Charity registratlon numbèr NIC102561 (Northem Iréland) Company ragistration number N1051394 THRIVE AUDIENCE DEVELOPMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THRIVE AUDIENCE DEVELOPMENT LEGALAND ADMINISTRATIVE INFORMATION Trustees MsNMMMajury Mr J P McElrone Ms F N Mellor DrVEP8et Ms L Rea Currie Ms N R Toman Mr M Walker Ms MF Henry Ms E McAleer Mr C Mcmullan Ms C O'connor Ms J Wright (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) Secretary Ms F Bell Charlty numb•r NIC102561 Company number N1051394 Regi8tèrod office Crescent Arts Centre 24 Universty Road Belfast Co Antrim Northern Ireland BT7 1NH Audltor HM Chartered Accountants 6th Floor East Tower Lanyon P18za 8 Lanyon Plac8 Belfast Co. Antrim BT13LP Sollcitor• Edwards & Co Solldiors 28 Hill Street Belfast BT12LA
THRIVE AUDIENCE DEVELOPMENT CONTENTS Page Trustees, report Independent audllofs report Statement of financlal aciivitie8 15 statament of financial p08ition 16 statement of c88h flow8 17 Notes to the financial 8talements 18-27
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are pleased to present their annual Directors, report together with the consolidated finanual statements of the charity for the year ending 31 March 2025, which are also prepared to meet the requirements for a DireGtors' report and acwunts for Companies Act 2006 purposes. The financial statements comply with the ChaTities Act (Nl) 2008, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effedive 1 Jan 2015). Objectives and actlvltles Chairfs report It is a privilege to introduce thrive's Trustee Report for 2024-2025 and report that it continues to makè good progress in its objectives to support the arts and heritage sector in Northern Ireland through the provision of high quality research and analysis. The key focus for thrive thmughout this year has been in the ¢ontinuin9 delivery and growlh of its IMPACT programme of research and analysis. This work, evidencing the value of the arts through its impact on audiences, 18 crltical in the current climate of perpetual cuts or 'standstill' public funding. It has been heartening to witness the growing recognition throughout the sector of Ihe value of thrive's IMPACT work undertaken to date and we are delighted to have received further approbation and practical support from the Arts Council of Northem Ireland to enable u8 to continue thls programme for a fiJrther two years. 2024-2025 was the final year of a thretryear strategic plan. Given the SUc$S of IMPACT in delivering thrive's objectives, as well as the wider sector SUPPOrt for IMPACT, we have extended the current strategic plan from three to five years to faulitate alignment beeen thrive's primary programme of work and the ongoing strategic plan. I commend CEO Fiona Bell and the thrive team for their continued diligence, extend my gratitude to my fellow directors and look forward to another year of working with thrive to support the arts and heritage seclor. Dr Verity Peet Ch41r Date: 22110125
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Purpose and outcomes Thrive's purpose is to better tell the story of cultural engagement in Northem Ireland. We know that art and culture deliver a better society filled with more confident, curious and creative individuals. But often, that is not the story that is told, and the value of art and creativity is called into question. Thrive works to build the evidence base that supports the impact we see when we work with organisations and to help communicate that importance to this place. thin our Mernorandum and Artides of Association we state our objeci as.. the adv8ncement of the 8rts, cutture and heritage in Northem I19nd (herein8fter called the "8r8a of benefil,) without distinction of age, g8nder sexual orientation, disabilily/ability, race, political, religious or other opinion, by associating the statutory authorities. voluntary organisations and the inhabitants in 8 common effort,. a) to promo18, m8int8in, enhance 8nd develop the relalionships b81ween arts org8nisations and their 8udienGes, cuff8nt or potential, within the are8 of benefit,. b) to intmduce members of the public to a wide vartety of the arts, 8nd to encour8g8 and fostgr their cullural interest both as p8rticipantS and audiences,. c) to promote, assist 8nd encourage the awareness of the beneficial v81ue ol the arts generally in all rf8 fonns by such means as shall from fvme to time bg considered expedient and appropri8fe by the directors. And from this object flows our organisational Purpose and outcomes. Our objectives are the stepping stones to delivering our PUTpose and pdoritise the areas that we need to focus on to develop our impact. Our Objactlves 1. We wlll Increase the amount and scope of research into cultural engagement in Northern Ireland 2. We will grow engagement with ourwork 3. W8 will be belter equipped to deliver our goals Our Oirt¢ome8 The change that will be delivered by thrive through those objectives is expressed through outcomes: Mofe people in Northern Ireland will understand the value of cultural engagement More organisations will understand the reality of cultural engagement Thrive is a more sustainable oryanisation The first outcomes focus heavily on research and data, and this was e considered shift for thrive that came through analysis of our previous strategy by both slaff and Board. Increasingly a role has opened for us in ihe space between policy and practice. We create research that delivers at both levels- il provides evidence Ihat highlights the reality of cultural engagement which must be the backbone of policy devdopment bul also gives individual organisations practical infomiation that can grow their audiences and their income potential. The Trustees worked with the Chief Executive to develop a new strategic plan that maps out our ambltions in the next three years and our annual business plan sets out the action5 we need to take to move us closer. This Trustees, Report reflects our activity in this second year of the Guent strategic plan.