Mathieson Capital Fund Management LLP

REGISTERED NUMBER: OC305436 (England and Wales)

MEMBERS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

MATHIESON CAPITAL FUND MANAGEMENT LLP

Page

General Information

1

Members' Report

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Reconciliation of Members' Interests

10

Statement of Cash Flows

12

Notes to the Financial Statements

13

DESIGNATED MEMBERS:

R C M Burrell

Ms A K Mashensky

MAP Fund Management Services Limited

REGISTERED OFFICE:

1 Kings Avenue

Winchmore Hill

London

N21 3NA

REGISTERED NUMBER:

OC305436 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of providing investment services. The LLP is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 230592.

The LLP is a MIFIDPRU investment firm and is subject to the UK Investment Firms Prudential Regime and the prudential requirements contained in the Financial Conduct Authority's MIFIDPRU sourcebook.

The LLP's permitted activities include managing investments, advising on investments, arranging investment transactions, making arrangements with a view to transactions in investments and dealing in investments as agent. These activities are restricted to professional clients and eligible counterparties.

The LLP is not permitted to hold or control client money. The LLP is also restricted from carrying on the MiFID investment service and activity of placing financial instruments without a firm commitment basis.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr R C M Burrell

Ms A K Mashensky

MAP Fund Management Services Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £4,285 (2025 - £14,483 loss).

MEMBERS' INTERESTS

Each member’s subscription to the capital of the LLP is repayable following retirement from the LLP so long as regulatory capital requirements continue to be met.

Details of changes in members’ capital in the period ended 31 March 2026 are set out in the Reconciliation of Members’ Interests.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits including where the LLP might arrange for such, in which case the cost of such is deemed a profit allocation. Profits are allocated and divided between members after finalisation of the financial statements.

MEMBERS' RESPONSIBILITIES STATEMENT

The members are responsible for preparing the Members' Report and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Ms A K Mashensky - Designated member

27 July 2026

Opinion

We have audited the financial statements of Mathieson Capital Fund Management LLP (the 'LLP') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and 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 LLP's affairs as at 31 March 2026 and of its loss 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Members' Report, 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

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

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

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

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement set out on page two, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the LLP through discussions with members and other

management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries

of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the LLP's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Myerson FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

27 July 2026

TURNOVER

4

42,000

40,000

Administrative expenses

46,285

56,180

(4,285

)

(16,180

)

Other operating income

-

1,695

OPERATING LOSS

6

(4,285

)

(14,485

)

Interest receivable and similar income

-

2

LOSS FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

(4,285

)

(14,483

)

LOSS FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

(4,285

)

(14,483

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(4,285

)

(14,483

)

CURRENT ASSETS

Debtors

8

50,068

96,724

Cash at bank

35,158

39,224

85,226

135,948

CREDITORS

Amounts falling due within one year

9

14,840

61,277

NET CURRENT ASSETS

70,386

74,671

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

70,386

74,671

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

MEMBERS' OTHER INTERESTS

Other reserves

10

70,386

74,671

70,386

74,671

TOTAL MEMBERS' INTERESTS

Members' other interests

70,386

74,671

The financial statements were approved by the members of the LLP and authorised for issue on 27 July 2026 and were signed by:

Ms A K Mashensky - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

-

Amount due from members

-

Balance at 1 April 2025

74,671

-

74,671

Loss for the financial year available
for discretionary division among
members

(4,285

)

-

(4,285

)

Members' interests after loss for the
year

70,386

-

70,386

Amount due to members

-

Amount due from members

-

Balance at 31 March 2026

70,386

-

70,386

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

1,695

Amount due from members

-

Balance at 1 April 2024

89,154

1,695

90,849

Loss for the financial year available
for discretionary division among
members

(14,483

)

-

(14,483

)

Members' interests after loss for the
year

74,671

1,695

76,366

Adjustment

-

(1,695

)

(1,695

)

Amount due to members

-

Amount due from members

-

Balance at 31 March 2025

74,671

-

74,671

The ability of the Members to reduce the amount of Members other interests is restricted by FCA regulatory capital rules. During the period the regulatory capital base of the LLP decreased by £4,285, bringing the permanent Members’ capital balance to £70,386 (2025: £74,671).

Other than the FCA regulatory capital requirements, there are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members’ other interests.

Cash flows from operating activities

Cash generated from operations

13

(4,066

)

(12,645

)

Net cash from operating activities

(4,066

)

(12,645

)

Cash flows from investing activities

Interest received

-

2

Net cash from investing activities

-

2

Cash flows from financing activities

Transactions with members and former

members

Contributions by members

-

(1,695

)

Net cash from financing activities

-

(1,695

)

Decrease in cash and cash equivalents

(4,066

)

(14,338

)

Cash and cash equivalents at beginning
of year

14

39,224

53,562

Cash and cash equivalents at end of year

14

35,158

39,224

1.	STATUTORY INFORMATION

Mathieson Capital Fund Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Since the LLP is a MIFIDPRU investment firm and is subject to the UK Investment Firms Prudential Regime and the prudential requirements contained in the Financial Conduct Authority's MIFIDPRU sourcebook, the LLP cannot apply the small company reduced disclosure regime under FRS 102 Section 1A. As such, the comparative has been re-presented on the same basis as the current year.

Going concern

The financial statements have been prepared on a going concern basis.

The LLP incurred a loss of £4,285 for the year ended 31 March 2026 and had net assets of £70,386 at that date. The LLP is subject to regulatory own funds and liquid asset requirements under the Financial Conduct Authority's MIFIDPRU rules.

