2025-12-31-accounts

United World Schools Financial Statements For The Year Ended 31 December 2025

Charity registration number: 1187721

United World Schools

Year Ended 31 December 2025

Contents

Contents
	Page
Charity Reference and Administrative Details	47
Trustees’ Annual Report	48 - 51
Independent Auditor’s Report	52 - 55
Statement of Financial Activities	56
Balance Sheet	57
Statement of Cash Flows	58
Notes to the Financial Statements	59 - 71

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United World Schools

Charity Reference and Administrative Details

Year Ended 31 December 2025

Charity registration number Trustees Executive team Registered office Website Email Auditor Bankers

1187721 Peter Taylor (Executive Chair) Alex Newbigging (Deputy Chair) Lia Larson Olivia De Groot Ross Cattell Janet Morris Debbie Ball (Resigned 09 December 2025) Tim Gallico Peter Upton Silvia Shiliashka Cindy Leggett-Flynn (Resigned 05 February 2026) Shazia Khawar (Appointed 30 September 2025) Graeme Hodge (Global Chief Executive Officer) Binaya Bogati (Global Chief Financial and Operating Officer) Linda Noon (Executive Director of Global Fundraising and Communications) Olivia Zane (Director of Strategic Partnerships) Laura Pearce (Director of Strategic Partnerships; Maternity Cover; from Oct 2025) Francesca Lanning (US Executive Director) Sokha Mok (Country Director, Cambodia) Avinash Jha (Country Director, Nepal) Patrick Eai Hsu (Country Director, Myanmar) Karine Razafindrazaka (Country Director, Madagascar) United World Schools (UWS) 6.07, FORA, 133 Whitechapel High Street, London, E1 7QA. www.uwsglobal.net [e-mail] UHY Hacker Young Chartered Accountants 14 Park Row Nottingham NG1 6GR National Westminster Bank 151 High Street Guildford GU1 3AH

47

United World Schools

Trustees’ Annual Report

Year Ended 31 December 2025

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Trustees of the charity

The Trustees who have served during the period and since the period end were as follows:

Peter Taylor (Executive Chair) Alexander Newbigging (Deputy Chair) Tim Gallico Peter Upton Lia Larson Olivia de Groot Ross Cattell Silvia Shiliashka Janet Morris Shazia Khawar (Term start date: 30 September 2025) Deborah Ball (Term end date: 09 December 2025) Cindy Leggett-Flynn (ex-officio Trustee, Chair of UWS USA; Term end date: 05 February 2026) Isabelle Salabert (Chair, UWS Madagascar - Advisory Board; Term start date: 05 February 2026) Savin Mao (Chair, UWS Cambodia - Advisory Board; Term start date: 26 May 2026)

Objectives and activities

United World Schools (UWS) works in some of the most remote and underserved communities to ensure opportunities for children to access foundational primary learning through government-supported, communityled partnerships. By embedding change within local systems, we ensure learning continues long after we’ve gone. During the year, the charity worked in Cambodia, Myanmar, Nepal and Madagascar to support school access, teaching and learning quality and community engagement.

Public benefit statement

In meeting objectives and formulating future plans, the Trustees have considered the Charity Commission’s guidance on public benefit. The charity continues to ensure that children have access to quality, inclusive education in remote and marginalised communities in countries such as Cambodia, Myanmar, Nepal and Madagascar.

Achievements and performance

The achievements and performance of the charity are outlined in detail on the Annual Report 2025. This report summarises the charity’s key activities, outputs and outcomes during the year, and explains how these activities furthered the charity’s purposes for the public benefit.

Financial review (including reserves policy)

A review of the charity’s activities and financial position is summarised on pages 41 - 43 of the Annual Report.

The financial review is presented alongside the Statement of Financial Activities, balance sheet and notes to the financial statements. It explains the charity’s main sources of income, principal areas of charitable expenditure, significant movements in unrestricted and restricted funds, and the material factors affecting the year-end financial position.

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United World Schools

Trustees’ Annual Report

Year Ended 31 December 2025

In accordance with Charity Commission guidance, the charity maintains reserves to support financial resilience, manage operating cash flows and respond to unforeseen events. The charity’s policy is to

maintain free unrestricted reserves equivalent to at least three months of budgeted operating expenditure. Free unrestricted reserves at 31 December 2025 of £1.33m represented over 3 months of the budgeted operating expenditure. Reserves are held prudently and are not accumulated beyond operational requirements. Trustees consider this level of reserves to be prudent, given operating cash flow requirements, programme commitments, and the risks associated with working in remote and fragile contexts. Reserves are not accumulated beyond operational need and are reviewed regularly alongside cash flow forecasts, funding commitments and principal risks.

