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2025-03-31-accounts

Charity Registration No. 1204669 (England and Wales)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS

Page
Legal and Administrative Information
1
Report of the Trustees 2
Independent Auditors’ Report 11
Consolidated Statement of Financial Activities 15
Consolidated Balance Sheet 16
Charity Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19

CIRCULAR BIOECONOMY ALLIANCE LEGAL AND ADMINISTRATIVE INFORMATION

Trustee Dame Amelia Fawcett (Chair) Francis Vijay Narasimhan Rangarajan Professor Nathalie Seddon Tanya Margaret Anne Steel Professor Hans Joachim Schellnhuber (retired 11 September 2025) Federico Marchetti (appointed 4 September 2025) Chief Executive Officer Marc Palahi Chief Financial and Operating Paula Wilson Officer Registered office 71 Queen Victoria Street London, EC4V 4BE Bankers HSBC 31 Holborn Holborn Circus London EC1N 2HR Independent Auditor Saffery LLP 71 Queen Victoria Street London EC4V 4BE Solicitors Charles Russell Speechlys 5 Fleet Place London EC4M 7RD Charity Registration No. 1204669

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees of Circular Bioeconomy Alliance present their annual report and financial statements for the period ended 31 March 2025.

The financial statements have been prepared in accordance with the Charities Act 2011, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard (FRS 102). The legal and administrative information on page 1 forms part of this report.

CIRCULAR BIOECONOMY ALLIANCE STRATEGY OBJECTIVES

A circular bioeconomy is defined as an economic paradigm centred around the restoration, protection and sustainable use of renewable natural capital, including the biodiversity that underpins. The circular bioeconomy is rooted in regenerative landscapes that enhance biodiversity, contribute to climate change mitigation and adaptation while supporting a sustainable, inclusive, and resilient economy. It relies on Nature-based Solutions, renewable energy and biological resources and processes, including related knowledge, science, and technology, and follows ecological and circular economy principles.

Extractive economies are reaching ‘end of life’, exhausting the natural resources and systems they and we depend on.

Put simply, our world has become too big for our planet. For more than a hundred years we have relied on an extractive economy powered by fossil resources that has developed at the expense of nature.

We need to rethink our economy if we want to rewrite our future. A nature-first economy that is both powered by nature and prospers in harmony with it.

Organisations, corporations, communities, and governments are pursuing a variety of regenerative and circular strategies to advance this goal, but there is no cohesive approach or means to scale. Time is running out to deliver the collective and integrated action that is needed from global leaders, Indigenous Peoples, investors, scientists, and society at large, to put the world on a path towards sustainable economic growth and prosperity.

The Circular Bioeconomy Alliance initiative was established in 2020 by His Majesty King Charles III (formerly His Royal Highness The Prince of Wales) to accelerate the transition to a nature-first economy. In September 2023, the Circular Bioeconomy Alliance became a registered charity.

Mission

The Circular Bioeconomy Alliance is helping to accelerate the transition to a nature-first, circular bioeconomy that is climate neutral, inclusive and powers prosperity.

The CBA’s vision is a world powered by and prospering in harmony with nature.

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

Striving for Impact

We create impact at scale, using natural capital to build sustainable value chains which transform our land, food, health, and industrial systems. Our visionary approach combines a rigorous science-based framework, coalitions of expert willing partners, Indigenous and local leaders and a bespoke ‘Living Lab’ activation model.

Connecting the dots

Activating and demonstrating: creating scalable ‘proof of concept’ through a global network of Living Labs that blend science, technology, and Indigenous knowledge to holistically regenerate landscapes, support communities, and rethink value chains.

Advancing and sharing knowledge: scaling learning-to-action by supporting research, communication and capacity building through leading experts, rigorous scientific frameworks and data and inclusive programmes.

Connecting and facilitating: developing targeted global-to-local partnerships, to advocate for, and advance, global efforts working on the circular bioeconomy, through a diverse network of leading scientists, pioneering corporations, Indigenous communities, campaigning organisations, and public institutions.

Delivering Objectives

Living Labs are core to the charitable mission of the CBA and are the start of a journey towards more resilient communities and regenerative landscapes.

The CBA collaborates with scientists, Indigenous communities, corporates, and local governments to develop Living Labs. These are pilots of nature-first economies, using sustainable value chains to holistically regenerate landscapes and power prosperity in the local community.

Each Living Lab uses a landscape restoration project as the starting point to catalyze the development of circular bioeconomy value chains while restoring biodiversity and local livelihoods. We aim to create a ‘proof of concept’, scaling learning from our Living Labs by supporting research and capacity building through rigorous scientific, economic, financial and policy frameworks, blueprints and tools, underpinned by robust principles and data.

