## **ENACTUS UK Ltd. Trustee Annual Report** **(Including Directors’ Report)** **2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **TRUSTEES** The following trustees have served throughout the period to which this report relates unless otherwise indicated: Robin Lassiter (Chair) Dr. Mel Fuller Ian Ellis (Resigned) Julia Dobson Geraldine Burnett Donna Miller Helen Cooke ## **COMPANY SECRETARY** Andrew Bacon OBE ## **REGISTERED OFFICE** Enactus UK, Ingenuity Centre, University of Notts Innovation Park Triumph Road, NOTTINGHAM, NG7 2TU ## **INDEPENDENT EXAMINER** Azets, St David's Court, Union St, Wolverhampton WV1 3JE **BANKERS** HSBC UK PLC **SOLICITORS** Bates Wells, London **WEBSITE** www.enactusuk.org **COMPANY NAME** Enactus UK **COMPANY NUMBER** 04358202 **CHARITY NUMBER** 1155261 The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the period ended 31[st] December 2024. ## **CONTENTS** **4** Foreword **5** Trustees’ Report **7** Impact Report **12** Governance **16** Financial Review ## **FOREWORD** We have had a really positive year in 2024 and we saw some amazing projects amongst both our University and School teams. I am so proud of the achievements our students, volunteers, sponsors and executive team have delivered. As you will see from the results, we have positively impacted more beneficiaries across both our Enactus UK university programme and our NextGenLeaders schools programme and encouragingly we are delivering positively against the UN sustainable goals. Once again, I would like to thank our donors, partners and sponsors for their support in making this possible Promoting youth social action and social enterprise is at the heart of what we set out to do; encouraging and harnessing the energy and drive of our participating students while leveraging the capabilities and skills of industry and commerce through our sponsors and partners. The combination helps us deliver the fulfilment of good deeds and intentions on an ever-larger scale. Importantly, the individual project beneficiaries - of all ages - both gain confidence and gain directly from learning and acquiring new skills; this helps increase their employability as well as their own capacity for self-help. Young people under 25 years old are our key target in helping create and deliver their projects; critically they also benefit themselves from developing their own talents and social enterprise capabilities. As we enter a more changing and unknown world, our aims for creating more of a fair and engaged society while developing our young people are more critical than ever. We have continued our work under three main streams. Firstly, our well-established university programme which has continued to go from strength to strength. This year we were pleased to work with our sponsors and launch additional partner competitions which supported students with seed funding for their ideas and mentorship. These competitions show the value of students working closely with Companies on topics that can make a real difference to society. Secondly, NextGenLeaders, which is our school programme, operating in the Yorkshire area. We are continuing to see some amazing results and we have developed really strong relationships with our schools, and this has really led to some projects that will make a difference in their communities. I look forward to seeing these opportunities developed further. Our third stream is our research led projects, and we have continued to develop our approach, pedagogy and programme and its impact following our commissioned research which was widely published in 2022. We are very pleased to be working closely with York St. John University and this exciting development allows us to focus on and make some recommendations on the big issues facing the education of young people both now and in the future. Turning to the trustees, this year, Helen Cooke joined Mel, Julia, Donna, Geraldine and myself on our Trustee Board. I am really pleased with the quality and capability of the Trustee Group and feel we have the right skills to maximise the opportunities that will present themselves over the coming years. I would like to thank the trustees for the support, time and help they give to me and the executive team, it is really appreciated. At the end of this year Rosie Connolly, an icon of the Enactus staff, decided to retire. Rosie undertook many roles in her 16 years at Enactus, but her impact was massive. Rosie will be really missed, but I wish her a long and enjoyable retirement. Finally, I would like to thank all those involved - the students, our business partners and their employees, our funders, our Enactus UK alumni and also the many individual mentors and university/school staff for the encouragement of the students. I would like to thank the Enactus UK executive team for their dedication. They may be small in number, but their impact is massive. Whatever we ask of them they respond positively with creativity, speed and always with a smile on their faces. You will find a summary of the very wide range of activities undertaken in 2024 by Enactus UK, in order to successfully deliver against our aims and objectives, within this report. ## **Robin Lassiter** ## **Chair** Enactus UK Trustee Annual Report 2024 4 ## **TRUSTEES’ REPORT** ## **Context** The United Nations Sustainable Development Goals (SDGs) provide the UK with a unique opportunity to eradicate poverty, reduce inequalities, combat catastrophic climate change and protect our natural environment by 2030. While there is an enormous amount to celebrate, the most vulnerable places and people in our society are increasingly being left behind. The social mobility gap is widening. We have a food system that struggles