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2024-12-31-accounts

Charlty reglstrdtlon number 119￿61 Company reglstratlon number 13240146 (England and Wales) THE 10,000 INTERNS FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE 10,000 INTERNS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustoès Mr O O Kolade Mr D K Konotey-Ahulu Ms F Buljer Mr M B8rringlon-Hibbert Mr S G 8feyer Mr D A M Hutthison Ms A Loderick (Resigned 11 December 20241 (Appointed 6 March 20241 (Appointed 10 December 20241 CEO Rebecca Ajulu-Bushell Charlty numb•r 1199061 Company number 13240146 PrlncSpal address 68 Hanbury Street London E1 SJL R•gl¥ter*d offl¢• 68 Hanbury Slreol London E1 5JL Audltor Ensors Connexions 159 Princes Street Ipswi¢h IP1 10J 8ank?rB Unty Trust Bank Planetary Road Ilenh811 190G Sollcltor# Filanthropia Consuhing LiM￿led Heath House Alldens Lane Surrey GU8 4AP Bates Vvells 10 Queen Street Pla¢ London EC4R 18E

THE 10,000 INTERNS FOUNDATION CONTENTS Page Tnjstees. feport Statement of trustees, responsibilities Independent audito¢s report 8-10 Statement ol financjal activitie B8lan¢e sheet 12 Slalemenl ol ¢gsh flows 13 Notes to the financial statements 14-24

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees present their annual report and finanaal statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounbng poliaes set out in note 1 to the financial statements and compty wrth the charity's governing document. the Cornpanie5 Act 2006 and 'A¢counting and Reporting by Ch8rities.' Statement of Recommended Pracb'oe applicable to Char￿eS preparing their aocounls in accordance with the Finan￿81 Reporting Standard appltsble in the UK and Republic of Iieland IFRS 1021" leffective 1 January 20191. The charitable company was incorporated on 2 March 2021. Charitable status was received from the Charity Commission on 22 May 2022. Oblectlvg¥ ond octivitl Al The 10,000 Interns Foundat￿n, we champion underrepresented talent. at scale, through the 10,000 Black Interns programmes. The Foundation challenges the underrepre5entation of Black tslent in the workplace.. creating equity of opportunity through its internship prtsgramme, and equty ol expeiience in the workpla¢e for minoriti$èd ¢andidate$ through its wraparound support including training and mènlorin9. In 2025 we ¥wll achieve our milestone target ol uealing 10.(￿0 paid intemship opportunities for underrepresented talent. Our objects slate that The 10,000 Inlems Foundab'm exists to promote equality and diversty for Ihe publi¢ benefit by: 111 the prowsion and lacilitatK*n of intemships for the benefirAaries particularly in industries where such individuals are underrepresented.. and 121 th8 provision ol 8dufAts'on 8nd Iraining to devèlop the coPaCitiè$, ¢omp8ten¢iès, skills and knowlèdgè of the beneficiaries in relation to particular industries includin9 Ac¢ountancy, Education, Health Data Science, Healthcare Management, Insurance, Investmenl Management. Law. Long4erm Savings. Marketing and Advertising and Recruitment. The trustees have had due regard lo the guidan￿ issued by the Charty Commission on public benefit. The trustees will seek advice on the public beneffit requirement. as necessarylappropriate. 85 the ch8rity's irnpact increases. Th¥ ¢h8rty Corries out 11$ objects by.. Partn•ring wlth fim)8: liaising wrth corporate partners across numerovs sectors Inclvding Banklng and Finance, Investment Management, Insurance, Accountancy, Law, Healthcare Management, Education. Technology. Arts and Culture, Recrurtmenl & Exeojbve Search. Engineering, Marketsng and Advertising and more to secure inlemship pledges Tralnlng Interns- developing a roster of training sessions lo ensure that all candidate5 are application. interview. and work ready. Training sessions are often co-delivered wth organisations or individuals that are directly engaged with the Foundation, and experts in theii field. Training lor fimis." supporting and enabling participating organisab.ons to successfijlty recruit new talent through the Foundation. and c￿ate meaningful experiences lor their interns Growlng our Alumnl communlty.. supporting Black and disabled lalent to succeed in the workplace beyond their internship experience. Ihrough online resources. and both online and offline events Supporting all candidates.. Supporlin9 all randidates thal appty for our programmes. whether they secure an intemship or not. to better prepare foi their continued lot￿SearCh through 8cce55 to CV workshops. as well as addrtional guidance to support their 8pplicAtK)n in the next programme cyde Mentorlng Intems: matching each intem wrth a mentor at their respective employer and training our mentors in order to meet the specific needs of our inlems li.e.,'meeiing them where they are afl

