2025-08-31-accounts

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Zero Gravity Fund Annual report and financial statements * 1 January 2025 - 31 August 2025

*Shortened period

Page 5 Strategy & Impact Report Reference & Administrative Information Page 31 Structure, Management & Governance Page 34 Financial Review Page 43 Financial Statements Page 51 Notes to the Financial Statements Page 64 References Page 80

Our scholarship impact this year

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£2.35m of scholarships 746 students supported
£2.35m awarded since 2021, up 746 with a scholarship since
30% on FY2024 launch
Zero Gravity Scholars who
Zero Gravity Scholars are
have graduated are 30% more
3.5x more likely to land
30% likely to achieve a 2:1 or better 3.5x
work experience vs
compared to the national
comparable peers
average
Zero Gravity Scholars enter work with a starting salary of £39k on average
£39k
- 22% more than comparable peers
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Founder’s note

Growing up in a single-parent family in West Yorkshire, I saw first-hand how tough it is for students from low-opportunity areas to break into top universities. What I didn’t realise back then however was just how hard it can be to stay there.

With the student loan falling short by £6,026 of covering basic living costs, low-income students are forced to work “part-time” for 20+ hours a week just to get by, alongside 30 hours of study. Financial pressure becomes an invisible barrier, holding back students from reaching their full potential.

That’s why, in 2020, I created Zero Gravity Fund to provide £3,000 scholarships to Zero Gravity members from low-income backgrounds, giving them the freedom to focus on their studies and careers. What began with just 36 Scholars in 2021 has grown to 746 by 2025, making it one of the UK’s largest scholarship funds for low-income students.

Our Scholars are 38% less likely to need to take on part-time work whilst studying and, for those who do work, they can cut down their hours by 100 hours per year. This has resulted in our scholars being 3.5x more likely to secure professional work experience, and to graduate with salaries 22% higher than similar students. For me, this mission is personal. Zero Gravity Fund shows that financial background should never define potential. And when given the chance, our Scholars don’t just survive, they redefine what’s possible.

Joe Seddon Founder & CEO of Zero Gravity

I I Strategy & Impact Report

Our mission Talent is everywhere, opportunity is not. We’re changing that. We identify high-potential students from low-opportunity backgrounds and dare them to land the future they never thought possible, powering them into uni, work, and life. We prove that when talent meets opportunity, background no longer has to define success.

The gravitational force of inequality

The UK's broken system for funding higher education has turned university into a financial nightmare for low-income students.

The majority of students now work long hours to make ends meet. Even those on the maximum student loan are forced to work over 20 hours per week just to survive. This has created a two-tier higher education system - one where better-off students can focus on their studies and future career, while those from low-income backgrounds are forced to sacrifice time, energy, and opportunities just to survive.

And the graduate market they enter is tightening fast. In 2025, graduate roles fell by 8%. At the same time, youth unemployment has climbed to 15%, the sharpest increase among G7 countries.

59% 20%

of state educated students worry about their university finances, compared to just 6% of their privately-educated peers.

Low-income students are 20% less likely to land internships than comparable students, creating a gulf in access to work experience.

56%

32%

Low-income students are 32% less likely to land graduate jobs than comparable students, cutting off a vital pathway to top careers.

Jobs requiring AI skills now command a 56% wage premium globally, and AI fluency is the third fastest-growing skill in the UK labour market.

Our approach

We identify top talent from low-opportunity areas across the UK and provide them with £3,000 scholarships and personalised career support - all through the Zero Gravity platform. This powerful combination fuels academic success and accelerates students into top careers they never thought possible.

By doing so, we’re not only enhancing students’ career prospects and elevating social mobility - we’re giving leading universities and employers access to some of the best unrecognised talent the UK has to offer.

Or, to put it simply: when talent wins, everyone wins.

Zero Gravity Scholarship

Zero Gravity’s tech-powered approach identifies talented students from low-opportunity backgrounds and provides them with a £3,000 scholarship to fund their undergraduate studies, alongside personalised career support.

Zero Gravity Scholarship Personalised Career Support Students are hyper-targeted for our Alongside funding, students gain £3,000 scholarships (£1,000 per dedicated career support through the academic year). They receive Zero Gravity platform, including an AI instalments seamlessly at the start of tool that helps students sharpen each academic year via their Zero applications, ace psychometric tests, Gravity card. This funding increases and prep for interviews. 35+ leading their purchasing power at university employers also partner with Zero Gravity and reduces the number of part-time to offer exclusive jobs, internships, and hours they need to work. development opportunities.

Our partnership with Zero Gravity

Zero Gravity Fund deploys 100% of restricted scholarship donations directly to students from low-opportunity backgrounds, maximising the impact of every pound donated. This overhead-free funding model is powered by our partnership with Zero Gravity Tech Ltd (trading as “Zero Gravity”), a

mission-driven company that unlocks access to top universities and leading careers for students from low-opportunity backgrounds.

Zero Gravity licenses its brand to Zero Gravity Fund and provides free services to power the Zero Gravity Scholarship. The partnership is governed by a Strategic Partnership Deed, which is reviewed by the Trustees on an annual basis. Furthermore, Zero Gravity Fund and Zero Gravity Tech Ltd jointly employ individuals whose roles are dedicated entirely to securing new scholarship funding. These positions are funded from Zero Gravity Fund's unrestricted income, ensuring that restricted scholarship donations continue to flow in full to students.

Zero Gravity has built proprietary technology that pinpoints standout scholarship recipients, deploys scholarship funds seamlessly, and offers anytime, anywhere career support that propels students from university into leading careers. The partnership with Zero Gravity has created a unique and highly efficient scholarship model, bringing together the best of business and philanthropy to create incredible social impact.

Zero Gravity Fund

A UK‑registered charity (CIO), which raises and deploys charitable funding. Primary aim is to support ‑ ‑
high potential students from low opportunity backgrounds with financial support during their undergraduate studies.

SEPARATE BOARDS · INDEPENDENT TRUSTEES · STRATEGIC PARTNERSHIP DEED · JOINT EMPLOYMENT AND PAYMASTER FRAMEWORK · SCHEME OF DELEGATED AUTHORITY

Zero Gravity Tech Ltd

A mission‑driven tech company / social enterprise that builds and maintains the technology platform, funded by partnerships with employers to make it easier for them to recruit socially mobile talent.

How do Zero Gravity Scholarships work?

Zero Gravity Fund has developed a highly efficient and impactful scholarship model, powered by the Zero Gravity platform. Zero Gravity identifies top talent from low-opportunity backgrounds from schools across the UK, powers those students into leading universities, and then works with Zero Gravity Fund to deploy scholarships alongside personalised career support to enable Zero Gravity members to secure leading careers.

Zero Gravity spots high-potential The Zero Gravity platform students from powers school students 1 2 low-opportunity into leading universities backgrounds Zero Gravity deploys 4 scholarship funding seamlessly to students via a Zero Gravity card

Our algorithm identifies students who would most 3 benefit from scholarships Zero Gravity provides 5 personalised career support to maximise student outcomes 11

Oscar’s journey

Oscar is living proof of the Zero Gravity Scholarship model in action. From being talent-spotted by Zero Gravity at school, winning a place at the University of Cambridge and then securing a graduate role at Elixirr, Oscar’s journey with Zero Gravity has been nothing short of meteoric.

Oscar joined Zero Gravity and received personalised mentoring to secure his place to study Geography at the University of Cambridge.

He earned a Zero Gravity Scholarship, giving him the financial freedom to 2 focus on his degree and future career whilst at uni. With growing confidence and commercial awareness, Oscar secured competitive 4 internships and built real exposure to the City.

Through Zero Gravity, Oscar was matched with a career mentor from Fidelity, gaining tailored career guidance across a 2-year mentoring relationship. Today, Oscar is a Consultant at Elixirr, advising senior leaders 5 on strategy and transformation.

Zero Gravity spots unrecognised 1 talent nationwide

Too often, students from opportunity ‘cold spots’ are overlooked by employers and universities. Zero Gravity’s proprietary technology leverages AI to proactively identify high-performing students from the bottom 40% of socio-economic backgrounds, inviting them to join the Zero Gravity platform.

