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 ￿anor￿e￿den.AlanJ0hn IAr D Hon*r kls FS Lcwtts sEcR￿AR¥ Mr Mcolcomb CHARrrYNIJM8ER (ENGLAND AND WALe* 1140916 COMPAhlYNUIABER 07554557 REGISTEIIED OFFICE Ala¢rity H￿Js• Mo(Seratorwnart Klngsway Ne￿POrt NP20 IHG AUDrroR KiI5by &Wlllhams LLP CeoarHouse Hazell Drive Newptsrt South Wales NPIO 8FY ALACRITYFOUNDATION CONTENTS P•g Trust8es rwort I￿ependenta￿dItor$ rtport 6-10 Statementof IInanc￿l 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. Thefiner￿el $￿ternent have been pr￿ere(l inac¢ordancewiththeaccountingpol¢iesseiout In notsstotme f5nancial $tètèmants and compty wtth the Charities Act 20111 ar￿ 'AccountiThJ and Reporiing ty Charities.. ststèft￿t of Rècomimended Practlse applKatsk to chanties preparlng their acwunis In accordance withthe Flnan¢i81 Report*ng Standard applicabla intne UK andRepuiilicof Iretsnd IFRS 102)" (effecti￿ l Januaiy20191. OBJECTIvESANLIA￿nvlTIES The A*T¥ry FoundatTon in the L8 establist*d wity tne mandato to mentor arAI train the most suitable aduates and create a new ge[￿ratIoN of Brttysh teChnolo￿-baSett Compan￿5. The Al8Cllty schemè Is basèd on a proven methudolDgyforcommefcialisirKJ technology ar￿ Crtsating success'ul entrepreneurs. Tmè obiectivets of the FoUrVJat￿Thn are specifTcdly re5tr'.cted to the hovancemèrt of education anLJ leaming, in p4rtFcular bLtt Th)1 Ilmiiea to buslness Stud￿5, busines5 rnanagement prartic& ￿¢$ the developm￿t or engineering andtechndryJylor tne ber*fltof tne pu)Ii¢. The Alacrlty Foundation provKlgs an mten3yi e trainlng envirmment with mentor5 and Indusiry partr*rs to Prepare gra(lu&tes Igr entrewwovrship in txo gecTh￿I0gY sector. During the 12 rn011th Alaciily prog¥ammè gra¢u8tES will ¢evelop essenual produrt maTh3g¢ment, ¢ornmefclalisation ana entreprenwrial skills In adrt[t￿n 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 Se￿ice 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 Ir￿L¢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' ge￿er81 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?6￿tsJsJInsr0tsleCt￿￿s The specffic N"ghlightsthat hEwoo¢wrredsince last year Indudèth8followin9'. l. Contirmjed the 5ncrénwital dev8kJwnent of the program￿ ctre prOgr￿￿Me and,nduson of thecybgr 1m0vat￿nhUb. 2. Enrolled 22graduJte recruiis ontoine 2024-2025programrne. 3. SJccessfully tteliverèd ts¥o flve-week )ootcamps. one Inct￿Ing andthe other in business. 4. Continued to develop Alacrity Fuundations natsvorkof pro'ect and mentorir.g p8rinerg. Maintaifted Iheflna￿4aI 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 retaif*d ftjnrts of £1,133,41512024- £890.6501. Suiplus ft￿￿5 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 unrestr￿tert funds whlch ma￿ nor been designa*(ffor a specific LL8e should be maiitained èt a level e9uivatont to ￿et￿enth[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$o¢igtionthe¢harity trosthe p0￿rt0 invest frJr the fiJth¢rance of th¢ charttysprin¢ipl&aetiwty. All Investmentscomptywith the Charltycommission guidejines. The TnJstee$. havin9 regard to the liquidity requlrements of the have oper*ecS a poliry ot keeping iplus b3lJnce5 as Ilquid as possible and any surplus ba￿n￿ will be invests¢J In lixed term deposit 8ccounts thatc￿ be accesse¢1 easilywfwi ￿eded. PLANS FOR FufuRE PERICOS Theobje¢tiv*sgoing torward into the next Year8￿." Tofurther dÈvel¢pand implementtheAlacrlty Fo￿n¢1¥t￿lnpr09rarnMe. 2. To continue to enhartethebreadthand waliryof entrtrpreneurshw trair*￿ig 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$tOCreète acommunityhub Y¢ithin Nwport. 