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 8y focusing on these areas, we achieve our strategic pr¥)nties of inueasing opportunty for professional experience to young Black people across Ihe UK whilsl building a growing community ol alumni who will play a significant role in nurturing the programme's future talent. The 10,CKJO Interns Foundation has benefitled froffl extensive Volunteer eng89ement. The most signific8nt volunteer contribution has come in the forn of training and evènts. In the 202415 programme cycle we successlulty completed.. 91 virtual and in-person training sessions 8 Insight Day5 and Trainings for 10KIF Prernier Mernbers and Strategic Partners 3 Masterclasses delivered by Linkedln lor unsuccessful candidates to support fijture job se8r¢hin9 Counttess hours and expert advice were given lo Ihe charity and its beneficiaries throughout this training period. A¢hlov¢m•nts •nd yrformon¢• Ovèr the past 12 months, The 10,000 Inl•ms Foundath)n ha$ ¢onlinu¥d lo bulld on th SU￿$$ of ils prevlou$ annual programm8 cycles and the founda￿"OnS la￿ in prior yèars. In 2024 we launched our first Impacl Report highlighting our alumni ne￿rk of 7000+ and unveiling the Foundation's 10-Year strategic vision. The impact report revealed significant achievements. such as.. over 70% of inlemship alumni currentty being in full-time employment 30Q/o 01 internship alumni being retained at their hosi organis81ions Sin¢& 2020, w¢ hav6 ¥n9agd wilh 1.IJOO+ part￿pabn9 organisations wfth an av&r89& y&arty rollovor Iretentionl rate of over SS% The strong growth ol the Foundalion is also evidence of its achievements. especially in light of the Foundation's Starting point where the trustees initialty set oul to create 1W paid internship opportunrties for beneficiaries from 100 firms By the &nd ol the 202415 ¢yde, the programme will have ¢￿81¢d 10,0￿ pa￿ inlemship opportunib'es, offer*d by over 700 fimis across the UK an¢J across 35 sectors. Our Foundab"on has impacted tens of thousands of students and graduates, as well as hundreds of participating fims. In line with the 1Wear strategy, The Foundalion plans lo innovaie beyond the intemship programme to deliver an equitable workplace experience lor our benefiraaries. as well as equilable access lo opportunities. In parallel, we will launch our Alumni Prograrnme 81 the entl of the 202415 cyde." an annualised calendar tsf adivities and evtrnts lo support our 10,000 Black Intèm$ Programm¢ alumni. Developing stronger relationships wrth our exisbng supporters as well as lorging new strategic partnerships has been a priority lor the Foundation. in order to support achievement of our strategic objectives. Our corporate mernbership scheme has continued tQ 9row through 2024. wth over 20 Premier Members demgnslr81ing mission alignment and a mUK￿Year commitment to the Foundalion. The Foundation continued as the BVCAS Charity Partner. and conlinue(l innovative partnerships with organisalions. including Bloornberg and Smart Works. Addrtionalty. our p8rtnership wrth Linkedln continued ihrough 2024 as we built and nurtured our growing alumni communty and supported our wdei community of young Black talent. We understsnd that our data 15 exlremety irnporlant to how we think about long-tem impact and our unique ability lo contribute to an irnproved working experience for Blath professionals in the future. We spent 2024 deepening our partnership with our ATS partner, Pinptsint, to Ixeate even rn0￿ bespoke tracking solutions for our firms and interns alike, as well as exploring further ted) soluts.ons to facilrtate our understanding of candidate experiences through better data collection.

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Looking forward to the next 12 months, the trustees are excrted for the Fthjndatson to". Celebrate the achievement of creating 10.0(K) paid internship opportunities Continue enabling more Black talenl to enler the W0￿p1ace. Support Black talent and enable them to suweed in Ihe workplace Influence the reframing of the recruitfflent ènvimmènt to make it equitablè lor Black talènt Launch the 10,OOOAJumni Programme Be a financially secure and sustainable organisation A5 the Foundation moves beyond its original mission of offering 10.000 paid opportunities through rts internship programmes. it will ensure that any future activities are rooted in strategic derAsion8 and support beneficiaries to thèir rnaximum potential. FundraS•ln9 The trustees set out to raise £1.4m in 2024. by period end a total of £815.376 was raised. These funds included donations Ivolunlary donations from firms), contributions Igranlsl and membership fees. We have set a target of £1.5m for 2025. Our fundraising strategy saw us approach our partiapating organisations following the completion of the internship cyc4e for voluntary donations of any amount. in addition lo building out a Corporate Membership Scheme that allowed participating organisalions lo engage with the Foundation beyond the internship prograrnrne, contributing more than 80.ts of our total income. Strategi¢ partnerships were also sough¢ with key staktrholdtrrs and leveraged Its providè funds or support in kind. No proles$ional fvndcais¢rs or third parties were us¥d and we have not r¥¢eivgd any complaints wth regards to fundraising. Flnanclal revlew During the period. the charity raised £815,376 from donations and grants 12023". £912,971). Fundraising activities are focused on generating income to support key areas of our work, particularly payToII and marketing. The largest source ol fundraising continues to be the success ol Ihe programme rtsell. with fimis encouraged to make voluntary donations following their internship period. In additson. Ihe Corporale Membership Scheme which was launched in the prior year $8W Strong uptake during the Current year. enabling partiripaling organisalions lo engage with the Found8tion bèyond the intemship programme. The resum for the year was impactèd by the delay in th& reeèipt of a signrficant grant totaling £175,000 from Bloomberg, which was rècèived in January 2025 and will be accountèd for In the year to December 2025 The charity reported a defiril of £448.308 12023.. £27.496 deficill. which reflects 8 deliberate and signific8nl Investment in the charity's future growth and impact. This includes scaling the Corporate Membership Schem& and enhancing operational capacity to support long-temi sustainabilrty. At the period end, the chanty held unrestricted funds of £396.56612023.. £784,582) and no rèstricted fvnds 12023." £59,595). It is the charity's policy to build unrestricted reserves equwalent to belween three and six months, expenditure, Current￿ estimated al approximatety £285.OIX). The cvrrent level of reserves provides a buffer and ensures that, in the event of a material drop in income. the charity can continue its core activities while exploring additional fvnding opportunities. The trustees are salisfied ihat this level of reserves has been achieved. Going Concèrn The trustees consider it 8ppropri8te to prepare the financial slatement5 on a going concem basis. Thi5 assumption is based on the trustees, review of the Foundats"on's financial posrtion under dTffe￿nt scenarios. At the worst case scenario, trustees are able to utilise levers (o allow the chanty to continue to meet it's liabilities for the next 12 months. The trustee's review ol the pipeline of fjnanaal aclivty is positive and strategic partnerships that provide funds continue. The FoundatioTh is one year into it's new 10 year strategy with plans to build and grow a larger foundation. whilst being finanrialty sustainable.

