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← Northern College Of Acupuncture

2025-06-30-accounts

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Charity registration number 1081484 (England and Wales) Company registration number 02400056

NORTHERN: COLLEGE OF ACUPUNCTURE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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NORTHERN COLLEGE OF ACUPUNCTURE

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LEGAL AND ADMINISTRATIVE INFORMATION

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, Trustees ‘ _ _K Wicklow . EC Liu . : H Thomas ~ ° ' N Haines . , ae D Jay . ; G Webb - . , ; . S Maciocia (Appointed 1 August 2024) O Crosse(Appointed 15 April 2025) Secretary D Jay ; Charity number (England and Wales) 1081184 Company number 02400056 , , ; Registered office 61 Micklegate York : , . Yo 6LJ " Auditor . Henton & Co LLP ; . . York124 Acomb Road . oe , ** Y¥O24 4EY . . . Bankers , Santander pic - : ; ‘ ' Bridle Road ; Bootle . L30 4GB .

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NORTHERN COLLEGE OF ACUPUNCTURE

CONTENTS , : - co ‘ . Page . ‘Trustees’ report . 7 , : 1-7 Statement of trustees’ responsibilities : 8 Independent auditor's-report ” 9-12 _ Statement of financial activities ; , 13 . Statement of financial position. . 14 * Statement of cash flows 15 Notes to the financial statements 16 - 28

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NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2025 : The trustees present their annual report.and financial statements for the year ended 30 June 2025.. The financial statements ‘have been prepared in accordance with the accounting policies ‘set out in note 1 to the financial statements and comply with the Companies Act 2006, “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) (effective 1 January 2019) and. Regulatory advice 9: Accounts direction issued by the Office for Students. ,

Objectives and activities

The charity's objects are to:

There has been no change in these during the year.

Public benefit

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The trustees have paid due regard to guidance issued by the Charity Commission in. deciding -what activities the charity should undertake. :

Strategic report . : The description under the headings "Achievements and performance".and "Financial review" meet the company law requirements for the trustees to present a strategic report. re : . , ~ Achievements and performance ; . . Significant activities and achievements against objectives :

Strateay. Review

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The NCA strategy is committed to supporting the NCA Charitable Objectives. The strategy is.also committed to the delivery of excellence, to drive reputational value and ensure long term financial sustainability. In 2024-25 we developed an innovative design for our acupuncture degree, increasing our online teaching and offering a more engaging, flexible, and: economically efficient learning experience for students. This is supported by professional development for teachers in the use of online tools ready for the course launch in 2026. We have also developed our IT infrastructure to meet increasing needs and make better.use of our existing IT resources.

We opened two new teaching clinics in Northwich and London to support clinical education regionally, extending the geographical range of student recruitment. We can now offer low-cost treatment to these local communities as well as York.. ‘ : ; The Board. reviewed the NCA brand and proposed clarifying messaging about our mission and offers. . Performance Review . Performance was affected by organisatiqnal issues including’ changes in leadership and the academic faculty, which resulted in stress on key colleagues in administration and management, sessional teaching staff, and on the student body. : - The Board appointed an ‘interim Principal-in April 2025 with a brief ‘to, support staff and students,: stabilise the college ‘and establish. financial control. This intervention has achieved’ good outcomes; -reduced stress and workload, improved communications, financial stability, and a clear strategic direction. Issues of low liquidity in the cashflow forecasts for 2025-26 submitted to the Office for Students (OfS) caused . concern regarding the college's financial position. We have been working closely with them with the support of our validating university to provide the required future planning.

; NORTHERN COLLEGE OF ACUPUNCTURE . TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED) . . ; FOR THE YEAR ENDED 30 JUNE 2025 - ,

Despite these challenges, student recruitment was higher, and student retention was much improved from previous years, due to the skills and dedication .of our teaching and support staff. Financial. forecasts for 2025-26 show a healthy improvement. : The achievements of 2024-25 clearly demonstrate a highly committed and skilled staff base of academics, practitioners, and administrators. - Health Sciences University (HSU)

In 2024, the University College of Osteopathy (UCO), our validating partner, merged with the Anglo-European ‘College of Chiropractic (AECC) to become. the HSU. Arrangements are in place for the continued validation of NCA academic programmes by the HSU, with continuity of reporting documentation, the validation process, and relationships with (UCO) colleagues. - . Academic Programmes i ‘BSc Acubuncture ° :

‘BSc Acubuncture ° : In 2024-25, we recruited 50 new students onto.the BSc Acupuncture programme, split across full-time and parttime, and weekend and weekday study options. . We are pleased that 25 students will graduate with a BSc Acupuncture this autumn, with the opportunity to progress as clinical practitioners and/or academics. .

MSc Nutrition Science. and-Practice

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In 2024-25 we paused recruitment to the Nutrition Access course, and the MSc Nutrition Science and Practice programme pending a Board review of strategy and branding.

We are pleased that 8 students will graduate with an MSc Nutrition Science and, Practice this autumn, with the opportunity to progress as clinical practitioners and/or academics.

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MSc Chinese Herbal Medicine-

In 2024-25, we paused recruitment to the MSc Chinese Herbal Medicirie and Post graduate Diploma programmes pending a Board review of strategy and branding. .

We are pleased that-1 student will graduate with an MSc Chinese Herbal Medicine this autumn, and 3 students have completed the PGDip and will graduate with a Post graduate Diploma with the opportunity to progress as .Clinical practitioners and/or academics. .

NSS Student Feedback , a The NSS survey.is completed by all final ‘year BSc Acupuncture students, giving valuable feedback on the quality of their academic programme and their overall experienceas a student at NCA. NCA students registered positive levels of satisfaction for the quality of teaching (87.5), learning opportunities (76), assessment and feedback. (89), academic support (72.5) and learming resources (83.3) but lower levels’ of satisfaction for organisation and management (22.5), and student voice (61.7).

These NSS scores are slightly lower. than previous years, particularly for organisational and management issues reflecting the issues in college leadership which have now been resolved.

Student Outcomes

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The Student Outcomes data measure institutional performance for student Continuation (with their qualification studies), Completion (of their qualification) and Progression. (into professional employment or further studies).

NORTHERN COLLEGEOF ACUPUNCTURE TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONTINUED) ° oe : FOR THE YEAR ENDED 30 JUNE 2025 The data is managed by the OfS and offers NCA performance data benchmarked with a minimum performance threshold, and an upper and lower percentage of statistical uncertainty. The data shows the NCA position on Student Outcomes, between’2018-19 and 2022-23. . . The BSc Acupuncture scores consistently higher than the OfS threshold for Continuation, Completion and Progression. However, the MSc programmes (MSc Nutrition Science and Practice and MSc Chinese Herbal Medicine) score below the OfS threshold'for Continuation and Progression, with no data available for Completion. .

