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← Association For Project Management

2025-03-31-accounts

vbAPA Association for Project Management Annual report and accounts 2024125 Becaus8 when projects succeed, soclety beneflts

Association for Project Management Financial statements For the year ended 31 March 2025

Incorporated by Royal Charter RC000890 Charity registration number 1171112

Annual report and accounts 2024/25

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Contents

Page
Legal and administrative information 3
Trustees’ annual report 4
Independent auditor’s report 26
Consolidated statement of financial activities 30
Consolidated balance sheet 31
Association balance sheet 32
Consolidated cash flow statement 33
Notes to the financial statements 34

Annual report and accounts 2024/25

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Legal and administrative information

The Association for Project Management is a body incorporated by Royal Charter (RC000890) and registered as a charity (1171112). Its charitable object is ‘to advance the science, theory and practice of project and programme management for the public benefit.’

APM Board of Trustees Milla Mazilu (Chair to May 2025)
Amy Morley (Chair from May 2025)
Isobel French (Deputy Chair)
Sue Simmonite (Deputy Chair)
Yetunde Adeshile (to July 2024)
Carolyn Brown (from July 2024)
Emma Carroll-Walsh (to November 2024)
David Cox
Sorrel Gilbert (to November 2024)
Marta Marjan
Lisa Martello (from November 2024)
Michelle Richmond
Duncan Ross Russell (from November 2024)
Sheilina Somani
Jennifer Storry
James White
Ian Williams
Company Secretary M Robinson
Key management personnel A Boddison (Chief Executive)
M Hepworth (Deputy Chief Executive)
Principal address Ibis House
Regent Park
Summerleys Road
Princes Risborough
Buckinghamshire
HP27 9LE
External auditor Buzzacott Audit LLP Principal bankers Barclays Bank PLC
130 Wood Street 1 Churchill Place
London London
EC2V 6DL E14 5HP
Internal auditor Crowe UK LLP Investment fund Evelyn Partners
55 Ludgate Hill managers 6 New Street Square
London New Fetter Lane
EC4M 7JW London
EC4A 3BF
Principal solicitors Blake Morgan LLP
New Kings Court
Tollgate
Chandler’s Ford
Eastleigh
SO53 3LG

Annual report and accounts 2024/25

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Introduction

Milla Mazilu, Board Chair

Reflecting on the past year, I am proud of the increased recognition of project success and more positive discourse about projects. It is so important to celebrate achievements, while also learning from the valuable lessons hidden within challenges. Our vision of a world where all projects succeed relies on our ability to foster continuous learning and celebrate success.

Within APM, we have made a number of strategic decisions and investments to strengthen the organisational foundations for future growth. A particularly gratifying success has been the launch of our new Project Management Qualification (PMQ) in September 2024, which is now far more accessible while retaining full academic rigour. In the same month we also unveiled a new pathway to Chartered Project Professional (ChPP) status, taking steps to make this more attainable, offering clearer guidelines for candidates and collaborating with the Project Management Institute (PMI) to expand the qualifying credentials In November 2024, we also launched our new Customer Relationship Management (CRM) system, which offers greater stability for the organisation and is essential for achieving our future objectives.

As ever, our work and collaborations with other organisations have been crucial to our success this year. We introduced New Task and Finish Groups, Regional and Interest Networks, and a revised Volunteer Delivery Group to maximise opportunities for members and project professionals to contribute their time and expertise as volunteers. This approach allows us to exchange knowledge and best practices that will benefit professionals across the industry. We have been engaging with new audiences, creating content that reaches business leaders, politicians and those who are in nonstandard project roles. Through expanding our reach in this way, we aim to increase awareness of the value the profession brings.

Looking forward, APM is increasing its focus on international growth. As of March 2025, we began operating independently alongside the International Project Management Association (IPMA), increasing our ability to support projects and expand our global reach. We have also established new Regional Networks in the Republic of Ireland and the United Arab Emirates, connecting and engaging with project professionals in new territories around the world.

As I come to the end of my tenure as Board Chair and trustee at APM, having served for nearly nine years, I would like to extend my deepest thanks to APM staff, volunteers and board members, for your collective passion, energy, and unwavering support during my time here. It has been great fun and a privilege to work with so many passionate and skilled individuals over the years. The Association for Project Management is a vibrant, modern and inclusive association, and I remain enormously excited about the future we are building together.

MillaIMaziluIBEM Board Chair

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Introduction (continued)

Chief Executive’s report

Professor Adam Boddison OBE, Chief Executive

Reflecting on our work throughout the financial year, collaboration has been at the heart of everything we have achieved. We firmly believe in the idea that, together with the wider project community, we are one profession. By working together, our collective contributions to our profession are strengthened, meaning that more projects will succeed.

We were proud to collaborate with the Project Management Institute (PMI) in a number of meaningful ways. We expanded our recognition of qualifying credentials for Chartered Project Professional (ChPP) status to include our own Project Management Qualification and PMI’s Project Management Professional certification. We also had the privilege of being invited to PMI’s conferences and, in turn, we have extended the invitation for them to attend ours as distinguished guests. Elsewhere, we have been working more closely with the UK Government throughout the year, taking the lead on the creation of a new All-Party Parliamentary Group (APPG) for Project Delivery in the UK which brings together MPs and Peers, with interested parties, to work on better delivering major projects in government. These collaborations are vital for the profession, enhancing knowledge exchange and professional development.

Our work on project controls continues to be a priority as part of our strategic commitment to be a professional body for all project professionals. A particular highlight this year was the launch of a new publication titled Project Controls in the 21[st] Century , which was written by a group of dedicated and talented volunteers for the benefit of the profession . More broadly, we have refreshed our website to include a dedicated section on project controls. This update ensures that project professionals are able to easily access practical and relevant resources and information related to project controls.

On a personal level, I was pleased to deliver opening remarks at the Project Controls Expo 2024, and I look forward to getting more involved in this event in the future. Such opportunities to engage with the project controls community are important, not just for the chance to network, but to have meaningful discussions that allow us to learn from each other and further progress our profession.

Professor Adam Boddison OBE Chief Executive Officer

Annual report and accounts 2024/25

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Structure, governance and management

Background

The Board of Trustees of Association for Project Management (APM) is pleased to present the annual report and audited accounts for the year ended 31 March 2025. These comply with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

APM is incorporated by Royal Charter (RC000890) and is a registered charity (1171112). Its charitable object is: ‘to advance the science, theory and practice of project and programme management for the public benefit.’ APM’s principal office is Ibis House, Regent Park, Summerleys Road, Princes Risborough, Bucks, HP27 9LE.

Governance framework

The Royal Charter and By-laws are available on the ‘About Us’ section of the APM website. The Charter serves as APM’s constitution and sets high-level governance arrangements such as the composition of the Board of Trustees.

The Charter authorises the Board of Trustees to manage the business of the Association. As part of this duty, the Board agrees the APM regulations. The regulations are available online and on request. They set out detailed governance arrangements including a scheme of delegation confirming the matters that the Board withholds to itself for approval, and the matters which it delegates to the Chief Executive Officer to manage. To summarise the framework: the Board sets APM’s strategy and monitors its implementation, assuring itself that performance is on track. The Board ensures that APM acts within its charitable objects and applicable law. As Trustees, the Board members are collectively required to manage the assets of the charity.

Individual APM members form an important part of APM’s governance framework. Those in the full and fellow grades (MAPM/FAPM) are voting members. This status enables them to attend and vote at general meetings as well as to participate in the annual elections for Trustees. The Board currently operates with up to nine elected Trustees and up to five appointed Trustees. The latter are generally appointed by the Board to fill gaps in skills and experience. The elected Trustees are voting members who are nominated and elected by voting members.

The 2024 Board elections saw voter turnout at 15.3% which remained an above average performance amongst similar membership bodies. A good range of quality candidates was again seen with 18 candidates being nominated. Trustees are keen to encourage a diverse and committed range of candidates and voting members are warmly encouraged to consider the opportunity. All voting members receive details on how to stand.

The Board has established committees to oversee specific areas of its work. Duties and memberships are outlined on the APM website. The groups comprise: the Audit and Assurance Committee; the Remuneration Committee and the Professional Standards and Knowledge Committee. Memberships and terms of reference for the groups are regularly reviewed and updates were made during the year. Some Trustees also act as ‘champions’ for specific topics and projects. The Board also established a number of wider stakeholder groups and receives updates from a Volunteers Delivery Group (VDG), a Research Advisory Group (RAG) and Corporate Advisory Group (CAG).