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Prlnelpal Rlsks and une•rta1n￿eS All significant activities undertaken are subject to a risk review as part of the inth.al activity assessment and implementation. Major risks are identified and ranked in temis of their potenb.al impact and likelihood. Major risks, lor this purpose, are those that may have a signrficant effect on.. Operat￿nal perfomance, including risks to our personnel and volunteets." Financial sustainabilty, induiling $tabilty and se¢uiity of lund$', Achievement of our aims and objectives.. Meeting the expectations of our beneficiaries OT SUPPOrters The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. Where appropriate. risks are covered by insurance. The following framework is central to ensuring adequate risk a5suranrx'. Regular Monitoring ol major risks and developmenl of aclion plans., Embedding risk identification and assessment wilhin operaling procedures,. Adegr structure ol delegated authority and ￿ntrol., Review of key $y$lems and procedures through inlemal audil arrangements.. Income tsrgets lor our fvndraising activrties; Maintaining reserves in line wrth set policies.

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Struetur•. gov•mane• and managèment The 10,000 Interns Foundation is a non%ovemrnÈntal, non-p01￿*1r￿1, non-religious organisation èstablished in 2021. It is constituted as a company limited by guarantee under a mernorandum and attides of association incorporated 2 March 2021 as amended by special resolution registered at Companies House on 7 June 2021, as amended by special resolution registered at Companies House on 20 May 2022. It is registered as a charity with the Charity Commission. Our Chief Executive Officer, appointed in September 2022, has been responsible for driving improvements and innovation in all a￿aS of the charty, starting wrth people and Ofganisational slwcture.. building out a more extensive senior management team and developing capacty and capability at the junior end of the organisation. as well as refining our tech-stack. and creating standard operating procedu￿$ for all charitable activity to manage risks. Our Chief Executive Officer is supported by a Chief Operating Officer and Chief Impact Officer, comprising the Foundation's C-suite. The Senior Leadership Team also indudes a Head ol Operations. Head of Comrnunications and Marketing. and a Head of People, Culture 8nd Community. The wider staff team work5 closely wrth the Senior Leadership Team, meeting as needed lo liaise on str8te9y. relatsonship management. and safeguarding. Key Tum M•mb•rs Chief Executive Officer. RebeGca Ajulu.8ushell Cljief Operating Officer- Jame&l8 R8ymond Chiellmpo¢1 Officgr- Nona Campbg11 Head ofPeopl&. CultuTr & Community- Julie Quist-Thern Head of Op8ralions- T8mJidAhmed Heod ol Communi¢alion$ and Mark&tsng- Rge Philip Key management remuneration was set based on a skills assessment undertaken by MSCI. This was rnapped against average industry rates and an independent ￿pOrt was created by Resource Solutions lan HR research company) (hat provided recommendations. The trustees, who are also the directors lor the purpose of ¢orry)any law. and who strrved during ihe period and up lo the dale of signature of the financial $t81emenls were.. Mr O O Kolade (Resigned 110ecember 2024 Mr D K Konot$y-Ahulu Ms F Butler Mr M Barrington-Hibbert Mr S G Breyer Mr D A M Hutchison Ms A Loderick (Appointed 6 March 20241 (Appointed 10 December 20241 The articles allow for new trustees to be appointed on a rolling basis and serve until they resign. All our exlsb.ng trustees have long experience ol being a charrty Iruslee and are not remunerated for their trusteeship. Our trustees are unpaid. and details ol trustee expenses and any related party transactions are disdosed in the accounts. Where new trustees are appointed. they are given a fomial induciion to the work of the charity and provided with the information they need to futhl their roles, Wh￿ indudes infornialion about the role of trustees and charity law. New trustees are nominated by members of the board of trustees. inte￿IeWed by a panel of three trustees and appointed where they have the necessary skills to contribute lo the chanty's management and development.

THE 10,000 INTERNS FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Dlselosura of Infomiatlon to audltor Ther8 is no r818vant audit information of which the chartty's auditors are unaware." and the trustees have taken 811 the steps that they ought to have taken as trustees in older to rnake ihern5elves awaie of any ielevant audit infomation an¢J to establish that the chanty's auditors afe awa￿ of that infomab"on. Thè tiustees. report was approvÈd by thè Board of Trustees. 2knvi&( M Ih&ckiso Mr D A M Hutchison Trustoè 1510912025 Dale..

