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← Ufi VocTech Trust

2024-12-31-accounts

UFI VOCTECH TRUST (A Charitable Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Company Registration Number: 3658378 Registered Charity Number: 1081028

UFI VOCTECH TRUST

CONTENTS

Page
Trustees and administrative details 1
Trustees’ report 2
Independent auditor’s report 12
Statement of financial activities 15
Balance sheet 16
Cash flow statement 17
Notes to the financial statements 18

UFI VOCTECH TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2024

Company registration number 3658378
Charity registration number 1081028
Registered office First Floor, 10 Queen Street Place
LONDON
EC4R 1BE
Trustees D Gill Chair
A Bravo
A Cullen
J Greenidge
D Chapman
S Roche Appointed 1 January 2024
K Pyshkin Appointed 14 February 2024
S Greany Appointed 1 September 2024
J Cope Appointed 12 March 2025
H Barnard Appointed 12 March 2025
J Lambdon Resigned 5 June 2024
C Kirby Resigned 9 October 2024
J Scott Resigned 20 November 2024
Bankers Natwest Bank plc
9th Floor, 280 Bishopsgate
LONDON, EC2M 4RB
Auditor Sayer Vincent LLP
110 Golden Lane
LONDON, EC1Y 0TG
Solicitors Bates Wells Braithwaite London LLP
10 Queen Street Place
LONDON, EC4R 1BE
Investment Managers Credit Suisse (UK) Limited Northern Trust
One Cabot Square Georges Court
London 54-62 Townsend Street
E14 4QJ Dublin 2 Ireland

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The objects of Ufi VocTech Trust are pursued through the provision of grant and venture funding to third party organisations. The aim is to help improve vocational skills in the UK's workforce by funding digital solutions for vocational learning. Ufi only funds activity that is ‘scaleable’ through technology, i.e. projects that use digital methods to widen access to vocational learning, projects that increase engagement or projects that have the potential to significantly improve learner outcomes. While digital learning solutions are potentially open to all, the charity is especially keen to assist digital projects which involve industries and sectors where training is not easily available and there are significant skills shortages, post school learners that have failed to be engaged by the education system or those or who have been unable to engage with traditional methods of vocational learning for reasons of geography, social constraints or lack of employer or market engagement. Ufi aims to create a community of developers and learning providers that are working at the cutting edge of learning technologies to ensure that vocational learning becomes an attractive market for future investment.

To achieve a significant change in vocational learning Ufi seeks to support ideas and projects that bring a new perspective on how to design, deliver or accredit learning that builds on the current market rather than competing with it. Ufi believes that digital tools can enhance and augment traditional teaching and training methods, leading to better skills and more skills for more people.

Ufi funding is focused on three areas, recognising that innovation will happen at different points. These are:

Ufi aims to build a portfolio of projects and investments that cover a range of risk and scale and provides opportunities for ideas to receive support from early stage right through to market. All Ufi projects represent ‘demonstration through doing’, providing practical solutions to problems and challenges.

Ufi has three mechanisms to achieve the above:

Ufi also has an important role to influence change at a strategic level. To achieve this aim Ufi:

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

benefits the charity has brought to those groups of people that it has been established to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and who it aims to help are described below. All its charitable activities focus on grantgiving and venture investment to help improve vocational skills in the UK's workforce by funding digital solutions for adult vocational learning (VocTech). These are undertaken to further Ufi’s charitable purposes for the public benefit.

Ufi further strengthened its work to catalyse change and to influence public policy on adult vocational learning, bringing together advocacy, partnerships and grant funding in campaigns of activity and ‘challenges’ that exploit Ufi’s point of difference as a source of deeply practical, actionable knowledge, through thought and action leadership.

2024 saw the continued investment of time and grant funding in strategic partnerships with organisations that are aligned to Ufi’s mission and seek to collaborate in ways that draw on both organisations respective strengths. These larger scale partnerships are helping Ufi achieve more than would be possible by working alone; providing evidence to support policy making, attracting new investment, and supporting a shift in culture and practice so that more organisations can deploy good quality VocTech.

Activity on Ufi’s large £3m multi-year ‘VocTech Challenge’ programme continued throughout 2024. The VocTech Challenge Grant Fund and Impact Network launched in June, receiving over 130 applications from organisations looking improve adult participation in learning. Six successful organisations have now been offered grant funding of between £200k and £250k each to refine and deploy their ideas. Place-based activities were also established in Hull, Belfast, Aberdeen and Newport, each of which have clearly defined the particular challenges in their area which they wish to address using VocTech. Funding is only part of the support Ufi provide. There is huge value to be gained through crosssector connection therefore encouraging collaboration forms a key part of Ufi’s work. To drive this forward the new VocTech Challenge Impact Network was developed; a space for organisations to share knowledge, access resources, test assumptions and accelerate the development and adoption of vocational technology.