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees have complied with their duty to have due regard to the Charity Comrnission Nl's public benefit guidan when exercising any powers or duties to which the guidance is relevant Maln activiti Each year, thrive will outline the activities it will undertake to advance and deliver its goals in each strategic priority, and some of that activity will be highlighted below. This is by no means an exhaustive list, as eath year brings a multitude of projects that respond to individual and collective sectoral need. 1. We will row the amount and sco e of research Into cultural en ement There are many stories that are told about art and who engages in it. But stories are subjective. It is crucial that the sector knows the facts about how and why people engage with 8rt. This is the reason that we created our IMPACT research programme. IMPACT (Impact of People Attending Culture Today). Northem Ireland deserves to have Ils own informatlon on Ihe people who attend the arts. Because the people here aren'l like anywhere else. Our post-visit survey has let us see for the fir81 lime who audiences are, how they behave, bvhy they attend and how they feel after attending. In 2024-25 we heard from 2,805 audlence members, brlnging our total data Set to almost 6,000 people since September 2023. A huge varl8ty of arts organisatlons helped us coll8d the dats from acr086 the country and from a variety of arttorms. What dld we find? A hungry audlence that span8 all age groups and backgroundB. Most people attend art5 and culture a lot- younger, older, regardless of having children at horne, disability, or wh8t they earn. Arts and culture aren't Just for the privileged. Arts and culture are attracting audiences from across all levels of deprivation and earnings. The economic Impact of art8 and culture. In additlon to purchasing tickets, IMPACT audiences spent £91,644 on additional items. This includes foodldrinks in and outslde the venue, money spent In th8 local area, and money spent on paid accommodation. Disabled audlences face a wido range of barriers. Despite high levels of engagement in general, audiences were less likely to be disabled compared to the population. We did, however, see a higher percentage of audiences who are gay, lesbian, or bisexual. Lots of oryanisatlon8 Share audiences who they only 8ee occa8lonalty. Existing population level shows most people have been in the last year. But box Offi data consistently suggest it's only once. IMPACT shows audien9 are not just engaged, its frequent- across lots of different plaS and spaces. Age Impacts attendance. Most IMPACT audiences continue to be beeen the ages of 40 and 74. When we look at this by art fomi, theatre audiences are more likely to be 60 and older. IMPACT North West Our long-term collaboration with Derry cty and Strabane DislriGrt Counal and Donegal County Council continued this year as we moved into the third year of colleding consistent audience data across the 2 areas. Based on conversations with organisations across the North West and our partners, we decided to align the North West survey with IMPACT. This way, we can compare data among audiences in the North West with data in Northem Ireland. This also allowed for more detailed insight5 into North West audIen'S motivations. behaviours, and the irnpact arts and wlture has on their lives. IMPACT North West collected 2534 responses in 2024-25.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 What have we learned.. The unique motlvatlons and behavlours of audlènces In the North West. They do things differently from the rest of Northern Ireland. North West audiences are more likely to come alone or wilh younger kids and spend fflore on average {£79 per respondent vs. £54 in IMPACTI. Thèra are some difference8 regionalty. Visitors to Dery and Strabane venues are slightly less likely to have been to the space before. They are also more local (69a/o travelled from less than 30 minutes away, compared to 590/0 in Donegal). Last mlnute booklng is • problem. 27 /0 of respondents In the North Wèst booked Ihe week of the vlslt, compared to 12Yo acrass the rest of Northern Ireland. A concem across both reglons IJ the response levels from dlsabled audience8. The 0/0 of disabled people we see attending in Donegal is half that of Derry and Strabane. Some of the trends we're Seeing Sn the North Wast are playlng out natlonally. Simllar research In the Republic of Ireland show5 similar results for disabled audiences. row en ement with our work It is not enough for thrive to produce great research or deliver quality projects for our clients. We need the outputB of ourwork to be seen, read, questioned and used to bring about the thanges we want to see. We know then to da that we need to focus on 2 areas.. We need more people to know who we are and what we do We need to improve engagement across all our channels Wider audlence This year, we spent considerable time on building our network8 and relationships to help build our profile and audience base. Some highlights Include: Presenting at the European Data Alliance on IMPACT research Teaching on the MA in Arts Management at QUB Presenting to Donegal Festivals Forum Presenting at both the Arts Marketing Assoclation Conference and Ticketing Professional Conference Presenting at Arts and Busine88 Cultural Governance Conference Webslte Refrn8h Thrive's website was created in 2017 as the organisation moved away from a membership model to income generation. Bul the structure had not been adapted lo align with the shift lo focus on research and data. A refresh was needed to help users find our work more easily and better tagging functionality to suggest other content based on their interests. The refresh process began in autumn and allowed us to spend time updating and refreshing content with the help of Al to improve the user experience Engagement Levels 1,576 downloads from our websits 8,627 followers on social 23 new pieces of content 30,000 website vi5itS
