2025-03-31-accounts

The Alan Turing Institute Annual Report 2024-25

Annual Report 2024-25 Section 1 Highlights of the year Section 2 Trustees’ and strategic report Section 3 Financial statements

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Section 1

1.1	Chair’s report		4
1.2	CEO's report		6
1.3	Case studies		8
1.4	Our science and innovation		13

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Section 1.1

Chair’s report

This year’s annual report provides an overview of our newly focused science and innovation programme which aims to strengthen UK success and resilience in a changing world.

It builds on a significant organisational transformation which will see us focus on a smaller number of projects with the potential for greater impact, in order to realise our full potential as the national institute.

The fields of data science and AI are diverse and fast-moving. These technologies, developed and deployed ethically and responsibly, have huge potential to grow economies, modernise public services, improve lives and defend our country from hostile threats.

At the start of 2025, the Government published an ambitious AI Opportunities Action Plan to harness the benefits of AI and later in the year challenged the Turing to step up our work on defence, national security and sovereign capabilities. We are proud to play our part at this critical time of national opportunity and need.

We will do this through a science and innovation portfolio focused on the delivery of specialist capabilities – working with partners who have deep domain knowledge and unique, secure or sensitive datasets – to bridge the gap between research and real-world deployment.

Over the last year, the Turing has worked with leading partners to address major challenges in defence and national security, environment and health.

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“ We have taken bold decisions to be ready for our next chapter, and I’m looking forward to the institute playing its part in achieving the potential of data science and AI for the benefit of everyone in the UK.”

For instance, we are a founding member of a major new AI security public-private partnership, the Laboratory for AI Security Research, which aims to address AI-related security threats through collaboration between industry, academia and government.

Our Environmental Forecasting mission is taking forward revolutionary new approaches to weather forecasting that can deliver accurate forecasts tens of times faster and using thousands of times less computing power than current AI and physics-based systems.

And in Health, our cardiac digital twins mission is pioneering the secure and trustworthy use of digital replicas of individual human hearts to save lives and money for the NHS.

We are now exploring ways to harness the benefits of lean language models that can be used without the need to send data outside the organisation, and with a far smaller energy requirement and cost. In response to a government commission, a Turing team carried out a

six-week sprint showing that small, openweight language models can achieve near-frontier reasoning performance when applied to focused, domain-specific tasks. These lean, locally run models have the potential to unlock huge benefits for the public sector and compute-constrained environments.

As we complete this period of transformation, the Board and I would like to thank our CEO Jean Innes who has announced her intention to step down. With £100m of core funding allocated last year, a newly focused approach to science and innovation and a review of operational structures and processes, she has made a major contribution to ensuring the national institute is delivering real-world impact for the UK.

We have taken bold decisions to be ready for our next chapter, and I’m looking forward to the institute playing its part in achieving the potential of data science and AI for the benefit of everyone in the UK.

Dr Douglas Gurr Chair of the Board of Trustees

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Section 1.2

CEO’s report

This was a year of renewal for the Turing with a programme of major organisational change to ensure we deliver on the promise and unique role of the UK’s national institute for data science and AI.

It is important to recognise that this has been both a significant and challenging period for the organisation.

The crucial lesson the Turing learned over its first ten years of operation is that to deliver value for the UK we must focus; moving away from working on a large number of research projects to concentrate instead on a smaller number of projects with the potential to deliver unique capabilities, scale and impact.

This lesson was at the heart of the new strategic direction set by our Board, and in line with conditions of our core funder the Engineering and Physical Sciences Research Council, following an independent strategic review in 2023.

Accordingly, this year we reviewed over 100 research projects and took decisions to close, spin out or complete 78 projects which did not align with the new strategic direction.

These were difficult decisions. Where we chose not to continue projects this was no reflection on the quality of the work, but a consequence of the need to focus on achieving impact at scale.

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Having completed the review of our science and innovation programmes, we then initiated a review of our operational teams and processes to ensure the whole Institute is aligned and set up to efficiently and effectively deliver impact.

We go into the new reporting year with a focused science and innovation programme which addresses major societal challenges in defence and national security, environment and sustainability and health.

Following this year of change, I pay tribute to the commitment and professionalism of colleagues across the institute who have continued to deliver high quality work throughout.

I also want to extend this gratitude to partners. Collaboration has always been vital, and I want to thank our national and international partners across universities, government, established companies, startups and civil society.

Powerful data science and AI technologies have great potential to transform lives and the UK for the better - in the hands of our public servants, scientists, critical industries and citizens, shaping better decisions, boosting productivity and growing our economy.

The full impact will take time to be realised, and we can shape that future path through the choices we make.

By realising our potential, delivering impact at scale for public good, the Alan Turing Institute has an opportunity and a responsibility to make a major contribution.

Jean Innes CEO

“ By realising our potential, delivering impact at scale for public good, the Alan Turing Institute has an opportunity and a responsibility to make a major contribution.”

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Section 1.3

Case studies

Protecting the UK’s critical national infrastructure

Unlocking the benefits of leaner language models

Reimagining AI weather prediction

Developing digital twins of patients’ hearts

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Protecting the UK’s critical national infrastructure

From water and energy to communications and transport, we often take for granted the systems that keep our society running.

This ‘critical national infrastructure’ (CNI) is vital for maintaining a country’s security and economy, but it faces threats from a variety of adversaries including cyber criminals. For example, a cyber-attack on a Ukrainian energy company in January 2024 reportedly led to over 600 apartment buildings losing heat for two days.

As part of the Turing’s Defence and National Security work, we are taking forward a mission to radically improve the UK’s defence against CNI attacks.

A key strand of this work focuses on protecting operational technology (OT) – systems that monitor and control physical processes in, for example, power grids, water stations and transport networks. Our researchers are developing an AIbased tool called Smoke and Mirrors that creates virtual OT environments that convincingly mimic real industrial systems.

Suspicious files can be manually uploaded or automatically identified by the tool’s background monitoring, with any malware being deceived into revealing its behaviour. The tool then generates a report detailing how the malware

attempts to manipulate industrial processes and what its likely objectives are, which can be used to quarantine files, address vulnerabilities and develop effective countermeasures.

Another key strand of our work is developing benchmarks for cyber risks to CNI, ensuring transparent and realworld-aligned evaluations of AI software systems. Our benchmarking tools will support the development of new specialised AI agents that can help human operators to defend CNI by, for example, mapping out threatened CNI environments and suspending malicious processes. The benchmarks will include standardised tasks, performance metrics, and threat scenarios that mirror the behaviours found in real critical systems under attack.

Our ultimate goal is to make infrastructure defence not only smarter and faster, but also cheaper and more accessible, helping to democratise this technology and build the UK’s cyber-defensive capabilities.

“ The UK’s critical infrastructure faces increasing threats from cyber-attacks. By harnessing AI, this Turing mission promises to advance the resilience of the systems we all rely on. ”

Andrew F

Cyber-Physical Research Lead, National Cyber Security Centre

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Unlocking the benefits of leaner language models

Over the last few years, large language models (LLMs) have made huge leaps in capability. They can generate code, solve university-level maths problems, and offer plausible advice across technical domains, demonstrating increasingly sophisticated reasoning and natural language skills.

However, LLMs also come with drawbacks. They require huge amounts of computational, energy and financial resources to train and run; their often-proprietary nature risks ‘vendor lock-in’, reducing organisations’ flexibility and control; and they can have privacy issues, especially if processing sensitive data remotely.

As such, there is increasing interest in lean, locally run language models, typically with 1 to 8 billion parameters (in comparison, OpenAI’s GPT-4 has an estimated 1.8 trillion parameters). These smaller models don’t match state-of-theart performance on general benchmarks, but they can be adapted quickly and cheaply to narrow tasks.

During a six-week sprint in spring 2025, commissioned by the UK Government, a team of Turing researchers set out to investigate the minimum model size needed to deliver strong reasoning performance on a complex real-world task. The result was a 3 billion parameter model that is small enough to run on a laptop but achieves performance ’ comparable to today s best LLMs .

The team trained its prototype model on a specific task: answering health queries by interpreting user-reported symptoms and medical history. The researchers used a computational technique called ‘budget forcing’ to improve the efficiency of the model’s reasoning – this helps the model to find a balance between ending its ‘thinking time’ too early and drifting into irrelevant detail.

To support others working on lean models, the team has published its full code alongside two technical reports documenting its processes. The researchers are now exploring techniques for further scaling up reasoning capabilities in lean models, as well as potential use cases for other sectors where privacy and efficiency are crucial.

“ We developed a lean, locally run language model and applied it to a real-world health task. Smaller models like this can benefit public sector, privacysensitive or compute-constrained environments. ”

Dr Federico Nanni

Senior Research Data Scientist, the Alan Turing Institute

Reimagining AI weather prediction

Weather prediction plays a vital role in our lives, more so than ever as we adapt to a changing climate. Accurate weather forecasts are needed for making crucial decisions in agriculture, transport and energy, and providing warnings for communities facing floods or extreme heat. Increasingly, researchers around the world are harnessing AI to enhance weather forecasting, and this is a core focus of the Turing’s Environment and Sustainability activities.

machine Alongside work with the Met Office to create a learning model for weather prediction (FastNet) to boost the UK’s capabilities, we have been supporting researchers at the University of Cambridge to deliver an ‘end-to-end’ AI weather prediction system that can be rolled out in developing nations.

Introduced in a Nature paper , the system – called Aardvark – is the first to replace all of the steps in the weather forecasting pipeline with a single AI model . It uses deep learning techniques to combine multimodal data from satellites, weather stations and weather balloons, and can forecast the weather up to 10 days ahead.

Globally, Aardvark is already as accurate as the US weather service’s Global Forecast System, and its accuracy will increase as it’s currently only using about 10% of the available data to make its forecasts. Aardvark creates forecasts in minutes and can be run on a desktop computer, so it promises to make advanced forecasting tools available to countries that don’t have specialist teams or computing resources to create their own.

The team behind Aardvark is working with meteorologists in Ghana and Senegal to deploy AI forecasting. They also aim to increase the accuracy of Aardvark’s forecasts of extreme events such as hurricanes and heatwaves and provide seasonal forecasts that will help governments and businesses to futureproof their policies and planning.

“ Our approach is the first to use a single AI system to replace the entire weather prediction pipeline, from data processing and global forecasting, through to local tuning. ”

Professor Richard Turner

Research Lead, AI for Weather Prediction, the Alan Turing Institute

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Developing digital twins of patients’ hearts

Cardiac digital twins – digital replicas of patients' hearts – offer great potential for personalising the monitoring and treatment of heart disease, ultimately improving patients’ lives, but they are costly and time-consuming to create.

Researchers in the Turing’s Cardiac Digital Twins mission are working on ways to accelerate the development of this technology, with the aim of making it more accessible to critically ill patients.

