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2025-03-31-accounts

Charity registration number 1207598 (England and Wales) Company registration number 11777208

MADLOVE LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

MADLOVE LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Joon-Lynn Goh Lois Keidan Gillian Lloyd Caroline Moore Pelin Harrison (Appointed 17 July 2024) Senior management Catherine Herbert Executive Director James Leadbitter Artistic Director Charity number (England and Wales) 1207598 Company number 11777208 Principal address 37 Laleham Road Margate Kent CT9 3QA Registered office Austin House 43 Poole Road Bournemouth Dorset England BH4 9DN Independent examiner Streets Rowlands Webster Austin House 43 Poole Road Bournemouth Dorset England BH4 9DN

MADLOVE LTD

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 15

MADLOVE LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006 present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

To promote art for the public benefit through the development and creation of different art forms, such as, photography, painting, drawing, performance, sculpture, installation, film, and video, with a specific focus on mental health and the impact of mental health from an individual and social perspective.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

Our activities extend out from the artistic practice of the vacuum cleaner - the name of artist and activist James Leadbitter, who makes candid, provocative and playful work. Over recent years he has established groundbreaking projects with ���n������ young people around mental health, with some of the world's most prestigious galleries and festivals.

His work combines madpride, disability justice organising, direct action and deep ecology, but always with lightness and silliness. He often works with large groups including young artists aged 10 to 25 years, health professionals, and different communities. His art and activism aims to challenge - and change - how mental health is understood, treated and experienced.

With roots in activism and radical art, the vacuum cleaner has created one- man interventions and large-scale actions as well as performance, installation and film. His work has been commissioned and presented by prestigious galleries and festivals in the UK and internationally, including Manchester International Festival, Wellcome Collection, Whitechapel Gallery, Chisenhale Gallery, Migros Museum Zurich, National Gallery of Indonesia, as well as within NHS settings including Great Ormond Street Hospital and Broadmoor Hospital.

MADLOVE LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

BALMY ARMY

Originally commissioned for HOME and Manchester International Festival 2023, Balmy Army is an art, activism, mutual care, and mental health project led by the vacuum cleaner. Balmy Army uses art to support young people, aged 12 - 25 years, impacted by systemic failures in mental health care, and living with complex mental health challenges and other intersecting oppressions. Balmy Army works in slow, safer, joyful and silly ways to imagine and make real a simpler, kinder, easier to access mental health support and care.

Balmy Ukraine

Madlove secured a British Council International Collaborations grant to work with Independent Cultural Initiatives Go and Art Therapy Force (Ukrainian NGOs) to deliver a pilot collaborative art, activism and mental health film project in Ukraine. The process is a

new collaboration between British and Ukrainian artists with Ukrainian young people living near to the front line. The project aims to make spaces of mutual care that enable us to co-author a new video artwork, addressing the question: “From the normal to what has been normalised, from the mundane to the extreme: How do young people want to talk about what they are going through?”

In March 2025, the vacuum cleaner, with producer Jenna Omeltschenko, led a four-day training residency in Lviv, Ukraine, focusing on trauma-informed social practice and facilitation for five early-career Ukrainian artists. They then led five days of creative sessions towards a new co-created film with young people affected by the full-scale invasion of Ukraine. Subsequent weekly online sessions, held from April to June, enabled the young people to complete their film. The finished film - This is also Ukraine - will premiere at the Manchester International Festival (MIF) in July 2025, and in film festivals and community screenings in Ukraine. The project continues into 2025/26.

Balmy Army Manchester

Working with artist/facilitators Evyn Seaton-Mooney and Toni-Dee Paul, Balmy Army Manchester, a group of young people aged 16-25 years, was hosted by Contact, a specialist arts venue and theatre for young people based in Manchester city centre.

Factory International invited the vacuum cleaner to present new works at Manchester International Festival (MIF in July 2025. To support the young people to co-create new works for the festival, the vacuum cleaner led a series of creative Balmy Army sessions, between January and March 2025.

MADLOVE LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2.8 MILLION MINDS - EVALUATION

The evaluation of the 2.8 Million Minds project took place in 2024/25, with learning from this shaping the organisation’s practice, and insights from the project’s reflection and learning sessions shared with partners.

In June 2024, the vacuum cleaner and six young people from the 2.8 Million Minds project delivered a keynote lecture at Queen Mary University of London, part of the Insider // Outsider: PsychArt x MadHearts 2024 conference. The young people shared original writing, ideas, and provocations and contributed to a Q&A for an audience of seventy trainee psychologists and mental health professionals, offering direct insight into how mental health support can be made more accessible and compassionate.