THE 10,000 INTERNS FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees, who are also Ihe directors of The 10,000 Intems Foundation lor the purpose of company law, are responsible lor preparing the Trustees, Report and the finanaal stalements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom GeneraltyAccepted Accounting Practice). Company law requires the trustees to prep8re financial statements for e8ch finanryal period which give a true 8nd fail view of the stat8 of alfairs of the charty and of the incorning resources and applieAtion of resouicès, induding the income and expenditure, ol the charrtable company for that period. In preparing these financial statements. the truslees are required to.. select SUlt8ble accounting policies and then appty them consistently.. - obs8ni¥ th& methods and prin¢ipl¥$ in th¢ Charities SORP., - rnake judgements and estsmates that a￿ reasonable and pwdent.. state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements.. and prepare the financial stat•m8nts on the 90in9 cOn￿M bas1$ unl8$$ 11 1$ Inapproprfgle lo presumè that the ¢harfty wlll continue in operation. The Iruslees are responsible for keeping adequate accnunthng records that disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that Ihe financial s¢alements comply wrth the Companies Aet 2006. They are also responsible for $8fe9uar¢Jing the assets of the charty and hence for taking re8$on8ble steps for the prevention and deledion ol fraud 8n¢J other irre9ul8riti¢s.

THE 10,000 INTERNS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE 10,000 INTERNS FOUNDATION Oplnlon We have audited the financial staternents of The 10.000 Intems Foundation (the 'charity'l for the year ènded 31 Decembei 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the finanaal statements, induding signthcant accounb.ng poliaes. The financial reporting framework that has been applied in their p￿paratIOn is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generalty Accepted Accountsng Pracb'rEI. In our opinion, the financial staternents.. give a tnje and lair view of the stale of the charitable companrfs affairs as at 31 December 2024 and of its incoming resources and application of resourcEs. induding its income and expenditure. for the year then ended.. have been properfy prepared in accordance wrth United Kingdom Generalty Accepted Accounting Practice,. and have boen preparetj in a¢¢ord8nce wrfh the requirtrments of the Companies Ad 2006. Ba818 for oplnlon We conducted our au¢Jit in ac￿rdanc? wrth Intem8bonal siandards on Auditing IVKI IISAS IUKII 8nd 8ppli¢able law. Our responsibilities under those standards ar& fvrther (Je￿ribed in lh& Audiloffs fyspon$ibilili&s for tha 8udil of the financial stètem8nÈs section of our report. We are independent of the charity In accordance wrth the ethlcal requirements that are relevant to our audit of the finanual statements in the UK, including the FRC'S Ethical Standard, and we have fU￿illed our other ethical responsibilil*s in accordance wrth these requirements. We believe that the audit evidence we have oblained is sufficAent and appropriate to provide a basi5 for our opinion. ConcluJlon• relatlnq to golng concern In auditing the financial statements. we have conduded that the trustees, use of the going concern basls of accounting in the preparation of the financial slatemenis is appropriate. Based on the work we have perforned. we have not identified any m8leri81 vncertsintTes relating lo evenl$ or conditions that. individually or ¢olle¢tivety, may ¢a$t $ignifi¢ani doubt on the ¢h8rity'$ ability to continue as a going Concern for a period of 8t least Iwelve month$ Irom wh&n the fin¥noal $tslem¥nt$ aro gu¢hori$e4 for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern a￿ described in the relevant sections of this report. other InforrnatSon The other infomiation comprises the infomialion induded in the annual ￿pOrt other than the fjnanaal statements and our auditors report thereon. The trustees are responsible for Ihe other inforniation contained within the annual report. Our opinion on the financial statements does nol cover Ihe other infomiation and. except to the extent otherwise explicitly stated in our report. we do not express any form ol assurance conclusion thereon. Our responsibility is lo read the other inforrnabon and. in doing so. consider whether the other inforrn8tion is material inconsistent wrth the Iinancial statements 01 our knO￿edge obtained in the course of the audrt, or otherwise appears to be materialty misstated. If we Identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in (he financial statements themselves. If. based on the work we have performed, we condude thal there is a mateiial misststement ol Ihis oiher infomiation, we are required to report thal fact. We h8ve nothing to report in this re9ard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of our audrt- the information given in the trustees, ￿pOrt for the finanual year for which the finanaal statements are prepared, which includes the direciors, report prepared for the pu￿)seS ol company law, is consistent with the rinancial ststements.. and the directors, report induded within the trustees, report has been prepared in accordance wrth applicable legal requirements.

