2025-03-31-accounts

THE NATIONAL YOUTH AGENCY (COMPANY LIMITED BY GUARANTEE)

Report of the Trustees and audited financial statements for the year 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Report and Financial Statements

31 March 2025

Contents

	Page
Report of the Trustees	3
Independent Auditors’ Report to the Members	13
Consolidated Statement of Financial Activities	17
Consolidated and Company Balance Sheet	18
Consolidated Cash Flow Statement	19
Company Cash Flow Statement	20
Accounting Policies	21
Notes to the Consolidated Accounts	24
Trustees and Management	30
Principal Places of Business and Advisers	33

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1. Report of the Trustees 24/25

1.1 Introduction

The Trustees present their annual report (including the directors’ report as required by company law) and audited financial statements for the year ended 31 March 2025.

1.2 Reference and Administrative Information

The National Youth Agency (The NYA) is a company limited by guarantee with a company registration of 2912597 and is registered with the Charity Commission for England and Wales under number 1035804.

NYA Trading Limited is a 100% owed trading subsidiary of The National Youth Agency and is a company registered in England and Wales under number 07570045.

Details of the Trustees for both organisations are provided on pages 30, 31 and 32. Principal places of business and professional advisers of the charity are shown on page 33.

1.3 Structure, Governance and Management

The National Youth Agency operates within its Memorandum and Articles of Association which are registered with Companies House and the Charity Commission.

Trustees who held office during the year are detailed on pages 30, 31 and 32. The Chair is selected by the other Trustees either from the existing Trustee Board or through external recruitment. The Trustee Board is responsible for the strategic direction of the organisation and ensuring it is financially and operationally sound in all its policies and practices. The Board holds the Chief Executive and team to account in this respect. Our Chair remains Carol Stone who stepped into post in May 2023, with Mark Norris as vice-chair.

The Board of Trustees has in place a Nominations and Procedures Committee (known as the People Committee). Part of the remit of this Committee is to make recommendations to the Board on the appointment and reappointment of Trustees, having regard at all times to the provisions of the Memorandum and Articles of Association. Consideration is given to the composition of the Board in terms of the collective skills and experience required to support the NYA’s operational strategy and to ensure its charitable aims are delivered. Within this financial year we made four new appointments to the Board in line with our identified gaps for finance and communications. We welcomed Nick Frost, Owen Purcell, Laura Bates and Nick Caplin.

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The Board regularly undertakes reviews of its performance through a process of selfassessment against key objectives.

The Board of Trustees is supported by an Audit Committee which is responsible for ensuring the safeguarding of the charity’s assets. A Finance & Governance Committee advises the Board on financial matters and the members of these committees are shown on pages 30, and 31. In addition, sub-groups are established to support the Executive team in our growth (business development and fundraising), our impact and to support matters relating to our people (HR). In November the Board approved a revised sub-committee structure to bring together the finance and business development into a single Finance and Growth Committee and expanding the Audit committee from an end of year function to a quarterly format in line with other sub-committees and encompassing risk, becoming the Audit and Risk Committee. This is seen as an additional level of support and challenge for the senior team as the organisation grows, becomes more complex and navigates increased compliance and risk from external environments. The previous Impact committee was also expanded in remit and has been renamed the Strategy Delivery Committee, combining policy, communications, programme activity and youth work developments as the key areas to influence our impact. Revised Terms of References were devised in the FY 24/25 and will were formally adopted by the NYA Board in February. This is reflected in the Trustees and Management section of this report.

During 2024-25 the authority to conduct the day-to-day activities of the organisation was delegated by the Board to Mr Leigh Middleton who is the Charity’s CEO. The Chief Executive is responsible for the implementation of the strategy and policies agreed by the Board.

The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Charity’s success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other charities to ensure that the Charity remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope to be rewarded for growth in role with additional responsibilities. Delivery of the Charity’s charitable vision and purpose is primarily dependent on our key management personnel, and staff costs represent a significant proportion of our charitable expenditure. Through the 2024-25 period, NYA continued to expand the staff base in line with the increased activity and funding received and our invest to grow strategy as we approach the end of several large contracts at the close of FY 24.25

In April 2024, NYA employed 91 staff members, of whom 29 were young people. The workforce reached its highest point at 101 in early March 2025, before reducing to 74 by the end of March 2025, including 11 young people. These changes reflected the ebb and flow of activity and contract milestones. We placed particular emphasis on the involvement of young people within our workforce and proud of the number of young people contributing as staff members, notably in roles such as Young Assessors for the Youth Investment Fund and as Digital Directors in the Routes to Community Success programme. These opportunities provided valuable experience and influence for young people, further

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embedding youth voice at the centre of NYA's work.

The Trustees regularly consider the major strategic, business, and operational risks facing the organisation, and these are reviewed by the Finance Committee quarterly and managed by the Executive team.

