEYnber I thntof winding-up Is limit¢dto W. 16-
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 INWME FROM DONATIQNSAND LEGACJES Unrestrlcted Re8tilctèd fund¥ funds 2025 Totsl Unrestri¢t•d Re8trfeted lunds 2024 Tot•1 2025 2025 2024 2024 Donatiws End gift5 759,323 g58.539 1,717,862 352.960 1.016.167 1.3fy9.727 Donatlgn¥ •nd glfts we5ie¥Clor Collaboration Agreement AlocrityCybeT anij CIH Morvnouthsire e(IiaCymiu Coleg CphFnt Otrdrallons 751316 753,316 34?.077 7.077 591.737 206,806 153.396 6,60D 591,737 206,806 153.396 6.600 6.007 708.5S2 123.152 176.063 8.400 7Q8.552 123,152 176.063 .400 5.883 6.007 5,883 759,323 9S8.539 7,717.862 352960 1.016.167 1.369.127 INCOME FROMCHARrrA8LE ACTivrriES Unrothct•d Urwestrthd fyn 2024 2025 INCOME FAOklCHAR ThA8LEACYlVtTIES Other income 15.000 (YTrIEA INCOIAE Unr•strleted Unrestrictgd funds 2024 2025 Netgaln On¢i5p)$al oftanglble li%èd assets 998
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 EXPENDMJRE ON CHARITAOLE ACTNMES Total costs Totsl costs 2025 2024 Dlr¢¢t¢ost$ Staff costs Dweciaticm and Imlent LightaThJ h&at Insurènce MotoraThJ tr1 eo¥t$ Otheroffiee costs stipends Training Computerexpenses Advortising and marketsngexpSes Prc£ramrre eXPerS 316,675 38.989 27,939 2,560 &554 2lOSO 442.500 7.039 251.821 7B.141 8,977 2369 2,593 16.651 322.915 190.876 333 26,308 240.313 26.330 166,433 1,275,126 1,141,097 Shar• ofwpport and govemaneeeosts {w notè71 Support 214,9?1 203.170 1,490,097 1.344,267 Analysis bylu Unrestflcted funds Atrted fiJnds 537.558 958.539 32&100 1.076,167 1.490.097 1,344.267
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS IcoTrinNUED) FOR THEYEAR ENDED 31 MARCH2025 SV14¥JftTCOSTSALLAT£DTOACTrv1ylEs 2025 2024 Staff tosts Premises Comrnunicvtion afxl IT GEneTal office Legal and piofesslonal Motoran(J travel Governa&cO£S 108.632 49,161 14.100 22E95 4.413 9.970 5,500 106.660 53.056 17.566 5.825 16.861 17.7Q2 5,500 214.9X 203.170 Analysed between.. Total costs 214.971 203,170 Z025 2024 Gov¢man¢e cort$ctsmpiI. Au(lit fees 5,SOO 5.500 5.500 5,500 NEfMOVEMENTIN FUNDS 202S 2024 The netrnvernent in Ss slated chafgirrfJilcredlingl.. Fees payabkp forthe auditof ln6ch8rrt1tnanckll Stat¢rnents Depreciation ol ¢JwneLttsngiblefi"xeitassets L03sllproh"tl on disposal of langtble tlxed ?ssEts 5.500 11.789 5.500 12.895 1998) TRUSTEES Ntsne tsf tb.e trustee5 receNed r6mLÉration or bTitsIr0rn the Charity during year or previous yeAr.
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 10 AUDrrows REldUNERATK)N Fee$payabtQthOth8rity audttorando¥sodate$." 2025 2024 Forauditswvlces Au¢JTt ofthe linand81stst8ments of the char 5.500 5,500 17 EldPLOYEES The average mofttNy numlxrofemployeesdurfr¥Jtheyearwas: 2025 2024 Number Aanagernent Administrative Total Employmentcosts 2025 2024 Wages an(J salaries Socla securty costs 392,260 33,047 337,833 20,648 425,307 358.481 The nurnber of employees wtose 8nnual remunèriffi was more than £60.000 Ss asfolbws-. 2025 Number 2024 Number £60,000 10 £69.999 £90,OOOto£99,999 12 TAXATION Th& tharity 1$ exempt from tsxK)n on Its activitles t*Se all l(s income is applied for charitable wrposes.
