REGISTERED NUMBER: 03160233 (Wales)

Menter Mon Cyf

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr A D Billcliff

Mrs R L Colley

Mr O D Gruffydd

Dr I Gruffydd

Mr B Jones

Dr J I Jones

Dr G W Jones

Mr G Ll Jones

Mr G Llwyd

Dr G W Morgan

Ms C Owen

Ms H M Williams

SECRETARIES:

Mr G W Owen

Ms B L Fraser-Williams

Ms S M Thomas

Ms M E Hughes

REGISTERED OFFICE:

Neuadd Y Dref

Bulkeley square

Llangefni

Anglesey

LL77 7LR

REGISTERED NUMBER:

03160233 (Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The group's principal activity is to promote and encourage growth in North Wales.

REVIEW OF BUSINESS

Following the significant transition in 2023 as EU funding came to an end, 2024 marked a year of relative stability, with new projects and funding streams beginning to take shape. While uncertainty continues to affect many of our activities, we are developing a clearer understanding of the evolving funding and political landscape.

This year, we published a new vision for the company. Having been shaped for nearly three decades by EU programmes, the Board felt it was timely to revisit our aims and clearly articulate our purpose. This process led to the identification of three core areas of activity: Renewable Energy, Economy, and Community. Each now operates as a distinct project portfolio under the leadership of a dedicated Project Director.

Energy Portfolio

Lead: Andy Billcliff, CEO of Menter Môn Morlais

Morlais remains the flagship project within the energy portfolio and made significant progress in 2024. In September, Hydrowing secured an additional 10MW in the UK Government's AR6 renewable energy auction, bringing the total allocation for our developers to 38MW. This milestone provides revenue certainty for electricity generated under Morlais.

Efforts to upgrade grid capacity from 18MW to 240MW continued, with the 'Cydnerth' project receiving Outline Business Case approval from Ambition North Wales in July. Welsh Government also invested in Morlais via equity, acquiring a 13% stake-marking the first time it has taken ownership in a renewable energy project.

Other energy initiatives progressed steadily. The Holyhead Hydrogen Hub remains viable, with funding, planning, and a strategic partner (EDF) in place. However, we await UK Government policy changes on RTFO subsidies to unlock the green hydrogen market.

We also explored acquiring the fully consented Traffwll solar project. Supported by Welsh Government, we undertook due diligence and engaged with funders. Negotiations are ongoing, with resolution expected in 2025.

Community Portfolio

Lead: Elen Hughes

This diverse portfolio includes language, environment, community development, circular economy, and theatre. It faces the greatest funding challenges, with EU support partially replaced by the UK Shared Prosperity Fund. The annual allocation process introduces delays and uncertainty, though our strong relationships with local authorities have been vital.

Despite these challenges, the portfolio delivered impactful work. Shared Prosperity Funding supported Grymuso Gwynedd and Balchder Bro, empowering communities to develop enterprises and celebrate local identity. On Ynys Môn, this aligned with Menter Iaith activities, including Theatr Ieuenctid Môn.

Environmental work remains central. Menai Rivers expanded its conservation of Water Vole habitats, while the seven-year Cwlwm Seiriol project concluded successfully. We now face the challenge of maintaining nature reserves without dedicated project funding.

We continued delivering two Welsh Government ARFOR contracts-Cronfa Her and Llwyddo'n Lleol. The latter, led by Menter Môn, had significant impact and was positively evaluated. Although the contract ended in March 2025, new funding has been secured and options for continuation are being explored.

A new initiative, Cylchol, launched in 2024. This £2.5 million circular economy project, funded by Welsh Government, established 'Ffiws' repair and reuse spaces across Ynys Môn and Gwynedd. With funding secured until 2026, a Lottery application is underway.

Economy Portfolio

Lead: Bethan Fraser Williams

This portfolio remained stable, with notable developments in food-related activities.

Business Wales is the largest project by staff and financial value. Awarded in 2023, the six-year contract is subject to annual review after year two. 2024 was the first full delivery year, and we established strong working relationships with delivery partners M-SParc and Business in Focus. Despite economic challenges, we met targets and maintained positive engagement with Welsh Government.

The Enterprise Hub, previously a Welsh Government contract, is now supported by the Shared Prosperity Fund. Both Gwynedd and Ynys Môn councils value its local business support, and we've worked closely to tailor services to community needs.

Food sector activity grew significantly. Regionally, we deliver the Ynys Môn and Gwynedd Food Partnership, strengthening local networks and resilience. Nationally, we collaborate with Welsh Government to increase Welsh ingredients in public sector meals, especially in secondary schools. With growing interest in food quality and provenance, we expect continued growth in this area.