Trustees pay particular attention to financial risk and the impact of funding changes, in particular:

• The impact of a reduction or discontinuation of income from one of its major funders; NYA has explored ways to actively diversify its income base in the last few years. This work has been led by the Director of Growth who is implementing a strategic plan to secure a depth and depth of funds.

• Insolvency, cessation of trading by delivery partner or outsource provider. NYA maintains strong relationships with senior staff in these organisations and actively monitors performance within them.

• Reputational risks range from specific incidents within programmes (e.g. safeguarding) to much wider reputation management challenges. Policies are in place for safeguarding and media management and the large programmes we run have a crisis plan in place.

• Cyber risks with the increasing use of digital and expansion of data collection. As NYA has expanded its digital footprint through evolution of delivery and support platforms, it has in place an internal digital team alongside outsourced support and has achieved the Cyber Essentials Plus kitemark for the third time in FY 24/25.

• Active financial management to ensure reserve levels are within reserve policy guidelines and sufficient to meet the organisation’s commitments. We reintroduced internal accountancy support to reflect the levels of income and growing complexity across accounts.

1.4 Objectives and Activities

The objects of the charity and limited company, as set out in its governing document, are:

To maintain an Agency for the benefit of the community in general and young people in particular as a centre for the assistance in the training of young people so as to develop their physical, mental and spiritual capacities.

We are very serious about youth work, enabling young people to believe in themselves and to prepare for life. Educators, policy makers and employers all have crucial roles to play here. Youth work focuses on working holistically with young people. It’s about building resilience and character and giving young people the life skills (often totally misleadingly described as “soft”), they need to live, learn, work, achieve and interact successfully with other people (see our definitions of youth work).

The National Youth Agency is the national body and Professional Statutory Regulatory Body (PSRB) in England for this important, under-recognised discipline. We have taken the lead in championing it for sixty years. But as the choices and challenges facing young people get more demanding and the public funding to support them has decreased in the previous decade, our mission gets more urgent every day.

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Our mission is to transform the lives of young people through the power of youth work. We do this through:

• Influencing practice through policy and research – showcasing great practice, incubating new approaches, celebrating its many thousands of practitioners, and winning more understanding of the value and depth of the discipline among policy makers, educators, and employers.

• Developing a skilled & effective youth sector workforce – training youth workers, setting occupational standards, offering accreditation for professional development, and constantly researching, innovating, and improving the methodologies and practice of youth work in all its forms.

• Creating opportunities for young people – making it happen through our networks of front- line youth work providers, our deep experience of managing complex projects and through innovative tie-ups and funding arrangements with imaginative commercial and public sector partners

During this reporting year, NYA launched a new five-year strategy titled:

Enabling great youth work to happen – our strategy for youth work in every place and space.

This reflects our role as the national body for supporting excellence and the recognition of the changing landscape for youth work and young people, committed to growing youth work and youth workers in all the environments where young peope are.

Are strategic goals are shaped around the above yet differently articulated to pull into focus our pressing priorities. The strategic goals are:

• We will build the case and profile for youth work across England

• We will drive excellence in practice to reflect the youth work needs of today and tomorrow

• We will future-proof the youth work profession through widening opportunities for youth workers

1.5 Public Benefit

NYA works in accordance with the Charity Commission's guidance which requires clarity in the public benefit arising from the organisation’s work and clearly identified public beneficiaries.

NYA’s work in leading and developing the sector drives the quality and relevance of youth work across England:

• Training those working with young people to have the knowledge, skills, and confidence to deliver high quality, impactful services, built on the needs of young people.

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• Increasing safe practice by building training specifically for safeguarding and risk management in youth work environments.

NYA’s work also meets this public benefit requirement in all its direct delivery programmes with young people:

• Giving young people a meaningful voice in the world and ensuring they are involved in the development of services intended for them (Youth Investment Programme, Routes to Community Success, UK Youth Parliament)

• Supporting young people’s skills development through their engagement activity to build experience, confidence for managing their transitions to learning and work (Youth Investment Programme, Routes to Community Success, UK Youth Parliament)

• Growing young people’s financial management in order that they can more easily transition into adulthood and life as an employee (NatWest Thrive)

• Supporting social integration by building young people’s confidence, self-belief, and experience in mixing with others from different backgrounds (All our delivery programmes).

• Working with marginalised and disadvantaged young people to understand the challenges they face in getting involved in social action projects.

1.6 Achievements and Performance

Context and Key Headline Activity

The youth work landscape continues to face challenges from underinvestment, yet increased need, initially from the austerity period and then from the impact of COVID-19 on organisations and young people. We have seen the changing shape of provision during this time and the shifts in levels of qualified staff delivering services to young people. During the financial year 24/25, we launched our new strategy that built on our learnings from our own research and that of others, designed to focus on how we can best serve young people through the power of youth work, wherever they may be. A key focus for NYA in the financial year 24/25 has been on the future needs of the youth work workforce, looking at innovation and development within the current qualifications framework, to build a framework that enables flexible and accessible routes to becoming qualified. Proposals were developed in the year, and NYA led a consultation across all England and wider UK partners and stakeholders at the end of the financial year, and the resulting paper will guide the NYA Workforce Transformation Programme for the coming 3-5 year period.