The programme of Strategic Partnerships continued to develop in exciting new ways through the year. The UK’s Digital Badging Commission was launched with the RSA, bringing together stakeholders from across the world to consider how the UK can increase adoption, agree what “good” looks like and support the development of digital credentialling. In collaboration with AELP there was further development of Ufi’s offer to Independent Training Providers, considering how they can be supported in adopting digital tools. The first Festival of Learning Award was run with the Learning and Work Institute, rewarding exceptional tech enabled provision and multiple additional cohorts of the GoodTech Ventures Accelerator were run with Catch-22. New partnerships have continued to be developed, with initial conversations taking place with the Association of Colleges and the King’s Trust.

In 2024, Ufi’s attended the two main party conferences in Liverpool and Birmingham, taking part in the Future Skills Coalition with City and Guilds, NCFE, AoC, AELP and more than a dozen other leading skills sector bodies in making the case to politicians for a skills system that that delivers for employers, learners and society as a whole.

Ufi continued to leverage participation in key industry events to champion the role of VocTech and share best practice. In 2024 Ufi were involved in more than 20 external events, including presenting at key international EdTech events, running workshops with partners at sector conferences and supporting external organisations to increase the focus given to adult vocational skills development. Ufi also celebrated several successes, with seven Ufi-supported organisations being nominated for prestigious Learning Technology Awards in 2024. The project with Hull College won both the Best use of social and collaborative learning technologies and Best digital learning transformation programme . Ufi supported TeacherMatic was awarded Most innovative new learning technologies product (UK) .

Throughout 2024 Ufi continued to nurture the development of the Ufi-led Week of VocTech, the UK’s only dedicated programme of events and activities focused on vocational technology. The week brings together stakeholders from across the skills system on a shared public platform, providing Ufi with a unique opportunity to drive value from existing partnerships, make new connections, shape debate and inspire action.

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

In terms of overall activity, £3.646m was awarded in grant and partnership funding in the year to 29 new projects. Grant instalments of £2.228m were paid to 99 projects on satisfactory completion of milestones, across the 13 live cohorts of projects.

In 2024 the portfolio of projects has continued to build a strong pipeline of new technology solutions which are opening up access to learning and skills development. Some highlights are set out below:

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

In 2024 support was offered to fifteen projects via the VocTech Ignite programme, of which six took up the offer of expert advice and mentoring. One has gone on to be awarded £100,000 from the Harry Kane Foundation and has stated that the support and advice given as part of the Ignite process was fundamental to this. Two organisations have refined their approach and submitted an application to VocTech Activate 2025 .

Throughout the year grant recipients have received significant expert support to ensure their projects run smoothly and effectively. Projects have taken part in webinars with experts, networking events, and activities with their peers to facilitate learning and sharing and help give them the best chance of success. Ufi continue to operate a ‘grant plus’ model of working with grantees, focussed on achieving the best outcomes for funded activity. Feedback from grant funded organisations on this approach continues to be positive:

Ufi’s unique approach to grant funding goes far beyond financial support - they’ve been true partners throughout our project. Their insightful feedback, challenge, and encouragement helped us sharpen our thinking and elevate the quality of our work, resulting in an immersive training module that’s already benefited over 15,000 learners. We’d highly recommend working with Ufi to any organisation looking to make a real impact. Julian Denoel, Co-founder and COO, Bodyswaps

Working with Ufi felt like having a true partner by our side – not just a funder. Their support, encouragement, and genuine interest in our success gave us the confidence to be bold in our thinking. It’s rare to find a funding body so invested in the people behind the project as well as the project itself. Helen Routledge, CEO, Totem Learning

Ufi supported us in creating a digital tool for our young people living in YMCA DLG supported residence who are homeless or at risk of becoming homeless across Sussex. Ufi mentored and supported us every step of the way with valuable expertise that helped guide the development from start to finish. The grant and support Ufi gave us has allowed young people in our housing to learn the skills they need to gain confidence, become independent and flourish after they leave us. Working with Ufi has been a rewarding experience and we have kept in touch post grant funding as this has been such a supportive relationship.

Harriet Peach, Youth Voice and Engagement Manager, YMCA DLG

Having applied and run numerous grant funded projects over 40 years I can honestly say that Ufi offers a wonderfully refreshing example of good practice in this area. The open, honest, supportive and flexible approach throughout must surely be an example of good practice to other funders. The application process and successful project delivery phases benefit from a Ufi team who are interested, engaged and ready to work with projects to deliver successful outcomes. We’ve found the ‘sounding board’ and wealth of experience on offer incredibly useful. We see Ufi as integral to our project - it feels like, and is, a great partnership.

Simon Roper, Director, Ambios Ltd

Ufi’s guidance and support have played a key role in our success so far. As a non-technology organisation, we sometimes felt out of our depth at the beginning, but the extensive resources, access to external support, and genuine interest from our project officers made a huge difference. It truly felt like they wanted us to succeed and would do everything they could to help us get there.