The Trustees have reviewed the charity’s financial position, budgets and cash flow forecasts for at least 12 months from the date of approval of these financial statements. This assessment considered committed and expected income, expenditure plans, unrestricted reserves, cash balances, country programme commitments and the principal risks facing the charity. After considering reasonably possible downside scenarios and available mitigating actions, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future and have prepared the accounts on a going concern basis.

Structure, governance and management

United World Schools was registered with the Charity Commission on 3 February 2020, under registered number 1187721. It is a Charitable Incorporated Organisation (CIO) and is governed by its constitution. The charity is governed by a Board of Trustees which acts in an honorary capacity. The Deputy Chair supports the Executive Chair in managing the board in areas where separation between executive and board leadership is appropriate. The Board of Trustees provides strategic oversight of UWS’ global charitable activities, including local programmatic operations, and is responsible for ensuring that the charity is governed in accordance with its charitable purposes, regulatory obligations and agreed strategy.

The Trustees administer the charity through the Global CEO who leads the Global Executive Team. Trustee remuneration, benefits and expenses are authorised and disclosed in accordance with the charity’s constitution, the Charities Act 2011 (as amended) and Charity Commission guidance, with conflicted Trustees excluded from relevant decisions. Lines of responsibility within the charity are clearly drawn and communicated to all staff members. UWS is supported by affiliated fundraising organisations in the United States, Germany and Singapore. These organisations are independently governed under their own local legal and regulatory frameworks and are not controlled by United World Schools. Their role is to raise funds, build supporter engagement and advance the shared UWS mission.

UWS delivers programmes through country operations in Cambodia, Myanmar, Madagascar and Nepal. The legal and operating arrangements differ by country to reflect local registration, regulatory and partnership requirements. The Trustees maintain oversight of safeguarding, risk management, the use of charitable funds and delivery of UWS's charitable objectives through regular reporting from country leadership and the Global Executive Team.

The Trustees are appointed through the charity’s Board recruitment procedure. The charity advertises Board vacancies from time to time and actively seeks suitable candidates. On appointment, new Trustees undergo an induction period during which their duties and responsibilities are explained to them. They receive a comprehensive pack of information including a copy of the constitution, budgets and quarterly accounts, Board meeting minutes and a schedule of future meetings and events. Trustees are encouraged to attend meetings with the executive team to understand the charity's day-to-day operations.

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United World Schools

Trustees’ Annual Report

Year Ended 31 December 2025

The Board of Trustees operated two sub-committees during 2025 – the Audit and Risk Committee and the Remuneration and Nomination Committee. The Audit and Risk Committee is responsible for:

• assisting the Board in its oversight of the integrity of the charity’s financial reporting, including supporting the Board in meeting its responsibilities regarding financial statements and the financial reporting systems and internal controls.

• monitoring the effectiveness and objectivity of external auditors; and

• assisting the Board in its oversight of the charity’s risk management framework and the use of its comprehensive risk register, including the charity’s performance, to protect against and mitigate risks.

• The Audit and Risk Committee is chaired by a Trustee (currently Ross Cattell)

The Board maintains oversight of the charity’s principal risks through a risk register reviewed by the Audit and Risk Committee and reported to the Board. Risks are assessed by likelihood and impact, assigned to management owners, and monitored against agreed mitigations and target risk ratings. The register is updated during the year to reflect changes in the operating environment, including political, safeguarding, financial, fundraising, compliance and people-related risks.

The major risks (and mitigation plans) which were discussed by Trustees at the Board and its committees since the beginning of 2025 are as follows:

• Governance and Management Risks: specifically, performance management and succession planning for leadership roles;

• Programme Risks: including the monitoring and evaluation of projects to ensure quality in remote areas, as well as political instability in countries in which we operate;

• Fundraising Risks: specifically, the ability to generate sufficient income to cover programmes and core costs;

• People, Finance and System Risks: including the ability to resource key roles and activities adequately, and the risk of misappropriation of funds.

The Remuneration and Nomination Committee is responsible for assisting the Board and making recommendations on:

• recommendations on the appointment of trustees

• the appointment and remuneration of the senior Executives of the charity; and

• where relevant, agreeing to any material changes to the terms of the service contracts of any senior Executives.

