**Charity number: 1179422** ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 JULY 2024** ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1 - 2| |**Trustees' report**|3 - 9| |**Independent auditor's report on the financial statements**|10 - 13| |**Consolidated statement of financial activities**|14| |**Consolidated balance sheet**|15| |**Charity balance sheet**|16| |**Consolidated statement of cash flows**|17| |**Notes to the financial statements**|18 - 38| ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024** ## **Trustees** Thea Gibbs, Chair Mike Mercer, Vice Chair Lucy Hayward (appointed 1 August 2023) Oliver Cooper (resigned 31 July 2024) Sol Miah Jonathan Dempsey Loretta Gibson Emily Khan (appointed 1 August 2023) Valerie Foy (appointed 1 August 2023) Nikki Pierce (appointed 1 August 2023) Hayley Burns (appointed 1 August 2023) Hannah Rundle (appointed 1 August 2023) Josh Gulrajani (appointed 1 August 2023) Rachel Kelly (appointed 1 August 2023) James Irving (appointed 1 August 2023) ## **Charity registered number** ## 1179422 ## **Principal office** AHEP Office B1 George Begg Building Sackville Street Manchester M1 3BB ## **Principal operating office** AHEP Office B1 George Begg Building Sackville Street Building Manchester ## **Independent auditor** Crowe U.K. LLP 3rd floor St Georges House 56 Peter St Manchester M2 3NQ Page 1 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** ## **Senior management team** Colin Ferguson (Executive Director) Anna Green (Head of Finance) Ella Popper (Head of Professional Development) Page 2 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024** ## Dear Members, For over six decades, the AHEP has proudly served as the premier membership association for Higher Education Professionals, fostering professional development and facilitating connections among sector professionals to exchange knowledge, experiences, and best practices. Our journey since inception reflects resilience and adaptability, and recognising the swift evolution of the sector in recent years, the Board of Trustees and the Executive Director embarked on a comprehensive strategy development process. This strategic initiative ensures the Association's capacity to address the dynamic needs of today and tomorrow's higher education landscape. Throughout the strategy development in 2023-24, our commitment to excellence remained unwavering. We continued to provide top-notch professional development opportunities to our valued membership, fostering increased avenues for networking and collaborative learning within the sector. A highlight in our calendar of activities was the Annual Conference and Exhibition held in Warwick in Mar 2024, representing a pinnacle moment in our ongoing dedication to advancing the higher education profession. Over 350 delegates were in attendance from across the UK and the world, with fantastic feedback received from our delegates and exhibitors. It was at July’s Annual Conference and Exhibition that we proudly revealed the 2023-28 strategy, built on three pillars. Firstly, Identity, Purpose, and Engagement involve cultivating a modern brand, articulating the Association's purpose, and actively engaging with the sector. Secondly, Fit for the Future Products focuses on transparent membership offers, flexible professional development, and a not-for-profit consulting service. Lastly, Strategic Sector Partnerships entails tailored collaborations with sector bodies and with individual institutions, as well as advocating for Higher Education Professionals. The strategic changes are driven by our commitment to cultivate a thriving professional services community, especially in the UK and Ireland. We aim to reflect the diversity of society, fostering inclusivity and expanding our outreach. Elevating the profile of professional services as a premier career choice is a central goal, attracting a broader audience and positioning the sector as both appealing and rewarding. Promoting collaboration and alignment across the sector is integral to our strategy, fostering unity in pursuing common objectives. As recognised pioneers in professional development, our association aims to be a beacon of best practices, leading the sector in advancing expertise. Through these efforts, we seek to grow our membership while significantly contributing to the sector's recognition and advancement. To deliver this, the trustees agreed to use the Associations healthy reserves to invest in a new identity, website and staffing. The Executive Director has ensured that the office team is fully resourced for the successful implementation and delivery of the strategy in 2023-24. The team has dedicated significant effort to ensuring a seamless transition to a new brand, enhancing the overall member experience. To reinforce this effort, the position of Membership and Marketing Manager was established, prioritising the needs of our members. The strategy consultation process provided valuable opportunities to strengthen the Association's relationships with strategic partners, notably the Association of Heads of University Administration (AHUA), Academic Registrars Council (ARC), Quality Strategy Network (QSN), British Universities Finance Directors Group (BUFDG), Universities Human Resources (UHR), and The Association of Research Managers and Administrators (ARMA). As a testament to collaborative efforts, a joint event