Krystal Buckley, Director, Triton Training

Ufi’s support has been game-changing for our work on our new feature SkillTractix. From the very beginning, they backed the vision – to give employers a stronger, more meaningful role in work-based learning. It wasn’t just about funding. The guidance from our Ufi Project Account Manager, the marketing and legal workshops, the introductions to other projects, and the space to test and adapt – all of it helped shape a platform that’s not only practical but built to solve real problems in the world of apprenticeships in construction. Because of Ufi, we’ve created something that’s not just digital – it’s useful. It’s human. And it has the potential to change how employers, apprentices and training providers work together for the better.

Geraldine Gordon, Founder, SkillTractix/Yfor

We believe the credibility, expertise, and experience of Ufi has paved the way for conversations with partners that have directly contributed to our progress.

Emily Rock, CEO of the Association of Apprentices

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Ufi’s support has been pivotal to our growth, not just in monetary terms, but in building the credibility, confidence and connections that small companies like ours need to break through. Since our initial funding in 2023, we’ve been able to create a platform that has resonated with both public, private and academic partners – and in sectors that are usually cautious in engaging with early-stage innovators. That foundation of trust, built on Ufi’s backing, has directly enabled us to form strategic partnerships across the education and skills landscape. We’re now preparing to launch a major programme, something that simply wouldn’t have been possible without Ufi’s investment, belief in our mission, and the access they provide to a wider ecosystem of collaborators and champions. Ross Toomer, Founder, Care Reality

Ufi have supported First Step Trust to develop innovative learning materials for disadvantaged learners using the latest virtual reality technologies. As well as funding, Ufi have supported us with access to experts such as a consultant advising us on taking the electric vehicle product to market, and advice on marketing and communications which are areas of expertise we don't have in our small team. The Ufi team have been incredibly helpful and proactive in supporting the project, linking us with relevant resources, helping us network with relevant organisations, and acting as an understanding and supportive 'critical friend' to help us make our training products as good as they possibly can be. Rosie Oglesby, Chief Operating Officer, First Step Trust

Support from Ufi has been fundamentally game-changing for MadLab and our learning community – allowing us to rethink and rebuild our digital infrastructure, reach a much wider audience, and scale faster and better than we’ve ever been able to before. We've also really stepped up our in-house software production and fully embraced AI and are now looking at potential impact investment – something which would have been previously unthinkable without Ufi’s backing.

Asa Calow, Director, Madlab

If you would like more information on the projects we have funded over the last year please see the website: www.ufi.co.uk

Programme related investments

Ufi recognises the importance of the availability of financial capital and support for organisations which are developing VocTech products and services so that they may bring them to market and grow their reach and impact to the widest adult vocational learning audience.

In 2019 Ufi commenced a programme to support early-stage ventures which advance the charity’s purposes through making equity and loan investments and providing engaged advice and support, “Ufi Ventures”. This is an exciting area for Ufi, a significant component of our Theory of Change and reflects the ambition we hold to have a positive impact on adult vocational learning at scale.

Ufi Ventures investments are programme related investments made under a detailed investment policy and selection criteria. Each investment, and the portfolio as a whole, aims to demonstrate positive effect on the following outcomes:

Benefit theseStakeholders By contributing to these outcomes
Adults in the UK •
Greater access to andprogress in work through improved skills
Employers in the UK •
Improved businessperformance through increased workforce skills
VocTech sector •
Increased financial investment leadingtogrowth

The board has established a Ventures Committee which considers, and has delegated authority, to approve proposals for investment under Ufi Ventures. In 2024 the committee approved three new investments and approved follow on investments in five other companies from the portfolio. Six of these investments were later completed.

Ufi provides each investee with an experienced individual as a ‘Venture Partner’ who typically attends the investee’s board meetings, monitoring performance and identifying support needs. At each Ventures Committee convening members receive a review of activity, supported by a dashboard update and a Portfolio Review and Valuation report is presented to the Committee every three months.

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Beneficiaries of our services

The Ufi vision is to create a world where vocational skills are celebrated and valued by all as the engine upon which the UK economy is built and where development of those skills is made possible by the best technology solutions, providing easier access, greater opportunity and better outcomes for all. Ufi supports the development of digital technologies that help us all obtain the vocational skills we need to get more out of our working lives. This is done by:

Ufi’s aim is to use our funding to catalyse change across the UK so that significant scale can be achieved in digital vocational learning for adults. The long-term goal is to support a portfolio of activities that deliver positive change for learners across a wide range of sectors, job roles, geographies and access points and we are focussed on those that have failed to be engaged by the education system or who have less opportunity to access vocational learning (for whatever reason). Technology has the potential to work for learners who have disengaged with formal patterns of learning as well as opening up access for learners who have been unable to fit into the traditional classroom model. It also provides the opportunity to reach industries and communities that are geographically too spread out to create a sustainable market using traditional methods. In addition, technology can enhance traditional teaching and learning and support better outcomes for leaners, teachers and organisations.