to provide healthy, sustainable, diverse diets for everyone in the UK. We have high and growing levels of obesity, and the highest levels of household food insecurity in Europe. Calories from healthy food consistently cost more than calories from unhealthy foods. And the wealthier you are, the higher portion of household income is assigned to consuming vegetables. This has a direct impact on health and wellbeing, with obesity and poor diet linked to key health issues including heart disease, diabetes and cancer. Poverty was once considered a concern of more ‘developing countries’ than the UK. Yet, recent public awareness highlights the significant issues of period poverty among young girls in the UK and the alarming fact that dental poverty is the primary reason for Accident & Emergency visits by under-ten-year-olds. Twenty-six percent of young people on free school meals, who live amongst us, will never fully participate in sports or the arts. As well as government, responsible business and social enterprise have a critical role in delivering the solutions and support to the above, and in so doing, aid the implementation of the SDGs. Some UK businesses and social enterprises have already positively responded to these challenges and the SDG agenda, recognising the economic opportunities as well as the environmental urgency. We work to engage businesses of all sizes to review how they can collaborate with and to develop the future generation of responsible leaders to address these challenges and meet the delivery of the SDGs in the UK, and to collaborate with others to address them. We call this environment Enactus – entrepreneurial action for the benefit of all of us. ## **Delivering our aims and objectives** Enactus is the UK’s leading and most established youth social action and youth social enterprise charity that works with young people across the UK to create meaningful sustainable impact to benefit people, planet and prosperity. Our mission in the UK is to grow the impact of a national network of more environmental and socially minded young responsible leaders who experience and learn from the practical action of transforming local communities and society through real-life social action and sustainable enterprise. Enactus UK is dedicated to creating a better world while developing the next generation of entrepreneurial young leaders and social innovators. The Enactus network of business, academic and young leaders are unified by our vision—to create a better, more sustainable world. At Enactus, we believe that investing in young leaders who take entrepreneurial action for others creates a better world for us all. Our students each year are entrepreneurial, values-driven social innovators from across 80 university campuses and schools, positively impacting the lives of people each year. Guided by educators and supported by business leaders, our young teams conduct needs assessments in their communities, identify potential solutions to complex issues and implement community impact projects. This results in communities benefiting from collaboration and fresh innovation, plus students gain valuable experience to advance their personal and professional lives. As in business, we believe that competition encourages innovation. For Enactus, this means more lives impacted every day. ## **“With a head for business and a heart for the world, we live our values of integrity, passion, innovation and collaboration.”** The charity aims to advance education and learning in business, commerce and entrepreneurship, with a particular focus on developing social enterprise. The charity aims to promote industry, commerce, and social enterprise which: - relieves poverty - enables employment - advances health - advances environmental protection - delivers sustainability This enables the advancement in life of young people through the provision and facilitation of support, training and development activities to deliver projects which develop their skills, capabilities, and leadership capacity. This helps them to participate in society as mature, responsible and socially conscious individuals. Enactus UK Trustee Annual Report 2024 6 ## **IMPACT REPORT** ## **Overview of the Enactus UK University Programme** Enactus UK succeeded in growing the programme of social impact and innovation in 2024. In terms of widening participation, the number of educational partners in Higher Education increased to over 80. The number of young people registered as active Enactus team members numbered over 4000 this year. Enactus UK invested nearly £40,000 in social enterprise projects in 2024. We look forward to further growth in both the number, and diversity of young people involved in 2025. Our network of over 4,000 students invested 400,000 hours of time, supported by over 350 business mentors, plus alumni and academic volunteers and mentors, who then delivered: - Over 200 social enterprise projects in the UK. - A measureable improvement in the livelihoods of local people impacting more than 10,000 beneficiaries ranging in age from 0 to 94 years old. - Projects impacting all 17 of the UN SDG’s. - 40+ physical engagement events. - A programme with 78% non-Russell Group universities and a 60:40 female to male participation Supporting evidence of the impact of the programme includes: - On average, Enactus team members are 10% more satisfied with their University experience than non-Enactus members. - Enactus changemakers consistently outperform their peers in top skills identified in the World Economic Forum report 'Future of Jobs' as benchmarked by Universum. - Enactus UK & Ireland participants are connected to a 350-strong network of business leaders, entrepreneurs, and other professionals who guide, advise and support through 1-2-1 mentoring and advice. Supporting testimonials include: ## **Impact On: Gitika Gidwani (Enactus BCU)** _“Enactus has truly transformed my life since I joined. I've witnessed first-hand the power of collaboration, innovation, and social entrepreneurship to create meaningful change in our communities. Enactus has not only provided me with invaluable leadership opportunities, but has also instilled in me a deep sense of purpose and passion for making a positive impact. I am forever grateful for the experiences, connections, and growth that Enactus has brought into my life, and I am proud to be a part of such an inspiring organisation.”