Registered number: 05038056 Charity number: 1103300
AIM Qualifications and Assessment Group
Trustees' Report and Financial Statements
For the year ended 31 August 2025
“1DAINS
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Auditor's Report on the Financial Statements | 7 - 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 32 |
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers For the year ended 31 August 2025
| Trustees | S L Ajayi |
|---|---|
| L J Atkin | |
| C Barratt | |
| O E Burke | |
| I G Bond(Resigned 31 July2025) | |
| D C M Dawson | |
| T K Flowers(Resigned 31 July2025) | |
| L J Gee | |
| F Grant(Resigned 31 July2025) | |
| S Henson | |
| P Riley | |
| A Hanufi | |
| K Penglin | |
| J Hodges | |
| Company registered number 05038056 Charity registered number 1103300 Registered office 3 Pride Point Drive Pride Park Derby DE24 8BX Company secretary V Taylor (Appointed 19 December 2024) Chief executive officer K Kerswell Independent auditor Dains Audit Limited 2 Chamberlain Square Paradise Birmingham B3 3AX Bankers Lloyds TSB Plc Irongate Derby DE1 5GA |
Page 1
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Trustees' report
For the year ended 31 August 2025
The Trustees. present their annual report together with the audited financial statements of the charity for the 1 September 2024 to 31 August 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The objects for which the Charity is established are the advancement of learning, education and training of the public in the United Kingdom or such other parts of the world as the trustees may from time to time deem fit in particular, but not exclusively one or more of the following ways.
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By being established as a significant high quality End point Assessment Organisation (EPAO)
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By maintaining and developing the international market
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By being a leading high quality Awarding Organisation and Access Validating Agency
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By maintaining and growing all organisation brands and markets
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By maintaining compliance with all regulators
b. Public benefit
AIM Qualifications and Assessment Group exists to provide an accessible and flexible accreditation service which helps to widen access to education and training for all learners, particularly those who have benefited least in the past from available provision. AIM Qualifications and Assessment Group seeks to promote equality of opportunity and improve the quality, flexibility, and responsiveness of learning opportunities to enable learners to progress into, through and across the framework of national qualifications.
Achievements and performance
a. Charitable activities
In serving the aims and objectives, this year AIM Qualifications and Assessment Group has:
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Delivered services through over 500 approved centres
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Registered 78,000 learners
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Awarded 80,000 certificates
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Has a total of over 40 EPA Standards
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Maintained regulatory compliance
Page 2
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Trustees' report (continued)
For the year ended 31 August 2025
Achievements and performance (continued)
Throughout the year, the Board and Executive Officers have focused on:
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Ensuring that the Charity fulfilled its objectives and expanded its footprint to reach more learners in the United Kingdom
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Expanding AIMs reach internationally through the development of new strategic international relationships.
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Ensuring that appropriate resources were in place to fulfil the Charity's operational responsibilities.
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Ensuring the continued support and services for the recognised centres.
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The health, safety, and wellbeing of the staff team.
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The long-term financial viability of the Group through important internal recalibration.
Financial review
a. Finance review
There was an excess of expenditure over income of £698,286 which was partially planned as the organisation invested in improving efficiency, effectiveness and the customer experience. The charity has total unrestricted reserves at the 31 August 2025 of £5,394,111 (2024: £6,092,397) of which £1,923,648 (2024: £418,840) has been desginated. This leaves £3,470,463 (2024: £5,673,557) general reserves of which free reserves after fixed assets, intanigble fixed assets and investments total £726,603 (2024: £2,952,456). The trustees judge the level of reserves to be strong and have established a financial recovery plan to ensure that there are no long term risks to financial viability.
b. Reserves policy
AIM Qualifications and Assessment Group has sufficient reserves to fund at a minimum six months of total annual expenditure to cover such things as staff salaries and redundancy payments, establishment expenses, outstanding accounts and any committed funds. The actual minimum reserve figure is calculated annually based on current financial accounts and business plans and presented to the Board for agreement on an annual basis.
This year, the Board approved designated reserves for specifically identified activities.
c. Principal funding sources
Recognised centres design their own accredited courses to suit the needs of individual learners or groups of learners, there is an annual recognition fee and charges for quality assurance and accreditation. Employers of apprentices in England choose an Apprenticeship Assessment Organisation to provide an end point assessment for apprentices, there is a fee for each apprentice.
