Company registration number 07678438 (England and Wales)
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
COMPANY INFORMATION
Directors
Ms J A Broadhurst
Mr A E M Broadhurst
Miss A L C Broadhurst
Mr G W Ayres
Company number
07678438
Registered office
3rd Floor Trinity Court
Trinity Street
Peterborough
Cambridgeshire
United Kingdom
PE1 1DA
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Business address
3rd Floor Trinity Court
Trinity Street
Peterborough
Cambridgeshire
United Kingdom
PE1 1DA
Bankers
NatWest PLC
Cathedral Square
Peterborough
Cambridgeshire
United Kingdom
PE1 1XH
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Board of Directors have pleasure in presenting their strategic report for the year ended 31 March 2025

Principal activities

The principal activity of the company continued to be distribution of financial support, products and services to vulnerable households and community projects on behalf of private sector, public sector, and not-for-profit organisations. The fulfilment of these services has been extended by ongoing investment in bespoke software developed by the company to provide an online Shop platform, capable of rapidly delivering an expanding range of products and support services.

This extension of operational capability has yielded sustained growth in the number of clients being serviced, and this has given rise to similar growth in turnover and profitability. The directors are continuing to invest in new software functionality whilst making additional investments in new staff, ongoing staff development, and process improvements in the company’s managed administrative services. These investments provide resilience and greater efficiency, allow for further growth in turnover, and support beneficial additions to the portfolio of products and services.

Review of the business

The Group’s operating profit for the year was £2.5m (2024 £1.5m), which represents a 70.2% increase on the prior year. Turnover was £28.6m (2024 £24.3m), 17.6% higher than the prior year. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 74.4% from £1.6m to £2.7m. The gross profit was £6.1m (2024 £4.2m), an increase of 45% on the prior year. The gross profit margin was 21.4% (2024 17.3%).

The business strategy continues to evolve positively, and remains true to the original transformative business plan of 2020. Proactive development of a diversified client portfolio has delivered income and profit growth in the last three successive years. The growth in turnover in 2025 reflects the expansion of a range of new products, in addition to the traditional managed service portfolio. This extended range includes diversified retail vouchers, new winter warmth product bundles, large and small domestic appliances, together with furniture, flooring and digital goods.

To service this broader product portfolio the Group has created a structured programme of supplier management, which has enabled the expansion of its supplier base, helping to build supply chain resilience and create improvements in gross profit margins. In addition, the progressive application of tailored technology to the core business service model has improved the customer experience and created operational efficiencies.

The net asset position of the Group is £4.7m (2024 £3.2m). The Group’s cash increased from £3.3m to £5.3m. The Group maintains a prudent approach to working capital and continues to have no external borrowings.

Key Performance Indicators - financial and non financial

Financial

| 2025 | 2024
Turnover | £28.6m | £24.3m
Gross profit margin | 21.4% | 17.3%
Operating (loss)/profit | £2.5 m | £1.5 m
Earnings before interest, tax, depreciation and amortisation (EBITDA) | £2.7 m | £1.6 m
Non-Financial |  |
| 2025 | 2024
Average number of employees | 43 | 42

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Development and performance

The Group’s strategy has enabled growth, diversification and an ongoing programme of technology improvements. The growth in income and profit in the last three years has meant that the Group has been able to help more individuals and households who have been seeking help. Business growth has also provided the confidence to progressively invest in creating new products and more efficient fulfilment models; and has enabled an ongoing expansion of a sales and marketing capability which is opening up new commercial opportunities.

The development of new market sectors is to be tested progressively, whilst the core commercial activity will remain focused on the existing primary market sectors, where new products and expanded services are being launched.

The Charis service model seeks to blend human touch with relevant technology; recognising that beneficiaries of support often need guidance, understanding and compassion to progress their application for support and to meet the criteria of the funding organisation.

The Board considers that the Group has the expertise to create new products which apply this Charis service model in a structured and efficient way. This should enable further income growth and provide more effective support to an ever expanding number of individuals and households, who need real-time help against a backdrop of rising consumer debt, increasing levels of fuel poverty and ongoing inflationary pressure on household costs.