At the end of the financial year 23/24 the British Youth Council, a long-standing and important organisation, closed its doors due to the pressures on funding. The British Youth Council was the national youth council of the UK. A youth-led charity dedicated to empowering young people aged 25 and under to influence and inform decisions that affect their lives. Its core purpose was to support young people to get involved in their communities and democracy, locally, nationally, and internationally, making a difference as volunteers, campaigners, decision-makers, and

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leaders. The BYC aimed to help young people, regardless of background or barriers, to make the world a better place for all.

During the financial year 24-25 NYA worked to protect the intellectual assets from BYC and committed to exploring options to retain the function of BYC into the future, to ensure this important mechanism for young people was not lost. In year NYA led a consultation across stakeholders and made recommendations for a newly formed Youth Council UK that is set to launch in the financial year 25-26. Linked to this, NYA took up the reigns for a pivotal BYC grant to deliver the UK Youth Parliament. The UK Youth Parliament (UKYP) is a national programme that empowers young people aged 11 to 18 across the United Kingdom to have a direct say in the political process. Through democratic elections held every two years, hundreds of Members of Youth Parliament (MYPs) are chosen to represent the views of their peers on local, regional, and national issues. MYPs debate and campaign on topics that matter to young people, culminating in high-profile events such as the annual sitting in the House of Commons. The UKYP provides a platform for meaningful youth representation, social change, and leadership development, ensuring young voices are heard by decision-makers at all levels. Our regional and national partners are central to delivering this with us, which enables strong regional support to all MYPs.

Following a three-year grant with DCMS that ended at the close of the financial year 24/25, NYA secured an extension year. This reflected the external political environment with a new Government taking office in 24/25 and the time required to work on longer-term plans. This work is ongoing with a view to a new three-year grant agreement being in place from the financial year 26-27. The DCMS funding is a vital part of NYA funds as this underpins our work as the professional body for Youth Work in England and powers our Census, Safeguarding Hub, resources maintenance and development and essentially, our workforce activity. As these key support and insight structures have evolved, so has engagement with rising returns for the Census and increased access to the Safeguarding Hub.

At the same time, the NYA’s successful Thrive programme with NatWest was renewed for a further year to run during 2025. This is also key in our funding as our work with NatWest is groundbreaking for our sector as they are the first corporate partners to flow their unspent apprenticeship levy into the youth work sector. This will fund training of youth workers at level 3 and 6, accelerating the pace at which we can build the current and future youth work workforce. The Thrive programme also supports youth work infrastructure by providing resources and opportunity to community-based organisations who are participating in delivery.

NYA is proud to also have links to Tata Consultancy Services (TCS), which has provided pro bono support to help NYA explore our digital strategy and standards to support the youth work sector, and we very much hope to retain their support in future years.

We are proud of our achievements in year and we remain unwavering in our headline asks across our funders to support us and the sector to secure being long-term investment in youth work, advocate for the need for high-quality local provision, to strengthen the support to youth work and youth workers and enable effective collaboration to help us all to achieve better together.

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Key achievements and performance

Highlights of the year included:

• Through our NatWest Thrive community and online programme our Routes to Success programme and support to organisations we reached and engaged/supported 6,530 young people.

• NYA supported 8,294 youth workers to increase their qualifications and knowledge via the NYA Academy, CPD activity and the DCMS Bursary. This includes our popular online webinars and discussion forums to support youth workers share, learn and co-support across a range of key issues and practice specialisms.

• We recorded 20,768 downloads of our NYA resources that support quality practice in youth work. This saw over 7500 visits to our safeguarding hub and over 6000 to our Practice Standards.

• We developed new standards and guidance for EEDIB and for Digital Youth Work.

• The NYA annual Youth Work Week achieved 6 million views with our Art of Youth Work campaign galvanizing the sector.

• The NYA Education and Training Standards Committee led the sector’s thinking and development in workforce matters, overseeing the validation of 6 higher education youth and community work courses and completed the annual monitoring report to quality assure learning, assess the current levels of learners within level 6 and 7 programmes and gain insights into the opportunities and challenges for training providers.

• Facilitated connectivity and voice for lead national and regional stakeholders, policy makers and funders through the National Youth Sector Advisory Board, creating space for collective discussion around youth services and young people.

• Captured the 23/24 Census findings in a report that drew on data from 28,000 locations and sub-locations across England, with our sample of almost 900 organisations reaching a minimum of 200,000 young people, providing insights into youth work provisions across England.

• At the end of October, the NYA brought together 331 Members of Youth Parliament (MYP) and support workers from across the UK for a series of discussions, presentations, and debates on key issues impacting young people today and shaping the future of participation services. The conference aimed to refine 295 policy ideas into a unified manifesto informed by MYPs from all regions of the UK.

1.7 Financial Review and plans for future periods

The position of the group and the charity at the year-end is set out on page 19.