Detailed governance matters

The regulations require an annual Board evaluation exercise to be undertaken; this is externally facilitated every third year. The 2025 Board evaluation is currently being externally facilitated by APM’s internal auditors and will report to the May 2025 Board meeting. An action plan for any recommendations will be followed through and the Board’s Audit & Assurance Committee will also review the findings.

APM’s Trustees are not remunerated but do receive expenses. APM purchases indemnity insurance which seeks to protect Trustees against personal liability if legal claims are made against them.

Trustees' biographies can be found on the APM website.

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Structure, governance and management (continued)

Detailed governance matters (continued)

New Trustees receive both an internal induction and external governance training. All new Trustees receive briefings from members of the leadership team and the Company Secretary. Additional training and briefings are available for individual Trustees on request. Regular briefings are given to the whole Board on various aspects of APM’s activities and Board wide training is organised regularly.

APM operates a Code of Conduct for Board members and has a policy to handle conflicts of interest. The Board is updated on governance-related matters as required and receives guidance on process from the Company Secretary. Related party transactions between APM and its Board members are detailed in note 23 to the accounts.

The charity’s wholly-owned subsidiary, Ibis Trading Limited (06536096), is established as a trading arm. Ibis Trading Limited may undertake commercial activities which are not classed as charitable primary purpose trading, or those that might expose the charity to unnecessary risk. Any profits are gift aided to APM. The presentation of the subsidiary in the accounts is explained in note 1 of the accounts. Currently Ibis’ activities focus on event sponsorship income.

All individual APM members are bound by a Code of Professional Conduct. Details of the Code and its associated procedural rules and indicative sanctions guidance are available on the ‘About us’ section of the APM website.

Risk management

APM has a policy for the management of risk which is reviewed and approved by the Board on the recommendation of the Audit and Assurance Committee. Risk management is embedded within operational management and APM’s project, programme and portfolio management. APM risk management follows guidance set out by the Charity Commission (charities and risk management CC26).

The Deputy Chief Executive acts as risk champion and maintains the corporate risk register. APM has developed a process for risk management which cascades risk management to operational and programme management across APM. Each functional area manages its own risks, which are reviewed at the appropriate level and escalated as necessary.

Risk registers exemplify APM’s risk management processes and set out the topic, risk assessment, risk owners, impacts, mitigations, actions, net risk and risk acceptability.

The risk registers are maintained as live documents and are always available to management.

The Board reviews risk in detail on an annual basis and reviews the corporate risk register on an exception basis at each Board meeting. The Audit and Assurance Committee review corporate risks and consider an area of specific risk at each meeting, as well as monitoring the nature and application of the risk management process. Risks are also considered at regular leadership team meetings.

Key risks and the plans and strategies to manage those risks are detailed on pages 22 and 23.

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Structure, governance and management (continued)

Pay policy for senior staff

All Board members give their time freely and receive no remuneration. Trustees may receive expenses. Details of their expenses and any related party transactions are disclosed in notes 21 and 23 to the financial statements.

A Remuneration Committee provides assurance to the Board that APM has appropriate reward strategies and policies in place to support the delivery of the corporate strategy and to support an effective, high performing and diverse staff resource. It is chaired by a Board Trustee.

Day-to-day management of APM is delegated to a remunerated Chief Executive Officer in accordance with Board approved regulations. The leadership team includes the Chief Executive Officer and Deputy Chief Executive who are considered to be the key management personnel within the organisation. There are five other directors on the leadership team.

Remuneration of the leadership team is reviewed annually in accordance with APM’s remuneration policy which is the same for all staff. This includes provision for a performance related pay scheme. The remuneration of the Chief Executive Officer is approved by the Board’s Remuneration Committee. Regular benchmarking ensures remuneration for all staff is aligned with market rates for the industry.

Reserves policy

We use a risk-based approach whereby reserve levels are adjusted as perceptions of risk and other factors change; this is aligned with our strategic risk register.

The focus is on the short-term potential drawdown of reserves which would allow time to undertake additional mitigation activities and allow APM to adjust to changed financial circumstances. Reserves are monitored monthly.

Key risks with the potential to impact reserves as identified from the corporate risk register include:

APM operates stringent internal financial controls but financial loss due to fraud remains an operational risk. It is considered unlikely that any single instance of fraud would be material.

Level of reserves

APM manages reserves at a total level. Management of reserves covers designated funds, specific risk-based reserves and a buffer. Risk-based reserves and the buffer together are designed to provide adequate cover for any risks that may materialise and represent the free reserves of the organisation. Flexibility of operations is supported by the free reserves and the ability to determine future investment in defined funds.

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Structure, governance and management (continued)

Reserves policy (continued)

Adequacy of reserves at 31 March 2025

APM had net assets of £6.9m at 31 March 2025 (2024: £7.4m).

Reserves breakdown
2024/25 2023/24
£000s £000s
Risk-based 1,800 1,800
Buffer (surplus) 1,600 3,500
Free 3,400 5,300
Designated funds 3,500 2,100
Total 6,900 7,400

Reserve levels may fall outside the defined range if there is a strategy in place requiring the use of additional reserves and a plan to return the reserves back to the approved range.

The total reserve range is set between £5.5m and £9.8m (last reviewed in January 2024). This range ensures that sufficient reserves are maintained to cover the investment in fixed assets necessary for ongoing operations, to mitigate financial risks identified, and allows for an increase in reserves to support future needs.

Free reserves have reduced by £1.9m in 2024/25. This is mostly due to our investment in a replacement Customer Relationship Management system and upgrades to our web platform, as well as the impact of the net deficit for the year. However, the level of free reserves remains within the Board-approved policy range of £5.5m to £9.8m.

Investment policy

The policy aims to protect APM’s financial assets in real terms by appointing an external investment manager to manage the Association’s investments on a discretionary basis. The manager operates under an investment management agreement with APM which in turn is directed by a policy determining the structure and appropriateness of the investments.

The APM Board has oversight of the implementation of the Association’s investment policy by the APM executive. The policy takes into account guidance issued by the Charity Commission along with the mission of the organisation, its financial position and its risk appetite. The Charity has appointed a Board investment policy lead who acts as a conduit between the executive and Board.

The investment objectives of the Association are to maintain the purchasing power of the current assets and all future contributions over a normal market/economic cycle (considered to be 7-10 years) to achieve returns within reasonable and prudent levels of risk. An appropriate asset allocation is maintained based on a total return policy that is compatible with a flexible spending approach, while still having the potential to produce positive real returns.

Investments are carried out in line with APM’s aims, charitable objectives and values. A general exclusionary policy has not been adopted, but individual investments may be excluded if perceived to conflict with the Association’s objects or if they might bring reputational damage by association.

To date, £3.75m has been transferred to the portfolio for investment; of this £61k remained in cash at the year-end pending investment under suitable market conditions.

The remaining cash funds not required on a day-to-day basis are placed on deposit.

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Objectives and activities

As the only chartered membership organisation for the project profession in the world, we are dedicated to advancing the profession. Our work raises its profile, challenges the status quo and sets out its high standards through our qualifications, networking, research, resources and events. In an increasingly complex world, we help project professionals deliver excellence.

Our vision and mission

Our vision defines our ambitions and the impact it will have: “A world in which all projects succeed”. We strive to bring this to life by unlocking the potential of projects to make a positive difference in the world, and by empowering individuals to understand the different ways they can contribute. This is expressed through our mission: “To advance the science, theory and practice of project and programme management for the public benefit”. This mission statement also serves as our charitable objective. As a charity, we exist to create public benefit through all that we do. This statement takes account of Charity Commission guidance on public benefit including Public Benefit: Running a Charity (PB2).

Our values

Our values are core to who we are, they define ourselves as an organisation and drive our behaviour between colleagues and towards our members and stakeholders. They characterise our communications, culture and our decision making. We’re proud of what they represent. We have four values, each with its own associated behaviours:

Creating public benefit

As the only chartered membership body for the project profession, public benefit is at the core of our mission. Not only do we encourage and celebrate our members in creating public benefits through their work, but we also strive to create public benefit ourselves, in all that we do. Our world is increasingly facing complex challenges, but projects can be the key to overcoming them. Our work towards creating a world where all projects succeed creates public benefit in the following ways. In setting the charity’s aims, the trustees have had regard to the general guidance published by the Charity Commission on public benefit, ensuring that our activities continue to align with our charitable objectives and deliver meaningful impact to society.

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Objectives and activities (continued)

Creating public benefit (continued)

Our strategic goals

Throughout the business year 2024/25, we continued to focus on our strategy, Delivering a Better Future . Building on our past achievements, we worked on ensuring adaptability and resilience for the future. The strategic themes of Delivering a Better Future are:

These themes support our vision of a world in which all projects succeed and reflect our role as the only chartered membership organisation for the project profession in the world. By achieving these goals, more project, programme, and portfolio professionals can be at their best, and more projects will be delivered successfully.