involving ARC, QSN, and AUA explored the sector's impact and opportunities associated with AI. A cornerstone of our professional development offerings has been the highly sought-after Postgraduate Certificate (PgCert) in Higher Education Management, Administration, and Leadership, delivered in partnership with Nottingham Trent University. Currently, efforts are underway to make the PgCert more accessible to all HE professionals and explore options for programme progression to support those interested in furthering their studies. Page 3 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** Special thanks go to our Honorary President, Keith Zimmerman, for leveraging his 25 years of sector experience to support and advocate for the Association. Lastly, gratitude is extended to the Association's dedicated staff team for their hard work over the past year and to the Board of Trustees for their diligence and ambition in guiding the Association toward a future-focused direction. Name: Thea Gibbs Chair Date: 29 May 2025 Page 4 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** The Trustees present their annual report together with the audited financial statements of the group and the charity for the 1 August 2023 to 31 July 2024. ## **Objectives and activities** ## **a. Policies and objectives** The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charities Commission. It is stated in the governing document of the Association that "the Object of the Association is to advance and assist in the advancement of education by fostering sound methods of leadership, management and administration in further and higher education by education, training, and other means". ln furtherance of the above Object, the Association's mission is to promote excellence in higher education management, advance a code of professional standards, provide information networks, develop international links and enhance the profile of the profession nationally and internationally. We achieve this through the systematic delivery of information, a comprehensive continuing professional development programme, and the provision of networking opportunities across the sector. Our subscription fees, which vary according to salary levels, are set to ensure that they are affordable to all our members. ## **b. Main activities undertaken to further the charity's purposes for the public benefit** Details of the main activities carried out during the year are described in the Chair's letter to members on the previous pages. Like many business and charities, the AHEP has been significantly affected by the Covid -19 pandemic. It immediately impacted our activity, most notably our learning and development programme and the Association’s Annual Conference, which was moved online for 2021. What this experience has shown us is how adaptable and responsive we can be, the AHEP PgCert in HE admin, management and leadership is now being delivered online and we have developed and are offering a fullyfledged online CPD offer. Development projects such as a mentoring scheme and new online CPD Framework tool have continued and were launched in early 2021 providing us with tangible enhancements to the membership offer. As a result of these and other efforts around communications, retention remains strong and we are now embarking on a revised membership recruitment plan to reach new audiences. The Board developed a new strategy and this development and launch was not delayed by the pandemic. The Future HE Professionals research project informed the creation of a confident strategy which makes three promises to our members; We promise to: 1. Empower your career 2. Improve your professional practice 3. Support your professional development These promises now shape the messages we communicate and the activity we have prioritised throughout the year and will inform work for the coming period. Although these uncertain times continue, the strategic vision sets out a clear path for the AHEP designed to increase membership and enable many more PS staff to benefit from the AHEP offer and enhance their careers in higher education. The financial results for the year are set out on pages **14 to 38** of this report. Page 5 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** ## **Achievements and performance** ## **a. Investment policy and performance** AHEP's policy is to invest its reserves prudently on behalf of its members whilst ensuring there are sufficient funds to pay operational expenditure. The Association invests its cash surpluses in Barclays Treasury Deposit Accounts for periods, which maximise interest from the investment whilst ensuring funds are available to meet cash flow purposes. The AHEP is working towards splitting cash investment across a variety of banks and interest bearing accounts in order to improve returns whilst minimising risk. ## **Financial review** ## **a. Going concern** As part of its going concern assessment, the Board of Trustees has considered Group budgets and cash flow forecasts to 28 February 2026. The initial forecasts indicate potential challenges in maintaining cash flow at a sustainable level beyond the next financial year, influenced by the financial instability currently affecting the higher education sector. In response, management is actively exploring a range of cost-saving measures and operational efficiencies to strengthen the Charity’s financial