NYA’s total income in 2024-25 was £5,420,000. The principal sources of income were from the DCMS, NatWest and Youth Investment Fund, via Social Investment Business (SIB). Total expenditure of £5,126,000 on charitable activities resulted in a surplus position of £294,000.

As with many charities operating in the current financial climate, generating new income continues to be the agency’s greatest challenge. We have experienced a positive period of growth that has enabled us to accelerate our work and position for what we know we must do to safeguard and future-proof youth work for young people and support the youth sector. The

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need is great. However, a number of our large contracts are three-year term contracts/grants and are central in NYAs capacity to respond to the need. Our in-year focus for 24/25 is sustaining and building those relationships for longer term security alongside diversifying income streams to safeguard NYA should any funder not continue.

Reserves

Heading into the financial year 24/25, Trustees had agreed a target of a minimum of £900,000 for unrestricted reserves. This was raised to £1,000,000 in year (Feb 25) to reflect the increase in the size of the operation during 2024/25. The purpose of this reserve is to provide working capital for the Charity and ensure that it is able to manage a shutdown of the organisation in the event of any sudden downturn in funding or calls on its resources.

As at 31 March 2025 the group had total reserves of £2,139,000 (2024 £1,845,000). Of this total, £1,744,000 represented unrestricted funds, and £247,000 represented restricted funds. In this financial year, £106,000 was allocated as designated reserves (note 15) with only £22,000 spent. The remaining £84,000 is carried forward as designated reserves. This reflects the organisation’s commitment to hold a robust level of free reserves for operational purposes whilst balancing the need to invest in activity that furthers our charitable objectives. The Board is conscious that the NYA’s income from key sources is highly uneven and time between payments/agreements can be lengthy. To mitigate the cashflow risk, the charity holds a higher than ideal level of free cash reserves.

Details of the restricted funds are given in note 14. Free reserves at the year-end (unrestricted funds not designated or tied up in tangible fixed assets) were £1,731,000 (2024 £1,462,000).

Future Plans

Our primary focus entering FY25/26 continues to be to deliver excellence across our funded programmes and work to retain our relationships with key funders so that we have the security for long term planning across our strategic aims, as set out in our new strategy for 2024- 2029. This reflects our three strategic goals with a refreshed lens to enable great youth work to happen in all places and spaces:

• We will build the case and profile for youth work across England

• We will drive excellence in practice to reflect the youth work needs of today and tomorrow

• We will future proof the youth work profession through widening opportunities for youth workers

We will continue to work to diversify and balance our income streams to manage risks and evolve our commercial offer, which includes the NYA Academy.

The Financial year 24/25 marks the 60[th ] anniversary of NYA and provides an additional opportunity to amplify the place and importance of youth work for young people today. Our research and policy work is vital in making this continued case for youth work especially given 24/25 is also a general election year with the opportunity to influence future thinking and policy. We continue to campaign on the need for financial support for youth work and services to young people, offer support to local authorities to reflect on the revised statutory

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duty and ensure appropriate and coordinated provision for young people across England as well as keep a fixed eye to the future of the workforce, researching, scoping recommendations and positioning for how we can build a workforce for today and tomorrow to meet the needs of young people.

Statement of Trustees’ Responsibilities

Charity and Company law require the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing the financial statements giving a true and fair view, the Trustees should follow best practice and are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and,

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

• there is no relevant information of which the charity’s auditors are not aware; and,

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Basis of accounting

The annual financial statements are attached to this report. These have been prepared in accordance with the policies summarised on pages 21, 22 and 23. This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

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By order of the Board

Carol Stone Carol Stone (Jan 8, 2026 12:57:42 GMT) 08/01/2026

Carol Stone (Chair)

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Independent Auditor’s report to the members of the National Youth Agency

Opinion

We have audited the financial statements of the National Youth Agency (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise the group Statement of Financial Activities, group and parent charitable company Balance Sheets, group and parent company Cash Flows Statements 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 group’s and parent charitable company’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 trustees' 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 charitable 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 trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.

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Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 trustees determine is 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 trustees are responsible for assessing the charity’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 trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 Independent 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 based on these financial statements.

We obtained an understanding of the legal and regulatory framework applicable to both the charity itself and the environment in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP Charity SORP (FRS102), Charities Act 2011 and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

• making enquires of trustees and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;

• obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

• assessing the design effectiveness of the controls in place to prevent and detect fraud;

• assessing the risk of management override including identifying and testing journal entries;

• challenging the assumptions and judgements made by management in its significant accounting estimates.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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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 Independent Auditors.