This work is addressing the entire pipeline of taking cardiac digital twins from research concept to clinical deployment. Our researchers are developing reusable AI tools and simulation libraries, establishing secure environments for sensitive health data, and building pathways for regulatory approval. A major milestone this year was creating an automated workflow for rapidly building virtual hearts, demonstrated by applying it to over 55,000 participants from the UK Biobank dataset.

The mission team is also using cardiac digital twins to provide new insights into heart disease. Working with researchers from King’s College London and Imperial College London, they created over 3,800 digital hearts

that capture individual electrophysiology and anatomy, using them to pinpoint changes in the heart’s electrical properties related to age, sex and obesity, which could help explain why these factors affect heart disease risk.

- The team is also part of the CVD Net project , which is creating networks of cardiac digital twins so that simulations from one patient’s digital heart can inform (and be informed by) the digital hearts of similar patients. The aim is to pool knowledge and resources between digital twins to make developing this technology more cost-effective. The initial focus here is on helping patients with pulmonary arterial hypertension – a life-threatening type of high blood pressure.

Together, these advances are laying the groundwork for NHS integration, with the potential to fundamentally change how cardiac conditions are diagnosed, monitored and treated through personalised, data-driven approaches.

“ By creating virtual versions of patients’ hearts, we hope to make more timely interventions, optimise treatment plans and improve the lives of those with cardiac diseases. ”

Professor Steven Niederer Mission Director for Cardiac Digital Twins, the Alan Turing Institute

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Section 1.4

Our science and innovation programme

The Turing’s work in this area includes the Defence Artifcial Intelligence Research Centre , the AI for Cyber Defence Research Centre and the Centre for Emerging Technology . and Security

Our science and innovation programme addresses national challenges in three strategic areas: Defence and National Security, Environment and Sustainability and Health – supported, by fundamental research and demand-led digital society and policy capabilities.

Our new mission, Defending Critical National Infrastructure , develops AI-powered autonomous cyber defence to protect the UK's vital systems against sophisticated attacks.

Working with security partners, we're building AI techniques that can defend against the accelerating scale and speed of cyber threats.

Defence and National Security

Complementing this we are working with NATS and the University of Exeter with an ambition to deliver the world’s first AI system to control a section of airspace in live shadow trials, working with air traffic controllers to help manage the complexities of their role.

Our Defence and National Security research leverages data science and AI to help protect the UK, its people and the places they inhabit.

Our work includes strong existing partnerships with the national security and defence communities nationally and internationally to build strategic advantage in AI, in areas such as AI security, protective sensing and strategic threat assessment.

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Environment and Sustainability

Our Environmental Forecasting mission is advancing weather and earth system prediction including through three major projects. FastNet, developed with the Met Office, targets the first major AI deployment by a national meteorological agency. Aardvark creates an accessible desktopbased AI weather system including applications for the Global South. IceNet advances sea ice forecasting to support Arctic shipping and monitor polar ecosystems.

Our Sustainability mission harnesses AI to accelerate decarbonisation across transport, manufacturing and infrastructure sectors. We're creating pathways to net zero by optimising marine operations, developing sustainable supply chains and improving critical infrastructure planning.

Fundamental research

Our AI for Physical Systems mission develops next-generation tools for modelling and predicting physical systems from global to molecular scales. For example, AutoEmulate, transforms largescale simulations that previously took weeks into processes that complete in seconds, making highperformance emulation accessible to researchers without machine learning expertise.

Digital Society and Policy

Our developing Digital Society & Policy function will provide responses to pressing societal and governmental challenges, working flexibly in response to demand and convening appropriate expertise from across the ecosystem.

Health

The Cardiac Digital Twins mission is pioneering personalised medicine by creating virtual heart models for NHS patients. These digital twins enable clinicians to improve interventions and outcomes for critically ill cardiac patients while contributing to the regulatory frameworks and automated workflows needed for NHS deployment.

Our strategic partnership with Roche further advances personalised healthcare through predictive modelling and integrated data analysis to understand why patients respond differently to treatments.

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Section 2 Trustees’ and strategic report

The financial statements comply with the Charities Act 2022, the Companies Act 2006 and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS102) effective 1 January 2019 (Charity SORP 2nd Edition). The Alan Turing Institute (the “ Charity ”) is a charity registered in England and Wales at the Charity Commission with charity number 1162533. It is a company incorporated in England with company number 09512457 limited by guarantee. The Charity is governed by its Articles of Association dated February 2024 (the “ Articles ”) and a Joint Venture Agreement (“ JVA ”) with the Members dated February 2024 (the “ JVA ” and together with the Articles referred to herein as the “ Constitutional Documents ”).

Key management personnel

Directors/Trustees

The Directors of the Charity are registered at Companies House. The Directors are also the Trustees of the Charity for the purposes of charitable law and throughout this Report are collectively referred to as the “ Trustees ”.

The Trustees[1] who served during the relevant year and at the date of signing are:

Dr Douglas Gurr (Chair)

Professor Jane Hillston (appointed 28 November 2024)

Professor Frank Kelly (retired 30 April 2025)

Professor Richard Kenway (retired 28 November 2024)

Professor Kerry Kirwan

Dr Vanessa Lawrence CB

Professor Thomas Melham (retired 28 November 2024)

Carina Namih

Golestan (Sally) Radwan (appointed 16 June 2025) Professor Geraint Rees

General Counsel and Company Secretary

Vanessa Forster

Executive Leadership Team (“ELT”)

who served during the year and at the date of signing are:

Dr Jean Innes Chief Executive Officer (resigned 27 August 2025 – currently working notice)

Paul Abbott

Director of Finance and Corporate Services (appointed 1 November 2024)

Jonathan Atkins

Chief Operating Officer (left on 12 July 2024) Dr Donna Brown Chief Strategy Officer

Professor Mark Girolami Chief Scientist

Dr Nicolas Guernion Partnerships Director

Wayne Orr

Interim Director of Finance and Corporate Services (left on 31 December 2024)

Hitesh Thakrar

Clare Randall

Professor Anne Trefethen (appointed 28 November 2024)

Director of People

Dr Jonathan Starck

Chief Technology Officer (appointed on 1 October 2024 and left on 9 May 2025)

1 Dr Kedar Pandya is an advisory member to the Board of Trustees but is not a Trustee.

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Key management personnel

Science Executive Team

The ELT are supported by the Science Executive Team which consists of:

Professor Mark Girolami

Chief Scientist

Professor Tim Watson

Director of Science and Innovation

Registered Office

The British Library 96 Euston Road London, NW1 2DB

Auditors

Crowe UK LLP 55 Ludgate Hill London, EC4M 7JW

• Defence and National Security

Dr James (Scott) Hosking

Mission Director

• Environment & Sustainability

Professor Adam Sobey Mission Director - Sustainability

Professor Steven Niederer

Mission Director - Health

Professor Jason McEwen

Mission Director - Fundamental Research in AI for Physical Systems

Bankers

Barclays Bank UK PLC Leicester Leicestershire, LE87 2BB

Solicitors

Bates Wells 10 Queen Street Place London, EC4R 1BE

Mills & Reeve 24 King William Street London, EC4R 9AT

Stone King Boundary House 91 Charterhouse St London, EC1M 6HR

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Structure, governance and management

Our legal structure

The Charity was founded in March 2015 as a registered charity and a company limited by guarantee. The Charity is governed by its Articles of Association that were adopted on incorporation on 26 March 2015 and updated on 8 February 2024, and a Joint Venture Agreement with the Founder Members signed on 31 March 2015 and updated on 8 February 2024.

The Constitutional Documents set out the governance of the Charity. The Members have some reserved matters broadly in line with that of the Companies Act.

Purpose of the Charity and main activities

As the national institute for data science and artificial intelligence, the charitable objects of the Charity, as set out in its Articles of Association, are:

“ The Charitable Object of the Charity is the furtherance of education for the public benefit, particularly through research, knowledge exchange and public engagement, in the fields of data sciences. ”

The Charity has power to do anything which furthers its charitable objects.

The Trustees confirm that they have paid due regard to the Public Benefit Guidance published by the Charity Commission, including the guidance – ‘Public benefit: running a charity (PB2)’ , in undertaking their activities.

Related parties

The Charity’s Members are the Engineering and Physical Sciences Research Council (“ EPSRC ”) and the Universities of Cambridge, Edinburgh, Oxford, Warwick and University College London (“ UCL ”) and are collectively referred to as the “ Members ”. The Charity along with the Members have entered into the JVA which establishes, along with the Articles, the basis on which the Charity operates.

The Charity has a wholly owned subsidiary, incorporated and registered in England and Wales: Turing Innovations Limited, with company number 10015591 (“ TIL ” and together with the Charity referred to herein as “ Turing ”). TIL has a minority shareholding in Quaisr Limited, a private limited company with company number 12704209 incorporated and registered in England and Wales.

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Board composition and responsibilities

The Charity is governed by its Board of Trustees. The Board was established in accordance with the terms of the Constitutional Documents.

Under the Constitutional Documents, each Founder Member has the right to have one Trustee on the Board. While a Member may nominate a shortlist of individuals subject to the skills requirements of the Board, the Board has the final decision-making authority for appointments.

The Board of Trustees may appoint additional Trustees to the Board who are not from the Members (“ Independent Trustees ”) through an open and transparent process ensuring the Independent Trustees maintain at least parity of number with the Member-nominated Trustees on the Board. This also serves to ensure that the Board has the requisite skills and diversity of representation. The skills of the Board are reviewed regularly and form the basis for recruitment and renewal decisions of Trustees.

With regard to decision-making on the Board, in case of deadlock, the Chair of the Board of Trustees, an Independent Trustee, has the casting vote.

The Board of Trustees may, by a supermajority decision, select and appoint an Independent Trustee who acts as Chair of the Board, and may from time to time remove such Independent Trustee by a simple majority decision.

Trustees usually serve for tenures of three years which are then considered for renewal for another three years. From time to time, and depending on the needs of the Board, a Trustee may serve more than two terms of three years.

Organisational management and responsibilities of the Board

The Charity’s Board of Trustees is responsible for setting the aims and strategic direction of the Charity, approving key policies, monitoring risks, approving the annual budget and expenditure targets, and monitoring actual and forecast financial results. They are also responsible for recruiting the Chief Executive Officer. The Board have also overseen the transformation programme at the Turing as the organisation moves to its Turing 2.0 strategy. Trustees meet formally as a Board up to five times a year. In addition, Trustees may attend up to two away days with the Executive Leadership

Team (“ ELT ”) and undertake further meetings as and when needed.

The ELT provides Trustees with regular reports on the Charity’s financial position, current activity, organisational news and significant issues affecting the Charity. The Directors of the subsidiary company also provide the Trustees with regular update reports following Director meetings. The Audit and Risk Committee review the accounts of the subsidiary.

The ELT, led by the Chief Executive Officer (“ CEO ”), is responsible for the day-to-day management of the Charity’s operations and activities, and has played a key part in delivering the transformation programme. The ELT is also responsible for implementing strategy and corporate policies and reporting on performance to the Board. The ELT is supported by the Science Executive Team (“ SET ”) and the Senior Management Group (“ SMG ”) as well as additional advisors.

