| STRATEGICREPORT |
|---|
| 1.1 Objectivesandactivities |
| 1.2 Achievementsandperformance |
| 1.3. GovernanceReview |
| 1.4 FuturePlans |
| 1.5 Financialreview |
| GOVERNANCE |
| 2.1 Referenceandadministrativedetails |
| 2.2 Structure,governanceandmanagement |
| 2.3 StatementofTrustees’Responsibilities |
| FINANCIALSTATEMENTS |
| Independentauditor'sreport |
| CharityStatementofFinancialActivities |
| ConsolidatedStatementofFinancialActivities |
| Consolidatedand CharityBalanceSheets |
| ConsolidatedStatementofCashFlows |
| NotestotheFinancialStatements |
| Summaryofthe resultsandfinancialpositionoftheGroup | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Income | 8,769,185 | 7,575,806 |
| Net(outgoing)incomingresourcesfromunrestrictedfunds | (113,140) | (106,428) |
| Actuarialadjustmentsondefinedbenefitpensionscheme | - | 706,682 |
| Totalunrestrictedfunds | 3,590,457 | 3,703,597 |
| ReservesPolicy | ||
| TheBoardofTrusteesissatisfiedthattheCharity’sreservesareavailableandadequatetofulfilitsobligations.The | ReservesPolicy | |
| wasapprovedinApril2025andreviewedinApril2026. |
| GOVERNANCE | ||
|---|---|---|
| Referenceandadministrativedetails | ||
| Registeredcompanynumber | 02788226(EnglandandWales) | |
| Registeredcharitynumber | 1018979 | |
| Registeredoffice | 667-669StockportRoad Manchester |
|
| M124QE | ||
| Trustees | DrMButler-ChairoftheBoardofTrustees MrJRichardson-DeputyChair ProfessorHCHamshire |
(resigned21February2025) (resigned28November2025: appointed10February2026) |
| MrSMckinnon-Evans-Treasurer | ||
| ProfessorlanWood | ||
| MrRCotton | ||
| MrARyder | ||
| MrNSmith | ||
| MrsMWebster | ||
| MrJCTRossiter DrAJones MsJFNugent MissBYGan MrAMMandebura MsELHeathcote ProfessorAJSambell |
(appointed18February2025) (appointed18February2025) (appointed18March2025) (appointed16September2025) (appointed1December2025) (resigned15September2025) |
|
| ExecutiveDirector &Companysecretary |
MrsDLeicester | |
| Auditor | XeinadinAuditLimited CharteredAccountantsandStatutoryAuditor |
|
| 100BarbirolliSquare | ||
| Manchester | ||
| M23BD | ||
| Solicitors | ShakespeareMartineau WaterfrontHouse |
|
| WaterfrontPlaza | ||
| Nottingham | ||
| NG23DQ | ||
| Bankers | BarclaysBankPic POBox357 |
|
| 51MosleyStreet | ||
| Manchester | ||
| M602AU |
| We | havenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreporttoyouif,inour |
|---|---|
| opinion: | |
| - | theinformationgivenintheTrustee'sAnnualReportisinconsistentinanymaterialrespectwiththefinancialstatements;or |
| - | theCharitableCompanyhasnotkeptadequateaccountingrecords;or |
| - | thefinancialstatementsarenotinagreementwiththeaccountingrecordsandreturns;or |
| - | wehavenotreceivedalltheinformationandexplanationswerequireforouraudit. |
| - | theTrustees’werenotentitledtopreparethefinancialstatementsinaccordancewiththe smallcompaniesregimeandtake |
| advantageofthesmallcompanies’exemptionsinpreparingtheTrustees’reportandfromtherequirementtopreparea | |
| strategicreport. |
| Notes | 2025 | 2024 | |
|---|---|---|---|
| INCOME | £ | £ | |
| Incomeandendowmentsfrom: | |||
| Donationfromsubsidiary Investmentincome Grantsreturned |