8, Oevel¢)p a TKtre focussed and intent*tino15tak•holdgrnètworklinked to rnentorsand investrnent. ALACRITY FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRUMRE. COVERNANCE AND MANAGEMENT The ￿aCrity FoLrt•ttl￿ I'the Foundatton"I Is 8 w"stsr¢d charityand is governed by B goa¥¢ ofTwstees that ovlysees the foll)W￿9 acdvttresorthe Foundation.. l. To ￿ree 3nd regularly Monit￿ tn¢ Foundath)n¥ strateglc dIreCt￿n3 and trn5we that it pursues its stateLI obiectiv¢s. 2. Enswe th* thè c¢gantsation fl￿Ct￿nS within t*e lagal. Charitab￿ finarKial requirements of charit4bie organisatio 3. Settffig ￿￿¥815 policy. defininggoal$, 5èttingtargets antt evaluati+)g peTformanceagoin¥ta¥eed iargét$. 4. To ensure the linanoal statsilsty ofttte organ%sation and th¢ proper investment ol fLm¢Js in accordan¢e with the Foundatlonsstated aimsand obJoctiv¥sand relevani le9isFatron. Theox¢culivetean)'s purpose is to implertwr stratsgi8s and conduct acti¥itos In accorO8n¢e w￿￿ the o¥wall ob3ertiv¢s ofthe FwThJaiionand appropriatesteer an¢ weinanre from tile B￿rtoITr￿stees. A$ Chairman. Simon Gibson foundin9 m¢mb¢r oflh* Boafd tslTrus:ees w.'th responsibi rty for over8¥elng the ex￿utiVetearn 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 MrOHo￿r Dr D E Evans.Wil i8m$ M$ F S Lcoutts 18esigned9 May 20251 (Resigned 6 Apr".; 20241 Recw1trpFent3nd8ppo￿tTr￿t0ttm&tees Comptying Withtme statenEnLaf feconwnended PraCt￿e IsoRpI12015}. Trtsste898reAppolntgd, indLKtedan tTainedtran$parently, effectrvelyan(J efficiently Artl¢les ofAs8oei$titsrt sAt6that thère ghall not be rnOf& thon seven Irusteèsandthoy th•ll appc*inted 85 1011ty¥s'. one may tse appolnLed frtjn time to time bywesl* Clover Itor a5 lon9 as ￿Sleyel0Ve[ rerna%ns a Uemt*r}', 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 tl*re 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$hall notatheretlrement ofthoseTFUStoeywhohfft Tetlredéwir¥J the Pr￿1￿￿$ financlal year the 8ppointnwit ot replaeement or add￿lonal Trustees. There were no changes hth9 eompostionofthe Boaroof Trust&￿ Intr*￿0￿. Care is tsken to ensure tttat Trusteeg SI￿Uld 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$ncial statements In acclyda￿e wlth a￿[Cab￿ law aThJ United Kingdom AccwntingStanthr(Is (united Kl￿d￿rnGef￿r01lY A¢CeptedAcco￿tin9 Practice). Comwy law require5 tre trustees to prepa￿ fin￿ClaI staternent8 foi èach fH)anei81 year give a true 8rYJ lolr view of the state of affairs of the chartty and or the incoming osour¢05 and ￿p￿1¢atIOn ol wourcvs. Including ircorneand expenditure, of the chantable companyfor thatyear. In preparingthese flnancial statemènt5, thetrustee$ are requlredto.. - select 3Uttablea¢¢wntlng policles 8n¢ th¢nappWthern conssstentty,. - otservethe mgthod5 and principtes IntheChar*tiesSThIP'. - makoj*JJgements and eettrnate5 thatare re8son8ble ￿¢1 prsJdent: - state whethef èpplkablÈ UK Accounting st￿00rd5 Mave been follow*d, 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 en*le them to enstjre that the ftroncial ststernents c￿MplY wlth thè Comwies Act 2006. They ar¢ also re¥rx)nsible fly safeguarding the assets of the charity end hence for takSng reasona￿è st4Js for thè prevention and dete¢tion ol fraud other irregularltles. AUDITOR Inaccorclance wrth the conpanygartlcles, 3 resokntlon proposiro thatKilsby &Wllliams lLPbe￿appotr*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 ofT￿ste&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* ststerf￿nts of Ala¢rity Foundatton Ithe'chartty) toi the year ended 31 N4arch 2025vthith comprl$ethe statement0ffin8￿aI ¥¢t1￿treS, the balance sheet, the statamentofeaShlkn￿ and notes to thefinanciAI statements, Kncluding slgnificantaccountiro POI￿les. Thefinancial re￿rt￿g 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 UKandlMx*l 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$1￿ applicaticn olresources, lortheyeai thenend8d'. have been property prepared in awortsnce wSth Unrted Kir*Jdorn Ger￿rallY Accepted Accwnting Pract4ce." an hav¢ been