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|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|
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|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.|||
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|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||
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|We|havenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreporttoyouif,inour|
|---|---|
|opinion:||
|-|theinformationgivenintheTrustee'sAnnualReportisinconsistentinanymaterialrespectwiththefinancialstatements;or|
|-|theCharitableCompanyhasnotkeptadequateaccountingrecords;or|
|-|thefinancialstatementsarenotinagreementwiththeaccountingrecordsandreturns;or|
|-|wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.|
|-|theTrustees’werenotentitledtopreparethefinancialstatementsinaccordancewiththe smallcompaniesregimeandtake|
||advantageofthesmallcompanies’exemptionsinpreparingtheTrustees’reportandfromtherequirementtopreparea|
||strategicreport.|
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||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|
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|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|
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|||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|
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||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|
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|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|
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|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)|
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||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|
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|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|
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|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|-|-|
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||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)|