Envel)pe ID.. l693B78l4B6NCD￿BOD6-7Aoao3736803 Charlty reglstrallon number 1186255 Company registration TruM￿r 09243292 (England and Wal•s} INVISIBLE FLOCK CO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ucKwn Envelo￿ ID.. 1693B781-88604cDA-BOD8-7A￿37368O3 INVISIBLE FLOCK CO LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Audibort B Elllot C Schoep8 Dr Kinnari Bhatt 8 Esapalhi Dr R Labianco M Mason (Appointed 10 June 2024} Charlty number 1186255 Company numbor 09243292 R8glst•r•d offl Unit 88 Longside Jebb Lan& Haigh Barnsley S75 4BS Audltor CKAudil No 4 Ca￿e Court 2 Castlegate Way Dudley Wost Midlands DYI 4RH t)orAJ•gn Enveb)F•10: 1693E1781-86604CDA-BtD8-7A08D3736603 INVISIBLE FLOCK CO CONTENTS Page Truslea$' roport Statement of Trusto8s' rosponslblllles Independènt audilorfs report 8-11 ststemenl of financial activities 12 Balance sheel 13 Slatem&nt of cash )lows 14 Notes to the financial statements 15-26 DO￿li9n En¥￿0￿ ID.. 169387B1-886U4LiJA.600&7AO803736803 INVISIBLE FLOCK CO TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Tho TYust8ts present their annual report and fin8n¢i81 sL*ments for y8ar ended 31 Mar¢h 2024. The finar￿la1 slalgments have been prepared in a￿ord8n¢9 with the 8ccoun10ng polioies s81 out In the notes to th¥ financial statsments and ￿mplY with the Charitable Company's Articles of Association, the Companies Act 2006 and Ac¢ounling and Reporting by Charities.. Slalemenl of R9￿MMended Practice applicable to charilies preparing their accounts in accordance wtth tho Flnanclal Reporting Stsndard appli¢abl8 in the UK and Republic of Ireland {FRS 1021. {effective 1 January 2019}. Objectivos and •ctlvltl•$ The ¢harily INstees have had regard to the charlty commrssion's pubfic benefit guldante when exercising any p0￿r$ or duties lo which the guidance Is relevant. This includes being aware of the guidan￿ and tthlng M Into account when re￿Vant. Invisible Flock's charitable objectives are.. The p￿rn0110n ofth8 arts, in parti¢ular, but not exdusivfty, Iho art ofdrama. Invlslble Flod( operates at the int8rs8ction of •rt. t*¢hnolo9y and th• •nvlronm•nl. Invisible Flock bullds, develops and produc8s high quality public and digital art that can be exp8rion¢ed by large audlan¢ès 011 over the wortd. Wa are artist Jed Make￿ ond protlucews. All of our work is developed throLtgh rigorous resear(* arKI C￿es1gn proc8SSeS Wth expert r￿MMUnI￿os." loc31 and global In dlalogue. We infiltrate many sectors working lo have a creative impact on ecology. polllcs, health and society. Invisible Flock 18 drlven by four corn èlms. global Connectlvlty. true Innovatlon, ¢ollaborativ• proc•$$os and ecoloqlcal actlon. Glob•l Connectivity Exploring and influèncing which vol￿S and knowledg8s drivo global thange and utlllslng art as a power to share perspectives and experiences that are often hidden, marginalis8d or compl8X, With a broad audien￿. We believe that our practice Is made stronger. more effective and agile through dive￿, global neknrks and collaborations. Tr￿ Innovation Prioritising developm8nl and ulilising new technologles to create effective and reslllenl future practices. Through our artists support programs we foster and expand digitsl skills leveraging the studio as a shargd resource committed lo dismanding socio-economlc barriers lo cultural innovation. Collaborative processes Plaong collaboration al the heart of our mission means we do not place boundaries around what we can create. who is involved and where il might exist. Workiny across disciplines and contexts we devglop work with a rich variety of people 88 ¢0-designers trj develop new types of creative practice. D￿sign EnvdoFe ID: 16938781486(MCDA-8OD8.7A0803136603 INVISIBLE FLOCK CO TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ecologl¢al actlon We dedicate our timè lo exploring how art pra¢lices can offer new perspectivès and understsndings of land. climate, 8COSyStem and planetary health issues. We strongly belleve In the power of art lo communicats these issues at a public &nd policy ￿ve1 and we wort closely with collaborators and experts living at I forefront of envSronment81 collapse to do so. Invisibl8 Flock is a mulliknaward winnlng sludio pushing at the definltions of ￿at art pr8(Aice Can look like. where It happens and who it happens ￿. Activitie Our work follows 3 strands. World Cla$$ Innovallve Artworks: engaging audiences in a vari&ty offomis and spaces. %￿e continue lo experiment aThJ pugh at new experfenlial fonns of digital arL brlnging wortthclass cufturo to audiences In tho UK. Through this strand we engage large. diverse audiences and patfjclpants in a variety of forms and spaces, finding poetSc ways to meg18nd nK)ve our audiences. Our slralegy to widen public access lo our work Is achl8vgd Ihrough how we approach both site and artform. Oui Wt)rks have muftipl8 points of access and audiences ar8 as likgly to find our projocls in a hospital or on a phon8 as they are in a g811ery. We wort in a huge v8riety ofcontexts. from low ¢ngagemsnl areas in rural parts ofEngland to cty streets up and down the county, ahvays Consid4￿ng geographioal ￿eCh, wle and inclusive design at every l$b*l ofproduth. Glots￿ •nVIronment￿ ¢ommuniti•s.' Building Gross S8Ctorpartn8￿lps Invisible Flock h8$ Ovgr 100 Ilve and long 18sllng intemalional partnerships across the world. Our intemalional partnerships arg wllh 0th9r artysls. Indigenous leaders, cultural oryJanSsations and fesllvals, deslgners. technologists, academics and mor8. Throughout our 16 years we have Continued lo strengthon our Intematlonal connoctlons to other cultural oryanisations and Cr￿tIVe and ¢uftural prnctstionors. We build internation81 relationships that are ongolng not limited to one off events. but grounded Sn su8tsln8b116ty, trust and shared challen￿. We Prioritise research and devalopmenl practices. embedding ourselves deeply wlthln a ￿ntext and collaborating always with those who h8V8 deep personal knowledg9 of Ihat Gontgxt. Creaunq Future Pracll¢e$,' Technic81 innovatson. coNBbor8tion 8nd sknll building. Techndoglcal Innovatlon remelns the b8¢kbon8 of ourpr8dice. Invisible Flock Is committed to $upportln9 Innovatlon. research and development. new skllls and the us• ol now technologles. This ideology Is 81 the heart of our Studlo. In a perpetually evolwng worfd of new technologies. artist's negd to be in a constant stale of leaming. IraSning and iteration and w8 intend to drive and share this process, drawing from other sectors and skill sets. as well as practlcal R&D. Our studlo r881dency focus89 on: Increasing ac￿5$ to dlgltsl art maklng through dlsmanuing costs and barrlèrs to the use of new technologies Opening up reSoUr￿S to othars wth a strong focus on our studio locatlon as a priorSty area Creating pald resldency and development opportunities for those underrepres8nt8d in th8 dlgital arts. Being able to draw on 4 talent pool that relle¢ts soclety a$ a whole and Is much wlder and deeper than itis now How w8 Can impl8m8nt re-use and rel'8 website al: httpsjl w.frc.org.ukJauditorsresponsibilities. Th1$ descrlplion forms port of our audilols r8POrt. oth•r matters The wlor year figure8 are unaudited. Us• of our report This report is made solely lo the charitable companys members, as a body, in accordance w7th Chaplgr 3 of Part 16 of the Companies Acl 2006. Our audit work has bèen undertaken so that we mlghl stale to the charilatle company's members those matters we are required to stale lo them in an audilorfs report 8nd for no other purpose. To the fullest extent pemiitted by law, we do not a¢¢epl or assume responsibility lo anyorbe othor than the charitsble company 8nd the charilablg company's members as a body, for our audit work, for this ropgrt. or forthe opinions we have fomiod. 