position. While the successful implementation of these initiatives is expected to mitigate the risk, there remains a degree of uncertainty until these actions are fully executed and their impact assessed. Considering the uncertainties as described above, the Trustees have a reasonable expectation that the Group has and will have adequate resources to continue in operational existence for the forecast period. For these reasons, they continue to adopt the going concern basis of accounting in preparing this financial information. ## **b. Financial risk management objectives and policies** The Trustees continue to keep the Association's activities under review, particularly with regard to any major risks that may arise, for example in respect of the annual conference, and to monitor the effectiveness of the internal controls, and other viable means, including insurance cover where appropriate, by which identified risks can be mitigated. ## **c. Investments and financial reserves** The Trustees are aware, and have taken action to ensure, that the Association is able to fulfil its financial commitments to its stakeholders. These include its commitment to provide membership services and long term support for the participants on the Postgraduate Certificate in Higher Education Administration, Management and Leadership. ## **d. Reserves policy** The Charity Commission states that a charity needs to have sufficient reserves to allow it to cover known liabilities, which for the AHEP would mean being able to cover money owed to creditors, six months' notice on Sackville Street property and possibly covering statutory redundancy entitlement to employees. ln accordance with the revised reserves policy agreed in June 2015, the Association returns surpluses to reserves of between 1-5% of turnover. Any excess surplus, over and above this, is be held in reserves as 'Designated Funds', which, per the Charity Commission are 'part of unrestricted funds which Trustees have earmarked for a particular project or use, without restricting or committing the funds legally. The designation may be cancelled by the Trustees if they later decide that the charity should not proceed or continue with the use or project for which the funds were designated'. Page 6 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** Consequently, the Board can report that the reserves for y/e 31st July 2024 now stand at £158k. ## **e. Principal funding** Unlike many associations in higher education, AHEP's funding is generally from individual and not institutional subscriptions. This accounts for £184k or 25% (£197k or 28% in 2022/23) of all incoming resources in the reported period. Other income is derived from surpluses from the professional development programme, the Postgraduate certificate, and the provision of services to other organisations in the sector. A small percentage of revenue is derived from advertising activities. ## **f. Financial summary** The Board is committed the financial sustainability of the Association and is confident that there are satisfactory control measures in place to ensure ongoing viability and going concern. The Board continues to work with the AHEP staff team to ensure that this objective is met. The Board has adopted a policy of replenishment of reserves and targeted investment in recruitment and retention activities to support growth in overall membership. The AHEP survives and thrives only by the strength of its membership and the Board recognises the importance of securing and enhancing the membership experience and as such has designated a portion of the retained surplus towards the achievement of this. Staff costs accounted for £480,612 or 66% (£481k or 61% in 2022/23) of total income. Other significant costs relate to the changes to the Website and CRM system and investments in membership benefits. ## **Structure, governance and management** ## **a. Constitution** The principal object of the charity and the group is to advance and assist in the advancement of education by fostering sound methods of leadership, management and administration in further and higher education by education, training and other means. ## **b. Methods of appointment or election of Trustees** The management of the charity and the group is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## **c. Policies adopted for the induction and training of Trustees** lln accordance with the Constitution a Nominations panel (comprising at least two Trustees, two co-opted members of the Association and a senior member of staff from the AHEP Office) considers and recommends the appointment of new Trustees to the Board. Any person wishing to be nominated for a Trustee vacancy, as notified by the Board of Trustees, must follow the nominations procedures as specified by the Association. ln considering potential Trustees, the Nominations Panel assesses individuals' relevant skills, knowledge and experience, taking into account the skills mix of existing members. The Nominations Panel recommends appointment of its preferred candidates, subject to formal approval by the full Board of Trustees. Page 7 **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** ## **Plans for future periods** ## **a. Future developments** The Board steadfastly upholds its commitment to establishing a sustainable financial model for the AHEP's operations. The impending launch of the 2023-28 