Page 3
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Trustees' report (continued)
For the year ended 31 August 2025
d. Investment powers, policy and performance
The trustees are permitted to invest the monies of the charity not immediately required for its own purposes in or upon such investments, securities or property as may be thought fit in accordance with the governing document of the company, the Memorandum and Articles of Association.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.
e. Risk management
The trustees are responsible for the management of the risks faced by the Charity. Detailed considerations of risk are delegated to the Senior Leadership Team overseen by the Group Chief Executive Officer. Risks are identified and systematically monitored throughout the year.
The key controls used by the Charity include: a strategic risk register, formal agendas for all Committee and Board activity; terms of reference for all Committees; comprehensive strategic planning, budgeting and management accounting; a review of the Finance Regulations; established organisational structure and lines of reporting and clear authorisation and approval levels.
Through the risk management processes the Board are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
f. Plans for future periods
The trustees have agreed Strategic Priorities for the next 3 years which are:
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To Build Trusted Partnerships Through Exceptional Customer Experience
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To Grow and Strengthen Core UK Operations
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To Expand International Services
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To Innovate and digitalise Assessment and Organisational Services
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To Be a Great Place to Work, Learn and Develop
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To Govern AIM to protect learners, enable organisational growth and empower the team to flourish.
g. Donations
Charitable donations were made during the year amounting to £923 (2024: £1,740).
Structure, governance and management
a. Constitution
The charity is controlled by its governing document, a Memorandum and Articles of Association incorporated on 9 February 2004, and constitutes a limited company, limited by gurantee, as defined by the Companies Act 2006.
Page 4
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Trustees' report (continued)
For the year ended 31 August 2025
Structure, governance and management (continued)
b. Organisational structure
The board of trustees administers the charity. The board meets quarterly, there are two sub committee’s for Access to Higher Education and Finance and Resources. A Chief Executive is appointed by the trustees to manage day to day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance and employment.
c. Recruitment and appointment of new trustees
The number of trustees shall be at least three (unless otherwise determined by ordinary resolution) and there will be no upper limit. Trustees are appointed by the board in accordance with internal processes which may be amended from time to time.
d. Induction and training of new trustees
New trustees receive an induction on election; trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Training is arranged throughout the year on a periodic basis.
e. Pay policy for key management personnel
The trustees review the pay and salary for the Chief Executive Officer and Chief Operating Officer through a specially convened committee but other than that make no special provision for senior staff or key management personnel. Pay and conditions for all staff are usually considered annually and are determined using a number of factors including external funding, a specified renumeration progression scheme and the period of that funding, various indices, and affordability short and long term.
f. Wider network
Membership of AIM Qualifications and Assessment Group is open to Higher Education Institutions, Providers of Access to HE Provision, Statutory providers of post 14 education and training, Local Authorities, Learning & Skills infrastructure organisations, Employers, Advocacy organisations, Education Improvement services, AIM Qualifications and Assessment Group staff and the Voluntary Sector.
g. Related parties
AIM Qualifications and Assessment Group is regulated by Ofqual, CCEA, SQA, Qualifications Wales and the Institute for Apprenticeships; it operates under license to the Quality Assurance Agency (QAA).
h. Fundraising policy statement
The charity does not engage in fundraising activities from the general public. The primary fundraising activity is derived from a managed investment portfolio. This portfolio is composed of various asset classes.
Page 5
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Trustees' report (continued)
For the year ended 31 August 2025
Statement of Trustees' responsibilities
The Trustees. (who are also the directors of the charity for the purposes 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 statements for each financial . Under company law, the Trustees. must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees. are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees. are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each of the persons who are Trustees. at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Auditor
The auditors, Dains Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees. on 2 December 2025 and signed on their behalf by:
L J Gee
(Trustee)
Page 6
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group
Opinion
We have audited the financial statements of AIM Qualifications and Assessment Group (the 'charity') for the year ended 31 August 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 7
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group (continued)
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, 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Page 8
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group (continued)
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, 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 is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: :
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the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
Page 9
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group (continued)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 10
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Independent Auditor's Report to the Members of AIM Qualifications and Assessment Group (continued)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Morris FCA (Senior Statutory Auditor)
for and on behalf of
Dains Audit Limited
Statutory Auditor Chartered Accountants
Birmingham
- 2 December 2025
Page 11
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 August 2025
| Note Income from: Charitable activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 4,124,611 71,946 4,196,557 14,144 4,940,072 4,954,216 (757,659) 59,373 (698,286) 6,092,397 (698,286) 5,394,111 |
Total funds 2025 £ 4,124,611 71,946 4,196,557 14,144 4,940,072 4,954,216 (757,659) 59,373 (698,286) 6,092,397 (698,286) 5,394,111 |
Total funds 2024 £ 4,486,540 72,979 4,559,519 14,723 5,258,504 5,273,227 (713,708) 114,331 (599,377) 6,691,774 (599,377) 6,092,397 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 32 form part of these financial statements.