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Achievements and successes

Individual membership

We are pleased to report that we ended the year with a total of 42,439 individual members.

Corporate Membership

Corporate membership reaching a total of 475 organisations by the end of the financial year.

Qualifications and standards growth

During the financial year, 639 people were awarded Chartered Project Professional (ChPP) status. The total number of ChPPs stood at 4,432 by the end of March 2025.

The number of APM exams sat increased by 7.5% from the previous year, reaching 27,000.

Providing leadership of the profession

Engagement work

We were instrumental in the creation of a new All-Party Parliamentary Group (APPG) for Project Delivery in the UK. The APPG brings together MPs and Peers, with interested parties, to lead the development of understanding projects within Parliament and improve public policy, acting as a conduit for parliamentarians to engage with each other, project professionals, academics, civil servants, Ministers, and others. It will champion project success, extol the value of the project profession, and outline the importance of project skills throughout Westminster and society.

We have been directly working with C-suite members and business leaders to change the narrative around the project profession. We have undertaken a business leadership campaign that addresses their commonly held misconceptions and helps them understand how the profession can help address the challenges facing businesses today. Our Future Lives and Landscapes campaign showcased the social good that projects bring beyond the financial bottom line, such as creating clean energy to driving new technological breakthroughs.

We launched two new Regional Networks in the United Arab Emirates (UAE) and the Republic of Ireland (ROI). These are in addition to APM’s current Regional Networks throughout the UK, Channel Islands and the Greater Bay Area of Hong Kong. Regional Networks are vital resources for project professionals and others as they promote local engagement and support professional development through best practice across all sectors.

We have also launched several new Interest Networks this year including Built Environment, International Space Sector, Sustainability and more recently AI & Data Analytics. Our Interest Networks are valuable tools for the profession as they connect project professionals with each other, promoting discussions and enabling collaborations within specific aspects of project management to further understanding and good practice within the profession.

It was another record setting year for our events output:

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Achievements and successes (continued)

Research

APM has continued to be at the forefront of ongoing conversations and debates that are shaping the future of project management. We will continue to provide guidance to professionals and organisations to ultimately contribute to economic and societal progress. Research we published during the year included:

This new report reflects on the future of our discipline in the energy and environment sectors. We report on the findings of the third cycle of reflection on the future of the project profession. This piece was conducted to provide insights into what the profession sees as the most important future trends that are likely to impact the way project managers practise their profession, to identify what might need to change in our professional practice as we progress.

Link: Projecting for the Future Harmonising Energy and Environment

Authors: Dr Christina M. Scott-Young and Dr Jessica Borg and Dr Naomi Borg RMIT University

This research explores the early-career experiences of racially and ethnically diverse project professionals in the UK and Australia within the business and construction sectors. It examines the comparative experiences of diverse early-career project professionals, including both women and men from underrepresented racial and ethnic backgrounds, when searching for work in both countries.

Recommendations include improving diversity management, offering tailored mentoring, and enhancing career development opportunities. The study aims to inform practices that foster sustainable careers for underrepresented groups in project management, contributing to a more equitable and innovative workforce.

Link: Improving the early-career experiences of racially diverse project professionals

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Achievements and successes (continued)

Research (continued)

Authors: Dr Jing Xu and Dr Simon Addyman UCL

This research examines wellbeing management in project work environments from the perspective of care, focusing on the construction sector and exploring how Modern Methods of Construction (MMC) impact employee wellbeing. While MMC offers opportunities for improved work environments and productivity, it also introduces challenges like fragmentation and job insecurities. Key recommendations in the report include recognising wellbeing as a core value, enhancing strategic leadership, improving systems integration, managing diversity and inclusion and supporting bottom-up learning initiatives for a meaningful work life.

Link: Caring for employee wellbeing in the rise of modern methods of construction

Authors: Dr Godawatte Arachchige Gimhan Rathnagee Godawatte, Dr Eduardo NavarroBringas and Professor Stephen O. Ogunlana Heriot-Watt University

This piece investigates the preparedness of the project profession for achieving net zero by 2050 through identifying challenges faced by project professionals when planning and delivering current major projects and programmes in the UK. Furthermore, this report explores the necessary strategies and actions to successfully deliver major projects aligned with net zero commitments over the next few decades.

Link: Are we ready for net zero in project management?

This study provides insights into trends, growth sectors and challenges the profession faces. This research contributes to the ongoing discourse on the profession's future, reflecting its enduring importance to the UK economy.

Link: APM The Golden Thread - A Study of the Contribution of the Project Profession to the Uk's Economy

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Achievements and successes (continued)

Recognition for the profession

Recognising the achievements of people within the project profession is important to us. We’ve awarded Honorary Fellowships since 1984. Those honoured include the respected founders of and ongoing contributors to the science, theory and practice of project and programme management. Dhruv Patel, founder and CEO of Nisai Group, was the latest recipient of an Honorary Fellowship.

Dhruv received this accolade because of his work with the Nisai Group to provide education for children who couldn’t attend traditional schools due to medical issues, special educational needs and disabilities (SEND), or exclusion due to behaviour. At the time, many people believed these students couldn’t receive a quality education. Dhruv was determined to prove otherwise, believing that with the right teaching, these children could achieve their full potential.

We were also pleased to see that our former Vice President, Dr Paul Chapman, Senior Fellow in Operations Management at Saïd Business School, was named Officer of the Order of the British Empire (OBE) in the New Year Honours list. This Honour was awarded to Paul in recognition for services to the project delivery profession.

Over his 30-year career, Paul has worked as a researcher, academic and government advisor on project management. In his role at Saïd Business School, he is Director for the UK Government’s Major Project Leadership Academy and serves as Chair of APM’s Research Advisory Group. Paul has said he hopes the Honour will increase recognition of the entire project profession.

Impacts the profession is having

Our new research, The Golden Thread 2024 , found that the number of people working in Full Time Equivalent (FTE) roles in the project profession across the UK has grown to an estimated 2.32 million, compared with 2.13 million in 2019. The Gross Value Added (GVA) to the UK economy has risen to £186.8bn, increasing by more than £30bn since 2019.

These figures account for 8.5% of the total UK FTEs and 9.2% of the total UK GVA. Reflecting on the 2019 Golden Thread study, these numbers represent an 8% growth in project management FTEs and a 19% increase in annual project management GVA.

Our Future Lives and Landscapes campaign was created to bring attention to the social good that projects bring and highlight that their impact goes further than the financial bottom line. Once the campaign had concluded, our research found that, of the 1,000 project professionals we surveyed, 70% said they had heard of Future Lives and Landscapes. Of those, 82% said they are more aware of the social value of projects as a result of the campaign than they were previously and 84% said the campaign has made a difference to the way their organisation approaches projects.

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Achievements and successes (continued)

A professional body for all project professionals

Collaborations

At APM, we believe that collaboration and partnerships are vital to the success of any project, and these ideas have been at the heart of everything we have done this year. We worked alongside Project Management Institute (PMI) in a variety of ways throughout the year. In April, members of APM were lucky enough to attend PMI’s conference in Berlin and, in turn, we have extended the invitation to members of PMI to attend our conference as distinguished guests. We were also proud to jointly announce that our Project Management Qualification and PMI’s Project Management Professional (PMP) ® Certification had both been approved as recognised assessments on the new pathway to Chartered Project Professional status. We did joint posts on our LinkedIn channels to share this news with all our followers.

Together with PWC, we launched the Golden Thread research report in April 2024. This important study assessed the contribution that projects and project management make to the UK economy by quantifying the value of the project profession. By updating previous findings in the context of global disruptions like the COVID-19 pandemic, political uncertainty and the increasing pressures to address climate change, this research provided current insights and informed discussions on the profession's future.

We collaborated with the following universities to publish research reports authored by their respective researchers:

UK

University of Manchester Queen Mary University University College of London Heriot-Watt University

Australia

RMIT University

We were proud to support and sponsor the inaugural Change and Project Partnership Award at the Change Awards 2025. The Change Awards is an annual awards programme honouring the best examples of global change, transformation and innovation. The awards celebrate people and organisations that make a significant difference in driving and facilitating change, recognising it as a key enabler of innovation. It was important for us to sponsor this award to recognise and highlight the people and companies who are making a real difference to our profession.

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Achievements and successes (continued)

Throughout the year, we worked with Project Management Global (PMG) to develop thought leadership content for their email newsletter and host webinars for people in the Middle East and Ireland.