This innovative, data-driven approach, alongside partnerships with more than 850 UK state schools, enables nationwide reach and rapid scalability, particularly when compared with traditional methods. By August 2025, Zero Gravity had 40,000+ members, with 75% based outside London and 100% from low-opportunity backgrounds.

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from ethnic achieved a from the
66% minority 90% 7.0+ average 54% lowest income
backgrounds at GCSE groups
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How Zero Gravity supports 2 school students into university

Through the Zero Gravity platform, members are supported from school into top universities and apprenticeships via a suite of features designed to help talent reach its full potential. Zero Gravity members receive free access to mentoring, masterclasses, exclusive opportunities and the Zero Gravity community.

Zero Gravity’s impact is measured through quasi-randomised controlled trials performed by UCAS. This data confirms that engaged Zero Gravity members more than double their chances of progressing to top universities versus comparable candidates, and increase their Oxbridge chances fivefold.

Data-driven scholarship selection

For low-opportunity students, getting into university is just the beginning. Financial barriers, limited networks, and low social capital continue to stand in the way. Zero Gravity uses a data-driven model to award scholarships to standout students headed to university. These are students who’ve overcome the biggest challenges, achieved academically against the odds, and consistently shown their ambition through the platform. Zero Gravity leverages data to pinpoint the best applicants based on their level of disadvantage, academic attainment, and engagement with the platform. This flips traditional applications on their head. No polished personal statements, no bias toward confidence, and certainly no need for connections. Just data-driven insights that spot students who have the potential, even if they’d never think to apply.

Engagement Disadvantage Academic We combine up to 24 months of We combine 10 data points to We contextualise students’ engagement data from six understand students’ backgrounds academic performance versus Overall Index different areas of the Zero Gravity and their sensitivity to the cost of their background to assess their Score* platform to better understand living whilst studying at university. potential. students’ drive and ambition.

*Subject to qualitative checks by Trustees for full oversight before deployment.

Tech-enabled scholarship deployment

Each student receives a £3,000 scholarship, with £1,000 deployed per academic year of their undergraduate degree. We deploy funding directly to Scholars via their own Zero Gravity Card, allowing them to decide how best to use the funds, whether for attending conferences, purchasing their first suit, or buying a laptop. The card includes built-in restrictions to prevent poorly-judged spending, ensuring that funds are used for activities that underpin academic and professional growth.

More than just money 5

Financial support is just the start. To unlock long-term success, students need structured career development alongside funding. That's why every Zero Gravity scholar gets access to Zero Gravity's career platform. Throughout university, Scholars work with their own AI Career Coach to sharpen applications, ace psychometric tests, and prep for interviews, follow AI-powered learning pathways tailored to their target career, join career masterclasses, and receive one-to-one mentoring to build skills and confidence. As they progress, they're connected to exclusive roles at our 35+ top employer partners.

It's this joined-up model, scholarship funding, plus always-on AI career support, mentoring and access to opportunities - that equips students with the tools, networks, and experiences they need to launch high-flying careers.

& many more...

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Our impact model
The Zero Gravity Scholarship is designed to drive social mobility by consistently delivering academic and career outcomes.
Long Term Boost the lifetime earnings of Zero Gravity members, breaking the cycle of disadvantage not only for
Outcomes students but their descendants too.
Medium Term Increase % graduating from a Increase % securing graduate
Outcomes
highly-selective university. employment or equivalent.
Increase % of students
Short Term Reduce % of students working Increase the % of students who
completing professional work
Outcomes significant part-time hours sustain their university studies
experience
Key The Zero Gravity Scholarship combines financial support with Zero Gravity’s career support, levelling the
Activities playing field for accessing graduate employment.
18
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Meet Rosie

Rosie is one of our 2024 scholarship recipients. She achieved AAA* at A-Level and secured a place to study English Literature and Language at the University of Oxford. Only two students from her school had made it to Oxford in five years. She’s now in the second year of her degree with the backing of a Zero Gravity Scholarship.

“Zero Gravity has shaped me into a student who can face challenges, work with others confidently, and aim high. My mentor improved my English Literature knowledge and grew my passion for the subject, while having my back through the tough moments - interviews, exams, all of it.

I'll use the scholarship for a dissertation research trip exploring global literature, which will feed straight into my course and the career I want after university.”

Driving economic opportunity with KKR

KKR and Zero Gravity have worked in partnership since 2023. Both organisations share a joint mission to unlock economic opportunity for high-potential students from low-income backgrounds across the UK, supporting them through university and into strong early-career outcomes. In 2025, KKR committed an additional £39,173 to Zero Gravity Scholarships, removing financial barriers for 13 students and providing access to vital networks. This continued commitment ensures that talent, not background, determines career success. Together, we’re strengthening the education-to-employment pipeline and driving long-term social mobility.

Powering future STEM leaders

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Annabel
"It was incredibly inspiring to
see these employees in action
during the tour - it allowed me
to envision myself in these
spaces.”
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In 2024, Mercedes-Benz Grand Prix and Zero Gravity joined forces to level the playing field and power the next generation of STEM leaders. The first 73 scholarships were awarded in 2024, with a second cohort of 73 starting in September 2025.

In 2025, our impact stepped up a gear. Our Scholars visited the team's Brackley HQ for a behind-the-scenes experience that most can only dream of - meeting engineers, getting hands-on insight, and seeing how a world-class F1 team really works. By combining financial support with a standout opportunity to apply their STEM degrees in a professional environment, our Scholars are building the tools and experience to succeed in the most prestigious industries. This is how you drive true social mobility.

£2.3m+ awarded in scholarships

Scholarships Cohorts	Scholarships Cohorts	Scholarships Cohorts	Scholarships Cohorts	Scholarships Cohorts	Scholarships Cohorts	Scholarships Cohorts
Cohort	Year	Cohort Size	Years	# Instalments Made As At FY End	Annual (£)	Total Scholarships Awarded (£)
Zero Gravity Scholarship	2025	182	3	1/3	£1,000	£546,000
Zero Gravity Scholarship	2024	93	3	2/3	£1,000	£279,000
Zero Gravity Scholarship	2023	225	3	3/3	£1,000	£675,000
Zero Gravity Scholarship	2022	200	3	3/3	£1,000	£600,000
Zero Gravity Scholarship	2021	36	3	3/3	£1,000	£108,000
Fidelity Future Forward	2022	4	3	3/3	£5,000	£60,000
Fidelity Future Forward	2021	6	3	3/3	£5,000	£90,000
Total Awarded		746				£2,358,000

2025 scholarship deployment In 2025, Zero Gravity awarded £546k in funding to 182 students attending over 40 universities. The cohort represents some of the most talented students from across the UK. All students came from low-opportunity areas and demonstrated exceptional potential. They joined the Zero Gravity Scholarship to realise their academic and career ambitions.

47% higher A-Level results than the average student at their school. Our Scholars are exceptional academic 65% received AAA or better at A-Level. performers. 15% achieved AAA* or better at A-Level. 41% are the first in their family to go to university. Our Scholars have overcome 73% are from the lowest socio-economic groups in the UK. insurmountable odds. 57% were eligible for free school meals. 70% are from ethnic minority backgrounds. Our Scholars represent a diverse 62% are women. generation of future leaders. 66% are from outside Greater London.

Financial support that unlocks opportunity

Financial obstacles to opportunity extend well beyond tuition fees. Costs like a laptop, a society membership, or funding accommodation for an internship compound over time and quietly widen the gap between those with family financial support and those without.

Zero Gravity Scholarship funds flow to areas like technology (14%), transport (14%), groceries (16%), and university activities (4%). A distribution that reflects students managing the full cost of participation in university life, not just tuition. The Zero Gravity Scholarship increased student purchasing power by 11% in the 24/25 academic year.

Zero Gravity scholarship uplift

We monitor impact throughout scholars' degrees - tracking work experience uptake, academic progress, and part-time employment - and assess outcomes against a comparable peer group.