Flagship CBA Event launched new initiatives

We invited 100 business leaders, scientists and indigenous leaders from across the world to come together to accelerate the move towards a nature-first economy, at an event at St James’s Palace London in November 2024. The event marked the UK launch of the CBA, and focused on how communities and industries such as fashion, food and pharma can embrace new nature-based approaches. A reception hosted by The King followed the event.

Two new pioneering Living Labs (see below) were announced at the event. Other new initiatives launched included educational initiatives in the Amazon and Australia, bio-architecture in Bhutan,

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

as well as continuing work building resilient landscapes, communities and value chains in Africa and Europe.

We launched our inaugural living lab in 2024 in India, the CBA Himalayan Regenerative Fashion Living Lab . This Living Lab aims to support herder communities to produce regenerative pashmina – fibre that is not only of exceptional quality but also nurtures the land and the people who depend on it. This is supported by Brunello Cucinelli.

We also launched the CBA Living Lab for medicinal plants in Italy , supported by Aboca. The Living Lab will test agroforestry-based medicinal plant production and landscape resilience in central Italy, scientifically assessing biodiversity, carbon sequestration, and soil health, as well as socio-economic implications.

Other Charitable Activities

The flagship CBA event also marked the launch of the Sir Evelyn de Rothschild Fellowship for Reimagining Nature Finance and Inclusive Capitalism, in collaboration with the ERANDA Rothschild Foundation. The Fellowship explores innovative financial and policy frameworks to support the transition towards a circular bioeconomy, delivering both cutting-edge insights and practical, actionable solutions.

Work continued on the Wildfire-Resilient Landscapes Network , launched in 2023, which brings together Indigenous and scientific knowledge to develop Living Labs that demonstrate how to create resilient landscapes to deal with the increasing problem of wildfires in fire-prone areas of the world.

We also conducted a feasibility study for an African Fashion Project funded by the King Charles III Charitable Fund. The Feasibility Study outlined the potential social economic, cultural, and environmental benefits to local communities in Africa, including assessing the sustainability of materials used in the manufacturing process of garments.

Grants

During the 2024/25 financial year, the CBA awarded grants totalling £22,128. This includes £10,000 to the Amazon Sacred Headwaters Alliance to support six students at the Living School of the Amazon (EVA) (2023/24: £4,058). $10,000 was awarded to Arcos ANAES in 2024/25 for the purpose of restoring biodiversity and putting nature back into the African economy and community livelihoods.

Advocacy and Engagement

We freely make available and actively promote our charitable activities to the widest audiences. We hope that the ‘Living Labs’ will serve as a blueprint for many other organisations to adopt.

The CBA published a paper calling for urgent guidelines for biodiversity credit schemes, Biodiversity Credits Under the Microscope, by Sven Wunder. The CBA paper set out ten important principles to ensure the integrity and successful implementation of a biodiversity credits market, ahead of COP16 in Colombia.

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

The CBA joined the Sustainable Agriculture Network (SAN) global impact network. SAN’s collaborative network unites expertise, innovation, and community-driven approaches to accelerate the transformation of agriculture and land-use systems toward sustainability and equity. The collaboration between SAN and CBA reflects a shared commitment to building systems that empower communities, restore ecosystems, and address global challenges through sustainable solutions.

Our CEO, Marc Palahi, in a keynote speech at Building a Planetary Solution: Regenerative Architectural Strategies for a Planet in Crisis at the Yale School of Architecture, highlighted the need to rethink urbanisation. “Reimagining our cities is a fundamental step to creating a new economy that is powered by nature and prospers in symbiosis with nature “, he said. By 2050, two-thirds of the world’s population will live in cities. Cities contribute more than two-thirds of global emissions – and the way we build and design our urban spaces today will determine the future of our planet.

Affiliate Member Network

One of the strengths of the CBA is its network of 67 Affiliate Members that support us to deliver CBA projects and activities. Affiliate Members span sectors and geographic regions, and include non-profits, project developers, governmental organisations, consulting or advisory organisations, academic institutions as well as organisations from the financial, fashion, hospitality, architecture and the food and beverage sectors.

Constitution and governance

CBA is constituted as a Charitable Incorporated Organisation (CIO) with a constitution dated 12[th] of September 2023 as its governing document.

The Objects of the CBA as set out in its constitution are as follows:

To promote for the public benefit the conservation, protection, and improvement of the physical and natural environment, in particular, but not exclusively, by the transformation of degraded land into regenerative landscapes that are biodiversity positive and climate neutral.

