Charity registration number 1186255 (England and Wales)
Company registration number 09243292
INVISIBLE FLOCK CO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INVISIBLE FLOCK CO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J Audibert
B Elliot
C Schoeps
B Esapathi
Dr R Labianco
M Mason
(Appointed 10 June 2024)
Mrs A M Athique Winterbottom
(Appointed 19 May 2025)
Charity number
1186255
Company number
09243292
Registered office
Unit 8a Longside
Jebb Lane
Haigh
Barnsley
S75 4BS
Independent examiner
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
INVISIBLE FLOCK CO
CONTENTS
Page
Trustees' report
1 - 6
Independent examiner's report
7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 19
INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charitable Company's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity trustees have had regard to the charity commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant. This includes being aware of the guidance and taking it into account when relevant.

Invisible Flock’s charitable objectives are:

The promotion of the arts, in particular, but not exclusively, the art of drama.

Invisible Flock are multi-award-winning artists. We create artworks and spaces where human and planetary health meet. Our practice fuses technology and natural materials collaborating with environments and communities to form layered understandings of place. Our work exists in exhibition, advocacy, public and digital spaces.

Through transdisciplinary collaborations we work across sectors to have a creative impact on ecology, politics, health and society. Our work directly addresses systemic structures and policies that impact communities' land and cultural rights.

We are driven by four core aims;

1. Ecological action - Culture can foreground community led solutions to climate, ecosystem and planetary health issues and transmit ideas through poetic and meaningful artistic engagements. IF works to mainstream cultural approaches as vital mechanisms through which to evidence successful community climate action.

2. Global connectivity - Work for inclusion of diverse forms of knowledge in solving global challenges, bringing attention and acknowledgment to lived experiences that are marginalised, overlooked and complex. Prioritize depth, detail and complexity of human experience alongside other forms of climate data through cross sector collaboration.

3. Technical fluency - Explore how science and technology can connect us to ecosystems and inspire the way we think about and experience the world. Take a critical approach to the design and use of technologies as a material for making work, one that is pliable, malleable and ultimately fallible.

4. Collaboration - Build lasting partnerships to expand knowledge, deepen community and extend the possibilities of what might be created, with who and where it might exist. Lead in the development of transdisciplinary partnerships and ways of working, between sectors, for longer term and strategic ways of doing work that is collaborative, iterative and connects to real world action and decision making.

INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Invisible Flock is a multi-award winning studio pushing at the definitions of what art practice can look like, where it happens and who it happens with.

Environmental Statement

Everything is alive, all things are equal.

Humans are not separate from the environment, our lives, our stories, our histories and our health is deeply entangled with the natural world.

Through exploring the lived human experiences of climate change whilst also reclaiming the human body as an extension of nature, we might through this duality reach the potential to simultaneously heal human and ecosystem health while inspiring collective action against the structural forces underpinning climatic and environmental change.

To become more resilient to the impacts of climate change, we must focus on the people who are actually the most impacted, understanding that addressing the climate crisis and solving inequalities are inextricably linked. We cannot engage with the climate crisis without deeply addressing inequality and racial injustice.

Invisible Flock’s work seeks to understand and uncover parts of nature we are not tuned in to, and to listen, understand and value other living things through a process of deep listening.

Young people need to be given the space and capacity to conjure their imagination, there is no clear map of what the world will look like, no set structures for them to follow, imagination and agency is key.

Let’s build a different kind of hope, that incorporates neither denial or blind optimism but the creative energy of activism; Avoiding this fate will depend critically on the stories we create to make sense of what is happening and to frame our response. A key task is to ensure that these stories reflect neither the decadence and degeneracy of nihilism nor the dogma of fundamentalism but the hope and creative energy of activism.

Activities

Our work follows 3 strategic strands;

1. Innovative Artworks & Interventions - Engaging audiences in a variety of forms and spaces

We continue to experiment and push at new experiential forms of art, bringing world-class culture to audiences in the UK. Through this strand we engage large, diverse audiences and participants in a variety of forms and spaces, finding poetic ways to meet and move our audiences.

Our strategy to widen public access to our work is achieved through how we approach both site and artform. Our works have multiple points of access and audiences, you can find our work in nature, in galleries and museums, on mobile phones and in public spaces, in print and out at sea. We work in a huge variety of contexts, from low engagement areas in rural parts of England, to city streets up and down the country, always considering geographical reach, site and inclusive design at every level of production.

2. Global Environmental Communities - Transdisciplinary partnerships

Invisible Flock has over 100 live and long lasting international partnerships across the world.