10- Envelopg ID.. 16938781￿661J4cOA-BoD&7A08O3736803 INVISIBLE FLOCK CO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INVISIBLE FLOCK CO Franc•s Clapham {Senlor Statutory Audltor for and on bohalf of CKAudit 16 December 2024 Chartered A¢¢ountant8 Statutory Auditor No 4 Castlt Court 2 Casllegote Way Dudley West Mldland8 DY14RH 11 I)0￿1$1￿ Enveknw 10.. 16931J781-886(HCOA-BOD&7A0803736803 INVISIBLE FLOCK CO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•$lri¢t•d Rostricted funds funds 2024 2024 Total Unrestrl¢tsd Restrlcted Total funds funds As rnstat•d 2023 2023 2023 2024 Not•s Income from: Donations and legacies Charitable activitses 2C#).646 637.424 656,549 11,384 857,195 648,808 207,588 245.216 479,452 47,593 687,040 292.809 Total Income 838.070 667,933 1.506,003 452.804 527.045 979.849 Expendlturo on: Raising funds Charitable activitiès 807,914 426.537 1,234,451 380,538 486,887 867,425 Total •xwndftur• 807,914 426.537 1,234,451 381,384 486,887 868.271 Net Income 30,15S 241,396 271.552 71,420 40.158 111,578 Transfers befvleen funds 22,000 {22,0001 160,720) 60,720 Net mov•m•nt In funds 52.156 219.396 271.552 10,700 100,878 111,578 Rg¢onclllatlon of funds: Fund balances al 1 April 2023 As originally reported Prior year adjustmgnt As restated 127.010 44.553 171,561 214,283 (3,553) 210,732 341,293 41.000 382.293 160.861 709,854 270.715 160,861 109.854 270,715 Fund balances at 31 March 2024 223,717 430,128 653,845 171.561 210,732 382.293 l incom8 and expenditure derive from continuing activiti8S. The notes on pagas 15 to 26 fom part of these financial stalemonts. 12- DocJJsyn Enwk)y ID.. 1693B7814B604CDA-BOD&7Aoe03736803 INVISIBLE FLOCK CO BALANCE SHEET ASAT31 MARCH 2024 2024 2023 as rostated Notes Flxod assots Tangible assets 11 135,289 159,162 Current ass•ts Debtors Cash at bank and In han 12 16.588 583.189 83.233 171,344 599.777 254.577 CrgdltOfS', amounts falllng due wlthln ono y•ar 13 {81,2211 131,4461 Nol Currnnt a$sels 518,556 223,131 Total assets I￿$ eurr•nt Ilabllltle$ 653.845 382,293 Th• funds of tho Charltablfr Company Restricted Funds Gener81 Unrestricted Funds Deshjnated Funds 15 430.128 210.732 144,231 79,486 132,075 39.486 223,717 171,561 653,845 382.293 The notes on pages 15 to 26 fomi part ofthese financlal statements. The financial statements were approved by the Truste8$ on 16 D0￿Mber 2024 Jwby". C Scho8p8 Trust•e O(kn gd EW8F4A1113ie&.. Company registration numEer 09243292 {England and Walosl 13- DO￿11g￿ Env8h)F4 ID: 16936781.8W4U)A4OD8-7A0803736803 INVISIBLE FLOCK CO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flow$ from operating a¢tivitses Cash generated from operations 20 411.845 94,741 Investing actlvltl•$ Purcha8e of tangibk fixed assets (70.7631 Nat cash us•d In 1Th￿stIng actlvltl•s (70,7631 Not ¢ash uud In Ilnanclng actlvltl•$ Net Increase In cash and cash equival•nts 411,845 23,978 Cash and cash equfvalents at b89inning of year 171.344 147.366 Cash and ¢ash equlval•nts at •nd of year 583.189 171.344 The notes on Pag￿ 15 to 26 fomi part of these finan¢ial statements. 