To promote sustainable development for the benefit of the public by:

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

To advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of nature and the environment and to promote study and research in such subjects provided that the useful results of such research which are disseminated to the public at large.

Sustainable development means “development which meets the needs of the present without compromising the ability of future generations to meet their own needs.”

The CBA constitution states there must be a minimum of three trustees serving on the CBA Board and up to a maximum of nine trustees. A Founder Member may nominate a trustee for consideration by the Board, but Founder Member trustees must remain in the minority of the total number of charity trustees appointed at any one time. It is the Board’s sole discretion to appoint new trustees, who are appointed for a term of three years.

The CBA will make available to each new charity trustee, on or before his or her first appointment, a copy of the constitution and any amendments made to it, as well as a copy of the CBA's latest trustees' annual report and statement of accounts. The CBA will also arrange key meetings with the Executive Team and any key stakeholders as part of the induction of any new trustee. If additional training is highlighted as necessary as part of this process, the CBA will provide the relevant training.

The charity trustees of the CBA have been chosen to help manage the charity through their dedicated years of service and experience with other charitable, government, scientific and business organisations.

In selecting future trustees, the trustees will have regard to the skills, knowledge and experience needed for the effective administration of the CBA.

CBA has a small core team, headquartered in London, with team members across the globe either directly employed by, or engaged through consultancy agreements. We also engage staff through a secondment agreement with the European Forest Institute.

The CBA has dedicated support from its governance committee, the Board of Trustees, and advisory services from the Scientific Advisory Board. Each Board represents a large and diverse range of well-known global leaders and experts in their field.

Day-to day operational control of the CBA is delegated by the Board of Trustees to the Chief Executive Officer and key management personnel listed on page 1, who are responsible for the direction and success of the strategy, in line with CBA’s charitable objects.

Remuneration for key management is set reviewing the skills and experience of the candidate for the role and responsibilities. All positions are benchmarked against similar positions in the sector, however given the technical and international expertise needed for some positions, salary comparison may not be available. Roles and responsibilities are reviewed on an annual basis, and any salary increase will be in accordance with market factors.

6

CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

Currently the role of the Chief Executive Officer is a seconded position from Lombard Odier and is on a part-time basis.

The Board of Trustees remains responsible for ensuring the CBA operates within the legal and financial requirements of a registered charity, for approving long-term objectives and strategy, and approving the annual budget and any material variations.

Trustees do not receive any benefit or payment in connection with their services to the CBA, but travel and subsistence are reimbursed. (2025: £558)

2025/26 Outlook

The CBA is still focused on shaping the charitable activities for future years:

We expect to see momentum on designing and implementing charitable ‘Living Labs’ across the globe.

The CBA will continue to grow additional Fellowship Programmes, looking at thematic areas consistent with our charitable activities.

Other priority areas for the CBA in 2025/26 are a Monitoring and Evaluation platform for the CBA and we continue scoping for grants and research.

Additionally, the CBA has set priorities for underlying operations to ensure the CBA continues as a strong, resilient organisation, as follows:

Grant Making Policy

The Trustees have delegated to the Executive Team the ability to award small grants (under £10,000) to external organisations to further the vision and mission of the CBA.

Fundraising

The CBA is committed to maintaining the highest standards in our fundraising activities. We adhere to the Code of Fundraising Practice and ensure that all our fundraising efforts are ethical and transparent.

The CBA does not have dedicated fundraising support at present; however, all core team members consult with donors and prepare proposals and applications to prospective supporters. The CBA team conducts due diligence of all prospective donors.

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

No 3[rd] party professional fundraisers are used.

Fundraising in the future will target a mix of contributions from various sources, including public and private sources. The funding of charitable ‘Living Labs’ will take priority.

In the reporting period, the CBA raised no funds by fundraising from the general public and has no current plans to do so. Therefore, the CBA has no policy to cover this. However, the CBA has registered with the Fundraising Regulator, and we will ensure that all our activities are conducted in accordance with their standards. We will also provide training to our staff and volunteers to ensure they are aware of and adhere to these regulations.

We respect the privacy of our donors and are committed to protecting their personal information. We comply with the General Data Protection Regulation (GDPR) and ensure that all donor data is securely stored and used only for the purposes for which it was collected.

We value feedback from our supporters and take any complaints seriously. We have a clear process for handling complaints, and we strive to resolve any issues promptly and fairly. During the year, we received no complaints (2024: None).

Risk Management

The CBA, with the considerable and diverse experience within its staff and governance structure, is well placed to deliver on its aims. Although no steps can be taken to secure all risks, the Trustees are aware of the risk factors involved in the CBA’s work.