prepared in aCCOfdance with the requ(r8rr￿ts of th& Comwnie5 Art 2006 and Charl￿eS Act 2011. Ba$lsforopinion We conducted our aucltt In ac¢ordartt Yrith Inter￿tIonal sraThfj8rds on Auditsng IUKI tISAs (UK)) and applicable law. Our re¥ponsibilities undèT th¢se standards are further described in the Auditor& reSpons￿litieS 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 8PPfoprl*e. Based on the wor*we hav¢ pwtsfmed. we 17av& not ￿entifI¢d any rnaterisl Uncertain￿e$ relating to event8 or condltlorvs that, in4JSvldually or collectlvely. may cast slwiffcant do*Jbt 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 respOn￿bIlItIeS andthe responstbiif(lesof tho tru5teesw5th resperttogoiro concem are deSCr￿ed inthe reknnt Sectsor￿0fts1Is rewt. Ililsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITORE REPORT (CONTINUED) TOTHE TRUSTEES OF ALACRITY FOUNDATION Other inforrnation The otber information comprlsgs thv trnlarmation i￿lUd￿d #i the annual reptri oth* th￿ the fi￿¢181 statements8n# ourwoit￿s 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 k*to rèad the Information and. In doing so. consi(iei whether other Inlormatton Is materially Inron$i5tenl wlth tha financial st2tements vr cur knoW￿￿9e obtained ￿ the cour5E of the a￿lt. or otherwise appears t() tyo m*efially misstatsd. If wo i¢ontify such rnaterial iwonsistÈncièsof apparent rnaterial miss￿lett￿ntS. ¥Ye are requlredto detsrrnir￿ whetherthis givès risé to a rp.aierial Misstat¢￿I￿.t inthe financial sts[ementSt￿5ehv¢s. If. bJ¥ed on the wc*rk we have FertOfrneiJ, we conckjde that there Is a m8terlal misstatement ot thi5 ¢t￿￿r nformauon, wear* requiFèd tofeportthattact, Wo have rrf)thingto report ttr#$fegard. Mattor$on whlch wèarèrequire(I to reportby ox¢8ptFon We haye Trothing to report In re5PP¢t oftne follawing natters in fel*ion towhicn the Ctsrit.,es 1￿cOunts and Rèports) Regulatio￿2008 require5 UStoreporL to YDL li. in owopinion-. the Inlorirotion given In thè tlftamal staternent5 15 ffttsjnsts￿nI in any material respect with the tiustees Teport., or sutticientaccothvngfè¢ordshav6 notbeen k¢Pt. or th8 tlnancial staEeFnentsarenDt ina4reementwiLh the accouniing r£ctsrOs,' or we have not received allthe Informatlonand eXP￿natIOnS w?require for our audit. Re5ponslbilitttr8of trustse8 As *¥ptained more fully Inthe statewent ottrustses r3$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 assess￿9 tne chwtty's ability ts coniinue as a golng concern. dis¢losin9. as ￿pliCaN0, mattèrs felated to going concern and using thè go￿ng concerp. basis 018CCOLtntln9 Y￿eSS the trustse5 ¥ithei intendto liquidateth* ¢haritsble cory>any orttsceaseoperations. or h*eno re￿tSticattQrndty.ve buitodoso. Kilsby Williams. ALACRITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (COKnNUED) TO THE TRU￿£E$ OF ALACRITY FOUNDATION AudFtor* r¢sponsltyllltleslortho audit of t￿fInancIal 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 effectt￿er￿nd￿. Cbjr objectwes aretoobtsln reasonable assuranc8ath)utwhet￿rthet￿nWK1oI 5t3tementS as a who￿arefree from mateiial rnisststèiy￿( whether du& to fraud or error, and to Issue an auditors report that inrlude5 OU4 oplnDn. Rtrasor￿le 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 State￿nts liregul8r1t￿$. Including fraud. are instances of non-comphance with laws and regulations We desi9n procedures in line with our résp¢nsibillties outlined a¢ov¢ to ttetect r￿erIal mi5Statements ip. respect of irregul￿¥t{e$. 