14- t)0￿$￿ En¥&)￿ ID.. 1fj93B781￿B6￿4co￿B0D￿7Ao8057355O3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Charlty Informatlon Invisible Flock Co is a private company limi18d by guarantee inwryx)raled in England and W8188. The registered office is Unil 88 Long3ide. Jebb Lane. Haigh. Bamsiey, S75 4BS. 1.1 A¢counting Convention The financial stalements have been prepared In 8CeOTdance with the Ch8ritable Comp8nY$ Arb¢le$ of Association, the Companies Act 2006. FRS 102 'The Financial Reporting Siandard appllcable in the UK and Republic of Ireland" {"FRS 102.1 and th& Charities SORP 'Accounting and Reporting by Charities.. Slalement of Recommended Practi￿ applicabla to charities prep8ring their accounts in accordance with the Financial Reporting Standard appllcable in the UK and RepuNic of Ireland IFRS 1021. {aff8ctiva 1 January 20191. Thg Charitable Company is a PutAic B¢nofil Entity as defined by FRS 102. The financial statements are prepared in sterflng, which is the functional currenoy of the Charitable Company. Monetary amounts in th￿e financial statements 8r8 rounded lo the nearesl £. The financial statemonts have been prepared under the historical cost convgnlion. The princ4pal accounllng policies adopted are set out b¢bw. 1.2 Prlar pgrlod grror A prlor period 8djustmenl has been rew)rtod for 2023 in relation to well￿Me Hub In￿Me awarded on thg b8sSs that incomè h8d bèon recognised on ph￿1¢81 receipts. Ac¢ordlng lo Ihe temis of the grant. income Is to be recogni8ed based upon quarterly submissions lin advance) of projected 6xpenditure. A total of £41,000 has been ￿COgnised within debtors as awugd income, representing the balance ol funds Invisible Flock Co. was entrfled to from the Wellcomè Hub project but had not received as of 31st March 2023. 1.3 Golng eon¢om Al the lime ol approving the finanryal stslements. the Trustees have a ￿asOnable expectstion that th8 Charfty has adequate resources to continue In op&ratlonal existence for the foreseeable future. Thus the Trusteas continue lo adt)pl the g￿ng con¢gm basls of accounting In preparing thè financial st81ements. 1A Ch•rltabl• funds Unre$tricled funds are avallable for use at iha disuelion of the Trustees In furtherance of their charllable objectwes. Restrfctetl fvnds are SLtblect to specffic conditions by Ikjnors or gr8nlors as to how Ihay may be usod. Tho purp08e8 and us&s of the restrict￿ lunds are set out in the notes to the financlal statements. Endowmenl funds are subject to specific condrbons by donors that the capllal must be maintained by the Charitable Company. 1.5 Income Income is racognis8d when th8 Charitable Company is legally enthled toll after any perfoYm8nce condrtlons have been meL the amtsunts can be measured reliably. and it is probable that income wll be rocelved. Cash donations are r9cognis¢d on recelpl. Other donations are recognlsed once the Charitable CoMp￿Y has been notrfied of the donation. unless perfomiance ￿ndItionS r8quire deferral of the amount. Income tsx rècoverablts in relat￿ to donations wceived under Glft Aid or deeds of covenant is re¢ogni5ed at the time of the donation. 15- Doojslgn EnveKJpa ID.. I￿3t1187￿88o4cD￿BuD&IAOaO3T36aO3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng policies (Contlnuod 1.6 Exp•nditure Expenditure is recognSsed once there Is a l&gal or constructive obligation lo transfer economlc benefit lo a third party, It Is probablg that a transfer of ecor￿miG benefits will be requirad in 8ettlemenl, and the amount of the obligation can b8 measur8d reliably. Ex￿ndItUre classlfied by aclivty. The costs of each 8cllvMy are made up of the totsl of dI￿t costs and shared costs. including support o)sls involv8d in Underta￿ng each advlty. Direct costs altribula￿e to a slngle activity are allocated directly to that activity. Shared costs vh)Ich Contribute to more than one actfvlty and support costs whlch are not attributable to a singla activity ar& app(Ytion8d belween those acbvths on a basls Consistent with the use of resources. Central staff costs are allo¢ated on th8 basis of tim8 sp8nt, and