PUBLISHING QUALIFICATIONS BOARD
Company Registration No. 2607034 Charity Registration No. 1002928
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Publishing Qualifications Board
Company Information
| Chair | Christopher Glennie |
|---|---|
| Vice-Chair | Emma Brown |
| Directors/Trustees | Christopher Glennie |
| Emma Brown | |
| Sunita Dhawan | |
| Maria Krainova | |
| Eric Baber | |
| Hilary Fine | |
| Changjie Hu | |
| Secretary | Bhoupati Sangeelee |
| Company Number | 2607034 (England and Wales) |
| Registered Charity Number | 1002928 |
| Registered Office | 16 High Holborn |
| London | |
| WC1V 6BX | |
| Auditors | Clarke Huttun |
| Summit Court | |
| Barnet | |
| London | |
| EN5 5YR | |
| Bankers | National Westminster Bank |
| 153 Putney High Street | |
| London | |
| SW15 1RX |
Publishing Qualifications Board
Contents
| Page | |
|---|---|
| Trustees’ report | 1–5 |
| Statement of Trustees’ responsibilities | 6 |
| Independent Auditors' report | 7–8 |
| Statement of financial activities | 9 |
| Balance Sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12–17 |
Publishing Qualifications Board
Trustees’ Report For the year ended 31 December 2025
The Trustees, who are also the Directors, hereby submit their annual Directors’ Report together with the financial statements of the Charity for the year ending 31 December 2025, which are also prepared to meet the requirements for a Directors’ Report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity’s Articles of Association, the Companies Act 2006, the Charities Act 2011 and the charities Statement of Recommended Practice.
Structure, governance and management
The Publishing Qualifications Board is a company limited by guarantee. It is a registered charity whose objects are the promotion and furtherance of commercial education in the field of book publishing, writing and the information industries.
The Publishing Training Centre Foundation, a company limited by guarantee (Company No. 1253854) and also a Registered Charity (Registered Charity No. 1083081), is the sole member of the Publishing Qualifications Board.
The Trustees, who are also the Directors for the purpose of company law and who served during the year, were:
Christopher Glennie Eric Baber Emma Brown Hilary Fine Sunita Dhawan Changjie Hu Maria Krainova
None of the Trustees have any beneficial interest in the company.
The members undertake to contribute a maximum of £1 in the event of a winding up.
New Trustees are given full information on the history, legal framework, financial performance and future plan of the Charity.
Under the Articles of Association of the Board, the Publishing Training Centre Foundation, which is also a Registered Charity (Charity no: 1083081), is the sole member of the PQB Charity. Membership of the Charity is not transferable.
The number of Trustees shall be no less than five and no more than twelve. The board normally meets quarterly.
Trustees are elected by the members or co-opted by the Trustees. When considering co-opting Trustees, the Board has regard to the requirement for any specialist skills needed.
A Trustee term of office is three years.
A retiring Trustee may be reappointed providing that no Trustee shall serve more than two terms of office.
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Publishing Qualifications Board
Trustees’ Report (Continued) For the year ended 31 December 2025
The powers of the Trustees to invest monies of the Board are clearly laid out in the Articles of Association.
The Trustees consistently review the principal risks and uncertainties that the Charity faces and implements agreed procedures to minimise or manage any potential impact on the charity should those risks materialise.
There were no connected Charities other than The Publishing Training Centre Foundation.
Objectives and Activities
The Publishing Qualifications Board (PQB) was established to further the education of persons employed in or wishing to pursue a career in the publishing, writing and information industries and related fields of activity, by the establishment, administration and award of national vocational, European, international and other qualifications in respect of competence.
PQB is responsible for the development, delivery and assessment of self-study courses. These are designed to improve knowledge and performance in a range of publishing-related disciplines to the widest possible group of delegates.
These courses are recognised by the publishing community as indicators of professional competence. The courses facilitate entry to a variety of publishing careers, especially within the freelance proofreading and editing community.
All PQB courses have at their core detailed and carefully moderated performance evaluation and reporting so that delegates and employers can assess levels of excellence and knowledge. Qualifications are awarded at a level of pass, merit or distinction.
Achievements and Performance
During 2025, PQB continued to develop and refresh its training portfolio to ensure it remained relevant to the evolving needs of the publishing industry.
Marketing, Partnerships and Profile Raising
PQB maintained a strong external profile during the year through partnerships, sponsorships and sector engagement. PQB sponsored and collaborated with organisations including the Society of Young Publishers and The Printing Charity, supporting conferences, awards schemes and earlycareer initiatives. These activities helped to promote PQB’s charitable objectives and broaden awareness of its training offer.
