2025 Enactus UK Ltd. Trustee Annual Report (Including Directors. Report) eirliiJCtUs enactus. LEADERS.
Reference & Administrative Details The following trustees have served throughout the period to which this report relates unless otherwise indicated.. Robin Lassiter Truslee Chair Andrew Bacon Secretary (Outgoing) Donna Miller Trustee Julia Dobson Trustee Helen Cooke Trustee Geraldine Burnett Trustee Dr. Mel Fuller Trustee Amy Brereton Secielary (Incoming) Registered Office: Enaetus UK, Ingenuity Centre,Triumph Road, Nottingham, NG7 2TU Independent Examiner: Azets, St David's Court, Union St,Wolverhampton WV13JE Bankers: HSBC Solicitors: Bates Wells, London Company Secretary (OLrtgoing): Andrew Bacon OBE Company Secretary (incoming): Amy Brereton Key Management Personnel: Amy Brereton (CEO), Charlie Lea (Director) Website: enactusuki.org Company Name: Enaclus UK Company Number: 04358202 Charity Number: 1155261 The trustees, who are directors for the purposes of company law, present the annual report logether with the financial statements of the charitable company for the period ended 31 St December 2025. Page I | Enactus UK Trustee Annuol R4)0rt 2025 enactus GEN
Chair's Foreword Welcome to our 2025 Impact Report. Among the talented leaders Andrew developed is Amy Brereton who was promoted to CEO in November 2025. Amy has made a superb start, and I look forward to seeing her unique, positive impact as she guides our charity forward. We have enjoyed another brilliant year, and l am incredibly proud of what our students, volunteers, sponsors, and executive team have achieved. Our data shows expanded reach and deeper impact across both our university and NextGenLeaders (NGL) schools programmes. By matching the energy of our students with the expertise of our corporale partners, we empower the next generation to lead responsibly, building genuine confidence and vital, employable skills. With Sincere Thanks My role is made much easier by the dedicated support, challenge. and enthusiasm of our Trustees, and I thank them sincerely. Finally, a massive thank you to everyone who drives this network forward.. our students, corporate partners, funders, alumni, and educational staff. l also want to share my gratitude for the Enactus UK executive team. Though small in number. their impact is massive, and they handle every challenge with creativity, speed. and warmth. Our work this year focused on three main areas.. The University Programme: We collaborated with corporate sponsors on new partner competitions, providing hands-on business mentoring and framework training from industry experts. NextGenLeaders (NGL): Operating in social mobility cold spots. this programme delivered fantaslic results. In 2025, over 86% of students mastered core leadership frameworks like ihe PIE model, giving them the confidence to lead within their communities. Research-Led Projects: We continue to refine how we measure impact. Our close partnership with York St John University explores key challenges youth education to shape future learning. Please enjoy this full summary of our achievements in 2025. Thank you for your continued support. Robin Lassiter Trustee Chair, Enactus UK To maximise our future impact, we launched two key initiatives in early 2026-. The Edge Course: Apartnership with Caterham School to develop a new entrepreneurship curriculum. Slrategic Review: A deep-dive evaluation of our strategy to ensure we deliver even greater value. We look forward to sharing our progress on these activities in our 2026 report. Atthe end of 2025.Andrew Bacon stepped down as CEO after l O years. I want to thank Andrew for his immense contribution. Under his tenure, we experienced our biggest growth. launched our schools programme, navigated ihe challenges of COVID-19, and celebrated Southampton University winning the Enactus World Cup in 2015. Andrew leaves a lasting legacy of which he should be immensely proud. Poge 2 1 Enoctus UK Trustee Annuol R*ort 2025
Our Purpose The skills to lead responsibly. The power to change the world. At Enactus, our"Why" is simple.. to be a force forgoodin the world by equipping the next generation with the skills to lead responsibly. We live in a time where the need for sustainable, compassionale solutions has never been more urgent. Across the UK, we see a widening gap where too many people are being left behind.. from a food system that leaves families facing the highest levels of insecurily in Europe, to the dental poverty that drives our children to A&E. These are far more than statistics- they are a call for a new kind of leadership. Al Enactus, we know that lackling complex socielal issues demands a new generation of leaders equipped with practical, transferable enterprise skills. We believe that.. Praclical Action is the Best Teacher: By applying an enterprise skillsel to real-world problems- f rom lackling period poverty to food insecurity- our changemakers move beyond theory and create real positive action. They develop the curiosity, creativity, critical thinking, and emotional intelligence necessary to drive change in an uncertain world. Empowerment through Agency: By mixing business discipline with social compassion, our participants gain the conf idence and agency to lead. They move from being byslanders to being active problem-solvers, proving that enterprise can be a powerful tool for social good. Leading with Purpose Al Enactus, our unique blend of commercial acumen with social responsibility nurtures a generation that views "success through the lens of positive impact. We are preparing the next generation to lead with integriiy and to innovate for the benefil of everyone. In each school, university, and research project we facilitate, our goal is to ensure that everyone we work with has a head for business, a heart for the world, and the skillset to lead us toward a more sustainable and inclusive future. P¢7ge 3 | Enactus UK Trustee Annuol Rtyort 2025 enactus GEN