In assessing the appropriateness of the going concern basis, the designated members considered:

- cash flow and profitability forecasts covering a period of at least twelve months from the date of approval of the financial statements;

- the recoverability and expected collection dates of trade debtors;

- the LLP's expected regulatory own funds and liquid asset position;

- the fixed overheads requirement and permanent minimum capital requirement;

- stress scenarios involving delayed customer receipts and the loss of a significant customer; and

- the availability of financial support from the designated members.

Based on internal forecasts and regulatory capital calculations, the designated members have a reasonable expectation that the LLP will continue in operational existence and will meet its regulatory obligations for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Members profit allocations

Profit allocations are recognised in the year in which they are declared and become a present obligation of the LLP. The net profits for each accounting period are allocated between the Members in accordance with the profit - sharing formula agreed between the Members by special majority but in default of such an agreement, the profits shall be shared in the same proportions as their contributions to Capital. The share of the profit for the year is credited to Members current account and represents a debt payable by the LLP. Unallocated profits if any are recognised in equity ('other reserves'). Any losses are not allocated to members but must be eliminated by future profits before profit allocations recommence.

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the LLP and value added taxes.

The LLP recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the LLP.

Classification of share of profits in the cash flow statement

The share of profits are determined from time to time by the Members.

Cash and cash equivalent

Cash at bank and in hand 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.

Taxation

Taxation is liable on the members and so is not provided for in the financial statements. Each member is liable for their own tax liability, including any deferred taxes.

Financial instruments

The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a. Critical accounting estimates and assumptions

The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Impairment of trade debtors

The recoverability of trade debtors requires the members to make estimates regarding amounts that may not be collected in full. In assessing whether any impairment provision is required, the members consider the ageing of outstanding balances, the payment history and financial position of individual customers, any known disputes, correspondence with customers and cash received after the reporting date. Where there is evidence that an amount may not be recoverable, an appropriate impairment provision is recognised. Changes in customer circumstances or actual collections compared with those estimated could result in a material adjustment to the carrying amount of trade debtors in a future period.

4.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

2026

2025

£

Investment services

42,000

40,000

42,000

40,000

An analysis of turnover by geographical market is given below:

2026

2025

£

United Kingdom

22,000

15,000

Europe

20,000

25,000

42,000

40,000

5.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 March 2026 nor for the year ended 31 March 2025.

The average number of employees during the year was NIL (2025 - NIL).

6.	OPERATING LOSS

The operating loss is stated after charging:

2026

2025

£

Auditors' remuneration

2,500

7.	INFORMATION IN RELATION TO MEMBERS

2026

2025

The average number of members during the year was

3

4

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

48,800

86,000

VAT

768

724

Prepayments and accrued income

500

10,000

50,068

96,724

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

12,000

48,437

Accrued expenses

2,840

12,840

14,840

61,277

10.

RESERVES

Other

reserves

£

At 1 April 2025

74,671

Loss for the year

(4,285

)

At 31 March 2026

70,386

11.	RELATED PARTY DISCLOSURES

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Complyport Limited, an entity within the S. Platis Holdings Limited group, provided regulatory compliance and key management personnel services to the LLP, including support in respect of the SMF17 and SMF27 roles. During the year, the LLP incurred fees of £40,000 (2025: £50,000) from Complyport Limited.

At 31 March 2026, £12,000 (2025: £48,048) was payable to Complyport Limited. The balance was unsecured, interest-free and payable in accordance with the agreed invoice terms. No guarantees were given or received.

During the year, the LLP provided investment services amounting to £20,000 (2025: £15,000) to S. Platis Holdings Limited. S. Platis Holdings Limited is a parent undertaking within the group of which Complyport Limited is a member.

At 31 March 2026, £7,800 (2025: £ Nil) was receivable from S. Platis Holdings Limited. The balance was unsecured and interest-free. No provision for doubtful debts was recognised and no bad debt expense arose during the year.

During the year, the LLP provided investment services amounting to £12,500 (2025: £12,500) to Dr. Stylianos Platis. Dr. Stylianos Platis is the sole ultimate beneficial owner of S. Platis Holdings Limited, a parent undertaking within the group of which Complyport Limited is a member.

At 31 March 2026, £36,000 (2025: £36,000) was receivable from Dr. Stylianos Platis. The balance was unsecured and interest-free. No provision for doubtful debts was recognised and no bad debt expense arose during the year.

12.	ULTIMATE CONTROLLING PARTY

The LLP is controlled by Demetris Taxitaris, Michalakis Agapiou and Alexandros Constantinou by virtue of their respective holdings in MAP Fund Management Services Ltd, a LLP Designated Member incorporated and registered in Cyprus with company registration HE 412514, whose registered office is at 4 Modestou Panteli, 4003 Limassol, Cyprus.

13.	RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2026

2025

£

Loss for the financial year before members' remuneration and profit shares
available for discretionary division among members

(4,285

)

(14,483

)

Finance income

-

(2

)

(4,285

)

(14,485

)

Decrease/(increase) in trade and other debtors

46,656

(42,724

)

(Decrease)/increase in trade and other creditors

(46,437

)

44,564

Cash generated from operations

(4,066

)

(12,645

)

14.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

Cash and cash equivalents

35,158

39,224

Year ended 31 March 2025

31.3.25

1.4.24

£

Cash and cash equivalents

39,224

53,562

15.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

Net cash

Cash at bank

39,224

(4,066

)

35,158

39,224

(4,066

)

35,158

Net funds (before members' debt)

39,224

(4,066

)

35,158

Loans and other debts

due to members

-

Net funds

39,224

(4,066

)

35,158