Continuing Professional Development (CPD) Programm Our CPD CPD programme supports our strategic commitment to enhance the professionalisation and research base of acupuncture, traditional Chinese medicine, and and nutrition. It offers graduates and all other acupuncturists in the UK and internationally: Practitioner Hub - an online subscription provision for acupuncturist members featuring webinars, discussion groups and other CPD opportunities. . Chinese Medicine Nutrition Diploma — an online 30-week programme of lectures, seminars, discussion and cooking demonstrations. Courses, conferences and webinars - a variety of specialist in-person and online: events, including the annual Hugh MacPherson Memorial Lecture.

Our CPD CPD programme supports our strategic commitment to enhance the professionalisation and research base of acupuncture, traditional Chinese medicine, and and nutrition. It offers graduates and all other acupuncturists in the UK and internationally:

Research Our Research Strategy delivers a.strong research profile for NCA and. Is a significant contributor to our institutional reputation and the value of our.qualifications. As an ‘uncapped fee’ provider with the OfS we are precluded from applyingcontinue toforgenerate researchbothgrantscommercialfrom UKRIand andacademicthe Researchresearch deliveredCouncils. byHowever,staff andwestudents..are confident_that we will The Clinical Outcomes Research and Audit project (CORA) gathers clinical outcomes data across the Callege’s teaching clinics using the Measure Yourself Medical Outcomes Profile (MYMOP) questionnaire. This is shared with the research organisation Meaningful Measures (which owns and administers MYMOP) as part of an aggregated dataset made available to researchers for investigation into the effectiveness of our therapies.

The NCA‘s ‘innovative Support for Publication (SfP) programme supports undergraduate and postgraduate students to publish the results of their research. The package includes support from a supervisor and the Research Ethics Committee, pfus a small grant from the College, using legacy funds from the Foundation for Research into Traditional Chinese Medicine (for all students, not only those studying a form of TCM) to cover the costs of writing-up and peer review.

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Our teaching clinics offer high quality and’ professional service to local.and online communities at reduced rates. Patient surveys and feedback demonstrate a remarkably high level of satisfaction, including praise far the students, and suggestions for improvement, which is acted upon. , : The Acupuncture clinics include the clinic in York, plus two regional clinics in Northwich and London. The Chinese ) Herbs clinic continues to run completefy online, enabling patients to-attend from all over the country. Our teaching clinics make an inValuable-.contribution to the training of our students as practitioners, and they enable us to meet one of our charitable objectives by providing treatment to members of the public who would otherwise be deprived of treatment by reasonoffinancial hardship. -

NORTHERN COLLEGE OF ACUPUNCTURE . TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) | (CONTINUED) . | ; . , , FOR THE YEAR ENDED 30 JUNE 2025 .

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Financial review

The 2024-25 accounts show a deficit of £166,353, which is 14.4% of the NCA annual income of £1,154,042. The accounts for the previous year 2023-24 showeda deficit of 113,391, being 10.3% of annual income. Statement of Financial Activities and the Balance Sheet For 2024-25, the SoFA showed income of £1,164,692, of which £1,070,009 (92%) was generated from tuition fee ‘income of taught awards. ~ : : Of the total expenditure in 2024-25, Staffing costs totalled £709,849 (53.3%), lecturers’ fees totalled £160,225 (12.0%), university registration fees totalled £68,486(5.1%), accreditation-and validation totalled £52,428 (3.9%), and building rental totalled £60,120. (4.5%). . As such, the estimated staffing costs associated with the operationsof ‘the :NCA and the delivery of academic programmes, is approx. £870,074 (65.4%). - ‘ . The SoFA for 2024-25 shows a deficit ‘of £166,353, with reserved funds being used to cover this shortfall. ,

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Although the NCA has non-fee capped. registration status with the OfS, the tuition fees for the BSc Acupuncture were held at the capped fee rate of £9,250 p/a in 2024-25, enabling both full time and part time students to access student loans. Eligible full-time students were able to apply for a partial tuition fee loan.of £6,165 to part cover the fft annual tuition fee, and part time students were able to apply for a partial tuition fee loan of £4,625, to part cover the entire p/t annual tuition fee. :

For the MSc Nutrition Science and Practice, eligible students were able to apply for a tuition fee loan up to the value of 62% of the total 3-year tuition fee, and for the MSc Chinese Herbal Medicine, eligible students were able .to apply for a tuition fee loan up'to the value of 74% of the total 3-year tuition fee. --

In maintaining uncapped tuitiorr fee status in 2024-25, the NCA was not eligible to benefit from OfS grant funding to support teaching and learning, or to access research funding opportunities available through UKRI and the research councils. ;

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: Going concern . The trustees have assessed the charity's ability. to continue as a going concern and have concluded that it is appropriate to prepare the financial statements on a-going concern basis. , ‘This assessment has taken into account the financial. position at the balance sheet date, including the operating deficit of £166,353 and the reduction in unrestricted reserves to £20,295. The trustees acknowledge that this is significantly below the target reserves level of £185,000. ee . The trustees have put In place plans.to rectify this-shortfall in-reserves immediately following the departure of the individual Tesponsible. This involved: reducing. staff costs by letting.go most recent staff appointees who were employed on salaries above the usual college norms. We put on hold allstaff recruitment, salary increases and job title changes. An analysis of income and expenditure provided a clear direction for putting our remaining resources towards our BSc Acupuncture course which has reliably generated substantial fees. We paused recruitmentto other courses which saved on course specific salaries and allowed administrative and support staff to focus on increased ‘recruitment to the BSc Acupuncture course.

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NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES' REPORT.(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE-YEAR ENDED 30 JUNE 2025 -

Reserves policy

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It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be. maintained at a level of not less than £185,000 each year. The trustees consider that reserves at this leve! will ensure that, in the event ofa significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in-which additional funds may be raised, .or.they will be able to decide to close their courses to new students but continue operating while existing students complete their studies.

The trustees. acknowledge that the unrestricted reserves at 30 June 2025 (£20,295) fall significantly: below the charity's stated reserves policy:target of £185,000. This shortfall has arisen due fo the operating deficit incurred during the year, which required the use of reserves to maintain continuity of services..

