Company registration number.. 07771465 Charity registration number.. 1144043 Tutor Trust IA cornpany limited by gu8ranteel Annual Report and Financial Statements for the Year Ended 31 August 2025
Tutor Trust Contents Reference and Administrative Details Strategic Report 2to5 Trustees. Report (incorporating Directors. Report) 6t07 Statement of Tru5tee5' Responsibilitie5 Independent Auditorfs Report 9t012 Statement of Financial Activitie5 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial statements 16to28
Tutor Trust Reference and Administrative Details Trustees P J Mclntyre L Banahene L V Crompton M A Hanbury P Lloyd (resigned 8 July 20251 l Nuttall N Ogle H L Pratten A Watkin Iknown as A Persinl Key Management Personnel Ed Marsh. Chief Executive Officer Abigail Shapiro. Co-founder and Executive Director Principal Office 2. Floor Studio 10 10 Little Lever Street Manchester MI IHR The Charity is incorporated in England and Wales. Company Registration Number 07771465 Charity Registration Number 1144043 Bankérs The Co-operative Bank plc PO Box 101 l Balloon Street Manchester M60 4EP Audltor Mitchell Charlesworth (Auditl Limited 44 Peter Street Manchester M2 5GP Page I
Tutor Trust Strategic Report for the Year Ended 31 August 2025 The Trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 AugLJ5t 2025, in compliance with s414C of the Companie5 Act 2006. Achievements and Performance 2024125 was the first academic year since 2020 when schools haven't been able to access subsidised tuition through the National Tutoring Prtsgramme INTPI. This has contributed to a difficult environment for the Charity, with the young people we support facing Significant challenge5 due to well-documented regional inequalities and schools facing a funding crisi5. Against this backdrop, we are proud to have supported nearly 5,500 pupils in total during 2024125. Within our overall pupil numbers we have seen demand for our Tutoring Plus work- the specialised l..1 support for pupils who may have more complex learning needs- continue to 8row, supporting 543 young people, over 100 more than in 2023124. We have expanded into the Tees Valley town of Hartlepool, where we supported 530 primary school pupils across 16 educational settings, and we have also piloted support for post-16 learners resitting their GC5Es. Our Impoct During the 2024125 academic year, we worked with 5,488 pupils12023124.. 6,016 pupils), partnering with 183 schools, college5 and education setting512023124.. 1491. Although the number of pupils 15 lower than in the previous year, given that schools are no longer receiving the NTP subsidy (which was 50% in 20231241, we are proud to have expanded the education partners we are working with. 91% of the pupils we worked with were either entitled to Pupil Premium funding or attended a school serving a low-income area12023124.. 92%). In SATS we reduced the attainment gap by 7 percentage points (ppl in re3ding and 4pp in maths, and in GCSES we reduced the attainment gap by 16pp in science, 14pp in maths and 3pp in English. The attainment gap is the difference between disadvantaged pupils and their non-disadvantaged peers in the Local Authorities we work in. We provide detailed analysis of SATS and GCSE results in our annual Impact Report. Financiol support Following on from fundraising SLJccesses in previous years, we have secured funding from new relationships with grant-making trusts and philanthropists who want to support our work as well as renewing some of our existing multi-year partnerships ènd securing other grants from existing funders. We continue to receive vital support from Impetus- this includes financial support and consultancy advice from our Investment Director, pro bono support from the Impetu5 network, and introductions to other funder5. Tutoring Plus Our Tutoring Plus team focuses on those who may benefit from more individually tailored or diversified support. primarily working with pupils who mèy be care-experienced, in alternative provision, at risk of exclusion, have additional needs or mental health challenges, or have perslstent or Severe absence from school. Following on from 13S% growth in pupil numbers in 2023/24, the team has worked with 543 young people this year, a further increase of 25%12023124.. 4341. More than half of Tutoring Plus pupils have Special Educational Needs and Disabilities ISENDI, with the number of SEND pupils growing this year by 80%, and 85% of Tutoring Plu5 pupi15 are persistently or severely absent from school. We know that our flexible, holistic approach to tutoring helps to improve engagement in learning and pupils, average attendance in tutoring was 16 percentage points higher than their average school attendance. Our goal is to support pupils to reintegrate into school and the mentoring we provide is a crucial aspect of this work. Proje(ts qnd Portnership5 We have received funding from the john Armitage Charitable Trust to expand our tuition programmes into Hartlepool with secured funding to continue this work until June 2027. This work started with Year 6 pupils and we're now building on the foundations developed in the first year, expanding our offer to secondarv schoo15 and exploring other opportLJnities in the North E3St. Page 2
