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**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. - 2 - 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 eX￿tion trom Ihe audit ￿]l￿reMent e4Jntained in section 477 of the Companies Act 20C#3. for the yoar ent￿ 31 Dprembw 20?.4 Th8 director5 *c*n(￿￿￿ge 1heir re5ponsit)ilth"es for eomplying wth the reqlareTT￿ts 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￿ finan￿al 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. - 4 - ## **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. - 5 - ## **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** - 6 - ## **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| - 7 - ## **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| - 8 - ## **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| - 9 - ## **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| |---|---| - 10 - ## **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| |---|---| - 11 - ## **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). - 12 - **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. - 13 -