Ufi only fund activity that can demonstrate that there is the potential for scale; increasing vocational learner numbers through the use of technology. We fund those things that represent practical solutions to existing problems and challenges.

Financial review

During the period the charity generated reinvested income of £602k from its investments and cash holdings, and incurred expenditure of £5.47m primarily on the grant making and management of the charity (including investment managers’ fees to generate the charity’s main source of income). At the end of the year funds carried forward are £37.96m.

Despite another volatile year, the investment portfolio achieved a gain of £1.66m. The final value of the portfolio decreased from £33.6m to £30.4m due to the disinvestment of £5.25m to pay grant, operational and programme related investment costs. Funds carried forward at the end of 2024 are nearly £4.5m ahead of budget for the year. This will not materially affect the current activities of the charity; the funds will remain in the investment portfolio for disinvestment when additional capital is needed to fund future activities.

Investment review

Ufi’s investments are held in fixed income and equities. The Fixed Income portfolio is designed to support Ufi with grant making and other expenditures, whilst the equities portfolio is invested for the longer term with the aim of advancing the charities’ mission, purpose and values.

The year saw mixed performance for the Fixed Income asset class. Government markets faced headwinds as Central Banks are likely to likely to follow a slower pace of easing for 2025 than previously expected. The year has seen shifting market expectations over the speed and extent of Central Bank rate cuts. Strong technical factors have led to strong credit market performance in 2024. Persistent demand from investors has supported active primary markets and led to meaningful spread compression throughout the year. Donald Trump’s victory has led to a further credit rally in Investment Grade and High Yield Credit with spreads reaching the tightest level of the year.

Ufi’s bond portfolio returned 2.8% in 2024, outperforming the return of its fixed income benchmark of 1.7%. The portfolio consists of high-quality investment grade single line bonds, which are sustainably screened. They have been selected to match assets with Ufi’s cash flow requirements over the course of the charity’s intended existence. Global equities markets meanwhile continued their 2023 strength into 2024 to produce another formidable year of returns. Inflation levels remained a key concern, but the markets continued to react positively to strong corporate earnings, especially in US Large-Caps. Across the globe several indices reached new records, with the MSCI World index returning 20.1% to reach a new all-time high after returning roughly 22% the prior year.

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Ufi’s thematic equity portfolio returned 10.3% in 2024. The mission aligned portfolio invests in disruptive digital solutions, as well as opportunities arising from robotics, automation and smart cities. Equity indices were again largely driven by the performance of 7 large cap tech stocks, the so called “magnificent 7” (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta) and other large caps in the S&P 500. Despite strong equity performance, mostly in the US, Donald Trump’s election victory is generally viewed as a headwind for ESG focused sectors. Policy changes such as a second withdrawal from the Paris agreement by President Trump create uncertainty for investors focused on sustainable investing.

Ufi’s thematic equity investment approach is based on the premise that powerful long-term structural changes, occur in the world over-riding shorter term economic cycles, market sentiment and geopolitics. Ufi’s portfolio is positioned to capture fundamental investment themes such as ageing populations, increasing urbanisation, the transition from fossilbased fuels towards renewable energy and the spread of technology through the economy resulting in greater electrification and digitalization. Going into 2025, the strong economic backdrop means the portfolio is still well positioned to capitalise on these themes, though it may face increased levels of volatility as policy uncertainty and geopolitical risks remain heightened.

Fundraising policy

The Charity does not engage in public fundraising and does not use professional fundraisers or commercial participators. We nevertheless monitor the relevant fundraising regulations and codes to ensure compliance if relevant. During the year there was no non-compliance of these regulations and codes and the Charity received no complaints relating to its fundraising practice.

Reserves policy and going concern

While the initial intention was that the Charity would have a limited life span, it soon became apparent that it would be in existence for much longer than the five years originally anticipated. It is the view of the trustees that being in existence for longer will maximise the aims and objectives of the Charity. This decision is regularly reviewed.

The reserves policy to date has been to hold assets in secure means whilst providing sufficient liquidity to service successful applications. At the year end the Charity held total reserves of £37.96 million, of which £30.369 million is held within the investment portfolio in order to generate an income to meets its strategic objectives. A balance of funds (“free reserves”) of £1m-£2m is maintained in cash holdings within the investment portfolio which can be transferred quickly to meet ongoing liabilities. This policy is considered to be prudent and provides the Trust with adequate liquidity to pursue its funding strategy of providing seed funding for innovative projects and additional sums to take those projects through to the next developmental stage if they are proven to add real innovative benefit to vocational education. The trustees monitor the level of grant commitments and other financial requirements on an on-going basis and ensure that sufficient liquid (free) reserves are available.