Tutor Trust Strategic Report for the Year Ended 31 August 2025 We hève continued to work as a delivery partner of Axiom Maths which provides group mentoring to foster a love of maths, building mathematical reasoning and problem-501ving skills through collaboration. We a150 partner with The King's Trust to offer their Achieve programme through our Tutoring Plus team, helping young people to gain GCSE-equivalent qualifications focused on their future career prospects. 2024125 saw the conclusion of our Transition Project in East Salford, funded by The Headley Trust. This projert supports pupils as they move between primary and secondary Schools and we worked with 103 pupi15 across five secondary schoo15 in Salford. We have now 5ecLJred funding for a Transition Project in Oldham which will run across 2025126 and 2026127. The Education Endowment Foundation is funding an evaluation of a pilot project which saw us provide support for p05t-16 learner5 resitting their GCSE5. This targeted 5UPPOrt will be independently evaluated by the National Foundation for Educational Research INFERI. Initial results from 2024125 resits are encouraging and a full report is expected in 2026. Our university partnerships are a cornerstone of our success, as they enable us to tap into a pool of talented tutors while creating meaningful wider benefits for learners. institutions and communities. Our Widening Participation IWPI 5cherne offers a guaranteed interview to applicant5 who are eligible for university access schemes. This year, 45% of our newly recruited tutors were from WP backgrounds, meaning they're more likely to be from socially deprived backgrounds and are therefore at the highest risk of dropping out of university. Tutoring is also a key pathway into teachin& giving tutors the opportunity to gain experience in the education sector. Ourteom The size of our staff team has remained stable over the last year with an average of 59 staff compared to 58 in the previous year. Having taken the opptsrtunity to restructure the team in the previous year to develop our capability in some key area5. particularly with the introduction of a dedicated fundraising team, the main change this year has been to bring in a small team to manage and deliver tuition in the Tees Valley area. Our team of tutors continues to deliver our high-quality tuition, with 285 tutors delivering sessitsns for us 12023/24.. 292 tutorsl. Our tutors are predominantly undergraduates, and many are fr()m socially disadvantaged background5, 50 paying them for their time and skills recognise5 the transformative impact they have on young people's lives, while providing a pathway for students to contribute meaningfully to their communities. One of our trustees, Phil Lloyd. stepped down from the Board of Trustees during the year and we are very grateful to him for his contribLJtion during his time on the Board. Financial Review The Charity's income is slightly lower than the previous year, with total income of £3.4m12023124.. £3.7ml. Thi5 reflects our decision to reduce our hourly charge to schoo15 following the end of National Tutoring Programrme subsidie5 to ensure our tuition programrne5 remain acce55ible a5 we are very aware of the ongoing budget pressures faced by schools. Tuition income reduced from £1.5m in 2023124 to £0.9m and now represents 25% of our total income12023124.. 40%). However, income from grants and donations was £2.6m compared to £2.2m in 2024125. We are seeing a growth in our restricted funding and this represented 24% of our total income12023124.. 11%). Costs have decreased to £3.7m12023124.. £3.9ml. We have continued to be impacted by cost of living pressures but have been taking steps to manage our costs effectively in order to secure our financial sustainability. A net deficit of £0.3m12023124.. net deficit of £0.2ml is being reported, which reflects a planned reduction in the level of free reserves. Ca5hflow ha5 remained healthy throughout the period and, at the end of the financial year, the bank balance was £l.Im12023/24.. £1.3ml with total funds of £1.3m12023124.. £1.6ml. Page 3
Tutor Trust Strategic Report for the Year Ended 31 August 2025 Pollry on reserves The objective of the reserves policy is to retain a sufficient level of funds to allow for cashflow troughs, to meet unexpected expenses and to provide time to seek alternative funding in the event of a downturn, or to support schools with an immediate need for tuition where other funding is not available. The target range of reserves (known as 'the Operating Reserve'l is three to six months of full operating costs. The amount of the Operating Reserve is reviewed at every Finance and Risk Committee meeting and reported to the following Trustees, meeting. The balance of unrestricted fund5 held at 31 AugLJSt 2025 wa5 £0.99m, of which £0.96m represents free reserves. This represents 3.1 months of full operating costs which is within the target range for the Operating Reserve. The policy a150 requires two months, forecast gr055 cash outflows to be held a5 cash at bank, and the Tru5tee5 are satisfied that this requirernent was met at 31 August 2025. Since the end of the financial year, the Trustees have approved an updated reserves policy to reflect the increase in restricted funds being received by the Charity, to ensure that the Charity is not tying up too much of its funds in reserves and limiting its ability to fulfil its charitable objects. The new policy sets a minimum level of reserves as the higher of three rnonth5 of operating costs or the costs associated with ensuring an orderly winding UP, with operating costs for these purposes excluding any costs which are expected to be covered by restricted funds. Had this policy been in place at 31 August 2025, the minimum level of reserves required would have been £0.89m and therefore the Trustees are satisfied the level of free reserves would have met thi5 target. Principol nsks and uncertointie5 We have a risk register for the Charity, which is regularly reviewed and revised by the Senior Management Team and the Trustees. The Finance and Risk Committee takes a close interest in the risk register, reviewing it at each meetIg and reporting back to the following Trustee5' meeting. The Charity's principal risks continue to relate to the economic climate which it is oper3ting within. The National Tutoring Programme has now ended and this limits schools, financial capacity to provide tutoring for their pupils. while