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3. We will be better e ui Èd to deliver our oals. This strategic objectiv8 focuses on 2 main areas.. our people and our processes. People We want a happy, confident staff team and have created and developed policies and procedures that will produce that result and refled thrive's values. These indude.. Employee Development policy which focuses on not only professional, but personal development. Performance Management- staff are set clear objectives with target5 which flow from company KPI'S and have quartedy check ins to review progress, discuss appropriate support and development needs. Recruitment- we make sure that we find the best people for the role and the company and that each lob is accessible and equitable Pay policy - making sure thal remuneration Is fair and transparènt and allows scope for development and progression Brea8t feeding and Menopause policies- to make sure we look after the team at different lrfe stages Processes To deliver maximum impact for the sector we support, thrive ha8 to work efficiently and effectively. We have created strong project management framework that allows all staff to know their workloads and roles within projects. Communication is imperative here and team meetings are focused and action orientated. Our project management System involves: Project brief Action logs Content creation and communications plan Company oveNiew of activity Project debriefs We also make sure that all of our management documents speak to each other e.g. strategic plans, risk regi8ter, Board reporting and staff performance management. All of this activity is evidenced through our KPI framework and reviewed regulady by both Board and staff team.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievement5 and erformance Thrive uses a series of targets and key performance indicators (KPIs1 to monitor and measure its achievements and performance. These relate directly to the outcomes we seek to eff8Ct. A selection of Ih05e delivered in 2024-25 are detailed below. Sector Support Over $50 hours of support given free of charge to the arts sector Over 300 hours spent on Research and Development to bring best practice learning to Northem Ireland Sector Insight Worked with 136 organisationg from across Northern Ireland 53 of these were new to thrive 88 were returning clients Worked with 58 venues, 18 producers, 17 festivals and 15 individual artists Client S8tisfacbon 100% of paid ¥yO clients rat8d us 4. ormore 100% ofAudi8nce Appointment customers said th8y gol wh8t Ihey n88ded from the s8ssion What our clients say.. "The anslysis thrive ha5 und8rtaken had enabled u8 to leverage and additional £1 Ok of funding. "With the help of your valuable research we were able to secure funding for 8 new accessible website from DCSDC. Drawing on some of your findings we will going forward with a WCAB 2.2 website which will be of the highest intemational standards. It was a very positive experience working with Thrive. It was wonderful to have people who understand the sector to undertake the planning and evaluation and we would recommend Thrive to our neork. Govamance Thrive has developed a strong governance framewoTk whlch it continues to evolve and develop. 2024-25 saw the departure of 1 Board members and the appointment of 4 new members following ski115 audit and open recruitment process. Following inteNiews with applicants, 4 Trustees were appointed, and a cornprehensive induction took place. Conran Mcmullan, Emma McAleer, Joanne Wright and Claire O'connor Icowopted) were appointed in May. Mark Walker was appointed as acting Chair of the Finance and Risk Subcommittee in line with thrive Memorandum and Articles (acling on behalf of Naomi Majury who is on matemity leave, and Margaret Henry joined the committee. Nuala Toman continued as Chair of the Nominations and Remunerations Subcommittee in line with thrive Memorandum and Articles. Verity Peet was appointed 85 the new Chair of thrive following an open recruitment process and in line with thrive Memorandum and Artides. Verity replaced Rory Clifford who had come to the end of his tenure. Reporting to the Board continues to work well, with a focus on organisational KPIS that align lo Ihrive's strategic priorities and evidences the impact of the work. Financlal revlew Thrive's end of year position shows a deficit of £10,613. Financial stability remain5 a challenge for thrive as the organisation and the sector it serves, face an unknown and changed environment. Vvhile ACNI continLJes to support Ihrive as our rnain funder, an increase in that award is unlikely as budgets all across government are squeezed. Thrive'5 expansion into new markets and in collaboration with partners, have helped to combal increasing costs in an uncertain markel. Further work will be done to increase customer retention and open new markets in line with our strategic goals.