In common with other charities dependant on donated income, one ongoing risk is that the CBA is unable to secure sufficient funding to deliver its strategy. This is an area of significant Board and management focus and action. Securing funding for our ‘Living Labs’ is of the highest priority.

As an organisation with a highly scientific and technical focus, a further risk is the ability both to secure and retain skilled staff. The CBA mitigates this through remuneration and pathways for growth. The CBA has also put in place agreements for secondments from respected organisations and grown a diverse pool of consultants to provide specialist input.

The Trustees and management are also conscious of reputational risk to the CBA and close stakeholders by its own actions or associated members. This is mitigated through external communications and the current and future working partners we align ourselves with.

Financial Review

Total consolidated income for the period was £1,118,634 (2024: £3,024,255 (CBA only)), made up of donations for our Living Labs and trading income generated by the wholly owned subsidiary the Circular Bioeconomy Alliance Advisors Ltd (CBAA).

Group expenditure on all activities for the period was £1,156,005 (2024: £324,508), which includes support and governance costs of £426,767 (2024: £198,186).

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

The charity’s group reserves at the year-end were £2,662,376 (2024: £2,699,747), which consisted of £2,282,621 (2024: £2,698,594) in general unrestricted funds, £377,781 (2024: NIL) in restricted funds, and £1,974 (2024: £1,153) in designated funds which relates to a tangible fixed asset fund.

Reserves Policy

The Trustees recognise the need to have sufficient unrestricted funds held as a reserve to ensure the underlying stability should the CBA face an unexpected decline in income, unexpected cost increase, or the need to respond to a change in its environment.

The level of free reserves that the Trustees believe to be appropriate and sufficient to fulfil its core commitments is defined as free reserves equivalent to circa three months of running costs, currently this is less than £200,000.

The level of free reserves at 31 March 2025 stands at £2,282,621, or approximately 11.4 months of running costs. This reflects the cycle of receipts of donations in our first year.

The CBA expects reserves to reduce over time and to be applied to charitable activities. At present, however, a higher level of reserves is being retained to support the CBA’s start-up activities.

Public Benefit

The Trustees have considered the Charity Commission’s guidance on public benefit under the Charities Act 2011, and this report sets out the work performed by the CIO in furtherance of the public benefit.

Subsidiary – Circular Bioeconomy Alliance Advisors Ltd

A trading subsidiary was incorporated on 7 November 2023 named the Circular Bioeconomy Alliance Advisors Ltd (CBAA). CBAA started trading within the 2024/25 period and forms part of these consolidated accounts.

CBAA was established to provide consultancy services to organisations based on the experience of the CBA.

Income for the year was £440,778 (2024:NIL) and expenditure was £363,154 (2024:NIL).

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CIRCULAR BIOECONOMY ALLIANCE REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025

Trustees’ responsibilities statement

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Provision of information to the auditor

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

On behalf of the board

Dame Amelia Fawcett Trustee (Chair) 19[th] of January 2026

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CIRCULAR BIOECONOMY ALLIANCE INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Circular Bioeconomy Alliance (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, consolidated balance sheet, charity balance sheet and consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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CIRCULAR BIOECONOMY ALLIANCE INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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CIRCULAR BIOECONOMY ALLIANCE INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with trustees and updating our understanding of the sector in which the group and parent charity operates.

Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries

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CIRCULAR BIOECONOMY ALLIANCE INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS (continued) FOR THE YEAR ENDED 31 MARCH 2025

and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 parent charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity trustees 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 parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

71 Queen Victoria Street London EC4V 4BE

Statutory Auditors Date: 23 January 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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CIRCULAR BIOECONOMY ALLIANCE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

___________________

Note
Income:
Donations and legacies
2
Other trading activities
3
Total Income
Expenditure:
Charitable activities
4
Raising Funds
5
Total expenditure
Net (expenditure)/income
Net movement in funds for the
period
Total funds brought forward
Total funds carried forward
11		 12 months
2025
Unrestricted
Restricted
Total
Funds
£
£
£
45,500
632,356
677,856
440,778
-
440,778
486,278
632,356
1,118,634
565,536
254,575
820,111
335,894
-
335,894
901,430
254,575
1,156,005
(415,152)
377,781
(37,371)
(415,152)
377,781
(37,371)
2,699,747
-
2,699,747
2,284,595
377,781
2,662,376		 7 months
2024
Total &
Unrestricted
Funds
£
3,024,255
-
3,024,255
322,804
1,704
324,508
2,699,747
2,699,747
-
2,699,747

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

The notes on pages 19 to 30 form part of these financial statements.