at the same time there continues to be pressure on the Charivs cost base with inflation rates n()t falling as quickly as hoped. In order to mitigate the risk to the Charity, we ctsntinue to Use philanthropic funding to 5ub5idi5e the cost which schools pay for tuition, through both unrestricted funding and projett funding, where we work with partners to deliver tuition to specific groups of pupils or in particular locations. Plans for Future Perlods Over the past year we have developed a bold new three-year strategy to maximise our impact and ensure tutoring remains a permanent force for fairness in education. By 2028, our ambition is to support more than 7,500 pupils each year across the North, with a growth trajectory to reach 10,000 by 2030. Our priorities for 2025-2028 are.. Broadening our reach- growing our partner schools by 20% by 2028 so that more pupils acce55 life- changing tuition Building new univer51ty partnerships- embedding tutoring into the student experience, creating future role models while supporting pupils to raise aspirations Regional expansion - launching in at least one new area by 2027, learning from our successful growth into Tees Vallev Growing Tutoring Plus- developing our tailored support for pupils facing the greatest barriers, with a dedicated strategy to be published in 2026 Advocating for system change- building a national coalition to secure a long-term, state-funded tutoring entitlement for disadvantaged young people Page 4
Tutor Trust Strategic Report for the Year Ended 31 August 2025 Thank youl Thank you to all our supporters and partners- your continued cornmitment ensures we can keep providing high-quality tutoring where it ha5 the greatest impact. The Strategic Report was approved by the Trustees of the Charity on 27 January 2026 and signed on its behalf bv.. P J Mclntyre Trustee Page 5
Tutor Trust Trustees, Report {incorporating Directors, Report) for the Year Ended 31 August 2025 Structure, Govemante and Management Nature of governing document The Charity Is governed by it5 Memorandum and Articles of A550ciation. Constltutlon und oryunlsotlonul strurture The Company is registered as a charitable company, limited by guarantee, registered charity number 1144043. The Charity Is governed by the Trustees who are appointed in line with the Charity's Articles of Association. The Board has two sub-cornmittees, the Finance and Risk Committee and the Education Committee, which provide Trustees with the opportunity to more closely scrutinise and support all aspects of the Charity's activities. Day-to-day management of the Charity is delegated to the key management personnel and, through them, the Senior Management Team. Recruitment undappointment of Trustees Our initial Board of Trustees were recruited informally, through our professional and education networks in Manchester. Following a formal Board review, we undertook an open recruitment pr()cess and, during 2021122, we welcomed six new trustees to the Board as a result of this process. An open recruitrnent process is taking place during 2026 to bring in more trLJ5tees with education experience following recent changes to the Board. A formal induction process is in place for all new Trustees joining the Board, which includes them being assigned a 'buddy' from 3mong the current Trustees to support them in getting to know the Charity and their new role. All our Trustee5 have an enhanced DBS check. Arrangementslor setting key man¢7gementpersonnel remuneration Tutor Trust has introduced a comprehensive Reward Statement that summarises the benefits to employees tsf working for our Charity. including fair and competitive 5alarie5 for the sector. Salaries have been benchmarked against the rest of the sector and individual 5alarie5 are reviewed annually as part of the appraisal proce55. in 3ddition to all employees receiving an annual cost-of-living pay increase. Oblectlves and Actlvltles Objects ortd activities The Charity operates through a ch3ritable company and the Charity's objects are to 3dvance the education of the public in the United Kingdom. Public benefit The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard tci the public benefit guidance published by the Charity Commission for England and Wales. The Charities Act 2011 identifies 13 descriptions of charitable purpose and in our view the work of the Charity meets the following.. Relief of poverty Advancement of education Advancement of health Advancement of community development Relief of those in need by reason of youth. age. ill-health. disability, financial hardship or disadvantage. Activities undertaken to further charitable objectives for public benefit are described on page 2. All services are provided free of charge to beneficiaries. Page 6
Tutor Trust Trustees, Report {incorporating Directors, Report) for the Year Ended 31 August 2025 Golng Concern The Trustees consider that there are no material uncertainties about the Chèrity's ability to continue as a going concern nor are there any significant areas of uncertainty that affect the carrying value of assets held by the Charity. In reaching this conclusion, the Trustees have considered the Charity's current level of unrestricted funds, the funding commitments already secured for 2025126 and 2026127, and the Charity's 2025-2028 strategy. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Disclosure of Information to Auditor Each Trustee has taken the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor 15 unaware. The annual report was approved by the TrLJStees of the Charity on 27 January 2026 and signed on its behalf by: P J Mclntyre Trustee Page 7