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves pollcy and going concern There is a reserves policy in place. Thrive has identified £230,424 (2024.. £245,554) as unreslricted reserves in the 2024-25 annual accounts. All reserves are within the operational reserves fund, the purpose of which are set oui below but include the potential for a structured winding-up of the company should the need arise. Operational reserves are required lo allow the organisation to continue to deliver its charitable objectives and seek altemalive funding sources should existing annual funding be restricted and to provide assurance against the risk of an unforeseen emergency or other unexpected need for funds. In addition, operational reserves provide the organisation with the ability to react to short-term opportunities. In quantifying the level of operational reserves required, the level of net current assets is compared to the average monthly expenditur8. The risks 8ssocialed with future income, grants and expenditure are also considered. Thrive's reserves pollcy states that 6 months of the annual recurring expendlture is required as operational resepies. Presently the reserve arnount is below that threshold as reserves have been used to meet planned deficits during the change proce88. In addition, strategic reserves are required for planned commitments that cannot be met by future annual funding alone. The Trustees would wish thrive to hav8 a strategic reserve to enable it to rnaintain and develop the ability to provide data and insight to arts, cultural and heritage organisalions. The Board has highlighted the return to a break-even p051tion and the ability to restore reserves to the required level within the new strategic priorities. The Finance Bnd Risk Committee will continue to support the wider Board in monitoring financial controls and performance, including opportunities to increase efficiencies and reduce costs. Operational and strategic reserve requirements and risks will continue to be reviewed by the Board in 2025-26. statsment of Invegtment Princlple8 The Trustees have adopted a statement of investment principles (SIP), which sets out the principles governing decisions about investment of the assets of thrive. The Trustees of thrive issue this statement to comply with the regulations set out in the memorandum and articles of association of the organisalion. In order to meet the requlrements of the SIP, thrive will invest in 3 separate portfolios.. Two fixed-term investment funds One account wilh instant access and competitive rates The SIP will be reviewed annually and withoLrt delay after any significant change of inveslment policy. Structurè, governance and managèment In November 2017, the Board revised and updated the memorandum and articles of association. This revision aligned the memorandum and articles Wlth our new purpose and incorporated the name change. Any relevant changes in company law or charity law were also implemented. This work was undertaken by Edwards & Co., thrive's legal advisers. The new company name, Thrive Audience Development, was registered at Companie5 House under Company Number N1051394 and with the Charity Cornrnission Nl under the existing reference NIC 102561 which was assigned on 5 May 2015.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees who served during the year and up to the date of signature of the fin8nGial statements were.. Mr R Clifford (Resigned 1 May 2024) Ms R L Fillpatrick (Resigned 1 May 2024) MsNMMMajury Mr J P McElrone Ms F N Mellor DrVEP8et Ms L Rea Cule Ms N R Toman Mr M Walker Ms MF Henry Ms E McAleeT Mr C Mcmullan Ms C O'connor Ms J Wright (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) (Appointed 1 May 2024) R•crultment and •ppolntment of DIMctor8 Thrive's process on the recruitment and appointment of directors is underpinned by the memorandum and artlcles. Board recruitment is irrfomied by a regular discussion and the Board evaluation process to identify what skill8 need to be re¢TUited to the Board. The Nominations and Remuneration committee take6 the process forward through an open recruitment process. Each director is asked to serve a term of 3 years and may be appointed for a further 3 years following a review of contribution meeting and a vote by the Board. After serving a further &year period, the Board member must step down. Director inductlon and training All potential Board members can observe at least 1 Board meeting before committing to joining the Board. An induction plan is put in place for all new Board members, and this was revised in 2022. The induction offers clear infomiation on the trustee and company director roles, including clarity on the key legal and statutory responsibilitse8 of those roles. Inltial Induction includes the opportunity to meet the te8m, the Chair and the CEO. Board training is overseen by the Nominatlons and Remuneration committe8. A record of all training Is kept, and any material is shared with the Board. Risk management The Board has conducted a review of Ihe major risks to which the charity is exposed. Risks are reviewed by the Finance & Risk committee at each meeting, with updates provided to the Board at each meeting. The risk register is reviewed by the full Board and senior management team once a year, along with thrive's risk policy. lthere appropriate, systems or procedures have been established to rnitigate the risks the charity faces. Intemal control risks are minirnised by the implementation of procedures for authorisation of all transactions and projects. All trustees recognise there is a requirement to raise any new risks and significant changes as and when they become apparent