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Committees of the Board

Three formal committees support the Board. Each committee has processes in place for managing any conflicts of interest that arise.

Audit and Risk Committee (“ARC”)

ARC is responsible for audit, finance and risk management, as well as reviewing the effectiveness of the Turing’s internal control framework and risk management process, and its compliance with reporting requirements. This also includes matters relating to data protection, cyber security, serious incident management, whistleblowing, safeguarding, and health and safety, amongst other things. ARC reports to the main Board on these particulars. It monitors the work of external auditors and receives and reviews audit reports. It monitors the full external audit process and resulting financial statements, including overseeing the terms of appointment of the external auditors. During the year, ARC met regularly with members of ELT, providing constructive challenge and support on the financial plans for the transformation programme and the annual budgeting process.

ARC has oversight of key corporate policies and processes e.g. the Whistleblowing (raising concerns) Policy. The Turing encourages individuals to report concerns through designated channels (i.e. to either the Whistleblowing Officer or the Alternative Whistleblowing Officer, or to the Chair of the Audit and Risk Committee, or via the Turing’s online report and support platform), either anonymously or named, in the knowledge their concerns will be taken seriously and investigated as appropriate, with their confidentiality respected and internal conflicts of interest managed. Where relevant independent investigators may be asked to assist with reviewing matters raised and this may include the creation of independent reports. Outcomes are reviewed and discussed by the Audit and Risk Committee and members of ELT and remediation actions put in place where applicable.

Membership:

Hitesh Thakrar

Chair

Professor Kerry Kirwan

Nomination and Governance Committee (“NomCo”)

NomCo supports the Board in the recruitment of new Trustees, membership of the committees of the Board, as well as succession planning and reviewing the annual governance report against the Charity Governance Code.

In 2025/26 a key activity for NomCo will be the recruitment of the new Chief Executive Officer. NomCo will also be leading on the process to recruit new Trustees to the Board as part of the standard process of renewal to replace Trustees who step down after completing their tenures on the Board.

Membership:

Dr Vanessa Lawrence CB

Chair

Professor Anne Trefethen

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Remuneration, EDI and People Committee (“REPCo”)

REPCo advises the Board and oversees the preparation of policies and procedures in respect of salaries, emoluments and conditions of service. In line with these approved policies and procedures, the Committee approves the total remuneration package for the Chair of the Charity, the CEO and those senior staff reporting directly to the CEO. The criterion for setting pay is the market rate, taking into account industry standards.

REPCo also has oversight of equality, diversity and inclusion (“EDI”), which includes review and challenge of the EDI strategy and action plan, as well as other matters.

Membership:

Carina Namih

Chair

Professor Frank Kelly (retired 30 April 2025)

Hitesh Thakrar

Professor Jane Hillston

Other advisory groups:

Strategic Partners Board

This group advises the Turing ELT and Board of Trustees on its portfolio of science and innovation in line with the Institute’s charitable objectives.

Recruitment and appointment of Trustees

In November 2024, Professor Jane Hillston and Professor Anne Trefethen were appointed as Member-nominated Trustees for the University of Edinburgh and the University of Oxford respectively. Jane Hillston replaced Professor Richard Kenway and Anne Trefethen replaced Professor Thomas Melham who had both reached the end of their tenures as Trustees. Golestan (Sally) Radwan was appointed on 16th June 2025 after an open recruitment process.

Upon appointment, each Trustee completes a declaration of interests form, which is held within a register of interests and is monitored and updated on a regular basis and reviewed annually. Trustee-related party transactions are disclosed in greater detail within the financial statements later in this report. All conflicts are actively managed through early identification of potential areas of conflict and appropriate action taken where necessary.

Each new Trustee undergoes a tailored induction programme, which includes a programme of meetings with the members of the ELT, other Trustees, and the Company Secretary. New Trustees are provided with a Trustee Information Pack which includes initial information about the Charity and its work, a copy of the previous year’s Annual Report and Accounts, a copy of the Charity’s Articles of Association, a copy of the Joint Venture Agreement, information about their powers as Trustees of the Charity, key corporate policies and a copy of the Charity Commission’s guidance – ‘The essential trustee: what you need to know’ as well as other Charity Commission information and guidance. This information is also accessible by the Trustees on the Turing’s Board portal system, and new Trustees are offered an induction on the platform. Trustees are encouraged to highlight areas where they may wish to receive further training.

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Financial review

Year ended 31 March 2025

The Charity and its subsidiary Turing Innovations Limited (together referred to as the “ Group ” in the consolidated financial statements) are funded through grants from Research Councils and from strategic and other partnerships, as well as collaborations, and the provision of services.

Income of £49.0m (2023-24 restated: £44.2m) has been received during the year of which £22.7m was received from Research Councils (2023-24 restated: £19.6m), £9.5m from strategic research partners and other research partnerships (2023-24: £11.4m), £16.6m from other trading activities and investment income (2023-24: £12.9m), and £0.2m (2023-24: £0.3m) from donations.

Of the £22.7m received from Research Councils, £20.3m was awarded by EPSRC and includes £17.8m of unrestricted income to cover core operating costs for the year 2024-25, and £2.4m to specific research programme activities including funding for the Turing-sponsored fellowships programme and prosperity partnerships.

The £16.6m of other trading income and investments comprises £14.4m of income generated by Turing Innovations Limited which

receives income from the defence and security partnership; £1m of investment income; and a further £1.2m of other trading income.

Expenditure of £58.1m (2023-24: £53m) has been incurred in the year. Grants payable to partner institutions represent 25% of total expenditure (2023-24: 25%). Staff costs represent 54% (2023-24: 55%) of total expenditure, increasing from £29.1m in 2023-24 to £31.5m in 2024-25. The remaining 21% (202324: 20%) of expenditure covers support costs and other direct costs.

The Group made a deficit of £9.2m (2023-24 restated: deficit of £8.8m). This was funded by drawing on reserves, reflecting a period when the Charity was starting new science and innovation projects in parallel with reviewing our existing portfolio, in line with our new strategy.

The adjacent table shows the breakdown of the deficit. £9.2m of the deficit was generated by net expenditure incurred on designated project activities, effectively spending income received by EPSRC and other funders from earlier years and utilising reserves set aside for designated purposes. There was a deficit on restricted partner fund activities of £5.1m. The

Income Expenditure (Defcit)/surplus	General Fund	Designated Funds	Restricted Partner Funds	Charity	Turing Innovations Limited	Group
	£m £m £m £m £m £m 20.9 0.0 13.7 34.6 14.4 49.0 16.1 9.2 18.8 44.1 14.1 58.2
	4.8 (9.2) (5.1) (9.5) 0.3 (9.2)

deficits were offset by a surplus of £4.8m from operational activities and a £0.3m surplus from Turing Innovations Limited.

Fixed assets increased by £1.4m to £4.1m. During the year, £0.2m was spent on computer equipment and fixtures and fittings, and £1.9m on developing our new Enterprise Resource Planning (ERP) tool, which was launched on 1 April 2025. The additions were offset by £0.7m of depreciation charges in the year.

Debtors were £10.3m (2024: £15.1m) and include trade debtors of £4.9m (2024: £5.3m) representing amounts due from our strategic and commercial partners; and prepayments and accrued income of £5.4m (2024: £9.8m). Included in accrued income is £4.4m (2024: £9.1m) of grant income.

Our net cash outflow from operating activities was £5.1m (2024: £15.3m outflow). The cash

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outflow was primarily driven by the spending down of designated and restricted funds of £14.2m, offset by a reduction in trade debtors and accrued grant income of £4.9m and cash inflows from group general funds of £4.2m. Total cash balances on 31 March 2025 were £7.4m, a decrease of £2.2m compared to the position as at 31 March 2024.

Current asset investments were £21m (2024: £25m). The high levels are largely due to the upfront nature of cash receipts on many of the Charity’s grant awards. Current asset investments include £5m held in an interest bearing 95-day notice account with Barclays, £11m held in UK Treasury Bills and £5m invested in a Certificate of Deposit.

Creditors: amounts falling due within one year are £14.3m (2024 restated: £14.8m). Included in this figure are grant creditors of £3.0m which were £3.6m lower than last year, driven by the conclusion of a number of grant-funded projects during 2024-25. Accruals and deferred income were £7.7m which is £3.2m higher than last year. £1.8m of this is due to an increase in accrued project expenditure, of which £1.1m is attributable to Turing Innovations Limited following an increase in project activity in the subsidiary. The remaining £1.4m represents the increase in deferred income of which £1m relates to income received in advance from EPSRC for the Digital Twinning Network Plus project.

Other creditors of £1.2m (2024 restated: £1.2m) includes the part repayment of an Ecosystem Leadership Award grant to EPSRC. A repayment of £0.8m was made in September 2025.

Provisions: an amount of £0.2m (2024: £nil) represents a restructuring provision relating to staff given notice of compulsory redundancy before the balance sheet date.

Financial outlook

We have undertaken a significant review of our science and innovation programme to ensure that it is aligned to Turing 2.0 priorities. This includes a restructure of operational teams, which is currently ongoing. These actions are forecast to return the Charity to a surplus, which will make funds available to invest in new science and innovation activities.

In combination with increasing management focus on raising new funding (both public and private) this positions the Charity to realise its strategy of being wholly focused on our Turing 2.0 missions, targeting impact at scale from 2026-27.

Savings are expected to be realised as the Charity pivots to 2.0 beyond quarter 2 202526 with a renewed focus on new funding opportunities with a more streamlined operational base. While the reduction in cost base will be helpful to the Charity’s financial

position, in the short-term the savings will be offset by a reduction in grant income (excluding the core Institute Grant) as the Charity regroups from Turing 1.0 activity and grows the new grand challenge missions.

Going concern

The Trustees have assessed whether the use of going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity and Group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements.

In particular, the Trustees have considered the Group’s forecasts and projections and have taken account of pressures on income. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the Charity and Group has adequate resources to continue in operational existence.

The Charity and Group therefore continues to adopt the going concern basis in preparing its financial statements.

Fundraising

The Charity does not engage in fundraising activities with the general public. Costs of

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raising funds in the financial statements relate to sourcing of new institutional funders.

The Charity does not use third parties to assist with fundraising and the Charity received no complaints in this year regarding its fundraising practices.

Treasury management

Treasury management plays a critical role by ensuring that the Charity has the cash it needs at all times to operate smoothly. As a key component of the Charity’s financial control, the treasury management function monitors the timing and amounts of cash inflows and outflows, in particular monitoring and tracking those activities that result in significant cash movements.

Day-to-day cash and short-term investments are managed through rolling annual cash flow forecasts which are reviewed every month. The Charity carefully manages its medium-term and short-term cash requirements. In the shortterm, the Charity earns interest on working capital fluctuations via purchasing Treasury Bills. The Charity makes longer term deposits in Notice accounts and Certificates of Deposit in order to maximise the interest receivable.