Our unique partnership came to fruition because of our relationship with Nicola Benjamin, Chartered project professional and Founder of PMG. Having previously spoken at our events and written for us, she had built up a network that we were able to plug into.

Diversity, Equity, Inclusion, and Belonging

Diversity, Equity, Inclusion, and Belonging (DEIB) runs through everything we do at APM. A diverse, empowered workforce gives us different ways of thinking, a more successful business, and better places for us all to work. By promoting a sense of belonging, we truly enable everyone to realise their potential and maximise their opportunities.

We’re committed to developing an environment that is diverse, inclusive and where people are free to express opinions, ideas and beliefs. By building a culture where our workforce expresses themselves freely, fairly and respectfully to others, we will embrace authenticity at work. Our approach to inclusivity is based on the principle of making changes that are ‘vital for some, valuable for all’. We introduced several neurodiversity initiatives to support our employees, accessibility improvements and new recruitment strategies.

We actively integrated conversations around neurodiversity into all aspects of our work, ensuring that it is not just a policy but a fundamental part of our culture. During our most recent Personal Development Day, we ran neurodiversity training sessions which received great feedback. These sessions helped people gain a greater understanding of neurodiversity and how differently our brains work. The training created a safe space for employees to learn and engage in discussions about neurodiversity. By embedding these values into our daily practices, we create an environment where every individual feels valued, supported, and empowered to thrive.

We also remain committed to raising awareness and supporting our employees (both female and male) about issues related to the menopause. We currently have four Menopause Champions, who provide a safe listening space, organise initiatives such as informal meetups and signpost to further accessible resources internally and externally.

To mark International Women’s Day, we hosted an online webinar to discuss the theme of inspiring inclusion. We also continue to celebrate the achievements and contributions women have made in project management through our popular Women in Project Management Interest Network.

At APM, one in three employees are men, so we were keen to promote Men’s Mental Health Week in 2024. We used this week to offer resources and to highlight the importance of proactively addressing and managing health issues by encouraging men to take charge of their well-being, make informed decisions about their lifestyle choices, and seek appropriate medical support when needed.

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Achievements and successes (continued)

Identifying and enabling the right skills for the project professional

Qualifications and standards

We launched the new APM Project Management Qualification exam in September. Aimed at candidates with 2-3 years of experience as a project professional, this new Project Management Qualification exam allows candidates to demonstrate their knowledge and understanding of the syllabus through a new mixture of question types designed to remove barriers to success. It was important for us to keep what people loved about the old exam - like the broad syllabus coverage - while making changes that helped bring new levels of accessibility that are vital for some, but beneficial for all. Some of the changes include:

We launched a new pathway to Chartership in September that brought greater clarity and new Recognised Assessments. The update welcomes a name change from ‘routes’ to ‘pathways’ and the recognition of validated professional practice through some of the profession’s most sought-after achievements - APM’s Project Management Qualification and the Project Management Institute’s (PMI) Project Management Professional® certification. This means people who have validated experience with PMI will be eligible to apply for Chartered status, marking a huge step forward for the project profession that demonstrates a mutual respect of knowledge and experience, no matter what professional organisation someone is affiliated with.

APM has been collaborating with PMI in other ways too, such as inviting them to speak at its conferences and to collaborate in our celebrations of International Project Management Day. All of this benefits the project profession because, although we may be different bodies, we are one profession.

Focusing on core skill areas

APM is a professional body for all project professionals, including those working in project controls. Over the past year, we have done a lot of work to become leaders in the project control area. We are proud to represent all professionals. Some of the work we have done this year in the project control space includes:

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Achievements and successes (continued)

An outstanding professional body

Getting APM fit for the future

In November 2024, we successfully launched our new Customer Relationship Management (CRM) system. This marked the culmination of a large-scale project that spanned two-and-a-half years, involving the transition from our bespoke system to a modern cloud-based solution. Given the critical role our CRM plays in APM's operations, failure was not an option. The project's success hinged on seamless collaboration across all levels of APM.

Our new CRM system is a modern solution that offers significant advantages over our previous bespoke system. It provides enhanced scalability, flexibility, and integration capabilities, ensuring that we can adapt to future needs and continue to deliver exceptional service to our customers.

The rollout of the new CRM has brought significant benefits to APM, our members, and our customers. These include increased system stability, which is essential for supporting our operations and enhancing the customer experience. The new functionality and integrations have improved the user experience. Additionally, the new system enables a better understanding of our customers and pipeline opportunities.

Creating great workplaces

We were proud to be recognised as the best Not for Profit organisation to work for in the ‘Best MidSized Companies to Work For 2024’. APM was selected for its outstanding contribution towards employee engagement in its sector.

APM achieved a two-star accreditation rating in the latest Best Companies survey, representing outstanding levels of engagement. Its positive influence on employee engagement, together with a commitment to employee wellbeing and learning and development has been recognised for helping to inspire others and showcase the power of businesses to drive positive change.

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Achievements and successes (continued)

Thank you to our volunteers

Our volunteers continue to play a vital part in the success of APM, contributing to our events, online and in person, blogs and publications. This year especially, they have gone above and beyond for us and the project profession. We cannot express our thanks enough for all they have contributed and shared with us over the past year.

Every November, we host the Volunteer Achievement Awards (VAA) and this year we have been celebrating our 7[th] VAA, which includes as before 6 categories:

Other highlights of our year have been the launch of two international Regional Networks: ROI and UAE, and the launch of four new Interest Networks: Built Environment, International Space Sector, Sustainability and more recently AI & Data Analytics.

Our network volunteer communities across the Regional and Interest Networks have grown, welcoming more volunteers, becoming more inclusive and diverse. Several of our Interest Networks have received an increased number of international volunteers, ranging from France, Spain, Canada, Australia, Saudi Arabia, Brazil, India, Kenya and many more.

Sarah Slater, Volunteer Manager, said: “As we reflect on the past year, we want to take a moment to extend our heartfelt thanks to all our volunteers, for their hard work, dedication, and enthusiasm. Your unwavering support has been invaluable in shaping the future of the project profession. Your ongoing commitment inspires us all and drives our mission forward. Thank you for being an essential part of our team. We look forward to continuing this journey together and achieving even greater things in the coming year!”

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20

Looking forward

Moving forward, we will continue to focus on international growth. Throughout the past year, we introduced new Regional Networks in Europe and the Middle East that connected project professionals with each other. The response from the profession has been hugely positive, and we expect this international growth to continue into the next financial year, with several new international Regional Branches set to be announced over the coming months.

A big change happened in March 2025, APM began operating independently alongside IPMA, rather than as a Member Association and certification body. This new chapter brings exciting possibilities for both organisations to advance individually and together, for the benefit of the project profession as a whole. Although we proudly collaborated with IPMA as a Member Association and certification body for over five decades, as we've grown, matured, and expanded our capabilities, we identified a strategic opportunity to further strengthen the project profession and amplify our global impact.

For APM, this enhances our ability to support projects globally. Our mission to advance the science, theory and practice of project management in the UK and internationally is more critical than ever. By focusing on our strategic goals and international ambitions, we will be better positioned to contribute to the global project landscape by strengthening our presence in new territories, increasing recognition of our qualifications and promoting Chartered Project Professional status as the global standard

In addition to this, and in keeping with the theme of accessibility, we also expect to launch a version of our qualification in a second language. This will give candidates a more inclusive and learner friendly experience, whilst still keeping the qualification’s high standards. We look forward to announcing the language later in the year.

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Principal risks and uncertainties

The Board has considered several strategic risks during the year, including those below, together with possible impacts and mitigating strategies.