Page 12
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Registered number: 05038056
Balance sheet
As at 31 August 2025
| 2025 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Intangible assets | 11 | 88,807 | 24,541 | |||
| Tangible assets | 12 | 1,475,219 | 1,527,701 | |||
| Investments | 13 | 1,179,834 | 1,168,859 | |||
| 2,743,860 | 2,721,101 | |||||
| Current assets | ||||||
| Debtors | 14 | 651,104 | 563,112 | |||
| Cash at bank and in hand | 2,290,629 | 3,184,544 | ||||
| 2,941,733 | 3,747,656 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one year | 15 | (291,482) | (376,360) | |||
| Net current assets | 2,650,251 | 3,371,296 | ||||
| Total net assets | 5,394,111 | 6,092,397 | ||||
| Charity funds | ||||||
| Unrestricted funds | ||||||
| Designated funds | 16 | 1,923,648 | 418,840 | |||
| General funds | 16 | 3,470,463 | 5,673,557 | |||
| Total unrestricted funds | 16 | 5,394,111 | 6,092,397 | |||
| Total funds | 5,394,111 | 6,092,397 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 02 December 2025 and signed on their behalf by:
_________
L J Gee
(Trustee)
The notes on pages 15 to 32 form part of these financial statements.
Page 13
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Statement of cash flows
For the year ended 31 August 2025
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments less of fees Purchase of intangible assets Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2025 £ (842,531) 57,802 (96,153) (13,033) (51,384) (893,915) 3,184,544 2,290,629 |
2024 £ (257,487) 58,256 (14,700) (17,390) 26,166 (231,321) 3,415,865 3,184,544 |
|---|---|---|
The notes on pages 15 to 32 form part of these financial statements
Page 14
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
1. General information
AIM Qualifications and Assessment Group is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Pride Point Drive, Pride Park, Derby, Derbyshire, DE24 8BX. The principal activity of the charity is that of a qualification awarding organisation and access validating agency. At the end of the year there were thirteen trustees, each of whom, under the terms of the Memorandum and Articles of Association, had undertaken to contribute the sum not exceeding £10 in the event of a winding up of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity has elected to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.
AIM Qualifications and Assessment Group meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 15
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2025
2. Accounting policies (continued)
2.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
All centre approval and registration fees are included in the statement of financial activities when invoiced.
Income is deferred when it is received in advance of the performance of the event to which it relates.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
2.6 Intangible assets and amortisation
Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Page 16
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2025
2. Accounting policies (continued)
2.6 Intangible assets and amortisation (continued)
The estimated useful lives are as follows:
| Intellectual property | - | 5 | years |
|---|---|---|---|
| Website development | - | 3 | years |
| Computer software | - | 3 | years |
2.7 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives using the following bases:
Depreciation is provided on the following bases:
| Freehold land and buildings | - 2% straight line |
|---|---|
| Plant and equipment | - 15% reducing balance |
| Fixtures and fittings | - 10% straight line |
| Office equipment | - 20% straight line |
| Computer equipment | - 33% straight line |
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.9 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 17
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
2. Accounting policies (continued)
2.10 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term.
2.11 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.12 Cash at bank and in hand
Cash at bank and 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.
2.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
2.14 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.15 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 18
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
2. Accounting policies (continued)
2.16 Pensions
Retirement benefits to some of the Teaching Staff of the Charity are provided by the Teachers' Pension Scheme ("TPS"), which is a defined benefit scheme.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the academy in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. The TPS is a multiemployer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
The charity also provide a defined contribution scheme. The costs arising on the defined contribution scheme are recognised in the Income Statement in the period in which the related service is provided.
2.17 Termination Benefits
Termination benefits are measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
Depreciation and residual values
The Trustees have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriated.
Fair value of investments
The Trustees have reviewed the investment valuation reports received from the management expert and have concluded that the value of investments is appropriate.