Ms J A Broadhurst
Director
15 August 2025
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £523,256. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms J A Broadhurst
Mr A E M Broadhurst
Miss A L C Broadhurst
Mr G W Ayres
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Ms J A Broadhurst
Director
15 August 2025
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARIS MANAGEMENT GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Charis Management Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARIS MANAGEMENT GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHARIS MANAGEMENT GROUP LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
20 August 2025
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
28,602,617
24,319,083
Cost of sales
(22,495,479)
(20,106,283)
Gross profit
6,107,138
4,212,800
Administrative expenses
(3,616,215)
(2,777,334)
Other operating income
-
28,173
Operating profit
4
2,490,923
1,463,639
Interest receivable and similar income
8
237,959
67,271
Interest payable and similar expenses
9
-
0
1,216
Amounts written off investments
10
-
(2)
Profit before taxation
2,728,882
1,532,124
Tax on profit
11
(691,792)
(384,937)
Profit for the financial year
2,037,090
1,147,187
Profit for the financial year is all attributable to the owners of the parent company.
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
£
£
Profit for the year
2,037,090
1,147,187
Other comprehensive income
-
-
Total comprehensive income for the year
2,037,090
1,147,187
Total comprehensive income for the year is all attributable to the owners of the parent company.
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
386,671
345,563
Tangible assets
14
17,258
25,626
403,929
371,189
Current assets
Stocks
17
114,858
94,591
Debtors
18
2,139,040
3,099,199
Cash at bank and in hand
5,283,587
3,260,021
7,537,485
6,453,811
Creditors: amounts falling due within one year
19
(3,263,687)
(3,661,107)
Net current assets
4,273,798
2,792,704
Net assets
4,677,727
3,163,893
Capital and reserves
Called up share capital
22
52
52
Profit and loss reserves
4,677,675
3,163,841
Total equity
4,677,727
3,163,893
The financial statements were approved by the board of directors and authorised for issue on 15 August 2025 and are signed on its behalf by:
15 August 2025
Ms J A Broadhurst
Director
Company registration number 07678438 (England and Wales)
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
15
40,000
40,000
Current assets
Debtors
18
1,365,599
1,672,902
Cash at bank and in hand
1,152,093
277,821
2,517,692
1,950,723
Creditors: amounts falling due within one year
19
(456,584)
(260,794)
Net current assets
2,061,108
1,689,929
Net assets
2,101,108
1,729,929
Capital and reserves
Called up share capital
22
52
52
Profit and loss reserves
2,101,056
1,729,877
Total equity
2,101,108
1,729,929

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £894,435 (2024 - £974,391 profit).

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 board of directors and authorised for issue on 15 August 2025 and are signed on its behalf by:
15 August 2025
Ms J A Broadhurst
Director
Company registration number 07678438 (England and Wales)
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
52
2,539,910
2,539,962
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,147,187
1,147,187
Dividends
12
-
(523,256)
(523,256)
Balance at 31 March 2024
52
3,163,841
3,163,893
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,037,090
2,037,090
Dividends
12
-
(523,256)
(523,256)
Balance at 31 March 2025
52
4,677,675
4,677,727
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
52
1,278,743
1,278,795
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
974,390
974,390
Dividends
12
-
(523,256)
(523,256)
Balance at 31 March 2024
52
1,729,877
1,729,929
Year ended 31 March 2025:
Profit and total comprehensive income
-
894,435
894,435
Dividends
12
-
(523,256)
(523,256)
Balance at 31 March 2025
52
2,101,056
2,101,108
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,984,011
1,854,469
Interest paid
-
0
1,216
Income taxes paid
(385,467)
(165,260)
Net cash inflow from operating activities
2,598,544
1,690,425
Investing activities
Purchase of intangible assets
(281,942)
(235,576)
Purchase of tangible fixed assets
(7,739)
(18,471)
Interest received
237,959
67,271
Net cash used in investing activities
(51,722)
(186,776)
Financing activities
Dividends paid to equity shareholders
(523,256)
(523,256)
Net cash used in financing activities
(523,256)
(523,256)
Net increase in cash and cash equivalents
2,023,566
980,393
Cash and cash equivalents at beginning of year
3,260,021
2,279,628
Cash and cash equivalents at end of year
5,283,587
3,260,021
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,600,596
19,392
Interest paid
-
0
1,216
Income taxes paid
(216,464)
-
0
Net cash inflow from operating activities
1,384,132
20,608
Investing activities
Interest received
13,396
1,595
Dividends received
-
0
325,000
Net cash generated from investing activities
13,396
326,595
Financing activities
Dividends paid to equity shareholders
(523,256)
(523,256)
Net cash used in financing activities
(523,256)
(523,256)
Net increase/(decrease) in cash and cash equivalents
874,272
(176,053)
Cash and cash equivalents at beginning of year
277,821
453,874
Cash and cash equivalents at end of year
1,152,093
277,821
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Accounting policies
Company information

Charis Management Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Trinity Court, Trinity Street, Peterborough, Cambridgeshire, United Kingdom, PE1 1DA.

The group consists of Charis Management Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Charis Management Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

Turnover is stated net of VAT and trade discounts.

Revenue is recognised as work under client contracts is performed. Income that has been invoiced to clients is deferred where the work has not been performed.

Revenue is not recognised when funds are received from clients to cover future sales of goods and vouchers as the company is holding these funds on behalf of the client. When the company spends client funds on behalf of the client, and the company is merely acting as an agent, revenue is recognised for the administration charge on those funds as the work is undertaken.