Risk
category		 Risk Mitigating strategy/assurance/controls
Governance Diversity in Board, committee or
volunteer roles is not delivered
leading to a lack of diversity of
thought and fresh ideas.		 Promotion of vacancies invites applications from
diverse backgrounds and sectors and the ability to
appoint five Trustees provides an opportunity to target
broadening diversity.
There is a limit on the maximum term of office for
Trustees and committee appointments which sends the
message that new ideas are helpful to balance
continuity.
The APM Board has agreed a diversity action plan to
help drive better understanding and representation
across the project profession.
Operational Business continuity - an event
limits APM’s ability to operate.
This may arise from fire, flood,
adverse weather, IT failure or
denial of service attack, media
crisis/reputational threat,
epidemic/pandemic, etc.		 Business continuity and disaster recovery plans are in
place, reviewed and tested. An internal audit took place
in 2023 and found significant assurance in this area.
Tools and approaches for remote working are
embedded.
IT controls are in place and have been strengthened
during the year. Standard insurance cover is held.
Operational Technical debt - operations could
be significantly disrupted by the
impairment or failure of one or
more business systems that are
out of support and/or customised
to the extent that the provider
can’t remediate. Any core system
issues could also affect the
performance of other integrated
solutions.		 Critical systems are being replaced and an exercise to
upgrade, replace or retire legacy systems is underway.
Tactical responses are considered for business
continuity.
Operational IT security/GDPR - a malicious IT
attack or malware infection leads
to data loss. Failure of internal
controls, including significant
GDPR breach results in loss of
personal data, leading to financial
penalties and reputational
damage.		 Cyber Essentials Plus certification is in place.
Annual IT security penetration testing is undertaken.
Anti-malware is deployed, and web and email filtering
are applied.
There are mandatory operating system updates applied
across end user devices and backups are in place for
all systems.
A data protection officer is in place. Data protection
training is mandatory for all staff.
A new security tool has been implemented to support
compliance.

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Principal risks and uncertainties (continued)
Risk
category		 Risk Mitigating strategy/assurance/controls
Operational Third-party failure - a key
software system or partner fails
leading to financial or reputation
issues.		 ICT systems planning and supplier management are
in place.
Disaster recovery and business continuity plans are in
place.
External Economic conditions - actual or
threatened recession or
significant changes in the politico-
economic environment lead to
reduced investment across
governments and economies as a
whole.
Reduced investment in projects
and/or budgets for training and
memberships.		 APM works with partners to make the case for project
management being especially vital in such
circumstances e.g._Golden Thread_research.
The Chartered standard provides confidence in
delivery and use of resource.
APM continues to improve evidence of value for each
stakeholder group.
Financial There is a failure to manage
reserves appropriately and
maintain funds at an appropriate
level. Either reserves become
excessive (failure to deliver value
to members) or inadequate funds
limits ability to deliver the APM
strategy.		 A risk-based reserves policy is in place.
Diversification is maintained through cash and long-
term investment.
There is regular reporting to the Board to inform
evidence-based decision-making.
Business planning includes long term cash flow
forecasting and reserves projections.
Compliance There is a failure of systems or
processes to adhere to
acceptable standards and/or
regulatory requirements. For
example, corporate governance,
financial regulations, health and
safety, bribery act, IR35.		 The policy register is regularly reviewed and there are
policy controls in place.
APM has qualified and experienced staff in place to
address areas of compliance.
The organisation is subject to external and internal
audit. An internal audit of financial controls took place
in 2024 and found significant assurance in this area.
Annual Board evaluation exercises are undertaken
and Trustees carry out regular training.
There are robust regulations and Board governance -
delegations are clear and in operation.
H&S practices reflect home working arrangements.

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23

Financial review

Overview

The past year was another period of growth for APM, with turnover increasing by 10% to £17.8m (£16.2m prior year). The deficit for the year was £0.5m against a prior year surplus of £1.4m, including an investment gain of £58k (£0.4m).

Subscription income from individual members and corporate partners increased by 8% to £6.1m.

Qualification and contractual income was 7% higher than last year at £9.9m from £9.3m.

Net assets at 31 March 2025 were £6.9m (£7.4m).

Income

Individual membership numbers fell by 7% to 42,439, with international members contributing 6% of the total. This was the result of a reduction in student numbers following changes to apprenticeship funding.

The number of exam candidates increased by 8% compared to the prior year. The APM Project Management Qualification (PMQ) remains the primary driver of examination revenue, accounting for around 70% of qualifications income. The PMQ underwent significant revisions this year, introducing a new syllabus and offering a clearer pathway to Chartered Project Professional (ChPP) status. These changes have enhanced accessibility, making the PMQ more attainable for a broader range of candidates and ensuring its continued value and relevance in the industry. These revisions aim to meet the evolving needs of project management professionals.

Event income increased by £0.4m (69%), totalling £0.9m as we extended our flagship conference into a second day.

APM invests surplus funds, not required for immediate operational costs, into a professionally managed investment portfolio. This portfolio is actively managed, diversifying across asset types to achieve the desired return while maintaining an acceptable risk profile. The performance of these investments is assessed over a five to seven-year period, accounting for expected volatility within predefined boundaries. For the year, the portfolio returned gains of £58k, this modest performance was influenced by continuing geopolitical uncertainties particularly towards the end of the financial year.

Bank interest and dividends re-invested in the portfolio increased to £146k, £25k (21%) higher than last year. This growth was driven by favourable interest rates and strategic investment decision. Any excess funds not needed for daily operations were transferred to the investment portfolio to optimise returns.

Expenditure

The Charities Accounting Statement of Recommended Practice (SORP) requires expenditure to be analysed into the same categories as the income described above. The expenditure is detailed in note 4 on page 40.

During the fiscal year, total costs rose by £3.2m, a 21% increase from £15.2m to £18.4m. This reflects our investment in staff, content and technology that will enable our future growth and enable us to deliver more for the project profession. Average headcount increased from 138 to 153 in the year.

Fixed assets

The increase in intangible assets of £1.41m is predominantly due to development and implementation work on our replacement Customer Relationship Management system and moving our website to a single, stable platform.

Note: Percentage variances are calculated from the full financial results rather than the rounded figures contained in this review.

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24

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that 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 Charities Act 2011. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware:

Auditor

Buzzacott Audit LLP has expressed its willingness to remain in office as auditor of the charity.

The Trustees’ annual report is approved by the Trustees of the Association.

Signed on behalf of the Trustees

Amy Morley, Board Chair

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Independent auditor’s report to the Trustees of the Association for Project Management

Opinion

We have audited the financial statements of Association for Project Management (‘the parent charity’) and its subsidiary (together, ‘the group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities and its subsidiary (the ‘group’), the Consolidated and Association Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 group and parent charity’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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Independent auditor’s report to the Trustees of the Association for Project Management (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 25, the Trustees 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 group’s and the parent charity’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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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Independent auditor’s report to the Trustees of the Association for Project Management (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Trustees of the Association for Project Management (continued)

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Alison Pyle (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 28 July 2025

Buzzacott Audit LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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29

Consolidated statement of financial activities

For the year ended 31 March 2025

Notes
Income:
Income from charitable activities:
Subscriptions
Examination and other contractual income
Publications
Income from other trading activities:
Events
Investment income
10
Total income
2
Expenditure:
Expenditure on charitable activities
4
Expenditure on raising funds:
Events
Investment management costs
Total expenditure
Net (expenditure)/ income before gains on
investments
Net gains/(losses) on investment
12
Net (expenditure)/ income and net movement in
funds for the year
7
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total funds
2025
£
6,096,522
9,946,900
772,976
880,902
146,394
17,843,694
16,857,743
1,543,145
22,670
18,423,558
(579,864)
59,551
(520,313)
7,397,934
6,877,621		 Total funds
2024
£
5,641,639
9,303,787
607,727
520,097
120,852
16,194,102
14,181,858
995,314
31,497
15,208,669
985,433
390,498
1,375,931
6,022,003
7,397,934

APM has no restricted funds. All of the above results are derived from continuing activities. The group has no recognised gains or losses other than those dealt with in the statement of financial activities.

The notes on pages 34 to 53 form part of these financial statements.

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30

Consolidated balance sheet

As at 31 March 2025

Notes 2025 2024
Fixed assets £ £ £ £
Intangible fixed assets 11 2,998,717 1,591,262
Tangible fixed assets 11 517,254 496,058
Investments 12 5,610,770 5,467,486
9,126,741 7,554,806
Current assets
Investments 13 2,387 1,116,345
Stocks 14 24,614 34,708
Debtors 15 3,065,772 2,022,716
Cash at bank and in hand 1,622,813 1,856,578
4,715,586 5,030,347
Liabilities
Creditors: amounts falling due within 16 (6,494,178) (4,700,257)
one year
Net current assets (1,778,592) 330,090
Total assets less current liabilities 7,348,149 7,884,896
Provisions for liabilities 17 (470,528) (486,962)
Net assets 6,877,621 7,397,934
The funds of the charity:
Unrestricted income fund-designated 18 3,515,971 2,087,320
Unrestricted income fund-general 19 3,361,650 5,310,614
6,877,621 7,397,934

The notes on pages 34 to 53 form part of these financial statements.