All investments are governed by the Charity’s Treasury Management Policy. The Policy ensures that each counterparty meets the

minimum credit rating requirement set by the Charity, as well as restricting the amount deposited with counterparties. The Charity’s foreign currency earnings represent a small proportion of its income and the overall exposure to exchange rate fluctuations is small.

Average daily cash and short-term investment balances in 2024-25 was £28.6m (2023-24: £39.1m). Interest earned on the balances was £1m (2023-24: £1.3m) giving an average return for the year of 3.46% (2023-24: 3.41%).

Assets are protected by investing with approved counterparties. Investments are riskaverse and non-speculative, and the Charity places no income reliance on interest earned.

Awarding Grants

The Charity supports research initiatives aligned with its charitable objectives by awarding grants to academic institutions, research centres, and individual researchers. Grants are awarded to such organisations/ individuals where the proposal and outcomes have the potential to achieve impact aligned with the Charity’s objects and with its science and innovation strategy.

An analysis of grants payable during the year is disclosed in Note 5 – Cost of charitable activities.

Reserves policy

The Charity reviews its unrestricted reserves policy each year, taking account of its planned activities and the financial requirements for the forthcoming period. The Trustees believe that the Charity should have access to reserves appropriate to the scale, complexity and risk profile of the Charity.

To cover any shortfall in grants and to maintain the financial viability of the Charity, a minimum reserves threshold is set at £9.2m as at 31 March 2025, which is equivalent to six months of anticipated operating costs.

In May 2024, EPSRC awarded the Charity a £100m core funding grant covering a five-year period commencing April 2024 and ending March 2029. £18m of funding was awarded in 2024-25, rising to £19m in 2025-26, £20m in 2026-27, £21m in 2027-28 and £22m in 2028-29. The grant includes funding to cover the annual rental costs for leasehold space occupied by the Charity in The British Library’s St. Pancras building. In line with EPSRC best practice, the Charity as a recipient of core funding will undertake a review midway through the period of the award.

The Charity’s unrestricted Fund as at 31 March 2025 was £22.3m (2024 restated: £25.7m). This includes £3.9m (2024: £5m) of funding held to cover future years’ financial commitments (as

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disclosed in Note 24); and £0.5m (2024: £1.1m) of funding held to cover capital commitments contracted (as disclosed in Note 23).

Included in general reserves are the following designated funds: £0.6m (2024: £0.8m) for the Charity’s safe and ethical AI programme; £1.3m (2024: £2.3m) to support a pioneering new initiative in digital twin research and innovation (TRIC-DT); £0.8m (2024: £1.2m) to fund a collaboration between the Charity and the Met Office; £0.5m (2024: £0.8m) funding for the Transformation and Strategic Goals Programme to enable the organisational change required to deliver Turing 2.0; £3.0m (2024: £nil) to establish our challenge-led programmes model of research delivery; and £0.6m (2024: £5.5m) Out of Cycle Funding whose purpose is to fund research project activities that will allow the Charity to progress its Turing 2.0 vision. In addition, £0.5m (2024: £1.1m) was ringfenced for investment in our new Enterprise Research Planning Tool which was launched on 1 April 2025.

This leaves £11.1m of free reserves (2024 restated: £9m). The amount in excess of that called for in our reserves policy (as stated above) will be made available to support our charitable objectives.

Remuneration

The Charity is committed to ensuring a proper balance between paying staff (and others who work for the Charity) fairly to attract and retain the best people for the job with the careful financial management of the charitable funds. REPCo oversees the overall remuneration of staff and specifically that of the Chair, the CEO and those senior managers reporting directly to the CEO. REPCo is also responsible for overseeing general aspects of remuneration within the Charity through oversight of appropriate policies and procedures in respect of salaries, emoluments and conditions of service.

Formal consideration of remuneration matters takes place annually, usually at REPCo’s March and July meetings. However, remuneration matters may also be considered at other meetings if ad hoc issues arise during the year.

Depending on the policies of the Board, REPCo does not have full delegated authority to approve all matters relating to remuneration, and any recommendation or decision requiring such approval must be agreed by the Board.

Streamlined Energy and Carbon Reporting (SECR)

Annual energy usage and associated annual greenhouse gas emissions are reported pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 that came into force on 1 April 2019.

The energy use and associated greenhouse gas emissions reported in the table below are for The British Library’s St. Pancras building, in which the Charity occupies 2,305 square metres of space out of a building total of 128,125 square metres. It is not possible to disaggregate our energy usage and emissions from that of the whole building.

The annual reporting period is 1 April to 31 March each year and the energy and carbon emissions are aligned to this period. The electricity and gas consumption figures were compiled by The British Library from invoice records. Emissions per square metre floor area is reported to reflect the energy efficiency of the building.

As at 31 March 2025, the Charity holds £5.8m (2024: £10.9m) of restricted reserves (see Note 21 for further details).

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Breakdown of energy consumption used to calculate emissions (kWh):

Energy	2025	2024	2023
Gas	5,488,293	4,891,068	5,091,507
Purchased electricity	14,847,182	14,244,940	14,729,298
Total energy	20,335,475	19,136,008	19,820,805

Breakdown of emissions associated with the reported energy use (tCO2e):

Emission source	2025	2024	2023
Scope 1
Gas	1,003.8	894.7	929.4
Scope 2:
Purchased electricity	3,074.1	2,949.8	2,848.4
Total gross emissions	4,077.9	3,844.5	3,777.8

Intensity ratio

Tonnes of CO2e per square metre 0.032 0.030 0.029 floor area

Reasonable adjustments policy

During the year, the Charity maintained its policy of giving full and fair consideration to applications for employment made by disabled people. The Charity is committed to continuing employment and training of employees who become disabled and to the training, career development and promotion of all employees.

Risk management

Significant risks to which the Turing is exposed are reported formally to the ARC and the Boards of both the Charity and TIL via the Turing’s corporate risk process.

The Turing has a formal risk management framework which is embedded within the business and supports the identification and management of risk across the Turing. The ELT supported by the SMG are responsible for managing and reporting risks in accordance with the Turing’s Risk Management Policy, while the Trustees retain overall responsibility for risk management of the Charity.

The risk management framework incorporates categories of risk which cover generic areas such as funding and growth, compliance and governance, security and controls, and brand and reputation. The Board seeks to ensure that

the risks are mitigated, as far as is reasonably possible, by actions taken by ELT.

Our corporate risks are the most significant risks faced by the Turing which include those that are the most material to our performance and that could threaten our business model. These are regularly reviewed by the Board and the ARC.

This does not account for all the risks the Turing considered during the year which includes those currently deemed to be of lower significance to the corporate risks. It is recognised through the risk process that these may still have an adverse effect on the business, so they have continued to be regularly monitored by ELT and SMG.

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A summary of the key risks is included below.

Risk description Risk mitigation

Transformation of the Turing and managing During 2024-25, the Turing continued to deliver the transformation programme needed for delivery against the the challenges that large-scale organisational strategy. change presents. Enabling the Institute to During this time of major organisational change, ongoing support was provided to staff in terms of regular have the right people, systems and processes communications, staff surveys and regular signposting to support services. in place to deliver the strategy with impact on Ongoing and continuous communication with partners and stakeholders has also been a key factor during this a national scale.

strategy. During this time of major organisational change, ongoing support was provided to staff in terms of regular communications, staff surveys and regular signposting to support services. Ongoing and continuous communication with partners and stakeholders has also been a key factor during this time.

Geopolitical uncertainty resulting in increasing focus during the year on external risk factors including, for example, foreign state targeted activities.

Horizon scanning and due diligence processes assist with maintaining awareness of risks from external actors. Ongoing and continuous communication with partners and stakeholders.

Data security and vulnerabilities through either loss of, or inappropriate handling of, data, or compromised data such as malware attacks.

Robust security processes in place, both physical and virtual.

Horizon scanning and maintaining awareness of risks from external factors.

Failure to comply with regulatory requirements such as data protection, National Security and Investments Act (NS&I), export regulations and the EU AI Act, charity law, company law and regulation.

Continued to provide the necessary control environment during the year with policies, procedures and guidance documents in place to support the business.

Adequately resourced ethics and research integrity review processes in place.

Sources of funding continued to be under review during the year.

Prudent financial management of the Turing continues to be a key risk mitigation, enabling it to react to changes in external funding in a controlled manner.

Ongoing and continuous communication with partners and stakeholders.

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Section 172 Statement

The Board of Trustees is aware of its duty under s.172 of the Companies Act 2006 to act in the way which it considers, in good faith, would be most likely to promote the success of the Charity for the benefit of its members and its beneficiaries as a whole.

Decision-making by the Trustees

As part of their duties, the Trustees of the Board approved a revised Delegations of Authority Policy which enabled the delegation of all day-today decision-making to the CEO with support from the ELT. Whilst there had always been a Delegations of Authority Policy in place, this had required a significant revision to align with the updated Constitutional Documents (Articles of Association and Joint Venture Agreement) during 2024.

The Trustees have responsibility for the setting and review of the strategy and monitoring the effectiveness of the risk environment. This has been delivered during the year through regular updates provided by the CEO and the ELT at Board of Trustee meetings.

The Trustees also receive various sources of assurance during the year which assist the Board with their decision-making. These range from reports from the CEO and the ELT on matters covering, but not limited to, operations, scientific leadership, strategy, external environment, governance, people and finances as well as receiving external assurance from the auditors and external advisors as required such as the independent external review of the Digital Society and Policy programme during the year.

In addition to this, the Board exercised its powers through other means with some examples highlighted in the following table:

----- Start of picture text -----
Stakeholder Reference Examples
----- End of picture text -----

All	The Charity has statutory	In the annual report, the Charity tries
	obligations to provide	to present this in an engaging and
	certain information for the	understandable way.
	Charity’s stakeholders.	The Charity also looks to enhance our
	Trusted public voice as the	sharing of information during the year
	national institute for data	through the content made available on
	science and AI.	our website.
		Contributed to an informed and
		trusted conversation on data science
		and AI through the annual AI UK
		showcase, hosted by the Turing in
		March 2025, and through leading the
		national and global conversation on
		the ethical, fair and safe use of digital
		technologies.

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Decision-making by the Trustees (Continued)

----- Start of picture text -----
Stakeholder Reference Examples
----- End of picture text -----

Members	Member decisions.	Member decisions.	Appointment of new auditor Crowe UK LLP.	Appointment of new auditor Crowe UK LLP.
			During the year, the Members approved the appointment of new auditors following a competitive tender process.
Colleagues	Engagement with our		The Trustees received regular qualitative and quantitative updates on employee matters from the Director of People, who
	employees.		attends Board and REPCo meetings, including analysis received through employee engagement surveys, regular EDI
			updates and an annual update on the performance review and performance related pay process.
			REPCo agreed to implement a cost-of-living increase for all employees of 3%, efective from 1 April 2025.
Suppliers	Importance for a charity to		During the year, the Crown Commercial Services Framework was used for the tender process to appoint the new
	achieve and demonstrate value		external auditors. The framework applied provided a means for the Trustees and the ELT to assess value for money in its
	for money in its activities and		procurement.
	procurement.
Community	Bringing together experts with		The Charity maintains a range of partnerships with industry, government and third-sector organisations. These
	a range of skills and from an		collaborations are designed to accelerate the mission and deliver impact across the Charity’s science and innovation
	extensive range of disciplines		priorities.
	to tackle problems collaboratively.		The Charity currently has c.40 active partnerships, including nine strategic partners that directly support our grand challenges and missions. These are Accenture, the Met Ofce, the Gates Foundation, UK Defence and Security (including GCHQ, Dstl, MI5 and the Ministry of Defence), Lloyd’s Register Foundation, Hofman-La Roche, the Ofce for National Statistics, National Air Trafc Services (NATS), and Singapore’s DSO National Laboratories.