The trustees recognise the importance of rebuilding reserves to a sustainable level and are committed to restoring the unrestricted reserves to the target level-over the medium term. A financial recovery plan has been implemented, which includes cost control measures, improved financial oversight, and a focus on increasing student recruitment and income diversification. - ; .

The trustees are confident that these actions, alongside improved financial forecasts for 2025~26, will support the gradual replenishment of reserves and ensure the charity's ability to respond to future financial uncertainties. At the end-of the financial year on 30 June 2025, the unrestricted reserve balance-was £20,295 (2024: £186,248), and the restricted reserve balance was £15,460 (2024: £15,860). The restricted reserve funds are committed to supporting students to develop their research projects. The unrestricted reserve funds are in part committed to our student protection plan, with any surplus funds generated, being used to support new initiatives and asset development. .

Internal Control

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The NCA maintains a risk register with identified risks in relation to business operations, finance, institutional reputation, clinical practice and legal’ and regulatory compliance. Our risks are regularly reviewed and assessed _ using a standard model of likelihood against impact. We are.committed to developing our data management, analysis and insight capabilities, to ensure accurate monitoring and reporting of both internal and external risks and enabling the speedy delivery of interventions to mitigate identified risks. . .

Plans for future future periods

The NCA's strategy outlines three main objectives:

To achieve these goals, the NCAis focused on several key priorities:

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NORTHERN COLLEGE OF ACUPUNCTURE | TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) . ; FOR THE YEAR ENDED 30 JUNE 2025 .

Structure; governance governance and management management . . The charity is a company limited by guarantee guarantee and accordingly has no share capital. The trustees, who are also the directors for the the purpose of company company law, and who who served during the year and year and and up to the date of signature signature of the the financial statements were: ‘K Wicklow - . , : , EC Liu . - . H Thomas , N Haines , D Jay . . GWebb 7 ° ; ., : : H Lansdown . :- (Resigned 28 March 2025) S Maciocia . . (Appointed 1 August 2024) O Crosse : (Appointed 15 April 2025) . : Recruitment and appointment and appointment appointment of trustees trustees . The serving trustees have the power power to co opt new trustees. New trustees are assisted through through their induction by existing trustees and officials of the charity. None of the trustees has any beneficial interest in the company. All of the trustees trustees are members of the the company and guarantee to contribute £5 in the event of a a winding up. DuringChangetheinChangetheinthein senioryearyear the leadershipcharity leadershipcharitycharity experienced. . a change in‘its senior leadership.; The College Principal was let go go following; an appraisal meeting at the end of the the probationary period on 20 March 2025. In response the Board appointed ‘Harriet Lansdown, a serving trustee/director, as interim College Principal from this date. Prior to taking up the executive role Harriet Lansdown formally resigned from the Board of Trustees to ensure appropriate: separation of governance and management responsibilities. The appointment was made following a review of leadership needs and was approved by the Board in accordance with college's governance procedures, The Board considered the individual's experience and familiarity with the college's operations to be beneficial during the transition period. - A Transition Group of Board members.and.senior staff was established to-support continuity of decision making. The college has ensured that appropriate safeguards were in place to manage. any potential conflicts, of interest ‘arising from _any change’in the role. The interim College Principal was remunerated for- their executive duties in line with the college's pay policy for-senior staff. , - The appointment of Harriet Lansdown as interim College Principal was questioned by the-Charity Commission. This was addressed by the College and was resolved with an order from the Charity Commission.

Structure; governance governance and management management . . The charity is a company limited by guarantee guarantee and accordingly has no share capital. The trustees, who are also the directors for the the purpose of company company law, and who who served during the year and year and and up to the date of signature signature of the the financial statements were:

Recruitment and appointment and appointment appointment of trustees trustees . The serving trustees have the power power to co opt new trustees. New trustees are assisted through through their induction by existing trustees and officials of the charity. None of the trustees has any beneficial interest in the company. All of the trustees trustees are members of the the company and guarantee to contribute £5 in the event of a a winding up.

in . . ; ; DuringChangetheinChangetheinthein senioryearyear the leadershipcharity leadershipcharitycharity experienced. a change in‘its senior leadership.; The College Principal was let go go following; an appraisal meeting at the end of the the probationary period on 20 March 2025. In response the Board appointed ‘Harriet Lansdown, a serving trustee/director, as interim College Principal from this date. Prior to taking up the executive role Harriet Lansdown formally resigned from the Board of Trustees to ensure appropriate: separation of governance and management responsibilities.

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Other matters

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The duties of the Board of Ditectors/Trustees are: .

NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) - FOR THE YEAR ENDED 30 JUNE 2025

Fraud incident - . During the year the college identified a case of financial misconduct .involving a member of the finance team. The individual had paid themselves unauthorised expenses, which were not approved in accordance with the college's financial controls. The issue was brought to light and investigated promptly by senior management. During the disciplinary process the individual resigned and left the college. The Board of Trustees have since reviewed and strengthened internal financial controls to mitigate the.risk of similar incidents occurring in the future. Auditor : - i in accordance with the company's articles,:a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put ata General Meeting. ; Disclosure of information to auditor .

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Each of the trustees has confirmed that there is no. information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify.such relevant information and to establish that the auditor is aware of such information.

The trustees' report, including the strategic report, was approved by the Board of Trustees. .

a HThomas ~ oe a . Trustee : 12 December 2025 ;

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NORTHERN COLLEGE OF ACUPUNCTURE

STATEMENT OF TRUSTEES’ RESPONSIBILITIES' FOR THE YEAR ENDED 30 JUNE 2025

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The trustees, who are also the directors of Northern College of Acupuncture for the purpose of company law, are responsible for preparing the Trustees' 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 statementsfor each financial year which give a true and fair view of the state of affairs of the charity and.of the incoming resources:and application of resources, including the income and expenditure, of the charitable company for that year. ,

In preparing these financial statements, the trustees are required to: : : - select suitable accounting policies and then apply them consistently; . - observe the methods and principles.in the Charities SORP; : . - make judgements and estimates that are reasonable and prudent; 3 - state whether applicable. UK Accounting Standards have been followed, subject to any material 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. : . 7

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The trustees are responsible for keeping ‘adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also’ responsible for saféguarding.asse t sheof the charity and hence for taking reasonable steps for the prevention and detection of-fraud and other irregularities. :

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NORTHERN COLLEGE OF ACUPUNCTURE 2 INDEPENDENT AUDITOR'S REPORT ; TO THE TRUSTEES OF NORTHERN COLLEGEOF ACUPUNCTURE Opinion ; We have audited the financial statements of Northern Coilege of Acupuncture (the ‘charity’} for the year ended 30 June 2025 which comprise the staterhent of financial activities, the statementof financial position, the statement of cash flows and the notes to thé 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).

