Docusign Envelope ID: F230CF50-9641-4C21-ABBB-F0BCDE1E7793
Charity number: 1174854
WOMEN LEADERS UK
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Docusign Envelope ID: F230CF50-9641-4C21-ABBB-F0BCDE1E7793
WOMEN LEADERS UK
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Trustees' Responsibilities Statement | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 18 |
Docusign Envelope ID: F230CF50-9641-4C21-ABBB-F0BCDE1E7793
WOMEN LEADERS UK
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025
Trustees
Claire Farmer (resigned 28 February 2026) Freddie Guilmard Dr Susan Izadkhasti Dr Julie Mills OBE DL Hiran Odedra (resigned 31 December 2025) Ruby Parmar Dr Zoe Raven (resigned 28 February 2026) Nikki Ross Sarah Thorne Gamiel Yafai MBE Bukky Babajide (appointed 2 December 2025) Bridgit Richards (appointed 2 December 2025) Robyn Corcoran (appointed 2 December 2025)
Charity registered number
1174854
Principal office
C/O Hillier Hopkins LLP, 249 Silbury Boulevard, Milton Keynes, Bucks, MK9 1NA
Independent Examiner
Grant Franklin, For and on behalf of Hillier Hopkins LLP, 249 Silbury Boulevard, Milton Keynes, Bucks, MK9 1NA
Bankers
NatWest, 501 Silbury Boulevard, Saxon Gate East, Milton Keynes, Bucks, MK9 3ER
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WOMEN LEADERS UK
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2025 to 31 December 2025.
Objectives and activities
a. Policies and objectives
The object of Women Leaders UK is the promotion of gender equality and diversity for the public benefit. This includes the encouragement and support of young women to study Science, Technology, Engineering and Mathematics (known as STEM subjects), inspire and support women to succeed and reach their potential, promote the achievements of women, provide role models and to organise and run conferences and other events.
b. Activities undertaken to achieve objectives
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Providing support to encourage and enable young women to study STEM subjects.
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Organising conferences, seminars, research and other educational activities.
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Inspiring and supporting young women to fully develop their education, skills and training so that they can maximise their potential.
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Promoting the achievements of all women and thereby provide role models for the wider community.
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Working in partnership with other organisations and voluntary groups to achieve and deliver Women Leaders UK's purpose.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The Board focused its limited resources on key activities to its charitable objectives including:
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Career Connect mentoring scheme and Allyship training offering supported by Milton Keynes Council as part of their economic recovery plan grant.
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Promoted the awareness of STEM through MK Innovates event.
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Celebrating and promoting the achievements of all women at the annual Awards Gala dinner.
Achievements and performance
a. Key performance indicators
Income this period was £79,589 and expenditure was £79,361.
Total funds at the period end were £14,831.
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WOMEN LEADERS UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance (continued)
b. Review of activities
In this twelve month period the main activities have been:
MK Innovates
The MK Innovates STEM Festival continues to be a flagship initiative designed to inspire future talent, broaden participation, and strengthen connections between education, industry, and the local community across Milton Keynes and the wider region.
The objective of MK Innovates is to showcase Science, Technology, Engineering and Mathematics (STEM) businesses and academic institutions, inspiring young people considering careers in STEM, as well as adults exploring career change or progression.
The most recent MK Innovates STEM Festival took place over two days in 21-22 October 2025 at Midelton Hall, Centre MK and reached over 1,300 attendees and participation from 30 organisations across Milton Keynes and wider.
The festival was structured as follows:
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Day 1 – Women in STEM: Open to the public, focusing on visibility, inclusion, and career pathways for
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women and career changers.
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Day 2 – Schools in STEM: Dedicated to students, including home-schooled learners, providing direct
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exposure to employers, educators, and STEM role models.
The festival was delivered with a combination of community funding and corporate sponsorship: • A small grant was secured from the Milton Keynes Community Foundation, supporting accessibility and delivery of the event.
- Sponsorship from three organisations, all of whom also exhibited at the festival.
This blended funding model contributed to the sustainability of the event and enabled broader participation from schools and underrepresented groups.
Career Connect Mentoring
The mentoring programme was launched in 2021, focused on supporting women whose careers had been negatively impacted through Covid. Since then it has developed into an inclusive programme, supporting women at any stage of their career, encouraging progression into senior leadership. The Charity secured grant support from Milton Keynes Community Foundation in 2025 which has strengthened the infrastructure of the mentoring programme and facilitated an increase in both mentors and mentees. Furthermore, it has created the opportunity to pilot new models of mentorship, including an innovative programme with the hospitality industry, led by local hoteliers and engaging College and University students with industry professionals.