_ ## **Coach Testimonial – Alicja Pietkun, SAP** Enactus UK Trustee Annual Report 2024 7 _“Becoming an Enactus Coach is an immense privilege, filled with passion and fulfillment. It's incredibly rewarding to support students in launching their social enterprises and creating spaces for others to do so to. Connecting with fellow coaches has been inspiring, as we share and support each other to empower the Enactus teams. Enactus holds a very special place in my heart — it's where I developed my skills as a student and now I get to hone them as a mentor.”_ Project Examples include: **Enactus Southampton - Wonky Bowl:** WonkyBowl is a social enterprise in Southampton making soup out of wonky/surplus vegetables. The soup is sold at a local convenience store and on the University Campus with surplus soup donated to local community organisations working with vulnerable groups affected by food insecurity. **Enactus Nottingham - Suit Up:** Suit Up tackles the significant underemployment of students with SEND by dismantling barriers to work. Through innovative approaches like their reverse careers fair and resources such as their Inclusive Employment Charter, they empower students with skills and confidence while supporting inclusive employers, fostering meaningful career opportunities for all. **Enactus Cardiff – Spiruflow:** Spiruflow redefines carbon capture by integrating Direct Air Capture (DAC) with an efficient algae photobioreactor system. Diverting captured CO ₂ to cultivate spirulina, a highly photosynthetic algae, Enactus Cardiff engineering students have developed an approach which surpasses traditional energy-intensive methods and even natural carbon sinks like trees in absorption capacity. This dual-action technology not only enhances air quality but also promotes urban greening, fostering smarter, more sustainable urban environments. ## **Overview of the schools programme - NextGenLeaders** ## **Our Programme in 2024 Impacted 18 Areas Identified as Social Mobility Cold Spots Across the UK and included:** - 25 local community projects delivered across 17 state schools, in collaboration with 32 community partners. - Support for 226 Changemakers from Year 7 upwards — 65% of whom meet defined vulnerability criteria, and 40% are eligible for Pupil Premium support. - Our programme reached a combined audience of 1,721,000 through social media, press coverage, newsletters, and our website. - An estimated 500 individuals were directly impacted by the 25 projects through NextGenLeaders. The broader reach of these projects by the individual project teams without directly impacting the beneficiaries was over 32,000. - Positive mentions in three Ofsted reports during the year. ## **Diversity & Representation** We are proud that our changemaker cohort reflects the diversity of the communities we serve. All broad UK ethnic groups were represented. ## **Our Projects:** Enactus UK Trustee Annual Report 2024 8 - Addressed **15 of 17 key UN SDGs** , with a particular focus on **Good Health** and **No Poverty** . - Tackled a broad range of social issues, including **gender equality** , **knife crime** , **food poverty** , and the protection of **declining bee populations** . - Received over **£1000** in grant funding. - Attended **3** NextGenLeaders events where they have been supported by over **60** external business professionals. Example of a news article: Sheffield Park Academy awarded for Community Project: Enactus UK Trustee Annual Report 2024 9 ## Supporting testimonials include: ## **School Staff Testimonials:** Students have engaged really well with the programme. They have shown so much commitment and enthusiasm to every aspect of the project and have really enjoyed working with the children who visited our school. They have had overwhelmingly positive feedback on what they have achieved so far and gained confidence from presenting their project at the celebration event. _Jo Sergeant, Airedale Academy_ The students have been pushed out of their comfort zone but have embraced the unique experiences that the Next Gen Leaders programme offers. The biggest win for me isn’t the trophies, it’s that these incredible young people recognise that Enactus UK Trustee Annual Report 2024 10 they’ve developed team-working skills, presentation skills, confidence, communication skills, resilience and the ability to balance priorities- their future applications are going to be amazing. _Lauren Llewelyn, Garforth School_ We are very proud of our students for their hard work on this project, both this year and in previous years. Their engagement in a social action project that improves and benefits our local community has been really impressive and this NextGenLeaders award is a brilliant testament to that. “I would like to thank the businesses that have already supported the students, especially Asda, and I look forward to seeing the project grow even more in the years to come. _Laura Booth, Sheffield Park Academy_ ## **Community Testimonial** It was fantastic to hear so many school groups with such