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 evidénce we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Emphasis of matter

We draw attention to the_ disclosure made. in the Trustees' Annual Report under the section Structure, Governance and Management conceming a case of unauthorised expense payments made by a former employee: during the year. As stated in that disclosure, the matter was identified by another employee and investigated by the college, resulting in the individual resigning during the disciplinary process. The. financial impact of the incident was not material to-the financial statements, and no further legal action was taken. We confirmed that appropriate governance steps were taken and internal controls strengthened. Our opinion is not modified in respect of this matter. . . .. . . Conclusions relating to going concern ‘ In auditing the’ financial statements, we"have ‘concluded that thé trustees’ use of the going concem basis of accounting in the preparation of the financia! 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 charity'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 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.

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NORTHERN COLLEGE OF ACUPUNCTURE , INDEPENDENT AUDITOR'S REPORT. (CONTINUED) TO THE TRUSTEES OF NORTHERN COLLEGE OF ACUPUNCTURE

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Matters on which we are required to report, by exception We have nothing to report in. respect: of the following matters .in relation.to which the Charities (Accountsand Reports) Regulations 2008 requires us to report to you if, in our opinion: ‘. the information given in the financial statements is’ inconsistent.in any material respect with the trustees’ report; or . - : - sufficient accounting records have ‘not been kept; or - _ the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we. require for our audit.”

Responsibilities of trustees

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As explained more fully in the statement of trustees’ responsibilities, the trustees, who are also the directors of the charity for the purpose.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 financia] 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 liquidate the charitable company or to cease. operations, or have no realistic alternative but todo so. .

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011. and report in accordance with the .Act and relevant regulations made or having effect thereunder. *

Our objectives are to obtain reasonable.assurance about whether the financial statements as awhole 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.

We confirmed that the financial impact of the unauthorised expense claims disclosed in the Trustees' Report was ‘immaterial t6 the financial statements-and that appropriate governance steps were taken. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procédures 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, is detailed below.

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NORTHERN COLLEGE OF ACUPUNCTURE -. INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO. THE TRUSTEES OF NORTHERN COLLEGE OF ACUPUNCTURE

We have obtained an understanding of the legal and regulatory framework. applicable to the Charity through discussions with senior management and review of the regulatory framework of any professional or membership bodies that the Charity is a part of. The Charity uses third parties to ensure that it remains up to date with changes and to review compliance with all its legal and regulatory requirements. In making our assessment of detecting irregularities, including fraud, we have discussed the issue with management who have. advised that there have been no changes and the Charity remains compliant with its legal and regulatory‘requirement. Nothing has been brought to light in completing our audit-work that contradicts this.

The laws and regulations identified as ‘significant include Companies Act 2006, Charities Act 2011, those produced by the Office for Students, health and safety legislation, employment Jaws, data protection, and relevant tax laws.

In making our assessment of the susceptibility of the Charity's financial statements to material misstatement, we have also considered how fraud might occur. Our risk assessment procedures include: enquiry of members and management to understand the high level policies and procedures in place to prevent and detect fraud and reading Board minutes. Co ; ae

As a result of these procedures we identified the greatest potential for fraud in the following areas:

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Both risks arise due to a potential desire to present stronger results. As required by auditing standards we also identified and addressed the risk of management override of controls. .

In addition we considered the. unauthorised expense claims disclosed in the Trustees' Report. We evaluated. management's investigation, the disciplinary outcome, and the strengthened internal controls implemented to mitigate recurrence. We confirmed that the financial impact was immaterial to the financial statements.

We performed the following procedures to‘address the risks of fraud identified:

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‘NORTHERN COLLEGE OF ACUPUNCTURE INDEPENDENT AUDITOR'S REPORT (CONTINUED) , TO THETRUSTEESOF NORTHERN COLLEGE OF ACUPUNCTURE Whilst no material misstatements were identified, we note that a case of unauthorised expense payments was -detected and addressed. during the year. This matter is disclosed in the Trustees’ Annual Report and referenced in ‘our Emphasis of Matter paragraph. : . . Following identification of the incident we' reviewed the charity's internal control environment and considered the adequacy of management's response. : We considered the implications of the fraud incident in the context ofCharity Commission guidance on serious incidents and financial governance. ; The engagement partner has assessed that the engagement team has the appropriate competence and capabilities ‘to identify or recognise non-compliance with laws and regulations, affected by the inherent difficulty in detecting performed.irregularities,Nothematterseffectivenessof non-complianceof the Charity'swith controls,laws andandregulationsthe nature,andtimingfraud wereand extentidentified of the audit procedures : team. by the engagement Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of no detecting one from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed an the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we -are to become aware of it. - :

A further description ‘of our responsibilities is available on the Financial Reporting Council's website at: https:// 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 charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our-audit workhas been undertaken so that we might state to the charity’s 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 charity and the charity's trustees as a body, for our audit work, for this-report, or for the opinions we have formed. ; own + Co AT a Brett Davis (Senior Statutory Auditor) | cS : for and on behalf of Henton & Co LLP . -Chartered Accountants Statutory Auditor - , . 124 Acomb Road , York . YO24 4EY-

o4lez/2026

‘Henton & Co’LLP is eligible for appointment as auditor of the charity by-virtue ofits eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. a

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NORTHERN COLLEGE OF ACUPUNCTURE

_ STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

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FOR THE YEAR ENDED 30 JUNE 2025

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; . Unrestricted Unrestricted Restricted Total Unrestricted Unrestricted Restricted Restricted ~ Total
_
funds		 funds funds funds
. 2025 2025 © 2025 2024
"		 2024 2024
Notes £ £ -£ + & £ £
Income from: .
Charitable activities 3 1,154,042 - .1,154,042 .1,154,042 1,086,982 ~ 1,086,982
Investments - 4 _ 10,650 - 10,650. "12,996 ~ 12,996
Totalincome 1,164,692 = 1,164,692- 4,099,978 - — 1,099,978
Expenditure
on:
Charitable activities		 - 5.
6		 1,330,645 _ 400 1,331,045 .
1,212,369		 : 1,000= = 1,213,369.
Total expenditure 1;330,645 400 1,331,045 . 1,212,369 1,000 1,213,369
_ ) . - .
Net expenditure and *
movement infunds (165,953) (400) (166,353) (112,391) (1,000) . (113,391)
Reconciliation offunds:
Fund balances at 1 July2024 2024 186,248 15,860 202,108 298,639 * 16,860 315,499
Fund balances at'30 June :
2025 20,295 15,460 35,755 186,248 15,860 202,108