depr8Ci8tion charges are allocated on th& portion of the asset's use. Expenditure on raising fvnds includes all expendlture incurred by the Charitable Company lo raisa funds for tts charitable purposes and indudos costs of all fijndraising a¢tNities, events and nOTr¢haritab￿ trading. AJI expèndlture Is Indu￿Ve of irrecoverable VAT. 1.7 Tanglble fft•d a88èt8 Tangl￿e fixed assels are initially measu￿￿ at cost and subsequently measur8d at ¢o$l or valuation. ngt of depreciation and any impairment losses. Dapreciat￿n is recognised so as lo writo off the cost or valuation of assets less thèir residual v8lue8 over Ihelr us&ful Iwgs on the followng bases- Plant and equipment Fixtures and fillings Technical asset5 15% reducing balance 15QA reducing balance 15% redu¢ing balan¢e The gain or loss arf$ing on Ihg dlsposal of an asset is determined as the differonco between th8 8818 proceeds and the carrying valu8 of th8 ass81, and is r8cognised the statement offinancial a￿￿￿9$. 1.8 Impalrnient of flxed assets At each r8porting end datg, th8 Charitable Company reviews the caryiThJ amounts of its tangible ossels lo determine whether there is any indication that those assets have suffered an imp8iment loss. If any such indication exists. the recoverable amount of the asset 15 estimated in ¢Jrder to detemine the extent of the impairment loss lif anyl- 1.9 C•$h #nd u$h ¢quiv*lents Cash and ¢ash oquivalents include cash in halld, deposits hehd at call wrth banks, other short-temi liquld investments with original Maturf￿e$ of three months or less. and bank overdtafts. Bank oveidrafts are shown within borrowngs in current liabtlities. 1.10 Flnanclal Instrumonts The Charitable Company has elected lo apply the provislons of Sectlon 11 'Basic Financial InstNments' and Selaion 12 '0ther Finarbcial Instruments Issugs, of FRS 102 to all of its finan(aal inslrunpnts. Financial instruments are recognlsed in the Charitable Company's balance sheet when lh8 Charitable Company becomes party lo the contractual provisi¢Jn8 of the instrument Financial assets and liabililigs arg offset, with the net amounts presented in tha financi81 slatements, when there is a legally enforceable right lo set off th& recogni8ed amounts and there is an intention lo settle on a net basis or to realis6 the asset and setde the liability simuh8neously. 18- Envkn ID.. 1693B781486C￿lCD￿8oO&7AO8031368O3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢l•s IContInu￿) Bas1¢ flnan¢lal assets Basic financAal assets, which indude debtors and cash and bank balances, aro Inilialty measured transaclon p￿ce including transaction costs and are subsequently carried al amortis8d ¢o$t using the effective Interest method unless the arrangement con81ituleg a financing Irarb5action, where the transaction is measured al the present value of th8 future recelpts dl8counted at 8 market rate of interest. Finandal assets classifi8d as receivable wthin on8 year are not amortlsed. Baslc flnancl81 Ilabllltlès Basic financial liabllitles, includiro credrtOTS and bank kjans are Inltlally reccgnised at transaction prlce unless the arrangement constitulos a financing transaction. wh8r8 th8 debt instrument Is measur8d al the p￿Sent value of th8 future payments discounted at a market rate of interest. Financial liabilities classified as payabJ& within one ygar arg not 8mort18ed. Debt instruments are subS8quen￿Y c8rri8(J al amorli8ed cost, using the effeclive Interest rale method. Tra(10 créditors arè obligations to pay for goods or seNic8s that have been acquired in the ordln*y course of operations from suppliers. Amounts payable ale dassified a8 current liabilities if payment is ¢Jue within o y8ar or 18ss. If not, they are presented as non-current liabllllles. Trade ¢redilDrs are ro¢ognised inilially at transaction price and subsequently measured at amDrbsed cost using the 8ff8¢live interest method. Derecognition of financlal Ilabllltlos Financial liabilities are derecognised bthen the Charitsble Company's conlr8¢1ual obligations expl￿ or are disthargod or cancelled. 