positive projects and well thought out and practical approaches to identifying and tackling community problems. Never got chance to have a quick chat with your group from Sheffield who created the ‘Ask for Nik’ campaign, but I thought it was a really well thought out community approach to something that clearly had personal significance for members of their group, their school and wider community. The fact that they’d gone so far as to create the keychains etc. again showing a high level of thought around practicalities and awareness of an initiative that could be adopted in other areas. Really impressed 😊 _Matt Woodall, West Yorkshire Police_ Enactus UK Trustee Annual Report 2024 11 ## **GOVERNANCE** ## **Governing document** Enactus UK is a charitable company limited by guarantee (under company number 04358202), incorporated on 22[nd] January 2002 and registered as a charity on 9[th] January 2014 (under charity number 1155261). The charity is governed by its Articles of Association which established the objectives and powers of the charitable company. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. ## **Public benefit** The charity’s charitable purpose is enshrined in its objects which are for the public benefit: A) the advancement of education and learning in business, commerce and entrepreneurship with a particular focus on social enterprise; B) the promotion of industry, commerce and social enterprise which: 1) relieves poverty, - 2) relieves unemployment, - 3) advances health, 4) advances environmental protection or improvement and sustainable development; and C) the advancement in life of young people up to the age of 25 (and mature or graduate students enrolled in a programme of further, higher or post-graduate education) through the provision and facilitation of support, training and projects which develop their skills, capacities and capabilities to enable them to participate in society as mature, responsible and socially conscious individuals. The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit” in setting the charity’s objectives and carrying out its activities. The trustees ensure that the charity’s charitable purpose is carried out for the public benefit through planning and monitoring activities. ## **Charity Governance Code** The trustees are aware of the principles of the Charity Governance Code for smaller charities and regularly considers how to apply those principles in practice to its governance arrangements. The charity meets the key outcomes set out in the Code Enactus UK Trustee Annual Report 2024 12 and implements much of recommended practice set out in the Code. ## **Equality, Diversity and Inclusion** The trustees recognise why EDI is important for the charity and regularly assess the current level of understanding across the organisation. This includes thinking about and setting appropriate targets tailored to the charity, monitoring their status and ensuring the right level of transparency of the charity’s progress. Trustees understand their safeguarding responsibilities and have established appropriate procedures that are integrated with the risk management approach of the charity. This includes ensuring that everyone in contact with the charity knows how to speak up and raise concerns. ## **Recruitment and appointment of trustees** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of the Statement of Recommended Practices (SORP) ‘Accounting and Reporting by Charities’ the latest version of which was issued in October 2019. Under the requirements of the company’s articles the trustees are elected to serve for a period of three years after which they must be re-elected at the next Board Meeting. All the trustees give their time and expertise voluntarily and receive no remuneration or other benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts. The more traditional business and trust governance skills are represented on the Board. In an effort to maintain and develop this broad skill mix, trustees will be requested to provide a list of their skills (and update it each year) and in the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election to the Board. ## **Trustee induction and training** Where there is a requirement for a new trustee, this would be identified and the appointment made by the remaining trustees. The chair of the trustees is responsible for the induction of any new trustee, which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. Many trustees are already familiar with the practical work of the charity having been involved in activities such as the National Competition, and the training and mentoring of Enactus students and teams. Additionally, new trustees will be invited and encouraged to attend a series of short sessions to familiarise themselves with the charity and the context within which it Enactus UK Trustee Annual Report 2024 13 operates. These are jointly led by the Chair of the Board and the secretary of the charity. These cover: - the obligations of Board members - the main documents which set out the operational framework for the charity including the Memorandum and Articles - resourcing and the current financial position as set out in the latest published accounts - future plans and objectives An information pack will be provided drawing guidance from the various Charity Commission publications signposted through the Commission’s guide “the Essential Trustee” as a follow up to these sessions. This will be distributed to all new trustees along with the Memorandum and Articles and the latest financial statements. ## **Risks and risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. In accordance with the Charity Commission’s guidelines on risk management, with the