strategy signifies a strategic focus on enhancing the Association's contribution to the Higher Education (HE) sector and advancing the professionalisation of staff across a comprehensive spectrum of professional services. Notably, the Association is diversifying its portfolio further by introducing institutional partnerships, a strategic initiative designed to concurrently benefit individual members and fortify the Association's influence, relevance, and support for the development of HE professionals. This strategic move aims to foster stronger connections within the sector, providing valuable support and opportunities for professional growth. ## **Auditors** Aa part of the Charity's governance procedures the Auditors remain as Crowe UK LLP, until further notice at which point AHEP will complete a competitive tender process. ## **Conclusion** Amidst significant changes within the higher education sector, the AHEP's role in supporting individual HE professionals remains as crucial as ever. The Association continues to be inspired by the unwavering dedication and selflessness demonstrated by numerous individuals who generously contribute to the sector through various activities. These encompass coordinating network events, participating in the professional development programme, leading conference sessions, and serving as mentors in the AHEP's postgraduate certificate programme. The Board of Trustees extends its gratitude once again, to the AHEP Office staff and the numerous supporters who tirelessly contribute their time. Their efforts play a pivotal role in amplifying the impact and significance of the Association's mission and values throughout the sector. Page 8 ## **ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024** ## **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). 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 Group and the charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles of the Charities SORP (FRS 102); -  make judgments and accounting estimates that are reasonable and prudent; -  state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; -  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to auditor** - Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: -  so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and -  that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information. Approved by order of the members of the board of Trustees on 29 May 2025 and signed on their behalf by: **Thea Gibbs** **Lucy Hayward** ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS Opinion We have audited the of Association of Higher Education Professionals (the 'parent charity'l and its subsidiaries Ilhe 'group'l for the year ended 31 July 2024 which comprise the Consolidated statement of financial aclivilies, the Consolidated balan￿ sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally A¢￿pted Accounting Practi￿1. In our opinion the financial statements.. give a true and fair view of the stale of the Group's and of the parent charity's affairs as al 31 July 2024 and of the Group's incoming resources and application of reSoUr￿s, including ils income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordanee with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordanTr with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufFicienl 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 doubl on the Group's or the parent charity's ability lo continue as a going concern for a period of al least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this report. Page 10 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS ICONTINUEDI other information The other information comprises the infomialion included in the Annual report other than the financial statements and our Audilorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other Information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements them*lves. If, based on the work we have performed, we conclude that there Is a material misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Mattors on which we are requirod to roport by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial slalements., or the parent Charity has not kept sufficient accounting records., or the parent charity are not in agreement with the accounting records and retums," or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the which 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 misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are ￿sponsible 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 concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or lo ￿ase operations, or have no ￿aliStiC allemalive bul to do so. Page11 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 152 of the Charities Act 2011 and report in accordan￿ with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an Auditorfs report that includes our opinion. Reasonable assuran￿ is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instanTrs of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslalemenls in respect of irregularities, including fraud. The exlenl to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtained an understanding of the legal and r￿ulatOry frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and r￿ulationS we considered in this Context were the Charities Act 2011 legislation. We Identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experienTr, through