THE 10,000 INTERNS FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE 10,000 INTERNS FOUNDATION Mattèrs on whlch w• ar• requlred to r•port by eX￿pIlon In the light of th8 knovAedge and understanding of the tharity and its environment obtained in the cours8 of the audit, we have not identified material misstatements in the directors. report induded within the trustees, ieport. We have nothing to report in ￿spect of the follthwng mattets in relab.on to which the Companies Act 2006 requires us to report lo you rf, in our opinion.. 8dequ8te accountlng rectsrds havè not bèèn kept. or rètums 8dèquatè for our audit havè not bèèn rèceivèd from branches not visrted by us, or the financial statements are not in agreement wrth the accounbng records and retums.. or certain disclosures ol trustees. remuneration speufied by law are not made., or we have not received all the information and expl8n8tion5 we require for our 8udil.' or the trustees We￿ not entitled to p￿pa￿ the financial statements in accordance wrth the small companies gime and take advantage of the small companies, exempbons in p￿paring the trustees, report and from the requirement to Prepa￿ a strategic report. R•$pon$lbllltl•$ of tru$t••• As explained more fully in the statement of Iruslees. responsibilities. the trustees. who are also the directors of the charity for the purpose of company law. a￿ responsible for the p￿parat￿)n of Ihe financial statements and for being satisfied that they give a true and fair view. and for such internal Control as the truslees delemiine is necessary 10 enable th& preparation of financial statÈmenis that are free from matèri81 misstatement, whether dye to fraud oi error. In praparing thè financial stalemènts. thè trusleès ar¢ resptsnsib￿ for assessing th$ charity's ability to continue as a going concern, disdosing. as applicable. matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate Ihe charitable company or to cease operations, or have no realistic allematNe but to do so. Audltorf$ rgJpon¥lbllllle8 lor Ihe audlt of the financlal 8tstements Our objectives are to obtain reasonable assurance aboul whether the financial sialements as a whole are free from material misslalement, whether due lo fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guaranlee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exisls. Misstatements can arise frorn fraud or èrror and are considered m8tèrial if, individualty or in the aggrègatè. they Could feasonabty be expe¢l¥d lo influ&n¢& the ¢¢onomic dècisions ol users taken on Ihè basis of thesè financial statem¥nl$. The extent to which our procedures are capable of detecting irregu18rib"es. Induding fraud, is detailed below. In planning our audit, we identfy and assess the risk of material misststernenl within the financial stalements. whether due to fraud or error. In assessing the risks, constderation is given to the control environrnent (including Iruslee5' and managemenfs ¢)wn pr￿sseS for identffiGation and risk a55e$5mentl a5 well as the nature of the entity, the sector in which it operates and the undertying performance. Consideration is a150 9iven to the attitudes 8nd incentives of management to commrt fraud, wrth specrfic pn)cedures planned and performed to respond to the dsk of inappropriate managemenl override of controls. We also obtain an understanding ol the applicable laws and regulations to which Ihe chanty must adhere. through discussions with management and those tharged with govemance. as well as commerrial knowledge of the sector and statutory legislation. in order lo determine the key laws and regulation5 8pplic3ble to the charty.

THE 10,000 INTERNS FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE 10,000 INTERNS FOUNDATION

After assessing the risk of fraud, we performed audit procedures to gain assurance regarding fraud and management override as follows:

We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including:

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non­ compliance or fraud.

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the trustees and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Rumsey (Senior Statutory Auditor)

For and on behalf of Ensors

Chartered Accountants Statutory Auditor

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THE 10,000 INTERNS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestrlcted Restrlcted lunds funds 2024 2024 Total Unrestrlcted Restrlcted fund8 funds 2023 2023 Total 2024 2023 Notès Income from: Donations and legacies 815,376 815.376 786,971 126,000 912,971 Total Ineom• 815,376 815.376 786.971 126,000 912,971 Expendlture on.. Raising fund5 Charitable activities 267.404 936,685 267.404 996.280 245.069 519.061 245,069 695,398 59,595 176.337 Total exp8ndltur• 1.204.089 59.595 1.263.684 764.130 178.337 940,467 Net expendltur• 1388.713} 159.595) 1448.3081 22.841 150.3371 127.4961 Othèr rèeognl8•d galn8 and lo#st#'. Forex movements 11 697 897 Ngt movement In fund• 1388,016} 159,595) {447,611} 22,841 150,3371 127,4961 R•conclllatlon ol fund8: Fund balances al 1 January 2024 764,582 59,595 844,177 761,741 109,932 671,673 Fund balanc•• at 31 D•c•mb•r 2024 396,566 3%.586 784.582 59.595 844,177 Thè statement of financial acbvibes indudes all gains and b)$w r8cognisèd in the year. All incomè and expenditure derive from continuing activities.

THE 10,000 INTERNS FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Intangible assets Tangible assets 12 13 876 46,218 1.237 3.560 47,455 Current a8set8 Debtors Cash at bank and in hand 14 169.335 330.476 418.471 481.497 499.811 899.968 Cr•dltors'. amounts falllng du• vAthln one year 15 11C6.8051 1103,2461 Net curront aosets 393.006 798,722 Total a8•ets leos current Ilabllllle8 396.566 644.177 The lund8 of the charSty Restricted income lunds Unrestricted funds 17 18 59,595 784,582 396.566 3￿.566 844.177 1510912025 The financial statements were approved by the trustees on ....................... Mr D A M Hut¢hi$on Trustee Company registration number 13240148 IEngland 8nd Wales) 12_