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational structure Thrive's memorandum and artides stipulates that the number of trustees shall be not less than six nor more than eleven, excluding co-opted trustees. The Board met 7 times in 2024-25 to discuss and direct the strategic direction and policy of the charity. In 2024-25 the Finance & Risk committee mel 6 times to look al the financial reporting and risk for the OTgani8ation. The Nominations and Remuneration committee met 4 times to look at the creation of the organisation'8 pay policy and recruitment process for new Trustees, Trustees also contributed to the delivery of key governance projects such as taking part in Board recruitment panels and carrying out staff exit inteNiews. Furthemiore, Trustees have used their individual skills in a voluntary caparity to assist, and support thrive, contributing many frée hours to the development of th8 charity. Day-to-day responsibility for the prov15ion of services rests with the Chief Executive Officer. The Chief Executiv8 Officer is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. ststement of Tru8tee8' respon8lbllitie• The Trustees, who are also the directors of Thrive Audience Development for the purpose of company law, are responsible for preparing the Trustees, Report and ttte financial statements in accordance with applicable law and regulation. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting St8ndards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Practi). Under company law the Trustees must not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the state of the affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Statement of Recommended Practice.. Accounting and Reporting by Charities (20151., make judgments and estimates that are reasonable and prudent,. and prepare the financial statements on Ihe goin9 concern basis unless it is inappropriate to presume that Ihe will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the company comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the ¢ornpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In rtain carcumstances clients may choose lo include an additional statement here which is required to be made within the d1ctorS, report as a resull of Section 418 of th8 Companies Act 2006. In accordance wilh Section 418, directors, reports shall include a statement. in the case of each director in Offi at the date the directors, report is approved, that.. (a) so far 8s the Trustee is aware, there is no relevant audit information of which the companVs auditors are unaware" and (b) they have taken all the steps that they ought to have taken as a Trustee in order to make themselve5 aware of any relevant audit information and lo establish that the company's auditors are aware of that information.
THRIVE AUDIENCE DEVELOPMENT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accordan with the company's articles, a resolution proposing that HM Chart8red Accountants be reappointed as auditor of the company will be put at a General Meeting. The Trustees. report was approved by the Board of Trustees. DrVEPeet Trusts8 Date.. 22110125 10
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Opinlon We have audited the financial statements of Thrive Audien Development {the 'charity') for Ihe year ended 31 March 2025 which comprise the slatement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial slatements, includlng signlficanl 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 applicabl8 in the UK and Republic of Iland {United Kingdom Generally Accepted Accounting Practi). In our opinion, the financial statements.. give a true and fair view of the state of the chaTit8ble company's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordancè with United Kingdom Generally ACpted Accounling Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba8ls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further descnbed in the Auditorfs responsibilitl8s for the audit of the fin8noal statéments section of our report. We are independent of the charity in accordance with the ethical reqUiremt$ Ihat 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. Concluslons relatlng to golng concern In auditing the financial statement5, we have conduded that the Trustees, use of the going conrRrn 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 c8St significant doubt on the charity's ability to continue as a going conc8m for a perlod of at least twelve months from when the financial statements are aulhorlsed for i8SU8. Our responsibilities and the responslbilities of the Trustees with respect to going concern are described in the relevant sectlons of this report. Other Informatlon The other information comprises the infoTmalion included in the annu81 report other than the financial stalements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thareon. Our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial stalements or our knowledge obtsined in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whelher this gives rise to a material misstatement in Ihe financial statomenls themselves. If, based on the work we have perfomied. 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. 11