Key Performance Indicators (KPIs) - 2024

Output

Target

Achieved

% Achieved

Voluntary Hours on Wildlife Conservation

2,000

2,500

125%

Businesses Supported

1,500

1,800

120%

Inward Investment Attracted

£5million

£5million

100%

Young People Involved

700

1,000

142%

Events and Activities Supported

100

120

120%

Communities and Local Groups Supported

100

130

130%

Corporate and Finance

Leads: Sioned Thomas and Geraint Owen

The Corporate and Finance teams continue to provide essential support across all portfolios. In 2024, the Corporate team expanded with the appointments of Ffion Griffiths (HR Manager) and Elliot Riley-Walsh (Facilities Officer), reflecting the company's scale-80 staff and multiple buildings.

Significant progress was made in strengthening policies and procedures to safeguard staff, customers, and the organisation. The Finance team maintained high standards, supporting diverse financial needs and enabling informed decision-making by senior management and the Board.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties are discussed within the 'Review of Business' section above.

PLANNING FOR THE FUTURE

The portfolio structure has empowered Project Directors and improved operational clarity. However, funding remains uneven, with the Community portfolio particularly reliant on short-term sources.

The transition from EU funding has introduced ongoing uncertainty. For two consecutive years, we initiated redundancy processes while awaiting funding confirmation. Despite discomfort, communication with staff and the Union has been transparent and constructive. Staff adaptability has been a strength, with seamless transitions between portfolios.

Long-term planning remains difficult due to short funding cycles and the unpredictable outcome of the 2026 Senedd election. Policy shifts are likely and will directly affect our activities.

GOALS FOR THE NEXT 12 MONTHS

* Diversify funding sources: Reduce reliance on the Shared Prosperity Fund, especially within the Community portfolio.

* Build on our strengths: Pursue projects that complement our energy work, such as community energy and supply chain development.

* Enhance operational efficiency: Continue improving internal policies and procedures to support delivery.

* Develop strategic alliances: Strengthen partnerships and engage with political parties ahead of the 2026 election.

* Strengthen our brand: Communicate our vision and ensure stakeholders understand our objectives.

LOOKING AHEAD: 30 YEARS OF MENTER MÔN

Next year marks our 30th anniversary-a moment to reflect on three decades of delivery across Ynys Môn, Gwynedd, and beyond. While much has changed, Menter Môn's impact on communities is tangible. This milestone offers a chance to celebrate our achievements and look forward to shaping a vibrant, ambitious, and distinctive future.

ON BEHALF OF THE BOARD:

Mr O D Gruffydd - Director

19 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr A D Billcliff

Mrs R L Colley

Mr O D Gruffydd

Dr I Gruffydd

Mr B Jones

Dr J I Jones

Dr G W Jones

Mr G Ll Jones

Mr G Llwyd

Dr G W Morgan

Ms C Owen

Ms H M Williams

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the surplus or deficit 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr O D Gruffydd - Director

19 September 2025

Opinion

We have audited the financial statements of Menter Mon Cyf (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 31 December 2024 and of the group's deficit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;

- Obtaining an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Aled Roberts (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

23 September 2025

TURNOVER

10,749,403

10,427,741

Cost of sales

(7,622,737

)

(8,708,409

)

GROSS SURPLUS

3,126,666

1,719,332

Administrative expenses

(2,294,574

)

(2,397,467

)

832,092

(678,135

)

Other operating income

65,021

66,786

OPERATING SURPLUS/(DEFICIT)

5

897,113

(611,349

)

Interest receivable and similar income

3,272

-

Other finance income

-

87,000

900,385

(524,349

)

Gain/loss on revaluation of assets

(1,621,810

)

463,817

(721,425

)

(60,532

)

Interest payable and similar expenses

6

(167,391

)

(14,166

)

Other finance costs

(311,000

)

-

DEFICIT BEFORE TAXATION

(1,199,816

)

(74,698

)

Tax on deficit

7

(121,093

)

(12,631

)

DEFICIT FOR THE FINANCIAL YEAR

(1,320,909

)

(87,329

)

Deficit attributable to:

Owners of the parent

(1,208,244

)

(87,329

)

Non-controlling interests

(112,665

)

-

(1,320,909

)

(87,329

)

DEFICIT FOR THE YEAR

(1,320,909

)

(87,329

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,320,909

)

(87,329

)

Total comprehensive income attributable to:

Owners of the parent

(1,208,244

)

(87,329

)

Non-controlling interests

(112,665

)

-

(1,320,909

)

(87,329

)

FIXED ASSETS

Intangible assets

9

880,395

880,395

Tangible assets

10

30,331,733

31,573,101

Investment property

11

880,000

980,000

32,092,128

33,433,496

CURRENT ASSETS

Debtors

12

1,398,070

1,629,395

Cash at bank

6,766,136

1,532,240

8,164,206

3,161,635

CREDITORS

Amounts falling due within one year

13

2,282,652

2,517,189

NET CURRENT ASSETS

5,881,554

644,446

TOTAL ASSETS LESS CURRENT LIABILITIES

37,973,682

34,077,942

CREDITORS

Amounts falling due after more than one year

14

(30,032,380

)