These partnerships enable the Charity to co-develop applied research, inform policy and translate cutting-edge science into practical solutions with national and global relevance.

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Principal decisions

Principal decisions are those which are material to the Charity and significant to any of our key stakeholders. In making the following principal decisions during the year, the Board considered the outcome from its stakeholder engagement perspective as well as the need to act fairly between the Members.

Principal decision 1: Appointment of new Trustees to meet the requirements of the Articles of Association including for Independent Trustees to have majority voting rights on the Board

During the year, the Board of Trustees approved the appointments of two new Membernominated Trustees from the University of Edinburgh and the University of Oxford. This was the first time the Member Trustees had been required to go through a nomination process for Board approval. Prior to this, their Trustee appointments were made by the Members under the powers in the old Articles of Association. This change resulted from one of the updates made to the Articles of Association in 2024.

The Board of Trustees also agreed the appointment of Sally Radwan as an Independently-appointed Trustee which

brought the number of Independent Trustees to parity with the Member-nominated Trustees, with the Board Chair (Independent Trustee) having a casting vote as required under the renewed 2024 Articles of Association. This appointment was registered after the 2024-25 financial year end.

Principal decision 2: Continued support for, and constructive challenge of, the Executive Leadership Team in delivering the strategic and operational transformation programme and the initial grand challenge missions

During the year, the Board of Trustees and the ELT focused on the plans to move the Charity towards a grand challenge-led approach for its science and innovation agenda aligned with national priority areas. This included a focus on transforming the organisational structure and developing the initial missions across the grand challenge areas of health, defence and national security, and environment and sustainability.

Principal decision 3: Appointment of new external auditors

The Board of Trustees agreed to recommend for Member approval the appointment of

Crowe UK LLP as the new external auditors of the Charity. This followed a competitive tender process using the Crown Commercial Services (CCS) framework. Member approval was required and subsequently provided for the appointment of Crowe UK LLP.

Principal decision 4: Approved key policies which enable the management of effective decision-making to be delegated to the CEO and Executive Leadership Team

In June 2024, the Board approved the revised Delegation of Authority Policy which was updated to reflect the changes in decisionmaking structures implemented through the revised Constitutional Documents which had been amended in February 2024.

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(the “Code”) Charity Governance Code

The Code has been developed as an aspirational model to support continuous improvement in governance. The Trustees confirmed in 2019-20 their support for the principles-based approach of the Code, agreeing to undertake an annual internal review of governance practice at the Charity.

The internal review of governance for 2024-25, which considered current practice, concluded that there had been improvements made during the year through the areas identified in the previous year’s review. These included the following relevant areas of particular focus for this year:

Reviewing and refreshing Board and committee membership due to alignment with requirements of the revised Constitutional Documents and good governance practice

The Board has made progress in this area with new Trustees appointed to sub-committees during the year. This will remain on the action list for 2025-26 as new Trustees are onboarded and vacancies created by Trustees reaching the end of their 6-year terms of office in 2026 are recruited.

Retendering the external audit services

During the year, the Board and Members approved the appointment of Crowe UK LLP to replace Moore Kingston Smith as the auditors of the Charity. This was undertaken for reasons of good corporate governance as the previous auditor had been in place for over seven years.

Reviewing and updating corporate policies to align with updates to the Constitutional Documents

Key impacted policies such as the Delegation of Authority Policy have been updated during the year to reflect the changes made in the Constitutional Documents. As the internal transformation programme is delivered in 202526, further activity will take place to review policies to ensure they continue to remain aligned with the needs of the organisation.

Reviewing and updating the equality, diversity and inclusion (EDI) strategy and action plan

The Turing recognises that promoting and embedding EDI in our function as employer, research institute and national body is integral to achieving our mission. The ownership for delivery of the EDI strategy and action plan resides with the ELT, with REPCo providing oversight and holding the Turing to account for delivery of performance against the plan. Examples of outputs from the Board in the last financial year include REPCo receiving the annual report on EDI and the Charity’s gender pay gap report.

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Charity Governance Code

Charity Governance Code Areas of focus for 2025-26

Having undertaken the annual review of the Charity’s governance, when compared with the best practice recommendations of the Code, the Board acknowledges the need to focus on delivering continuous improvements and embedding the good practice that has been put in place during this year. Examples of the activities to be focused on during 2025-26 include:

• Appointment of a new Chief Executive Officer (CEO)

• Board succession planning: ensuring the Board continues to have the requisite number of Trustees with the skills and diversity needed to support the Charity in the future.

• Reviewing the need to appoint a Deputy Chair/SID of the Board.

• To provide periodic refresher training to Trustees and senior leadership on charity governance topics.

• Delivering the update to the three-year EDI strategy and action plan.

• Review of policies to ensure they continue to align with the operating structure of the Charity.

• Considering the need to commission and undertake an external Board Effectiveness Review during 2025-26.

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Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees’ annual report and financial statements, in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, GAAP), including FRS 102 – the Financial Reporting Standard applicable in the UK and Ireland. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and the result for that year.

In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• Comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements.

• State whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements.

• Make judgements and estimates that are reasonable and prudent.

• Prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.

Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Disclosure of information to the auditor

The Trustees who held office at the date of approval of this Trustees’ annual report confirm that, so far as they are each aware, there is no relevant audit information of which the Charity’s auditor is unaware.

Each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant information and to establish that the Charity’s auditor is aware of that information.

Signatory

The Trustees’ annual report is approved by the Trustees of the Charity. The strategic report, which forms part of the annual report, is approved by the Trustees in their capacity as directors in company law of the Charity.

Dr Douglas Gurr Chair of the Board of Trustees 09 December 2025

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Section 3 Financial statements The Alan Turing Institute (a company limited by guarantee and not having a share capital) Registered charity number: 1162533 Company number: 09512457 Consolidated financial statements for the year ended 31 March 2025

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Section 3 Financial statements Auditor’s Report 37 Consolidated Statement of Financial Activities 42 44 Balance sheet - Group and Charity Consolidated Statement of Cash Flows 46 Notes to the Financial Statements 47

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Independent auditor’s report to the members of The Alan Turing Institute

Opinion We have audited the financial statements of the Alan Turing Institute (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2025 which comprise Consolidated Statement of Financial Activities, the Balance Sheet - Group and Charity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 March 2025 and of the group’s income and expenditure, for the year then ended;

• have been properly prepared in accordance with

United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

• have been prepared in accordance with the

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report to the members of The Alan Turing Institute

Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

— the information given in the trustees’ report, which includes the directors’ report and the strategic report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and — the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept; or

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Independent auditor’s report to the members of The Alan Turing Institute

• Matters on which we are required to report by

exception (continued)

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• — we have not received all the information and

• explanations we require for our audit.

Responsibilities of Trustees As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

• Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities . This description forms part of our auditor’s report.

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Independent auditor’s report to the members of The Alan Turing Institute

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatements of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP (FRS 102), and [local] tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income. Our audit procedures to respond to these risks included enquiries of management, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

40

Independent auditor’s report to the members of The Alan Turing Institute

Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vincent Marke

Senior Statutory Auditor

For and on behalf of: Crowe U.K. LLP

Statutory Auditor 15 December 2025

41

Consolidated Statement of Financial Activities Incorporating an income and expenditure account. For the year ended 31 March 2025.

Restated Restated 2025 2025 2025 2024 2024 2024 General Restricted Total General Restricted Total Note Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ Income and endowments - - Donations 2 200,000 200,000 337,644 337,644 - - Other trading activities 15,633,699 15,633,699 11,592,633 11,592,633 - - Investment income 991,238 991,238 1,330,760 1,330,760 Charitable activities Grant income 3 18,427,328 13,718,982 32,146,310 15,072,492 15,872,509 30,945,001 Total income 35,252,265 13,718,982 48,971,247 28,333,529 15,872,509 44,206,038 Expenditure - - Raising funds 4 822,077 822,077 837,618 837,618 Charitable activities Education and research 5 38,535,600 18,773,966 57,309,566 36,518,522 15,633,375 52,151,897 Total expenditure 39,357,677 18,773,966 58,131,643 37,356,140 15,633,375 52,989,515

42

46,288,767

Consolidated Statement of Financial Activities Incorporating an income and expenditure account. For the year ended 31 March 2025.

Restated Restated 2025 2025 2025 2024 2024 2024 General Restricted Total General Restricted Total Note Funds Funds Funds Funds Funds Funds £ £ £ £ £ £ Net (expenditure)/income for the year before (4,105,412) (5,054,984) (9,160,396) (9,022,611) 239,134 (8,783,477) 8 transfers Transfers between funds 20 - - (388,665) 388,665 - Net movement in funds (4,105,412) (5,054,984) (9,160,396) (9,411,276) 627,799 (8,783,477) Reconciliation of funds Balance brought forward 26,654,397 10,850,893 37,505,290 36,065,673 10,223,094 46,288,767 at 1 April (restated) Balance carried forward 20-21 22,548,985 5,795,909 28,344,894 26,654,397 10,850,893 37,505,290 at 31 March

43

Balance sheet — Group and Charity At 31 March 2025

Restated Restated Group Group Charity Charity Note 2025 2024 2025 2024 £ £ £ £ Fixed assets Tangible assets 13 677,349 1,211,041 677,349 1,211,041 Intangible assets 14 3,416,890 1,494,652 3,416,890 1,494,652 Investments 15 - - 1 1 4,094,239 2,705,693 4,094,240 2,705,694 Current assets Debtors 16 10,337,954 15,085,115 6,775,952 11,691,388 Investments 17 21,000,000 25,000,000 21,000,000 25,000,000 Cash at bank and in hand 7,398,732 9,564,186 6,595,699 9,046,964 38,736,686 49,649,301 34,371,651 45,738,352 Creditors: Amounts falling due 18 within one year (14,319,982) (14,849,704) (10,253,152) (11,918,866) Net current assets 24,416,704 34,799,597 24,118,499 33,819,486

44

Balance sheet — Group and Charity At 31 March 2025

These financial statements consolidate the results of the Charity and Turing Innovations Limited, its wholly owned trading subsidiary on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account are not presented for the Charity itself as the Charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The net expenditure of the charity for the year was £9,458,599. (2024: £9,763,587)