The reserves policy will continue to evolve in light of developments in the market in which grants are awarded and the trustees views on how the Charity’s aims and objectives can be maximised.

All funds held are unrestricted funds. The trustees have reviewed the level of reserves and financial commitments entered into and consider the charity to be a going concern.

Principal risks and uncertainties

Ufi VocTech Trust is an investment holding charity awarding grants in furtherance of its objects. The key risks facing the charity are:

While the value of the investment portfolio has been extremely volatile over the last few years, Ufi has an investment strategy in place to manage this; a balanced investment portfolio providing immediate liquidity and the ability to act quickly and review budgeted expenditure making adjustments as required. There is currently no intention to reduce spending as a result of any decrease in the portfolio value or increase in overheads. However, as funds are spent down and the remaining timeline of Ufi reduces, this is under regular review in light of existing and planned commitments and investment performance.

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

In March 2023 it was announced that investment managers Credit Suisse had entered into a merger agreement with UBS following intervention from the Swiss Federal Department of Finance after concern over the liquidity of Credit Suisse. The merger process completed in June 2023. The trustees have continued to review the risk this poses to Ufi, with a planned three-year review of investment provider also taking place at the beginning of 2024. The process required for the transfer of assets over this period of administration is still being determined but is not anticipated to have any impact on existing funds.

The Investment and Audit Committees meet twice a year, or more should the need arise. The board meet five times a year. A risk management framework is reviewed at each of these meetings. Regular monitoring reduces the likelihood of any risks significantly affecting the charity and the impact should they do so.

Plans for the future

2024 is the final year of delivery of the 2020-2025 strategy, Learning Without Walls (Beyond 2020) and the next strategy cycle is in development. The funding strategy continues to be focused on supporting innovation in vocational technology, encouraging the development of novel tools and approaches that support good quality adult learning at a significant scale, helping individuals, employers and the education system to benefit from technological developments.

Ufi VocTech Trust is focussed on the skills needed for work and development and deployment of good quality technology to support this. This includes showcasing and demonstrating the potential positive impact that technology can have and we have and are continuing to put in place strategic partnerships with organisations that can support this aspiration.

The Board of Trustees are committed to supporting a range of projects and activities that are centred on the Ufi target learner audience, those who are furthest from opportunity. This means those professions, communities, industries, and skill levels that are undervalued or under supported, where the trustees believe they can have the most significant positive impact. The trustees believe that digital technology offers the opportunity to achieve considerable positive impact at scale and they continue to fund work that can both achieve the scale we aspire to and demonstrate to others the benefit of its use.

VocTech Challenge is now in delivery, with the successful development of place based partnerships across the four nations. A grant call to support this work was launched in January 2025 with final awards due to be made in June, and an approach to Programme Related Investment (PRI) is being investigated that can support our strategic ambitions in this area. It is believed that deploying a range of financial instruments (both grant and investment) gives the best chance of success in delivering Ufi’s mission. Partnership work is ongoing with the Learning and Work Institute to support the development of a robust evidence base and as part of the commitment to achieving maximum impact through funding.

VocTech Activate remains an important part of the funding programme, supporting a range of projects through grants and being underpinned by the Ufi approach to enrichment and support. The trustees believe that Ufi is unique in the added value it offers to grant recipients and will continue to ensure the organisation develops and strengthens this aspect of its project support. This belief has been reflected in the recent evaluation of Ufi impact, which praised the unique support Ufi offers its grantees. This support also underpins the Ufi approach to Programme Related Investment (PRI) and the wider work with partners and the adult vocational sector. Ufi takes a thoughtful approach to the way all our resources are deployed with the intention that every action contributes to the delivery of our mission and achieves positive impact.

Ufi continues to make Programme Related Investments through the work of Ufi Ventures alongside our grant funding and trustees aim to continue the development of a spectrum of projects, both early stage and near market, that showcase the best of digital vocational technology and have the potential for significant impact on the scale of people accessing vocational skills. The aim is to create a community of developers, community organisations and learning providers that are working at the cutting edge of learning technologies to ensure that vocational learning is seen as a priority and the focus of high-quality provision. The trustees will support and invest in projects and ventures where Ufi’s funding will make a significant difference to the number of people gaining skills and the way in which they learn.

Work is ongoing with the Resolution Foundation and Catch 22 to support the development of alternative social investment instruments that will enable a more diverse range of organisations to play a part in addressing the adult vocational skills challenge. Ufi believe that working in partnership allows all parties to achieve more than possible through working alone.

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The organisation is a charitable company limited by guarantee and is governed by a memorandum and articles of association which were last amended on 4 December 2018. It was registered as a charity on 6 June 2000. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

The charity is managed by Rebecca Garrod-Waters, the Chief Executive, who works closely with the trustees and senior management team. During 2024 Rebecca has continued to develop and structure the core team in order to ensure that Ufi’s reach and benefit is maximised.