Our international partnerships are with other artists, ecologists, Indigenous leaders, cultural organisations and festivals, designers, technologists, academics and more. Throughout our 1 7 years we have continued to strengthen our international connections to other cultural organisations and creative and cultural practitioners. We build international relationships that are ongoing not limited to one off events, but grounded in sustainability, trust and shared challenges. We prioritise research and development practices, embedding ourselves deeply within a context and collaborating always with those who have deep personal knowledge of that context.

INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

3. Developing Future Practices - Technical innovation, collaboration and skill building

Invisible Flock is committed to supporting critical innovation, research and development, new skills and the use of new technologies to enable and empower artists to be the architects rather than consumers of new technology. This ideology is at the heart of our studio.

In a perpetually evolving world of new technologies, artists need to be in a constant state of learning, training and iteration and we intend to drive and share this process, drawing from other sectors and skill sets, as well as practical R&D. In order to be able to engage critically with an increasingly politicised technological sector and to understand the ethical and environmental impacts of new technology there is an opportunity for artists to reimagine technology’s applications and parameters.

As a studio we have always been interested in technology as a material for making work, one that is pliable, malleable and ultimately fallible. We are interested in creating knowledge and capacity for artistic practice to identify the gaps where technology and culture meet and grow there in a manner that is critically disruptive.

Achievements and performance
Significant activities and achievements against objectives

Our works are longform both in development processes that span multiple years but also presenting completed works in multiple contexts in order to expand potential audiences.

2024/25 predominantly had a development focus as we looked to build tours for existing work while iterating new works, relationships and opportunities. In addition we completed our three year Land Body Ecologies residency with the Wellcome Trust which included significant publishing, podcast and events output.

Here is an overview from the perspective of each strand.

1. Innovative Artworks & Interventions

We focussed on touring development for existing works including;

Microtonal; an award winning sound installation exploring the stories, cultures and land that can be found in between the notes of the western chromatic scale. Consisting of a 200 channel sound installation created by a chorus of 200 unique, handmade clay borindos from the Sindh desert in Pakistan. This work one the Jury Prize at the Karachi Biennale in 2022. We invested in technical and partnership development for touring the work in 2026 including building a touring application for Arts Council England across four confirmed locations in the North of England.

Bodies Joined by a Molecule of Air; a one of a kind, hand cast, large scale sculpture originally commissioned by the World Health Organisation for COP27 and COP28. We have been working to develop plans for it to be perm anen tly installed in its final location in 2025/26.

The Sleeping Tree; a long form, durational, sound experience connecting audiences with the Sumatran rainforest. Designed for orchestral halls and large spaces, the work presents 5000+hours of audio across 36 channels of playback, collected during a three month-long mapping process of this rare ecosystem. Production development for the work took place, ready to exhibit across three weeks at Wakefield Exchange in April 2025. Development of an Australian tour planned for 2027 is underway.

Boalno; an immersive sound experience placing audiences in the centre of 3,000 reindeer as they circle during their annual corral at the top of Boalnotjåhkkå mountain in Sápmi, the Indigenous governed area of the Arctic. The work is composed of audio recorded using 360 degree spatial microphones from inside of the corral, listening to thousands of reindeers moving together, their clicking hooves and barks creating a unique rhythm. Exhibition of the work has been confirmed for 2028 with SDG in Sapmi/Norway.

INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

2. Global Environmental Communities

This strand had multiple outputs including;

Releasing the final podcast in the current award winning Land Body Ecologies series The Land Has Changed For Them Too, which was launched in Bangalore with a Listening Experience for the community that the work was created with and in London at the Cellcome Collection. Achieving over 6,000 downloads to date.

Publishing and distributing This is a Forest project publication, mapping the process, journey and exhibition in Leeds in 2023

Launching Stories of Solastalgia published by Lawerence Wishart, a culminating outcome of the Land Body Ecologies project presenting multiple outcomes from across all seven hubs contributing to the project.

Design, development and installation of the Nalung Weather Station Sculpture, a perm a n e nt work created as part of Pathways to Equitable Healthy Cities a research project in Ghana with Imperial College London.

Karoonjhar residency supported by British Council Pakistan and led by Lahooti Melo taking place in Karoonjhar Mountains, in Nagarparkar, Sindh, Pakistan, where we parti ci pated as me n tors for the artists undertaking the residency.