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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‘NORTHERN COLLEGE OF ACUPUNCTURE

STATEMENT OF FINANCIAL POSITION

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |AS AT 30 JUNE 2025|.| |.|.||;|te|Notes.|.|E2025|£|a|2024|-|£| |°|‘-| |Fixed|assets|-|.|.|.| |Tangible|assets|"42|11,409|.|14,291| |Current assets|:| |Stocks|-|43|3,600|"|3,600| |Debtors|14.|53,970|38,818|oo| |Cash|at bank and|in hand|184,149|354,998| |.|‘|241,719|397,416|.| |Creditors:|amounts falling|due within:|| |one|year|15|(217,373)|(209,599)| |Net current assets|"24,346|187,817| |Total|assets|less|current|liabilities.||[35,755]|202,108| |Income funds|7|;|:| |Restricted funds|"|.|47|15,460°|15;860| |Unrestricted|funds|20,295|186,248|.| ||35,755|:|_|202,108| |The company|is|entitled|to the|exemptlon from|the|audit|requirement|contained|in-section|477|of the Companies Act| |‘2006,|for|the|year ended 30|June 2025.| |The|directors|acknowledge|their|responsibilities|for|complying|with|the|requirements|of|the|Campanies|Act|2006| |with|respect|to|accounting|records and|the|preparation|of financial|statements.|;|

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The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section-476.

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These financial statements have been prepared in accordance: with, the provisions applicable to.companies subject
‘to the small companies regime. ; :
Fe fngncia statements were approved were approved by the Trustees on 12 December 2025 the Trustees on 12 December 2025 Trustees on 12 December 2025 on 12 December 2025 12 December 2025 December 2025 2025 :
D Jay “~ s,. “ H Lansdown ah") 14
‘Company.Trustee registration- 2 J numbeXQ)o240h056Accountable- Officer. . - \: BMSo, :
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\ Fe fngncia statements were approved were approved by the Trustees on 12 December 2025 the Trustees on 12 December 2025 Trustees on 12 December 2025 on 12 December 2025 12 December 2025 December 2025 2025

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NORTHERN COLLEGEOFACUPUNCTURE. NORTHERN COLLEGEOFACUPUNCTURE.
STATEMENTOF CASH FLOWS
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FOR THEYEARENDED30JUNE2025 . :
. 2025 2024
Notes £ £ £ £
Cashflowsfrom operatingactivities
'
—		 .
Cash absorbed by operations
22		 (180,714) (123,176)
© ,
Investing activities ; .
Purchase oftangible fixed assets
.		 (785) > (4,947): :
Investment income received 10,650 ; 12,996
,
Netcash generatedfrom investing activities 9,865 8,049
Netcashgeneratedfromfinancing activities - os * -
’ Netdecreaseincashandcash equivalents (170,849) . (115,127)
Cash and cash equivalents at beginning ofyear" 354,998 , .'= 470,125
Cash and cash equivalents atend
ofyear		 , 184;149 . 354,998

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NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 | Accounting policies _

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Charity information Northern College of Acupuncture is a private company limited by guarantee Incorporated in England and Wales. The registered office is 61 Micklegate, York, YO1 6LJ. 7

1.1 Accounting convention ~— . 4 The financial statements have been prepared in accordance with the the Companies Act 2006, and . “Accounting and Reporting. by Charities: Statement of Recommended Practice applicable to charities preparingRepublic oftheirIrelandaccounts(FRS 102)in accordance(effective 1 withJanuarythe 2019)Financial andReportingRegulatoryStandardadvice 9:applicableAccounts directionin the UKissuean d by the Office for Students. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are. rounded to the nearest £. , :

The financial statements have been prepared under the historical cost.convention. The principal accounting ; policies adopted are set out below. ” ; - . ‘ : 1.2 Going concern. ° ; i: ; The financial statements have been prepared on.a going concern basis. . , The trustees have assessed the charity's financial position and future cash flow forecasts and are satisfied that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity incurred a deficit of £166,353 during the year. ended 30 June 2025, resulting in a reduction of unrestricted reserves to £20,295, which is significantly below the charity's stated reserves policy target of . £185,000. . ,

The trustees have put in place plans to rectify this shortfall in reserves inunedialely following the ‘departure of the individual responsible. This involved reducing staff costs by letting go most recent staff appointees who were employed on salaries above: the usual college norms. We put on hold all staff recruitment, salary incréases and job title changes. An analysis of income and expenditure provided a clear direction for putting our remaining resources towards our BSc Acupuncture course which has reliably generated substantial fees. We paused recruitment to other courses which saved on course specific salaries and allowed administrative and support staff to foctis on increased recruitment to the BSc Acupuncture course. : : Accordingly, the trustees continue to to adopt the the going conGern-basis in preparing the financial the financial financial statements.. 1.3. Charitable funds , Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ° , ; Restricted funds are subject to. specific conditions by donors or grantors as to how they may be used. The purposes and uses ofthe restricted funds. are set out in the notes to the financial statements. ° : : ‘1.4 theIncomeIncome is recognisedwo when thete[charity] is legally entitled to it after. any performance. conditions have been met, amounts can be measured reliably, and it is probable that incomewill be received. ‘ Fee income is recognised in the period in which students are studying. : Clinic receipts are recognised in the’ period In which the service is provided. :

: Accordingly, the trustees continue to to adopt the the going conGern-basis in preparing the financial the financial financial statements..

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NORTHERN COLLEGE OF ACUPUNCTURE.

, NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 — ,

1 _ Accounting policies

Accounting policies . (Continued) Grants for immediate expenditure are accounted for When they: become become receivable. Grants received for specific purposes are treated as restricted funds. Grants which are received for future future accounting periods are deferred and recognised in those. periods. Income. from the sale of goods is recognised when receivable by the charity. - Rent is recognised when receivable by the charity. , ,

Grants for immediate expenditure are accounted for When they: become become receivable. Grants received for specific purposes are treated as restricted funds. Grants which are received for future future accounting periods are deferred and recognised in those. periods.

Interest is recognised when receivable by the charity.