Use of our report

This report is made solely to the charitable company’s members and trustees, 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 and its trustees 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 and trustees as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

08/01/2026

Martin Gurney FCA Senior Statutory Auditor For and on behalf of Haines Watts Swindon Limited Chartered Accountants and Statutory Auditors Old Station House Station Approach Swindon SN1 3ED

Haines Watts Swindon Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Consolidated Statement of Financial Activities

(including Income and Expenditure Account)

For the Year Ended 31[st ] March 2025

	Note	2025	2025	2025	2024
		Unrestricted	Restricted	Total	Total
		£000	£000	£000	£000
INCOME FROM:
Donations and legacies		99	-	99	180
Charitable activities:
Funds received for activities	1	335	4,949	5,284	4,775
Investment income	2	37	-	37	32
Total Income		471	4,949	5,420	4,987
EXPENDITURE ON:
Charitable activities:	3
Workforce development		87	994	1,081	1,228
Practice development		17	1,013	1,030	1,988
Youth sector support activity		82	1,428	1,510	1,710
Programme activity for young					-
people		-	22	22	-
Overheads		1,482	-	1,482	-
Total expenditure		1,668	3,457	5,125	4,926
NET SURPLUS/(EXPENDITURE)		(1,197)	1,492	295	61
Transfer between funds	14	1,450	(1,450)	-	-
NET MOVEMENT IN FUNDS		253	42	295	61
Total funds brought forward		1,598	247	1,845	1,784
Total funds carried forward		1,851	289	2,140	1,845

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Consolidated and Company Balance Sheet

As at 31 March 2025		Consolidated	Consolidated	Company	Company
	Note	2025	2024	2025	2024
		£000	£000	£000	£000
FIXED ASSETS
Tangible assets	9	13	30	13	30
Investments	10	-	-	-	-
CURRENT ASSETS
Debtors	11	1,778	1,045	1,796	1,063
Cash at bank & in hand		1,574	1,760	1,559	1,745
		3,352	2,805	3,355	2,808
CREDITORS: Amounts falling due within one year	12	(1,226)	(990)	(1,226)	(990)
NET CURRENT ASSETS		2,126	1,815	2,129	1,818
NET ASSETS		2,139	1,845	2,142	1,848
REPRESENTED BY FUNDS:
Restricted funds	14	311	247	311	247
Designated funds	15	84	106	84	106
Unrestricted funds		1,744	1,492	1,747	1,495
TOTAL FUNDS		2,139	1,845	2,142	1,848

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the directors and authorised for issue on and are signed on their behalf by:

Carol Stone

Carol Stone (Jan 8, 2026 12:57:42 GMT)

08/01/2026

Carol Stone, Chair

Company Registration Number: 2912597

The notes on pages 23 to 27 form part of these financial statements

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Consolidated Cash Flow Statement

31 March 2025
	2025	2024
	£000	£000
Cash flows from operating activities
Net surplus/(deficit)	295	60
Adjustments for:
Depreciation of tangible fixed assets	20	21
Loss on disposal of fixed assets	10	-
Interest received	(37)	(33)
Changes in:
Trade and other debtors	(733)	(381)
Trade and other creditors	237	578
Cash generated from operations	(210)	245
Interest received	37	33
Net cash from operating activities	(173)	278
	===========	============
Cash flows from investing activities
Purchase of tangible assets	(3)	-
Purchase of intangible assets	(10)	(18)
Net cash used in investing activities	(13)	(18)
	===========	=============
Net increase/(decrease) in cash and cash
equivalents	(186)	260
Cash and cash equivalents at beginning of year	1,760	1,500
Cash and cash equivalents at end of year	1,574	1,760
	===========	=============

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Company Cash Flow Statement

31 March 2025
	2025	2024
	£000	£000
Cash flows from operating activities
Net surplus/(deficit)	60	60
Adjustments for:
Depreciation of tangible fixed assets	20	21
Loss on disposal of fixed assets	10	-
Interest received	(37)	(33)
Changes in:
Trade and other debtors	(733)	(381)
Trade and other creditors	236	578
Cash generated from operations	(210)	245
Interest received	37	33
Net cash from operating activities	(173)	278
	========	========
Cash flows from investing activities
Purchase of tangible assets	(3)	(18)
Purchase of intangible assets	(10)	-
Net cash used in investing activities	(13)	(18)
	========	========
Net increase/(decrease) in cash and cash equivalents	(186)	260
Cash and cash equivalents at beginning of year	1,745	1,486
Cash and cash equivalents at end of year	1,559	1,746
	========	========

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Accounting Policies

General information

The charity is a private company limited, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 9 Newarke Street, Leicester, LE1 5SN.

Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102)) and the Charities Act 2011. The charity constitutes a public entity benefit.

Basis of Preparation of the Accounts

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in Sterling, which is the functional currency of the entity and rounded to the nearest £.

Going Concern

The NYA ended 2024/25 in a strong financial position with a healthy level of reserves and cash and no long-term liabilities. At 31 March 2025 the group had net assets available for operating activities of £2,139,000 (2024 £1,845,000) and unrestricted reserves of £1,744,000 (2024 £1,492,000).