Development of Voyage; a collaboration between Invisible Flock and Jenni Laiti (Sapmi) taking place across two summers (2024 and 2025). A continuous 200 km rowing relay took place in July 2024 with the members of the Sámi community living along the Deatnu River which borders Norway and Finland. In 2025 we will go to the river to document the arrival of the critically endangered Arctic salmon and invasive humpback salmon. The resulting exhibition will be presented in Sapmi/Norway, Estonia and the UK.

Development of Life and Land; a collaboration between Invisible Flock and Lazy Man Coffee (Thailand) after we were awarded with the Wellcome Trust Photography Prize Lived Experience commission for 2025. Using analogue photography and local plants that grow on Pgak’yau land as bio-developers, we are experimenting with different photographic methods to express how climate change is directly and indirectly affecting the health of the community over time. The resulting exhibtion will be presented in London, Bangkok and Ban Nong Tao in 2026.

3. Developing Future Practices

Internal organisational development in our Yorkshire studio included;

12 weeks training in our Bio Art Lab as part of Waag Futurelab, Amsterdam which resulted in presenting a project output as part of the Bio Hack Academy show. 400 Hive s is a collaboration with our Land Body Ecologies partners Ogiek Peoples Development Programme and examines the cultural and biological significance of wild yeast cultivated from Ogiek Honey.

Experimentation with growing mycelium as part of the new sculptural element for Boalno.

Building a darkroom and developing new bio developers for photography as part of Life and Land.

Additionally we exceeded target figures for our Residency Programme which included hosting;

- Ju Row Farr for a micro residency during a week in April 2024

- Maison Trampoline (John Walter and Alejandro Luna) for a Bio Arts focussed residency across 25 days spread over a 6 month period in 2024

- Three Barnsley based artists; Ailish Treanor, Tala Lee Turton and Spencer Hughes (supported by Barnsley Council) for a total of 25 days throughout August 2024

This resulted in 5 artists spending a total of 90 days in our studio developing their practice during 2024/25.

INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

Press was achieved across a number of online and printed national and international avenues including;

- Leeds radio Chapel FM - Love The Words; https://www.chapelfm.co.uk/elfm-player/archive/2024/05/love-the-words-259-invisible-flock/

- Ghana weather sculpture; https://gna.org.gh/2024/07/nalung-gets-weather-station-under-enabling-flood-adaptation-project/

- Barnsley Residency; https://www.barnsley-museums.com/projects/storying-barnsley/invisible-flock-barnsley-artist-residency

- Ghana weather sculpture; https://reliefweb.int/report/world/combine-art-and-technology-early-warning-all-hybrid-analogue-and-digital-early-warning-systems

- Bodies Joined;
  https://www.zawya.com/en/business/healthcare/egypt-deputy-pm-launches-executive-plan-for-one-health-a703wcwc

Fundraising performance

As trustees responsible for Invisible Flock Co. we have taken into account the Charity Commission's public benefit guidance including the following;

- Making decisions to ensure our purpose provides public benefit

- Making decisions to manage risks of detriment or harm to our charity’s beneficiaries or to the public in general that might result from carrying out the purpose

- Making decisions about who benefits in ways that are consistent with the purpose

- Making decisions to make sure any personal benefits are no more than incidental

Financial review

Arts Council England supported the organisation with the following grants in 202 4/2 5 (which were treated as unrestricted income):

£198,558 - National Portfolio Organisation

Income received from Wellcome Trust in 2024/25 totals £163,736.

Due to the timing of grants received in 2023/24 £255,373 restricted funds from the Wellcome Trust were also used in 2024/25.

Income was also achieved through the following stands;

£8,850 - Local Authority

£85,411 - Fees and Commission s

£10,500 - Other Public Grants

INVISIBLE FLOCK CO
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Reserves policy

It is the policy of the trustees to raise and maintain free reserves up to a level that equates to 6 months operational expenditure plus redundancy costs for staff. Due to the large scale nature of our work we need to consider substantial debtors' costs within this figure. This was reviewed and updated in light of additional risks associated with political uncertainty and economic recession.

The calculated ambition for organisational unrestricted reserves is £209,930

Reserves as of 31st March 2024 are £337,040 consisting of £114,995 restricted and £222,045 unrestricted amounts.

Our current level of reserves provide us with resilience as an organisation to not have to overly rely on pursuing commissions or projects that do not fit with our organisational objectives allowing us to develop longer strategic partnerships and larger bodies of work. It gives us room to autonomously build our aims and invest in ongoing artistic and project development.

Structure, governance and management

The company is a Company Limited by Guarantee without share capital. The trustees therefore do not have any interest in the share capital of the company.