Restated Restated Group Group Charity Charity Note 2025 2024 2025 2024 £ £ £ £ Provisions for liabilities 19 (166,049) - (166,049) - Net assets 28,344,894 37,505,290 28,046,690 36,525,180 Funds Restricted funds 21 5,795,909 10,850,893 5,795,909 10,850,893 Unrestricted funds - Designated funds 20 7,374,295 11,715,427 7,374,295 11,715,427 - General funds 20 15,174,690 14,938,970 14,876,486 13,958,860 Total funds 20-21 28,344,894 37,505,290 28,046,690 36,525,180 The financial statements of The Alan Turing Institute were approved and authorised for Dr Douglas Gurr 09 issue by the Board of Trustees on Chair of the Board of Trustees The Alan Turing Institute December 2025 and signed on its behalf by: 09 December 2025 Company number: 09512457

45

Consolidated Statement of Cash Flows For the year ended 31 March 2025

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

Cash flows from operating activities Net expenditure for the year (9,160,395) (7,945,898) Adjustments for: Depreciation of tangible 660,365 706,001 fixed assets Interest received (991,238) (1,330,760) Profit on disposal of tangible (22,711) (28,602) fixed assets Decrease/(Increase) in 4,747,161 (4,536,109) debtors Decrease in creditors (529,724) (2,190,088) - Increase in provisions 166,049 Net cash generated by (5,130,493) (15,325,456) operating activities

2025 2024 £ £ Cash flows from investing activities Purchase of tangible fixed (129,788) (728,215) assets Purchase of intangible fixed (1,922,239) (1,225,346) assets Proceeds on sale of assets 25,828 61,437 Interest received 991,238 1,330,760 Decrease/(Increase) in 4,000,000 (5,000,000) current asset investments Net cash from investing 2,965,039 (5,561,364) activities Change in cash and cash (2,165,454) (20,886,820) equivalents in the period Cash and cash equivalents at 9,564,186 30,451,006 beginning of period Cash and cash equivalents 7,398,732 9,564,186

Change in cash and cash equivalents in the period Cash and cash equivalents at beginning of period Cash and cash equivalents at end of the period

46

Notes to the financial statements For the year ended 31 March 2025

Accounting policies

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

Basis of preparation The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company and its subsidiary is a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 under the provision of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) and the Charities Act 2011. 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 pound.

Going concern The Trustees have assessed whether the use of going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the Charity’s forecasts and projections and have taken account of pressures on income. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Donations and grants, including grants in respect of major items of refurbishment, improvements or the purchase of fixed assets are recognised in the Statement of Financial Activities when receivable. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performancerelated, conditions are met.

1. 47

Notes to the financial statements For the year ended 31 March 2025

Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. Unconditional grant offers are accrued once the recipient has been notified of the grant award and its payment is probable. Grant awards that are subject to the recipient fulfilling performance or other conditions are accrued when the recipient has been notified of the grant and either the performance condition is met or any remaining unfulfilled condition attaching to the grant is outside of the control of the Charity. Support costs are those costs incurred during activities that assist the work of the Charity but are not directly associated with the purpose of the Charity. Support costs include all or a proportion of back office costs, finance, IT, HR, legal and governance, facilities, communications and engagement, which support the Charity’s programmes and activities. These are split based on the estimated time spent by staff on the programmes and activities.

Cost of raising funds The cost of raising funds consists of the direct costs of raising funds and an apportionment of overhead, support and governance costs. Cost of charitable activities Costs of charitable activities include costs directly associated with research activities and an apportionment of overhead, support and governance costs. Gifts in kind

Where goods or services are provided to the Charity as a donation that would normally be purchased from suppliers this contribution is included in the financial statements as an estimate based on the value of the contribution to the Charity. Pension Costs The charity participates in a defined contribution pension scheme. The amount charged to the Consolidated Statement of Financial Activities in respect of pension cost is the total of contributions due in the year. Differences between contributions payable in the year and contributions actually paid are shown in Creditors: amounts falling due within one year.

Intellectual property

Some of the Charity’s project contracts and agreements include ownership rights over the Intellectual Property (IP) that is created from project outcomes. No IP asset has been recognised in these financial statements as no material IP asset has been generated for the Institute by existing projects.

1. 48

Notes to the financial statements For the year ended 31 March 2025

Tangible fixed assets are stated at cost/deemed cost less accumulated depreciation. Expenditure on assets under £5,000 per individual item or group of related items are written off in the year of acquisition. All other items are capitalised. Costs capitalised include those that are required to bring the asset to the location and condition necessary for it to operate in the manner intended.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable, whether through the economic benefits of use or through disposal.

Tangible fixed assets are depreciated at rates calculated to write them down on a straight-line basis over their estimated useful lives. Accumulated costs for assets which are not completed are classed and reported as ‘assets under construction’ and will not be subject to depreciation until complete and in use. Once in use they are depreciated over their expected useful life. Assets are depreciated on a straight-line basis as follows:

Term of lease

Leasehold land and buildings Fixtures and fittings IT equipment and other equipment

5 years

3 years

Intangible fixed assets and amortisation Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Costs capitalised include those that are required to bring the asset to the condition necessary for it to operate in the manner intended. A review for impairment of an intangible fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable, whether through the economic benefits of use or obsolescence. Accumulated costs for intangible assets which are not completed are classed and reported as ‘assets under construction’ and will not be subject to amortisation until complete and in use. Once in use they are amortised over their expected useful life. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following straight line basis:

Software Corporate systems

3-5 years 5 years

1. 49

Notes to the financial statements For the year ended 31 March 2025

Fund accounting General unrestricted funds are those available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Operating Leases Rentals under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term. Financial instruments Basic financial instruments are measured at amortised cost other than investments which are measured at fair value. With the exceptions of prepayments, deferred income and amount due to/from HMRC, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 16 and 18 for the debtor and creditor notes.

Provisions

Provisions are recognised when the Charity has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is determined by discounting the expected future cash flow at a pre-tax rate that reflects risks specific to the liability. Critical Accounting Estimates and Areas of Judgement “In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Trustees to have most significant effect on amounts recognised in the financial statements. (i) Depreciation - The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances.

(ii) Revenue Recognition - Revenues, particularly grant income and donations, are subject to judgement over when and by how much revenues should be recognised in the financial statements. This includes determining when entitlement arises, such as performance conditions being met and recognising grant income in line with expenditure once a right to the funding is deemed to have arisen.

Employee Benefits

The costs of short-term employee benefits, such as unused holiday entitlement, are recognised in the period in which the employee’s services are received.

1. 50

Notes to the financial statements For the year ended 31 March 2025

2025 2025 2025 Unrestricted Restricted Total £ £ £ - 200,000 200,000 200,000 200,000 2024 2024 2024 Unrestricted Restricted Total £ £ £ - 337,644 337,644 337,644 337,644

Donations

----- Start of picture text -----
Other
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Other

2. 51

Grants income Notes to the financial statements For the year ended 31 March 2025 Restated 2025 2025 2025 2024 Unrestricted Restricted Total Total £ £ £ £ Research councils Engineering and Physical Sciences Research Council (EPSRC) - - Institute grant 17,798,153 17,798,153 10,000,000 - - - - Environment and Sustainability Award 5,000,000 - Turing Innovation Clusters 244,094 244,094 461,160 - - Prosperity Partnerships 1,162,165 1,162,165 1,229,389 3. - - Sponsored Fellowships 791,232 791,232 1,602,475 - - Additional funding 171,151 171,151 161,579 - - - - Ecosystem Leadership Award - clawback of grant (837,579) - Arts and Humanities Research Council (AHRC) 984,312 984,312 880,758 - Natural Environment Research Council (NERC) 25,952 25,952 87,502 Innovate UK - Bridge AI 980,948 980,948 (52,740) Innovate UK - ELSA 74,687 74,687 49,540 Innovate UK - FIC 97,092 97,092 - - Biotechnology and Biological Sciences Research Council (BBSRC) 113,740 113,740 75,741 Economic and Social Research Council (ESRC) 163,630 163,630 38,171 UKRI - AHRC - Strategic Priorities Fund - Living with Machines - - - 672,642 UKRI / EPSRC - Strategic Priorities Fund - AI for Science and 52 - - - 208,634 Government

Grants income (continued)

Notes to the financial statements For the year ended 31 March 2025 3. 53

Restated 2025 2025 2025 2024 Unrestricted Restricted Total Total £ £ £ £ Strategic research partners - Accenture 600,000 600,000 600,000 DSO National Laboratories 200,000 811,760 1,011,760 1,568,295 - Lloyd's Register Foundation 42,236 42,236 570,909 National Air Traffic Services - 1,531,473 1,531,473 1,193,486 (NATS) - Office for National Statistics 65,819 65,819 65,819 - Hoffmann-La Roche 1,000,000 1,000,000 1,000,000 - The Gates Foundation 1,077,059 1,077,059 1,233,251 Other research grants 429,175 3,781,632 4,210,807 5,135,969 18,427,328 13,718,982 32,146,310 30,945,001 The Charity received core grant funding of £18,000,000. During the year £201,857 of grant adjustments were made and were repaid to EPSRC prior to the 31 March 2025. In 2024, grants receivable totalling £15,872,509 were related to restricted funds.

Notes to the financial statements For the year ended 31 March 2025

Cost of raising funds

2025 2024 Total Total £ £ 822,077 837,618 822,077 837,618

Cost of raising funds

4. 54

Notes to the financial statements For the year ended 31 March 2025

Cost of charitable activities

2025 2025 2025 2025 Grants payable Support costs Other direct costs Total (see below) (Note 6) £ £ £ £ Research 14,645,375 31,916,789 8,891,475 55,453,639 - - Workshops and conferences 1,855,927 1,855,927 14,645,375 33,772,716 8,891,475 57,309,566 2024 2024 2024 2024 Grants payable Support costs Other direct costs Total (see below) (Note 6) £ £ £ £ Research 13,690,473 28,320,504 8,737,323 50,748,300 - - Workshops and conferences 1,403,597 1,403,597 13,690,473 29,724,101 8,737,323 52,151,897

5. 55

Notes to the financial statements For the year ended 31 March 2025

Analysis of grants payable

2025 2024 £ £ Analysis of institutions receiving grants University of Exeter 1,855,709 799,011 University of Oxford 1,523,407 1,271,893 University College London 625,934 167,490 University of Liverpool 624,387 462,772 University of Cambridge 622,523 977,390 Queen Mary University of London 587,107 212,750 Loughborough University 487,559 154,839 University of Edinburgh 481,624 978,858 - National Cyber Security Centre 477,337 Lancaster University 456,479 272,751 University of Warwick 438,375 889,613 436,527 451,388 University of Sheffield UKRI-NERC British Antarctic Survey 430,721 591,975 University of Leeds 409,417 481,670 University of Glasgow 361,247 341,175 University of Manchester 345,386 284,910 Imperial College London 342,227 289,651 University of Plymouth 335,019 124,775 University of Southampton 315,934 347,319

5. 56

Notes to the financial statements For the year ended 31 March 2025

Analysis of grants payable (continued)

In accordance with FRS102 and the Charity SORP, these financial statements account for the full expected cost of research grants awarded by the Charity and Group within each financial year.