Approved by the Board of Trustees on 28 July 2025 and signed on its behalf by:

Amy Morley, Board Chair Incorporated by Royal Charter RC000890

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31

Association balance sheet

As at 31 March 2025

Notes 2025 2024
Fixed assets £ £ £ £
Intangible fixed assets 11 2,998,717 1,591,262
Tangible fixed assets 11 517,254 496,058
Investments 12 5,610,770 5,467,486
9,126,741 7,554,806
Current assets
Investments 13 2,387 1,116,345
Stocks 14 24,614 34,708
Debtors 15 3,266,813 2,200,682
Cash at bank and in hand 1,313,585 1,668,644
4,607,399 5,020,379
Liabilities
Creditors: amounts falling due within 16 (6,385,991) (4,690,289)
one year
Net current assets (1,778,592) 330,090
Total assets less current liabilities 7,348,149 7,884,896
Provisions for liabilities 17 (470,528) (486,962)
Net assets 6,877,621 7,397,934
The funds of the charity:
Unrestricted income fund-designated 18 3,515,971 2,087,320
Unrestricted income fund-general 19 3,361,650 5,310,614
6,877,621 7,397,934

The notes on pages 34 to 53 form part of these financial statements.

Approved by the Board of Trustees on 28 July 2025 and signed on its behalf by:

Amy Morley, Board Chair Incorporated by Royal Charter RC000890

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32

Consolidated cash flow statement

For the year ended 31 March 2025

Note A
Net cash provided by operating activities
Cash flows from investing activities:
Return on investment and servicing of finance
Investment income
Purchase of fixed assets
Acquisition of long-term investments
Proceeds from sale of investments and decrease in cash held within
investments
Cash released from/(placed on) deposit
Net cash used in investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents:
Cash in hand
Notice deposits
Note A
Reconciliation of net incoming resources to net cash flow from
operating activities
Net (expenditure) income for the year
Investment income
(Gains)/losses on investment activities
Leasehold dilapidations revaluation
Loss on disposal
Depreciation and amortisation
Decrease/(increase) in stock
Increase in debtors
Increase in creditors
Net cash provided by operating activities		 2025
£
781,520
146,394
(2,191,904)
(1,410,585)
1,326,853
705,930
(1,423,312)
(641,792)
2,265,562
1,623,770

1,622,813
957
1,623,770
(520,313)
(146,394)
(59,551)
16,435
1,965
744,852
10,094
(1,043,054)
1,777,486
781,520		 2024
£
1,354,299
120,852
(1,032,342)
(1,279,385)
962,023
(103,645)
(1,332,497)
21,802
2,243,760
2,265,562
1,856,578
408,984
2,265,562
1,375,931
(120,852)
(390,498)
-
-
583,321
(1,099)
(318,570)
226,066
1,354,299

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

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Notes to the financial statements

Association for Project Management is a registered charity (number 1171112) and incorporated by Royal Charter (RC000890). The registered office is Ibis House, Regent Park, Summerleys Road, Princes Risborough, Buckinghamshire HP27 9LE.

Ibis Trading Limited is a wholly owned subsidiary of the Association for Project Management and is a limited company registered in England and Wales (number 06536096). The registered office is Ibis House, Regent Park, Summerleys Road, Princes Risborough, Buckinghamshire HP27 9LE.

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

Association for Project Management meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

These accounts are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

Preparation of the accounts on a going concern basis

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Association and group to continue as a going concern for the foreseeable future. In reaching their conclusion, Trustees have taken account of the Association’s operating environment, current and expected future financial performance, reserves, liquidity, and the ability to draw down on investments. Operating and financial performance through the COVID-19 pandemic has also demonstrated APM’s resilience. On this basis the Trustees consider that there are no material uncertainties regarding the Association and group’s ability to continue in operational existence for the foreseeable future, and for this reason they continue to adopt the going concern basis in preparing the annual financial statements.

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Accounting policies (continued)

Group financial statements

These financial statements consolidate the results of the charity and its wholly owned subsidiary Ibis Trading Limited on a line-by-line basis.

Information in respect to the parent charity is as follows:

he parent charity is as follows:
Gross income
(Deficit)/Surplus for the year		 2025
£
17,691,021
(520,313)		 2024
£
16,194,102
1,375,931

No separate statement of financial activities has been presented for the Association alone as permitted by Section 408 of the Companies Act 2006.

Unrestricted funds

Unrestricted funds are donations and other income resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. All funds are unrestricted during the year and at the year end.

Designated funds

Designated funds are unrestricted funds earmarked by the Board of Trustees for particular purposes.

Restricted funds

Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is charged to the fund. The charity currently has no restricted funds.

Income (including subscriptions, examination fees, contributions, grants, donations, contractual services and investment income)

Recognition of membership income: members' subscriptions were historically recognised evenly over 12 months following receipt, reflecting the period of value provided. From December 2024, following the implementation of a new Customer Relationship Management system, subscriptions are now recognised from the renewal or joining date, leveraging new technology to change the way payments are recognised for more accurate allocation.

Subscription income represents amounts receivable during the year. Subscriptions are receivable from members annually.

Fees receivable for services are accounted for in the period in which the service is provided.

Income from delegate fees and sponsorship for events is recognised in the period in which the event occurs.

Investment income is recognised in the accounts when it is receivable.

Income represents amounts receivable net of VAT and discounts.

Voluntary income represents donations which are recognised in the accounts in the period they are received.

All income is recognised as receivable when there is legal entitlement to the income, probability of receipt and amounts can be measured reliably.

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Accounting policies (continued)

Expenditure (including allocation of expenditure)

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Resources expended include attributable VAT in the instances that it cannot be recovered.

Costs of raising funds are those costs incurred for holding a variety of events on project, programme and portfolio management and related fields.

The resources expended on charitable activities comprise direct costs associated with subscriptions, examinations and publications, together with a share of the support costs.

Support costs are the costs of central and administrative functions and governance costs, which are allocated to activity cost categories as detailed in the cost allocation note below.

Governance costs relate to the governance arrangements of the Association including the costs relating to strategic management, constitutional and statutory requirements.

Cost allocation

Overhead and support costs have been allocated on the following basis to charitable activities and cost of raising funds:

Description Method of apportionment





Depreciation
Finance
Information technology
Other support staff
Office costs
Governance costs		 Apportioned in relation to income
Apportioned in relation to income
Apportioned in relation to income
Apportioned in relation to income/expenditure
Apportioned in relation to income
Apportioned in relation to income

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Computer software costs 33.33% straight line
Customer relationship management system
20% straight line
Publications
33.33% straight line
Qualifications and other intangible assets
33.33% straight line

Expenditure below £2,500 is written off in the year of purchase.

Intangible fixed assets include software licences, website and e-learning development costs and the costs of producing new APM qualifications and the APM Body of Knowledge 7th edition which have been capitalised on the grounds that they underpin APM’s examination syllabuses, and that they have an economic life beyond 12 months. E-learning and certain website development costs are capitalised on the basis that they aid and assist members taking qualifications and as such are enduring assets which will assist in the creation of future revenue. The work undertaken by APM’s digital partner is analysed by sprint and only classified as capital expenditure where this will form part of an enduring asset, with the remainder expensed.

Annual report and accounts 2024/25

36

Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements and dilapidations Over the life of the lease, straight line Furniture and equipment 25% straight line Computer equipment 33.33% straight line

Expenditure below £2,500 is written off in the year of purchase.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow-moving items.

Foreign currency

Foreign currency transactions are recorded at the exchange rate at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the Statement of Financial Activities (SOFA).

Operating leases

The cost of operating leases is charged to the SOFA over the period to which they relate.

Pension costs

APM operates a funded defined contribution pension scheme. Contributions to the scheme are charged to the SOFA in the period to which they relate. The scheme is open to all eligible APM staff.

Cash and cash equivalents

Includes cash and short-term liquid investments with a maturity date of three months or less from the date of acquisition or the opening of the deposit/investment account. Deposit accounts which are held for the purpose of generating a financial return are classified as current asset investments.

Financial instruments

APM has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently at their settlement value. Financial instruments are recognised in the balance sheet when the Association becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments, deferred income and amounts due to or from HMRC, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 15, 16 and 17 for the debtor and creditor notes.

Fixed asset investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

Annual report and accounts 2024/25

37

Accounting policies (continued)

Judgments and key sources of estimation uncertainty

In the application of the Association’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

Provisions

Provisions are recognised where the Association has a present legal or constructive obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Provisions are measured at present value or the expenditures expected to be required to settle the obligation. Provisions are discounted to the present value of the future cash payment where such discounting is material.

Annual report and accounts 2024/25

38

2. Income

All income from charitable activities was derived from the provision of services, with the exception of income from publications of £772,976 (2024: £607,727).