New trustees are advertised or applications invited, candidates are interviewed by the Creative Director and Executive Producer who recommend appointment to the board.

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

J Audibert
B Elliot
C Schoeps
Dr K Bhatt
(Resigned 5 December 2024)
B Esapathi
Dr R Labianco
M Mason
(Appointed 10 June 2024)
Mrs A M Athique Winterbottom
(Appointed 19 May 2025)

The Trustees' r eport was approved by the Board of Trustees.

C Schoeps
Trustee
11 September 2025
INVISIBLE FLOCK CO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF INVISIBLE FLOCK CO
- 7 -

I report to the Trustees on my examination of the financial statements of Invisible Flock Co (the Charitable Company) for the year ended 31 March 2025.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since the Charitable Company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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

1

accounting records were not kept in respect of the Charitable Company as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Frances Clapham FCA
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Dated: 11 September 2025
INVISIBLE FLOCK CO
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
209,088
139,703
348,791
200,646
656,549
857,195
Charitable activities
3
118,244
-
118,244
637,424
11,384
648,808
Other income
4
50
-
50
-
-
-
Total income
327,382
139,703
467,085
838,070
667,933
1,506,003
Expenditure on:
Raising funds
5
2,548
-
2,548
-
-
-
Charitable activities
6
326,507
454,836
781,343
807,914
426,537
1,234,451
Total expenditure
329,055
454,836
783,891
807,914
426,537
1,234,451
Net income/(expenditure)
(1,673)
(315,133)
(316,806)
30,156
241,396
271,552
Transfers between funds
-
-
-
22,000
(22,000)
-
Net movement in funds
8
(1,673)
(315,133)
(316,806)
52,156
219,396
271,552
Reconciliation of funds:
Fund balances at 1 April 2024
223,717
430,128
653,845
171,561
210,732
382,293
Fund balances at 31 March 2025
222,045
114,995
337,040
223,717
430,128
653,845

All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

INVISIBLE FLOCK CO
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
128,397
135,289
Current assets
Debtors
13
45,634
16,588
Cash at bank and in hand
179,291
583,189
224,925
599,777
Creditors: amounts falling due within one year
14
(16,282)
(81,221)
Net current assets
208,643
518,556
Total assets less current liabilities
337,040
653,845
The funds of the Charitable Company
Restricted Funds
16
114,995
430,128
General Unrestricted Funds
142,559
144,231
Designated Funds
79,486
79,486
222,045
223,717
337,040
653,845

The notes on pages 10 to 19 form part of these financial statements.

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

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

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

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

The financial statements were approved by the Trustees on 11 September 2025
C Schoeps
Trustee
Company registration number 09243292 (England and Wales)
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Charity information

Invisible Flock Co is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 8a Longside, Jebb Lane, Haigh, Barnsley, S75 4BS.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the Charitable Company's Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charitable Company is a Public Benefit Entity as defined by FRS 102.

The Charitable Company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charitable 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
Going concern

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

1.3
Charitable funds

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

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charitable Company.
1.4
Income
Income is recognised when the Charitable Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading. All expenditure is inclusive of irrecoverable VAT.

1.6
Tangible fixed assets

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

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

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Technical assets
15% reducing balance

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

1.7
Impairment of fixed assets

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

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

INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen 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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.10
Employee benefits

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

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

1.11
Retirement benefits

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

1.12

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Grants
209,088
139,703
348,791
200,646
656,549
857,195
3
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£

Fees and comissions

114,778
-
114,778
634,694
-
634,694

Services

3,466
-
3,466
2,730
-
2,730
Other income
-
-
-
-
11,384
11,384
118,244
-
118,244
637,424
11,384
648,808
4
Other income
Unrestricted
Total
funds
2025
2024
£
£
Bank interest received
50
-
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
5

R aising funds

Unrestricted
Total
funds
2025
2024
£
£
Fundraising and publicity
Advertising
2,548
-
2,548
-
6
Expenditure on charitable activities
2025
2024
£
£
Direct costs
Depreciation and impairment
22,657
23,875

Artists fees

2
1

Collaborating-artists fees

74,598
96,475

Project and workshop materials

14,598
97,138

Studio and storage

22,250
23,496

Travel and subsistence

27,961
48,181

Production Manager

-
5,701

Installation and logistics

19,272
203,506

Refunded expenditure

29,652
13,412

Wellcome Hub - excluding salaries

329,765
386,288
540,755
898,073
Share of support and governance costs (see note 7)
Support
231,934
319,458
Governance
8,654
16,920
781,343
1,234,451
Analysis by fund
Unrestricted funds
326,507
807,914
Restricted funds
454,836
426,537
781,343
1,234,451
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
7
Support costs
Support costs
Governance costs
2025
Support costs
Governance costs
2024
£
£
£
£
£
£
Staff costs
208,383
-
208,383
254,168
570
254,738