At Enactus UK & Ireland, we recognise ihat the complex challenges facing our society cannot be solved by a single generation or through isolaled interventions. To drive lasting social and environmental change, we must cultivate Responsible Leadership at every level of professional development. This year, we have intentionally expanded our portfolio lo create a continuous leadership pipeline, working with schools, universities and graduate programmes. By moving beyond one-off intervenlions toward a structured, professionalised framework, we empower changemakers from Ihe classroom to the boardroom. Our multi-tiered approach ensures Ihal ethical decision-making. commercial acumen, and social compassion become instinclive trails in a leader's DNA, regardless of where they are in their careerjoumey. gni Ing ocia ion 00 Leadership development begins with Ihe spark of early agency. By introducing our pedagogy in schools, we empower participants to move from bystanders to active problem-solvers. This early intervention ensures a head for business and heart for the world is instilled long before further education, equipping individuals with the critical thinking and Confidence lo lead with purpose. Building Social Ventures (Universities) Our university network provides a practica, supportive environment where participants refine their skills through learning by doing. Using our project lifecycle, teams launch community impact projects that are both commercially viable and socially transformative. Beyond the projecls, interventions like the Career Catalyst series and Leadership Summits help develop the resilience and strategic integrity required for lifelong leadership. Leading for Life (Professionals) The Enactus journey evolves into a lifelong commitmenl to responsible business. We apply our proven pedagogy io Graduale Training Programmes, working wilh corporate partners lo embed our leadership framework within their professional cohorts. By training early<areer professionals to tackle business challenges with a social-impact lens, we ensure our "Changemakers for Life" drive systemic change from within the world's leading organisations. C•1•
"The power of our project-based learning is reflected in the scale and breadth of initiatives launched by Enactus teams across the UK and Ireland. From coast to coast, our students are tackling diverse challenges with entrepreneurial spirit.,
Impact Report: How we made a difference in 2025 We are incredibly proud of the impacl made across our entire nelwork in 2025. By moving beyond isolated interventions, we have successfully crealed a continuous responsible leadership pipeline. From the classroom to Ihe boardroom, we empower changemakers at every stage of theirjourney to drive lasting social and environmenlal change. IMPACT ON 100 5000 Education Partner$ Schools & niversitiesl 40+ Changemakers ity Building nterventions PACT THROUGhi 17k 50+ Llves Improved Social-lm Proje 1S,,QJs Uni ue Businès8 edunteers 30 Corporate & Philanthropic Partners Seed Funding Gramed From mtothe ardroom, we empo changemakers at every stage o their journey to drive lasting social and environmental change.
The Enactus programme operates as a powerful, transformative ecosystem designed to connect the dynamic passion of the studenl body wilh the stralegic expertise of corporate business. By combining experiential learning, structured mentorship, and nalional platforms, Enactus equips next-generation leaders with the tools needed to practise responsible leadership. Through targeted training inteNentions, universiiy enterprise development. and corporate accelerator programmes, Ihe initiative consistenily bridges the gap between academic theory and real-world ethical execution. Throughout 2025, Enactus facilitated aclivities in more than 80 universities, cultivating responsible leadership frameworks across a footprint of 5000+ student engagements. Developing Core ResponsTble Leadership Skills The programme drives measurable growth across key personal, professional, and elhical competencies, preparing participants to enler the workforce as purpose-driven leaders.. Systemic Problem-solving & Root-cause Analysis: During the 2025 Regional Impact Accelerators, students. capability to identify, unpack. and solve project challenges using the 5 Whys root-cause analysis framework rose to 93.44% (previously 44.889.). This shifts student approaches away from addressing surface-level symptoms and toward designing sustainable, long-lerm interventions. Straiegic Project Management: Students demonstrated massive literacy gains in Iranslating vague ideas inlo structured execution plans. After participating in the IEEC Hackathon, 94.12% of sludents built high confidence in mapping clear, sustainable project blueprints and applying a rigorous Theory of Change model to measure output performance. Buslness Acumen wlth Deep Empathy Collaborative platforms like the Ford Mobiliiy Accelerator proved thal lomorrow's executives can successfully balance market-driven thinking wilh social awareness. Post-programme evaluations revealed that 100% of participanls demonstrated strong proficiency in creative problem-solving, while 94 /0 exhibited high conf idence in empathy. Commercial Slralegy & Stakeholder Collaboration Through targeted regional sessions, 87.70°ts of students mastered the ability lo map, approach, and secure external corporate partners, while 86.06% successfully developed the fiscal skills to identify both commercial and charilable revenue streams to diversify their projecl funding.