OPEN SCHOOL EAST (OSE) COLLABORATION - FINAL EXHIBITION

Initiated in 2023/24, this collaboration was a year-long programme of socially engaged art practices in local arts & health settings, training OSE Associates (a cohort of artists looking to expand their practice) to work with people at The Beacon Centre, an outpatient unit for adults with mental health disabilities.

Their final show, hosted at OSE, took place in June 2024, offering a platform for public engagement and dialogue. As a result of the project, connections were established between OSE, The Beacon Centre, AIR (Art in Ramsgate), Madlove, and a wider network of local artists and health providers. Madlove has continued to support AIR in their development and fundraising.

MOVEMENTS

A new project titled Movements established in collaboration with sociologist and theatre-maker Monika Truong, working towards a performance which will take place at Gessnerallee in Zurich in 2025/6. Invited to join the project as Dramaturg, the vacuum cleaner attended rehearsals in Zurich in January and February 2024, alongside online support. The piece explores how social movements begin, examining the intersection of collective energy, media, and personal agency. The cast and creative team from Zurich, Berlin, and New York bring together diverse practices across theatre, dance, visual arts, activism, literature, film and live art.

FOR THEY LET IN THE LIGHT- EXHIBITION IN CANADA

A new exhibition of work from For The Let in The Light was presented in large-scale public light boxes at Blackwood Gallery, Toronto, as part of their programme The Whole World In Our Hands . The installation, which ran for four months from September 2024 to January 2025, provided high visibility in public space, reaching an estimated 10,000 visitors, and twelve university courses integrated the programme into their curriculum, reaching 500 students.

MADLOVE: A DESIGNER ASYLUM - EXHIBITION IN LATVIA

A new exhibition of Madlove: A Designer Asylum was presented at the National Library of Latvia, in Riga, including an exhibition of drawings, and film exhibit, achieving an estimated 15,400 visits. Madlove: A Designer Asylum is a long term project that blends research, design, building and exhibitions to reimagine mental health support and spaces.

OH MY GOSH, YOU’RE WELLCOME… KITTEN - 10 YEAR EXHIBITION

Oh My GOSH, You’re Wellcome… Kitten was installed in 2019 as part of Wellcome's ongoing Being Human permanent exhibition, which is scheduled to run until 2029. This exhibition, open to the public throughout 2024/25, explores what it means to be human in the 21st century, addressing our hopes and fears regarding new medical knowledge and our evolving relationships with ourselves, each other, and the world.

EXPOSURE - ACQUISITION INTO THE WELLCOME COLLECTION

In 2020/21, The Wellcome Trust commissioned EXPOSURE for the Wellcome Collection; a series of contemporary film portraits, focusing on health professionals who worked in and around Newham University Hospital during the first wave. Shot in a conversational, DIY format in the artist's studio, these films expose the complex reality of the workers' experiences; the moral struggles, mental health challenges, and frustrations faced by health workers. Work continued in 2024/25 to deliver the filmed portraits and related archival materials and transcripts. Final acquisition will take place in 2025/26.

MADLOVE LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

SHARING LEARNING

This year, the vacuum cleaner delivered a programme of artist talks, training, teaching, writing, and campaigning. A key focus was on cross-sector events (health, arts, education) to engage policymakers, researchers, mental health practitioners, and decision-makers, to improve mental health provision for young people.

In 2024/25 this included:

Financial review

2024/25 was a challenging year with income of £231,877 (2023/24 £309,353) and expenditure of £272,889 (2023/24 £299,511). Work has since taken taken place to restructure both staff and activities, and the 2025/6 financial year looks positive.

Key funding and commissioning partners in 2024/25 included: Arts Council England - National Portfolio, The British Council, Wellcome Trust, Baring Foundation, Unlimited.

Reserves policy

The trustees have set a reserves policy which requires reserves be maintained at a level which ensures that Madlove’s core activity could continue during a period of unforeseen difficulty; and a proportion of reserves be maintained in a readily realisable form. The calculation of the required level of reserves is an integral part of the organisation's planning, budget and forecast cycle. It takes into account: risks associated with income and expenditure streams; planned activity level; and organisational commitments. This level of unrestricted designated reserve was £27,166 as at 31 March 2025. The reserve level has not been met, however the 25/26 budget is positive and stratagies are in place to rebuild the organisations reserve.