Appointment of trustees

Five new trustees were appointed during 2024 and early 2025, in accordance with the planned recruitment cycle and the conclusion of term for three outgoing trustees.

Trustee induction and training

Trustees are encouraged to attend courses where appropriate and an annual programme of trustee training has been developed. A formal process of induction is in place for all new trustees. When new and significant issues arise, the relevant updates are arranged for trustees during board meetings. Strategy days are held approximately every 12 months or as the need dictates.

Remuneration policy for key management personnel

The pay of the CEO and all staff are reviewed annually and normally increased in accordance with average earnings to reflect a cost of living adjustment. In view of the nature of the charity, the trustees benchmark against pay levels in other charities. The remuneration bench-mark is the mid-point of the range paid for comparable roles in charities of similar activity and size.

Statement of responsibilities of the trustees

The trustees (who are also directors of Ufi for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

UFI VOCTECH TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2023 was 8 (2023:8). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ report was approved by the trustees on 11[th] June and signed on their behalf by

Dominic Gill Chair of Trustees

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF

UFI VOCTECH TRUST

Opinion

We have audited the financial statements of Ufi VocTech Trust (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 charitable company 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 Ufi VocTech Trust’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.

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, except to the extent otherwise explicitly stated in our report, 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF

UFI VOCTECH TRUST

respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 liquidate the charitable company or 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF

UFI VOCTECH TRUST

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

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.

Joanna Pittman (Senior statutory auditor)

20 June 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

UFI VocTech Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Note
Income from:
2
2
3
Reconciliation of funds:
Net gains / (losses) on programme related investments
Net gains / (losses) on investments
Net income / (expenditure) for the year
Total funds carried forward
Total funds brought forward
Investments
Total income
Expenditure on:
Raising funds
Total expenditure
Charitable activities
Net expenditure before net gains and losses on
investments		 2024
2023
£'000
£'000
602
557
602
557
547
560
4,923
4,693
5,470
5,253
1,660
3,670
1,013
637
(2,195)
(389)
40,158
40,547
37,963
40,158
(4,868)
(4,696)

The accompanying accounting policies and notes form an integral part of these financial statements. All amounts relate to continuing activities. All amounts included in the current and preceding year are unrestricted.

15

UFI VocTech Trust

Company no. 3658378

Balance sheet

As at 31 December 2024

Note
Fixed assets:
8
Current assets:
9
Liabilities:
10
12a
Total unrestricted funds
Debtors
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Net current (liabilities) /assets
Total net assets
Investments
Cash at bank and in hand
Programme Related Investments
General funds
Total charity funds		 £'000
78
120		 2024
£'000
30,369
7,711		 £'000
57
215		 2023
£'000
33,609
6,605
38,080
(117)		 40,214
(56)
198
(315)		 272
(328)
37,963 40,158
37,963 40,158
37,963 40,158
37,963 40,158

The financial statements were approved and authorised for issue by the Trustees on 11 June 2025 and were signed below on their behalf by:

Dominic Gill Chair of Trustees

The accompanying notes form an integral part of these financial statements.

16

UFI VocTech Trust

Statement of cash flows

For the year ended 31 December 2024

Note
Cash flows from operating activities
Net cash used in operating activities
15
Cash and cash equivalents at the beginning of the year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of investments
Purchase of investments
Purchase of programme related investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £'000
£'000
(4,448)
602
11,901
(7,001)
(1,149)
4,353
(95)
215
120
2024		 £'000
£'000
(4,448)
602
11,901
(7,001)
(1,149)
4,353
(95)
215
120
2024		 £'000
£'000
(5,042)
557
26,048
(19,889)
(1,575)
5,141
99
116
215
2023		 £'000
£'000
(5,042)
557
26,048
(19,889)
(1,575)
5,141
99
116
215
2023
(95)
215		 99
116
120 215

17

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

Ufi VocTech Trust is a charitable company limited by guarantee and is incorporated in England. The registered office address is First Floor,10 Queen Street Place, London EC4R 1BE.

b) Basis of preparation

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 FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. While there are net current liabilities at the end of the year, these have been taken into account in cash flow planning, and there is sufficient cash in the LGIM account to cover them.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

f) Incoming resources

Incoming resources from generated funds consists of investment income (interest and other income receivable). Income is recognised on an accruals accounting basis when the charity is entitled to the receipt.

g) Expenditure

All expenditure is accounted for on an accruals basis and allocated to the appropriate heading of the SOFA.