1.11 Employee beneflts Th8 cost of any unused holiday entrflemenl b r8c(yJni8ed in the period in ￿lch the employee's serviGe¥ ore recewed. Termination benefits are recr¥nised immediately as an expense when the Charitable Company is demonstrably committed lo temiinate the employmant of an amployee or to provide temIna￿on benefits. 1.12 Retlremnt benefits Payments lo defined conlributK)n retirement benefit ￿h¢M￿S are charged as an expense as they faN due. 1.13 Fund A¢¢ountlng G￿eral funds are unreslri¢tsd funds whith are available for use at tho dlscretlon of thè Trust8es In furtherance of the genèval obiactivfjs of the Charitable Company and vthich have not been designatgd fcf other purposes. Designated fund5 oJmprtse unrestdded fvnds that have been set aslde by the Trustees for partkular purposes. The aim and use of each d8sJgnat8d fund is sat out in th8 notes lo the financial stalgments. Re81rfctg(J fund8 are funds whld) are lo be used in accordance wf(h $peclfi¢ re81dctk*ns Imposed by donors or whlch have been ralsed by the charitab￿ Company for particular purposes. The costs of raising and administering such funds ar8 charggd against the specific fvrsd. Th8 aim and use of each restricted fund is set out in the notes to the financial statemÈnts. 17- Docu$igTh Envdope10.' 1693B781-886U4COA.BOD&7A0803736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In¢4xne from donalions and legacies Unre$lrfct¢d Re8trl¢ted funds funds 2024 2024 Total un￿trIct•d R•stri¢ted funds funds 2023 2023 Total 2024 2023 Gr8nts 20D.646 656,549 857,195 207,588 479,452 687,040 Incom• from charitsblg athltles Unrestrict•d R•strfct•d funds funds 2024 2024 Total Unrostrl¢ted Restrlrtgd funds funds 2023 2023 Total 2024 2023 Fees and comisshjns SeNic8s Oth8r income 634.694 2.730 634.694 2,730 11,384 232,650 188 12,378 232,650 11,384 47.593 59.971 637,424 11.384 648.808 245,216 47,593 292.809 18- DO￿81￿ Envebpo ID.. 1693B781-BBflJ4CDA-BOD&7A080373ti8U3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising fund8 Total Unrestricted funds 2024 2023 Fundraisin and bli Marketing & PR Exp•nditurn on charilablo actlvllle$ 2024 2023 Dlrect costs Depreciation and impoirmenl Artists fees Colloborating-artists fees Project and WorkS￿P materials Slu(Ilo and storage TrBvel and subsistence ProductKJn Manager Inler8¢tions engineer Installation ond logistics Refunded expenditure Wgllcome Hub- excluding 8alarios other expenditure including access 23.875 28,073 26,150 900 13,944 22.179 20,719 3,500 4.646 151,379 57.715 221.593 16,116 96.475 97,138 23,496 48,181 5,701 203.506 13,412 386,288 898.073 566.914 Shar¢ of support and governanc• costs (s•• not• 6} Support Govemance 319.458 16,920 295,518 4,993 1,234,451 867,425 Analy$l$ by fvnd Unrestricted funds Restricied funds 807,914 426,537 380.538 486,887 1,234,451 867,425 19- DO￿s[w Env£lJpè ID.. ItsY3B78I￿L1wcDA.B0D￿7ADaO3T368O3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Svpport Costs Support Govomance ¢¢$t¥ 2024 Support Govfrrnance costs costs 2023 Stsff costs Translallon Compulgr running ￿St8 Insuran Office expenses Printing. postsge ond courier charges Ltghl and heat Subscrfptlons Repairs and maintenance AdmInIstra￿ve assistant Bank charges 254,168 570 254,738 252,986 200 20 7.267 2,972 252.966 200 20 7.267 2,972 9,745 3,059 9.745 3.059 207 2,388 4,688 207 2,388 4.688 22.695 2.946 22.695 2.946 6,411 14.831 3.063 6.411 14,831 3,063 9,834 