197,242 19,923 - |
173,269 19,670 10,000 |
|
| Totalincome | 217,165 | 202,939 | |
| EXPENDITURE | |||
| Charitableactivities | (284,810) | (238,537) | |
| Totalexpenditure | (284,810) | (238,537) | |
| Netincome(expenditure)andnetmovementin | |||
| fundsbeforeactuarialgainsandlossesonpension scheme |
(67,645) | (35,598) | |
| Actuarialgain(loss)ondefinedbenefitpension scheme Netinterestonpensionschemeliability |
14 | - * |
61,858 (511) |
| Netmovementinfunds | (67,645) | 25,749 | |
| Totalfundsbrought forward | 2,002,919 | 1,977,170 | |
| Totalfundscarriedforward | 15 | 1,935,274 | 2,002,919 |
| INCOME | Notes | 2025 € |
2024 £ |
|---|---|---|---|
| incomeandendowmentsfrom: Investmentincome Income-tradingsubsidiary Otherincome |
2 | 82,885 8,672,710 13,590 |
88,820 7,466,564 20,422 |
| Totalincome | 8,769,185 | 7,575,806 | |
| EXPENDITURE Directexpenses-tradingsubsidiary Charitableactivities Taxcharge-tradingsubsidiary |
6 7 8 |
(1,025,057) (7,858,509) 1,241 |
(891,827) (6,792,644) 2,237 |
| Totalexpenditure | (8,882,325) | (7,682,234) | |
| Netincome(expenditure)andnetmovementin | |||
| fundsbeforeactuarialgainsandlossesonpension scheme |
(113,140) | (106,428) | |
| Actuarialgain(loss)ondefinedbenefitpension scheme Netinterestonpensionschemeliability |
14 | - - |
712,571 (5,889) |
| Netmovementinfunds Totalfundsbroughtforward |
(113,140) 3,703,597 |
600,254 3,103,343 |
|
| Totalfundscarriedforward | 15 | 3,590,457 | 3,703,597 |
| Group | Charity | ||||
|---|---|---|---|---|---|
| Notes | 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Fixedassets | |||||
| Intangibleassets Tangibleassets Investments |
9 10 a2 |
829,196 36,943 - |
93,825 33,089 = |
- 1,256,001 |
- 1,256,001 |
| 866,139 | 126,914 | 1,256,001 | 1,256,001 | ||
| Currentassets | |||||
| Debtors Cashatbankandinhand |
12 | 869,501 3,153,085 |
717,704 4,024,088 |
1,866 709,384 |
1,883 792,823 |
| 4,022,586 | 4,741,792 | 711,250 | 794,706 | ||
| Creditors:amountsfallingduewithin oneyear |
13 | (1,289,179) | (1,157,016) | (31,977) | (47,788) |
| Netcurrentassets | 2,733,407 | 3,584,776 | 679,273 | 746,918 | |
| Totalassetslesscurrentliabilities | 3,599,546 | 3,711,690 | 1,935,274 | 2,002,919 | |
| Provisionsforliabilities | (9,089) | (8,093) | - | : | |
| Pensionliability | 14 | ||||
| Netassetsincludingpensionliability | 3,590,457 | 3,703,597 | 1,935,274 | 2,002,919 | |
| Representedby: | |||||
| Unrestrictedincomefunds | 15 | 3,590,457 | 3,703,597 | 1,935,274 | 2,002,919 |
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cashgeneratedfromoperations | ||
| Netincome(expenditure)andnetmovementin | ||
| fundsbeforeactuarialgainsandlossesonpension scheme Depreciation Taxcharge Investmentincome |
(113,140) 26,191 (1,241) (82,885) |
(106,428) 27,169 (2,237) (88,820) |
| (171,075) | (170,316) | |
| Increaseindebtors Increase(decrease)increditors |
(151,797) 134,400 |
(190,500) (254,552) |
| Cashgeneratedfromoperations | (188,472) | (615,368) |
| Taxpaid | ||
| Netcashmovementfromoperatingactivities | (188,472) | (615,368) |
| Cashflowfrominvestingactivities | ||
| Purchaseoftangiblefixedassets Interestreceivable |
(765,416) 82,885 |