Project Spotlight Spiruflow Enactus Cardiff Spiruflow is a pioneering climate action venture that pushes the boundaries of ecological engineering by combining a direct air carbon-capture fan system with an innovative algae photobioreactor. The project utilises the high photosynthetic power of cyanobacteria to actively remove C02 from the atmosphere. By seamlessly bridging the gap between mechanical engineering and microbiology, the team has managed to develop a compact, urban-friendly system that delivers the carbon absorption capacity of 100 trees. Driven by a core belief in public engagement, the Spiruflow team also dedicates significant time to local community outreach. They regularly deliver workshops in schools to educate the next generation on climate change, while actively working to break down barriers in STEM by inspiring young girls from diverse backgrounds to pursue environmental engineering and science. I ,v,bLI
nactus has sha edmeas eve ope eadership and adaptability, as well as a real sense of responsibility. I believe the personal transformation is a huge part of what makes this so powerful, and it taught me to lead with intention and empathy.
Spotlight On: NextGenLeaders The NextGenLeaders (NGL) programme is a vital community initiative that empowers school-aged students to become active leaders in their local areas. Operating across 12 social mobility cold spots in the UK, the programme provides young people with the space, resources, and confidence to explore local issues and f ind the value in their own voices. In 2025, we engaged 14 schools and supported 195 young changemakers- 64.4% of whom met recognised vulnerabiliiy criteria and 41.4% were eligible for Pupil Premium- ensuring our support reached the studenls who would benefit most. Through hands-on learning, these students transformed from passive leamers into confident problem solvers. Supported by £3,450 in grant funding, our cohorts designed and delivered 26 student-led community projects, building their personal capacity for self-help and future success. The 2025 curriculum focused on developing practical, real-world skills: Teamwork and Leadership: Across 3 regional events, studenls collaboraled lo manage group dynamics, listen to different perspeclives, and figure out how to overcome project hurdles together. Project Planning and Budgeting.. Students gained great hands-on experience by turning their initial ideas into actionable plans. They learned how to pitch for funding and manage a real budget to bring Iheir projects to life. Communication and Confidence: Sharing their ideas wilh external audiences and business leaders allowed students to step out of their comfort zones, dramatically improving their public speaking and communication skills. TtilAITY HOUSE HULL S1Ls
NextGenLeaders Impact Data Real-world Connections: The programme opened doors to the working world, giving 86.3% of students the opportunily to meet and learn from professionals and volunteers. Learning to Work Togeiher: Designing these projects gave students a praclical lesson in teamwork, with 78.4% sharing that it improved their ability to collaborale wilh people from different backgrounds. Skills and Career Confidence: The focus on capability building delivered clear resulis, leaving 78.4% of participanls with a better understanding of the skills needed for their future. and 62.7% feeling more conf ident aboul their career paths. Community Insight: The local focus of the projects buill a genuine civic connection, helping 70.6% of students gain a deeper understanding of their own community while bringing their ideas to life. Belief in Personal Agency: Al the start of the year, 69.5% of students believed they could make a positive difference in their school or neighbourhood, rising lo 76.5% by the end of the programme. Boost to School Confidence: The benefits of the programme reached directly into Ihe classroom. with 58.8% of students stating that their confidence in their everyday schoolwork and lessons changed forthe better. Page I I l Enoctus UK TnJstee Annual Report 2025 enactus GEN
Project Spotlight Ask for Nik, Sheffield Park (NextGenLeaders) The "Ask for Nik" campaign focuses on community safety by making it significantly easier for young people to access immediate help and find a safe haven when out in public. Designed and executed entirely by an agile group of young changemakers, the initiative establishes a proactive network of support within the local community. At its heart, the campaign creates a discreet, easily recognisable system where young people in distress can enter participating public venues and use the phrase Ask for Nik" to instantly secure a safe space or immediate assistance. The student team successfully generated strong local traction, securing active partnership and buy-in from neighbourhood businesses and community leaders who volunteered to act as safe hubs. This impactful launch demonstrated exceptional strategic planning and public engagement, earning the team the prestigious Overall Winner's Prize at a NextGenLeaders regional event. Il F;.U
'Ii Il. 'It h everywhere, and memories that will last for a lifetime" Changemaker 2025 me