Insurance

10,007
-
10,007
9,745
-
9,745

Office expenses

6,767
-
6,767
3,059
-
3,059

Printing, postage and courier charges

1,041
-
1,041
2,540
-
2,540

Light and heat

(16,037)
-
(16,037)
22,695
-
22,695

Subscriptions

4,277
-
4,277
2,946
-
2,946

Repairs and maintenance

8,281
-
8,281
6,411
-
6,411

Administrative assistant

7,210
-
7,210
14,831
-
14,831

Bank charges

2,006
-
2,006
3,063
-
3,063
Audit fees
-
3,450
3,450
-
7,150
7,150
Legal and professional
-
5,204
5,204
-
9,200
9,200
231,935
8,654
240,589
319,458
16,920
336,378
Analysed between
Charitable activities
231,934
8,654
240,588
319,458
16,920
336,379

Governance costs includes payments to the independent examiners of £3,450 (2024: auditors - £7,150) for independent examination and accounts compilation fees.

8
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
3,450
7,150
Depreciation of owned tangible fixed assets
22,657
23,875
9
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charitable Company during the year. Equally there were no Trustee expenses incurred in the year.

10
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
4
6
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Employees
(Continued)
- 16 -
Employment costs
2025
2024
£
£
Wages and salaries
185,248
226,208
Social security costs
15,508
19,130
Other pension costs
7,627
9,400
208,383
254,738
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
179,595
171,781
11
Taxation

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

12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Technical assets
Total
£
£
£
£
Cost
At 1 April 2024
21,526
21,908
204,031
247,465
Additions
-
-
15,765
15,765
At 31 March 2025
21,526
21,908
219,796
263,230
Depreciation and impairment
At 1 April 2024
13,408
11,120
87,648
112,176
Depreciation charged in the year
1,218
1,617
19,822
22,657
At 31 March 2025
14,626
12,737
107,470
134,833
Carrying amount
At 31 March 2025
6,900
9,171
112,326
128,397
At 31 March 2024
8,118
10,788
116,383
135,289
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
39,947
3,045
Other debtors
-
10,437
Prepayments and accrued income
5,687
3,106
45,634
16,588
14
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
8,947
8,612
Trade creditors
-
1,845
Other creditors
607
1,144
Accruals and deferred income
6,728
69,620
16,282
81,221
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,627
9,400

The Charitable Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.

16
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 April 2024
Incoming resources
Resources expended
Transfers
At 31 March 2025
£
£
£
£
£
The Cost of Innovation
135,287
-
(20,292)
-
114,995
Wellcome Hub Award
294,841
139,703
(434,544)
-
-
430,128
139,703
(454,836)
-
114,995
INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Restricted funds
(Continued)
- 18 -
Previous year:
At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
The Cost of Innovation
159,162
22,000
(23,875)
(22,000)
135,287
Wellcome Hub Award
51,570
634,549
(391,278)
-
294,841
Re-imbursed expenditure re. Wellcome Hub Award
-
11,384
(11,384)
-
-
210,732
667,933
(426,537)
(22,000)
430,128

Restricted funds noted above relate to individual grants and agreements to deliver artistic projects with the exception of The Cost of Innovation which relates to a grant to purchase capital items.

17
Unrestricted funds

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

At 1 April 2024
Incoming resources
Resources expended
Transfers
At 31 March 2025
£
£
£
£
£
Research and Development Fund
79,486
-
-
-
79,486
General funds
144,233
327,382
(329,055)
-
142,560
223,719
327,382
(329,055)
-
222,046
Previous year:
At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Research and Development Fund
39,486
-
-
40,000
79,486
General funds
132,077
838,070
(807,914)
(18,000)
144,233
171,563
838,070
(807,914)
22,000
223,719

The Research and Development Fund is a fund designated by the Trustees to support future innovation.

INVISIBLE FLOCK CO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
18
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
13,402
114,995
128,397
Current assets/(liabilities)
208,643
-
208,643
222,045
114,995
337,040
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
-
135,289
135,289
Current assets/(liabilities)
223,717
294,839
518,556
223,717
430,128
653,845
19
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
20,500
20,500
Between two and five years
76,875
97,375
97,375
117,875
20
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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