15

CIRCULAR BIOECONOMY ALLIANCE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed Assets
Tangible Fixed Assets
8
Current assets
Cash at bank and in hand
Prepayments and other debtors
9
Liabilities
Creditors: amounts falling due
within one year
10
Net current assets
Net assets
Funds
Unrestricted funds
General funds
11
Designated funds
11

Restricted funds
11
Total funds		 2025
£
1,974
1,974
2,765,635
312,080
3,077,715
(417,313)
2,660,402
2,662,376
2,282,621
1,974
2,284,595
377,781
2,662,376		 2024
£
1,153
1,153
2,875,223
11,554
2,886,777
(188,183)
2,698,594
2,699,747
2,698,594
1,153
2,699,747
-
2,699,747

16

CIRCULAR BIOECONOMY ALLIANCE CHARITY BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed Assets
Investment in Subsidiary
7
Tangible Fixed Assets
8
Current assets
Cash at bank and in hand
Prepayments and other debtors
9
Liabilities
Creditors: amounts falling due
within one year
10
Net current assets
Net assets
Funds
Unrestricted funds
General funds
11
Designated funds
11
Restricted funds
11
Total funds		 2025
£
10
1,974
1,984
2,530,342
135,638
2,665,980
(83,212)
2,582,768
2,584,752
2,204,997
1,974
2,206,971
377,781
2,584,752		 2024
£
10
1,153
1,163
2,875,223
11,554
2,886,777
(188,193)
2,698,584
2,699,747
2,698,594
1,153
2,699,747
-
2,699,747

The notes on pages 19 to 30 form part of these financial statements.

Approved and authorised for issue on behalf of the Trustees by:

On behalf of the board

Dame Amelia Fawcett Trustee (Chair) 19[th] of January 2026

17

CIRCULAR BIOECONOMY ALLIANCE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
14
Cash flow from Investing activities:
Purchase of Fixed Asset
Net Cash used in investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 2025
2024
£
£
(108,255)
2,876,457
(1,333)
(1,234)
(1,333)
(1,234)
(109,588)
2,875,223
2,875,223
-
2,765,635
2,875,223

18

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

Circular Bioeconomy Alliance is a charitable incorporated organisation (CIO) registered with the Charity Commission for England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

The principal accounting policies adopted, judgements and key sources of estimating uncertainty in the preparation of the financial statements are as follows:

1.1 Accounting convention

Basis of preparation

The financial statements cover the 12-month period ended 31[st] March 2025. The comparative figures, including the related notes, were for the first period of operation. They cover a 7-month period and are therefore not entirely comparable.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and applicable charity law for England and Wales. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Circular Bioeconomy Alliance meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at the historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are prepared in sterling, which is the financial currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements of Circular Bioeconomy Alliance and its subsidiary, Circular Bioeconomy Alliance Advisors Limited, are consolidated on a line-by-line basis to produce the Group financial statements. The consolidated entity if referred to as ‘The Group”.

1.2

Going concern

The Trustees and management of the Circular Bioeconomy Alliance have assessed the charity’s ability to continue as a going concern. As of 31[st] March 2025, we have unrestricted reserves of £2,284,595, which significantly exceed our operating expenses for the next 12 months.

19

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Key considerations in our assessment include:

In light of the above, we believe that the group of Circular Bioeconomy Alliance and Circular Bioeconomy Alliance Advisors is a going concern. We have not identified any material uncertainties that would impact our ability to continue operating.

1.3

Income

1.3.1 Donations and gifts

Income is recognised in the period in which there is probability of receipt, the charity is entitled to receipt and the amount can be measured with reasonable certainty.

1.3.2 Gifts in Kind

Donated goods or services are included in the Statement of Financial Activities as both income and expenditure at a value estimated by the Trustees based on their value to the charity, where it can be reliably estimated.

1.4 Expenditure

Expenditure is included on an accruals basis including irrecoverable VAT. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure.

1.4.1 Grants

The value of grants is recognised in full as expenditure in the period when the Charity creates a legal or constructive obligation, even where they may be multi-year in nature. Typically, this arises when an unconditional grant offer has been communicated to the recipient. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant.

Governance costs are the costs involved in the constitutional and strategic matters of running the Charity as a legal entity.

Other direct and support costs are allocated to the appropriate activity as the cost is incurred.

20

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1.5. Funds

Restricted funds are funds received where the donor has indicated that they can only be spent on specific projects.

Foreign currency translation

Tangible Fixed Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

Depreciation is charged as to write of the cost of assets over their estimated useful lives, as follows.