14,442 514 9,834 14,442 514 Audll fees Legal and professional 7.150 7.150 9.200 4,993 4.993 319,458 16,920 336,378 295.518 4,993 300.511 Anatysed betw8on Charbtsbl8 activities 319,458 16.920 336.378 295.518 4.993 300,512 (￿*VernanCe costs includes payments to the auditors of £7.15012023 indepgndenl examination - £32001 for audit fèa$. N•t mov•mont In fundB 2024 2023 The nel movement in funds is stsled aft&r chargingllcr8ditingl.. Fees payable for the audit of the charitys financial statements Depreciation of owned tangible fixed 8S5ets 7,150 23,875 28.072 Trustees None of the Tru$tee$ lor ony persons ¢onne¢ted them) received any remuneration or benefts f￿M the Charitsble Company during the year. Equally there were no Trustee expenses Incurred in the ye•r. employogs The average monlhty number of $mployeg$ during the yoar was: 2024 Numbèr 2023 Number 0￿$19Th Env8W ID.. 1693B7814B604CDA4OD&7AO803736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employ••s Icontlnuodl Employmont costs 2024 2023 Wagas and salarie$ Sccial security (x)8ts 0th9r penslon costs 226.208 19,130 9.400 219,133 24,590 9,263 254.738 252,986 There were no employees whose annual remuneration was more than £60,Crf)O. Remuneration of k•y man•g•m&nt personnel The remuneration of key management personnel was as follows". 2024 2023 AgJregate ¢ompen$alion 171.781 164.992 10 Taxatlon The charity is exempl from taxation on Its actknties because all 11$ income 15 applied for charitsble PU￿1$¢$. 11 Tanglbl• flx•d a$s•ts Plant and Fixtur•s and tquipm•nt fiitlnll$ T¢Ghnlcal Total Cost At 1 Aprfl 2023 21,526 21.908 204.031 247,465 At 31 March 2024 21,526 21.908 204.031 247.465 D•prn¢latlon and Impalrnient At 1 April 2023 Depreciation charged in the year 11,975 1.433 9.216 67.110 20.538 88,301 23.875 At 31 March 2024 13,408 11.120 87.648 112,176 Carying amount At 31 March 2024 8,118 10.788 116,383 135,289 Al 31 M8rch 2023 9.551 12.690 136.921 159,162 21 sign En%*w ID.. 1693B781-8B504CDA.B008-7AQ803736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Amounts falling d4M Within one year: Trade debtor8 Other debtors Prepayments and accrufjd Income 3,045 10,437 3,106 661 40.091 42,481 16.588 83,233 13 Crtditors: amounts falllng du• wlthin one year 2024 2023 oth&r tsxation and s￿181 se￿rity Trade uedf(ors Other creditors Accruals and deferr8(I Incomè 8.612 1.845 1,144 69.620 5,281 20.909 1.403 3,853 81.221 31.446 14 Reliremenl be￿￿t schemes 2024 2023 Delined contribution s¢h¢m•s Charge lo profit vr10ss in re3pect ol defined contribution schem&s 9.400 9,263 The Charitablo Company oper8tes a deffined contribution pension scheme for all qualifying gmploye&s. The assets of the scheme are held Separately from those of Ihe Charitable Company in an indyndgntty administered fund. 15 R•strict•d fund$ The restricted funds of the charity comprise the unexpended balances of donations and grants hold on trust subjecl lo specific condltlons by donors 88 to how they may be used. At 1 Aprll 2023 InGomlng resourc•s Re$our¢e$ •xp•nd•d Transf9rs At 31 March 2024 The Cost of Innovotion Wellcome Hub Award Ro-imbursed expendf(ure re. Wellcome Hub Award 159,162 51.570 22.000 634,549 {23.8751 1391.2781 (22,000} 135,287 294,841 11.384 (11.3841 210,732 667.933 1426,5371 {22.0001 430.128 DoraJ8*Jn Env￿0￿ ID.. 16938781.88604CDA-BDD&7A0803736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Restrlctod funds {ContInU￿) Pr•vlou8 year: At 1 Aprll 2022 Incomlng Resources •xpondod Tran$f•rs At 31 Mor¢h 2023 The Cost of Innovation Earth Tones Finland Wgllcome Hub Award Re-imbursed oxp&ndllure re. Wellcome Hub Award 80,387 {1,9731 31.440 48,101 {28.073} 58.747 1,973 159.162 431,351 (411,2211 51,570 47,593 147.5931 109.854 527.045 {486,887) 