assistance of management, the trustees oversee a risk register, outlining the potential financial, governance, operational, external and compliance risks the charity could face, weighing the likelihood and potential impact of each and the current and proposed actions required to mitigate those risks as appropriate. The register is reviewed regularly by the trustees, who are satisfied that systems are in place to mitigate identified risks to an acceptable level. In general, all necessary insurance covers are in place having recently been upgraded, and are reviewed as part of this risk management process. Internal control risks are minimised by the implementation of authorisations for all major transactions and projects. Measures are in place to ensure compliance with the health and safety of staff, volunteers, clients and visitors to Enactus activities in the UK. Where appropriate, further systems or procedures will be established to mitigate the risks the charity faces. Where significant risks to external funding arise a strategic plan which will allow for the diversification of funding and activities will be developed. The principal risks and uncertainties identified by the trustees for the charity are as follows: - Fundraising risk. - Liquidity and income risk. The measures taken by the charity to mitigate these risks are as follows. Enactus UK Trustee Annual Report 2024 14 _Fundraising risk._ This is the risk that the level or mix of unrestricted and restricted income is insufficient to maintain or expand our social mission and impact. Enactus UK Trading operates as a business-driven organisation governed by representatives of its corporate sponsors through strategic partnerships. Enactus UK Trading Ltd. has retained a pipeline of new sponsors to replace those lost in 2020 due to economic circumstances. The trustees are of the view that new revenue streams will come from target sponsors as a result of additional efforts in support of business development by the trustees and retained trading board members. _Liquidity and income risk._ Gross income streams can be volatile, whereas the underlying cost base, which is principally staff and associated costs, is relatively stable and recurring. The board seeks to maintain a prudent level of free reserve cover to cope with any fluctuations in income and thereby ensure running costs can be met and that charitable activities can continue to be delivered without significant disruption. The combination of different income streams of the Trading subsidiary and the charitable company is also a key part of the strategy to manage volatility in income streams as it provides cost synergies as well as complementary income streams. ## **Organisational structure** Enactus UK has a Board of a minimum of four trustees who meet at least three times a year and are responsible for the strategic direction and policies of the charity. The membership is currently made up from a variety of professional backgrounds relevant to the work of the charity. The company secretary also participates in meetings of the board, but has no voting rights. A scheme of delegation is in place and day to day responsibility for the provision of Enactus activity and services rests with the Chief Executive. The Chief Executive is responsible for ensuring the charity delivers the services specified and that key performance indicators are met. The Chief Operating Officer has responsibility for the day to day operational management of Enactus UK activities. The Chief Executive has responsibility for the supervision of all charity and trading company staff. ## **Related parties** The charity has a wholly-owned subsidiary, Enactus UK Trading Limited, which exists to carry out trading activities with a social purpose (social enterprise) in order to generate funds for the charity. The subsidiary is overseen by a Board of Directors appointed by the charity. ## **Responsibilities of the trustees** Enactus UK Trustee Annual Report 2024 15 Company law requires the board of trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charitable Company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing the following statements, the trustees have selected suitable accounting policies and then applied them consistently, made judgements and estimates that are reasonable and prudent; and prepared the statement on the going concern basis. ## **Membership of the trust board** Members of the Board, who are directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2. In accordance with company law, as the company’s directors, we certify that this report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ## **Remuneration policy** The trustees consider the board of trustees and the Chief Executive Officer to comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis. The salaries of the CEO and all staff are reviewed periodically and benchmarked against comparable salary levels for similar roles in similar-sized charities, and salaries are adjusted as appropriate. In other years, a cost-of-living increase was considered for eligible staff. ## **FINANCIAL REVIEW** ## **Overview** The Trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. 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 the major risks. Enactus UK Trustee Annual Report 2024 16 Principal funding sources The principal fvnding source for the charity in 2024 was ineome from Enactus UK Trading subsidiary and donations from foundations including one from the Big Lottery Community Fund. Ongoing engagement and discussions with charitable foundations is proving useful in identifying possible opportunities for a much wider range of funding for the future. Discussions with potential partners are also centered on the potential for contract income in the future. Investment policy Aside from retaining a prudent amount in accessible cash reserves each year, the trustees have decided to invest the remaining reserves in investment funds. Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least three- and six- month's expenditure of both the charity and the subsidiary. The trust*s consider that reserves at this level will ensure that, in the event of a significant drop in fvnding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintairied throughoLrt the year. Preparation of accounts on a going concern basis The trustees consider there are no material uncg.rtaintiÈs aboLrt the charity's abilty to continue as a going concem. The review of our financial position, reserves levels and future plans give trustees confidence that the chaiity remains a going con￿rn for the foreseeable fvture. The trustees have reviewed the guidance on charity financial reporting in the preparation of this trustee report. Plans for future periods As noted above, the charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed to work on a number of schemes to increase. the value and range of revenue streams. Approved by order of the Truste and signed on its behalf by: Name & Position: Date: L£ Enactus UK Trustee Annual Report 2024 17 Chawity reglstration number 1155261 Company registration number 04358202 (England and Wales) ENACTUS UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ENACTUS UK CONTENTS lThJepentsnt examiners rewrt Statement of finaThial adivibes Balan￿ sh￿1 Notes to the financial sL2tements 4-12 ENACTUS UK INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ENACTUS UK I rewi to the trustees on my e￿nInatiOn of financia statemats of Enacaus UK (the charity) for the year ended 31 December 2024. Responsibilltles and ￿1$ of report As the trustees of the d￿rity (and also ts directors for the Purposes of company law) you are resp)nsible for the preparation of the financial statements in accI￿&r￿e with the requiremwts of the Companies Act 21J06 (the 2006 Act). Having satisfied myself that the finar￿la1 statements of the rtharty are not required lo be au(rrted under Part 16 of the 2006 Act arKI are eligible for IntsperK￿ examination. I rewt in resped of my examination of the charity's financial statements carried (Krt under section 145 of the chariti.es Act 2011 (the 2011 Act). In carying out my examinats.on I have fL4lowed all the ap￿ble Direcliorks wen by the Ch*ity Commission urKler section 145{5){b) of the 2011 Independent examiners statement sin￿ the charitys gross inccrfne exceeded £250.000 y(wr examirw must be a member of a body listed in section 145 of the 2011 ACL I confinn that l am qualffied to undertake the examwHtK)n because l am a member of ICAEW. vthich is one of the listed bodies. I have completed my examination. l ￿nfirnl ihat malth have c£Jme to my attenlK)n in conneclK)n the examination giving me cause to believe that in any materia ￿pert accounting records were rK)t kept in respect of the charity as required by sedion 386 of the 201% Act" or the finanoal ststements do not accord *ith IfThe records. or the financial statements do not comF4y with fv ￿￿tir￿J requirements of section 396 of the 2006 Act other than any requirement that the aCc￿nts give a true and fair wew whith is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the statement of Recommended Pra￿1￿ for a(thwrfing and reporting by charities applicable to charities preparing their accounts in accordan￿ Financial Reporting Standard applicable in the UK and Rewblic of Ireland (FRS 102). I have no concems and have come across no dher matters in connectton with the examination to vh)ich attention shoukl be drawn in this report in txder to enable a proper understanding of the financial statements to Helen Tinsley FCCA Azets SL Davids Court Union Street Vknblverhampton V¥Èst Midlands WV13JE United Kingdom Dated: 28 Juty 2025 ENACTUS UK STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Total funts 2024 funds 2024 funds 2023 funds 2023 2023 Income from: Donations and legacie5 Charitable activit Investments 249.026 2.000 3.010 249.026 196,230 1,927 198.157 2.000 1,997 3.010 1,997 Total income 254.036 254.036 200.227 1,927 202,154 Ex ndiiure on: Charitable activit*s 250,527 250.527 222.680 Nèt incomel(expenditure) forthe yearf Net movement in funds 3,509 3.509 122.453) 1.927 (20.526) Fund balances at 1 January 2024 .015 1.927 407.942 428,468 428.468 Fund balances at 31 December 2024 409.524 1.927 411.451 4{￿,015 1.927 407.942 The statement of financial ￿l¥l￿e5 indudes al 9air6 losses recognised in year. l income arKI e>penditure derive from conlinuirwj xlivibes. The statement of financ1￿ adivilies aso comt&s vAlh the requirements for an income and expendiiure account under the Companies Act 20(￿. ENACTUS UK BALANCE SHEEr AS AT 31 DECEIIBER 2024 11 12 21.778 398.129 415,571 41&W7 417215 13 (8.45n (9274) 411.450 407.941 411.451 407.942 14 409.524 4￿,015 411.451 407.942 Mr R B ￿￿lter ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie5 Charity infonnalion Enaclus UK is a FYNate c￿￿panY limited by guarantee wK(¥wrated in ENJaNI IAÈles. The Tegistere(I Offi￿ls. 1.1 Accountlng conventlon The fjnancial statements have been prepwed in Ka)rda￿e with the chaiitys goveming document. the Companies Ad 2006 and 'AC￿untIng and Rep(¥lin9 by Charilie5: statem￿ of ReC￿lmended Practice applicable to chanties FKeparirvJ their acc¢)unts in accordance wth the Finaniial Rep(￿lIng Standard applicable in the UK and Rep￿￿1¢ of Ireland {FRS 102)" {as amended for accJ)unting periods commencing from 1 January 2016). The c*wrFty is a Pubk Benefit Entity as defi[￿d by FRS 102. The charty has taken adv￿ of the wovisiorts in the SORP for charities aTthwig FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Fl(Thvs. The financial statements are prepared in sterfirKJ. which is ts func￿ cwrency of the cha[￿Y. Monetary aMo￿ts in these ffir￿n￿al statsments are rounded to the nearest L The financial statements have been prepared ur¥Jer the hithcaj cost cc%wenll(￿. The prin(apal accounting pc4icies adopted are set out belvw. 