Tutor Trust Statement of Trustees, Responsibilities for the Year Ended 31 August 2025 The Trustees (who are also the directors of Tutor Trust for the purposes of company lawl are responsible for preparing the Trustees, report (incorporating the Directors, report) and the financial statements in accordance with the United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial staternent5 unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resoLJrces 3nd application of resources, including its income and expenditure, for that period. In preparing these financial statements the Trustees are required to.. select suitable accounting policies and apply them consistently,. observe the methods and principles in the Charities SORP,. make judgement5 and e5timate5 that are reasoriable and prudent,. State whether applicable UK Accounting Standard5 have been followed, subject to 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 Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the Charitable Companvs transactions and disclose with reason3ble accuracy at any time the financial position of the Charitable Company 2nd enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps ftsr the prevention and detection of fraud and other irregularities. Approved by the Trustee5 of the Charity on 27 January 2026 and signed on its behalf by.. P J Mclntyre Trustee Page 8
Tutor Trust Independent Auditor's Report to the Members of TutorTrust for the Year Ended 31 August 2025 Oplnlon We have audited the financial statements of Tutor Trust Ithe'charitable cornpany'l for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In OLJr opinion, the financial statements.. 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 their income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and have been prepared in accordance with the requirernent5 of the Cornpanies Act 2006. Basis for opinion We conducted our audit in accordance with International standards on auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statement5 Section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to Boin8 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 perforrned, we have not identified any material uncertainties relating to event5 or conditions that, individually or collectively, may cast significant doLJbt 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 re5pon5ibilities and the responsibilitie5 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 Trustee5 (who are also the director5 of the charitable company for the purposes of company lawl 3re responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitlv stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement5 our responsibility is to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based ori the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 9
Tutor Trust Independent Auditor's Report to the Members of TutorTrust for the Year Ended 31 August 2025 Matters on whlth we are requlred to report by exteptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require 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 the charitable Company has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting record5 and return5', or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. Responsibilities Statement set out on page 8, the Trustees (who are also the directors ()f the charitèble company for the purposes of company lawl are responsible for the preparation of the financial statement5 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 We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 auditorfs report that Includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted i accordance with ISAS IUKI 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 law5 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. Because of the inherent limitation5 of an audit, there 15 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 mi5repre5ent3tion. Extent to which the audit was considered capable of detectin8 irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedure5 responsive to those ri5k5, including obtaining audit evidence that is sufficient and appropriate to provide a ba515 for our opinion. Page 10
Tutor Trust Independent Auditor's Report to the Members of TutorTrust for the Year Ended 31 August 2025 Identlfylng and assesslng potentlal rlsks related to Irregularltles In identifying and a5se55ing risks of material mi55tatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. the nature of the sector, control environment and charitable company's performance., results of our enquiries of management about their own identification and assessment of the risks of irregularities,. any matters we identified having obtained and reviewed the charitable company's documentation of their policie5 and procedures relating to.. identifying. evaluating and cornplying with laws and regulations and whether they were aware of anv instances of non-compliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.. and the matters discussed among the audit engagement team re8arding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to the timing of the recognition of income. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override and we identified 3 risk in relation to the p05ting of unusual journals and the manipulation of accounting estimates. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, foeusing on provisions of those laws and regulations that had a direct effect (>n the deterrnination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the reporting requirements of the Charity Commission regulations. In addition, we considered provisions of other laws and regulations that do not have a dirert effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a rnaterial penalty. Audit response to risks identified In addition to the above, our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations deseribed above as having a direct effect on the financial stètements,. enquiring of management and members of the Board of Trustees toncerning èctual and potential litigation and claims,. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authoritie5 where matters identified were significant,. in addressing the risk of fraud through management override of coritrols, testing the appropriateness of journal entries and other adjustments- a55essing whether the judgements made in rnaking accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team member5 and remained alert to any indic3tions of fraud or non-compliance with13ws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 web51te at.. www.frc.org.uklauditorsrespon5ibilitie5. This description fortlls part of our auditor's report. Page 11