• This committee is chaired by a Trustee (currently Alexander Newbigging)

Trustees also visit UWS programmes and school communities in the countries in which the charity operates, at their own expense, ensuring that the charity continues to meet its objectives by providing quality, costeffective education to children in underserved communities in our programme countries. This complements visits to our projects by the Executive Team and other key UWS stakeholders, such as several of our major funding partners supporting education in remote communities. These visits also provide opportunities to listen to and learn from local teams, partners and communities, supporting UWS’s commitment to locally led development and ensuring that decision-making is informed by the expertise and priorities of those closest to the communities we serve.

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United World Schools

Trustees’ Annual Report

Year Ended 31 December 2025

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual 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 year that give a true and fair view of the state of affairs of the charity and of the charity's incoming resources and application of resources 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 in the Charities SORP 2019 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards 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 charity will continue in operation.

The Trustees are responsible for keeping proper 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 (as amended), the Charities Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the charity's assets and, hence, for taking reasonable steps to prevent and detect fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity 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.

The Trustees are aware that the Charities SORP 2026 will apply to accounting periods beginning on or after 1 January 2026. During 2026, the charity will assess the implications of the revised requirements and take any necessary steps to ensure continued compliance with charity accounting and reporting standards. The Trustees do not currently anticipate any material impact on the charity's ability to deliver its charitable objectives or maintain effective financial stewardship.

On behalf of the Board of Trustees

Peter Taylor, Executive Chair

Date: 30[th] July 2026

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United World Schools

Independent Auditor’s Report

Year Ended 31 December 2025

Independent Auditor’s Report to the Trustees of United World Schools

Opinion

We have audited the financial statements of United World Schools for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of the incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 charity 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 qualified 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 statement 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 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.

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United World Schools

Independent Auditor’s Report

Year Ended 31 December 2025

Independent Auditor’s Report to the Trustees of United World Schools (continued)

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 contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report (which incorporates the strategic report and the director’s report).

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 47, 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 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 charity or to cease operations, or have no realistic alternative but to do so.

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United World Schools

Independent Auditor’s Report

Year Ended 31 December 2025

Independent Auditor’s Report to the Trustees of United World Schools (continued)

Auditor’s responsibilities for the audit of the financial statements

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

Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements – these included Health & Safety Law, General Data Protection Regulation, general employment law and the relevant local and national government laws and regulations in each of the countries that the charity operates in. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to occurrence and accuracy of expenditure on charitable activities.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, analytical review and sample transaction testing of expenditure of charitable activities, enquiries of management, testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement 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 or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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United World Schools

Independent Auditor’s Report

Year Ended 31 December 2025

Independent Auditor’s Report to the Trustees of United World Schools (continued)

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s members 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 anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young LLP

Chartered Accountants and Statutory Auditor

Date: 30[th] July 2026

UHY Hacker Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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United World Schools

Statement of Financial Activities (Including Income and Expenditure Account)

Year Ended 31 December 2025

Note Income and endowments from: Donations and legacies 2 Other trading activities 3 Investments 4 Total income Expenditure on: Charitable activities 5 Raising funds 6 Total expenditure Net income / (expenditure) Transfers between funds 16 Net movement in funds 16 Reconciliation of funds: Total funds brought forward 16 Total funds carried forward 16	2025 2024 Unrestricted funds Restricted funds Total Total £ £ £ £ 2,696,723 1,800,360 4,497,083 3,760,276 597,133 80,765 677,898 529,556 19,947 - 19,947 6,593
	3,313,803 1,881,125 5,194,928 4,296,425 (769,961) (3,037,395) (3,807,356) (3,344,290) (690,129) (62,992) (753,121) (644,455)
	(1,460,090) (3,100,387) (4,560,477) (3,988,745)
	1,853,713 (1,219,262) 634,451 307,680 (1,470,300) 1,470,300 - -
	383,413 251,038 634,451 307,680
	1,273,665 333,173 1,606,838 1,299,158
	1,657,078 584,211 2,241,289 1,606,838

All income and expenditure derive from continuing activities.

The notes on pages 59 to 70 form part of these financial statements.

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United World Schools

Balance Sheet

Year Ended 31 December 2025

Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Net assets Charity Funds Restricted funds 16 Unrestricted funds 16 Total charity funds 16	2025 £ 244,904 151,947 1,914,968 2,066,914 (70,530) 1,996,384 2,241,288 584,211 1,657,078 2,241,288	2024 £ 216,014 86,505 1,369,292 1,455,797 (64,973) 1,390,824 1,606,838 333,172 1,273,666 1,606,838

The notes on pages 59 to 70 form part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Trustees on 31 July 2026.