discussions with the Trustees, and from inspections of the Charities. board minutes and legal and regulatory correspondanTr. We assessed the susceptibility of the financial statements lo material misslatemenl, including how fraud might occur, by meeting with management from relevant parts of the business lo understand where management considered there was a susTrptibility to fraud. We also considered the potenb.al for management to manage earnings and influence the perceptions of the financial statements. We identified the greatest risk of material impact on the financial statements from Irregularities, including fraud, lo be the override of controls by management and the timing of recognition of income. Audit procedures performed by the engagement team included.. Evaluation of the design of controls established to address the risks related to material irregularities in the financial stalemenls," Testing manual journal entries, in particular journal entries ￿lating to management estimates and entries determined to be large or relating to non-routine transactions. Evaluation of income recognition policies and any judgements made around income recognition,. reviewing the income system for significant deficiencies or susceptibility lo fraud, Agreement of the financial statement disclosures to undedying supporting documentation., Making enquiries of management., Review of minutes of board meetings throughout the period., Our audit procedures were designed lo respond lo risks of material misstalemenl in the financi21 statements, recognising that the risk of not detecting a material misslatemenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed nonwcompliance with laws and regulations is from the events and transactions reflected in the financial slatemenls, the less likely we are to become aware of it. Owing to the inherent limitations of an audit, there is an unavoidable risk that we May not have detected some Page 12 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS ICONTINUEDI material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-complian￿ and cannot be expected to detect non-compliance with all laws and regulations. These inherant limitations are particular significant in the case of misslalement resulting from fraud as this may involve sophisticated schemes designed lo avoid detection, including deliberate failure lo record Iransaclions, collusion or the provision of intents'onal misrepresentations. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at.. www.fr¢.org.uklaudilorsresponsibilities. This description fomis part of our Audilorfs report. Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordanTr with Part 4 of the Charities IAccounls and Reportsl Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are required lo stale lo them in an Auditor's report and for no other purpose. To the ftjllesl exlenl permitted by law, we do not ac￿pt or assume responsibility lo anyone other than the charity and its Iruslees, as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor 3rd floor St Georges House 56 Peter St Manchester M2 3NQ 29 May 2025 Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Total funds 2024 Total funds Note Income from: Charitable activities Other trading activities Investments 601,430 125,892 5.605 601,430 125.892 5,605 552,029 152,552 2,128 Total income 732,927 732,927 706. 709 Expenditure on: Raising funds Charitable activities 6,817 945.497 6,817 945,497 253 835, 195 Total expenditure 952,314 952,314 835.448 Net movement in funds {219,3871 {219.3871 (128, 739) Reconciliation of funds: Total funds brought forward Net movement in funds 377,364 1219,3871 377,364 1219,3871 506, 103 (128, 739) Totsl funds carried fopHard 157,977 157,977 377,364 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 38 form part of these financial statements. Page 14 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024 2023 2023 Note Fixed assets Intangible assets Tangible assets 13 36,852 749 21,884 2,022 14 37.601 29,906 Current assets Debtors Cash al bank and in hand 16 176.250 319,973 160,490 525,85T 496.223 686,347 Creditors.. amounts falling due within one year 17 1375,8471 (338, 889) Net current assets 120.376 347,458 Totsl assets less current liabilities 157,977 377,364 Net assets excludlng penslon asset 157,977 377,364 Total net assets 157,977 377,364 Charity funds Reslrieled funds Unrestricted funds 18 18 157,977 377,364 Total funds 157.977 37T,364 The financial ststements were approved and authorised for issue by the Trustees on 29 May 2025 and signed on their behalf by.. Thea Gibbs Lucy Hayward The notes on pages 18 to 38 form part of these financial statements. Page15 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS CHARITY BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets Investments 13 4,295 144 6, 729 386 7(10 14 15 100 4,539 7,215 Current assets Debtors Cash al bank and in hand 16 89.955 317,022 l(W,T67 499, 121 406,977 599,888 Creditors.. amounts falling due within one year 17 1212.7671 (195,387) Net current assets 194.210 404,501 Total assets less current Ilabllltles 198,749 411,716 Net assets excluding pension asset 198,749 411,716 Total net assets 198,749 411,716 Charity funds Reslricled funds Unrestricted funds 18 18 198.749 417,716 Totsl funds 198.749 411,716 The financial statements were approved and authorised for issue by the