Tutor Trust Independent Auditor's Report to the Members of TutorTrust for the Year Ended 31 August 2025 Use of our report Thi5 report is made 501ely to the charity's trustees, a5 a body, in 3ccordance with Part 4 of the Charities IAccounts and Report51 Regulations 2008. Our audit work ha5 been undertaken 50 that we might state to the charitable company'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 charitable company and the charitable company's trustees as a body. for our audit work, for this report. or for the opinions we have formed. Alison Buckley, Senior Statutory Auditor For and on behalf of Mitchell Charlesworth (Audit) Limited 3rd Floor 44 Peter Street Manchester M2 5GP Date.. 27 January 2026 Mitchell Charlesworth IAuditl Limited is eligible to act as auditor in terms of section 1212 of the Companies Act 2006. Page 12
Tutor Trust Statement of Financial Activities for the Year Ended 31 August 2025 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total Yèar Ended 31 August 2025 Unrestrictèd funds Restrirted funds Note Income and Endowments from: Donations and legacies Charitable activities Investment income 1,743,072 850,469 20,178 817,425 2,560.497 850,469 20,178 Total incorne 2,613,719 817,425 3,431,144 Expenditure on: Raising funds Charitable activities 176.7861 13,036,417) 13,113,203) 1499.4841 1499,4841 176.7861 13,663,470) 13,740,256) 1309.1121 1309,1121 1627,0531 1627,0531 190,372 Total expenditure Net lexpenditurel/incorne Net movement in funds 190,372 Reconclllatlon of funds Total fund5 brought forward 1,492,171 135,853 1,628,024 Total funds carried forward 21 992,687 326,225 1,318,912 Total Year Endèd 31 August 2024 Unrestricted funds Restricted funds Note Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 1,810,303 1,462,956 21,934 840 386,619 2,196,922 1,462,956 21.934 840 Total income 3.296,033 386,619 3,682,652 Expendlture on: Raising fund5 Charitable activities 138.8341 13,S57,4201 13,596,254) 1300,2211 1300,2211 138,8341 13,880,639) 13,919,473) 1236,8211 1236,8211 1323,2191 Total expenditure Net lexpenditurel/income Net movement in funds 1323,2191 63,400 63,400 Rèconciliation of funds Total funds brought forward Total funds carried forward 1,792,392 72,453 1,864,845 21 1,492,171 135,853 1,628,024 All of the Charity's income derives from continuing operations during the above two periods. The notes on pages 16 to 28 form an integral part of these financial statements. Page 13
Tutor Trust (Registration number: 07771465) Balance Sheet as at 31 August 2025 Note 31 Au8USt 2025 31 August 2024 Fixed assets Intangible assets Tangible assets 15 16 149,590 14,519 140,800 17,071 164,109 157,871 Currènt assets Debtors Cash at bank and in hand 17 18 329,742 1,110,113 431,787 1,281,689 1,439,855 1.713,476 Creditors.. Amounts falling due within one year 19 1285,0521 1243,3231 Net current assets 1,154,803 1.470,153 Net assets 1.318.912 1,628,024 Funds of the Charity: Restricted funds Unrestricted funds 21 326,225 992,687 135,853 1,492,171 Total funds 21 1,318,912 1.628,024 For the year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Art 2006 relating to small companies but as this company is a charity, it is subjert to audit under the Charities Act 2011. The members have not required the eompany to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of accounts. These accounts have been prepared in 3ccordance with the provision5 applicable to companies subjert to the small cornpanies regime. The financial statements on pages 13 to 28 were approved by the Trustees, and authorised for issue on 27 January 2026 and signed on their behalf by.. P J Mclnty Trustee The note5 on page5 16 to 28 form an integral p3rt of these financial statements. Page 14
Tutor Trust Statement of Cash Flovts for the Year Ended 31 August 2025 Note Year Ended 31 August 2025 Year Ended 31 August 2024 Cash flows from operatlng actlvltles Net expenditure for the period 1309,1121 1236,8211 Adjustments for: Amortisation Depreciation Investment income L055 on the disP05al of fixed a55et5 Decrease in debtors Increase in creditors 54,450 11,919 120,1781 27 101,853 41,729 36,547 16,923 121,9341 28,316 42,275 Net cash flows from operating activities 1119.3121 1134,6941 Cash flows from investing activities Interest Purchase of intangible fixed assets Purchase of tangible fixed assets 20,370 163,2401 19,3941 23,506 1109.7641 18,4801 15 16 Net cash flows from investing activities 152,2641 194,7381 Net decrease in cash and cash equivalents 1171,5761 1229,4321 Cash and cash equivalents at I September 1,281,689 1,511,121 Cash and cash equivalents at 31 August 1,110.113 1,281.689 All of the cash flows are derived from continuing operations during the above two periods. A net debt reconciliation has not been presented 3S the Charity does not h3ve 3ny debt. The notes on page5 16 to 28 form an integral part of these financial statements. Page 15