Allyship Training
The Allyship programme was launched with MK Council in 2021. Delivery of the programme commenced in February 2022, and to date 21 sessions have been delivered, impacting over 259 attendees. Feedback to date has been extremely positive.
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WOMEN LEADERS UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance (continued)
Milton Keynes Awards Gala Dinner
2025 saw another high profile, prestigious Gala dinner to promote and celebrate the achievements of all women. Over 158 remarkable women were nominated in 14 categories (which was higher than previous years) and following a rigorous judging and interview process, the finalist were announced at the gala awards ceremony on 12th June 2025 attended by 380 dignitaries, sponsors, finalists, and Guests. Celebrating the Charity’s 10th anniversary, the event this year featured previous winners, sharing the impact of the awards on their careers, it was truly inspirational. Our headline partners National House Building Council (NHBC) led an inspirational panel discussion focussing on the importance of women in the construction industry and the business imperative to diversify the workforce.
This prestigious celebration perfectly showcased and promoted the amazing achievements and talent of all the winners and nominees as well as raising valuable funds for the Charity.
Trustees
A successful trustee recruitment campaign resulted in three new trustees being selected and the Board is looking forward to welcoming them to their first meeting in 2026.
The Charity's priorities for 2026 include:
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Undertake a strategic review and plan for the next five years ensuring the charity delivers its charitable objectives.
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Ensure effective succession planning for the Chair and Vice Chair of trustees.
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Increase the charity’s profile in the business community to secure new, value adding partnerships.
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Continue to drive the successful mentoring programme (Career Connect) and Allyship training programme or senior leaders in MK Businesses to support organisations which aspire to create female friendly, flexible workplaces.
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Through the networking and mentoring programme continue to support women to maximise their potential and to be role models for others.
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Launch the 2026 awards event.
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Continue to promote STEM through the MK Innovates event.
c. Investment policy and performance
No investments were made in 2025.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ A788EBFO6FBD41A... Dr Julie Mills OBE DL
18-02-2026 Date:
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WOMEN LEADERS UK
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025
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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
................................................ A788EBFO6FBD41A... Dr Julie Mills OBE DL
Date: 18-02-2026
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WOMEN LEADERS UK
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Independent Examiner's Report to the Trustees of Women Leaders UK ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2025.
This report is made solely to the charity's Truesttes, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
18-02-2026 Signed: Dated: 512213CD94334AB... Grant Franklin ACA C/O Hillier Hopkins 249 Silbury Boulevard Milton Keynes Bucks MK9 1NA
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WOMEN LEADERS UK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Note Income from: Donations and activities 2 Investments 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 79,313 276 79,589 79,361 79,361 228 14,603 228 14,831 |
Total funds 2025 £ 79,313 276 79,589 79,361 79,361 228 14,603 228 14,831 |
Total funds 2024 £ 85,146 291 85,437 |
|---|---|---|---|
| 81,245 81,245 |
|||
| 4,192 | |||
| 10,411 4,192 14,603 |
The notes on pages 9 to 18 form part of these financial statements.
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WOMEN LEADERS UK
BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Current assets | ||||||
| Debtors | 8 | 10,970 | 6,109 | |||
| Cash at bank and in hand | 20,049 | 23,364 | ||||
| 31,019 | 29,473 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 9 | (16,188) | (14,870) | |||
| Net current assets | 14,831 | 14,603 | ||||
| Total net assets | 14,831 | 14,603 | ||||
| Charity funds | ||||||
| Unrestricted funds | 10 | 14,831 | 14,603 | |||
| Total funds | 14,831 | 14,603 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Signed by:
................................................ A788EBFO6FBD41A... Dr Julie Mills OBE DL
Date: 18-02-2026
The notes on pages 9 to 18 form part of these financial statements.