THE 10,000 INTERNS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2024 2024 2023 Note$ Cash flows from opèrating aetlvltl•s Cash absorbed by operatsons 23 1148.7711 1196.7201 Inv•stlng actlvltl•s Purchase of tangible fixed assets {2.250} 11.4881 Net cash used In Investing activitie8 {2.2501 11.4881 Net co¥h us¥d In financlng octlvltl N•t d¢¢r¥a$* In ¢•$h •nd ¢a$h •qul¥oltrnt• 1151.021) 1198,2081 Cash and cash equivalents at beginning of year 481,497 679,708 Cash and ca8h equlval•nts at •nd of y•ar 330.476 481,497 13-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 Aecountlng pollel•s Charfty Snforniatlon The 10,000 Interns Foundation is a private company limrted by guarantee incorporated in England and Vwdles. The registered office is 68 Hanbury Street, London, E15JL. 1.1 Accounting convention The financial statements have beèn prepared in accordancè vAth thè charity's goveming documènt, thè Companies Act 2006, FRS 102 "The Finanaal Reporting Standard applicable in the UK and Republic of Ireland I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charit￿S preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. leffeclive 1 January 20191. The charity is 8 Public Benefit Entity as defined by FRS 102. The financial $tatemenl$ a￿ p￿pared in slewling, whicj) is the lunth'onal curnency of th¥ ¢harty. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prePa￿d under the hISt￿lCa1 cost convention. The principal accounting policies adopted a￿ set out below. 1.2 Golng concern At the time of approving the financial slalements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the loreseeable lulure. Thus the trustees continue to adopt the going concem basis of accounbng in preparing the financsal staternents. 1.3 Charttabl• funds Unrtrstri¢led lun¢y8 ar& availablo fcrf use at the dis¢r&tion of Ihe Iwsl¢e$ in lurtheran¢e of their ¢harit8ble objectives. Reslrieled lunds a￿ subject lo spe¢ffi¢ ￿nd1110ft$ by donors or grantors as lo how they May be used. Th& purposes and u$e$ of the restricted lund$ arts set out in the note$ l(tr the financial statements. 1A Income Income is recognised when the chanty is legalty enlrtled to it after any perfomanc8 conditions have been met, the amounts can be measured Teliabty, and it is probable thal income will be received. Cash donations are recognised on receipt. Other donats.ons are recognised once the charty has been notsfied of the donation, unless perfonnance condth.ons require deferral of the amount. Income tax recoverable in lalion to donations re￿Ned under GiftAid or deeds ol covenant is recognised at the lime of the donation. Legacies and grants are recognised on receipl or otherwise rf Ihe charity has been notffied of an impending distribution, the amount is known, and receipl is expected. If the amount is not known, then it is t￿ated as a contingent asset. Mernbership income is re￿nised upon stsrt dale of membership period. 14_

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl 1.5 Exp•ndltur• Eypenditure is recognised once Ihere is a legal or constructive obligation to Iransfer economic benefit to a third paty. r( is probable that a transfer of e￿nOMiC benefits will be iequired in settlement, and the amount of the obligation can be rneasured reli8bty. Expenditure is dassified by athvty. The costs of each adivrty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each acbvity. Direcl costs attributable to a single activity are allocated directy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned befvleen those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are alk)raleiJ on the portion of the assel's us&. Raising funds includes all assoaated costs wrth building felationships with donors and prospective donors. Charitsble acts'vits'es indudes all costs incurred by ihe charity in Ihe delivery of rts activi￿.e8 and services for its beneficiaries. 11 includes both costs that can be alocated diredty to 8uth activities and those costs of an indirect nature ne¢e5sary lo support them. 1.6 Intanglble fixed a88et8 Other than goodwlll Intangible assets are recognised al cost and are subsequentty measured at cost lèss accumulated amortisation and accumulated impaimwnt losses. Amortisation is charged once the asset is complete and in use. Amortlsatlon is recognlsed so as lo write off the cost or valualion of assets less thelr resldual values over thelr useful lives on the following bases.. Softwar¥ 33% slraighl ts'ne 1.7 Tanglble Ilxed assets Tangible fixed assets are inrtialty measured at cost and subsequenty measured at cost or valuation, net of depreciation and any impairment losses. Depreaation is recognised so as to wnte off the cost or valuation of assets less their residual values over their useful Iwes on the follow'ng bases.. Computers 33% straight line The 98in or loss arising on the di￿0581 of an asset i¥ delewrnined a$ the dtherence befvrfeen the s81e proceeds 8nd the c81rying valuè of the asset. and is r8cognisèd in the ststemenl of finanu81 actt¥Tbes. 1.8 Impainnent of fixed assets At each reporting end date. the charity reviews the carrying amunts ol its tangible and intangible assets to detemiine whether there is any indication that those assets have suffered an impairrnent loss. If any such indication exists. Ihe recoverable amount of Ihe asset is estimaled in order to detemiine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents Include cash in hand, deposits hekl at call wrth banks, other short-temi liquid investments with original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in ojrrent lia￿'bitIes. 15-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl 1.10 Flnanelal Instrnm•nts The charity has elected to appty the provisions of Section 11 'Basic Financial Instwments, and Sects'on 12 'Other Finanri81 Instruments Issues. of FRS 102 to all of its financial instruments. Flnancial instruments are recognisefl in the chanty's balance sheet when the chailty becomes party to the contractual provisions of the instrument. Financial assets and liabilitEs are offset. wth the net amounts presented in the financial statements, when there is a legalty enforceable right lo set off the recognised amounts and there is an intention lo settle on a net b8515 or to realise the asset and 5elUe the liability simuhaneou5ty. Basle finanelal •ss•ts Basic financial asset5. whKh indude debtor5 and cash and bank balances. a￿ initially measured at tr8ns8Ction price induding Iransaction costs and are subsequentty carried at 8morty.sed c05t Using the effective interest method unles5 the 8rr8ngemenl wnstilules a finan￿n9 transaction. where the transaction 1$ measured at the present value of the lulure receipls discounl•d at a market rate of interest. Finanaal assets classified as r￿1Vable within one yeai ale not amortbsed. Baslc flnancial liabilltlos B8sic fin8n¢ial liabilities. indudin9 Creditors and bank 108n$ ao initk?Ily recognised al tr8n$adion pri¢e unl•$$ the arrangement conslilules a finanong transaction. where the debt Inslwment is measured at the present value ol the future payments discounted at a market ratè of inlerest. Finanaal liabilities classified as payable wrthin one year are not amortised. Debt instruments are 8ubsequentty carried at amortl8ed cosl. using the effective interest rate method. Trade ¢re¢Jilor$ a￿ obligations lo pay for 9oc4Js or servi¢*$ Ihal have b¢•n acquirea in the ordinary ¢ours¥ of operations from suppliers. Amounts payable are dassified as current liabilrties if payment is due wthin one year or less. If not, they are presente¢J as non-current liabilitses. Trade credrtors are recognised iniually at transaction price and subsequentty measured at amortised cost using the effectNe interest rnethod. Dorecognition of finonclal liabilities Financial Iiabilrties are derecognised when the charty's contractual obligations expire or are discharged or cancelled. 1.11 Employee benellts The cost of any unused holiday entthment is recognised in the period in which the employee's seNus are received. Terrnination benefits are recognised immediatety as an expense when the charity is demonstrably cornmrtted lo tenninale the employment of an employee or to provKle lewrninatson beneffts. 1.12 R•tir•mènt btnèfits Payments to defined ￿ntribut￿n retiremenl benefft scheffjes are charged as an expense as they fall due. 1.13 Leases Rentals payable under operating leases. induding any lease incenlives receNed, are charged as an expense on a straight line basis over the temi of the relevant lease. 1.14 Forelgn exchange Transactions in currencies other than pounds sterfing are recorded at the rates of exchange p￿Valling at the dates of the transactions. At each reporting end date, monelary assets and liabilits.es that are denominated in foreign currenues are retranslated at the rates prevailing on the repo￿"ng end date. Gains and losses arising on translation in the period are included in the statement of financal activrties. 16-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 c￿tIcal accoun￿ng •stlmat•s and ludg•mènts In the application of the charity's accouniing policies. the trustees are required to make judgements, estimates and assumpts'ons aboul the carying amount of asseis and liabilrties that are not readily apparent from other source5. The estirnates and as50¢iateil assumptions are based on historical experience and other factor5 that are considered to b8 relevant. Actual reSU￿S rnay drffei from Ihe5e estimates. The estimates and un¢Jertying assumptions afe reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimale is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. In¢om• from donatlons and l•gael Unre•trlet•d R•strlet fund¥ lund¥ 2024 2024 Total Unrnstrlet•d R￿trIcted fund$ funds 2023 2023 Total 2024 2023 Donatlons and grfl$ Grants Membership fees 199,801 130.2C 485,389 199.801 130.2C6 48S.369 373.580 155.391 258,000 373,580 281.391 258,000 126.000 815,376 815.376 786.971 126.000 912,971 Donatlon8 and ylfts Donations Other 197.815 1.986 197.815 1.986 373.580 373.580 199.801 199.801 373.580 373,580 Ralslng lund8 2024 2023 Travel and subsistence Advertising Computer costs Staff costs 5,772 49,811 5.259 206,562 11.285 53,211 677 179,896 267,404 245,069 17_