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Charity status The Charity is limited by guarantee, incorporated in England and Wale5. 3nd consequently doe5 not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation. The address of its registered office is.. 2. Floor Studio 10 10 Little Lever Street Manchester MI IHR Accountrng policre5 Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements ère set out below. These policies have been consistently applied to all the years presented, unle55 Otherwise Stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basls of preparatlon Tutor Trust meets the definition of a public benefit entity under FRS 102. A55et5 and liabilitie5 are initially recognised at historical cost or transartion value unless otherwise stated in the relevant accounting policv notes. 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 £. Going concern The Tru5tee5 consider that there are no material uncertainties about the Charity's ability to continue as going concern nor are there any significant areas of uncertainty that affect the carrying value of assets held by the Charity. In reaching this conclusion. the Trustees have considered the Charitws current level of unrestrirted funds, the funding e(>mmitments already secured for 2025126 and 2026127. and the Chariws 2025-2028 strategy. Thus, the Trustees continue tts adopt the going concern basis of 8ceountin8 in preparing the financial statements. Accountin8 judgements The Trustees have considered the employment status of the tutors and concluded that they are to be classed as self-employed for both employment law Bnd tax purp05e5. Income and endowments 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 the income receivable can be measured reliably. Donations und legocies Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charitv before the Charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those condition5 15 wholly within the control of the Charity and it is probable th3t these Conditions will be fulfilled in the reporting period. Page 16
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Grants receivuble Grants are recognised when the Charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance eonditions ère attached to the grant ènd are yet to be met, the income 15 recogni5ed as a liability and included on the balance sheet as deferred incorne to be released. Charitoble ortivities Income from charitable activities is school tutoring income and is recognised with the delivery of the service and when the revenue can be reliably measured. Investment income Investment income is interest relating to bank deposits and is recognised when the interest is earned. Expendlture All expenditure is recognised once there 15 a legal or constructive obligation to that expenditure, it 15 probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's Use. Other 5UPPOrt costs are allocated based on the spread of staff cost5. R¢7isinqAund5 Expenditure on raising funds includes all costs incurred by the Charity to raise funds for its charitable purposes. Charitable uctivitie5 Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support Cg5ts Support costs include central functions and are allocated to the activity to which they relate on a time basis. Governunce costs These include the costs attributable to the Charity's compliance with constitutional and statutory requirement5, including audit, strategic management and Tru5tees' meetings and reimbursed expense5. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or assets. Grants relating to revenue are recognised in income over the period in which the relèted costs are recognised. Grants relating to assets are recogni5ed over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred incorne. Taxation The Charity 15 considered to pa5S the test5 set out in Paragraph I, 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 15 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. Intangible fixed assets Intangible fixed assets are initially recorded at cost. Page 17
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Amortisation Amortisation is provided on intangible fixed assets so as to write off the cost or valuation over their expected useful economic life as follows.. Asset class Software Amortisation method and rate Straight-line basis over 3 years Assets Under Construction are not am()rtised. Tangible fixed assets Tangible fixed assets are initially recorded at cost. Depreclatlon Depreciation is provided on tangible fixed a55et5 so a5 to write off the cost or v31uation, less any e5tirnated residual value, over their expected useful economic life as follows.. Asset class Computers and equipment Depreciation method and rate straight-line bèsis over 3 years Trade debtors Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trède debtors are recognised initially at the transèction price. They are subsequently measured èt amortised tost using the effective interest rnethod, les5 provision f(>r impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charitable Company will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equlvalents Cash and cash equivalent5 comprise cash on hand and call deposit5. and other 5hort-term highly liquid investments that 3re readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade tredltors Trade creditor5 are obligations to pay for goods or 5ervice5 that have been acquired in the ordinary course of business from supplier5. Accounts payable are cla55ified a5 current liabilitie5 if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Tr3de creditors are recognised initially at the transaction price and subsequently measured at amort15ed cost using the effective interest method. Fund structure Unrestricted incorne fund5 are general fund5 that are available for use at the Trustees, discretion in furtherance of the objertives of the Charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other post-rètirèment obligations The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Page 18