At the time of writing (October 2025) income amounting to £973,134 has been secured for 2026 - 2027. In year focus is on the contract renewal with NatWest and DCMS to continue work into the next financial year 25/26. Confidence is strong in securing these by the end of quarter 3 (December). This will then provide a strong basis to build further in year funding for 25/26 for which we are already building a pipeline of opportunities. The NYA cost base is flexible enough for the Board to be able to take decisions to invest in the resources required to meet our obligations under those and any other contracts and so our cash flow projections for the period up to the end of 2025 do not suggest that the NYA will have any difficulty in meeting its ongoing obligations.

The Board has considered the current economic and political climate and ensured that the NYA strategy and associated income plans are realistic. They have set a goal to have a more diverse portfolio of income and to minimise over reliance on its core DCMS funding. The organisation is working towards having 50% of its income from other non-core DCMS grant funding and is making steady progress towards this. The NYA has also invested in the NYA Academy to grow our commercial training offer through investing in a wide range of

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

local and regional delivery partners.

The Board of Trustees therefore concludes that, at the time of signing the accounts, the agency has at least one year before the reserves balance drops below the £1,000,000 floor where they would trigger the shut-down of the organisation.

As a result of the above, the Board of Trustees continue to adopt the going concern basis when preparing the financial statements.

Consolidation

NYA Trading Limited is a wholly owned subsidiary of the charitable company and remained dormant throughout the year. Accordingly, the results of NYA Trading Limited are consolidated on a line-by-line basis into these financial statements. The charitable company has taken advantage of section 408 of the Companies Act 2006 to not publish its own Statement of Financial Activities.

Incoming Resources

Incoming resources represent the amount due for the period and reflect their nature and source. Income is generally recognised on a receivable basis, where the amount is reasonably certain and there is adequate certainty of receipt. Specific bases used are as follows:

• Grants have been taken as received in the period based on the extent of the work undertaken and, where applicable, the terms of supporting contracts. Grant income is treated as ‘restricted funds’ where the associated contract and other documentation prescribe the products and services to be supplied.

• Income from conferences, events, sales of publications, provision of consultancy services and provision of support to partner organisations is included on the supply of the goods and services. Such income is treated as ‘unrestricted funds’ where the provision of such goods and services are not required by an agreement.

Resources Expended

Expenditure is recognised in the financial statements at the time of the activity which gives rise to the cost.

Resources expended on Charitable Activities include the direct costs of delivering those activities together with a proportion of the support costs of the organisation.

Support costs are allocated to activities on a basis detailed in note 4 to the consolidated financial statements.

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Fund accounting

The unrestricted funds are general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Pension costs

The charity participates in a workplace scheme provided by Aegon which is accounted for as a defined contribution scheme.

Fixed Assets and depreciation

The company treats as assets all IT items in excess of £100 and all other items over £200. Depreciation is provided on the cost in equal annual instalments to write them off over their estimated economic lives. These vary according to the asset type as follows:

Computer equipment 3 - 4 years Fixtures and fittings 5 years, or over the length of the lease

Debtors and prepayments

Trade and other debtors are recognised at the settlement amount due after and trade discounts. Prepayments are valued at the amount prepaid net of any discounts.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Notes to the Consolidated Accounts

1. Funds received for Activities

The following funds were received to deliver a range of activities:

	Unrestricted	Restricted	2025	2024
	£000	£000	£000	£000
National Citizen Service	-	-	-	40
DCMS	-	2,400	2,400	2,777
Nat West Plc	-	1,100	1,100	1,100
NLCF	-	247	247	247
YMCA	-	61	61	47
SIB	-	601	601	503
UKYP	-	540	540	-
Other	335	-	335	202
Total	335	4,949	5,284	4,916

2. Investment Income

Investment income is interest on short-term bank deposits.

3. Resources expended on Charitable Activities

	Staff	Direct	Other	2025	2024
	£000	£000	£000	£000	£000
Workforce development	971	106	3	1,081	1,228
Professional development	506	509	15	1,030	1,988
Youth sector support activity	939	557	13	1,510	1,710
Programme activity for young
people	-	-	22	22	-
Overheads	780	286	416	1,482	-
Total	3,196	1,458	469	5,125	4,926

Direct costs are those associated with providing the activity, including external delivery partners engaged on programmes, costs of running events and published materials. Other costs include support costs detailed in note 4 below.

4. Analysis of Support Costs for 2025

The National Youth Agency incurs costs which are not directly attributable to any one of its charitable activities but relate to the operation of the organisation. An analysis of support costs is as follows and is allocated to activities based on levels of income.

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REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Support costs	2025	2024
	£000	£000
Rent, rates and office costs	25	26
Printing, postage, stationery, and telephone	14	17
IT and related costs	84	151
Professional fees	68	68
Depreciation	20	21
Marketing and publications	16	32
Irrecoverable VAT	88	80
Other	121	82
	436	477
5.Net Incoming Resources
Net incoming resources are stated after charging:
	2025		2024
	£000		£000
Auditors’ remuneration - Audit services	11		12
Depreciation	20		21

6. Gross transfer between funds

Transfers have been made from restricted funds to unrestricted funds at the year-end where surplus funds arising will not be clawed back by funders. Transfers from unrestricted funds at the year-end are to cover any deficits on restricted funds.