PQB training was referenced in trade publications during the year, including The Publishing Post, reinforcing the organisation’s reputation as a trusted provider of professional development within the publishing sector. Attendance at major industry events, including the London Book Fair, enabled discussions with partner organisations, potential tutors and contributors, and supported the development of future collaborations.
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Publishing Qualifications Board
Trustees’ Report (Continued) For the year ended 31 December 2025
Digital Development and Accessibility
During the year, PQB continued to improve the accessibility and consistency of its digital presence. Following expert review, a number of changes were made to the website to improve usability and accessibility in line with best practice. The Trustees consider this work to be an important part of ensuring that the PQB training and resources remain accessible to the widest possible audience.
Tutor and Stakeholder Engagement
The Trustees recognise the importance of maintaining strong relationships with tutors and stakeholders. A Trustee and tutor meeting was held during the year to discuss current training needs and emerging skills gaps within the industry. Feedback from tutors and participants continued to be positive, particularly in relation to new course offerings and webinar activity.
Organisational Development
During 2025, PQB strengthened its internal capacity by appointing a full-time Marketing Executive. This role was supported by short-term specialist consultancy to ensure continuity and effective induction. The Trustees believe this investment has improved the organisation’s ability to plan, promote and evaluate its training activity and has laid foundations for future development.
Delegates: numbers review for the year
377 delegates enrolled on distance learning programmes during the year (2024: 421 delegates).
Financial Review
General Financial Review
Revenue decreased by 22% to £71k (2024: £91k)
Total expenditure decreased by 14% to £91k (2024: £107k)
The charitable activities expenditure was £80k and represented 87% of the total expenditure for the year (2024: £94k & 88%)
The cost of governance was £5k and represented 5% of the total expenditure for the year (2024: £5k & 5%)
The net movement in funds was (£20k) (2024: (£16k))
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Publishing Qualifications Board
Trustees’ Report (Continued) For the year ended 31 December 2025
Reserves Policy
As at 31 December 2025, the Unrestricted Reserves were £45k. The Unrestricted Reserves are held as a cushion of finance during economic downturn and are also available for future plans approved by the Board.
The Publishing Qualifications Board aims to maintain available reserves sufficient to cover three to six months of operating expenditure. This reserve policy underpins financial resilience, ensuring the continuity of operations during periods of funding shortfall while providing time to secure alternative income sources.
Public Benefit
The Publishing Qualifications Board has referred to the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
Plans
The Trustees have continued preparatory work to support the planned integration of the Publishing Qualifications Board (PQB) under the Institute of Publishing. This work has focused on governance alignment, systems readiness and ensuring that future activities are structured to operate within IOP’s charitable objects.
The Trustees consider that consolidation under IOP will, over time, support clearer governance, improved operational efficiency and enhanced public benefit through a more coherent educational framework for the publishing sector. Further developments will be progressed during 2026, subject to Trustee oversight and regulatory compliance.
The Institute of Publishing (IOP), a company limited by guarantee with charitable objectives, acquired charitable status in November 2025.
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Publishing Qualifications Board
Trustees’ Report (Continued)
For the year ended 31 December 2025
Risks and Uncertainties
The Trustees have identified the following principal risks and uncertainties facing the Charity and keep these under regular review:
-
Income concentration risk The Charity remains largely dependent on income generated from training and educational activities. A downturn in market demand, changes in employer training budgets, or wider economic uncertainty could adversely affect income levels.
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Market size and sector concentration
-
The Charity operates within a specialist sector serving the publishing and information industries. This niche focus may limit growth potential and could increase sensitivity to sector-specific trends.
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Relevance of courses and qualifications Maintaining the relevance and quality of course content is essential in a rapidly evolving professional environment. Failure to adapt content to reflect changes in industry practice, technology and required skills could reduce demand.
-
Impact of technological change, including AI Advances in automation and artificial intelligence are reshaping roles within publishing and related industries. These changes may affect demand for traditional training but also create opportunities for new and updated learning provision.
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Operational capacity and change management
-
The planned integration of activities under the Institute of Publishing requires careful management to ensure continuity of service, effective governance and appropriate use of resources during the transition period.
-
Mitigation The Trustees mitigate these risks through regular financial monitoring, active review of course portfolios, investment in course development, and maintaining adequate reserves in line with the reserves policy.
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Publishing Qualifications Board
Statement of Trustees' Responsibilities
The Trustees, who are also the Directors of the Publishing Qualifications Board for the purpose of company law, are responsible for preparing the Trustees' report and the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting standard 102 and applicable law).
Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that year.
In preparing these accounts, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities SORP.
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
-
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of Information to Auditors
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the Auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Auditors are aware of such information.