1.5 Expenditure . Expenditure is recognised on an accruais basis as a liability is incurred and is classified under the headings of . the statement of financial activities to which it relates: : Expenditure on charitable activities includes all costs incurred by a charity in Undertaking activities that further its charitable aims for-the. benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. , , All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directlyto that activity. Shared costs are apportioned between the activities they contributeto on a reasonable, justifiable and consistent basis. ; . . 1.6, Tangible fixed assets . - Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. . ; ;

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: : Fixtures and fittings . 15%/20%/25% reducing balance - The gain or loss arising on the disposal of an asset is determined a the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

_

1.7. Impairment of fixed assets of fixed assets fixed assets assets : . At each reporting end date, thé charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have ‘suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). . . 1.8 Stocks . so Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost . comprises direct materials and, where applicable, direct labour.costsand those overheads that have been. incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the ‘estimated selling price less: all estimated.costs of completion and costs to be incurred in marketing, selling and distribution. .

Cash and cash equivalents = =~ ; Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. : ;

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NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) © FOR THE YEAR ENDED 30 JUNE 2025: . 1 Accounting policies ~ ,

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: (Continued)

1.10 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’. and Section 12 ‘Other Financial Instruments.Issues’ of FRS 102 to all of its financial instruments. .

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. ; Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

. . . ; Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including trahsaction costs and are subsequently carried at amortised cost using the effective interest method unless’.the- arrangement constitutes a financing transaction, where the transaction is . measured at the present Value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ’ :

Basic financial liabilities. ‘ , Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement coristitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interést. Financial liabilities classified as payable within one year are not amortised. : .

Debt instruments are subsequently carried at amortised cost; using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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Derecognition of financial liabilities — Financial liabilities are ‘derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits . . " The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received... ‘ . Termination benefits are recognised immediately as an expense when the charity Is demonstrably committed to terminate the employment of an employee or to provide termination benefits. . :

1.12 Retirement benefits -

Payments to defined conttibution retirement benefit schemes are charged as an expense aé they fall due.

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

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NORTHERN COLLEGE OF ACUPUNCTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2025 ;

2 Critical accounting estimates and judgements

‘ _ Le

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and ‘other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future’ periods where the revision affects both current and future’ periods. .

3 Income from.

charitable activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |7|Teaching|Clinic|Sales|of|Practitioner|Total|Total| |fees|receipts|books|hub| |.|2025|2025|2025|=.|«=.|[2025]|2025|2024| |.|gE.|-£|£|£|EC|£| |*|Charitable|activities|1,070,009|65,231|2,674|16,128|1,154,042|1,086,982| |Analysis|by fund|.|;|,|.|a| |Unrestricted|funds|;|1,070,009|65,231|2,674|16,128|1,154,042|1,086,982| |Note|on|grant and|fee|income:|:|,|,| |‘Fee|income|for|taught|awardsif|1,052,810|£960,824| |(exclusive|of VAT)|J.|;| ||Fee|income|for|research|awardsINiA|NA| ||(exclusive|of VAT)|a,| ||Fee|income|from|non-qualifying|£17,199|"|1£42,779| |\courses|(exclusive|of VAT)|°|>|-| ||}Total|grant and fee income|121,070,009|:|=|Ae 003,603|——|

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NORTHERN COLLEGE OF:-ACUPUNCTURE

:

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

a

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |3|income from|:|(Continued)| |charitable|activities|’| |Previous year:|'|Teaching|Clinic|Sales|of|Practitioner|Total| |fees|receipts|books|hub|,| |.|.|.|2024|"2024|- 2024|2024|2024| |0|£|£|£|£|£| |Charitable|activities|,|1,003,603|64,756|5,015|13,608|1,086,982| |Analysis by fund.|7|.|:|.|,| |Unrestricted|funds|,|1,003,603|64,756|_|5,015|13,608|1,086,982| |4|Income frominvestments|~|,| |°|Unrestricted|Unrestricted| |.|;|funds|funds| |.|:|2025|2024| |£|£| |Rentalincome|.|8,152|10,300| |Interest|receivable|,|2,498|—|2,696| |10,650|12,996| |5|Details|of grant and|fee|income|:|.| |:|2025|2024| |.|The|source|of grants-and|fee income|is|as|follows:|-|.|:| |Fee income|for taught awards|.|1,070,009|.|1,003,603| |Total|grant and|fee|income.|.|1,070,009|1,003,603|

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NORTHERN COLLEGE OF ACUPUNCTURE

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED YEAR ENDED ENDED 30 JUNE 2025 JUNE 2025 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |FOR|THE YEAR ENDED YEAR ENDED ENDED|30 JUNE 2025 JUNE 2025 2025|.| |6|Expenditure on|charitable activities|-|‘| |,|,| |,| |‘|College &|College &| |”|.|.|clinic|clinic| |o| |;|2025|2024| |°|“|£|£| |Direct|costs|.|“| |Staff|costs|;|.|709,849|.--|556,866| |.|Depreciation|and|impairment|.|.|3,667|4,607| |Needles|and|moxa|oe|49,949|14,247| |Herbs|©|.|.|-|-|10,233|.|10,772.| |Lecturer fees|,|:|160,225|226,678| |-|’|UniversityLecturers|otherregistration|fees|;|21,47368,486|23,23667,127| |Teaching|aids|1,981|2,166| |Accreditation|and|validation|52,428|~-|47,058| |Library and e|learning|15,213|14,076| ||Books|resale|325|4,116| |Research|-|630|1,211| |Other charitable|expenditure|:|.||250,713|©|230,487| |41,315,172|1,202,647| |Share|of support and|governance costs.(see|note|7)|.| |Governance|15,873|10,722| |,|;|.|1,331,045|1,213,369| |‘|7|‘| |Analysis|by-fund|.|,| ||RestrictedUnrestrictedfundsfunds|.|.|.|‘|1,330,645400|~|1,212,3694,000| |:|1,331,045|-|1,213,369| |7|Support costs|allocated|to|activities|ok|:| |2025|.|2024| |-|£|;|£| |Governance|costs|15,873|10,722| |—| |,| |Analysed|between:||-| |College &|clinic|‘|15,873|10,722|

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NORTHERN COLLEGE OF ACUPUNCTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR.ENDED 30 JUNE 2025

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7 Support costs allocated to activities

(Continued)

8

. 2025 2024
Governancecosts comprise: £ £
Audit fees . ’ . 8,580 . 4,410
Accountancy
~		 mo 5,824. ste
Legal and professional , . 1,469 6,312
)
oo 15,873 40,722
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Net movement In funds
 2025
.
The netmovement in fuhds is stated after charging/(crediting):
Fees payableforthe auditofthecharity's financial statements 8,580 4,410
Depreciation ofowned tangible fixed assets . 3,667 4,607
.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No trustee expenses have been incurred by the charity. =

One trustee, H Lansdown, resigned from the Board on 28 March 2025 and was appointed as interim College Principal on 1 April 2025. In their capacity as interim College Principal, H Lansdown received remuneration of £11,374 during the year. This remuneration related solely to their executive duties and not to their role as a trustee. : : . .