60,720 210,732 Restricted funds noted above relate to irKlividual grants and agregments lo deliver 8rti5tic projeits wth the exception of Thg Cost of Innovation which relates to a grant to purchase Capital items. Transfars batsvaon funds in the prior year related to adluslmenls made to eftsure that the net book value of tangible assets reflected ￿ Ihe Cost ol Innovafjon project and transfer daficit funds on completed projects to unrestricted fijnds. The transfer In funds for the current ￿ar r8fl8¢ts the hS8loric pU￿hase of ass8ts lor tha C08t of Innovalion project belng madè from unrestricted funds due to flnal Incomlng resources for the project not beMg received untll the current year. 16 Unre$trict•d funds Thè unrestricted fvnds of Ihe charily comprise the unexFended balances of donation$ and grants which are not subject lo speGifi¢ oondilions by donors aTrJ grantors as lo how they may be used. These include designated funds which have been set aside out of unrestrlcted funds by the trustees for spgclfic purpos&s. At 1 Aprll 2023 Incomlng Resources r¢s¢ur¢os expended Transfers At 31 Mar¢h 2024 Research and Development Fund General funds 39.486 132,077 40,000 {18,000} 79.486 144,233 838,070 (807,914) 171.563 838.070 1807,9141 22,000 223,719 Prnvlous year.. At 1 April 2022 Incoming ReSou￿e$ re80ur¢e8 expended Transfors At 31 March 2023 Rèsearch and Development Fund General funds 39,486 121.377 39,486 132.077 452,804 (381,3841 {60.7201 160.863 452.804 1381.3841 {60,7201 171.563 The Research and Development Fund is a fund designated by th8 Trustees to support fijture innovallon. -23- DovJs&n Ènv8lDp6 ID.. It59387814B6U4COA-BOD&7A0803736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysls of net assets between fund$ Unr•strlctod funds 2024 Rostrld•d fvnds 2024 Totsl 2024 At 31 March 2024.. Tangible assets Curront 8ssetsllli8bililiesJ 135,289 294,839 135,289 518.556 223.717 223,717 430.128 653.845 Unrestricted funds 2023 R•$trictsd funds 2023 Total 2023 Al 31 Ma￿h 2023: Tangible assets Cu￿￿nt as$elsl(liobililies) 159,162 51.570 159.162 223.131 171,561 171,561 210,732 382,293 18 Oporntlng l•aso Commitments Al the rgporting ond dale the Charitabl8 Company had oulslanding ￿MMitMent8 for future minimum lease payThents under nonwcanc8llabl8 oporaling leases, which fall due as follows= 2024 2Q23 Within one year Be￿n and five ye8r8 In over five y¢ars 20,500 97.375 20,500 102,500 15.375 117.875 138,375 19 Rèlat￿ party transactlons Thor¢ wero no discaosable related paty transactions during tha year (2023- rK)nel. -24- OOCAJ8igTh En￿lOP0 ID.. 16g3B78l￿B6o4c0A-Bu￿7AO8o3736803 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Cash generat¢d from op•ration$ 2024 2023 Surplus for the year 271,552 111.578 A¢Jjust￿nts for.. Depreciation and impaimianl of tangible fixod 8ss•ts 23.875 28.073 hAovemgnts in working capltal.. Decreasel(increosel in debtors Increase In 66.643 49,775 163.2681 18,358 Cash g•neratod from operatlons 411,845 94,741 21 Analy$l8 of changes In net fundj The Ch¥ritaU8 Company had no material debt during the year. -25- Docusw Env81ope ID.. 1bW3117814B6O4CD￿BDD8-7A0803736aO3 INVISIBLE FLOCK CO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Prior pgrlod adjusknent Changes to balan￿ she At 31 March 2023 As prnvlously Adlu$tm•nt r•ported As roslat•d Curr•nt assets Debtors du8 within ono ygar 42.233 41.000 83,233 Capital fund$ Incom& funds Restricled funds Unrestricted funds 214,281 127.012 {3,549) 44,549 210.732 171,561 Total equity 341,293 41,000 382.293 chang￿ to the profft and loss account P•riod •nded 31 March 2023 As prevlously AdJustm•nt AS rn8t•t•d leported Donallons and legacies 646,040 41.000 687,040 Net movem8nl in funds 70,578 41,0(Ki 111,578 -26-