(111,889) 88,820 |
| Netcash flowfrominvestingactivities | (682,531) | (23,069) |
| Changeincashandcashequivalentsintheyear | (871,003) | (638,437) |
| Cashandcashequivalentsbrought forward | 4,024,088 | 4,662,525 |
| Cashandcashequivalentscarriedforward | 3,153,085 | 4,024,088 |
| universitiesmeettherequiredstandards.Asummaryofthetradingresultsis | shownbelow: | |
|---|---|---|
| Summaryresults | 2025 £ |
2024 £ |
| Turnover Costofsales Otherincome Administrativeexpenses Interestreceivable Taxcharge Actuarialgain(loss)onpensionscheme Netinterestonpensionschemeliability Donationtoparentcharity |
8,672,710 (1,025,057) 13,590 (7,573,699) 62,962 1,241 - - (197,242) |
7,466,564 (891,827) 10,422 (6,554,107) 69,150 2,237 650,713 (5,378) (173,269) |
| Retainedprofit(loss)fortheyear | (45,495) | 574,505 |
| Theassetsandliabilitiesofthesubsidiarywere: | 2025 £ |
2024 £ |
| Intangiblefixedassets Tangiblefixedassets Debtors Cashatbank Creditors:amountsfallingduewithinoneyear Deferredtax |
829,196 36,943 868,185 2,443,701 (1,257,752) (9,089) |
93,825 33,089 718,391 3,231,265 (1,111,798) (8,093) |
| Pensionliability | ||
| Netassets | 2,911,184 | 2,956,679 |
| Investmentincome | 2025 £ |
2024 £ |
| Interestreceivableonbankdeposits | 82,885 | 88,820 |
| Netmovementinfunds | 2025 £ |
2024 £ |
| Netmovementinfundsisstatedaftercharging: | ||
| Depreciationoftangiblefixedassets | 26,191 | 27,169 |
| FeespaidtotheCharity'sauditor -Auditofcharityfinancialstatements -Auditofsubsidiaryfinancialstatements -Otherservices |
4,475 11,675 6,950 |
4,150 10,875 6,470 |
| Staffcosts | 2025 £ |
2024 £ |
| Wagesandsalaries Socialsecuritycosts Pensioncosts |
3,602,297 431,102 192,688 |
3,202,443 291,415 221,588 |
| 4,226,087 | 3,715,446 | |
| No. | No. | |
| Theaveragemonthlynumberofemployeeswere: | 82 | 78 |
| Directexpenses-tradingsubsidiary | 2025 £ |
2024 £ |
|---|---|---|
| Rebatestopartners | 1,025,057 | 891,827 |
| Charitableactivities | 2025 £ |
2024 £ |
| Administrativecosts | ||
| Employmentcosts Establishmentcosts Generaladministrativeexpenses Financecharges Depreciationandprofit/lossondisposal |
4,226,087 155,988 3,158,911 6,522 26,191 |
3,660,775 163,088 2,693,178 9,897 27,169 |
| 7,573,699 | 6,554,107 | |
| Charitableactivities | ||
| Bankcharges Officeexpenses Grantexpenditure&scholarships |
41 5,282 194,241 |
96 2,723 133,873 |
| 199,564 | 136,692 | |
| Governancecosts | ||
| Staffcosts(includingsupport) Trainingcosts Auditors’remuneration Legalfees Other |
63,127 4,207 6,526 4,191 7,195 |
61,271 - 8,990 22,011 9,573 |
| 85,246 | 101,845 | |
| 7,858,509 | 6,792,644 |
| 2025 | 2024 |
|---|---|
| £ | £ |
| (1,241) | (2,237) |
| Intangiblefixedassets-Group | Computer software |
Product development |
Computer software |
|
|---|---|---|---|---|
| £ | £ | £ | ||
| Cost At1September2024 Additions |
93,825 634,901 |
100,470 | 93,825 735,371 |
|
| At31August2025 | 728,726 | 100,470 | 829,196 | |
| Depreciation | ||||
| At1September2024 | ||||
| Chargefortheyear | ||||
| At31August2025 | ||||
| Netbookvalue At31August2025 |
728,726 | 100,470 | 829,196 | |
| At1September2024 | 93,825 | 93,825 | ||
| 10 | Tangiblefixedassets-Group | Equipment £ |