12 Going concern At the time of approving the financial statemerts. ￿ tJustees have a reasonable exFecta1ion that the charty has adequate resou￿$ to conb.nue in existen￿ for the fixEseeat4e fErture. Thus the trustees conts.nue to adopt the ￿ng concem basis of acuJuntirMJ in FxBpatirKJ the financial ststements. 1J Charitable funds Unrestricted fvrKls are avalatrAe for at the th(¥ekn of the Itustees in f￿lheran￿ of their charitable objectives. Resiricted fwds are subpct to speufic cOnd￿.0￿S by thjnors as to how they may be used. The purposes and uses of the restricted furK15 are set out in the r￿leS to the finanrial statements. Endovment fvnds are to speuk c(Thfb"ons by d￿￿5 that the capiia must be maintained by the chaty. 1A Income Income ts recognised vh*n Ihe tharity is legally enlilled lo rt after any pthrnar￿e corKlitions have been met. the amounts can be measured reliaty. and it is wobable Ihat income WAI be recewed. of the donalion. unless [￿rforman￿ ClXKiilions req￿e deferral of the arn￿nt Income tsx recoverable in relatKJn to donats.ons re￿IVed under GrftAid or Ikeds of c(Nenart is reoyjntsed at the b.me of the dc￿11￿. Legacies are recognised receipt or othe￿￿Se rf the charity ha5 been notified of an impending distribu1K￿. the Jnount is known. receipt is expeded. If Ihe amount is not kno*m. the legacy is treated as a Grant income is recognised the ch￿lty is legally erditled to it after perf￿an￿ corKlit1￿$ have been mel. the amounts be measured reliabty. and it is Ihat income wll b8 received. ENACTUS UK NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continued) 1.5 Exponditure Expenses are induded in Ihe finan(aal ststements as tty beaxne due. Expenses indude VAT where applicable as the charity ￿1r4)t redaim IL Supwt and governan￿ costs are ttThe costs thal asgsl the th of the charity bui do not re[￿eSent charitabk adivibes. TW ￿e incwred direc* in SLVFth ofexpendbture on the objects of the tharity. 1.6 Fixed asset investM￿ts Fixed asset investments are initially measured at price exdudiThJ transadion costs, and a subsequenty measured at fair value at each date. Changes n fair vaue are recognised in net income1(eXw￿iture} year. Transacti(￿ costs are ex￿Sed as incurred. A subsidiary is an entity controlled by charity. C(xrtrol is the P(r￿eT to the ffinancial and operating pclicies of the entty so as to (thin beneffts from ts ac11￿e5. 1.7 Cash and cash equivalents Cash and cash equivalents indude cash in hand. depo&ts held at cal ￿1h b￿ks. other short-twm liquid investrnents with original maturities of three mcmths or less. arKI bank ovwdrafts. Bank overdrafts are shwi within borr(N￿ngS in cuffent Ik7￿"1￿1e$. 1.8 Financial instruments The chaiity has elec*ed to appty the provisions of Seth.¢￿ 11 'Basic Financial InstNments' and Sedion 12 'Other Finanaal Ins1nffn￿ Issues, of FRS 102 to all of its financial instrumen Financial instruments are recognised in the tharivs sheet kn the Ch￿ becomes party to the contractual pmwsions of the instrumenL Financial assets and liatH"IrtEs are offset. wrth Ihe nel amounts presented in the finanua statements. when there is a legally enforoable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and setlle the liabilty sinwllaneously. Basic financial assets Basic financial assets, thith indude debtors and cash and bank balan￿$. aTe initialty measured at transaction price including transaction costs and we subsequenty cattied at amorlised cost using the effecbve interest method urless the arrangemenl constitutes a ffinancing trartsaction, ￿there the transathon measured at the present value of the fijture r￿ipts thscowrted at a market rate of interesL Financial assets dassffied as receNable within one year are rK)t arnortised. Bawc financial l￿bIlitIeS Basic financial liabilities, indud1￿ credrtors and b￿k loans are initially recognised al transaction price unless the arrangement constitutes a firN8ncing transaction. vA￿e debt instrument is measured at the present value of the fuiure payments discounted at a market rate of interest Financial ￿bil￿"eS dassified as payable V￿1h1n one year are rbot amortised. Debt instruments are subsequenty carr*ed at anorlisgd cos( using the effedive interest rate method. Trade creditors are obligaiKms to pay for ￿dS or services that have been acquired in the ordinary course of oper*ions from suppliers. Amounts payable are dassified as current liakn"lth"es rf payment is due within one year or less. If not. they are presented as no[￿CUrte￿t liabilities. Trade credtiors are recoJnised initially at transaction price and subsequenty measured at aM(￿b"sed cost using the efteclive interest method. ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continued) Derncognition of financial liabilibes FinarKial liabmies are dereeA)gnised the Ch￿l￿S ￿r￿ractU￿ obligthns expire ￿ are discharged or 1.9 Ta￿tIOn 1.10 Employee beneffts The o)st of any urwsed entillemert is recognised in the pwi(MJ in ￿thIch thè employee's SeNi￿S are Termination benefits are recognised immed• as an expense vthen the thaity is dpxnonstrably committed to terminate the employment of an employee or to ￿￿0vide temination benefits. 