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87% of Scholars are on track Scholars are 38% less likely
Zero Gravity Scholars are
3.5x more likely to land for a 2:1 or better - 13% to work part-time versus the
above the national national average.
professional work experience
100% versus comparable peers. 100% average. 100%
80% 80%
80% 59% 87%
77%
60% 60%
60% 69%
40% 40%
40%
43%
20% 20%
20%
based on
17% intermediate exams
0% 0%
0%
Zero Gravity Comparable Zero Gravity Comparable Zero Gravity Comparable
Scholars peers Scholars peers Scholars peers
experience
% achieving a 2:1 or better
% of students securing work
% of students working part-time
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A highly impactful and efficient model

£3,000 of scholarship funding combined with targeted career support, results in a clear uplift in employment outcomes and increased long-term economic opportunity for low-opportunity students.

To assess impact, we analysed data from the National Student Survey, Graduate Outcomes Survey, and the Longitudinal Education Outcomes (LEO) dataset. This data is captured exactly 15 months after completing a higher education course.

In 2025, we surveyed our first cohort at the 15-month post-graduation mark - a like-for-like comparison point. The data proves that when talent meets opportunity, background doesn't define success.

Zero Gravity Scholars who have graduated are 30% more likely to achieve a 2:1 or better compared to the national average.national average.

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30% graduated are 30% more likely to
achieve a 2:1 or better compared
to the national average.national average.
Scholars in employment earn 22%
£45k
more versus comparable peers.
£36k
£39k
£27k
£32k
£18k
£9k
£0
Zero Gravity Comparable
Scholars peers
Average
graduate salary (£)
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Meet Sarah

Sarah joined Zero Gravity in 2020 as a school student. Four years later, she’d graduated from Oxford University and landed a training contract at Clifford Chance, going from the classroom to one of the world’s leading law firms.

Sarah was talent spotted by Zero Gravity - a high-potential student from a state comprehensive in a low participation area, and the first at her sixth form to apply for a law degree. She was matched with an Oxford mentor and completed 12 months of mentoring on the platform.

Sarah then landed her dream place to study 2 Law at Oxford 3 University.

She also earned a place on the Zero Gravity Scholarship, which funded a replacement laptop before exams, rowing and society fees, and travel to work experience placements.

Financial support meant Sarah could focus fully on her degree and career planning. She 4 completed Clifford Chance's Spark programme and Slaughter and May's First Year Scheme.

Sarah graduated with a First Class degree, the top mark in her year, and secured a highly competitive training contract with Clifford Chance.

Securing transformational funding to scale our impact

LAUNCH TO 2024 | MODEL PROVEN

The strategic partnership between Zero Gravity Fund and Zero Gravity enabled the early development of the model, technology and infrastructure underpinning the Scholarship 1 Programme, with impact now demonstrated through Scholars' academic and career outcomes.

2025 PROGRESS | EVOLVING THE MODEL

Zero Gravity Fund built on these foundations through a significant evolution of its operating model, the development of unrestricted income streams, and the 2 appointment of its first dedicated fundraising employee.

THE SCALE OF NEED 10,000+

students supported into UK universities via the Zero Gravity platform each year, set against the wider scale of financial hardship facing students nationwide and a tightening graduate market.

STRATEGIC PRIORITY

Transformational funding partner to invest in the team and infrastructure needed to scale Zero Gravity Fund's impact

INTENDED OUTCOMES

PRIORITY 2026/27 | THE STEP CHANGE

To realise Zero Gravity Fund's full potential, the Trustees will prioritise securing a transformational funding partner, through targeted engagement with major 3 foundations, philanthropic institutions and corporate funders, to invest in the team and infrastructure needed to scale Zero Gravity Fund's impact.

Increase the number of scholarships awarded each year

Expand the level of financial support provided to each scholar

Meet Pelumi. Zero Gravity Scholar

From Telford in the West Midlands, Pelumi studied Politics and International Studies at Warwick and is now working as a Risk Analyst at JP Morgan.

Through the Zero Gravity platform, Pelumi was paired with a mentor from HSBC and also gained direct access to career insights and opportunities with Fidelity International. The result?

Pelumi broke through social barriers, landing a game-changing graduate role as a Risk Analyst at JP Morgan.

Power the next generation of leaders Back incredible talent from low-opportunity backgrounds with the scholarships they need to break into top universities and secure elite careers. Give students the freedom to focus, the confidence to go further, and the financial firepower to level the playing field. 100% of every donation goes straight to students.

Create your scholarship

21 Reference & Administrative Information P• 31

Charity information

2.1 Charity Details

2.3 Trustees

The trustees on the date the report was approved and/or who served as a trustee during the reporting period are:

Zero Gravity Fund is a Charitable Incorporated Organisation (CIO), constituted under a written constitution, and registered with the Charity Commission in England and Wales. Zero Gravity Fund was incorporated on 25th February 2020 and operates under Charity Number 1188177. The registered office address is 20 Garrett Street, London, EC1Y 0TW.

Charity Commission in England and Wales. Zero Gravity Fund was incorporated on 25th February 2020 and operates under Charity Number 1188177. The registered office address is 20 Garrett Street, London, EC1Y 0TW. 2.2 Other Relevant Organisations Role Name Address Auditor Bourner Bullock 114 St Martin's Lane, WC2N 4BE Principal Bankers National Westminster Bank plc 250 Bishopsgate, EC2M 4AA Solicitors Bates Wells 10 Queen Street Place, EC4R 1BE	Charity Commission in England and Wales. Zero Gravity Fund was incorporated on 25th February 2020 and operates under Charity Number 1188177. The registered office address is 20 Garrett Street, London, EC1Y 0TW. 2.2 Other Relevant Organisations Role Name Address Auditor Bourner Bullock 114 St Martin's Lane, WC2N 4BE Principal Bankers National Westminster Bank plc 250 Bishopsgate, EC2M 4AA Solicitors Bates Wells 10 Queen Street Place, EC4R 1BE	Charity Commission in England and Wales. Zero Gravity Fund was incorporated on 25th February 2020 and operates under Charity Number 1188177. The registered office address is 20 Garrett Street, London, EC1Y 0TW. 2.2 Other Relevant Organisations Role Name Address Auditor Bourner Bullock 114 St Martin's Lane, WC2N 4BE Principal Bankers National Westminster Bank plc 250 Bishopsgate, EC2M 4AA Solicitors Bates Wells 10 Queen Street Place, EC4R 1BE	Role	Name	Appointment	Resignation
			Chair	Andrew Hickey	2 Jun 2025	Present
			Treasurer	Gregory Mook	19 Feb 2024	Present
			Trustee	Mark Lambert	21 Mar 2023	Present
			Trustee	Ide Kearney	21 Mar 2023	Present
Role	Name	Address

			Trustee	Virginie Dafforn-Gorgemans	29 Apr 2024	Present
Auditor	Bourner Bullock	114 St Martin's Lane, WC2N 4BE
			Trustee	Philip Riddle	12 Aug 2024	11 June 2025
Principal Bankers	National Westminster Bank plc	250 Bishopsgate, EC2M 4AA
			Trustee	Kirsty Prest	18 May 2021	8 Dec 2025
Solicitors	Bates Wells	10 Queen Street Place, EC4R 1BE	Trustee	Kerry Phillip	20 Apr 2022	3 Mar 2025

Charity information

2.4 Charity Objects

The objects of the CIO are to advance the education and career prospects of talented students from low-income backgrounds, in particular but not exclusively by:

a) the provision of bursaries for their maintenance while in education and to support their academic and vocational training
b) and assisting them in achieving the necessary qualifications and work experience to pursue their chosen career.

31 Structure, Management & Governance 34

Structure, Management & Governance

3.1 Organisational Structure

Zero Gravity Fund is governed by a Board of Trustees, which provides independent oversight and strategic direction.

Zero Gravity Fund has a strategic partnership with Zero Gravity Tech Ltd (“ Zero Gravity ”). Zero Gravity is a private limited company registered in England and Wales (Company Number: 12091675) whose registered office is 6th Floor, One London Wall, London, EC2Y 5EB.

Zero Gravity Fund does not have any corporate trustees. Details of the individuals who served as Trustees during the reporting period are provided in the Reference and Administrative Details section.