When funds are received from clients and when the company spends those funds, acting as the principal in the arrangement, revenue is recognised on the value of those items at the point of sale, namely when the order is placed.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
33% - 50% straight line
1.7
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.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

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:

Fixtures and fittings
20% straight line basis
Computers
33% straight line basis

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 profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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 business 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.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors 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
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Vouchers
17,277,931
16,381,669
White goods
3,423,750
3,864,740
Management fees
3,000,448
2,245,699
Product bundles
4,452,169
1,453,394
Air fryers
448,319
373,581
28,602,617
24,319,083
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 24 -
2025
2024
£
£
Other revenue
Interest income
237,959
67,271
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
16,107
18,844
Amortisation of intangible assets
240,834
164,870
Operating lease charges
138,198
92,260
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
45
44
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,964,867
1,610,437
280,200
246,800
Social security costs
188,188
135,653
35,685
30,425
Pension costs
269,930
140,434
207,971
80,000
2,422,985
1,886,524
523,856
357,225
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
4,200
Audit of the financial statements of the company's subsidiaries
12,550
11,450
17,050
15,650
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Auditor's remuneration
(Continued)
- 25 -
For other services
Taxation compliance services
2,500
1,250
All other non-audit services
8,700
3,845
11,200
5,095
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
280,200
246,800
Company pension contributions to defined contribution schemes
207,971
80,000
488,171
326,800
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
226,200
192,800
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
237,722
67,271
Other interest income
237
-
Total income
237,959
67,271
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
237,722
67,271
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
-
(1,216)
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
10
Amounts written off investments
2025
2024
£
£
Other gains and losses
-
(2)
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
722,403
385,467
Deferred tax
Origination and reversal of timing differences
(30,611)
(530)
Total tax charge
691,792
384,937

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,728,882
1,532,124
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
682,221
383,031
Tax effect of expenses that are not deductible in determining taxable profit
9,571
1,906
Taxation charge
691,792
384,937
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
523,256
523,256
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2024
594,043
Additions - internally developed
281,942
At 31 March 2025
875,985
Amortisation and impairment
At 1 April 2024
248,480
Amortisation charged for the year
240,834
At 31 March 2025
489,314
Carrying amount
At 31 March 2025
386,671
At 31 March 2024
345,563
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
625,125
86,252
711,377
Additions
1,990
5,749
7,739
Disposals
(127,734)
-
0
(127,734)
At 31 March 2025
499,381
92,001
591,382
Depreciation and impairment
At 1 April 2024
618,968
66,783
685,751
Depreciation charged in the year
5,791
10,316
16,107
Eliminated in respect of disposals
(127,734)
-
0
(127,734)
At 31 March 2025
497,025
77,099
574,124
Carrying amount
At 31 March 2025
2,356
14,902
17,258
At 31 March 2024
6,157
19,469
25,626
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
40,000
40,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
40,000
Carrying amount
At 31 March 2025
40,000
At 31 March 2024
40,000
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Charis Grants Limited
United Kingdom
Ordinary shares
100.00
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
114,858
94,591
-
0
-
0
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
401,626
1,764,879
-
0
-
0
Amounts owed by group undertakings
-
-
1,349,055
1,656,801
Other debtors
1,612,452
1,275,170
945
-
0
Prepayments and accrued income
88,619
53,418
15,599
16,101
2,102,697
3,093,467
1,365,599
1,672,902
Deferred tax asset (note 20)
36,343
5,732
-
0
-
0
2,139,040
3,099,199
1,365,599
1,672,902
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
379,057
1,077,218
-
0
-
0
Corporation tax payable
722,403
385,467
310,798
216,464
Other taxation and social security
255,581
803,951
130,886
33,810
Other creditors
271,752
529,600
-
0
3,070
Accruals and deferred income
1,634,894
864,871
14,900
7,450
3,263,687
3,661,107
456,584
260,794
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2025
2024
Group
£
£
Accelerated capital allowances
4,376
3,072
Retirement benefit obligations
31,967
2,660
36,343
5,732
The company has no deferred tax assets or liabilities.
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 30 -
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 April 2024
(5,732)
-
Credit to profit or loss
(30,611)
-
Asset at 31 March 2025
(36,343)
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
269,930
140,434

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
52
52
52
52
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
98,272
89,000
-
-
Between two and five years
53,772
152,044
-
-
152,044
241,044
-
-
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,037,090
1,147,187
Adjustments for:
Taxation charged
691,792
384,937
Finance costs
-
0
(1,216)
Investment income
(237,959)
(67,271)
Amortisation and impairment of intangible assets
240,834
164,870
Depreciation and impairment of tangible fixed assets
16,107
18,844
Amounts written off investments
-
2
Movements in working capital:
(Increase)/decrease in stocks
(20,267)
128,799
Decrease/(increase) in debtors
990,770
(927,971)
(Decrease)/increase in creditors
(734,356)
1,593,622
Cash generated from operations
2,984,011
2,441,803
25
Cash generated from operations - company
2025
2024
£
£
Profit for the year after tax
894,435
974,390
Adjustments for:
Taxation charged
310,798
216,464
Finance costs
-
0
(1,216)
Investment income
(13,396)
(326,595)
Other gains and losses
-
2
Movements in working capital:
Decrease/(increase) in debtors
307,303
(820,317)
Increase/(decrease) in creditors
101,456
(23,336)
Cash generated from operations
1,600,596
19,392
26
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
3,260,021
2,023,566
5,283,587
CHARIS MANAGEMENT GROUP LIMITED
AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
27
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
277,821
874,272
1,152,093
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