||
| Cost At1September2024 Additions |
289,759 30,045 |
|||
| At31August2025 | 319,804 | |||
| Depreciation At1September2024 Chargefortheyear |
256,670 26,191 |
|||
| At31August2025 | 282,861 | |||
| Netbookvalue At31August2025 |
36,943 |
|||
| At1September2024 | 33,089 | |||
| 11 | Fixedassetinvestments-Charity | Sharesin subsidiary |
||
| undertakings | ||||
| Cost | £ | |||
| At31August2025 | 1,256,001 | |||
| At1September2024 | 1,256,001 |
| 12 | Debtors | Group 2025 |
2024 | Charity 2025 |
2024 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Tradedebtors Otherdebtorsandprepayments |
639,656 229,845 |
516,269 201,435 |
- 1,866 |
ms 1,883 |
|
| 869,501 | 717,704 | 1,866 | 1,883 | ||
| 13 | Creditors:Amountsfallingduewithinoneyear | Group | Charity | ||
| 2025 | 2024 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Tradecreditors | 25,385 | 124,579 | 4,266 | 2,395 | |
| Amountsowedtogroupundertakings | = | = | 550 | 2,570 | |
| Taxationandsocialsecurity Othercreditors Accruals&deferredincome |
97,211 335,514 831,069 |
99,462 191,615 741,360 |
1,135 735 25,291 |
1,108 765 40,950 |
|
| 1,289,179 | 1,157,016 | 31,977 | 47,788 | ||
| 14 | Pensionschemeliability | Group 2025 |
2024 | Charity 2025 |
2024 |
| UniversitiesSuperannuationScheme(USS) | £ | £ | £ | £ | |
| At1September2024 Actuarial(gains)lossesduringtheyear |
- « |
706,682 (712,571) |
- 2 |
61,347 (61,858) |
|
| Pensionfinancecost | ro] | 5,889 | - | 511 |
| 15 | Movementinfunds-Group | Unrestricted | Pension reserve |
TOTAL | |
|---|---|---|---|---|---|
| £ | £ | £ | |||
| At1September2023 Netoutgoingsfortheyear Actuarialgain(loss)ondefinedbenefitpensionscheme Pensionfinancecost |
3,810,025 (106,428) - - |
(706,682) 2 712,571 (5,889) |
3,103,343 (106,428) 712,571 (5,889) |
||
| At1September2024 Netoutgoingsfortheyear |
3,703,597 (113,140) |
- - |
3,703,597 (113,140) |
||
| At31August2025 | 3,590,457 | 3,590,457 | |||
| Movementinfunds-Charity | Unrestricted | Pension reserve |
TOTAL | ||
| £: | £ | £ | |||
| At1September2023 Netincomefortheyear Actuarialgain(loss)ondefinedbenefitpensionscheme Pensionfinancecost |
2,038,517 (35,598) - - |
(61,347) - 61,858 (511) |
1,977,170 (35,598) 61,858 (511) |
||
| At1September2024 Netoutgoingsfortheyear |
2,002,919 (67,645) |
e a |
2,002,919 (67,645) |
||
| At31August2025 | 1,935,274 | 1,935,274 | |||
| 16 | Operatingleasecommitments | Group 2025 2024 |
Charity 2025 |
2024 |
|
| £ | £ | iE: | £ | ||
| Withinoneyear Betweenoneandfiveyears |
286,842 514,881 |
197,915 18,562 |
- - |
- = |
|
| 801,723 | 216,477 | - | - |
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME | ||
| Donationfromsubsidiary Interestreceivable Grantsreturned |
197,242 19,923 - |
173,269 19,670 10,000 |
| 217,165 | 202,939 | |
| EXPENDITURE | ||
| Officeexpenses UnrecoverableVAT Othergovernancecosts Wagesandsalaries Trainingcosts Financesupportcosts-NCUK Auditors’remuneration Grantexpenditureandscholarships Bankcharges Legalfees |
5,282 - 7,195 56,527 4,207 6,600 6,526 194,241 4i 4,191 |
2,723 4,975 4,598 54,671 . 6,600 8,990 133,873 96 22,011 |
| 284,810 | 238,537 | |
| (67,645) | (35,598) |