3. Governance costs
2025 2024
Staff costs
Audit and legal fees*
Cost of Trustee meetings, travel and support		 £
184,417
113,893
34,075
332,385		 £
177,012
33,875
65,452
276,339

Staff costs contain a proportion of executive time in addition to the company secretarial function.

The costs of £332k (2024: £276k) above are representative of total governance costs of which £16,545 (2024: £8,942) were apportioned to raising funds. The remainder were apportioned to charitable activities (note 6).

* Audit and legal fees rose significantly in 2024/25 due to professional costs associated with exploring collaborative investment opportunities. Although these were ultimately not pursued, the process involved extensive due diligence and contract-related legal support. Valuable knowledge and reusable templates were developed, which will support future opportunities should they arise.

Annual report and accounts 2024/25

39

4. Breakdown of cost of charitable activities

Activities
undertaken
directly
2025
£
Membership subscriptions
3,992,279
Examination and other fees
2,913,490
Publications
1,077,182
Research & development projects
325,098
8,308,049
2024
Membership subscriptions
3,507,301
Examination and other fees
2,860,387
Publications
647,223
Research & development projects
312,296
7,327,207
5.
Total support cost breakdown by activity
Staff
costs
2025
£
Cost of raising funds
227,636
Charitable activities
4,345,556
4,573,192
2024
Cost of raising funds
123,256
Charitable activities
3,685,905
3,809,161		 Support
costs
£
3,099,558
5,057,144
392,992
-
8,549,694
(Note 6)
2,486,407
4,100,404
267,840
-
6,854,651
(Note 6)
Other
costs
£
220,228
4,204,138
4,424,366
105,963
3,168,746
3,274,709		 Total
£
7,091,837
7,970,634
1,470,174
325,098
16,857,743
5,993,708
6,960,791
915,063
312,296
14,181,858
Total
£
447,864
8,549,694
8,997,558
229,219
6,854,651
7,083,870

,

Annual report and accounts 2024/25

40

6. Support cost apportionment

Charitable activities

Membership
subscriptions		 Examination
and other fees		 Publications Total
2025 £ £ £ £
Depreciation 257,270 419,754 32,619 709,643
Finance 239,973 391,533 30,426 661,932
Information technology 644,922 1,052,234 81,769 1,778,925
Support staff costs 1,575,413 2,570,397 199,746 4,345,556
Office costs 267,477 436,407 33,914 737,798
Governance costs 114,503 186,819 14,518 315,840
Total 3,099,558 5,057,144 392,992 8,549,694
(Note 4) (Note 4) (Note 4) (Note 4)
2024
Depreciation 204,743 337,648 22,054 564,445
Finance 261,345 430,992 28,153 720,490
Information technology 333,392 549,806 35,914 919,112
Support staff costs 1,336,999 2,204,882 144,024 3,685,905
Office costs 252,934 417,121 27,247 697,302
Governance costs 96,994 159,955 10,448 267,397
Total 2,486,407 4,100,404 267,840 6,854,651
(Note 4) (Note 4) (Note 4) (Note 4)
7. Net (expenditure)/ income for the year
This is stated after charging:
2025 2024 2024
£ £ £
Depreciation and amortisation of fixed assets 744,852 583,321 583,321
Leasehold dilapidations revaluation Leasehold dilapidations revaluation 16,435 - -
Loss on disposal 1,965 - -
Operating lease payments - premises 251,779 176,944 176,944
Auditor’s remuneration - current year 27,350 24,400 24,400
Auditor’s remuneration for non-audit services 6,470 1,375 1,375

Annual report and accounts 2024/25

41

8. Staff costs and numbers

Wages and salaries
Social security costs
Pension costs
Private medical insurance
Group life assurance		 2025
£
7,127,105
641,555
504,823
99,886
21,238
8,394,607		 2024
£
6,194,243
579,341
430,712
82,419
20,555
7,307,270

Included in the above are redundancy and termination payments in the year amounting to £24,704 (2024: £23,429).

The number of employees whose emoluments fell into the following bands were:

2025 2024
£60,001 - £70,000 10 12
£70,001 - £80,000 10 8
£80,001 - £90,000 3 3
£90,001 - £100,000 3 3
£100,001 - £110,000 2 -
£120,001 - £130,000 - 1
£130,001 - £140,000 1 -
£150,001 - £160,000 - 1
£180,001 - £190,000 1 -

The above staff have retirement benefits accruing under defined contribution schemes at a cost of £193,747 (2024: £128,473) to APM.

Key management personnel are deemed to be the Chief Executive, the Deputy Chief Executive as well as the Trustees who are not remunerated.

Pay and benefits including pension and employer national insurance contributions to key management personnel who have held the positions in the year amounted to £379,641 (2024: £346,768).

Average employee numbers:
Business development and marketing
Customer services
Office and administration		 2025
65
39
49
153		 2024
59
35
44
138

Annual report and accounts 2024/25

42

8. Staff costs and numbers (continued)

2024
Cost of raising funds
Charitable activities
2025
Cost of raising funds
Charitable activities		 207,877
3,290,232
3,498,109
Direct staff
costs
£
239,303
3,582,112
3,821,415		 123,256
3,685,905
3,809,161
Support
staff costs
£
227,636
4,345,556
4,573,192		 Total
£
466,939
7,927,668
8,394,607
331,133
6,976,137
7,307,270

9. Taxation

The activities of the charity and its trading subsidiary are exempt from corporation taxation under section 505 of the Income and Corporation Taxes Act 1988 to the extent that they are applied to the organisation’s charitable objects. The trading subsidiary does not pay UK corporation tax as its taxable profits are paid to its parent charity as gift aid.

10. Investment income

Investment income
2025 2024
Bank interest
Income from investments		 £
61,355
85,039
146,394		 £
53,490
67,362
120,852

Annual report and accounts 2024/25

43

11 Fixed assets

Intangible fixed assets - group and Association

Cost
At 1 April 2024
Additions
Transfer of assets
Disposals
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Computer
software
£
2,433,026
772,061
-
(655,034)		 Customer
relationship
management
system
£
383,430
968,628
799,346
(378,830)
Publications
£
204,305
-
-
-		 Qualifications
Work in
progress
£
£
562,845
863,973
169,895
73,610
-
(799,346)
(181,328)
-		 Total
£
4,447,579
1,984,194
-
(1,215,192)
2,550,053 1,772,574 204,305 551,412
138,237		 5,216,581
1,726,636
426,835
(653,069)		 380,543
109,472
(378,829)		 200,501
3,641
-		 548,637
-
34,825
-
(181,328)
-		 2,856,317
574,773
(1,213,226)
1,500,402 111,186 204,142 402,134
-		 2,217,864
706,390 2,887 3,804 14,208
863,973		 1,591,262
1,049,651 1,661,388 163 149,278
138,237		 2,998,717

Annual report and accounts 2024/25

44

11 Fixed assets (continued)

Tangible fixed assets - group and Association

Cost
At 1 April 2024
Additions
Revaluation
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Disposals
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Leasehold
improvements &
dilapidations
Furniture &
computer
equipment
Total
£
£
£
883,789
429,997
1,313,786
-
207,710
207,710
(16,435)
-
(16,435)
867,354
637,707
1,505,061
471,843
345,885
817,728
80,948
89,131
170,079
-
-
-
552,791
435,016
987,807
411,946
84,112
496,058
314,563
202,691
517,254

Annual report and accounts 2024/25

45

12. Fixed asset investments

Movement in fixed asset investments
Investment portfolio
Market value brought forward
Acquisitions at cost
Less disposal proceeds
Realised gains/(loss) on disposal
Unrealised gains/(losses) on investments
Market value carried forward
Historical costs
Geographical analysis
by asset class
UK
Equities
328,648
Corporate bonds
274,599
Government bonds
488,975
Funds
565,489
Alternatives
89,119
1,746,830
Total investments
Listed investments
Cash held by investment fund manager
Total - group
Asset allocation
Equity
Bonds
Other
Fund cash (includes cash held within investments)
Cash is held for investment pending suitable market conditions.		 Movement in fixed asset investments
Investment portfolio
Market value brought forward
Acquisitions at cost
Less disposal proceeds
Realised gains/(loss) on disposal
Unrealised gains/(losses) on investments
Market value carried forward
Historical costs
Geographical analysis
by asset class
UK
Equities
328,648
Corporate bonds
274,599
Government bonds
488,975
Funds
565,489
Alternatives
89,119
1,746,830
Total investments
Listed investments
Cash held by investment fund manager
Total - group
Asset allocation
Equity
Bonds
Other
Fund cash (includes cash held within investments)
Cash is held for investment pending suitable market conditions.		 2025
£
5,159,425
1,410,585

(1,079,778)