Trustees on 29 May 2025 and signed on their behalf by". Thea Gibbs Lucy Hayward The notes on pages 18 to 38 form part of these financial statements. Page 16 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operating activities Nel cash used in operating activities 20 1184,7051 (205.626) Cash flows from investing activities Dividends, interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Loss on disposal of tangible fixed assets 5,605 {27,2381 2,128 (1,694) (25,OOQJ 454 Net tash used in investing aetivities 121,1791 {24,566) Cash flows from financing activities Net cash provlded by flnanclng actlvltles Change in tash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {205,8841 1230,1921 525,857 756,049 Cash and cash equlvalents at the end of the year 21 319,973 525, 857 The notes on pages 18 to 38 form part of these financial statements Page 17 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General infomiation Association of Higher Education Professionals is a registered charitable incorporated organisation in England and Wales with a registered office at B1 George Begg Building, Sackville Street, Manchester, M1 3BB. The Iruslees consider the charity to be a public benefit entity for the purposes of FRS 102. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 (effective October 20191, the Financial Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Associab'on of Higher Education Professionals 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 slated in the ￿levant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Going eoncern As part of its going concern assessment, the Board of Trustees has conside￿d Group budgets and eash flow forecasts lo 28 February 2026. The initial forecasts indieate potential challenges in maintaining cash flow at a sustainable level beyond the next financial year, influenced by the financial instability currenlly affecting the higher education sector. In response, management is actively exploring a mnge of cost-saving measures and operational efficiencies to strengthen the Charity financial posib'on. While the successful implementation of these initiatives is expected to mitigate the risk, the￿ remains a degree of uneertainty until these actions are fully executed and their impact assessed. Considering the uncertainties as described above, the Trustees have a ￿asOnable expectation that the Group has and will have adequate resources to continue in operational existence for the forecast period. For these reasons, they continue to adopt the going concern basis of accounting in preparing this financial information. 2.3 Income All income is recognised On￿ the charity has enlitlemenl lo the ineome, it is probable that the income will be ￿ceIVed and the amount of ineome receivable ean be measured reliably. Page 18 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {continued} 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligats'on 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 allribulable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned he￿een those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Research and development Development costs are capilalised within intangible assets where they can be identified with a specific product or project anlicipaled to produ￿ future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project. Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubl, the balance of any related research and development is written off to the Consolidated statement of financial activities. 2.6 Intorest roceivable Interest on funds held on deposit is Included when receivable and the amount can be measured reliab￿ by the Group,. this is normally upon notification of the interest paid or payable by the insb.lulion with whom the funds are deposited. Page 19 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {continued} 2.7 Intangible assets and amortisation Intangible assets costing £2,500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impairment losses. Amortisation is provided on Intsngible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the following basis. Software 33 /0 Straight line 2.8 Tangible fixed assgts and depreciation Tangible fixed assets costing £NIL or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs Incurred to bring a tsngible fixed asset Into Ils intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, Depreciation is provided on the following basis.. OffiTr equipment 3 years straight line 2.9 Invgstments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequendy measured al fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured al cost less Impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as GainsllLossesl on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.10 Dgbtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.11 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. Page 20 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {continued} 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan￿ sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the charity anlicipales il will pay to settle the debt or the amount il has re￿iVed as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime 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 Consolidated statement of financial activities as a finance cost. 2.13 Dgferrgd taxation Full provision is made for deferred tsx assets and liabilities arising from all liming differences bel￿een the recognition of gains and losses in the financial statements and recognition in the lax computstion. A nel deferred tax asset is recognised only If it can be regarded as more likely than not that there will be suitsble taxable surpluses from which the future reversal of the underlying timing differences can be deducted. Deferred lax assets and liabilities are calculated at the tsx rates expected to be effective at the b.me the timing differences are expected to reverse. 