Spotlight On: Meaningful Volunteering A defining pillar of the Enactus experience is its robust network of corporate coaches and industry judges. Across the 2025 campaign, corporate partners contributed hundreds of dedicated volunteering hours, through our established programmes such as Coaching41mpact and Rise menloring, that champion leadership development for both students and professionals= Communication & Influence: Via initiatives like Ihe November Coaching Clinics and Coaching41mpact, 96*0 of sludents reported that active engagement with corporate mentors significantly improved their ability to communicate complex. high-impact business slrategies to external stakeholders. Coaching-Led Leadership for Professionals: Corporale volunteers from organisations like SAP, KPMG, and British Airways report that mentoring Enaclus teams refines their internal leadership competencies. Coaches consistently note thal the experience reinforces the value of active listening, patience, and cross-funclional collaboration back within their own corporate environments. Pat Enterprise obility ever "For me, mentoring has always been about watchuux0untee flourish following any mentor meeting. We discussed howAlba (mymentee) had an upcoming Women Networking meeting, andhow she was verynervous. I spoke to her about how to approach the situation and how to feel confident holding conversations with strangers. I was so pleased to hear that she had a positive experience and has made some future connections through this event." -1 love the Enactus programme,. itis such a powerful way 0£10g the dynamic passion of the student body with the knowledge and capability of big business to challenge the social, environmentaland economic issues of the world today.. I come back to my own role with a renewed energy, inspirèd to do better."
Governing Document Enactus UK is a charitable company limited by guarantee (Company No.. 04358202), incorporated on 22nd January 2002 and registered as a charity on 9th January 2014 (Chariiy No: 1155261). The charity is governed by its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. Public Benef it Our charitable purpose is at the heart of everything we do, and our activtties are designed specifically to deliver public benefit: Advancing Educalion: The advancement of education and learning in business, commerce and entrepreneurship with a particular focus on social enterprise,. Driving Social Change: The promotion of industry, commerce and social enterprises that actively work to relieve poverty and unemployment, advance health, and champion environmental protection and sustainabiif(y. Empowering Young People: The advancement in life of young people up to the age of 25 (and mature or graduate studenls enrolled in a programme of further, higher or post-graduate educalion) through the provision and facililation of support, Iraining and projects which develop Iheir skills, capacities and capabilities to enable them lo participate in society as malure, responsible and socially conscious individuals. The Trustees Confirm that they have due regard to Ihe Charity Commission's general guidance on public benefit, "Charities and Public Benefit," in selting the charity's objeclives and carrying out its activities. The Trustees ensure Ihat the charily's purpose is carried out for the public benef it through consistent planning and moniloring. Charity Governance Code The Trustees are aware of the principles of the Charity Governance Code for smaller charities and regularly consider how lo apply those principles in praclice to its governance arrangements. The charity meets the key outcomes set out in the Code and implements much ofthe recommended practice. Equality, Diversity, and Inclusion (EDI) 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 appropriale targets tailored to the charity, monitoring their status, and ensuring the righl level of transparency of the charity's progress. Page 15 1 Enactus UK Trnstee Annual Report 2025 enactus GEN
Safeguarding Trustees understand Iheir safeguarding responsibilities and have established appropriate procedures that are integrated with the risk management approach of the charity. This includes ensuring that everyone in contacl with the charily knows how to speak up and raise concerns. Recruitment and Appointment of Trustees The Trustees, who are also direclors ofthe charity forthe purposes ofthe Companies Act 2006, present their report and the financial statements for the year ended 31 st December 2025. The f inancial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply wilh the charily's governing document, the Companies Act 2006, and the Statement of Recommended Praclice (SORP) (second edition - effective l January 2019). Term of Office: Under the requirements ofthe company's Articles, Trustees are elected to serve for a period of three years, after which they must be reelected. Skills and Remuneralion: All Trustees give their time and expertise voluntarily and receive no remuneration or other benefits. A skills audil is conducled annually to ensure a broad mix of expertise is represented on the Board. Trustee Recruitment, Induction & Training The Chair of Trustees oversees the induction process to ensure new board members understand their legal obligalions, the charity's history, administrative procedures, and its core philosophy. To support their transition.. Practical Familiarily: Many trustees are already well-versed in the charity's operalions through prior involvement in mentoring students and attending evenls like the National