Signed on behalf of the Board of Trustees

Peter Taylor, Executive Chair

Charity registration number: 1187721

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United World Schools

Statement of Cash Flows

Year Ended 31 December 2025

Note Net cash flow from operating activities 18 Cash flow from investing activities Payments to acquire tangible fixed assets Net cash flow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January 2025 Exchange differences Cash and cash equivalents at 31 December 2025 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 December 2025	2025 £ 740,145 (101,135) (101,135) 639,010 1,369,292 (93,334) 1,914,968 1,914,968 1,914,968	2024 £ 407,582 (149,579)
		(149,579)
		258,003 1,141,649 (30,360) 1,141,649 1,369,292 1,369,292

The notes on pages 59 to 70 form part of these financial statements.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

1 Summary of significant accounting policies

(a) General information and basis of preparation

United World Schools is a charitable incorporated organisation, registered in England & Wales under registration number 1187721. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are building schools and advancing education and well-being in countries such as Cambodia, Myanmar, Madagascar and Nepal.

The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.

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 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) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling, which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

For donations to be recognised, the charity will have received the funds. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. No income was deferred as at the year end.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Income from fundraising events is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Income from volunteers represents the contributions made by volunteers towards the cost of their visits to the schools.

Interest income is recognised using the effective interest method on a receivable basis.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds

• Expenditure on charitable activities

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

The construction of new schools, wells, teacher accommodation and the related furnishings and equipment is viewed by the trustees as charitable activities expenditure as it is incurred in delivering the objects of the charity. As such this expenditure is included within charitable activities resources expended within the statement of financial activities and not capitalised.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a pro rata basis to the percentage of staff time spent working in each area.

The analysis of these costs is included in note 7.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Equipment 25% on cost Motor vehicles 25% on cost

We build schools on land owned by the community, and the schools are gifted to the community on completion. Whilst we agree to repair and maintain the schools, we do not capitalise them on our balance sheet as we do not own them or the land.

(g) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Net foreign exchange gains or losses are charged or credited to the Statement of Financial Activities (SoFA) as outlined in note 8 to the financial statements.

(i) Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

(j) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Redundancy payments are recognised immediately as an expense when the charity is demonstrably committed to make an employee redundant or to provide redundancy benefits.

The charity operates a defined contribution pension plan for the benefit of its employees. Pension contributions are expensed as they become payable.

Under FRS 102, the charity is required to accrue for all short-term compensated absences as holiday entitlement earned but not taken at the balance sheet date. As the charity’s holiday year is coterminous with the balance sheet date, accrual is only made within the financial statements where material.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

(k) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of authorisation of these financial statements. This has included consideration of a stress-case scenario showing a material reduction in fundraising with no mitigating cost action. In this scenario, UWS would not operate without three months' operating costs covered by reserves. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

(l) Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Central office support costs are allocated to expenditure on raising funds or charitable activities as a percentage of a person(s) time spent on those activities or a percentage usage of goods or services relating to those activities.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2 Income from donations and legacies

Individuals Partner schools Corporate Trusts & foundations Institutions Digital	2025 £ 1,319,487 93,998 1,046,134 916,787 1,096,942 23,732 4,497,083	2024 £ 1,040,075 47,850 906,525 566,825 1,174,222 24,779 3,760,276

Income from donations and legacies was £4,497,083 (2024 - £3,760,276) of which £1,800,360 (2024 - £1,089,180) was attributable to restricted funds and £2,696,723 (2024 - £2,671,096) was attributable to unrestricted funds.

3 Income from other trading activities

Fundraising events Other income	2025 £ 613,099 64,798 677,898	2024 £ 472,220 57,336 529,556

Income from other trading activities was £677,898 (2024 - £529,556) which was wholly attributed to unrestricted funds.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

4 Income from investments

Interest–deposits	2025 £ 19,947 19,947	2024 £ 6,593 6,593

Income from investment was £19,947 (2024 - £6,593), which was wholly attributed to unrestricted funds.