To ensure independence, no directors, shareholders, or connected parties of Zero Gravity Tech Ltd are Trustees of Zero Gravity Fund. The Board of Trustees meets at least four times each year, ensuring robust governance, oversight of risk, and alignment with the charity’s mission and regulatory obligations.

3.2 Relationship with Zero Gravity Tech Ltd

The relationship between Zero Gravity Fund and Zero Gravity is codified in a Strategic Partnership Deed. Zero Gravity provides employee time, expertise and other resources to Zero Gravity Fund in direct support of its grant-making activities, programme delivery and the management and administration of its affairs. The strategic partnership enables Zero Gravity Fund to operate a ‘100% model’, ensuring that 100% of restricted scholarship donations can be deployed directly to students, with no deductions for operational costs. To cover its fundraising and governance costs, the charity has developed separate unrestricted income streams.

Structure, Management & Governance

3.2.1 Pro Bono Support

3.2.2 Dedicated Zero Gravity Fund Roles

Zero Gravity continues to provide staff time and expertise free of charge in support of Zero Gravity Fund's charitable activities. This includes contributions to grant-making, programme delivery, administration, and the ongoing development of technology and operational processes related to scholarship deployment.

In the reporting period, the donated services from Zero Gravity were valued at £78,530. This figure reflects the contribution of Zero Gravity employees directly involved in the charity's operations, along with donated resources such as office space and costs associated with the Zero Gravity Cards used to deploy scholarships. The reduction compared to the prior period (2024: £149,147) reflects both the shorter eight-month reporting period and reduced technology development effort, as scholarship processes are now largely established.

Building on the joint-employment framework approved by the Trustees in the prior reporting period, Zero Gravity Fund appointed its first dedicated employee in August 2025: a fundraising role focused exclusively on securing scholarship funding for the charity. The employee holds a joint employment contract with both Zero Gravity Fund and Zero Gravity Tech Ltd. Payroll and employment administration are managed by Zero Gravity Tech Ltd under a paymaster arrangement, with the associated costs recharged to Zero Gravity Fund.

These costs are met from the charity's unrestricted income, ensuring that restricted scholarship donations continue to flow in full to students under the "100% model". This arrangement provides Zero Gravity Fund with dedicated fundraising capacity while maintaining a lean operational structure and leveraging

Structure, Management & Governance

Zero Gravity Tech Ltd's wider resources.

The Trustees retain oversight of all employment matters relating to Zero Gravity Fund, including approval of the paymaster framework, monitoring of the performance of dedicated employees, and ensuring that remuneration remains appropriate and

proportionate in the context of the charity's objects and resources.

3.3 Delegation of Authority

The Board of Trustees is responsible for risk management and final decision-making, with day-to-day operational responsibility delegated to Zero Gravity through a Scheme of Delegated Authority and Strategic Partnership Deed, both of which are regularly reviewed and re-approved by the Board of Trustees.

Selected Zero Gravity employees attend Trustee meetings to provide updates on the strategic partnership between Zero Gravity Fund and Zero Gravity. They do so in a reporting capacity only, and are not Trustees and hold no voting rights.

3.4 Fundraising Activities During the reporting period, Zero Gravity Fund's fundraising activities were carried out by employees of Zero Gravity Tech Ltd acting under the Strategic Partnership Deed, supported by the Trustees and ambassadors of Zero Gravity Fund. From August 2025, the charity's first dedicated fundraising employee, jointly employed by Zero Gravity Fund and Zero Gravity Tech Ltd, also began contributing to this activity.

The Trustees retain ultimate responsibility for monitoring all fundraising undertaken on behalf of Zero Gravity Fund, whether

Structure, Management & Governance

carried out by employees of Zero Gravity Tech Ltd or those jointly employed by Zero Gravity Fund. All fundraising is conducted under the oversight of the Board of Trustees, who ensure that activities remain aligned with Zero Gravity Fund's charitable objects and regulatory requirements. All fundraising follows the Fundraising Regulator's Code of Practice. Zero Gravity Fund is registered with the Fundraising Regulator, and compliance is regularly reviewed. No fundraising complaints were received during the period.

3.5 Recruitment and Appointment of New Trustees

Zero Gravity Fund is committed to maintaining a Board of Trustees with a variety of expertise and perspectives. The charity conducts an annual skills audit to evaluate the Board’s collective capabilities and identify any gaps in experience or knowledge. Where gaps are identified, the Board seeks to recruit new members who bring the necessary expertise to enhance strategic

decision-making and oversight. During the reporting period, two Trustees resigned: Kerry Phillip, who served as Secretary, resigned on 3 March 2025, and Philip Riddle resigned on 11 June 2025. Andrew Hickey was appointed as Trustee and the permanent Chair on 2 June 2025.

Expectations for Trustees are set out in three key documents. First, the Trustee Role Description, which defines the responsibilities, time commitment, and legal obligations of the role while serving as a reference for current Trustees and a guide for prospective candidates. The Trustee Evaluation Framework provides criteria to assess candidates against the required skills, values, and alignment with the charity’s mission. Finally, the Trustee Code of Conduct, outlines the standards all Trustees must uphold once appointed. The recruitment process is led by the Chair of the Board of Trustees and focuses on ensuring new Trustees strengthen the Board.

Structure, Management & Governance

3.6 Induction and Training of Trustees

Trustees of Zero Gravity Fund are not paid or remunerated. They provide their time for free.

Upon appointment, new Trustees undergo a thorough onboarding process to equip them with an understanding of Zero Gravity Fund. This onboarding includes a comprehensive overview of Zero Gravity Fund’s objectives, strategies, activities, and aims, alongside an introduction to its governance framework, financial reports, and the latest board documents. Additionally, Trustees are provided with an overview of the strategic partnership between Zero Gravity Fund and Zero Gravity.

3.8 Employees

For the majority of the reporting period, Zero Gravity Fund did not employ any staff. Operational and fundraising support was provided by Zero Gravity Tech Ltd under the Strategic Partnership Deed, with employee time, expertise, and resources contributed on a pro bono basis (see section 3.2.1).

Following this, the training needs of each Trustee are assessed on an individual basis and access to training is offered where necessary.

3.7 Remuneration of Trustees

In August 2025, Zero Gravity Fund made its first appointment under the joint-employment framework, recruiting a dedicated fundraising employee jointly employed with Zero Gravity Tech Ltd. Zero Gravity Tech Ltd manages payroll and employment administration under a paymaster arrangement, with the associated costs recharged to Zero Gravity Fund.

Structure, Management & Governance

3.9 Volunteers

trustee for any other party.

Zero Gravity Fund has no volunteers. Trustees serve in a governance capacity and are not classified as volunteers. Through the Strategic Partnership Deed, Zero Gravity contributes employee time, technology, and other resources pro bono to deliver the scholarship programme.

3.10 Public Benefit

3.12 Principal Risks and Uncertainties The Trustees maintain a comprehensive Risk Register, reviewed at every Board meeting in line with the Risk Management Policy. The Risk Register analyses financial, operational, governance, regulatory, and external risks and documents mitigations. The Board ensures that risk exposure is clearly understood and appropriate controls are actively maintained.

The Trustees confirm that they have complied with the duty in section 2(1)(b) of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit.

3.11 Funds held as custodian trustee on behalf of others

Between Board meetings, the Chair also maintains an active review of the Risk Register, raising any material change to a risk score, any newly identified risk, or any crystallised risk, in line with the escalation requirements.

Zero Gravity Fund and the Trustees do not act as a custodian

Key risk areas are summarised below:

Structure, Management & Governance

3.12.1 Unmanaged conflicts of interest arise

The strategic partnership with Zero Gravity Tech Ltd means that unmanaged conflicts of interest could arise. The Strategic Partnership Deed codifies the relationship and establishes clear lines of accountability. The Board of Trustees is fully independent: no Trustee, director, shareholder or connected party of Zero Gravity Tech Ltd serves on the Board, removing the most direct source of conflict. The Scheme of Delegated Authority (re-approved annually) requires Trustees to sign off on all financial decisions, and the Conflicts of Interest Policy (also re-approved annually) governs disclosure and management of any actual or perceived conflict. A joint employment framework for shared staff, monitored annually, sets out the boundaries between the two organisations.