10 Employees

Employees . -
The average monthly number ofemployees duringtheyearwas: ,
. a : 2025. 2024
. : Number Number
Teaching . . - .. «14 1
Administration mc , — 15 17
Total ; a . 29 28
Employment costs 2025 2024
£ £
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Wages and salaries 642,440 $13,472
Social securitycosts. 59,352 33,617
Other pensioncosts 12,057 : 9777
)
709,849 556,866

NORTHERN COLLEGE OF ACUPUNCTURE SO

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30.JUNE 2025

10 ‘Employees , (Continued) (Continued)
The numberofemployees
is asfollows:		 whoseannual remunerationwas more than£60;000 £60;000
,		 : . .
; 2025 2024
: Number Number.
£60,001 to£70,000 . - + 1
TRole& Datesin JBasic
Post
[Salary
Paid		 Full-Time
Equivalent
Salary		 [Pension
© =———s«dO ther
©
Contributions
jRemuneration.		 - Trotal
{Remuneration
;
(Jul 24 to Sep
7
24)
:		 an
Head ofProviderl43,831 (£80,000 les81 ~ [et5,906 ~ “I60,018
(Sep 24 to Mar . .
25)
" Iinterim Head off£11,374
1Provider (Mar25		 . [£61,608
1
:		 Teo
;		 “Teo ) 11,374
fto Jun 25)
ss
.
fT
ge
HeadofProvider		 e60,419
[ee0,419
«ie 1,321
fo.
]e61,740
 (Fult Year)
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i
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Pay Multiples '
HeadofProvider(Jul- Sep):Basi¢ salaryis1.7times(2024: 1.7 times)the’median medianpay of-staff; total
remuneration is 1.7times (2024: 1.7 times).
Head of Provider (Sep - Mar): Basic salary is 2.2 times the median pay of staff;
.		 total remuneratlon Is 2.6
times.
°		 .

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NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 , _ 10° Employees : . ; (Continued) ; Interim Head of Provider (Mar - Jun): Basic salary is 1.7 times the median pay of- staff; total remuneration is 1.7 times. . , . Median pay calculated on a full-time equivalent basis for all staff. , , Other Payments a ) Other remuneration above consists of paid overtime hours and taxable bénefits. There were no payments in ‘lieu of pension contributions, dividends, performance-related pay or other bonuses, and no other taxable or non-taxable benefits. There were no salary sacrifice arrangements. All . pension. contributions are identified above. ; Justification of Remuneration : Head of Provider (Jul -Sep) - The College is a small HE provider, with around 200 students, and is also a registered charity. As is usual for small providers, the Principal’s key tasks cover a wide range from the strategic to the operational, and they include financial, professional and legal responsibilities as well as involvement in marketing and managing the senior academic team. , . The Principal has been-in post for 26 years. Under his leadership the College has expanded its provision from * one MSc course to five MSc courses and one BSc course, has survived’ substantial economic challenges, especially the 2008 banking crisis, has built up its financial reserves, and enhanced its reputation as.a quality provider with a strong commitment to research, In recent years the College has had successful reports from the Quality Assurance Agency for HE and been registered with the Office for Students. In the National Student Survey the College consistently achieves high scores for overall student satisfaction and generally scores which are above the sector averages... ae . “ ; : -The Principal's -perforniance is judged via an annual performance review conducted by two members of the Board of Directors/T!rustées, and on an ongoing basis at regular meetings of the Board of Directors/Trustees. The Principal retired from the position in September 2024, .

Head of Provider (Sep-Mar) —

The Principal's salary was advised by a specialist recruitment company and set to attract suitable candidates. Travel and-accommodation expenses were negotiated as she lived a considerable distance from the College, and the Board placed importance onher visibility to staff and students. She committed to relocating following the probationary period. ; , As Principal, she was supported through regular informal meetings with:Board members and formal quarterly appraisals. However, a series of unapproved major decisions exceeding budget and requests for capital borrowing raised significant accountability concerns. Complaints from staff and students about lack of consultation followed. Consequently, the Principal was let go following an appraisal meeting at the end of the probationary period on 20 March 2025.

Interim Head of Provider (Mar- Jun)

‘ ,

The interim appointment ensured immediate continuity for staff and studénts. The salary offered matched that of the longstanding Principal but on a reduced-hours contract (4 days per week). No expenses were attached. The role required someone froni the acupuncture profession familiar to.staff and students and able to stabilise the situation. The interim was well known as an acupuncturist, a previous HE ‘course leader, and lead , accreditation officer for the accrediting.body for. the acupuncture programme. Compensation for loss of office a . , . . There were no payments as compensation for loss of office to any staff member during the year.

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NORTHERN COLLEGE OF ACUPUNCTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

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11. Taxation . -
The charity isexemptfram taxation on its activities because all itsincome is applied forcharitable charitable purposes.
12. Tangible fixed assets . ;
. , ‘ Fixtures and
. fittings
a
2
Cost ‘ : :
At 1 July2024 - 135,000
Additions , 785
~
AL30 Juné2025 Le 135,785
Depreciationand impairment : ) ‘
. At1 July2024 ; “420,709
Depreciation charged intheyear’. year’. . . 3,667
At30June 2025 . - 124,376
Carrying amount
At30June 2025		 ~ . ; an . 11,409
,
At30June2024 14,291
13 Stocks . . ,
' 2025 2024
.
£ £
,
Raw materials and consumables 3,600 3,600
, ,
14° Debtors . .
mo : 2025 2024
Amountsfalling duewithin oneyear: £ . £
Tradedebtors
Other debtors		 ; ° 504177
1,747		 4,182
1,451
Prepaymentsand accrued income . 47,182 . 33,185,
53,970 38,818

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‘NORTHERN COLLEGE OF ACUPUNCTURE ’ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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FOR THE YEAR ENDED 30 JUNE 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |15|Creditors:|amounts|falling|due within|one year|.| |;|;|,|‘|.|2025|2024| |.| |:|.|£|;|£| |)| |Other|taxation|and|social security|18,792|4,650| |Trade|creditors|.|41,606|38,539| |Other|creditors|408|9,299| |Accruals and|deferred|income|"|156,567|157,111| |oo|217,373|209,599| |16|Retirement|benefit schemes|:| |2025|2024| |Defined|contribution|schemes|£|£| |Charge|to|profit or loss|in|respect of defined|contribution|schemes|;|12,057|9,777|