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Exp•ndltur• on charltsbl• aetlvltl•s Total 2024 Total 2023 Dlrect costs Stsff costs Advertising onsutsncy lees 403.861 41,808 5,143 299.823 21,567 20,705 450,812 342,095 Share of Support and go¥emance c08ts (see note 6) Support Governance 346,721 198,747 255,125 98,178 996.280 695.398 Analy¥l¥ by fund Unrestricted funds Re81ri¢ted funds 938,685 59,595 519,061 176,337 996,280 695,398 Support ¢o$t• ollo¢•t•d IO •¢llvltl•s 2024 2023 Staff costs Depreciation Rent Bank chargès Printing, postage and stationery Irrecoverable VAT Insurance Web development Subscriptions Accountan Govèmance costs 88,854 46.145 59.420 331 7.687 26,954 2.769 50,796 39.758 44.007 198,747 59,968 49.014 58,918 107 913 3.252 56,441 17.256 11,258 98,178 545,468 353,303 Analysed between.. Gharitable act￿￿'e5 545.468 353,303 18-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Support costs allocated to activities (Continuedl 2024 2023 Govemance costs comprise: Stsff costs Audit fees Leg81 and prolessional 68.654 13.000 116.893 59,966 13,826 24,386 198.747 98,178 N•t mov•m•nt In funds 2024 2023 Th¥ not movèment in fund$ 1$ $tat8tl aft&r ¢har9ingllrJ8(liti"n91: Fees payable for th8 audit of the charity's ffinancial slatem8nts Depre¢i8lion of owned lan9ible fixed assets Amortisation of intangible assets Operating leasè charges 13,000 803 45.342 59,420 13,828 1,964 47.050 56,918 TrU￿te￿ •nd r¢l•ted party tr4nsa¢tJo Nonè of the trust¢e$ lor any persons wineded wrth them) rec¢lved any rèmun&rallon durfng ether p&rfod and no trustees were reimbursed for any expenses.12023". Nill. Donations of £27,9C¥)12023.' £80,000) were ￿rRIved wilhout CAinditions from organisations connected to the trustees. Payment$ of £1.262 12023.. £4,157) were mad& lo ¢ompani¥$ ¢onne¢ted lo the Irusle&$ for s&rvi¢es provided on an arms length basis. Employ•e8 The average monthty number of employees during the yearwas.. 2024 Number 2023 Number 13 Employment costg 2024 2023 Wages and salaries Social security costs Other pension costs 666,302 71,433 10.396 538.846 54,996 7.809 748.131 599.651 19-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Employees (Continuedl The number ol employees whose annual iemuneralion was more than £60.000 is as follows.. 2024 Number 2023 Number £60.000- £70.000 £80.001 - £90,000 £140.001- £150.000 £150,001- £160.000 10 Taxatlon The charity is exempt from Corporation Tax as li has no taxable trading income and applles all Income for charitable purposes. On 1 July 2024. the charity registered for VAT and is now partially exempt. This means it incurs input VAT on certain purchases which m8y nol be lulty re¢ovef8ble. The ¢h8rity reviews its VAT r￿0Very positr'on regularly and 8ppli&s the appropriate p8rtial trxemplion method in lin& vrith HMRC guid8n¢¥. 11 Other galns and lo•••s Unre8trtcted Unre8trlcted fund• funds 2024 2023 Galnslllossesl upon.. Foreign exchange 697 12 Intanglbl• Ilx•d assèts Softwaro Cost At 1 January 2024 8nd 31 Decembèr 2024 141,150 Amortlsatlon and Impalmient At 1 January 2024 Amortisation charged for the year 94,932 45,342 At 31 December 2024 140.274 Carrying amount At 31 December 2024 876 At 31 December 2023 46.218 -20-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 13 Tanglblè (lx￿ ass•ts Computors Cost At 1 January 2024 Additions 5.893 2,250 At 31 December 2024 8,143 Oepreclation and impainnent At 1 January 2024 Depreciabon charged in the year 4,656 803 Al 31 December 2024 5.459 Corrylng amount At 31 December 2024 2,684 At 31 December 2023 1,237 14 O•btorn 2024 2023 Amounts falllng due wlthln on• year: Trade debtors Other debtors Prepaymènt$ and a¢¢rued in¢om& 96.280 86.500 6,575 328.519 86,500 25,452 169,335 418,471 15 Credltor¥'. amounts f•lllng due wlthln one ye•r 2024 2023 Other taxation and social security Trade creditors Other credrtors Accrual$ 39,867 28,209 24,494 14,235 59,977 10,961 18,178 14,130 106,805 103,246 16 R•tir•m8nt bonèfit seh•m•s 2024 2023 Dèfined contrlbutlon schemes Charge to profft or loss in respect of defined contribution schemes 4,006 3,905 21