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Contributions to defined contribution plans are recognised in the Statement of Financial Activities when thev are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial instruments Classlylcatlon Financial assets and finantial liabilities are recognised when the Chèrity becomes a party to the contrartu81 provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transactitsn price excluding transaction costs). unless the arrangement c()nstitutes a financing transaction. If an arrangernent constitutes a financing transaction, the financial asset or financial liability 15 rneasured at the present value of the future payment5 discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the Statement of Financial Posltion when. and only when, there exists a legally enforceable right to set off the retognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when, and only when, al the contractual rights to the cash flows from the financial asset expire or are settled, bl the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the Charity, despite having retained some. but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised cinly when the obligation specified in the contract is discharged, cancelled or expires. Page 19
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Income from donations and legacies Unrèstricted funds General Total Year Ended 31 Au8USt 202S Restricted funds Donations and legacies.. Donations Gift Aid Grants, including capital grants.. Grants from other charities 683,227 2,845 42,525 725,752 2,845 1,057,000 774,900 1,831,900 1,743,072 817,425 2,560,497 Unrestricted funds General Total Year Ended 31 Au8USt 2024 Restricted funds Donations and legacies.. Donati(>ns Gift Aid Grants, including capital grants.. Grants from other charities 650,141 162 75,519 725,660 162 1,160,000 311,100 1,471,100 1.810,303 386,619 2,196,922 Income from charitable activities Unrestricted funds General Total Year Ended 31 August 2025 School tutoring 850,469 850,469 UnrestrSrted funds General Total Year Ended 31 August 2024 School tutoring 1.462.956 1.462,956 Investment incomè Unrestricted funds General Total Year Ended 31 August 2025 Interest on bank deposits 20,178 20,178 Unrestrirted funds General Total Year Ended 31 Au8USt 2024 Interest on b3nk deposit5 21,934 21,934 Page 20
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Other income Unrestricted funds General Total Year Ended 31 Au8USt 202S Gain on disposal of tangible fixed assets Unrestrlrted funds General Total Year Endèd 31 Au8USt 2024 Gain on disposal of tangible fixed assets 840 840 Expenditure on raising fund5 Unrestrlrted funds General Total Year Ended 31 August 2025 Staff costs 76,786 76,786 Unrestricted funds General Total Year Ended 31 August 2024 Direct costs Staff costs 788 38,046 788 38,046 38,834 38,834 Expenditure on charitable activitie5 Artivity undertaken directly Activity support costs Total Year Ended 31 August 2025 School tutoring 2,159,810 1,503,660 3,663.470 Activity undertaken directly Activitv support tosts Total Year Ended 31 August 2024 School tutoring 2,359,591 1,521,048 3,880,639 £3,036,41712024- £3,557,420) of the above expenditure was attributable to unrestrirted funds and £627,053 12024- £323,219> to restricted funds. Page 21
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 Analysis of governance and support costs Support tosts allotated to tharitable attivitiès Total Year Ended 31 August 2025 Governance Costs Support costs Staff costs Premises expenses Office costs Technology costs Amortisation Depreciation Professional fees Governance costs 1,021,871 112,274 74,968 140,598 54,450 11,919 71,032 1,021,871 112,274 74,968 140,598 54,450 11,919 71,032 16,548 16,548 16,548 1,487,112 1,503,660 Total Year Ended 31 August 2024 Governantè costs Support COSt5 Staff costs Premises expenses Office costs Technology costs Amortisation Depreciation Professional fees Governance cost5 1,036,767 91,805 87,775 IS6,492 36,547 16,923 79,529 1,036,767 91,805 87,775 IS6,492 36,547 16.923 79,529 15,210 15,210 15,210 1,505,838 1,521,048 Governance costs Unrestricted funds General Total Year Ended 31 August 2025 Audit fees Audit of the financial statements Other fees paid to auditors Trustee expenses 12,000 3.402 1,146 12,000 3,402 1,146 16,548 16,548 Unrestricted funds General Total Year Ended 31 August 2024 Audit fees Audit of the financi31 statements Other fees paid to auditors Trustee expenses ii,ioo 3,733 377 ii,ioo 3,733 377 15,210 15,210 Page 22
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 10 Net incominglloutgoingl resources Net incoming/loutgoingl re50urce5 for the period include.. Year Ended 31 August 2025 Year Ended 31 August 2024 Audit fee5 Amortisation of intangible fixed assets Depreciation of tangible fixed assets Operating leases 12,000 54,450 11,919 46,427 ii,ioo 36,547 16,923 42,392 11 Trustees, remuneration and expenses No Trustees, nor any persons connected with them. have received any remuneration or benefits from the Charity during the current period or the previou5 period. Three Tru5tee5 have received reimbursed expense5 totalling £151 from the Charity during the current period12024- five Trustee5 received reirnbLJfsed expenses totalling £3771. The reimbursed expenses cover travel costs and the costs of subscribing to the DBS Update Service. 12 Staff costs The aggregate payroll Costs were as follows.. Year Ended 31 August 2025 Year Ended 31 Au8USt 2024 Wage5 and salaries Social security cost5 Pension costs 2,117,011 229,881 60,515 2.101.213 213.646 57,361 2,407,407 2,372.220 The monthly average number of persons lincluding the senior management team) employed by the Charitv during the period was as follows.. Year Ended 31 August 2025 No Year Ended 31 August 2024 No Administration. governance and charitable activities Head count Administration. governance 3nd charitable activities Full time equivalent 59 58 56 55 Page 23