Competition. Briefing Sessions: New trustees attend a series of short briefings jointly led by the Chair and Secretary. These sessions cover board obligations, future objectives, the financial posilion, and the operational framework set out in the Memorandum and Articles. Induction Pack: Following these briefings, new trustees receive an informalion pack containing the Memorandum and Articles, the latest financial statements, and Charity Commission guidance from The Essential Trustee Beyond the formal brief ings, new Trustees are encouraged to attend our interventions and events, such as the National Expo. This allows them to witness our changemakers enterprise in action f irsthand, facilitating a direct connection between board-level governance and the sludents, social impact. Furthermore, Ihe Board is committed to ongoing development- Trustees are invited to attend periodic training sessions lo keep their skills current and to familiarise themselves with the evolving context within which Ihe charity operates. Poge 16 1 Enoctus UK Trustee Annual Report 2025 enactus GEN
Risks and Risk Management The Trustees hold the primary duty to identify and review the risks to which the eharily is exposed, ensuring that robust controls are in place to provide reasonable assurance against fraud and error. In aeeordance with the Charity Commission's guidelines, and with the assistance of management, the Trustees oversee a comprehensive risk register. This outlines potenlial financial, governance, operational, external, and compliance risks, weighing the likelihood and potential impact of each alongside the aclions required to mitigate them. The Trustees review this register regularly and are satisfied that systems are in place to mitigate identified risks to an acceptable level. Controls and Compliance: Internal control risks are minimised by the implementation of formal authorisations for all major transactions and projects. Measures are also in place to ensure compliance with the health and safety of staff, volunteers, beneficiaries, and visitors to Enactus activities in the UK. All necessary insurance Covers are in place, having recently been upgraded, and are reviewed annually as part of our risk management process. Straiegic Resilience: Where significant risks to exlernal funding arise, we develop strategic plans focused on ihe diversification of both our funding streams and our core activities. Principal Risks and Uncertainties The Trustees have identified the following principal risks and have established clear measures lo mitigate them.. l . Fundraising Risk: This is the risk thal the level or mix of unrestricted and restricted income is insuff icient to maintain or expand our social mission and impact. Mltigation: Enactus UK Trading operates as a business-driven organisation governed by representalives of our corporate sponsors through stralegic partnerships. Our trading subsidiary has retained a strong pipeline of new sponsors. The Trustees believe that new revenue streams will be secured from target sponsors through the continued business development efforts of both the Truslees and the trading board members. 2.Liquidity and Income Risk". Gross income streams can be volatile, whereas the underlying cost base- principally staff and associated costs - is relatively stable and recurring. Mitigalion: The Board maintains a prudent level of free reserve cover to manage flucluations in income. This ensures that running costs can be met and charitable activilies delivered without significant disruption. Furthermore, combining the diverse income streams of the Trading subsidiary and the charitable company provides cost synergies and complemenlary revenue, which is a key part of our strategy to manage income volatility. P¢7ge 17 1 En0rtUs UK Trustee Annuol Report 2025 enactus GEN
Organisational Structure Enactus UK is governed by a Board of Trustees (comprising at least four members} who meet at least three limes a year. The Board is responsible for the charity's long-term strategic direction, financial health. and the approval of overarching policies. Membership is drawn f rom diverse professional backgrounds, ensuring a robust mix of commercial, academic, and third-seclor expertise. The Company Secretary attends all Board meetings to ensure governance compliance but holds no voting rights. Scheme of Delegation: While the Board provides slralegic oversighi, day-to-day responsibility for Enactus activity and service delivery rests with the Chief Executive. The Chief Executive is responsible for ensuring the charity meels its key performance indicators (KPIS) and supervises all staff. Alongside the other members of the Senior Leadership Team (SLT), they hold responsibility for Ihe daily operational management of our programmes and activities. Related Parties: Our organisational structure includes a wholly-owned subsidiary, Enactus UK Trading Limited. This social enterprise exists to manage our corporate partnerships and commercial activities. The subsidiary is governed by its own Board of Directors, appointed by the charity's Trustees, ensuring that all trading activities remain aligned with our sooial mission. All distributable profits from the trading company are gifted back to the charity, providing a vital and sustainable income stream to fund our work with young changemakers. Remuneration Policy The