1.11 Retirement beneffts Pa￿￿ents to defjned c(￿￿li￿￿10n retirement benefft scfMies are tharged as an expense as they fall due. 1.12 Foreign exchange Transadions in Gurrencies than pounds slerling ￿e recorded at the rdtes of ex¢hang8 prevailing at the dates of the transactions. At each reporting erKI date. monelary assets and habilittes that are denominated in fi)reiw currencies are retranslated at the rates wevaling on the reporting end date. Gains and losses arising on trdnslalion in the pewiod are induded in wofft or los& 1.13 Debtors and creditW5 receivable I payable within one year Debtors and credrtors wth no stated interest rate and r￿1Vable or payajle wilhin one year are recorded at Donations and legacies Total fvnds funds funds 2024 2023 2023 2023 Donations and gifts 249.026 1%.230 1,927 198,157 Charitable activilies Unrestricted Unrestricted funds funds 2024 2023 Other irthme ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Investments UnrestrKted Unrestricted funts funds 2024 2023 Interest r￿Nable 3,010 1.997 Charltable activities 2024 2023 188,328 9,496 10,503 5,679 147.430 14,823 8,287 766 22.857 TravellirKJ and meetings Programme delivery costs NextGen Leaders programme 11.496 225.502 194.163 Grant funding of activi1￿ (see ￿te 6) 15.695 18.588 Share of support costs (see rK>te T) Share of governan￿ costs (see note 7) 3.754 5.576 5.282 4,647 250.527 222.680 ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable 2024 2023 Grants to insbtutions (71 grarts) (2023- 68): Notlingham Trent University sheffi￿ UnIver￿ty lfjng's Cdlege London Aston Universty Liv• Universty BCU TU Dublin Reckitt York ScKrthampton B• R&Co Other Universthes (42) (2023- 27) grants less than £1.￿0 e RIA grants to Univer5iiies (O) (2023- 26) Grants to sth)ols (22) (2023- 9) 250 700 1,900 1,800 1,000 1.450 1,150 7.475 8.600 1,492 596 1,670 15,695 18,588 Support G05ts Support Governance osts 2024 Support Governance )5ts 2023 Exchange {gains)nosses Genwa admin costs Bank Charges (2,258) 5,833 179 (2.258) 5.833 179 393 4.724 165 393 4,724 165 5.576 5.576 4,647 4.647 3.754 5.576 9.330 5.282 4.647 9,929 Analysed between Charrtable a(*"vrties 3.754 9.330 5.282 4,647 9.929 Govemance costs indudes payments to the ￿)untants of £1.500 P02> £2,364) for independent examination fees, and £4,076 (2023- £2.283) olher seTvi Trustees None of the trustees (or any Ftrsons connected wilh them) receNed ary reThwneration during the year, and there were no reimbupsernents for expenses(2023- £118). ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthty nwnber Ofeffi￿ dwirwJ the was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries 167.149 11.043 10,136 127.475 12.571 7.384 Other pension costs 188,328 147.430 The number of employees ￿ annual re￿￿eral￿)n was m(Ke than £60,OfX) is as follows." 202A Number 2023 Number £60.001 to £70.000 10 Taxation The chanty is exempl fr¢)m tax on incorne and gains talirKJ wihin sects.on 505 of the Taxes Act 1988 OT section 252 of the Taxationof Cha￿l￿e Gains Act 1992 to Ihe extent that these are ¥Flied to its charitable objects. 11 Fixed asset investme• Other inveslments Cost or valuation At 1 January 2024 & 31 Decernber 2024 Carrying amount At 31 December 2024 At 31 De￿mber 2023 2024 2023 Other investrnerbts G￿npriSe.. Investments in subsidiaries 18 ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Debtors 2024 2023 Amounts falling due wilhin one year: Amounts owed by subsidiary urKlertakings Prepayments arKI ac(xued income 21.450 328 1.310 328 21,T18 1.638 13 Creditors: amounts falling due within one year 2024 2023 Other taxation arKI socia Se￿￿ty Other creditors 7.277 1,397 3.989 8,457 9.274 14 Restricted funds The income funts of the chanty ir￿ude restn.cted knds IX)rnpri￿ng the folkn%ing unexpended balances of donations and grants held on Iwst for purposes: )vement in fvnds Movement in funds Incoming Balance at r•sourt¢s 1 J•uary 2024 rnsources 31 D•cember 2024 1 J￿￿ary 2023 Enacius UK Ajumni 1.927 1.927 1.927 Purpose of Restricted Funds Enactus UKAlumni has tmvided funds lo coverfutLKe alumni associated activrties and costs. 15 Anatysis of net assets bet*Ten funts Total Unrestricted Restrlcted fijnds funds 2023 2023 Total funds 2024 funds 2024 2024 2023 FurMI balances at 31 De￿rnber 2024 ￿e represented by: Investments CTht assetsl(la)lilies) 409.523 1.927 411.450 406,014 1.927 407.941 409,524 1.927 411.451 4(￿,015 1,927 407,942 10- ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 MembeTr' liability The charity is limited by gjarantee. not havwlg a share capital and Ihe liability of the members is limited, subj.ect to an undertakirMJ by each member to ￿)ntrilxrte to the r*t assets or liabilities of the charity on winding up such amounts as maybe req￿red not exceeding £1. 11- ENACTUS UK NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Related paty transaclions Remunerdtion of key management personnel The remuneration of key man* personnel is as folhms. 2024 2023 Aggregate cornpmtion 80.400 65,650 During the year the chty entered into ts fo*Mir¥J transakn wth related parties: Durin9 the year the chanty recwved £2.000 {2023 £2.000) from EnaC￿S UK Tradirvj Limited, IES trading subsidiary, for ts use of namthgo. rights and data. During the year the charity received donations totalirtrj £23.846 from its tr￿ling subsidiary (2023: £niD. At 31 December 2024. Ihere was ￿ amount of £21.450 from EnaLtus UK Trading Limited to the ctrwty. (2023 £1.310). 18 Sub5idiariv5 Details of the thantys subsidiwies at 31 December 2024 are as follryws: Name of underiaking Registernd Nalure off business OIT Cknss of % Hekl shares held Dlrnct Indirect Enactus UK Trading Limited United lfjngdcffi TrainirKJ sp￿sO￿h1p No stkves 100.00 The aggregate ￿pItal and reserves and the restht for the year of subsmjiarvs exduded from consolidats.on as as follows: Name of undertaking Profftl{Lossl Caixtal and Reserves Enactus UK Trading Limiied 43.340 2279 12-