3.12.2 Operational dependency on Zero Gravity

Zero Gravity Fund relies on Zero Gravity Tech Ltd for the delivery of significant operational services, including scholarship identification, deployment and ongoing support. As a startup, Zero Gravity Tech Ltd carries inherent financial risks, which could disrupt service delivery to the charity.

Several mitigations are in place. The Strategic Partnership Deed codifies Zero Gravity Tech Ltd's service obligations, and Zero Gravity Tech Ltd staff provide direct updates at every Board meeting. As a shareholder in Zero Gravity Tech Ltd, Zero Gravity Fund holds significant information rights, enabling Trustees to monitor the financial position and long-term viability. In line with the Reserves Policy and Scholarship Deployment Policy, every scholarship is fully funded for its three-year term, either via an upfront donation or a signed Deed of Gift with the first instalment received. Diversified unrestricted income streams cover the charity’s core overheads.

Structure, Management & Governance

3.12.3 Inflation Risk

masterclasses and access to 35+ employer partners across 10 industry verticals.

Zero Gravity Fund's mission depends on scholarships translating into improved academic and career outcomes for

low-opportunity students. Macro-economic pressures, including sustained inflation and a tightening graduate labour market, could erode the real-term value of the £3,000 scholarship and weaken its long-term effect.

The Trustees review the scholarship amount annually, considering scholar spend patterns, impact data, typical part-time work hours and the broader economic outlook. The Scholarship Deployment Policy (re-approved annually) requires Scholars to engage with Zero Gravity’s career support as a condition of funding, and impact data is reviewed annually by the Board. The strategic partnership with Zero Gravity Tech Ltd extends the value of each scholarship beyond funding by providing mentoring,

41 Financial Review

Financial Review

4.1 Review of Zero Gravity Fund’s Financial Position

The Trustees have moved Zero Gravity Fund's financial year-end from 31 December to 31 August, aligning the charity's reporting cycle with the UK academic year that underpins scholarship and student support activities. These financial statements therefore cover a transitional eight-month period from 1 January 2025 to 31 August 2025. From 1 September 2025 onwards, the financial year will run for a full twelve months, ending 31 August each year - giving Trustees, donors and partners a reporting view that maps directly onto the cohort cycle.

Comparative figures cover the twelve months ended 31 December 2024 and are therefore not directly comparable with the current period; year-on-year changes should be read with this context in mind.

Total income for the period was £411,603 (2024: £747,359). Total funds held by Zero Gravity Fund at 31 August 2025 were £449,901 (2024: £674,714), comprising £384,000 of expendable endowment (2024: £384,000), £43,780 of restricted income funds (2024: £284,632), and £22,121 of unrestricted income funds (2024: £6,082).

Unrestricted income for the period totalled £132,562, comprising £54,032 in grants and donations and £78,530 representing the value of donated services contributed by Zero Gravity Tech Ltd under the Strategic Partnership Deed (Note 6.20).

Restricted income for the period was £279,041, reflecting donations from corporate partners and high-net-worth individuals committed to specific scholarship and education programmes. Notable restricted funders during the period included KKR, Christie's, and the Rigby Foundation, alongside

Financial Review

other corporate donors and individual supporters.

Restricted expenditure was concentrated on the award and deployment of scholarships. During the period, scholarship awards totalling £546,000 were committed to the 2025 cohort of 182 students. The Year 2 and Year 3 instalments, payable in September 2026 and September 2027, have been discounted to present value in accordance with FRS 102 paragraph 21.7, giving a recognised scholarship liability of £528,669 at the period end. Further detail of the cohort, including the discounting adjustments applied, is set out in Note 6.18.

Cash at bank and in hand at period end was £668,271 (2024: £278,792). The increase reflects the timing of donor receipts received in advance of scholarship instalments falling due in September 2025.

A bad debt provision of £20,000 (2024: £16,500) was recognised in respect of non-recoverable donor income. Transfers totalling £21,570 were made from unrestricted reserves to the restricted cohort funds to ensure each cohort's three-year scholarship commitment remains fully funded notwithstanding the shortfall (Note 6.27).

Zero Gravity Fund reported a net decrease in funds of £224,813, comprising net expenditure before gains of £250,851 partially offset by interest income of £26,038. No revaluation gain was recognised in respect of the charity's equity investment in Zero Gravity during the period (2024: £46,500).

4.2 Reserves Policy

The Reserves Policy is designed to mitigate operational risks and ensure the long-term financial sustainability of the charity. It was

Financial Review

reviewed and approved by the Board of Trustees on 2 June 2025 and is reviewed annually.

Zero Gravity Fund operates under a Strategic Partnership Deed with Zero Gravity, which provides all operational services related to scholarship delivery and supports fundraising for scholarships on the charity's behalf. This partnership enables the charity to operate a "100% model" whereby all restricted scholarship donations can be deployed directly to students without deduction for administration. As a result, the charity incurs limited direct operational costs for scholarship deployment and administration, but does carry direct costs for its fundraising under the Joint Employment Agreement and Paymaster Framework, and for governance. Scholarships are granted only once fully funded, either via an upfront donation or a signed Deed of Gift with the first instalment received, with mitigations for delayed and non-payment outlined in the Deed of Gift policy.

Unrestricted income streams include investment income earned on non-advanced scholarship funds, unrestricted grants from trusts and foundations, and, with donor permission, Gift Aid income arising from scholarship donations.

As at 31 August 2025, the charity held £22,121 in unrestricted reserves (2024: £6,082). Following the end of the reporting period, the Trustees reviewed and updated the Reserves Policy in light of a limited bad debt realised during the year. The updated policy will apply from the next financial year. The Trustees are satisfied that reserves held as at 31 August 2025 are sufficient to meet the requirements of the previous and updated policy and to sustain the charity's governance, fundraising and employment obligations throughout the next financial year.

4.3 Financial Investments

Financial Review

In the reporting period, Zero Gravity Fund maintained its ownership of 25,000 ordinary shares in Zero Gravity Tech Ltd, held as the charity's expendable endowment.

No revaluation event occurred during the period, and the investment is carried at £384,000 (2024: £384,000). The Trustees continue to treat the asset as illiquid and of uncertain long-term value, and have therefore not based any financial decisions, such as scholarship deployment or borrowing, on its valuation given the inherent uncertainty of its future realisable value.

Zero Gravity Fund holds a significant cash balance, arising from multi-year scholarship donations that are earmarked for future deployment. To manage these funds responsibly, the charity operates under a Treasury Management Policy designed to preserve capital whilst generating sufficient investment income to cover governance costs and build reserves. The policy prioritises

capital preservation and liquidity, ensuring that funds are available to meet scholarship obligations as they fall due, while avoiding material risk of loss.

During the period, the charity deployed cash holdings through Flagstone (Clareville House, 26-27 Oxendon Street London, SW1Y 4EL), an investment management platform providing access to a diversified range of FSCS-protected UK bank deposit accounts. This has enabled improved investment returns while maintaining strict capital preservation and liquidity controls in line with the Treasury Management Policy.

Investment returns are generated exclusively through interest income on deposits. This income is treated as unrestricted and is used to fund governance and fundraising costs alongside building reserves in accordance with the Reserves Policy. In the event investment income exceeds the reserve threshold, the

Financial Review

Trustees may reallocate surplus income to scholarships. This approach balances financial resiliency with charitable impact.

4.5 Financial Risk and Mitigations

4.5.1 Deed of Gift Risk

Unrestricted interest income for the reporting period was £8,832 (2024: £3,576), reflecting the deployment of cash holdings through the Flagstone platform.

4.4 Social Investments

Social investment does not form any part of Zero Gravity Fund’s charitable activities. Therefore, no related investments contributed to the achievement of its aims and objectives in the reporting period.