Truslees consider Ihe Board of Trustees and ihe Chief Executive Officer to comprise the key management personnel. Salaries are reviewed periodically and benchmarked against comparable roles in similar-sized charities to ensure fair and appropriate remuneration. Responsibilities of the Trustees Company law requires the Board of Trustees to prepare financial statements for each f inancial year which give a true and fair view of the state of the affairs of the charitable company. In preparing these statements, the Trustees have- Selected suitable accounting policies and applied them consistently. Madejudgements and estimates that are reasonable and prudent. Prepared the statements on the going concern basis. Membership of the Trust Board and Certification The members of Ihe Board who setved during ihe year and up to the date of this report are set oul 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 io small companies. Page 18 1 EnartU5 UK Trustee AF7nuol Report 2025 enactus
Financial Review Overview The Trustees present their report and financial statements for the year ended 31 st December 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with Ihe charity s governing document, the Companies Act 2006, and the Statement of Recommended Praclice (SORP) (second edition - effective 1 January 2019). In shaping our objectives and planning our activities, the Trustees have paid due regard to the guidance issued by the Charity Commission on public benefit. Furthermore, Ihe Board has assessed the major risks to which the charity is exposed and is satisfied thal robust systems are in place to mitigate exposure to these risks. Principal Funding Sources The charity's work is made possible primarily through the generosity of our philanthropic partners and charitable foundalions. These donations constitute our main source of funding and are fundamental lo the delivery of our mission. The principal funding source for the charity in 2025 was donations from foundations including the SAP Community Foundalion and Sodexo Slop Hunger Foundation. Our ongoing engagement with a wide range of foundations and individual philanlhropists is proving vital in identifying opportunities to diversify our income base. Furthermore, we are actively exploring the potential for contract income Ihrough strategie partnerships to ensure a more resilient and multi- streamed f inancial model for the future. Page 19 1 EnactU5 UK Trustee knnuol Report 2025 enactus GEN
Investment Policy To onsLJrp. long-tem SLJStainability. the Tnjstees havp. adoptod a balanep.d invg.tmpnt apprnap.h. A.qidp froim retainiiig a piudent amount iii accessible ¥asli selveS to iiieel iiiiiliediate oyei¢Jlioiiil1 Iivvdb, tlie Trustees have decided to invesl surplus reserves in diversified investment funds. This policy is reviewed annually to ensure it aligns with our risk appetite and charitable objectives. Reserves Policy The Board defines 'reserves' as unrestricted funds that are freely available to spend on the charily's core purposes. The Board maintains a policy that thege unregtricted funds ghould be held at a level équivalènl to between three and six months, expenditure for both the charity and its trading subsidiary. The Trusteps ponsider this Ipvpl of rp.p.rvpq pq.qpntial tn pmvidp. A qafpty npt- in thp. pvpnt of a significant drop In fundlng, li allows ihe charlty to contlnue Its core activitles whlle new revenue streams are secured. The exact level of free reserves held at the yearend is fully Consistent with the figures presented in the accompanying accounts, matching our inlernal target and ensuring that the charity operates with a secure fiiiaiicial buffer to support Our UPGoming stiategiG phases. No funds or subsidiary undertokin9 are materially in deficit at this time. Preparation of Accounts on a Going Concern Basis The Tnjstees have reviewed the charity's financial postiion, reserve levels, and fLrture plans. We confirm that there are no materlal uncertainties about the charity's ability to continue as a going concern for the foreseeable future. The Truslees have followed the latest guidance on charity financial reporting in the piep<iialioii vf tliib ieport. Plans for future periods As noted above. the charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding aangernents. Plans are also being developed lo work on a number of schemes to increase the value and range of revenue streams. Approved by order of the Trustees and signed on its behalf by: Signature: Name: Role.. Date.. Paz¢ 20 1 Enucws UK Trustee knftuol Report 2025 enactus
Charity registration number 1155261 (England and Wales) Company registration number 04358202
ENACTUS UK
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ENACTUS UK
CONTENTS
| Page | |
|---|---|
| Independent examiner's report | 1 |
| Statement of financial activities | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 4 - 13 |
ENACTUS UK
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ENACTUS UK
I report to the trustees on my examination of the financial statements of Enactus UK (the charity) for the year ended 31 December 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Helen Tinsley FCCA Azets
St. Davids Court Union Street Wolverhampton West Midlands WV1 3JE United Kingdom
Dated: 18 August 2026
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ENACTUS UK