Analysis of institutions receiving grants BSI Standards Limited NPL Management Ltd King’s College London UK Centre for Ecology & Hydrology Rothamsted Research Ltd University of Bristol y Cardiff Universit HM Treasur y Universit of Strathcl de y y Universit of Northumbria y Regent’s Park College The Mitre Cor oration p UKRI - STFC Llo d’s Re ister Foundation y g Universit of Birmin ham y g CEFAS - Centre for Environment, Fisheries & Aquaculture Science John Innes Centre Public Health Wales The British Librar y Other grants less than £100k

2025 2024 £ £ 287,167 296,666 278,959 231,407 248,873 548,865 246,006 652,453 212,999 450,870 199,067 150,585 178 854 - , 131681 - , 119,491 28,624 118,794 12,143 102 296 - , - 100,000 85,602 64,162 (701) 188,160 (173,838) 269,296 - 366,976 - 122,534 - 110,940 - 105 347 , 1,353,210 991,215 14,645,375 13,690,473

5. 57

Notes to the financial statements For the year ended 31 March 2025

Support costs

2025 2024 £ Travel and subsistence 21,919 39,799 186,387 145,254 Office costs Rent, rates and service charge 758,380 652,818 Repairs and maintenance 2,937 12,562 Subscriptions 94,673 75,558 5,151,202 5,637,810 Staff costs 243,579 214,115 Staff training and hospitality Recruitment 53,353 126,216 Telecommunications 30,850 33,024 Computer running costs 650,291 697,399 Legal fees 658,464 183,085 Other professional fees 238,967 227,239 Consultancy 262,081 63,281 Depreciation 330,183 353,000 Insurance 48,136 24,850 Marketing 3,322 8,223 Foreign exchange loss/(gain) 26,023 1,915 Sundry costs 44,018 119,111 Governance costs (see note 7) 86,710 122,064 8,891,475 8,737,323

6. 58

Notes to the financial statements For the year ended 31 March 2025

Governance costs

Auditor's remuneration: Audit of the financial statements (current year) Audit of the financial statements (prior year) Other services Legal and professional fees 7. 59

2025 2024 £ £ 56,400 61,930 - (358) 24,310 26,399 6,000 34,093 86,710 122,064

Notes to the financial statements For the year ended 31 March 2025

Net income/(expenditure)

2025 2024 £ £ Net income is stated after charging: Depreciation 660,364 706,001 Operating lease rentals 1,149,377 944,834 Auditor's remuneration Audit of the financial 56,400 61,930 statements (current year) 8. Audit of the financial - (358) statements (prior year) Other services 24,310 26,399 60

61,930 (358)

Notes to the financial statements For the year ended 31 March 2025

Staff costs 2025 2024 £ £ Staff expenses includes the following employee costs: Wages and salaries 24,757,051 22,682,481 Social security costs 2,888,627 2,561,294 HMRC apprenticeship levy 107,143 97,334 Other staff costs Contractors 702,166 333,639 Secondments 266,390 997,401 Healthcare 464,450 335,327 Pension costs 2,307,499 2,133,687 31,493,326 29,141,163 Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity and Group. The Charity and Group considers the Board of Trustees and the Executive Leadership Team as its key management personnel. They are listed in Section 2 of this report. Their total remuneration (including pension contributions and employer’s national insurance) for the year totalled £1,574,481 (2023/24: £1,237,844). Termination payments were made to 13 individuals during the year totalling £160,437 (2024: Nine individuals totalling £34,294). In addition, a restructuring provision totalling £140,915 has been made, comprising £130,736 termination payments and £10,179 of social security costs. (2023/24: nil).

9. 61

(continued) Staff costs

Notes to the financial statements For the year ended 31 March 2025

During the year, the following number of employees received emoluments in excess of £60,000: £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £100,000 - £109,999 £110,000 - £119,999 £120,000 - £129,999 £150,000 - £159,999 £200,000 - £209,999 £210,000 - £219,999 £300,000 - £309,999

2025 2024 Number Number 42 42 27 14 6 11 8 8 10 8 1 2 6 1 - 1 - 1 - 2 - 1

9. 62

Notes to the financial statements For the year ended 31 March 2025

Trustees’ payments Douglas Gurr received remuneration totalling £45,000 during the year for his role as Chairman of the Charity. (2023/24: £45,000). Four trustees received reimbursement of travel expenses totalling £691 during the year. (2023/24: three trustees totalling £1,894).

10. 63

Notes to the financial statements For the year ended 31 March 2025

Employees 2025 2024 Number Number The average numbers of employees by function were: Executive Leadership Team 6 3 Operational Teams 98 102 Partnership Development 10 11 Science and Innovation 144 117 Science and Innovation - support 175 205 433 438

11.

64

Notes to the financial statements For the year ended 31 March 2025

Taxation The Charity is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the Charity’s primary objectives.

12. 65

Notes to the financial statements For the year ended 31 March 2025

172,614 230,866

504,735 980,175

1,211,041

Tangible fixed assets — Group and Charity

Fixtures Leasehold fittings and improvements equipment Total Cost or valuation £ £ £ At 1 April 2024 3,318,551 3,952,220 7,270,771 Additions 3,596 126,192 129,788 - Disposal (501,217) (501,217) At 31 March 2025 3,322,147 3,577,195 6,899,342 Depreciation At 1 April 2024 3,087,685 2,972,045 6,059,730 Charge for the year 61,848 598,517 660,365 - Eliminated on disposal (498,102) (498,102) At 31 March 2025 3,149,533 3,072,460 6,221,993 Net book value At 31 March 2025 172,614 504,735 677,349 At 31 March 2024 230,866 980,175 1,211,041

13. 66

Intangible fixed assets — Group and Charity

Notes to the financial statements For the year ended 31 March 2025

Cost or valuation At 1 April 2024 Additions At 31 March 2025 Amortisation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024

Corporate systems Total (under construction) £ £

Total

1,494,652 1,494,652 1,922,238 1,922,238 3,416,890 3,416,890 - - - - 3,416,890 3,416,890 1,494,652 1,494,652

14. 67

1 £

Notes to the financial statements For the year ended 31 March 2025

15.

• Investments in subsidiaries Investment in subsidiary £

• Cost At 1 April 2024 and 31 March 2025 The investment represents 100% of the share capital of Turing Innovations Ltd, a company incorporated in England & Wales, company number 10015591. The following is an extract of its results for the year to 31 March 2025:

Investment in subsidiary £

Cost At 1 April 2024 and 31 March 2025

Income Expenditure Net income Total assets Total liabilities

• Income 14,368,435 Expenditure 14,070,231 Net income 298,204 Total assets 6,752,583 Total liabilities (6,454,378) Net assets 298,205 In January 2021, Turing Innovations Limited purchased an investment in Quaisr Limited, a company that builds simulations and visualisations that incorporate uncertainty quantification. The allocation of share capital was directly proportional to the background intellectual property contributed to Quaisr Limited by its founder members. The investment represents 1.08% of the ordinary share capital of the company and as at 31 March 2025 (0.92% as at 31 March 2024) the value of the investment was deemed to be not materially different from its cost and therefore no fair value adjustment has been made in these financial statements.

Net assets

68

Notes to the financial statements For the year ended 31 March 2025

16.

Debtors Group Group Charity Charity 2025 2024 2025 2024 £ £ £ £ Trade debtors 4,885,951 5,318,839 467,349 905,885 Prepayments and accrued 5,419,284 9,751,895 3,888,334 9,461,050 income - - Intercompany 2,387,550 1,310,071 Other debtors 32,719 14,381 32,719 14,382 10,337,954 15,085,115 6,775,952 11,691,388

Trade debtors above are

measured at amortised cost.

69

21,000,000

25,000,000

21,000,000

25,000,000

Notes to the financial statements For the year ended 31 March 2025

Current investments

Group 2025 £

Group 2024 £

Charity 2025 £

Charity 2024 £

Short-term deposits

Deposits with more than three months maturity from the date when the deposit was placed include £16m (2024: £20m) of investments held in UK Treasury Bills and Certificates of Deposit and £5m (2024:£5m) held in an 95-day interest bearing notice deposit account. 17.

70

Creditors: Amounts falling due within one year Group Group Charity Charity 2025 2024 2025 2024 £ £ £ £ Trade creditors 1,111,663 1,158,255 631,279 683,808 Taxation and social security 1,359,150 1,550,853 373,157 579,652 Grant creditors 2,956,365 6,568,351 2,956,365 6,568,351 Accruals and deferred income 7,658,843 4,411,087 5,058,390 2,925,894 Other Creditors 1,233,961 1,161,158 1,233,961 1,161,161 14,319,982 14,849,704 10,253,152 11,918,866

Notes to the financial statements For the year ended 31 March 2025

18.

Other creditors includes the repayment of a grant to EPSRC of £837,579. The repayment will be made in September 2025.

71

Charity 2024 £

Restructurin rovision g p

• 166,049 166,049

166,049

-

Notes to the financial statements For the year ended 31 March 2025

19.

Provisions for liabilities and charges

Group 2025 £

Charity 2025 £

Group 2024 £

As at 1 April 2024

Increase As at 31 March 2025

166,049

-

• The restructuring provision relates to staff given notice of compulsory redundancy before the balance sheet date, where their last date of service had not been confirmed at the date the financial statements were signed. The provision also includes an estimate for legal advice.

72

Notes to the financial statements For the year ended 31 March 2025

20.