The Board approved this report on: 22 April 2026
Bhoupati Sangeelee Secretary
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Publishing Qualifications Board
Independent Auditors' Report To the Members of Publishing Qualifications Board
We have audited the financial statements of the Publishing Qualifications Board for the year ended 31 December 2025 on pages 9 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.
This report is made solely to the Charitable 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 Charitable Company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Trustees and Auditors
As explained more fully in the statement of Trustees’ responsibilities, the Trustees, who are also the Directors of the Publishing Qualifications Board for the purposes of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the Audit of the Accounts
An audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.
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Publishing Qualifications Board
Independent Auditors' Report (Continued) To the Members of Publishing Qualifications Board
Opinion on accounts
In our opinion the accounts:
-
give a true and fair view of the state of the Charity’s affairs at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure account, for the year then ended.
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
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have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Trustees’ Annual Report for the financial year for which the accounts are prepared is consistent with the accounts.
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 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the accounts are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Mr Simon Naick (Senior Statutory Auditor) For and on Behalf of Clarke Huttun, Statutory Auditor Chartered Accountants Summit Court Barnet London EN5 5YR
Dated: 22 April 2026
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Publishing Qualifications Board
Statement of Financial Activities For the year ended 31 December 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| £ | £ | ||
| Courses | 2 | 71,127 | 91,030 |
| -------------- | -------------- | ||
| Total income | 71,127 | 91,030 | |
| -------------- | -------------- | ||
| Expenditure on: | |||
| Publicity and promotion | 3 | 7,230 | 7,321 |
| Charitable activities | |||
| Courses | 4 | 84,316 | 99,573 |
| -------------- | -------------- | ||
| Total expenditure | 91,546 | 106,894 | |
| -------------- | -------------- | ||
| Net movement in funds | (20,419) | (15,864) | |
| Fund balances at 1 January 2025 | 65,060 | 80,924 | |
| Fund balances at 31 December 2025 | 44,641 | 65,060 |
All activities are continuing. The notes on pages 12 to 17 form part of these accounts.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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Publishing Qualifications Board
Charity Balance Sheet as at 31 December 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Current Assets | |||
| Debtors | 7 | 4,513 | 3,549 |
| Cash at bank and in hand | 180,481 | 215,790 | |
| ----------- | ----------- | ||
| 184,994 | 219,339 | ||
| ----------- | ----------- | ||
| Creditors: | |||
| Amounts falling due within one year | 8 | (140,353) | (154,279) |
| ------------- | ------------- | ||
| Net current assets | 44,641 | 65,060 | |
| ------------- | ------------- | ||
| Net Assets | 44,641 | 65,060 | |
| ======== | ======== | ||
| Income Funds | |||
| Unrestricted funds | 44,641 | 65,060 | |
| ---------- | ---------- | ||
| Total Funds | 44,641 | 65,060 | |
| ====== | ====== |
These accounts have been prepared in accordance with the provisions applicable to Companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.
The Financial statements were approved by the Board of Trustees on: 22 April 2026
Christopher Glennie (Chairman/Director)
Company Registration No: 2607034
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Publishing Qualifications Board
Statement of Cash Flows for the year ended 31 December 2025
| Note | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Cash generated/used in operating activities |
A | (35,309) | (17,083) |
| ====== | ====== | ||
| Increase/(Decrease) in cash and cash equivalents |
B |
(35,309) | (17,083) |
| ====== | ====== | ||
| Cash and cash equivalents at the beginning of the year |
215,790 | 232,873 | |
| ====== | ====== | ||
| Total cash and cash | |||
| equivalents at the end of the | 180,481 | 215,790 | |
| year | |||
| ====== | ====== |
A. Reconciliation of net movement in funds to net cash flow from operating activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net Income/Expenditure | (20,419) | (15,864) |
| Increase/(Decrease) in debtors | (964) | 155 |
| Increase/(Decrease) in creditors | (13,926) | (1,374) |
| ------------ | ------------ | |
| Net inflow/(outflow) cash flow from operating | (35,309) | (17,083) |
| activities | ||
| ------------ | ------------ |
B. Reconciliation of net cash flow to movement in net funds
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Balance at 1 Jan 2025 | 215,790 | 232,873 |
| Net cash outflow/inflow | (35,309) | (17,083) |
| ------------ | ------------ | |
| Balance at 31 Dec 2025 | 180,481 | 215,790 |
| ------------ | ------------ |
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
1. Accounting Policies
1.1 Accounting basis and standards
The financial statements have been prepared under the historical cost convention. The financial statements are prepared in UK £ Sterling which is the functional currency of the Charity.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS102)) and the Companies Act 2006.
The significant accounting policies applied in the preparation of these financial statements are set out on pages 12–17. These policies have been consistently applied to all years presented unless otherwise stated.