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Mattèrs on which we ar8 requlred 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 (Northern Ireland) 2015 requires us to report to you if, in our opinion.. the infomiation given in the financial statements is inconsistent in any material respect wilh the Trustees, report., or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audlt, Re8pon8lbilitles of Trustees As explained rnore fully in the statement of TTUStees' responsibilities. the Trustee8, who are also the dlrectors of the harity for the purpose of company law, are responsible for the preparation of the financial statements 8nd for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financAal staternents that are free from material ffl15Stat8ment, whether due to fraud or error. In preparing the financial statements, the Trustees are SponSible for 85sessing the Chaty's ability to contlnue as going concern, disclosing. as applicable, matters relaled to going concern and using the going Concern basis of accounting unless the Trustee8 either intend to liquidate the charitable company or to cease operations, OT have no realistic altemats've but to do so. Audltor's re8pon8ibilitles for the audlt of the financial 8tatemonts We have been appointed as auditor under section 144 of the Charities Act 2008 and report in accordance with the 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 auditor's report that includes our opinion. Reasonable 8ssurance is a high level of assurance but is not 8 guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materi81 misstatement when it exists. Misstatements can arise from fravd or error and are considered material if, individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further descriptlon of our responsibilities is available on the Financial Reporting Councll's website at: httP8:11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. 12-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team colleclively had the appropriate competence, capabilities and skills to identify or recognise non-complian with applicable laws and regulalions., we identified the laws and regulations applicable to Ihe company through discussions with directors andlor senior management, and from our commercial knowledge and experiènce of the s8Ctor, We focused on spècific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. incSuding Companies Act 2006, taxation legislalion, dat8 protection, antIribery, employmant, environmental and health and safety legislation: we assessed the extent of compliance with the laws and regulatlons identified above through making enquiries of management and inspecting legal correspondence.. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to inslances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material rnis8tatement, Including obtaining an understanding of how fraud mighl occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and oveIde of conlrols, we.. perfomied analytical procedures lo identify any unusual or unexpected relationships., tested journal entries lo identify unusual transactions- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias-, and Inve8tigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-cornpliance with laws and regulations, we designed procedures whlch induded, but were not limited to: agreeing financial statement disclosure8 to undertying supporting documentation; reading the minutes of meetings of those charged with govemance-, enquiring of management as to actual and potential litigation and clalms., and reviewing Correspondence with HMRC and the ¢ompanVs legal advisors. There are inherent limitations in our 8udit procedures described above. The more removed that laws and regulalions are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limrt the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Materi81 misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 13-
THRIVE AUDIENCE DEVELOPMENT INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THRIVE AUDIENCE DEVELOPMENT Thls report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to stat8 to them in an audltols report and for no other purpose. To the fullest extent permittèd by law, we do not accept or assume r8sponsibilily to anyone other than thè company and the company's members as a body, for our audit work, for this report, or for the opinlons wè have formed. CLJ Angela Cralgan (Senior Statutory Auditor) for and on behalf of HM chartered AGGountants 2211012025 Chartered Accountants Statutory Audltor 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast County Antrlm BT1 3LP 14-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unre8trlcted Restricted funds funds 2025 2025 Total Unrestrictsd Restricted funds funds 2024 2024 Totsl 2025 2024 Note• Income froffl: Donations and legacies Charitsble activities Inve8tments 90 95,127 7,280 95 61,575 4,708 95 327,521 4,706 217,276 312,403 7,280 265,946 Total Income 102,497 217,276 319,773 66,378 265,946 332,322 Expendlture on: Charitsble activitie8 117,627 212,759 330,386 35,880 265,946 301,826 Total expenditure 117,627 212,759 330,386 35,880 265,946 301,826 Not Incomellexpendlturel and movement in funds (15,130) 4,517 (10,813) 30,496 30,496 Reeonclllatlon of funds: Fund balances at 1 April 2024 245,554 245,554 215.058 215,058 Fund balance6 at 31 March 2025 230,424 4,517 234,941 245,554 245,554 The ststement of financial activities includ8S 811 gains and losses recognised In the year. AIS Income and expenditure derfve from continuing activitles, 15-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Fixed assets Tangible assets 12 5,390 931 Currènt assets Dèbtors Cash at bank and In hand 13 41,455 221,057 7g,637 210,836 262,512 290,473 Credltor8: amount• falllng duo wlthin on• y••r 14 (32,961) (45,850) Net current assets 229,551 244,623 Total a898ts le8• current liabllltle8 234,941 245,554 The fund8 of tho charity Restricted income funds Unrèstricted funds 17 18 4,517 230,424 245,554 234,941 245,554 The company 18 entitled to the èxemption from the audit requiremenl contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The dlrectors acknowledge thelr responsibilrties for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial siatements. The members have not required the company to obtain an audit of its financial ststements under the requlrements of the Companies Act 2006, for the year in question in accordance wth section 476. These financial statement8 have been prepared in accordance wlth the provisions applicable to compani88 subject to the small companies regime. 22110125 The financial statements were approvE,.d by the Truslees on .......-..... DrVEPeet Trustee Company registration number N1051394 (Northem Ireland) 16-