2.14 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.15 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 21 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Critical accounting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experien￿ and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity makes eslimales and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no material estimates and judgements to consider. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Membership Conference, exhibitions and events Postgraduate certificate programme Services lo other charities Professional development programme Other 183,727 46,722 191,373 66,345 110,873 2,390 183.727 46,722 191,373 66.345 110,873 2,390 601,430 601,430 Un￿st￿lCted funds 2023 Total funds 2023 Membership Conference, exhibitions and events Postgraduate certificate programme Services lo other charities Professional development programme 197,1 T4 90,368 162,562 66,475 35,450 197,774 90,368 162, 562 66,475 35,450 552,029 552,029 Page 22 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Sales 125,892 125,892 Un￿$1￿cted funds 2023 Total funds 2023 Sales 152,552 152,552 Investment income Unrestricted funds 2024 Total funds 2024 Investment income 5,605 5.605 un￿StnCted funds 2023 Total funds 2023 Investment income 2,128 2, 728 Page 23 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Anatysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Membership Conference, exhibitions and events Postgraduate certificate programme Services lo other charities Professional development programme Other 315,871 165,687 257,778 76,560 126,866 2,735 315,871 165,687 257,778 76.560 126,866 2,735 945,497 945.497 Un￿Stncted funds 2023 Total 2023 Membership Conference, exhibitions and events Postgraduate certificate programme Services lo other charities 217,835 338,923 182.954 63,041 32,442 217,835 338,923 182, 954 63,041 32,442 Professional development programme 835, 195 835. 195 Page 24 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Anatysis of expenditure by activities Activities undertaken directly 2024 Supw)rt costs 2024 Total funds 2024 Membership Conference, exhibitions and events Postgraduate certificate programme Services lo other charities Professional development programme Other 105,642 112,226 38,801 645 210,229 53,461 218,977 75,915 126,866 2,735 315,871 165,687 257,778 76.560 126,866 2,735 257,314 688,183 945.497 Activthes undgrtakgn directly SupKort costs Total funds Membership Conference, exhibitions and events Poslgraduale certilicale programme Services lo other charities 37,394 126,301 34,188 2,207 180,441 212,622 148, 766 60, 834 32,442 217,835 338, 923 182,954 63,041 32,442 Professional development programme 200,090 635, 105 835, 195 Auditorfs remuneration 2023 2023 Fees payable to the charity's auditor for the audit of the charity's annual accounts 7,000 6,680 Fees payable to the charity's auditor in respect of.. Accountancy services 2,900 2, 750 Page 25 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Stsff costs Group 2023 Group 2023 Charlty 2024 Charity 2023 Wages and salaries 480,612 433,061 272,458 253,850 480,612 433,061 272A58 253,850 The average number of persons employed by the charity during the year was as follows.. No employee received remuneration amounting lo more than £60,000 in either year. All stsff members within the National Office have employment contracts with the University of Manchester. Staff costs of £272,458 12023". £253,850) were recharged to Association of Higher Education Professionals. The key Management personnel are defined on page 1 of the financial statements. Total remuneration of key management personnel for the year ended 31 July 2024 was £148,38312023'. £192,220). 11. Trustees. remuneration and expenses During the year, no Trustees reTrived any remuneration or other benefits {2023- £NIL)- During the year ended 31 July 2024, no Trustee expenses have been incurred (2023- £NIL). Page 26 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Taxation Corporatlon tax Taxation on net expenditure The lax assessed for the year is higher than 12023 - higher than) the stsndard rate of corporation lax in the UK of 25Q/o12023- 19Yol. The differences are explained below.. 2023 2023 Nel expenditure before tax 1219,3871 (128. 739) Net lexpenditurellincome multiplied by the standard rate of corporation tax in the UK of 190/0 (2023 _ 19QA). Effects of: 154,8471 (24,46Q) Unrelieved tax losses carried forward 54.847 24,460 Total tax charge for the year There are no factors considered likely to affect future tax charges. Page 27 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Intangible assets Group Software Cost At 1 August 2023 Additions 201,597 27,238 At 31 July 2024 228.835 Amortisation At 1 August 2023 Charge for the year 173.713 18,270 At 31 July 2024 191,983 Net book value At 31 July 2024 36.852 At 31 July 2023 27,884 Page 28 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Intangible assets Icontinuedl Charity Software Cost At 1 August 2023 41.831 At 31 July 2024 41,831 Amortisation At 1 August 2023 Charge for the year 35,102 2N34 At 31 July 2024 37.536 Net book value At 31 July 2024 4,295 At31 July 2023 6. 