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 2 241,675 - Charitable activities 3 2,000 - Investments 4 5,672 - Total income 249,347 - Expenditure on: Charitable activities 5 293,422 - Total expenditure 293,422 - Net income/(expenditure) and movement in funds (44,075) - Reconciliation of funds: Fund balances at 1 January 2025 409,524 1,927 Fund balances at 31 December 2025 365,449 1,927 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 241,675 249,026 - 2,000 2,000 - 5,672 3,010 - 249,347 254,036 - 293,422 250,527 - 293,422 250,527 - (44,075) 3,509 - 411,451 406,015 1,927 367,376 409,524 1,927 |
Total 2024 £ 249,026 2,000 3,010 |
|---|---|---|
| 254,036 250,527 |
||
| 250,527 | ||
| 3,509 407,942 |
||
| 411,451 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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ENACTUS UK BALANCE SHEET AS AT 31 DECEMBER 2025 2Q25 2024 Flxed assets Investments Debtors Cash at bank and in hand 12 49,2CN) 325,311 21.778 398.129 374.511 419.907 Credltors: mount8 fAlllnB du• wlthln onp year (1.135) 18.457) 307,370 411.450 Total ass•t• less lT•nt Il#bllltr• 367,376 411,451 Nna$ ot the cnarlty Restn'cted income funds Unrestridwj funds 15 1.W27 365.449 1,927 409.524 367,370 411,451 The ojmpany 15 entitled to the eXtion trom Ihe audit ]lreMent e4Jntained in section 477 of the Companies Act 20C#3. for the yoar ent 31 Dprembw 20?.4 Th8 director5 cn(ge 1heir re5ponsit)ilth"es for eomplying wth the reqlareTTts of Ihè Companies Act 2¢XJ6 wlth rospaet to aceountir¥J reo)rds and the preparation ofllnancAal slatements. Thè mèmb8rs have not required the rmipany to obtain an audit of its financaal statem8nts for thè year in quesb.on in ac££Jrdonr wth seGlJ"on 476. The finanal statcmcnts have been prépared in ae4)ordance the provi6ions applioable to wmpanics bi¢ lo Ihe Small tJJ¥ripaiiieb ieyiTIiE. Thg financial ststemants were ap by thelrustee5 on 18Augu5t 2026 Mr R 8 Lassiter Trustee Company registrat# number 04358202 {EnglafKI and les)
ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
Charity information
Enactus UK is a private company limited by guarantee incorporated in England and Wales. The registered office is Office 17, Ingenuity Centre, Innovation Park, University of Nottingham, Triumph Road, Nottingham, NG7 2TU, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Grant income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenses are included in the financial statements as they become due.
Expenses include VAT where applicable as the charity cannot reclaim it.
Support and governance costs are those costs that assist the work of the charity but do not represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Taxation
The charity is exempt from corporation tax on its charitable activities.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.13 Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 241,675 | 249,026 |
| Income from charitable activities | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Other Income | ||
| Other income | 2,000 | 2,000 |
3 Income from charitable activities
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
4 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 5,672 | 3,010 | |
| 5 | Expenditure on charitable activities | ||
| Charitable | Charitable | ||
| Activities | Activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 190,705 | 188,328 | |
| Enactus worldwide fees | 9,105 | 9,496 | |
| Travelling and meetings | 8,287 | 10,503 | |
| Progreamme delivery costs | 9,101 | 5,679 | |
| NextGen Leaders programme | 15,773 | - | |
| Staff recruitment costs | - | 11,496 | |
| 232,971 | 225,502 | ||
| Grant funding of activities (see note 6) | 48,268 | 15,695 | |
| Share of support and governance costs (see note 7) | |||
| Support | 5,791 | 3,754 | |
| Governance | 6,392 | 5,576 | |
| 293,422 | 250,527 | ||
| Analysis by fund | |||
| Unrestricted funds | 293,422 | 250,527 |
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
6 Grants payable
| Grants to institutions (75 grants): Nottingham Sodexo - A4I Surrey SAP A4I King's College London Abi Way Spark winner Cardiff R&Co EIB Passthrough Funds BCU TU Dublin Reckitt York Southampton Bentley R&Co Other Universities (43) (2024 - 42) grants less than £1,000 each Durham AWA Pass Grants to schools (0) (2024 - 22) Enactus TUD |
2025 £ 3,500 2,044 1,000 - 1,000 4,082 8,600 - - - 3,500 - 21,394 2,148 - 1,000 48,268 |
2024 £ 250 - - 700 - - - 1,000 1,000 1,450 1,000 1,150 7,475 - 1,670 |
|---|---|---|
| 15,695 |
7 Support costs allocated to activities
| Charitable | Charitable | |
|---|---|---|
| Activities | Activities | |
| 2025 | 2024 | |
| £ | £ | |
| General admin costs | 5,707 | 5,833 |
| Exchange losses/(gains) | - | (2,258) |
| Bank charges | 84 | 179 |
| Governance | 6,392 | 5,576 |
| 12,183 | 9,330 | |
| 2025 | 2024 | |
| Governance costs comprise: | £ | £ |
| Accountancy | 6,392 | 5,576 |
| 6,392 | 5,576 |
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
| 8 | Net movement in funds | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Exchange losses/(gains) | - | (2,258) | |
| Fees payable to the charity's independent examiner: | |||
| - for the independent examination of the charity's financial statements | 2,880 | 1,500 | |
| - for other financial services | 3,512 | 4,076 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, and there were no reimbursements for expenses (2024 - nil).