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. this departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawan.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Women Leaders UK constitutes a public benefit entity as defined by FRS 102.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been maded by the executor(s) to the Trust that a dustribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution, Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the cirteria for income recognition have note been met, then the legacy is treated as a contingent assets and disclosed if materal.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Charitable activities and Governance costs are costs incurred on the Charity's operations, inlcuding support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. Accounting policies (continued)
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Income from donations and legacies
| Donations Grants Donations Grants Investment income Investment income - bank interest received Investment income - bank interest received |
Unrestricted funds 2025 £ 74,313 5,000 79,313 Unrestricted funds 2024 £ 81,565 3,581 85,146 Unrestricted funds 2025 £ 276 Unrestricted funds 2024 £ 291 |
Total funds 2025 £ 74,313 5,000 79,313 |
|---|---|---|
| Total funds 2024 £ 81,565 3,581 85,146 |
||
| Total funds 2025 £ 276 |
||
| Total funds 2024 £ 291 |
3. Investment income
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. Analysis of expenditure on charitable activities
Summary by fund type
| Direct costs Direct costs |
Unrestricted funds 2025 £ 79,361 Unrestricted funds 2024 £ 81,245 |
Total 2025 £ 79,361 |
|---|---|---|
| Total 2024 £ 81,245 |
5. Analysis of expenditure by activities
| Direct costs Direct costs |
Activities undertaken directly 2025 £ 74,361 Activities undertaken directly 2024 £ 77,664 |
Support costs 2025 £ 5,000 Support costs 2024 £ 3,581 |
Total funds 2025 £ 79,361 |
|---|---|---|---|
| Total funds 2024 £ 81,245 |
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Venue hire Insurance Transport Accountancy fees Event cost Marketing Production fees Project management Trophies Total 2025 Venue hire Insurance Transport Accountancy fees Event cost Marketing Production fees Project management Trophies Total 2024 |
Activities 2025 £ 20,844 1,014 2,340 900 893 5,295 24,625 17,280 1,170 74,361 Activities 2024 £ 30,326 1,040 2,470 870 570 4,325 22,628 14,400 1,035 77,664 |
Total funds 2025 £ 20,844 1,014 2,340 900 893 5,295 24,625 17,280 1,170 74,361 |
|---|---|---|
| Total funds 2024 £ 30,326 1,040 2,470 870 570 4,325 22,628 14,400 1,035 77,664 |
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Grant expenditure Grant expenditure |
Activities 2025 £ 5,000 Activities 2024 £ 3,581 |
Total funds 2025 £ 5,000 |
|---|---|---|
| Total funds 2024 £ 3,581 |
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £900 ( 2024 - £870 ).
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 December 2025, expenses totalling £ NIL were reimbursed or paid directly to Trustee (2024 - £NIL ). The expenses largely related to the event costs expenditure incurred during the year.
8. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2025 £ - 10,970 10,970 |
2024 £ 450 5,659 |
|---|---|---|
| 6,109 |
9. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2025 £ 10,800 5,388 16,188 |
2024 £ 13,400 1,470 |
|---|---|---|
| 14,870 |
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. Statement of funds
| Statement of funds - current year Unrestricted funds General funds - all funds Statement of funds - prior year Unrestricted funds General funds - all funds |
Balance at 1 January 2025 £ 14,603 Balance at 1 January 2024 £ 10,411 |
Income £ 79,589 Income £ 85,437 |
Expenditure £ (79,361) Expenditure £ (81,245) |
Balance at 31 December 2025 £ 14,831 |
|---|---|---|---|---|
| Balance at 31 December 2024 £ 14,603 |
11. Summary of funds
Summary of funds - current year
| General funds Summary of funds - prior year General funds |
Balance at 1 January 2025 £ 14,603 Balance at 1 January 2024 £ 10,411 |
Income £ 79,589 Income £ 85,437 |
Expenditure £ (79,361) Expenditure £ (81,245) |
Balance at 31 December 2025 £ 14,831 |
|---|---|---|---|---|
| Balance at 31 December 2024 £ 14,603 |
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WOMEN LEADERS UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Current assets 31,019 Creditors due within one year (16,188) Total 14,831 |
Total funds 2025 £ 31,019 (16,188) 14,831 |
|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 29,473 (14,870) 14,603 |
Total funds 2024 £ 29,473 (14,870) 14,603 |
|---|---|---|
13. Related party transactions
During the year ended 31 December 2025, expenses totalling £17,280 (2024 - £14,400) were reimbursed or paid directly to QCL Associates LLP, a company in which a Trustee is a member. The expenses largely related to project management incurred during the year. At the year end, the Charity owed £NIL (2024 - £NIL) to QCL Associates LLP.
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