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 12 Staff costs Icontinuedl The number of employees whose ernoluments fell within the following bands was.. Year Ended 31 August 2025 Number Year Ended 31 August 2024 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £iio,000 £110,001- £120,000 The total employee benefits of the key management personnel of the Charity were £210,03112024- £196,454). 13 Auditor Fees Year Ended 31 August 2025 Year Ended 31 August 2024 Audit of the financial statements 12,0 ii,ioo Fees payable to the independent auditors for: All other non-audit services 3,402 3,733 14 Taxation The Charity is a registered charity and is therefore exempt from taxation on its charitable activities. 15 Intanglble flxed assets A55ets Under Construrtion Software Total Cost At I September 2024 Additions 262,996 6,000 63,240 268,996 63,240 At 31 August 2025 262.996 69,240 332,236 Amortisation At I September 2024 Charge for the period 128,196 54,450 128,196 54,450 At 31 August 2025 182.646 182.646 Net book value At 31 August 2025 80,350 69,240 149,590 At 31 August 2024 134,800 6,000 140,800 Page 24
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 16 Tangible fixed assets Computers and equipment Cost At I September 2024 Addition5 Disposals 77,129 9,394 15861 At 31 August 2025 85,937 Depreciatlon At I September 2024 Charge for the period Disposals 60,058 11,919 15591 At 31 August 2025 71,418 Net book value At 31 August 2025 14,519 At 31 August 2024 17,071 17 Debtors 31 August 2025 31 August 2024 Trade debtors Prepayments and accrued income 177,199 152,543 252,109 179,678 329.742 431,787 18 Cash and cash equlvalents 31 August 2025 31 August 2024 Cash at bank and in hand 1,110.113 1,281,689 19 Creditors.. amounts fallin8 due within one year 31 August 2025 31 August 2024 Trade creditors Other taxation and social security Accrua15 and deferred income 18,782 70,594 195,676 21.720 60,448 161,155 285,052 243,323 Page 25
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 20 Obligations under leases and hire purchase contracts Opèrating lease tomrnitments Total future minimum lease payments under non-cancellable operating lease5 are a5 follows.. 31 August 2025 31 August 2024 Land and buildings Within one year 24,492 25.808 Other Between one and five year5 21 Funds Balance at i September 2024 Incomlng resources Resourtes expended Balance at 31 August 2025 Unrestrirted funds General General 1,492,171 2.613,719 13,113,203) 992.687 Restricted funds Technology fund The Headley Trust The Education Endowment Foundation The Joyce Kathleen Stirrup Charity Trust The John Armitage Charitable Trust 12+ fund The University of Salford The Jean & Hélène Peters Fund managed by the King Baudouin Foundation PWC 104,048 86,900 80,000 93,000 157,3271 150,0001 1124.8051 133,621 30,000 31,805 41,025 141,0251 262,000 1124,0711 137,929 90,000 63,000 100,000 190,0001 138,3251 iioo,0001 24,675 1,500 11,5001 Total restricted funds 135,8S3 817,425 1627,0531 326,225 Total funds 1,628.024 3,431,144 13.740,2561 1,318,912 Page 26
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 21 Funds Icontinuedl Balante at I September 2023 Incoming resources Rèsources expended Balance at 31 Au8U5t 2024 Unrestricted funds Generol General 1,792,392 3,296,033 13,596,254) 1,492,171 Restricted funds Technology fund The Right AnBle fund The Headley Trust HG Foundation The Education Endowment Foundation The Joyce Kathleen Stirrup Charity Trust PWC 22,453 161,100 80,000 179,5051 180,0001 150,0001 130,0001 18,1951 104,048 50,000 30,000 40,000 31,805 70,869 170.8691 4,6SO 14,6501 Total restricted funds 72,453 386,619 1323,2191 135,853 Total funds 1,864,845 3.682,652 13,919,473) 1,628.024 The specific purposes for which the funds are to be applied are a5 follows.. Technology fund-To fund organisational and technology development to increase the number of children benefiting from tuition. The Headley Trust-To support the transition of pupils from primary school to secondary school in Salford 120241251 and Oldharn120251261. The Education Endowment Foundation- To fund a programme of l..1 tutoring for GCSE math5 and English resit students. The Joyce Kathleen Stirrup Charity Trust- To fund the Charity's activities in the North West of England. The J(>hn Armitage Charitable Trust- To fund work with children and young people in Hartlepool 12+ fund-To fund tutoring and therapeutic support for young people aged 12+ The Univer51ty of Salford -To fund a pilot programme to recruit and train Univer51ty of Salford student tutors to support youn£ people from the local area to improve their attainment as well as enable the University of Salford students to develop their confidence and career skills The Jean & Hélène Peters Fund managed by the King Baudouin Foundation -To support the Tutor Trust to maintain its growth and reach despite the end of the National Tutoring Progr8mme PricewaterhouseCoopers- To fund the costs of the annual reception. The Right Angle fund- To support The Right Angle projert (combined tuition and therapeutic support for vulnerable pupils). HG Foundation-To support a pilot of the Tutor Trust model to improve post-16 maths resits. Page 27
Tutor Trust Notes to the Financial Statements forthe Year Ended 31 August 2025 22 Analysis of net assets between funds Unrèstricted funds General Total funds at 31 August 2025 Restrirted funds Intangible fixed assets Tangible fixed assets Current assets 22.748 14,519 1,240,472 1285,0521 126.842 149.590 14,519 1,439,855 1285,0521 199,383 Total net assets 992,687 326,225 1,318,912 Unrestricted funds General Total funds at 31 August 2024 Restricted fund5 Intangible fixed assets T8n8ible fixed assets Current a55ets 53.418 17.071 1,665,005 1243,3231 87.382 140.800 17.071 1,713,476 1243,3231 48,471 Total net assets 1,492,171 135,853 1,628,024 23 Related party transactions There were no related party transactions in the period or in the previous period. Page 28