7. Pension scheme

The charity participates in a workplace scheme provided by Aegon which is accounted for as a defined contribution scheme. Charges for the year amounted to £139k.

8. Employee and trustee Information

The average number of persons (including part-time staff) employed by the group, Including operational directors during the year was as follows:

Including operational directors during the year was as follows:
	2025	2024
	FTE	FTE
Total	96	73
The aggregate costs of these persons were as follows:
	2025	2024
	£000	£000
Salaries and wages	2,771	2,328
Social security costs	287	243
Pension costs	139	113
Other staff related costs	59	62
Total	3,256 2,746 ~~——.~~

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

One individual (2024: 3) earned between £70,000 and £79,999. One individual (2024: 1) earned between £100,000 and £109,999.

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £244,155 (2024: £534,526).

Trustees neither received nor waived any emoluments during the year in their capacity as Trustees of The National Youth Agency. Travel expenses amounting to £nil (2024: £nil) were reimbursed to Board members.

9. Tangible Fixed Assets

Group and company

Group and company
		Fixtures
	Computer	and
	equipment	fittings	Total
	£000	£000	£000
Cost
At 1 April 2024	75	2	77
Additions	2	-	2
Disposals	(3)	-	(3)
At 31 March 2025	74	2	76
Depreciation and impairment
At 1 April 2024	45	2	47
Charge for year	19	-	19
Disposals	(3)	-	(3)
At 31 March 2025	61	2	63
Net book value
At 31 March 2025	13	-	13
At 31 March 2024	30	-	30

10. Investments

Included in investments is £1 (2024: £1) investment in a subsidiary company at cost (see note 16). The charity also holds investments in NYA Youth Work Foundation, and NYA Education, which were both dormant throughout the year to 31 March 2025.

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

11. Debtors

11. Debtors
	Consolidated		Company
Amounts falling due within one year	2025	2024	2025	2024
	£000	£000	£000	£000
Trade debtors	964	10	964	10
Other debtors	3	3	3	3
Amount due from subsidiary undertaking	-	-	18	18
Prepayments and accrued income	811	1,032	811	1,032
Total debtors	1,778	1,045	1,796	1,063

12. Creditors falling due within one year

	Consolidated	Consolidated	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Trade creditors	110	526	110	526
Other taxation and social security	180	99	180	99
Other creditors	23	22	23	22
Accruals	196	307	196	307
Deferred income	717	36	717	36
Total	1,226	990	1,226	990

Analysis of deferred income is as follows:

	Consolidated	Consolidated	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Brought forward	36	6	36	6
Utilised	(36)	(6)	(36)	(6)
Arising	717	36	717	36
Total	717	36	717	36

Deferred income is payments received for managing youth work programmes where the related expenditure will be incurred after 31 March 2025.

13. Financial commitments

There were no capital commitments at 31 March 2025.

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

14. Restricted funds

14.Restricted funds
	At				At
	31 March	Incoming	Outgoing Transfer	Outgoing Transfer	31 March
	2024	resources	resources		2025
	£’000	£’000	£’000	£’000	£’000
Workforce development	-	1,528	(994)	(534)	-
Professional development	178	933	(1,013)	(97)	1
Youth sector support activity	69	2,488	(1,428)	(819)	310
	247	4,949	(3,435)	(1,450)	311

Due to the nature of funding across a number of large individual projects, the restricted funds have been apportioned across the main areas of charitable activity. Details of the individual projects are included in the Trustees Report. Details of transfers between funds are set out in note 6.

15. Designated Funds

A designated fund of £106,000 was set aside at 31 March 2024 to fund the amplify programme, digital development across the Youth Work One platform and scope options for building best practice and approaches for digital youth work delivery in the coming years. £22,000 was spend during the year from the fund leaving a fund balance of £84,000.

16. Subsidiary company

The National Youth Agency controls NYA Trading Limited. The principal activities of NYA Trading Limited are the provision of training and other commercial services.

A summary of the financial activities for the year and of the assets of NYA Trading Limited is:

	2025	2025	2024	2024
	£000		£000	£000
Income	-	-	-	-
Resources expended		-		-
Net (Outgoing)/ Incoming Resources		-		-
Assets	14	14	14	14
Liabilities	(18)		(18)
Funds	(4)		(4)

17. Parent charitable company

The unconsolidated surplus of the parent charitable company for the year was £295k (2024: surplus £61k).

18. Related Party Transactions

There are no related party transactions that require disclosing.