The primary financial risk to Zero Gravity Fund arises from the potential default, reduction, or delay in payment of a pledged donation under a Deed of Gift agreement. Such non-payment could result in insufficient restricted funds to meet committed scholarship instalments. This risk is managed through a layered framework set out in the Deed of Gift Policy. Scholarship awards are only deployed once the related funding is secured, either through an upfront donation or a signed Deed of Gift with the first instalment received. The Deed of Gift Policy specifies clear payment timelines, including a requirement for instalments to be received no later than three months before the September deployment, with an escalation process in place for delayed or failed donor payments. Unrestricted income from Gift Aid and

Financial Review

trusts and foundations provides additional flexibility to maintain continuity of commitments.

treated as unrestricted income and allocated to reserves to cover governance and fundraising costs in line with the Reserves Policy.

4.5.2 Failure to secure sufficient unrestricted income

4.6 Grant Making

The charity's administrative and governance activities are funded through unrestricted income. A failure to generate sufficient unrestricted income could constrain the charity's ability to maintain governance and administrative continuity, and to meet the employment obligations it has assumed under the Joint Employment Agreement and Paymaster Framework operated with Zero Gravity. The Trustees manage this risk by diversifying unrestricted income across multiple streams, including direct unrestricted donations, trust and foundation grants, Gift Aid (where permitted by donors), and investment income. Interest earned on non-advanced restricted scholarship cash held through the Flagstone investment management platform is

Zero Gravity Fund's Grant-Making Policy directly contributes to the achievement of its charitable aims through the provision of scholarships to support students' undergraduate studies and career prospects. All scholarships fall within Zero Gravity Fund's charitable purposes and meet Zero Gravity Fund's funding criteria.

During the reporting period, the charity also awarded a £10,000 programme delivery grant to Zero Gravity Tech Ltd to support the first year of the Zero Gravity for Schools programme, funded by the Rigby Foundation. The grant was assessed and approved

Financial Review

in line with the Grant-Making Policy and is consistent with the Strategic Partnership Deed, under which Zero Gravity delivers charitable activities on the charity's behalf. The grant covers the direct delivery costs of the Zero Gravity for Schools programme, which sits outside the scope of services provided to Zero Gravity Fund free of charge under the Strategic Partnership Deed. As a related party transaction, the grant was approved by the Trustees, who are wholly independent of Zero Gravity Tech Ltd, and the transaction is disclosed in Note 6.15.

standard of financial governance. As such, Bourner Bullock have been re-appointed as Zero Gravity Fund’s auditors.

4.8 Going Concern

The Trustees believe that Zero Gravity Fund continues to be a going concern and Zero Gravity Fund does not have any fund or subsidiary undertaking that is materially in deficit.

4.7 Audit

During the reporting period, there was no statutory requirement for an audit as gross income did not exceed the £1,000,000 threshold and gross assets did not exceed £3,260,000. However, the Trustees have again made a discretionary decision to audit Zero Gravity Fund’s financial statements in order to meet the highest possible

51 Financial statements 51

Trustees’ responsibilities in relation to the financial statements

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

Observe the methods and principles in the applicable Charities SORP;
Make judgements and estimates that are reasonable and prudent;

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to:

State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Select suitable accounting policies and then apply them consistently;

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011,

Trustees’ responsibilities in relation to the financial statements

the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Constitution of the charity. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements were approved by the Trustees and authorised for issue and were signed on its behalf by: ........................................................................

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Andrew Hickey, Chair Date: 29.06.2026

Auditor’s Report on Financial Statements

Independent Auditor’s Report To The Members of Zero Gravity Fund

In our opinion, the financial statements:

Opinion

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

We have audited the financial statements of Zero Gravity Fund (the ‘charity’) for the period ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including

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 of opinion

Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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

Auditor’s Report on Financial Statements

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 opinion.

least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at

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 annual report. 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,

Auditor’s Report on Financial Statements

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
● sufficient accounting records have not been kept; or
● the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

As explained more fully in the trustees’ responsibilities statement on Page 52, 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.

Auditor’s Report on Financial Statements

In preparing the financial statements, the trustees are responsible for assessing 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.

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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

Auditor’s Report on Financial Statements

The following laws and regulations were identified as being of significance to the entity:

The following laws and regulations were identified as being of inspection of relevant legal correspondence; review of board significance to the entity: minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected ● Those laws and regulations considered to have a direct effect movements in account balances which may be indicative of on the financial statements include UK financial reporting fraud. regulations, Charities Act 2011. ● Those laws and regulations for which non-compliance may No instances of material non-compliance were identified. be fundamental to the operating aspects of the business and However, the likelihood of detecting irregularities, including fraud, therefore may have a material effect on the financial is limited by the inherent difficulty in detecting irregularities, the statements include GDPR legislation. effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result Audit procedures undertaken in response to the potential risks from fraud might be inherently more difficult to detect than relating to irregularities (which include fraud and non-compliance irregularities that result from error. As explained above, there is an with laws and regulations) comprised of: enquiries of unavoidable risk that material misstatements may not be management and those charged with governance as to whether detected, even though the audit has been planned and the entity complies with such laws and regulations; enquiries with performed in accordance with ISAs (UK).

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims;

Auditor’s Report on Financial Statements

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

Use of our report

..................................................................... 29.06.2026 Bourner Bullock Date Chartered Accountants 114 St Martin’s Lane London WC2N 4BE

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

Bourner Bullock is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Statement of Financial Activities

			1 Jan 2025 - 31 Aug 2025	1 Jan 2025 - 31 Aug 2025		1 Jan 2024 - 31 Dec 2024
	Note	Unrestricted	Restricted	Expendable Endowment	Total Funds	Total Funds
Income and endowments		(£)	(£)	(£)	(£)	(£)
Grants and donations	6.16	54,032	279,041	-	333,073	591,162
Income from fundraising activities	6.16	-	-	-	-	7,050
Donated services	6.20	78,530	-	-	78,530	149,147
Total Income		132,562	279,041	-	411,603	747,359
Expenditure
Fundraising activities	6.17	3,135	-	-	3,135	15,882
Charitable activities - scholarships	6.18	-	528,669	-	528,669	284,515
Charitable activities - support costs	6.19	100,650	30,000	-	130,650	189,940
Total Expenditure		103,785	558,669	-	662,454	490,337
Net income before gains and losses on investments		28,777	(279,628)	-	(250,851)	257,022
Other income
Interest income	6.22	8,832	17,206	-	26,038	13,475
Total Other Income		8,832	17,206	-	26,038	13,475
Net gains/(losses) on investments
Gain on revaluation of fixed assets	6.21	-	-	-	-	46,500
Net movement in funds		37,609	(262,422)	-	(224,813)	316,997
Reconciliation of funds
Total funds brought forward		6,082	284,632	384,000	674,714	357,717
Transfer between funds	6.27	(21,570)	21,570	-	-	-
Total funds carried forward		22,121	43,780	384,000	449,901	674,714

Balance Sheet

					31 Aug 2025			31 Dec 2024
		Note	Unrestricted	Designated	Restricted	Expendable Endowment	Total	Total
			(£)	(£)	(£)	(£)	(£)	(£)
Fixed Assets
Investments		6.21	-	-	-	384,000	384,000	384,000
Total Fixed Assets			-	-	-	384,000	384,000	384,000
Current Assets
Cash at bank and in hand			7,050	-	661,221	-	668,271	278,792
Stock		6.23	-	-	-	-	-	7,050
Debtors falling due within one year		6.24	35,812	-	198,966	-	234,778	416,737
Debtors falling due after more than one year		6.24	-	-	93,805	-	93,805	223,252
Total Current Assets			42,862	-	953,992	-	996,854	925,831
Current Liabilities
Creditors: amounts falling due within one year		6.25	20,741	-	477,947	-	498,688	549,520
Total Current Liabilities			20,741	-	477,947	-	498,688	549,520
Net Current Assets			22,121	-	476,045	-	498,166	376,311
Total Assets less Current Liabilities			22,121	-	476,045	384,000	882,166	760,311
Creditors: amounts falling	due after more than one year	6.26	-	-	432,265	-	432,265	85,597
Net Assets			22,121	-	43,780	384,000	449,901	674,714
The Funds of the Charity
Unrestricted income funds			22,121	-	-	-	22,121	6,082
Designated income funds			-	-	-	-	-	-
Restricted income funds			-	-	43,780	-	43,780	284,632
Expendable endowment funds			-	-	-	384,000	384,000	384,000
Total Charity Funds		6.27	22,121	-	43,780	384,000	449,901	674,714
									61

Financial Statements

The financial statements were approved by the Trustees and authorised for issue and were signed on their behalf by:

........................................................................