Page 19
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
4. Income from charitable activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Reigstration and assessment fees | 4,124,611 | 4,124,611 | 4,486,540 |
5. Investment income
| Rental income Interest receivable Investment management costs Investment management fees |
Unrestricted funds 2025 £ 71,200 746 71,946 Unrestricted funds 2025 £ 14,144 |
Total funds 2025 £ 71,200 746 71,946 Total funds 2025 £ 14,144 |
Total funds 2024 £ 47,818 25,161 |
|---|---|---|---|
| 72,979 | |||
| Total funds 2024 £ 14,723 |
6. Investment management costs
Page 20
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
7. Analysis of expenditure by activities
| Reigstration and assessment fees Analysis of direct costs Staff costs Staff development Depreciation Consultancy costs Premises costs IT costs Subscription and licence fees Marketing costs Other expenses |
Activities undertaken directly 2025 £ 4,940,072 |
Total funds 2025 £ 4,940,072 Total funds 2025 £ 3,016,300 48,681 97,402 454,013 174,600 426,462 297,758 63,203 361,653 4,940,072 |
Total funds 2024 £ 5,258,504 |
|---|---|---|---|
| Total funds 2024 £ 3,217,666 55,544 85,742 515,561 154,693 415,635 284,138 73,447 456,078 |
|||
| 5,258,504 |
Page 21
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
8. Auditor's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's auditor for the audit of the charity's annual | ||
| accounts | 14,200 | 12,900 |
| Fees payable to the charity's auditor in respect of: | ||
| All non-audit services not included above | 20,805 | 5,250 |
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 2,596,027 272,218 148,055 3,016,300 |
2024 £ 2,761,649 269,170 186,847 |
|---|---|---|
| 3,217,666 |
Included within staff costs are termination payments totalling £119,823 (2024: £69,534) following an internal restructure.
The average number of persons employed by the charity during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Employees | 55 | 70 |
Page 22
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
9. Staff costs (continued)
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| In the band £60,001 - £70,000 | - | 2 |
| In the band £70,001 - £80,000 | 1 | 1 |
| In the band £80,001 - £90,000 | 1 | 1 |
| In the band £100,001 - £110,000 | 1 | 1 |
| In the band £110,001 - £120,000 | - | 1 |
| In the band £120,001 - £130,000 | 1 | - |
During the year the key management personnel received total compensation of £413,183 (2024: £680,075).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 August 2025, expenses totalling £441 were reimbursed or paid directly to 4 Trustees (2024 - £435 to 4 Trustees).
There was no trustees' remuneration or other benefits for the period ended 31 August 2025.
Page 23
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
11. Intangible assets
| Cost At 1 September 2024 Additions At 31 August 2025 Amortisation At 1 September 2024 Charge for the year At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024 |
Intellectual property £ 65,000 - 65,000 65,000 - 65,000 - - |
Website development costs £ 5,001 - 5,001 4,067 934 5,001 - 934 |
Computer software £ 61,849 96,153 158,002 38,242 30,953 69,195 88,807 23,607 |
Total £ 131,850 96,153 |
|---|---|---|---|---|
| 228,003 | ||||
| 107,309 31,887 |
||||
| 139,196 | ||||
| 88,807 | ||||
| 24,541 |
Page 24
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
12. Tangible fixed assets
| Cost or valuation At 1 September 2024 Additions At 31 August 2025 Depreciation At 1 September 2024 Charge for the year At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024 |
Freehold land and buildings £ 1,984,637 5,022 1,989,659 506,978 39,735 546,713 1,442,946 1,477,659 |
Plant and equipment £ 16,731 - 16,731 11,602 946 12,548 4,183 5,129 |
Fixtures and fittings £ 97,719 - 97,719 81,076 6,609 87,685 10,034 16,643 |
Computer equipment £ 156,021 8,011 164,032 127,751 18,225 145,976 18,056 28,270 |
Total £ 2,255,108 13,033 |
|---|---|---|---|---|---|
| 2,268,141 | |||||
| 727,407 65,515 |
|||||
| 792,922 | |||||
| 1,475,219 | |||||
| 1,527,701 |
Page 25
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
13. Fixed asset investments
| Cost or valuation At 1 September 2024 Disposals Revaluations Investment fees and other interest Withdrawals At 31 August 2025 Debtors Due within one year Trade debtors Prepayments and accrued income Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
Listed investments £ 1,145,597 (34,993) 59,373 - - 1,169,977 |
Cash held on deposit with fund managers £ 23,262 34,993 - (13,398) (35,000) 9,857 2025 £ 489,522 161,582 651,104 2025 £ 196,825 55,447 24,207 15,003 291,482 |
Total £ 1,168,859 - 59,373 (13,398) (35,000) 1,179,834 2024 £ 478,526 84,586 563,112 2024 £ 157,943 74,107 31,772 112,538 376,360 |
|
|---|---|---|---|---|
14. Debtors
15. Creditors: Amounts falling due within one year
Page 26
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2025
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Cessation Fund Operational Reserve Opportunistic Reserve General funds General Funds Total Unrestricted funds |
Balance at 1 September 2024 £ 418,840 - - 418,840 5,673,557 6,092,397 |
Income £ - - - - 4,196,557 4,196,557 |
Expenditure £ - - - - (4,954,216) (4,954,216) |
Transfers in/out £ - 1,004,808 500,000 1,504,808 (1,504,808) - |
Gains/ (Losses) £ - - - - 59,373 59,373 |
Balance at 31 August 2025 £ 418,840 1,004,808 500,000 |
|---|---|---|---|---|---|---|
| 1,923,648 | ||||||
| 3,470,463 | ||||||
| 5,394,111 |
The Cessation fund represents a specific reserve in relation to business continuity in the event of AVA failure. The compensation is based on the number of Access to Higher Education learners registered with the AIM Group at £40 per learner.