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 16 Retirement benefit schemes (Continuedl The charity operates a defined contribution pension scheme for all qualrfying employees. The assets of the scheme are held Separate￿ from those olthe charrty in an independently administered fund. The amount recognised in the Stalement of Financial Activities as an expense in respect ol defined contribution schemes was £10.39612023'. £7.8091. 17 RO$t￿¢tr￿ fund$ The restricted lunds ol thè d)anty comprisè thè unexpended balancès of donations and grants hèld on trust subject to speafic conditions by donors as to how they may be used. Movement in funds Incoming Agwur¢ 8•l•n¢• •t xpgndg¥1 J•ny•ry 2024 8•l•nu •t l J•nu•ry 2023 8•l•nce at 9x￿n￿d 31 Dgcgmbfrr 2024 Sillicon Valley 109.932 126.0(￿} 1176.3371 59.595 159.5951 The Silicon Valley fvnding was awarded to develop the capacty and capabilty of our team. The funds are the￿lOre restricted to HR spend induding key management. employees, and consultants salaries and remvner81ion as well as Ir8ining and development costs. 18 Unr*$trl¢tod fund$ The unrestricted funds ol the charity comprise the unexpended balances of donations and grants which are not subject to specAfic conditions by donors and grantors as to how they may be used. Al 1 January 2024 Incomlng Sou￿e5 Resource$ expended Galns and 1088e8 A131 December 2024 Gener81 fvnds 784.582 815.376 11.204.089> 697 396.566 Prevlous year: At 1 January 2023 Incomlng reSOu￿e￿ Resources expended Galns and 10s8e8 At31 December 2023 Gen8ral funds 761,741 786.971 1764.1301 784,582 -22_

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 19 Analysls of nèt assèts b•tw••n funds Unr•strlet•d fund8 2024 Rèstrtctèd funds 2024 Total 2024 At 31 December 2024: Intangible fixed assets Tangible assets Curr8nt assetsllliabilrti¢sl 876 876 2.684 393,006 393.006 396,568 396,566 Unre•tdcted fund$ 2023 Re8tricted fund8 2023 Total 2023 At 31 D￿eMber 2023: Intangible fixed assets Tangible assets Current assetsllliabilities 46,218 1,237 737.127 48,218 1,237 796,722 59.595 784.582 59.595 644,177 20 Gu4rant•• The charity is a company limrted by guarantee", in the event of the charlty b&ing wound up, the liabllty In spect ol the guarantee is limited to £10 per member of the charty. 21 Operatlng lease commltments L¢$¥ee At the reporting end dale the charity had othstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as lollows.. 2024 2023 Within one year 63,360 51.840 -23-

THE 10,000 INTERNS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 22 R•muneratlon of k•y manag•m•nt p•rsonn•l Key managernent personnel indud8 all persons that have authority and rospon$ibility for planning, directing and controlling the activities of the chafty. The remuneration of key managemenl personnel is as follows. 2024 2023 Aggregate compensation 448,233 397,252 23 Co8h g•norat•d from oporatlons 2024 2023 DefieA for the year 1448,3081 127,4961 Adlustments for.. Foreign exchange drfferences Amortisation and impaimient ol Intangible assets Depre¢iabon and impairment ol langible fixed assets 697 45,342 803 47,050 Movements in working capital". Decreasellincreasel in debtors Increase in C￿ditOrS 249,136 3,SS9 1243.0671 24,829 Cash absorbed by operntlon* 1148,7711 1196,7201 24 Analysls of changes In net debt The charty ha¢J no material ¢Jebt durin9 the year. -24_