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 ￿gh￿Jrthan the risk of not detecting one reSu￿1ng 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 g￿e rise to & materi* rnlsstatwnent in ttte finanual sratements, Includ￿g. but not limite¢ to. the Charitles A¢t 2011 and UK tax leglslation. Our tests included a￿eIng 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. I￿ludIng tratsd. As in all ow audits, we al80 a(1d￿ssed the risk of m8nagerr*rt 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¢¢Ordan￿wIth ISAS IUKI. we exèrctse prtsfessl0naliu￿MentJftd rnalntsin professional se¢ptKismthroughoLrtth¢ avJ+t, Wealso: Identlfy and assess the risks of n*teri81 misstatementotthe tlnanctal $tatemwts, W￿ther dueto fr8ud or *rfor. ¢Je5ign and perform autjlt procedwes responsfvt to those fisks, and obtain audil eVh1er￿ that is sufflcient approprlats to provide a tjèsis for our Opin￿￿. Th& risk of not detecting a materièl misstatement resutting from frau¢J is higher than for one resulting from èrTor. as frauL% may involvè Cdlusion, lorgery, Intentional omissions. misrepresentations. ortneoYerTide ol Internal control. Ililsby Williams. ALACRITYFOUNDATION INDEPENDENT AUDrroR'S REPORT (coimNUEDI TO THE TRUSTEES OF ALACRITY FOUNDATION Obtain an uThYerstano,'roof internaletsntrol ielevantto the wdit in0rd￿t0¢e5i9fi auditprocedurnsthst are appxopriate In the ¢ifClmlStanc8s, bvt nrt lor the purpose of expres￿n9 an pp¥nlon ￿ th effect1'w￿$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 acCO￿tirrfj and. ba¥¥d on the auth"t evTdence ODtsine(L Wh9t￿r a rroterlal uncertainty exists rdated to ovents or conditiorts that may C￿ yAgnllicant ttoubt the charitys at￿litY to continue as 8 goiryJ If vle concludp that a m8*rk?l uncertèlnty eyi5ts. are required to dra￿ attention in oijr audltors reptsrt to the r¢￿ted e￿d0S￿re3 In tho tinandal ststements or. it wch disclosures arè matjeqbate. to our opinion. Ow conclusDrns are based c*nthe 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 Oentify0 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 N￿cASH 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 T￿gIble 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 N￿A$s￿r8 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 S￿lI0￿ 477 ot the Comp8ni#sAct 2006. ftrtnèyear endod 31 Marth X125_ Tttese tInO￿la1 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 ACCOUNTING1￿ucIES Charityinfomiatlon Ajxfity Foundat￿)n Is a private company Ilmlw by gu8ontse Iwr8ted In Engla￿ and Wales. The reotste￿dOftIee is AlacrltyHouse, Mo¢Jorator Wharf. Kiro*Y8y. NW20 IHG. l.l Accountlng conventlon T1￿ finwsclal st*ements tsve been prepare(S #i Kcordance withthecompanies Act 2006, FRS 102-The Financial ReP￿Ing *andard applicablt In the LKand Pepublie gf IrelarKI" I'FRS 102.1 and the Charft*5 SORP "Accour)tLng and Reporting by Ch8ritios.. Statement of Rewmmèntsd Practkè ￿p￿icable to th*tbes 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 trusteescont1rL￿t9Jttopt the going eoncem bas+s ofaccountsng In preparing tre flJan¢ial statements. 1.5 Charttablo funds Unrestricted lunds ale ￿lL*￿e 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 r*stricte(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 tr*charlty. IA Income Ir￿rr* 18 18cognrs*d the ¢harTty is legally entlde%J to It aftef any perft>rmance conditlons be￿ meL tr*atNotsntscan bemeasured rèliably. 8nd itisprobablethat incemewill be received. Cash donations are recognlsed on ￿￿1pt. other d(ThtW15 8re recognjsed on¢È the charity has beèn notlf*iJ of the donatloo unl¢ss P8ffoFm8rte condltions require deferral of the amount. lrtorne tax recover*lo 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 0￿19a¢10n c8n be ff*asured 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 apporti￿e￿ betwè$n thtss¢ ttivities on a basis consist&rtt withtkrd use of resources. Central staff o)sts ure alItta￿d on the basis oftlme spent. and depréciationchaFges are allocate(son th&pOrt￿nOt￿h¢ 8ssei* usè. 1.6 Trnglbl•fSyed assets TangSble asset5 are tniti#ly meosuro¢ at cost and5L*)sèrtJentty measured Bt ¢o$t or valuBtiorL nel 0fdeWec￿y0n 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 Comw*ters 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[)caetts8ndthecarry￿g valueof theayset, aTh# Is reco9Thset1 in the statement ol Iinanck818ctNities. 