The Operational Reserve serves as an additional safeguard to support business continuity. It is calculated to cover four months of operating expenses, ensuring financial stability in the event of unforeseen emergencies.
The Opportunistic Reserve is a designated fund established to support strategic investment opportunities. An amount of £500,000 has been allocated for this purpose.
Page 27
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2025
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Cessation fund General funds General Funds Total Unrestricted funds |
Balance at 1 September 2023 £ 418,840 6,272,934 6,691,774 |
Income £ - 4,559,519 4,559,519 |
Expenditure £ - (5,273,227) (5,273,227) |
Gains/ (Losses) £ - 114,331 114,331 |
Balance at 31 August 2024 £ 418,840 |
|---|---|---|---|---|---|
| 5,673,557 | |||||
| 6,092,397 |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 1,475,219 88,807 1,179,834 2,941,733 (291,482) 5,394,111 |
Total funds 2025 £ 1,475,219 88,807 1,179,834 2,941,733 (291,482) |
|---|---|---|
| 5,394,111 |
Page 28
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 1,527,701 24,541 1,168,859 3,747,656 (376,360) 6,092,397 |
Total funds 2024 £ 1,527,701 24,541 1,168,859 3,747,656 (376,360) 6,092,397 |
|---|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Gains on investments Dividends, interests and rents from investments Cash withdrawals from investments (Increase)/decrease in debtors Decrease in creditors Net cash used in operating activities |
2025 £ (698,286) 65,515 31,887 59,373 (93,150) (35,000) (87,992) (84,878) (842,531) |
2024 £ (599,377) 68,074 17,668 114,341 (72,979) (70,000) 323,134 (38,348) (257,487) |
|---|---|---|
Page 29
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
19. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2025 £ 2,290,629 2,290,629 |
2024 £ 3,184,544 |
|---|---|---|
| 3,184,544 |
20. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2024 £ 3,184,544 3,184,544 |
Cash flows £ (893,915) (893,915) |
At 31 August 2025 £ 2,290,629 |
|---|---|---|---|
| 2,290,629 |
Page 30
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
21. Pension commitments
Defined contribution schemes
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.
The charge to profit or loss in respect of defined contribution schemes was £95,882 (2024 - £126,738).
Included within other creditors is £13,093 (2024 - £15,749) in respect of outstanding pension contributions.
Defined benefit schemes
The charity contributes to a defined benefit multi-employer pension scheme, the Teachers Pension Scheme ('TPS'). This is an aggregate of the pre 2015 scheme and the 2015 scheme. Contributions to the Scheme were determined on the basis of quadrennial actuarial valuations carried out by the Government Actuary. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. This sets out the contribution rates for the implementation period (1 April 2019 to 31 March 2023).
The key elements of the valuation and subsequent consultation are:
-
employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge)
-
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
-
the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. The assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The contributions during the year totalled £52,173 (2024: £60,109).
Included within other creditors is £3,614 (2024 - £8,523) in respect of outstanding pension contributions.
A copy of the valuation report and supporting documentation is on the Teachers' Pension website.
Under the definitions set out in FRS102, the TPS is an unfunded multi-employer pension scheme. The charity has recognised contributions to the scheme as if it were a defined contribution scheme.
Page 31
AIM Qualifications and Assessment Group
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 August 2025
22. Operating lease commitments
At 31 August 2025 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2025 £ 2,334 - 2,334 |
2024 £ 3,418 2,334 |
|---|---|---|
| 5,752 |
23. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 August 2025.
Page 32