5 Analysis of expenditure on charitable activities

alysis of expenditure on charitable activities
Building costs Building maintenance Local country salaries Educational resources Teachers’ salaries Travel & subsistence in country Administrative costs in country UK programmes and operations salaries Vehicle hire, maintenance & running costs Telephone and internet Rent in country Foreign exchange losses / (gains) Depreciation Consultancy Support and governance costs (see note 7 below)	2025 £ 683,852 102,482 849,514 625,754 170,674 175,983 125,575 521,939 104,874 24,128 50,920 93,334 69,454 53,625 155,249 3,807,356	2024 £ 748,836 80,442 753,279 466,783 183,698 175,911 116,242 359,714 100,900 20,637 45,717 30,360 43,381 44,424 173,966
		3,344,290

£3,037,395 (2024 - £2,749,246) of the above costs were attributable to restricted funds, and £769,961 (2024 - £595,044) of the above costs were attributable to unrestricted funds.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

6 Analysis of expenditure on raising funds

alysis of expenditure on raising funds
Fundraising event costs UK salaries PR materials Support and governance costs (see note 7)	2025 £ 156,513 478,988 14,120 103,499 753,120	2024 £ 116,828 401,284 10,366 115,977
		644,455

£62,992 (2024 - £11,884) of the above costs were attributable to restricted funds, and £690,129 (2024 - £632,571) of the above costs were attributable to unrestricted funds.

7 Allocation of support and governance costs

ocation of support and governance costs
2025 UK rent Travel & subsistence Consultancy fees Auditor’s remuneration (see note 9 below) Recruitment fees Legal fees Bank charges Office supplies and IT Insurance Other Depreciation of office equipment	Raising funds Charitable Activities Total £ £ £ 17,901 26,851 44,752 22,283 33,424 55,707 1,285 1,927 3,211 16,736 25,104 41,840 11,203 16,805 28,008 519 778 1,297 608 912 1,520 27,198 40,798 67,996 2,886 4,329 7,215 1,763 2,645 4,408 1,117 1,675 2,792
	103,499 155,249 258,748

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

7 Allocation of support and governance costs (continued)

2024 UK rent Travel & subsistence Foreign exchange losses / (gains) Consultancy fees Auditor’s remuneration (see note 9 below) Recruitment fees Legal fees Bank charges Office supplies and IT Insurance Contractor fees Other Depreciation of office equipment Total	Raising funds Charitable Activities Total £ £ £ 18,202 27,302 45,504 25,153 37,729 62,882 154 231 385 12,288 18,432 30,720 15,040 22,560 37,600 12,796 19,194 31,990 1,839 2,759 4,598 658 986 1,644 19,301 28,952 48,253 943 1,415 2,358 6,639 9,958 16,597 2,894 4,340 7,234 71 107 178
	115,978 173,965 289,943

Support and governance costs are allocated on the basis of staff time spent on each activity, except for consultancy fees, which are allocated on a direct basis, and country-related costs, which are all classified as charitable activities.

8 Net income / (expenditure) for the year

Net income / (expenditure) is stated after charging / (crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	72,246	43,559
Net (gain)/losses on foreign exchange	93,334	30,360

9 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £24,120 (2024 - £21,000).

Per the Note 7, the total figure for auditor’s remuneration is £41,840, of which £24,120 represents the auditor’s remuneration for UWS (2025). The balance amount represents auditor’s remuneration for programme countries and other related charges.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

10 Trustee Transactions and Key Management Personnel Remuneration

	2025	2024
	£	£
Trustee
Remuneration	Nil	Nil
Expenses	Nil	Nil
Donations	£387,566	£196,177
Key Management Personnel
Remuneration	£481,530	£495,617

The charity considers its key management personnel to comprise the members of the Global Executive Team.

11 Staff costs and employee benefits

The average monthly number of employees on the central office payroll during the year was as follows:

he average monthly number of employees on the central office payroll during	the year was as follows:
Raising funds Charitable activities	2025 2024 Number Number 11 9 11 7
	22 16

The total staff costs and employee benefits for the central office payroll were as follows:

Wages and salaries Social security Defined contribution pension costs	2025 £ 833,454 96,144 20,184 949,782	2024 £ 680,435 64,458 16,385
		761,278

The number of employees whose total employee compensation (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000 £80,001 - £90,000 £100,000 - £110,000	2025 Number 1 2 - 3	2024 Number 1 1 1 3

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

12 Tangible fixed assets

angible fixed assets
Cost or valuation: At 1 January 2025 Additions Disposals At 31 December 2025 Depreciation: At 1 January 2025 Charge for the year Disposals At 31 December 2025 Net book value: At 31 December 2025 At 31 December 2024	Office Equipment Motor vehicles Total £ £ £ 112,253 428,061 540,314 32,046 69,089 101,135 (9,732) (68,969) (78,701)
	134,567 428,181 562,748
	58,635 265,665 324,300 23,942 (9,732) 48,304 (68,969) 72,246 (78,701)
	72,845 245,000 317,845
	61,722 183,181 244,904
	53,618 162,396 216,014

We build schools on land owned by the community, and the schools are gifted to the community on completion. Whilst we agree to repair and maintain the schools, we do not capitalise them on our balance sheet as we do not own them or the land.