ALACRITY FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs (coKriNUED) FOR THE YEAR ENDED 31 MARCH 2025 IJ TANGIBLE FIXED ASSETS xtur•s•nd Ctymwtsll Tot&1 Cost Atl Aprll 2024 A¢Jditiong 51.287 30.50D 39.282 4.455 90,569 34.953 At31 Marth2026 81.787 43,735 12&522 Deprcl•tion and Impairmgnt At l Aprll 2024 Depr1)yOn cwged In the ye¥ 18.126 5,868 55.210 11.789 1.921 At 51 Mareh2025 27,99 39.005 S6.999 rrylng amount At 31 M•Tch 2025 53,793 4,730 $8.523 At31 bAaic 2024 33.161 2,198 55,359 14 MIXED MOTIVE INVESTMENTS At l April 2024 Addlon$ Impairrwnts 57.200 15,000 127,2001 At 33 Mor¢h 2025 45.000 15 DeBTORS 202S 20214 Arnount¥f8151ng due wlthln ong ye8r: Pfep8yntsand acuugd inco 400,762 539.169 21
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THEYEAR ENDED31 MARCH 2025 16 CREDITORS: AM04rs FALLING DVEwrrHIN 0 YEAR 2025 2024 Nots$ Othertax8tbn and sod•l security Deferr8iJ incorne Accruatsanddèfèrred inc¢me 8,908 8,968 208,328 16,723 17 9.578 18.484 234,IX9 17 DEFERRED INCCAE 2025 2024 Oth8rdeferred Income 208.328 Defe inconisinclu(led in the fin4nck915tatementsas follows., 2025 2024 Dèlerred Incon Is include(fj wrthin.. Current liabil*tiès 208.32B MovetS intheyear.. Delerred in¢eat 7 Awl 2024 Relvased from previous periocls ResoLYeesdeferred in theyear 208,328 {208,3281 208.328 Defettèd i(Kome at 31 2025 208.328
ALACRITY FOUNDATION NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 3114ARCH 2025 18 AesTRicfED FUNDS The restrkted funoss of ihe charity corrorise the unèxpenued balancès ottJonatlons and grffits bekl on trvsi subJect tospecilicconditions tr¢ donorsasto b.wthey rnay be u59d. At i Apr61 2024 lfieomlng R•Sre•S rèsources oxpendgd Tran8f•rs Gllns At 31 Mayc IOBW 2025 Modia Cyny jer InnDVationHub MonmouthSPF Monmouth Net Zero Coleg GwL 153.396 1153.3961 591.737 125,&06 {59l.7371 1125.406) BI,&OD 6.600 (81.4001 16,6001 958,539 1958,$391 Pmlou# yèar.. At l Ap¥ll 2023 Ineomlng Resources rsourc¢s expended Ttansfers Oalns ond At31 Mareh 10sSèS 2024 Meoiacyrffu Cyber Innov8ttonHub ontr,outh SPF 176.063 1776,0631 708.S52 93.055 170B,5521 193,OSS1 onmouth Net Ze¥0 Colegt>MYt 30.097 8.&00 130,0971 (B.&oo} 1.016.167 11.016,1671 23.
ALACRITY FOUNDATION
NOTES TOTHE FINANCIALsfATEMENTS ICONTINUED)
FOR THEYEAR ENDED 31 MARCH2025
19 UNAESTrICTED FUNCIS
TheurTrstrtcted funds otthe th8rtyconprisethtrvrwen41éd ba1Ces0rd0atIQnS and grnntswhich
8fe notwbjecttospecific condityoThs tydonof5and grantors•$tottowth¢y rnay be usèd. These Include
designèt¢dftJTrYs hav teen setast¢Je¢>Jt OfUnStriCt funds tythetnjstesfor speatic
purptsses.
At l Apill
Incoming Re3ourt•# At31 Mah
2a24 ve$ourc¢$ exp¢nded
2025
GeneralluTrJs
890.650
774.323
1531,5581
1,133,415
Pr•vlou$year:
At 7 Aprll
2023
Incoming Resources At31 March
r¥sourcè$
expen(led
2024
Gereral fttnds
864.792
353.958
132B,100)
890,650
20 PRIOR PERIOD ERROR
Jring the yoar, itwas Tdentifieclthat thèie existe
ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (corINuED) FOR THE YEAR ENDED 31 MARCH 2025 22 CASH G£NEPATED FFIOM OPERATIONS 2025 2024 Sur ftythey8ar 20Z?8S 25.858 Adlustment¥ for: Gain on dlsposal OttsngbflxertasStrtS Oepreciationand Impairmtnt tsft8nolblefixed8ssets Noncash irwr 19981 78.141 38.989 (15.0001 0MntS InwoFkln9 ¢apIt: Decr¢asel(ncrea5el indebtcrs IDecreasel In creditors IDèc¥èèseliin¢rease in deferredinc(xne 138.407 17,207> 1208,328) 1117.2371 20&329 C•shgon•ratedfrom op•rotlons 189.626 193.39& ANALYSISOF CHANGES IN 14ETFUNDS Thccmarityhad Tr)m8terldebt%Jurin9 year.