Charitable activities expenditure enables the charity to meet its charitable aims and objectives. Governance costs are direct costs incurred to administer the charity and to comply with statutory requirements. These costs include audit and legal advice for trustees.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of the overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on an estimate, based on staff time, of the amount attributable to each activity, as follows:

Costs of raising funds 25% Charitable activities 75%

18

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

h) Grants payable

Grants awarded are charged to the SOFA in the period in which the charity becomes committed to their payment. The charity has a process for evaluating grant milestones and only makes further payments once it is satisfied with the progress of the grantee. Where grants are issued with the embedded right to convert, the investment is initially expended as a grant with subsequent consideration at each balance sheet date of whether there is an asset that can be measured.

Investments are valued at bid value as set out in the SORP. Gains and losses are recognised in the statement of financial activities.

Programme Related Investment

Programme related investments are valued at fair value or cost less impairment if fair value cannot be reliably measured, as set out in the SORP. Gains and losses are recognised in the statement of financial activities. Any impairments on these investments are recognised under charitable activities.

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

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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 due to settle the obligation can be measured or estimated reliably.

m) Pensions: defined contribution

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions.

n) Basic financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

19

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

2a Analysis of expenditure (current year)

Cost of raising funds
Investment management costs
Charitable activities
Advancement of skills and qualifications
Impairment loss against programme related
Total expenditure 2024
Total expenditure 2023		 Direct costs
£'000
454
1,359
1,056
2,415
2,869
2,079		 Grant
making
£'000
-
2,228
-
2,228
2,228
2,818		 Governance
costs
£'000
34
103
-
103
137
133		 Support
costs
£'000
59
177
-
177
236
223		 2024
Total Funds
2023
Total
£'000
£'000
547
560
3,867
4,425
1,056
268
4,923
5,470
5,253

Governance costs are direct costs incurred in administering the charity and complying with statutory requirements. Direct costs include an allocation of the operational staff costs, external audit, trustee expenses and one-off recruitment fees incurred in the year to employ staff and trustees to drive the strategy forward.

20

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

Cost of raising funds
Investment management costs
Charitable activities
Advancement of skills and qualifications
Impairment loss against programme related
Total expenditure 2023
Total expenditure 2022		 Direct costs
£'000
471
1,340
268
1,608
2,079
2,008		 Grant
making
£'000
-
2,818
-
2,818
2,818
2,531		 Governance
costs
£'000
33
100
-
100
133
125		 Support
costs
£'000
56
167
-
167
223
199		 2023
Total Funds
£'000
560
4,425
268
4,693
5,253

Governance costs are direct costs incurred in administering the charity and complying with statutory requirements. Direct costs include an allocation of the operational staff costs, external audit, trustee expenses and one-off recruitment fees incurred in the year to employ staff and trustees to drive the strategy forward.

21

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

2c Analysis of expenditure (continued)

All grant payments in the year were made to institutions under the calls as follows:

Call
VocTech Seed
VocTech Activate
VocTech Impact
Partnerships
Ad-hoc
VocTech Challenge
Total		 2024
£'000
241
811
-
679
50
447		 2023
£'000
800
478
120
252
367
801
2,228 2,818

If you would like more information on the projects we have funded over the last year please see the website: www.ufi.co.uk. A breakdown of all the awards made in the year can be obtained by emailing: info@ufi.co.uk.

3 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£'000 £'000
Auditor's remuneration:
Audit 13 12
Other services 1 -

22

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

4 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Ex-gratia payments		 2024
£'000
899
104
91
-		 2023
£'000
913
100
90
-
1,094 1,103

One employee received employee benefits (excluding employer pension costs and employer's national insurance) during the year between £90,000 and £100,000 (2023: nil), one between £80,000 and £90,000 (2023: two), none between £70,000 and £80,000 (2023: one) and three between £60,000 and £70,000 (2023: two).

Key management personnel through the year were considered to be the CEO Rebecca Garrod-Waters, the Deputy CEO Louise Rowland, the Director of Ventures Helen Gironi and the Finance Director Gabrielle Smith. Total salary and benefits (including employer pension and employer national insurance) provided in the year to key employees was £375,177 (2023: £361,502).

There were 11 part-time and 8 full-time staff employed at the year end. The full time equivalent number of staff employed is 18 (2023: 17).

5 Trustees' remuneration

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represent the payment or reimbursement of travel, subsistence and meeting costs totalling £4,231 (2023: £3,953) incurred by four (2023: six) members relating mainly to attendance at meetings of the trustees. Trustee Indemnity Insurance has been purchased by the charity and is included in the total annual commercial combined insurance cost of £2,390 (2023: £1,943).

23

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

6 Related party transactions

A grant was awarded in 2022 for £200,000 to The Learning and Work Institute of which Jeff Greenidge is a Trustee, with payments of £65,000 being made in 2024 (2023: £34,000). A further grant was awarded in 2024 for £146,465.