Andrew Hickey, Chair

Date: 29.06.2026

Statement of Cash Flows

	1 Jan 2025 - 31 Aug 2025	1 Jan 2024 - 31 Dec 2024
	(£)	(£)
Reconciliation of net movement in funds
Net movement in funds	(224,813)	316,997
Interest on investing activities	(26,038)	(13,475)
Increase in fixed asset valuation	-	(46,500)
(Increase)/decrease in stocks	7,050	(7,050)
(Increase)/decrease in debtors	311,406	(170,412)
Increase/(decrease) in creditors	295,836	(41,701)
Net cash generated by operating activities	363,441	37,859
Investing Activities
Interest	26,038	13,475
Net cash generated by investing activities	26,038	13,475
Change in cash at bank and in hand at period end	389,479	51,334
Cash and Cash Equivalents
Cash and cash equivalents at beginning of period	278,792	227,458
Net change in cash for period	389,479	51,334
Cash and cash equivalents at end of period	668,271	278,792

61 Notes to the Financial Statements

Notes to the Financial Statements

6.1 Accounting Policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been applied consistently throughout the period and to the comparative period unless otherwise stated.

uncertainty are the present-value discounting of multi-year scholarship liabilities and grant debtors (Notes 6.13, 6.14), the bad debt provision against donor income (Note 6.19), and the fair value of the investment in Zero Gravity Tech Ltd (Note 6.21).

6.1.1 Basis of Preparation

In applying the charity's accounting policies, the trustees make judgements, estimates and assumptions that affect the carrying amounts of assets and liabilities and are not readily apparent from other sources. These are based on historical experience and other relevant factors, are reviewed on an ongoing basis, and actual results may differ.

The most significant judgement is the recognition of the 2025 scholarship cohort as a present constructive obligation at the reporting date (Note 6.1.1). The key sources of estimation

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 United Kingdom and Republic of Ireland (Charities SORP (FRS 102)), the Charities Act 2011, and applicable United Kingdom Generally Accepted Accounting Practice (UK GAAP).

The financial statements have been prepared to give a ‘true and

Notes to the Financial Statements

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’. These financial statements cover the eight-month period from 1 January 2025 to 31 August 2025, reflecting the Trustees' decision to move the charity's financial year-end from 31 December to 31 August to align reporting with the UK academic year. Comparative figures cover the twelve-month period from 1 January 2024 to 31 December 2024 and are therefore not directly comparable with the current period.

In preparing the financial statements, the Trustees have exercised significant judgement (in accordance with FRS 102 paragraph 8.6) in recognising the 2025 scholarship cohort liability in the current period as a present constructive obligation under FRS 102 paragraph 21.4(b) and Charities SORP (FRS 102) Module 7.

The Trustees consider that the obligation existed at the reporting

date. By 31 August 2025 the scholarship cohort had been substantively identified, the restricted income funding the cohort had been received during the period, and the charity's published 100% model permits no alternative application of those funds. There is no contingency within the charity's control by which the awards could be withdrawn. The formal Trustee approval of the cohort on 2 September 2025 and the issuance of offer letters to beneficiaries on 5 September 2025 are treated as adjusting events under FRS 102 Section 32, as they confirm conditions that existed at the reporting date rather than create new ones. This treatment ensures the 2025 scholarship cohort is recognised in the same reporting period as the restricted income that funds it. The Trustees confirm that, from the financial year ending 31 August 2026 onwards, each cohort approval and offer letter issuance will be completed before the 31 August year-end, so

Notes to the Financial Statements

that the seven-day window will not need to be relied upon in future periods.

6.2.1 Restricted funds

Zero Gravity Fund constitutes a public benefit entity as defined by Charities SORP FRS 102 (Second Edition). The financial statements are prepared in Sterling (GBP).

6.1.2 Preparation of accounts on a going concern basis

Restricted funds are received from donors specifically for scholarships, which the Trustees award in September each year. The charity awards three-year scholarships to students only when the full value of the donation is secured, either via an upfront payment or the commitment is confirmed via a signed Deed of Gift, of which the first instalment is paid.

The Trustees consider that there are no material uncertainties regarding the charity’s ability to continue as a going concern. The review of its financial position, reserve levels, and future plans gives the Trustees confidence that the charity remains a going concern for the foreseeable future. As such, the financial statements have been prepared on a going concern basis.

6.2.2 Unrestricted funds

Unrestricted funds are available for use at the discretion of the Trustees and in furtherance of the general objectives of the charity. The main sources of unrestricted funding are interest earned on cash deposits and the receipt of unrestricted donations.

6.2 Fund Structure

Notes to the Financial Statements

6.2.3 Designated fund

All income is recognised once the charity has entitlement to it, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Designated unrestricted funds are related to specific events or uses identified by the Trustees, which benefit from being separately identified to enable fund and reserve analysis. No designated funds were held or in operation during the period.

6.2.4 Expendable endowments

There is also an expendable endowment fund, consisting of shares in Zero Gravity Tech Ltd, created by a gift in kind from a shareholder. The gift carries no restriction as to the charitable purposes to which any expended capital may be applied.

Donations, including gift aid where applicable, are recognised when funds are received or when there is a signed Deed of Gift confirming both the donation amount and the settlement date. If a donation is subject to conditions requiring a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either the conditions are fully met or the fulfilment of the conditions is wholly within the charity's control and it is probable the conditions will be fulfilled in the reporting period.

6.3 Income Recognition

Donated services are services and resources the charity would otherwise have purchased. These are included at their value to the charity and cover Zero Gravity Tech Ltd employees directly

Notes to the Financial Statements

involved in running Zero Gravity Fund, donated office space, and additional resources provided.

Interest on funds held on deposit is included when receivable, and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.

6.5 Expenditure Recognition: Fundraising Activities Fundraising costs comprise all costs involved in raising funds for the charity. These include organising and hosting fundraising events, and the cost of a dedicated fundraising position responsible for donor development and fundraising activity.

6.4 Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings.

6.6 Expenditure Recognition: Charitable Activities - Scholarships Expenditure on Charitable Activities - Scholarships refers to the financial support awarded to students. Scholarships payable are payments made to students in furtherance of the charitable objects of Zero Gravity Fund.

Scholarships are deployed annually over a three-year academic period, in three equal tranches. The scholarships have performance conditions attached to continue to be eligible for

Notes to the Financial Statements

funding, but the charity expects the vast majority of students to fulfil these conditions. Therefore, there is a reasonable expectation that students will receive the full scholarship amount over the three-year period. The provision for scholarships is recognised at its discounted present value where settlement is due over more than one year from the date of the award.

administration and broader operations of the charity, together with the cost of partner events and other charitable activities undertaken in the charity's interest. The majority of these costs are covered by Zero Gravity Tech Ltd under the Strategic Partnership Deed; Zero Gravity Tech Ltd provides donated services and funds the cost of deploying and administering scholarships via Zero Gravity Cards.

6.7 Expenditure Recognition: Charitable Activities - Support Costs

6.8 Irrecoverable VAT

Support costs are recognised as part of the charitable activity they enable.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include auditor remuneration, accounting fees, legal fees, and Trustee indemnity insurance. Operational costs comprise the costs of supporting the

6.9 Fixed Asset Investments Investments are a form of basic financial instrument and are initially recognised at cost. The investments are revalued where a reliable observable valuation event has occurred. The Statement

Notes to the Financial Statements

of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The charity does not acquire put options, derivatives, or other complex financial instruments.

6.10 Realised Gains and Losses

All gains and losses are recognised in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying value, or their purchase value if acquired after the start of the financial year. Unrealised gains and losses are determined by the difference between the present value at year-end and their carrying value. Both realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

6.11 Financial Instruments

The Charity has applied the provisions of FRS 102, Section 11, 'Basic Financial Instruments' and Section 12, 'Other Financial Instruments Issues'. Financial assets and liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. The Charity initially recognises a financial asset or a financial liability at transaction price, for debtors and other creditors this is the settlement amount.