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |,|The|charity|operates|a defined|contribution|pension ‘scheme|for|all qualifying|employees.|The.assets|of|the| |scheme|are|held|separately from|those|of the|charity.in|an|independently|administered|fund.|.| |17|Restricted|funds|.|.| |The|restricted|funds|of the the|charity|comprise|the|unexpended|balances|of donations donations|and|grants|held|on|trust| |subject to to|specific|conditions|by.donors|as to how they may be to how they may be how they may be they may be may be be|used.|=| |.| |‘|:|.|:|-|Att|July 2024|Resourcesexpended|At 30 June2025| |Supporting|students|15,860|.|(400)|15,460| |Previous|year:|.|At1|July|2023.|Resources|-At30|June| |.|expended|2024| |Supporting|students|=~|16,860|(1,000)|©|15,860| |18|Unrestricted|funds|;|.| |Thenot|unrestricted|funds|of the-charity comprisethe|unexpended|balances of donations and grants which|are| |subject|to|specific’|conditions|by-donors and|grantors|as‘to how they may be|used. These|include|-| |;|‘designated|funds which have|been set aside|out of unrestricted|funds|by the trustees|for|specific|purposes.| |.|~| |.|.| |;|At|1-July|2024|Incoming|Resources|At.30|June| |:| |.|resources|=|expended’|2025| |:|£|,|£.|£|£| |General|funds|186,248|1,164,692|(1,330,645)|20,295|

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Restricted funds . . The restricted funds of the the charity comprise the unexpended balances of donations donations and grants held on trust subject to to specific conditions by.donors as to how they may be to how they may be how they may be they may be may be be used. =

q

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’ NORTHERN COLIEGE OF ACUPUNCTURE

,

:

NOTESTOTHE FINANCIAL NOTESTOTHE FINANCIAL NOTESTOTHE FINANCIAL NOTESTOTHE FINANCIAL STATEMENTS STATEMENTS STATEMENTS (CONTINUED)
-		 (CONTINUED)
-		 (CONTINUED)
-
FOR THEYEARENDED30JUNE2025 SS .
18 Unrestricted funds — , (Continued)
Previous year: * At 1 July 2023 Incoming. Resources At30June
resources expended.
,		 2024
= £ £ £ £
;
General funds . . 298,639 1,099,978 (1,212,369) - 186,248.
) :
19 Analysis ofnetassets between funds
, - , Unrestricted Restricted ~ Total
, funds. funds
“ ‘ . 2025 . 2025 2025
: . .
gE		 £ £
At 30June2025: . 2) , ,
Tangible assets ~ . 11,409. ~ 11,409
* Current assets/(liabilities) : “°8:886 - 15,460 * 24,346
20,295 15,460 35,755
=
Unrestricted Restricted Total
‘funds _
funds
"2024 2024 2024
. £ a a £
At 30June 2024: ‘ ’
Tangible assets 14,291 - 14,291
Currentassets/(liabilities) 171,957 15,860 ~ 187,817
. ; * 186,248 15,860 202,108
20 Operating léase commitments ‘
Lessee . :
.
Atthe reporting end date the charity had outstanding commitments
‘forfuture
non-cancellable operating leases;which fall due asfollows:		 futureminimumleasepayments under
.
.
. ° 2025 ~~ 2024
: .
-		 £ £
;
Within oneyear 55,000 55,000
Between two and five years . 220,000 220,000
In overfive years - 55,000
275,000 —~ 330,000

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‘NORTHERN COLLEGE OF ACUPUNCTURE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

  1. ‘Related party transactions

, .

During the year H Lansdown resigned from the Board of Trustees on 28 March 2025 was appointed as interim College Principal on 1 April’ 2025. In their role as interim College Principal, H Lansdown received remuneration of £11,374 during the. year (2024: £Nil). This remuneration related. solely to their executive duties and not to their role as a trustee. .

The appointment was made. following. appropriate governance procedures, and the college ensured that all potential conflicts of interest.were properly managed. No other trustee received any remuneration or other benefits from the charity during the year (2024: £Nil). .

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|||||||||| |---|---|---|---|---|---|---|---|---| |‘22|+|~=Cash|absorbed|by operations|,|2025|2024| |*|£|£| |Deficit for the|year.|‘|(166,353)|(113,391)| |Adjustments|for:|.| |Investment income|recognised|in|statement of financial|activities|(10,650)|(12,996)| |Depreciation|and|impairment|of tangible|fixed|assets|“|3,667|4,607| |,|Movements|in working|capital:|:|:| |(Increase)/decrease|in|debtors|(15,152)|3,853|_| |Increase/(decrease)|in|creditors|°|;|7,774|(5,249)| |Cash absorbed|by operations|.|(180,714)|(123,176)| |‘| |23.|Analysis|of changes|in|net funds|.|.| |The charity had|no|material|debt during the|year.|.|

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NORTHERN COLLEGE OF ACUPUNCTURE

ADDENDUM TO ACCOUNTS

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

,

. Called up Total
. share capital Funds Total
£ £ £
AT 1 JULY 2022 - 305,468 305,468
Surplus forthe year 10,031 10,031
TOTAL COMPREHENSIVE INCOME FORTHEYEAR - 315,499 315,499
.Dividends paid and payable - - -
TOTAL INVESTMENTS BYAND DISTRIBUTIONS TO OWNERS - - -
AT 30 JUNE 2023 - 315,499 315,499
(Deficit) forthe year (113,391) (113,391)
TOTAL COMPREHENSIVE INCOME FORTHE YEAR - 202,108 202,108
Dividends paid and payable - - -
TOTAL INVESTMENTS BYAND DISTRIBUTIONS TO OWNERS - - -
AT 30 JUNE 2024 - 202,108 202,108
(Deficit) forthe year (166,353) (166,353)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR - 35,755 35,755
Dividends paid and payable - - -
TOTAL INVESTMENTS BYAND DISTRIBUTIONS TO OWNERS - - -
AT30JUNE2025 - 35,755 35,755

| confirm that the above figures have been derived from the audited accounts of the company.

.

Brett Davis (Senior Statutory Auditor) For and on behalf of Henton & Co LLP ‘ Chartered Accountant & Statutory Auditor 124 Acomb Road

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York YO24 4EY