An approval in principle has also been made for a grant up to £150,000 to the AoC (with final approval pending) of which Jeff is Director of Diversity and Anthony Bravo a trustee and member of the Board of Directors. The trustees concerned were not involved in the application or decision-making processes for any award and Jeff resigned from The Learning and Work Institute as trustee in May 2024.

A grant of £48,690 was awarded to AELP in 2022 of which Dominic Gill was a patron level member in 2021. Payments of £32,690 were made in 2023.

Ufi purchased Salesforce licences to a value of £6,028 for the CRM database over 2024 (2023: £4,858) of which Charlotte Kirby was a senior employee until March 2024.

The trustees have no other related party transactions with any organisation that has either transacted with Ufi or received funding from Ufi in the period.

7 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8 Investments

Investments
Investments comprise:
Northern Trust
Capital cash account
Credit Suisse - comprising equities, fixed income and liquid investments
Disposal proceeds
Total
Net (loss)/ gain on change in fair value
Invested
Fair value at the start of the year
Additions at cost		 2024
£'000
33,609
7,001
(11,901)
1,660		 2023
£'000
36,098
19,889
(26,048)
3,670
30,369 33,609
1,173
29,196		 1,082
32,527
30,369 33,609
2024
£'000
29,196
1,173		 2023
£'000
32,527
1,082
30,369 33,609

24

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
8a
Cost at start of the year
Additions at cost
Disposal proceeds
Impairment
Fair Value Gain
Cost at end of year
8b
Cost at start of the year
Additions at cost
Disposal proceeds
Impairment
Fair Value Gain
Cost at end of year
Programme related investments (current year)
Programme related investments (prior year)		 Convertible
loan
£'000
730
300
-
(146)
-		 Direct
equity
£'000
5,875
849
-
(910)
1,013		 2024
Total
£'000
6,605
1,149
-
(1,056)
1,013
884 6,827 7,711
Convertible
loan
£'000
580
150
-
-
-		 Direct
equity
£'000
4081
1,425
-
(268)
637		 2023
Total
£'000
4,661
1,575
-
(268)
637
730 5,875 6,605

If you would like more information on the investments made over the last year please see the website: www.ufi.co.uk. A breakdown can also be obtained by emailing: info@ufi.co.uk.

25

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
9
10
Other creditors
Trade creditors
Accruals
Debtors
Taxation and social security
Grants payable
Creditors: amounts falling due within one year
Prepayments
Other debtors		 2024
£'000
77
1		 2023
£'000
50
7
78 57
2024
£'000
56
34
148
13
64		 2023
£'000
76
39
129
4
80
315 328

11a Analysis of net assets between funds (current year)

Investments
Net current assets
Investments
Net assets at 31 December 2023
Net current assets
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)		 General
fund
£'000
38,080
(117)		 2024
Total Funds
£'000
38,080
(117)
37,963 37,963
General
fund
£'000
40,214
(56)		 2023
Total Funds
£'000
40,214
(56)
40,158 40,158

11b Analysis of net assets between funds (prior year)

26

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

12a Movements in funds (current year)

e year ended 31 December 2024
Movements in funds (current year)
Total funds
General funds		 At 1 January
2024
£'000
40,158		 Income &
gains
£'000
3,275		 Expenditure
& losses
£'000
(5,470)		 At 31
December
2024
£'000
37,963
40,158 3,275 (5,470) 37,963

12b Movements in funds (prior year)

Movements in funds (prior year)
Total funds
General funds		 At 1 January
2023
£'000
40,547		 Income &
gains
£'000
4,864		 Expenditure
& losses
£'000
(5,253)		 At 31
December
2023
£'000
40,158
40,547 4,864 (5,253) 40,158

13 Post balance sheet events

At the 31st May 2025 the value of the investment portfolio is £27.97m. Since 1st January 2025 £2.6m has been disinvested to meet cashflow needs.

Since 1st January 2025 three further programme related equity investments has been made totalling £900k, bringing the total invested to £8.6m.

14 Grant commitment

At the year-end grants which have been awarded, where there are milestones to be achieved by the recipient, and therefore await payment amounted to £138,069 (2023: £34,569) and have been included in creditors. A further £2.54m (2023: £1.54m) relates to commitments where they are dependent on satisfactory monitoring reports and milestones and are therefore not included in creditors. No liability has been accounted for on the basis that unless the milestones are achieved, no future payments are made by the charity.

27

UFI VocTech Trust

Notes to the financial statements

For the year ended 31 December 2024

e year ended 31 December 2024
Reconciliation of net income to net cash flow from operating activities
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
(Gains)/losses on investments
(Gains)/losses on programme related investments
Impairment of programme related investments
Dividends and interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities		 2024
£'000
(2,195)
(1,660)
(1,013)
1,056
(602)
(21)
(13)		 2023
£'000
(389)
(3,670)
(637)
268
(557)
6
(63)
(4,448) (5,042)

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

28