**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.
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## **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.
- _**Balmy Army Exhibition**_ **(** May to October 2024) showcasing artworks and research materials in public spaces at Contact. A series of workshops supported Balmy Army young people to develop and plan the exhibition, and an exhibition launch event (25 July 2024) was met with strongly positive feedback including: “Love the stories that are being told”, and “Really important work”. The evening extended well beyond its scheduled end time, reflecting audiences’ deep connection to the work.
- _**The Bipolar Express**_ (December 2024) Balmy Army presented a not-so-Christmas show filled with raw honesty, humour, poetry, rage, tenderness, and joy. The performance brought together work developed by young participants, framed as a ‘wonky, tender, silly, sad, ragey, and beautiful’ ride through the realities of mental health care and lived experience. With accessible spaces, quiet areas, and sensory supports, the event embodied the Balmy Army ethos of mutual care and inclusivity.
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.
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## **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.
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## **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:
- Contributing to the Scottish Mental Health Arts Festival’s _Performing Anxiety_ resource - a good practice guide for creating live work about mental health, offering insights from artists with lived experience.
- Teaching on the Queen Mary's MSc Creative Arts and Mental Health, for the 'Critical Encounters in Arts and Mental Health' module.
- Supporting Arts Council England’s staff training on young people’s mental health and creativity.
- Contributing to AHRC network meetings, bringing together mental health academics and lived experience activists from the UK, Ghana, and Indonesia.
## **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.
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## **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 ........................
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## **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:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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: ......����������......................
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## **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.
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## **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)
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## **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.
- 9 -
## **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.
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## **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|-|-|
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## **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|
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## **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.
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## **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|
|||
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## **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.
- 15 -