(33,190,404

)

PROVISIONS FOR LIABILITIES

17

(63,672

)

-

NET ASSETS

7,877,630

887,538

RESERVES

Income and expenditure account

18

7,990,157

887,538

7,990,157

887,538

NON-CONTROLLING INTERESTS

19

(112,527

)

-

TOTAL EQUITY

7,877,630

887,538

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr O D Gruffydd - Director

FIXED ASSETS

Intangible assets

9

172,044

172,044

Tangible assets

10

861,173

2,174,400

Investment property

11

880,000

980,000

1,913,217

3,326,444

CURRENT ASSETS

Debtors

12

1,169,121

1,382,072

Cash at bank

183,312

492,752

1,352,433

1,874,824

CREDITORS

Amounts falling due within one year

13

2,361,292

2,372,270

NET CURRENT LIABILITIES

(1,008,859

)

(497,446

)

TOTAL ASSETS LESS CURRENT LIABILITIES

904,358

2,828,998

CREDITORS

Amounts falling due after more than one year

14

(41,211

)

(2,299,235

)

PROVISIONS FOR LIABILITIES

17

(63,672

)

-

NET ASSETS

799,475

529,763

RESERVES

Income and expenditure account

799,475

529,763

799,475

529,763

Company's profit/(loss) for the financial year

2,252

(110,315

)

The 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 19 September 2025 and were signed on its behalf by:

Mr O D Gruffydd - Director

Retained

Non-controlling

Total

earnings

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

1,090,867

1,090,867

-

1,090,867

Changes in equity

Total comprehensive income

(203,329

)

(203,329

)

-

(203,329

)

Balance at 31 December 2023

887,538

887,538

-

887,538

Changes in equity

Total comprehensive income

7,102,619

7,102,619

(112,665

)

6,989,954

7,990,157

7,990,157

(112,665

)

7,877,492

Non-controlling interest arising on business combination

-

-

138

138

Balance at 31 December 2024

7,990,157

7,990,157

(112,527

)

7,877,630

Retained

Total

earnings

equity

£

£

Balance at 1 January 2023

727,078

727,078

Changes in equity

Total comprehensive income

(197,315

)

(197,315

)

Balance at 31 December 2023

529,763

529,763

Changes in equity

Total comprehensive income

269,712

269,712

Balance at 31 December 2024

799,475

799,475

Cash flows from operating activities

Cash generated from operations

1

(1,561,907

)

9,852,886

Interest paid

(167,391

)

(14,166

)

Tax paid

(32,259

)

(35,195

)

Net cash from operating activities

(1,761,557

)

9,803,525

Cash flows from investing activities

Purchase of tangible fixed assets

(416,798

)

(13,597,094

)

Sale of tangible fixed assets

-

472,728

Interest received

3,272

-

Net cash from investing activities

(413,526

)

(13,124,366

)

Cash flows from financing activities

Welsh Government investment i MMML

8,000,000

-

Net cash from financing activities

8,000,000

-

Increase/(decrease) in cash and cash equivalents

5,824,917

(3,320,841

)

Cash and cash equivalents at beginning of year

2

941,219

4,262,060

Cash and cash equivalents at end of year

2

6,766,136

941,219

1.	RECONCILIATION OF DEFICIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Deficit before taxation

(1,199,816

)

(74,698

)

Depreciation charges

136,376

875,967

Loss/(gain) on revaluation of fixed assets

2,203,861

(475,544

)

Increase/(Decrease) in deferred income

(2,340,954

)

10,943,358

Increase/(Decrease) in loans

(900,000

)

900,000

Finance costs

478,391

14,166

Finance income

(3,272

)

(87,000

)

(1,625,414

)

12,096,249

Decrease in trade and other debtors

231,325

1,114,406

Decrease in trade and other creditors

(167,818

)

(3,357,769

)

Cash generated from operations

(1,561,907

)

9,852,886

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

6,766,136

1,532,240

Bank overdrafts

-

(591,021

)

6,766,136

941,219

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,532,240

4,390,854

Bank overdrafts

(591,021

)

(128,794

)

941,219

4,262,060

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

1,532,240

5,233,896

6,766,136

Bank overdrafts

(591,021

)

591,021

-

941,219

5,824,917

6,766,136

Debt

Debts falling due within 1 year

(596,590

)

586,767

(9,823

)

Debts falling due after 1 year

(900,000

)

900,000

-

(1,496,590

)

1,486,767

(9,823

)

Total

(555,371

)

7,311,684

6,756,313