Unrestricted funds At Balance 1 April 2024 Income Expenditure Transfers 31 March 2025 £ £ £ £ £ General Fund 13,958,860 20,871,573 (16,100,878) (3,853,069) 14,876,486 Designated funds - - Safe and ethical AI Fund 757,974 (121,008) 636,966 Digital Twin Research and - - 2,302,544 (1,011,351) 1,291,193 Innovation Cluster - 1,205,793 7,257 (393,624) 819,426 Met Office partnership Transformation and Strategic - 837,056 (803,602) 500,000 533,454 Goals Programme Turing 2.0 - Investment in - - (1,952,909) 5,000,000 3,047,091 grand challenges - Out of Cycle Fund 5,462,821 5,000 (4,904,074) 563,747 - - ERP System 1,149,239 (666,821) 482,418 Charity total 25,674,287 20,883,830 (25,287,446) 980,110 22,250,781 Turing Innovations Limited 980,110 14,368,435 (14,070,231) (980,110) 298,204 Group total 26,654,397 35,252,265 (39,357,677) 22,548,985

73

Notes to the financial statements For the year ended 31 March 2025

• Designated funds include: A donation in 2019 from Aphorism Foundation (£1m) and DeepMind Technologies Limited (£1m). Both donations are unrestricted but are given in support of the Charity’s work on Safe and Ethical AI. As at 31 March 2025, the fund has a balance of £637k (31 March 2024: £758k). A £3m transfer from the general fund in 2024 to finance a pioneering new initiative in digital twin research and innovation (TRIC-DT). The primary objective of the TRIC-DT is to democratise access to digital twin (DT) technology by providing open and reporoducible computational and social tools freely accessible to the UK research and innovation community. As at 31 March 2025, the fund has a balance of £1,291k (31 March 2024: £2,303k). A £1.6m transfer from general funds in 2024 to finance a collaboration between the Charity and the Met Office to use machine learning technology to improve the forecasting of extreme weather events. As at 31 March 2025, the fund has a balance of £819k (31 March 2024: £1,206k). £1m transfer from general funds in 2024 and a further £500k in 2025 to fund the Charity’s Transformation and Strategic Goals Programme, which will enable the organisational change the Charity requires to deliver Turing 2.0, and undertake the work which will help the Charity create the necessary delivery capacity. The cost of restructuring is being charged to this fund. As at 31 March 2025, the fund has a balance of £533k (2024: £837k). A £5m transfer from general funds in 2025 to establish and develop the Charity’s challenge-led programmes model of research delivery. As at 31 March 2025, the fund has a balance of £3,047k (2024: £0). An Out of Cycle Fund financed from the Charity’s General reserves whose purpose is to fund project activities that will allow the Charity to progress the Turing 2.0 vision. The Fund will also support those initiatives that can be scaled by external partners thereby creating an opportunity for rapid scale up, and project initiatives requiring support via underwriting or matched funding. As at 31 March 2025, the fund has a balance of £564k (2024: £5,463k) The Charity’s data-driven defence and security programme operates through Turing Innovations Limited.

20. 74

Notes to the financial statements For the year ended 31 March 2025

Restricted reserves are in line with the expectations of the Board and are reflective of the early stage of both the specific activities that they will fund and of the Charity itself.

Restricted funds

At Balance 1 April 2024 Income Expenditure Transfers 31 March 2025 £ £ £ £ £ - a EPSRC – Turing AI Fellowships 655,725 791,232 (1,446,957) 0 - b[EPSRC - Digital Twinning] 269,521 244,094 (351,950) 161,665 Network Plus EPSRC/HSBC/AVIVA - - c 988,183 653,307 (791,531) 849,959 Prosperity Partnership - d[EPSRC/NATS - Prosperity] 1,306,966 2,231,487 (3,144,360) 394,093 Partnership - e UKRI - Innovate UK - Bridge AI (606) 980,948 (941,282) 39,060 - - f Lloyd's Register Foundation fund 873,927 (583,705) 290,222 - g The Gates Foundation 1,198,024 1,077,059 (982,765) 1,292,318 - h 823,736 1,000,000 (1,323,782) 499,954 Hoffmann-La Roche - i Accenture 1,290,190 600,000 (925,228) 964,962 - j 18,347 65,819 (14,251) 69,915 Office for National Statistics - k DSO National Laboratories 1,370,298 811,760 (1,399,934) 782,124 - l Other research fund 2,056,582 5,263,276 (6,868,221) 451,637 Charity and consolidated - 10,850,893 13,718,982 (18,773,966) 5,795,909 restricted

21. 75

Notes to the financial statements For the year ended 31 March 2025

• Restricted funds (continued)

The Turing AI Fellowships are delivered in partnership by The Alan Turing Institute, UK Research and Innovation, and the Department for Science, Innovation and Technology. The Charity manages Phase 1 of the Turing AI Fellowship awards, via a grant from EPSRC.

a b

b EPSRC has made an award to the Charity to establish a UK-wide interdisciplinary research network to develop game-changing breakthroughs that lead to a new generation of intelligent, resilient and trusted digital twins.

c, d EPSRC has made awards to the Charity to fund two research collaborations through its prosperity partnership programme. The Charity is in partnership with two other collaborators, HSBC and NATS, which have also made contributions to the programme.

e BridgeAI is a major initiative at the Charity, funded by Innovate UK, that is aimed at accelerating the adoption of AI technologies in low maturity sectors across the UK including construction, transport, agriculture and creative industries. f The Lloyd’s Register Foundation fund will finance a research programme that supports data-centric engineering. g The Gates Foundation award is funding a research programme focused on enhancing security and privacy of national identity systems.

21. 76

Notes to the financial statements For the year ended 31 March 2025

• ~~Restr~~ icted funds (continued)

The Hoffmann-La Roche award is

h k funding advanced analytics to enable the transformative benefits of personalised healthcare for patients by generating insights to better understand patient and disease heterogeneity and its relevance to clinical outcomes. i The Accenture award is funding the advancement of data science, data analytics and artificial intelligence research with a focus on delivering l substantial business and societal value. j The Charity is working in

Research from DSO, Singapore’s largest national defence research and development organisation is working in tandem with leading experts from the Charity’s Defence and Security Programme. Together, the Charity and DSO will explore new research methods designed to help understand complex datasets, covering different modalities such as image, text and audio. Other research fund represents various research grants from charities, business and government departments to fund specific research collaborations.

The Charity is working in collaboration with the Office for National Statistics to deliver a research collaboration in data science and artificial intelligence covering economic networks and translation data, economic nowcasting, synthetic data, and privacy preservation.

Transfers are general adjustments that include Turing contributions towards jointly funded projects and movements between funds, as agreed with funders.

21. 77

Notes to the financial statements For the year ended 31 March 2025

Restricted funds (continued)

Balance Restated Balance 1 April 2023 Income expenditure Transfers 31 March 2024 £ £ £ £ £ EPSRC – Turing AI Fellowships 530,825 1,602,475 (1,473,437) (4,138) 655,725 EPSRC/HSBC - Prosperity 655,026 391,179 (879,242) 821,220 988,183 Partnership EPSRC/NATS - Prosperity 380,396 2,125,805 (1,739,189) 539,954 1,306,966 Partnership - UKRI - Innovate UK - BridgeAI 448,812 (52,740) (396,678) (606) Lloyd's Register Foundation fund 954,637 570,909 (533,846) (117,773) 873,927 The Gates Foundation 1,012,883 1,233,251 (1,053,955) 5,845 1,198,024 - 1,033,005 1,000,000 (1,209,269) 823,736 Hoffmann-La Roche Accenture 1,100,281 600,000 (314,097) (95,994) 1,290,190 392,663 65,819 (413,283) (26,852) 18,347 Office for National Statistics DSO National Laboratories 631,330 1,368,295 (784,328) 155,001 1,370,298 Other research fund 3,083,236 6,967,517 (6,836,052) (888,598) 2,326,103 Charity and consolidated 10,223,094 15,872,510 (15,633,376) 388,665 10,850,893 restricted

21. 78

Notes to the financial statements For the year ended 31 March 2025

At 31 March 2025 Tangible fixed assets Intangible assets Net current assets At 31 March 2024 (restated) Tangible fixed assets Intangible assets Net current assets

Analysis of net group assets between funds Unrestricted Restricted Total £ £ £ - 677,349 677,349 - 3,416,890 3,416,890 18,454,746 5,795,909 24,250,655 22,548,985 5,795,909 28,344,894 Unrestricted Restricted Total £ £ £ - 1,211,041 1,211,041 - 1,494,652 1,494,652 23,948,704 10,850,893 34,799,597 26,654,397 10,850,893 37,505,290

22. 79

Notes to the financial statements For the year ended 31 March 2025

Commitments contracted

482,418

1,149,239

482,418

Capital commitments

• As at 31 March capital commitments were as follows:

2025 £

2024 £ 1,149,239 1,149,239

23. 80

Financial commitments The charitable company was committed to making the following total payments under non-cancellable operating leases as at 31 March 2025:

Notes to the financial statements For the year ended 31 March 2025

Payments due: Within one year Later than one year and not later than five years 24. 81

2025 £ 1,285,200 2,570,400 3,855,600

2024 £ 1,144,200 3,855,600 4,999,800

Notes to the financial statements For the year ended 31 March 2025

25.

Related parties During the year, the following transactions were undertaken with the members of the Charity. Other than the amounts noted below, no amounts were due or payable at the period end. Current year to 31 March 2025 Grant income Grant expenditure received/ Re-charged Period end awarded receivable expenditure debtor/(creditor) £ £ £ £ Engineering and Physical - - 20,126,750 (1,823,629) Sciences Research Council University College London (49,240) 10,000 675,174 (65,546) University of Cambridge (179,638) 98,565 802,160 (88,143) University of Edinburgh 23,845 83 381,407 (179,091) University of Oxford 24,434 76,269 1,498,973 (610,547) - University of Warwick 48,274 474,375 (49,556) (180,599) 20,359,941 3,832,089 (2,816,512) Dr Vanessa Lawrence CB, Board Trustee is an adjunct professor at the University of Southampton which received £149,471 in grant payments. Professor Mark Girolami, Chief Scientist is a member of the Scientific Advisory Board of the British Antarctic Survey which received £280,411 in grant payments. Mark is a member of the Scientific Steering Committee of the Isaac Newton Institute that made payments to the Charity of £118,554 for the DML Satellite Programme and £98,565 for the Newton Satellite Programme. Mark is also a member of the Royal Statistical Society that made payments to the Charity of £61,500 for the Equity in Grant Funding Research project.

82

Notes to the financial statements For the year ended 31 March 2025

25.

Related parties (continued) Prior year to 31st March 2024 Grant income Grant expenditure received/ Re-charged Period end awarded receivable expenditure debtor/(creditor) £ £ £ £ Engineering and Physical - - 18,663,238 6,270,250 Sciences Research Council - - The Royal Society 70,475 3,478 - University College London (73,829) 241,318 (333,318) University of Cambridge (4,521) 17,710 981,911 (771,198) University of Edinburgh 1,934 26,863 976,925 (825,481) University of Oxford (19,083) 152,483 1,290,976 (499,478) - University of Warwick 117,396 772,217 (381,453) 21,897 18,930,769 4,266,825 3,459,322 The re-charged expenditure relates to staff time, administration and workshop costs. Transactions with subsidiary During the year, the parent charity re-charged staff and other costs to the subsidiary company, Turing Innovations Limited of £8,500,844 (2024: £5,769,816). During the year, Turing Innovations Limited made a gift aid distribution to the Alan Turing Institute of £980,109 (2024: £1,968,944). At the year end, Turing Innovations Limited owed the Alan Turing Institute £2,387,550 (2024: £1,310,071).

83

Notes to the financial statements For the year ended 31 March 2025

Company status The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

26. 84

Notes to the financial statements For the year ended 31 March 2025

As previously stated

Restatement of Prior Year

27. As Restated 85

• Repayment of Grant

Prior Year Adjustment

Deficit for the year ended 31 March 2024 £ (8,573,697) (837,579) (9,411,276)

• The repayment of grant represents an amount due to EPSRC following an overclaim of expenditure against the Ecosystem Leadership Award grant in 2023/24.

The Alan Turing Institute turing.ac.uk @turinginst