THRIVE AUDIENCE DEVELOPMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flow8 froffl opèrating actlvltie• Cash generated froml(absorbed by) operations 21 7,761 (32,239) Inve8tlng actlvttles Purchase of tangible fixed 88sets Investment Income raceived (4,821) 7,280 (1,435) 4,706 Nat cash generatsd from Investlng actlvitie8 2,459 3,271 Net ca8h u•od In flnanclng actlvltlo• Net Increa8el(decroasel In ca8h and cash equlvalents 10,220 (28,968) Cash and cash equivalents at beglnnlng of year 210,836 205,166 Cash and ca8h equlvalent8 at end of year 221,057 210,836 17
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AGcountlng pollcles Charity infomiation Thrive Audience Development 15 a private company limited by guarantee incorporated in Northem Ireland. The charity is registered with the Charity Commission for Northem Ireland. the registered office is Crescent Arts Centre, 24 Universty Road, Belfast, BT7 1 NH. 1.1 Accountlng convention The finanaal statements have been prepared in accordance with the charItS goveming document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ( FRS 102") and the Chafilies SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ancl Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional JenCY of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost convention, modlfied to indude 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 Golng concem At the lime 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 fultsre. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the fin8ncial statements. 1.3 Charitable funds Unrestricted funds are available for use at the dlscretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specffic conditions by donors or granlors a6 to how they may b8 used. The purposes and use5 of the restricted funds are set out in the notes to Ihe financial statements. 1.4 Income Income is recognised when the chaTity is legally entitled to it after any performance condilions have been met, the amounts can be measured reliably, and it is probabSe that incorn8 will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unles5 perfomiance conditions require deferral of the amount. Legacies are recognised on receipt or otherrti8e 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 contingent asset. 18
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expendituro Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt 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, Expenditur8 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 lo a single activity are allocated directly lo th8t activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activrty are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basis of time spent, and depreciation charge5 gre allocated on the portion of the asset's use. 1.6 Tanglble fixed 0•8ets 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 thelr useful lives on the following bases: Computer Equipment Fixtures and fittings 33% per annum straight line 10 % per annum straight line The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carying value of the asset, and 18 recognised in the statement of financial activities. 1.7 Impalmient of flxed a888ts 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 indicalion exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any), 1.8 Cash and eash equlvalents Cash and cash equivalents include cash in hand, deposils 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 Flnancial Instrurnents The tharity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 12 'Other Finanrial 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 paty to the contractual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in the f5nancial 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 balgnces, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised c05t using the effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 19
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies {Contlnued) Basic financlal Ilabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement conslitutes 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 dassified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are dassified as cuent 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 flnanclal liabllltlés FinanGial liabilities are derecognised when the d)arity's contractual obligatlons expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlemenl is recognised in the period in which the employee's seNices ar8 received. Temiination benefits are recogni5ed immediately 8s an expense when the charity is demonstrably committed to temiinate the employment of 8n employee or to provide termination benefits. 1.11 RetSremant benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and Judgements In the application of the charity's accounting policies, the Trustee5 are required to make judgernents, 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 estimales and underlying assumptlons are reviewed on an ongolng basis. Revlslons to accounling estimates a recognised in the period in which the estimate is revised where thè revision affects only that period, OT In th8 period of the revision and future periods where the revision affects both Current and future perlods. Income from donatlons and legacle8 Unrestrlcted funds 2025 Unrestricted funds 2024 Donations and gifts 90 95 20-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activities 2025 2024 Other eamed income Grants 95,127 217,276 61,575 265,946 312,403 327,521 Analysls by fund Unrèstricted funds Re8tricted funds 95,127 217,276 61,575 265,946 312,403 327,521 Arts Council Northern Ireland (ACNI) National Lottery Heritage Fund INLHF) Department for Communities Belfast City Council Arts Counal Northern Ireland Capital Programmè 166,172 170,476 54,170 21,300 20,000 26,546 20,000 4,558 217,276 265,946 Income from Inve8tmonts Unre•trlcted Unre*trlct•d funds fund8 2025 2024 Interest re¢elvable 7,280 4,706 21