1.7 Imp•irff*ntol flxed èssèts Al e8ch rekk)rting erKI dBte. the charity reviewJ the cairying 8movnts of its ta￿lb..￿a5sets to determine whether ther& Is any Ir￿Lestion tAa* those asset5 have suttered an irnpairment loss. K any such in¢Jicaiion exySt5, the r￿0vers￿lI2 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 Instrumw*s' and Section 72 'Other FinancSal 1nstnknY￿ts Issues, of FRS102to ¥lof*ts financlal Instrurnents. Flnanckol Instruments are recognLgad In the charitys baLgnce sheet when charity t>eci>rnes p?rtyto theeontracfval provislons olthe instrkjwt. F￿an￿al 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 tk718r￿S inltlolly ￿￿eBSUre￿ at transact￿￿ price including transartw costs an¢J a￿ subsequèndy e8rrSecS at arnortlsed cost usSng the effective Inte￿St mèthyl unless the arrangemént constitLrtes a financi￿ traA5actbn. where the trans8Ction Is measured at the present wdlue of the tuture r￿IptS dsctyJnted at a market rate ol ithest. Financial •$set5 class*led os recewa11ewithlnoneyear?￿ notamÉYtised. S￿1¢financIall1￿&1￿•s Basic finan¢kAI Ilabilities. Including citditQT¥ and bank loans ar¢ iA((ially rectsgnsed at transaction prte unless thè arrarKJement constitutes a financing transactlon. wt*re the ¢Jebt instrLanent is measured at the Pf*sent value of the fvtufe payments discounted at a market rète uf interest. Financial 1obilitie5 dassifi&da5 p￿ablew1thln one yeor3renotamrbsed. Debt instruments 8re subsequenttycarriedat 8rrK*rtised cost, usingthe etrective Inte￿SE rats m&thod. Tr8d8 creditrJr5 are obllgatiefis to pèy tor goo(Ss or S￿r￿CeS ttst have been acqutred In ordinary CULsrsè of operatlons from supyiers. Jlmounts payable are ela>8&fÉed as current Ilabilities pr payment 1$ dLre wtthin one year or less. If AOL they a￿ presente(l as nonMYt 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 ba1￿Ces0rd0￿atIQnS and grnntswhich 8fe notwbjecttospecific condityoThs tydonof5and grantors•$tottowth¢y rnay be usèd. These Include designèt¢dftJTrYs hav* teen setast¢Je¢>Jt OfUn￿StriCt￿ funds tythetnjstesfor speatic purptsses. At l Apill Incoming Re3ourt•# At31 Ma￿h 2a24 ve$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 existet is to reducethecharitèbl? eXpendi￿re in the prioryeer by£29.3&6and >ncre8se the c8rying V81ue otthe investrnents andtr>tal fiJThJs * the same 8rno¢Jntas at31 March2024. txjfing the year. the Charity Identified a classtfication error relaiing to the treatment of certain incoft streams in the pFKJr year. Income totalliry £1.016.167 tta¢J previously been Yecogni8ed within unrestrietsd 4n¢orne. but ort review ttwas detefmirod that th8 assodated Ivnding car￿d restrictions on its use and should have beenclagSElied as restr￿tsd ncome. The relatedexpendtturè has also been redassifi'ecl as restricted. As a restht. the ccAnparotl¥e fi.gures lor the prlor year have ￿en restated to rele¢t thi5 correction. Thls restaternent has no irnpact on totsl rsetfTr)vem¢nt Inyuntsorthe totAI funds cairi&d forward for the prbr year. aTrJ no restrictett furKIs wer¢ C￿le¢310Th￿drd atthe year end.The •Jju5tm8nt affects1￿lYthe spltt between restr￿￿ttand unrestrlGtsc5 ￿n￿MeaThd expenditure. 21 RELATED PARTYTrANSACTIONS Therew0￿ nodisdo¥bbrelate(I p8rtytran$8ctiortsdurir*J theyear12024- rth¥), ALACRITYFOUNDATION NOTES TO THE FINANCIALSTATEMENTS (co￿rINuED) 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 Ottsng￿bflxertasStrtS Oepreciationand Impairmtnt tsft8nolblefixed8ssets Noncash irwr 19981 78.141 38.989 (15.0001 ￿0￿M￿ntS 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)m8ter*ldebt%Jurin9 year.