Asset Class

Depreciation Method and Rate

Office Equipment 33.33% Straight Line

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the period.

1.10. Areas of judgement and uncertainties

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions. These are based on historical experience and other relevant factors.

The estimates and underlying assumptions are reviewed on an ongoing basis.

In the opinion of the trustees there are no critical estimates or judgements that have affected the financial position at year end.

21

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

2. Donations and Legacies

ing Activities
CBAA Trading Revenue
Donations
Donated Services		 12 months
2025
£
440,778
440,778
12 months
2025
£
632,356
45,500
677,856		 7 months
2024
£
3,000,000
24,255
3,024,255
7 months
2024
£
-
-

3. Other Trading Activities

4. Charitable Expenditure

Living Labs & Other
Charitable Activities
Other Grant Making
Advocacy
Event Costs
Consultancy Costs
Support & Governance Costs
(2024)
Total		 12 months
7 months
2025
2024
£
£
£
£
£
Direct Costs
Grant
Making
(note 4b)
Support &
Governance
(note 4a)
Total
Total
254,575
-
278,466
533,041
-
-
22,128
24,205
46,333
4,058
67,667
-
74,018
141,685
43,507
45,782
-
50,078
95,860
-
3,192
-
-
3,192
-
-
-
-
-
275,239
371,216
22,128
426,767
820,111
322,804

Support and Governance costs, including Staff Costs, have been allocated proportionately against Grants and Programme Expenditure, Advocacy and events costs, based on their percentage of overall expenses in the period. The 2024 values were not allocated as such and have been separated above.

Governance costs include audit fees set out below and legal fees in relation to the setup of the charity.

22

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

4a. Support and Governance Expenditure

Support costs
Fundraising
Programme Exp.
External Comms
Events
Depreciation
Support Total
Governance Costs
Staff Costs
Due Diligence
Immigration Advice
Audit
IP
Memberships
Governance Total
Total		 12 months
2025
£
£
£
£
£
£
Adminis
tration
Travel &
Entertainment
Legal &
Professional
Staff
Costs
Finance &
Other
Expenses
Total
17,650
17,218
71,391
96,158
1,327
203,743
-
5,249
-
-
60
5,309
-
326
(74)
76,558
4,634
81,444
-
1,889
-
1,654
229
3,772
-
60
-
8,500
-
8,560
45
43
179
242
3
512
17,695
24,785
71,496
183,112
6,253
303,341
-
-
-
66,297
-
66,297
-
-
6,692
-
-
6,692
-
-
25,754
-
-
25,754
-
-
20,040
-
-
20,040
-
-
3,337
-
-
3,337
-
-
1,306
-
-
1,306
-
-
57,129
66,297
-
123,426
17,695
24,785
128,625
249,409
6,253
426,767
Support costs
Programme Exp.
External Comms
Depreciation
Support Total
Governance Costs
Staff Costs
Legal Fees
Trustee Relations
Audit
Governance Total
Total		 7 months
2024
£
£
£
£
£
£
Adminis
tration
Travel &
Entertainment
Legal &
Professional
Staff
Costs
Finance &
Other
Expenses
Total
10,225
875
90,876
74,425
-
176,401
-
4,338
-
13,333
-
17,671
-
2,171
-
-
-
2,171
4
3
59
14
-
80
10,229
7,387
90,935
87,772
-
196,323
-
-
-
4,850
-
4,850
-
-
55,448
-
-
55,448
-
738
-
-
-
738
-
-
17,880
-
-
17,880
-
738
73,328
4,850
-
78,916
10,229
8,125
164,263
92,622
-
275,239

23

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Net income / (expenditure) is stated after charging:

Auditors’ remuneration (inclusive of VAT)
4b.
Grants Given
Grants to Institutions
Amazon Sacred Headwaters Alliance
Other Grants (<£10,000)		 12 months
2025
£
20,040
12 months
2025
£
10,000
12,128
22,128		 7 months
2024
£
17,880
7 months
2024
£
4,058
-
4,058

5. Raising Funds Expenditure

CBAA Trading Expenditure
CBA Fundraising Costs
Total		 12 months
2025
£
Total
330,585
5,309
335,894		 7 months
2024
£
Total
-
1,704
1,704

6. Staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff Costs were as follows:

Salaries and Wages
Social Security Costs
Employer’s Contribution to defined contribution pension schemes
Temporary and other Staff Costs
Gift in Kind (note 13)
Seconded Staff
Indirect Cost Allocation to Programme Expenditure
Total Staff Costs		 12 months
7 months
2025
2024
£
£
164,287
55,224
18,408
2,203
18,383
917
311
297
45,500
20,634
246,889
79,275
67,943
13,333
(65,665)
-
249,167
92,608

24

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

The number of employees during the year receiving benefits (excluding employer NI and employer pension contributions) above £60,000 were as follows:

Number of Employees
2025 2024
£70,001 - £80,000 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel payable by the charity were £145,513 (2024: £42,434)

The average number of employees (head count based on number of staff employed) during the period was 2 (2024: 2).