7,002
52,549
5,549,783
4,715,779
Overseas
UK
2,741,602
657,895
236,731
494,292
369,536
420,361
420,427
378,374
34,657
355,762		 2024
£
4,620,840
1,279,385
(1,131,298)
8,593
381,905
5,159,425
4,176,656
Overseas
2,291,132
-
303,107
153,592
104,910
1,746,830 3,802,953
2,306,684		 2,852,741
5,549,783
5,159,425
60,987
308,061
5,610,770
5,467,486
2025
2024
55%
54%
26%
25%
16%
14%
3%
7%
 5,159,425
308,061
5,467,486

Annual report and accounts 2024/25

46

12. Fixed asset investments (continued)

The following investments comprise significant holdings in the portfolio:

Investments
Findlay Park
Guardcap Global Equity
Fundsmith Equity
GMO Quality Investment Fund
Guiness Global Equity
UK (Govt) 0.125%
Invesco Physical Gold
Brown Advisory Funds
Investment in subsidiary
Ibis Trading Limited		 Group
2025
£
1
1		 Holding
(units)
Value
£
2,039
344,094
26,524
294,229
43,276
292,783
15,206
291,039
9,150
287,438
293,806
285,668
1,214
282,581
16,987
279,429
Group
Company
2024
2025
£
£
1
1
1
1		 %
6.1
5.2
5.2
5.2
5.1
5.1
5.0
5.0
Company
2024
£
1
1

The Association owns all of the issued share capital of Ibis Trading Limited, a company registered in England and Wales. The subsidiary is used for sponsorship and made a profit of £165,434 (2024: £113,741) before gift aid of £165,434 to APM on income of £268,966 (2024: £197,972). Ibis Trading was incorporated on 17 March 2008 and commenced trading on 27 July 2009. All activities have been consolidated line by line in the SOFA. The total net liabilities were £1 (2024: £1).

13. Current asset investments

Notice deposits less than three months
Notice deposits more than three months		 Group
2025
957
1,430
2,387		 Group
2024
408,984
707,361
1,116,345		 Company
2025
957
1,430
2,387		 Company
2024
408,984
707,361
1,116,345

Annual report and accounts 2024/25

47

14. Stocks

Group
2025
£
Publication materials and sundry sale items
24,614
15.
Debtors: amounts falling due within one year
Group
2025
£
Trade debtors
1,348,839
Prepayments and accrued income
1,496,807
Other Debtors
220,126
Amounts owed by group undertakings
-
3,065,772
16.
Creditors: amounts falling due within one year
Group
2025
£
Trade creditors
2,003,350
Amounts owed to subsidiary undertaking
-
Accruals and deferred income
4,090,040
Other creditors
1,945
Other taxes and social security
398,843
6,494,178
Deferred income
Group
2025
£
Brought forward as at 1 April 2024
2,814,186
Income deferred in year
2,633,352
Brought forward funds released in year
(2,814,186)
Carried forward as at 31 March 2025
2,633,352		 Group
2025
£
24,614		 Group
2024
£
34,708
Group
2024
£
952,368
988,268
82,080
-
2,022,716
Group
2024
£
558,052
-
3,689,785
958
451,462		 Company
2025
£
24,614
Company
2025
£
1,276,011
1,496,807
220,126
273,869
3,266,813
Company
2025
£
2,003,350
19,189
3,985,095
1,945
376,412
6,385,991
Company
2025
£
2,808,959
2,721,844
(2,808,959)
2,721,844		 Company
2024
£
34,708
Company
2024
£
940,668
988,268
82,080
189,666
2,200,682
Company
2024
£
558,052
-
3,679,817
958
451,462
4,690,289
Company
2024
£
2,509,139
2,808,911
(2,509,091)
2,808,959

Annual report and accounts 2024/25

48

17.
Provisions for liabilities
18.
Designated funds
Group
Group
2025
2024
£
£
Dilapidation provision for leased premises
470,528
486,962
470,528
486,962
2025
At 1 April
2024
Incoming
Outgoing
£
£
£
Group and Charity:
Fixed asset fund
2,087,320
-
-
2,087,320
-
-
2024
At 1 April
2023
Incoming
Outgoing
£
£
£
Group and Charity:
Fixed asset fund
1,638,300
-
-
1,638,300
-
-		 Group
2024
£
486,962		 Company
2025
£
470,528
470,528
Transfers
£
1,428,651
1,428,651
Transfers
£
449,020
449,020		 Company
2025
£
470,528		 Company
2024
£
486,962
486,962 470,528 486,962

The fixed asset fund of £3,515,971 represents tangible and intangible fixed assets.

Annual report and accounts 2024/25

49

19. Unrestricted general funds

2025
Group
Retained
fund
Charity
Retained
fund
2024
Group
Retained
fund
Charity
Retained
fund		 At 1 April
2024
£
5,310,614
Incoming
Outgoing
£
£
17,843,694
(18,422,252)		 Gain on
investments
£
58,245		 Transfer to
designated
funds
£
(1,428,651)		 At 31
March 2025
£
3,361,650
5,310,614 17,833,643
(18,412,201)		 58,245 (1,428,651) 3,361,650
At 1 April
2023
£
4,383,703		 Incoming
Ongoing
£
£
16,194,102
(15,208,669)		 (Loss) on
investments
£
390,498		 Transfer to
designated
funds
£
(449,020)		 At 31
March 2024
£
5,310,614
4,383,703 16,184,054
(15,198,621)		 390,498 (449,020) 5,310,614

Annual report and accounts 2024/25

50

20. Net assets by fund

2025 Group
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year
2024 Group
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year		 Designated
£
2,998,717
517,254
-
-
-
-
3,515,971
Designated
£
1,591,262
496,058
-
-
-
-
2,087,320		 General
£
-
-
5,610,770
4,715,586
(6,494,178)
(470,528)
3,361,650
General
£
-
-
5,467,486
5,030,347
(4,700,257)
(486,962)
5,310,614		 Total
£
2,998,717
517,254
5,610,770
4,715,586
(6,494,178)
(470,528)
6,877,621
Total
£
1,591,262
496,058
5,467,486
5,030,347
(4,700,257)
(486,962)
7,397,934

Annual report and accounts 2024/25

51

20. Net assets by fund (continued)

2025 Company
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year
2024 Company
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due in over one year		 Designated
£
2,998,717
517,254
1
-
-
-
3,515,972
Designated
£
1,591,262
496,058
-
-
-
-
2,087,320		 General
£
-
-
5,610,769
4,715,586
(6,494,178)
(470,528)
3,361,649
General
£
-
-
5,467,486
5,020,379
(4,690,289)
(486,962)
5,310,614		 Total
£
2,998,717
517,254
5,610,770
4,715,586
(6,494,178)
(470,528)
6,877,621
Total
£
1,591,262
496,058
5,467,486
5,020,379
(4,690,289)
(486,962)
7,397,934

Annual report and accounts 2024/25

52

21. Trustee remuneration and expenses

The Trustees neither received nor waived any emoluments during the year (2024: £0). The reimbursement to 13 (2024:11) Trustees of expenses for travel and subsistence incurred on behalf of the Association totalled £8,803 (2024: £6,701) during the year. The Association receives subscriptions from the Trustees and provides examination services to some Trustees on the same basis as any other member.

22. Financial commitments

The total amounts payable over the lease term are shown below, analysed according to when the payments are due.

Operating leases: land and buildings
Due:
Within one year
Between two and five years
After five years
Operating leases: office equipment
Due:
Within one year
Between two and five years		 2025
£
171,371
426,402
-
597,773
2025
£
2,232
6,696
8,928		 2024
£
171,371
597,773
-
769,144
2024
£
3,987
8,929
12,916

23. Related party transactions

During the year the charity bought services from Positively Project Management amounting to £15,220 (2024: £18,130) for Chartered Project Professional assessments. Sheilina Somani is a Trustee of the charity and a director of Positively Project Management. Chartered assessment services amounting to £2,475 (2024: £250) were also provided from James White, also a Trustee bringing the total of services purchased to £17,695 (2024: £18,380) from two Trustees (2024: 2). Amounts owed to the Trustees at year end were £0 (2024: £300).

Intercompany transactions between the charity and its wholly owned subsidiary, Ibis Trading Limited were £97,256 (2024: £74,931) for shared resources.

Ibis Trading gift-aided surplus funds of £165,434 (2024: £113,741) to the charity.

Amounts owed by Ibis Trading Limited to the charity at the balance sheet date were £262,688 (2024: £189,666).

The services referred to above were conducted at arm’s length.

Annual report and accounts 2024/25

53