1.2 Preparation of the accounts on a going concern basis
The reported deficit is £20k. The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans give the Trustees confidence that the Charity remains a going concern for the foreseeable future.
1.3 Income
Income is recognised when the Charity have entitlement to the funds, any performance conditions attached to the item(s) have been met, it is probable that the income will be received, and the amount can be measured reliably. For the Distance Learning courses, entitlement to the fees is taken when the student enrols but subject to a thirty-day cooling off period.
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
1.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of publicity and promotion
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Expenditure on charitable activities, including support and governance costs
Support costs are those functions that assist the work of the Charity, but do not directly undertake charitable activities. Support costs include back-office costs, personnel, payroll and governance costs that support the activities of the Board. Governance costs are those incurred in connection with administration of the Charity and compliance of constitutional and statutory requirements.
The Board identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with governance costs are allocated to the one key charitable activity undertaken in the year.
1.5 Fund accounting
The Charity’s Unrestricted General Funds consist of funds that can be used in accordance with the charitable objects at the discretion of the Trustees.
1.6 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Charity’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
2. Income from charitable activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Distance Learning courses | 71,127 | 91,030 |
| ------------ | ------------ | |
| 71,127 | 91,030 | |
| ------------ | ------------ |
All income from charitable activities was attributable to the unrestricted funds.
3. Publicity and promotion
These are the costs incurred in promoting the educational activities of the Charity. They include advertisements in print and digital media. All costs were attributable to the unrestricted funds.
4. Analysis of expenditure on charitable activities
| Activities | Support | Total | |
|---|---|---|---|
| undertaken | costs | ||
| directly | |||
| £ | £ | £ | |
| Distance Learning courses | 38,723 | 45,593 | 84,316 |
| ------------ | ------------ | ------------ | |
| 38,723 | 45,593 | 84,316 | |
| ------------ | ------------ | ------------ |
All costs for 2025 (2024: £99,573) were attributable to unrestricted funds.
5. Governance costs
| Governance costs | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Office Costs | 332 | 381 |
| Human Resources | 3,250 | 3,988 |
| Audit & Tax Fees | 1,100 | 1,100 |
| Legal fees | - | - |
| ------------ | ------------ | |
| 4,682 | 5,469 | |
| ------------ | ------------ |
Governance costs include payments to the Auditors of £1,100 (2024: £1,100) for audit fees and £nil (2024: £nil) for other services.
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
6. Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel
The average number of employees, analysed by function, during the year was:
| 2025 | 2024 | |
|---|---|---|
| Courses | 1 | 1 |
| Governance | 0.5 | 0.5 |
| Web and Marketing | 1.5 | 0.5 |
| ------------ | ------------ | |
| 3 | 2 | |
| ------------ | ------------ |
The average number of full-time equivalent employees was 3 (2024: 2).
Their aggregate remuneration comprised:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 20,273 | 23,926 |
| Social security costs | 2,389 | 2,624 |
| Pension costs | 3,468 | 4,175 |
| ----------- | ----------- | |
| 26,130 | 30,725 | |
| ====== | ====== |
There were no employees whose annual remuneration was £60,000 or more.
Key management personnel comprise the senior leadership responsible for directing and controlling the activities of PQB.
During the year these responsibilities were undertaken by one individual engaged as a contractor. Fees paid in respect of this role amounted to £11,315 (2024: £13,462). These fees are included within support costs and are not included within staff costs disclosed above.
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
Trustees’ remuneration
The Trustees received reimbursement of expenses during the year totalling less than £500 (2024: less than £500).
The number of Trustees reimbursed expenses during the year was 2 (2024: 1).
| 2025 | 2024 | |
|---|---|---|
| Number of Trustees | ||
| reimbursed expenses | 2 | 1 |
| during the year | ||
| ------------ | ------------ | |
| 2 | 1 | |
| ------------ | ------------ |
7. Debtors
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 4,424 | 3,460 |
| Pre-payments | 89 | 89 |
| ------------ | ------------ | |
| 4,513 | 3,549 | |
| ------------ | ------------ |
8. Creditors: amount falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals | 140,353 | 154,279 |
| ------------ | ------------ | |
| 140,353 | 154,279 | |
| ------------ | ------------ |
9. Taxation
As a registered Charity the Publishing Qualifications Board is exempt from Corporation Tax on its charitable activities.
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Publishing Qualifications Board
Notes to the Financial Statements For the year ended 31 December 2025
10. Related party transactions
In the current year no related party transactions were reported either from the Trustees or management.
11. Contingent liabilities
There were no contingent liabilities at the year end.
12. Capital commitments
At 31 December 2025, the Trustees had no capital commitments.
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