19. Operating lease commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

	2025	2024
	£	£
Within one year	12,578	12,578

20. Analysis of net assets between funds at 31 March 2025

			Total
	Unrestricted	Restricted	Funds
	Funds	Funds	2025
	£000	£000	£000
Tangible fixed assets	13	-	13
Current assets/(liabilities)	1,288	838	2,126
Net Assets	1,301	838	2,139

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Trustees and Management

NYA Committee Membership 2023/24 Board of Trustees

• Carol Stone (Chair)

• Mark Norris (Vice Chair, Chair of People Committee)

• Alex Renshaw (Chair of Growth Committee until Feb 2025, Vice Chair Finance & Growth Committee from Feb 2025))

• Gabriel Buck (Chair of Finance and Governance Committee until Feb 2025)

• Kenneth Meeson (Chair of Audit Committee until Feb 2025)

• Breda Leyne (Chair of Education & Training Standards Committee), stepped down 18 August 2025.

• Sally Carr (Chair of NYA Safeguarding Board)

• Amma Anderson

• Daniel Chery

• Helen Watson

• Mervyn Kaye

• Jonathan Hubbard

• Laura Bates appointed 24 October 2024

• Nicholas Frost appointed 24 October 2024 (Chair of Finance & Growth Committee – Feb 2025)

• Nick Caplin appointed 24 October 2024

• Owen Purcell appointed 24 October 2024 (Chair of Audit & Risk Committee – Feb 2025)

• Alison Pickering stepped down 22 April 2024

Finance & Governance Committee (until February 2025)

Gabriel Buck, (Chair)

Alex Renshaw Carol Stone

Growth Committee (until February 2025)

Alex Renshaw, Chair

Gabriel Buck

Alison Pickering, stepped down 22 April 2024

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Audit Committee (until February 2025) Ken Meeson, Chair Breda Leyne, stepped down August 2025

Impact Committee (until February 2025) Jonathan Hubbard, (Chair) Sally Carr Mervyn Kaye Amma Anderson

People Committee

Mark Norris (Chair) Daniel Chery Helen Watson Sally Carr Laura Bates (from February 2025) Mervyn Kaye (from February 2025)

Finance & Growth Committee (from February 2025)

Nicholas Frost (Chair) Alexandra Renshaw (Vice Chair) Carol Stone Gabriel Buck Owen Purcell Amma Anderson

Audit & Risk Committee (from February 2025)

Owen Purcell (Chair) Ken Meeson Helen Watson Mark Norris Nick Caplin Nicholas Frost

Strategy & Innovation Committee (from February 2025)

Jonathan Hubbard (Chair) Mervyn Kaye Nick Caplin

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REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Amma Anderson Ken Meeson Helen Watson

Education and Training Standards Committee

Breda Leyne, (Chair), stepped down from 18 August 2025 Anam Hoque Daniel Chery Darren Lake David Algie David Howell El Warren Felicha Downie Graham Griffiths Jess Achilleos Kayleigh Wainwright Mark Straw Ruth Rickman-Williams Ry Harris Shaun Watson Simon Williams Sue Gill Toby Hammond Kerry Gray, stepped down August 2024

NYA Trading

Leigh Middleton Abbee McLatchie, appointed September 2025 Amanda Fearn, stepped down September 2025

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Report & Financial Statement: 31 March 2025

REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Principal Places of Business and Advisors

The National Youth Agency 9 Newarke Street 19-23 Humberstone Road Leicester LE1 5SN

Auditors

Haines Watts Swindon Limited Chartered Accountants Old Station House Station Approach Newport Street, Swindon SN1 3DU

Bankers

Barclays Bank Town Hall Square, Leicester LE1 9AA

Solicitors

Bates Wells 10 Queen Street Place, London, EC4R 1BE

By order of the Board

Carol Stone Carol Stone Chair: ~~…………………~~ Carol Stone (Jan 8, 2026 12:57:42 GMT) ………………………..

08/01/2026 Date: ………………………………………….

Report & Financial Statement: 31 March 2025 OWA

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REPORT AND FINANCIAL STATEMENTS: NATIONAL YOUTH AGENCY 31 MARCH 2025

Report & Financial Statement: 31 March 2023

34

NYA Consolidated Audited Accounts 2025 - FINALv.2

Final Audit Report

2026-01-08

Created: 2026-01-08 By: Lisa Putnam ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAid2rIb_BYGKwYvXQ1mQqCqwjKYyL-QBS

"NYA Consolidated Audited Accounts 2025 - FINALv.2" History

Document created by Lisa Putnam ([e-mail])

2026-01-08 - 9:24:24 AM GMT

Document emailed to Carol Stone ([e-mail]) for signature

2026-01-08 - 9:24:31 AM GMT

• Email viewed by Carol Stone ([e-mail])

2026-01-08 - 12:50:55 PM GMT

• Document e-signed by Carol Stone ([e-mail])

Signature Date: 2026-01-08 - 12:57:42 PM GMT - Time Source: server

Document emailed to Martin Gurney ([e-mail]) for signature

2026-01-08 - 12:57:44 PM GMT

• Email viewed by Martin Gurney ([e-mail]) 2026-01-08 - 1:08:47 PM GMT

Document e-signed by Martin Gurney ([e-mail])

Signature Date: 2026-01-08 - 1:09:27 PM GMT - Time Source: server

Agreement completed.

2026-01-08 - 1:09:27 PM GMT