729 Page 29 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Tangible fixed assets Group Office equipment Cost or valuatlon At 1 August 2023 Disposals 9,274 {454) At 31 July 2024 8.820 Depreciation At 1 August 2023 Charge for the year 7.252 819 At 31 July 2024 8,071 Net book value At 31 July 2024 749 At 31 July 2023 2,022 Charity Office equipment Cost or valuation At 1 August 2023 6.148 At 31 July 2024 6.148 Depreciation At 1 August 2023 Charge for the year 5,762 242 At 31 July 2024 6.004 Page 30 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Tangible fixed assets (continued) Charity Icontinuedl Office equipment Net book value At 31 July 2024 144 At31 July 2023 386 Page 31 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Fixed asset investments Investments in subsidiary companies charity Cost or valuation At 1 August 2023 100 At 31 July 2024 100 Net book value At 31 July 2024 100 At 31 July 2023 100 Principal subsidiaries The following was a subsidiary undertaking of the charity.. Name Company number Registered office Principal activity AHEP Enterprises Limited 08814323 AHEP , The University of Manchester, Sackville Street Building. Sackville Street, Manchester, M60 1 QD Activities of professional membership organi5alions Class of shares Holding Included in onsolidation Ordinary 1000/0 Yes The financial results of the subsidiary ft)r the year were.. Name Income Expenditure ProfrtllLossl for the year Net assets AHEP Enterprises Limited 635,905 787,537 1151,6321 {471,073) Page 32 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade debtors other debtors Prepayments and accrued income 156.339 3.789 16.122 113,099 10,963 36,428 88.584 49 1,322 99,366 1,401 176,250 160,490 89,955 700, 767 17. Creditors: Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Other taxation and social security other creditors 91,453 15.972 83 140, 166 14,723 5, 755 4,067 194, 656 1,436 188, 196 Accruals and deferred income 268.339 198,044 375,847 338,889 212,767 195,387 Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred income at 1 August 2023 Resources deferred during the year Amounts released from previous periods 172,949 234,362 1172,9491 9,707 172.349 172,949 165,264 {9. 707) (172,3491 195,117 172,349 (195,177) 234.362 172,949 165,264 172,349 Deferred income consists of courses paid for in advance by delegates and membership subscriptions which continue into the next financial year. Page 33 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. Ststement of funds statement of funds - current year Balance at 1 August 2023 Balance at Income Expenditure 31 July 2024 Unrestricted funds General Funds - all funds 377,364 732.927 {952.3141 157,977 Page 34 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. Ststement of funds {continued} statement of funds - prior year Balance al 1 August 2022 Balanc8 al InconB Expenditu￿ 31 July 2023 Unrestrieted funds Designated funds Strategic Review of Governance Staff Marketing Post CPD Tooll Mentoring scheme 2,400 17,859 17,424 (2,400) (11,859) fl 7,424) 37,683 (37, 683) General funds General Funds - all funds 468,420 706, 709 (797, 765) 377,364 Total Unrestrieted funds 506, 103 T06, 709 (835,448) 371,364 Page 35 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Anatysis of net assets bel￿een funds Anatysis of net assets belMeen funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year 749 749 36,852 36.852 496,223 496,223 1375,8471 1375,8471 Total 157,977 157.977 Analysis of net assets between funds - prior period un￿StneIed funds Total funds Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year 2,022 27,884 686,347 (338,889) 2, 022 27,884 686,347 (338, 889) Total 317,364 377.364 Page 36 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Reconciliation of net movement in funds to net cash flow from operating activities Group 2023 Group 2023 Nel expenditure for the period las per Statement of Financial Acliviliesl 1219,387) (128, 739) Adjustments for: Depreciation charges Amortisalion charges Dividends, interests and rents from investments Decreasellincreasel In debtors Increaselldecreasel in creditors 819 18,270 15,6051 {15,7601 36,958 773 13, 778 (2, 128) 59,033 (148,343) Net cash used In operatlng actlvltles 1184,7051 (205,626) 21. Analysis of cash and cash equivalents Group 2023 Group 2023 Cash in hand 319.973 525,857 Total cash and cash equivalents 319,973 525, 857 22. Analysis of changes in net debt At 1 August 2023 Cash flov At 31 July Cash al bank and in hand 525,857 1205,8841 319,973 525.857 1205,8841 319.973 Page 37 ASSOCIATION OF HIGHER EDUCATION PROFESSIONALS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 23. Operating lease commitments At 31 July 2024 the Group and the charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years 21,400 42,800 21,400 64,200 21,400 42,800 21,400 64,200 64.200 85,600 64,200 85,600 24. Related party transactions The charity has taken advantage of the exemption available under section 33 of FRS 102 to not disclose ttransaclions with wholly owned subsidiaries. The￿ are no other related party transactions. Page 38