Risk Management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A strategic risk register is in place and this is reviewed at board meetings. Our key risk is financial; raising income under increased competition, mitigated through ongoing applications to diversified sources of funding and quarterly reporting of management accounts, balance sheet and cash flow forecast to trustees and our main funder, Arts Council England.

MADLOVE LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Joon-Lynn Goh Lois Keidan Gillian Lloyd Caroline Moore Pelin Harrison

(Appointed 17 July 2024)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Organisational structure

The charity, registered with the Charity Commission, is governed by its Memorandum and Articles of Association incorporated 16 August 2023. It is also a company, limited by guarantee, incorporated 21 �anuary 2019. Madlove �td has a Board of Trustees who meet quarterly and are responsible for the strategic direction and policy of the charity. In 2024-25, the Board had five members from a variety of backgrounds and experiences relevant to the work of the charity.

The trustees' report was approved by the Board of Trustees.

.............................. Gillian Lloyd Trustee Date: ..................... 08/12/2025 ........................

MADLOVE LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MADLOVE LTD

I report to the trustees on my examination of the financial statements of Madlove Ltd (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Streets Rowlands Webster

Austin House 43 Poole Road Bournemouth Dorset BH4 9DN England Date: ......����������......................

MADLOVE LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
150,000
69,066
Charitable activities
4
12,811
-
Total income
162,811
69,066
Expenditure on:
Charitable activities
5
202,932
69,066
Total expenditure
202,932
69,066
Net expenditure and movement in funds
(40,121)
-
Reconciliation of funds:
Fund balances at 1 April 2024
30,581
-
Fund balances at 31 March 2025
(9,540)
-		 Total
2025
£
219,066
12,811
231,877
271,998
271,998
(40,121)
30,581
(9,540)

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

MADLOVE LTD

BALANCE SHEET

AS AT 31 MARCH 2025

2025
Notes £ £
Fixed assets
Tangible assets 11 1,991
Current assets
Debtors 12 9,702
Cash at bank and in hand 22,970
32,672
Creditors: amounts falling due within one year 13 (44,203)
Net current liabilities (11,531)
Total assets less current liabilities (9,540)
The funds of the charity
Unrestricted funds 15 (9,540)
(9,540)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on ����������

.............................. Gillian Lloyd Trustee

Company registration number 11777208 (England and Wales)

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Madlove Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Austin House, 43 Poole Road, Bournemouth, Dorset, BH4 9DN, England.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 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.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted
funds funds funds funds
2025 2025 2025
£ £ £ £ £
Grants 150,000 69,066 219,066 - -

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Income from charitable activities

Sale of services
Analysis by fund
Unrestricted funds		 2025
£
12,811
12,811

5 Expenditure on charitable activities

Direct costs
Programme of activity
Share of support and governance costs (see note )
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds
6
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the independent examination of the charity's financial statements
- for tax advisory services
- for other financial services		 2025
£
242,458
28,945
595
271,998
202,932
69,066
271,998
2025
£
960
2,400
1,920

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Auditor's remuneration

Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity
For other services
Taxation compliance services
All other non-audit services		 2025
£
960
2,400
1,920
4,320

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025
Number
4
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025
£
Aggregate compensation 63,498

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11 Tangible fixed assets
Computers
£
Cost
At 1 April 2024 3,466
At 31 March 2025 3,466
Depreciation and impairment
At 1 April 2024 1,475
At 31 March 2025 1,475
Carrying amount
At 31 March 2025 1,991
12 Debtors
2025
Amounts falling due within one year: £
Prepayments and accrued income 9,702
13 Creditors: amounts falling due within one year
2025
Notes £
Other taxation and social security 3,521
Deferred income 14 37,500
Trade creditors 282
Accruals 2,900
44,203

14 Deferred income

Other deferred income 2025
£
37,500
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:		 2025
£
37,500

MADLOVE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Deferred income

Deferred income (Continued)
Deferred income at 1 April 2024 -
Resources deferred in the year 37,500
Deferred income at 31 March 2025 37,500

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
General funds 30,581 162,811 (202,932) (9,540)

16 Related party transactions

There were no disclosable related party transactions during the year ( - none).

17 Cash absorbed by operations

Cash absorbed by operations
Deficit for the year
Movements in working capital:
(Increase) in debtors
Increase in creditors
Increase in deferred income
Cash absorbed by operations		 2025
£
(40,121)
(9,702)
6,703
37,500
(5,620)

18 Analysis of changes in net funds/(debt)

The charity had no material debt during the year.