10 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Social security costs Other pension costs |
2025 Number 6 2025 £ 172,122 10,021 8,562 190,705 |
2024 Number 6 |
|---|---|---|
| 2024 £ 167,149 11,043 10,136 |
||
| 188,328 |
| The number of employees whose annual remuneration was more than £60,000 | ||
|---|---|---|
| is as follows: | ||
| 2025 | 2024 | |
| Number | Number | |
| £60,001 to £70,000 | - | 1 |
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
11 Fixed asset investments
| Cost or valuation At 1 January 2025 Reclassification At 31 December 2025 Carrying amount At 31 December 2025 At 31 December 2024 Other investments comprise: Notes Investments in subsidiaries 20 12 Debtors Amounts falling due within one year: Trade debtors Amounts owed by subsidiary undertakings Prepayments and accrued income 13 Creditors: amounts falling due within one year Other taxation and social security Amounts owed to subsidiary undertakings Other creditors Accruals and deferred income 14 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
Other investments £ 1 (1) - - 1 2025 2024 £ £ - 1 2025 2024 £ £ 49,200 - - 21,450 - 328 49,200 21,778 2025 2024 £ £ 2,904 3,868 2,396 - 1,026 3,989 809 600 7,135 8,457 2025 2024 £ £ 8,562 10,136 |
|---|---|
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
14 Retirement benefit schemes
(Continued)
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement in | Movement | |||||
|---|---|---|---|---|---|---|
| funds | in funds | |||||
| Balance at | Incoming | Balance at | Incoming | Balance at | ||
| 1 | January 2024 | resources | 1 January 2025 | resources | 31 December | |
| 2025 | ||||||
| £ | £ | £ | £ | £ | ||
| Enactus UK Alumni | 1,927 | - | 1,927 | - | 1,927 |
Purpose of Restricted Funds
Enactus UK Alumni has provided funds to cover future alumni associated activities and costs.
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
January 2025 Incoming resources Resources expended At 31 December 2025 £ £ £ £ 409,524 249,347 (293,422) 365,449 January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 406,015 254,036 (250,527) 409,524 |
|---|---|
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ENACTUS UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
17 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 December 2025: Current assets/(liabilities) 365,449 1,927 365,449 1,927 Unrestricted Restricted funds funds 2024 2024 £ £ At 31 December 2024: Investments 1 - Current assets/(liabilities) 409,523 1,927 409,524 1,927 |
Total 2025 £ 367,376 |
|---|---|
| 367,376 | |
| Total 2024 £ 1 411,450 |
|
| 411,451 |
18 Members' liability
The charity is limited by guarantee, not having a share capital and consequently the liability of the members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the charity on winding up such amounts as maybe required not exceeding £1.
19 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
During the year the charity received £2,000 (2024 £2,000) from Enactus UK Trading Limited, its trading subsidiary, for the use of name/logo, rights and data.
During the year the charity received no donations from its trading subsidiary (2024: £23,846).
At 31 December 2025, there was an amount of £2,396 due to Enactus UK Trading Limited (2024: £21,450 due from Enactus UK Trading Ltd).
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
ENACTUS UK
20 Subsidiaries
These financial statements are separate charity financial statements for Enactus UK.
Details of the charity's subsidiaries at 31 December 2025 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Enactus UK Trading Limited | United Kingdom | Training and Sponsorship | No shares | 100.00 |
| issued |
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
| Name of undertaking | Profit/(Loss) | Capital and |
|---|---|---|
| Reserves | ||
| £ | £ | |
| Enactus UK Trading Limited | (24,819) | (22,540) |
21 Contingent liability
In the event of the subsidiary company Enactus UK Trading Limited being wound up, the charity has guaranteed a payment of £1. There is currently no expectation of winding up the subsidiary company.
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