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Charitsblè CharitAbl• actlvllies actlvities 2025 2024 Staff costs Depreciation and impairment Charltable expendltur8 268,797 381 41.433 212.701 1.715 65,018 310,591 279,432 Share of support costs (86e note 7) Share of goveTn8nce co8t8 (see note 7) 17,045 2,750 19.644 2,750 330,386 301.826 Analysls by fund Unr8Stricted funds Restricted fund5 117,627 212,759 35,880 265,946 330,386 301,826 Support costs Support Governanco costs costs 2025 Support Governance Coats costs 2024 Admin costs HMRC VAT Irrecoverable Rent 5,690 2.271 8,884 5,690 2,271 8,884 7,011 4,234 8,400 7,011 4,234 8,400 Audit fees 2,950 2,950 2,750 2,750 16,845 2,950 19,795 19,845 2,750 22.395 Analysed between Charitable adivities 17,045 2,750 19,795 19,644 2,750 22,394 Governance costs indudes paymerrts to the auditors of £2,750 (2023.. £2,450) for audit fees. 2025 Net movement in funds 2024 The net movement in funds is Stated after chargingl(crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 2.950 382 2,749 1,715 -22-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of the Truslees (or any persons connected with them) received any rémuneration or benefits from the charity during the year (2024.. Nil). 10 Employees The 8V8rage monthly number of employees during the year was: 2025 Number 2024 Numbor Employment co•ts 2025 2024 Wages and salaries Social security c08ts Other pension costs 241,076 16,541 11,180 192,644 11,484 8,573 288,797 212,701 The number of employees whose annu81 rernuneration was more than £60,000 18 as follows= 2025 Number 2024 Number £60,001 to £70,000 Remuneration of key management personnel The remuneration of key management personnel was as follows: 2025 2024 Aggregats compensation 62,425 60,872 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitsble objects. -23-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangible fixed assets Computer Flxtures and Equlpmofftt ritting• TotAI Cost At 1 April 2024 Additions 16,321 4,821 3,958 20,279 4,821 At 31 March 2025 21,142 3,958 25,100 Depreclation and Impalmient At 1 April 2024 Depreciation charged In the year 16,033 198 3,315 184 19,348 362 At 31 Marth 2025 16,231 3.479 19,710 Carrying amount At 31 March 2025 4,911 479 5,390 At 31 March 2024 287 931 13 Debtor• 2025 2024 Amounts falllng due wlthln one year: Trade debtors other debtors Prepayments and accrued income 27,963 8,609 4,883 20,183 54,591 4,863 41,455 79,637 14 Cr•dltors: amount• falllng due wlthln one year 2025 2024 Nots8 Other taxation and social security Deferred income Trade creditors Other creditors Accruals 11,848 9,783 6,587 10,398 2,714 16,370 15 3,038 170 17,907 32,961 45,850 -24-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Defèrred income 2025 2024 Other deferred income 8,587 Deferred income comprises of income invoiced in advance of project delivery milestones. Deferred Income is included In the finan¢lal statements as follows: 2025 2024 Deferred income Is induded withln: Current liabilities 6,587 16 Rgtirement benefit 8chame8 2025 2024 Defined contrlbution Schemes Charge to profit or loss in respect of defined contribution schemes 11,180 8,573 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held Separately from those of the charity in an independently administered fund. 17 Restrlcted fund8 The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to Specific condib.ons by donors as to how they may be used. Movement In fund• Incomlnq R••ource Balance at ourc•• •xpfrnded 31 March 2026 B•lanGe •t 1 Aprfl 2024 Arts Coun¢il Northem Ireland (ACNI) Arts Council Northem Ireland Equipment Department for Communities Belfast City Council 188,172 4.558 26,546 20,000 (166.172) (41) (26,546) (20,000) 4.517 217.276 (212,759) 4,517 Restricted fijnds are funds received for specified purposes within the overall aims of the charity. -25-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Unrestrictsd funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which 8re not subject lo 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 specrfic purposes. At 1 Aprfl 2024 Incomlng Re80urce8 At 31 March resource8 axpended 2025 General fvnds 245,554 102,497 1117,627) 230,424 Prevlous year: At 1 Aprll 2023 Incomlng Re8ource• At 31 March r8sources expended 2024 General funds 215,058 68,376 (35,880) 245,554 19 Analysis of net a8•ets between fund• Unrestrlcted Rostricted fundg funds 2025 2025 Total Unrestrlcted Restrlcted funds fund8 2024 2024 Total 2025 2024 Fund balan$ at 31 March 2025 are represented by: Tangible a8set8 Current assetsllliabilitiesl 873 229,561 4,517 5,390 229,551 931 244,621 931 244,622 230,424 4,517 234,941 245,552 245,553 20 Related party tran8ACtlon8 During the year a total of £450 was paid lo trustee Margaret Henry in relation to Staff Iraining12024: £Nil). 21 Cash g•nerated from operatlons 2025 2024 (Deficit)Isurplus for the year 110,613) 30,496 Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (7,280) 361 (4,706) 1.715 Movements in working capital: Decrease in debtors (Decreasellincrease in credilors (Decrease) in deferred income 38,182 (6,302) (6,587) 6,629 4,829 (2,295) Cash generated from operatlons 7,761 36.668 -26-
THRIVE AUDIENCE DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of changes In net fund8 The tharity had no material debt during the year. -27-