Trustees are not remunerated. During the period, the CBA reimbursed 1 trustee £558 in relation to travel and subsistence (2024: £NIL).

7. Investment

On the 7[th] of November 2023, the charity set up a 100% owned Subsidiary, Circular Bioeconomy Alliance Advisors Limited (company registration number 15267318). The company’s principal activity during the year was to carry on the activities and services that support the mission and vision of the parent charity, as agreed by the Directors.

The company was dormant in the period ended 31 March 2024

Capital and Reserves of the charity at 31 March 2025 were £10.

This balance is removed upon consolidation.

The Circular Bioeconomy Alliance Advisors Limited had a trading result in the period ending 31[st] March 2025 of £77,624

Note
Income
3
Expenditure
5
Result		 £
440,779
(363,155)
77,624

The Circular Bioeconomy Alliance Advisors Limited will donate all its profits to the Charity under the Gift Aid scheme. This payment represents the full distributable profits of the company for the period and is made within nine months of the company’s yearend in accordance with HMRC requirements.

25

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

8. Tangible Fixed Assets (Group & Charity)

Cost
At the start of the period
Additions in the period
At the end of the period
Depreciation
At the start of the period
Charge for the year
At the end of the period
Net Book value at the end of the period
At the start of the period		 £
Office
Equipment
1,234
1,333
2,567
81
512
593
1,974
1,153		 £
Total
1,234
1,333
2,567
81
512
593
1,974
1,153

9. Debtors: amounts receivable within one year

GROUP:

Prepayments
Trade Debtors
CHARITY:
Prepayments
Due from Subsidiary
10. Creditors: amounts due within one year
GROUP:
Accruals
Trade Creditors
Taxation & Social Security
Other creditors		 2025
£
12,245
299,835		 2024
£
11,554
-
312,080 11,554
2025
£
12,246
123,392		 2024
£
11,554
-
135,638 11,554
2025
£
270,444
91,394
52,277
3,198
417,313		 2024
£
100,010
84,671
2,585
917
188,183

26

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

CHARITY:

Accruals
Trade Creditors
Taxation & Social Security
Other creditors		 2025
£
65,038
3,751
11,215
3,208
83,212		 2024
£
100,010
84,671
2,585
927
188,193

11. Funds

GROUP:

2025
Unrestricted funds
General funds
Designated funds
Restricted funds
Total funds
CHARITY:
2025
Unrestricted funds
General funds
Designated funds
Restricted funds
Total funds
GROUP & CHARITY
2024
Unrestricted funds
General funds
Designated funds
Restricted funds
Total funds		 Funds b/fwd
Incoming
resources
Resources
expended
Gains/
(Losses)/
Transfer
Funds
c/fwd
£
£
£
£
£
2,698,594
486,278
(900,918)
(1,333)
2,282,621
1,153
-
(512)
1,333
1,974

-
632,356
(254,575)
-
377,781
2,699,747
1,118,634
(1,156,005)
-
2,662,376
Funds b/fwd
Incoming
resources
Resources
expended
Gains/
(Losses)/
Transfer
Funds
c/fwd
£
£
£
£
£
2,698,594
78,069
(570,333)
(1,333)
2,204,997
1,153
-
(512)
1,333
1,974

-
632,356
(254,575)
-
377,781
2,699,747
710,425
(825,420)
-
2,584,752
Funds b/fwd
Incoming
resources
Resources
expended
Gains/
(Losses)/
Transfer
Funds
c/fwd
£
£
£
£
£
-
3,024,255
(324,427)
(1,234)
2,698,594
-
-
(81)
1,234
1,153

-
-
-
-
3,024,244
(324,508)
-
2,669,747

27

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

Purpose of Designated Funds

To identify net funds held as fixed assets used in the organisation’s operations, which are not therefore available for working capital.

Purpose of Restricted Funds:

2025
ABOCA
African Fashion
Pashmina Landscape
Sir Evelyn Fellowship
Nature AI Fellowship
Wild Herb Sanctuary
TOTAL		 Opening
Balance
Income
Expenditure
Closing
Balance
£
£
£
-
57,955
51,440
6,515
-
40,000
40,000
-
-
214,401
61,885
152,516
-
300,000
101,250
198,750
-
10,000
-
10,000
-
10,000
-
10,000
-
632,356
254,575
377,781

There was no restricted funds balance in 2024.