Vehicles represent motorbikes, boats and 4x4 trucks owned in Cambodia, Myanmar, Madagascar and Nepal, which staff use locally to travel to the remote school locations.

Assets with a gross cost of £78,701 were disposed of during the year. The associated accumulated depreciation was £78,701, and therefore the assets had a nil net book value at the date of disposal. No gain or loss was recognised on disposal.

13 Debtors

Prepayments Accrued income Other debtors	2025 £ 12,622 88,974 50,350 151,947	2024 £ 13,279 59,459 13,767 86,505

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

14 Creditors: amounts falling due within one year

Accruals Other tax and social security Trade Creditors Other Creditors	2025 £ 22,346 23,446 20,721 4,016 70,530	2024 £ 21,026 19,988 14,756 9,203 64,973

15 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year	2025 £ 9,360 9,360	2024 £ 9,360 9,360

16 Funds reconciliation

Unrestricted funds

General funds – 2025

General	Brought forward Income Expenditure Transfers Gains / (losses) Closing balance £ £ £ £ £ £ 1,273,667 3,313,802 (1,460,089) (1,470,300) - 1,657,080
	1,273,667 3,313,802 (1,460,089) (1,470,300) - 1,657,080

General funds – 2024

General	Brought forward Income Expenditure Transfers Gains / (losses) Closing balance £ £ £ £ £ £ 809,754 3,207,245 (1,227,615) (1,515,717) - 1,273,667
	809,754 3,207,245 (1,227,615) (1,515,717) - 1,273,667

United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

16 Funds reconciliation (continued)

Restricted funds – 2025

Cambodia Myanmar Nepal Madagascar	Brought forward Income Expenditure Transfers Gains / (losses) Closing balance £ £ £ £ £ £ 67,705 86,794 (1,023,508) 932,367 - 63,359 - 29,930 (124,946) 95,016 - - 97,467 758,414 (880,967) 198,622 - 173,536 168,000 1,005,987 (1,070,966) 244,295 - 347,316
	333,172 1,881,125 (3,100,387) 1,470,300 - 584,211

64% of the income received in 2025 (2024: 75%) was unrestricted, meaning the charity can use them as they see fit to further their aims. Where needed, funds are transferred to the appropriate restricted pots where activity was greater than the specific restricted funds.

Restricted funds – 2024

Cambodia Myanmar Nepal Madagascar	Brought forward Income Expenditure Transfers Gains / (losses) Closing balance £ £ £ £ £ £ 189,868 129,128 (808,291) 556,999 - 67,704 - - (148,062) 148,062 - - 130,387 278,175 (920,778) 609,684 - 97,468 169,150 681,877 (883,998) 200,971 - 168,000
	489,405 1,089,180 (2,761,129) 1,515,716 - 333,172

75% of the income received in 2024 (2023: 69%) was unrestricted, meaning the charity can use them as they see fit to further their aims. Where needed, funds are transferred to the appropriate restricted pots where activity was greater than the specific restricted funds.

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United World Schools

Notes to the Financial Statements

Year Ended 31 December 2025

17 Analysis of net assets between funds

2025

025
Fixed assets Net current assets	Unrestricted funds Restricted funds Total £ £ £ 244,904 - 244,904 1,412,174 584,211 1,996,385
	1,657,078 584,211 2,241,288

2024

024
Fixed assets Net current assets	Unrestricted funds Restricted funds Total £ £ £ 216,014 - 216,014 1,057,651 333,173 1,390,824
	1,273,665 333,173 1,606,838

18 Reconciliation of net income to net cash flow from operating activities

Net income/(expenditure) for year Depreciation of tangible fixed assets (Increase) / decrease in debtors Increase / (decrease) in creditors (Gains) / losses on foreign exchange Net cash flow from operating activities	2025 £ 634,451 72,246 (65,441) 5,556 93,334 740,145	2024 £ 307,680 43,559 85,894 (59,911) 30,360 407,582

19 Pensions and other post-retirement benefits

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £20,184 (2024 - £16,385).

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