ABOCA - Developing an agroforestry-based CBA Living Lab: A blueprint for the health industry in Italy. The aim of the CBA Living Lab project is 'Developing a living lab for medicinal plants in Italy' to test and scientifically evaluate agroforestry-based medicinal plant production and landscape resilience in central Italy.

African Fashion - This Feasibility Study is an assessment of the practical and potential success of an African Fashion Project. The Feasibility Study will also outline the potential social economic, cultural, and environmental benefits to local communities in Africa, including assessing the sustainability of materials used in the manufacturing process of garments.

Pashmina Landscape - The aim of this CBA Living Lab is to support local communities of Ladakh in the restoration and future management of Pashmina ecosystems (grassland/pastureland), while building capacity and creating an enabling environment along the cashmere value chain to ensure its scalability as well as socio-economic and environmental sustainability.

Sir Evelyn de Rothschild Fellowship – A Fellowship program established by the CBA focused on reforms and practices that will unlock private and public financing and resources to develop more inclusive, sustainable, and nature-positive economic systems for Reimagining Nature Finance and Inclusive Capitalism. This Fellowship seeks to pioneer a new understanding of how nature finance can catalyze transformative economic change to address the pressing social, economic, and environmental challenges of our time.

Nature AI Fellowship – The CBA wants to establish a Nature AI Fellowship (the "Fellowship") that links nature, finance, and AI capabilities in creating an AI tool which supports the

28

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

monitoring and evaluation of the CBA principles in projects. The CBA recognises that AI technology is vital in reporting and wants the Fellowship to be a global leader in this specific field.

Wild Herb Sanctuary - A CBA Living Lab in Wild Herbs established in 2024/25. The wild herbs project is highly relevant for its biological, environmental, and cultural value.

12. Analysis of net assets by fund

GROUP:
2025
Funds
Unrestricted funds
General funds
Designated funds
Restricted funds
CHARITY:
2025
Funds
Unrestricted funds
General funds
Designated funds
Restricted funds
GROUP & CHARITY
2024
Funds
Unrestricted funds
General funds
Designated funds
Restricted funds		 Fixed
Assets
Net Current
Assets/(Liabilities)
Creditors >
1 year
Total
£
£
£
£
-
2,282,621
-
2,282,621
1,974
-
-
1,974
-
377,781
-
377,781
1,974
2,660,402
-
2,662,376
Fixed
Assets
Net Current
Assets/(Liabilities)
Creditors >
1 year
Total
£
£
£
£
-
2,204,997
-
2,204,997
1,974
-
-
1,974
-
377,781
-
377,781
1,974
2,582,778
-
2,584,752
Fixed
Assets
Net Current
Assets/(Liabilities)
Creditors >
1 year
Total
£
£
£
£
-
10
2,698,584
-
2,698,594
1,153
-
-
1,153
-
-
-
-
1,163
2,698,584
-
2,699,747

29

CIRCULAR BIOECONOMY ALLIANCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

13. Related Party

Mark Palahi, Circular Bioeconomy Alliance’s Chief Executive Officer, was employed by Lombard Odier during the period, and seconded to the charity on a part time pro bono basis. A gift in kind of £37,000 is included in these accounts to reflect the trustees’ best estimate of the value to the charity of Marc’s time (2024: £20,634). Kitty Parker Brookes was also seconded to the CBA from Lombard Odier on a project basis, to help manage and support the CBA Flagship Event, a gift in kind valued at £8,500 (2024: £0)

At the end of the period there is an intercompany balance of £123,392, owed by CBAA to the Charity (2024: £10).

Transactions between the Charity and CBAA during the year were:

Recharged expenses
Payments made on CBAA’s behalf		 £
32,569
90,823
123,392

14. Reconciliation of net movement in funds to net cash flow from operating activities.

GROUP:

Net (expenditure)/income for the reporting period (as
per the statement of financial activities)
Adjustments for:
Increase in debtors
Increase in creditors
Increase/(decrease) in Depreciation
Net cash (used in)/provided by operating activities		 2025
2024
£
£
(37,371)
2,699,747
(300,526)
(11,554)
229,130
188,183
512
81
(108,255)
2,876,457

15. Analysis of changes in Net Funds

GROUP:

UP:
At Start of Cashflows At end of
Period Period
£ £ £
Cash in hand 2,875,223 (109,588) 2,765,635

30