Scholarship commitments and debtors due after one year are discounted to reflect present value (see notes 6.13 and 6.14).

6.12 Cash

Cash at bank covers deposits held with UK banks and in hand.

Notes to the Financial Statements

6.13 Debtors

their present value. The calculation is performed at each reporting date, with any movement recorded in scholarship costs.

Trade debtors and other debtors are initially recognised at their transaction price.

6.15 Related Party Transactions, Trustees’ Expenses and Remuneration

The charity receives multi-year grant pledges and therefore has debtors falling due after more than one year. Debtors falling due after more than one year are discounted to their present value. The calculation is performed at each reporting date, with any movement in the discount debited against grant income. The release in the following period(s) is credited to interest income.

6.14 Creditors

6.15.1 Trustees' remuneration and expenses

The Trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind (2024: £nil). Expenses paid to the Trustees in the period totalled £nil (2024: £nil). Donations received, without restriction, from Trustees and parties related to the Trustees totalled £6,000 (2024: £6,000).

Trade creditors and other creditors are initially included at their nominal value when there is a contractual obligation to settle. Creditors falling due after more than one year are discounted to

6.15.2 Transactions with Zero Gravity Tech Ltd

Following the appointment in August 2025 of the charity's first

Notes to the Financial Statements

dedicated fundraising employee under a Joint Employment Agreement with Zero Gravity, payroll and employment administration are managed by Zero Gravity and the associated costs are recharged to the charity on a no-margin basis under the Paymaster Framework. In the reporting period, employment costs of £3,135 (2024: £nil) were recharged. See Note 6.17.

During the period, the charity paid £10,000 (2024: £nil) to Zero Gravity. This was to support the first year of the Zero Gravity for Schools programme funded by the Rigby Foundation. The grant was assessed and approved by the Trustees in line with the charity's Grant-Making Policy and the Strategic Partnership Deed. See Note 6.19.

	1 Jan - 31 Aug 2025	1 Jan - 31 Dec 2024
	(£)	(£)
Grants and donations	294,217	607,162
Gift aid Present value discounting	39,500 (644)	4,738 (20,738)
Total	333,073	591,162
	1 Jan - 31 Aug 2025 (£)	1 Jan - 31 Dec 2024 (£)
Auction income	-	7,050
Total	-	7,050

6.17 Analysis of Fundraising Activities

6.16 Analysis of Income

Fundraising costs of £3,135 (2024: £15,882) comprise all costs involved in raising funds for the charity. These include employment costs relating to a dedicated fundraising position and, in prior periods, the cost of organising fundraising events.

Notes to the Financial Statements

The average monthly number of employees during the period, calculated on a headcount basis, was less than one (2024: nil). The employee holds a joint employment contract with both Zero Gravity Fund and Zero Gravity Tech Ltd. Payroll, pension and employment administration are managed by Zero Gravity Tech Ltd, with the associated costs recharged to Zero Gravity Fund. Employment costs of £3,135 relating to the period from appointment to 31 August 2025 have been recognised within Fundraising activities expenditure. No employee received benefits above £60,000.

6.18 Analysis of Charitable Activities - Scholarships

For the period 1 January 2025 to 31 August 2025, scholarships totalling £546,000 (in nominal terms) were awarded from restricted funds to the 2025 scholarship cohort of 182 students. These awards were formally approved by the Trustees and

notified to Scholars by offer letter within the days immediately following 31 August 2025. The Trustees have applied a recognition cut-off of 5 September 2025 for these financial statements on the basis that a constructive obligation existed at that date: each scholarship had been committed at a specific amount to a named beneficiary, offer letters had been issued, and there was no contingency within the charity's control by which the awards could be withdrawn.

The first instalment for the 2025 cohort falls due in September 2025, with subsequent instalments in September 2026 and September 2027 for Scholars' second and third years of study. The Year 2 and Year 3 instalments have been discounted to present value in accordance with FRS 102. The resulting scholarship liability recognised at the period end is £528,669.

Notes to the Financial Statements

X 1 Jan - 31 Aug 2025 1 Jan - 31 Dec 2024		1 Jan - 31 Aug 2025	1 Jan - 31 Dec 2024
(£) (£)		(£)	(£)
Scholarships awarded - from Restricted funds 546,000 271,859	Governance costs (see below) Operating costs (see below)	11,993 98,657	15,775 157,666
Present value discounting (17,331) 12,656	Bad debt provision	20,000	16,500
Total 528,669 284,515	Total	130,650	189,940
6.19 Analysis of Charitable Activities - Support Costs	Governance Costs
Governance costs, covered by unrestricted funds, include auditor	Auditor remuneration Accounting fees Legal fees	9,000 2,564 176	9,000 2,064 4,337
remuneration, accounting fees, legal fees, and insurance.	Insurance	138	153
Operating costs comprise fees associated with deploying	Bank fees	55	33
	Subscriptions	60	188
scholarships on Zero Gravity Cards, partner events, and other	Total	11,993	15,775
charitable activities. The majority of operating costs are met by
Zero Gravity Tech Ltd under the Strategic Partnership Deed,	OperatingCosts
including through donated services (see note 6.20). The charity	Donated services received Card fees	78,530 7,922	149,147 8,519
recognised £78,530 in donated services during the period (2024:	Partner events	2,205	-
£149,147), with an equivalent amount included as expenditure in	Other charitable activities Total	10,000 98,657	- 157,666

Governance costs, covered by unrestricted funds, include auditor remuneration, accounting fees, legal fees, and insurance. Operating costs comprise fees associated with deploying scholarships on Zero Gravity Cards, partner events, and other charitable activities. The majority of operating costs are met by Zero Gravity Tech Ltd under the Strategic Partnership Deed, including through donated services (see note 6.20). The charity recognised £78,530 in donated services during the period (2024: £149,147), with an equivalent amount included as expenditure in Charitable activities – support costs.

Notes to the Financial Statements

6.20 Donated Services Received

6.21 Fixed Asset Investments

Zero Gravity Tech Ltd provides donated services to Zero Gravity Fund under the Strategic Partnership Deed. These donated services comprise the time of Zero Gravity Tech Ltd employees directly involved in the running of Zero Gravity Fund, donated office space, and additional resources provided. Donated

services are recognised at fair value based on an assessment of time spent by employees, and corresponding rent allocation as well as any direct costs incurred by Zero Gravity Tech Ltd on behalf of Zero Gravity Fund. The income is recognised with a matching expense.

The investment represents a gift-in-kind comprising 25,000

shares in Zero Gravity Tech Ltd. The fair value of the investment is

determined by reference to the most recent observable valuation event of Zero Gravity Tech Ltd, typically its most recent external fundraising round.

As at 31 August 2025, the fair value of the investment is £384,000 (2024: £384,000). No new valuation event occurred during the period.

matching expense.
	1 Jan - 31 Aug 2025	1 Jan - 31 Dec 2024
	(£)	(£)
Staff costs	62,175	111,292
Office costs	8,517	18,848
Other charity related costs	7,838	19,007
Total	78,530	149,147

6.22 Interest Income Interest income is recognised when receipt is probable and the amount can be measured reliably. It is included within investment income.

Notes to the Financial Statements

6.23 Stock

6.24.1 Debtors falling due within one year

Stock comprises goods and services that have been purchased or gifted to the charity for sale at future fundraising events. Stock is initially recognised at fair value, which is measured at the expected realisable value of the item less any costs to sell, or, where this is not available, at the purchase price or assessed value of the gifted item at the date of receipt. During the period, total income from auctioned items amounted to £nil (2024: £7,050).

	31 Aug 2025	31 Dec 2024
	(£)	(£)
Accounts receivable	35,652	23,400
Accrued income	159,400	360,668
Gift Aid	39,650	32,464
Prepayments Total	76 234,778	205 416,737

6.24.2 Debtors falling due after more than one year

6.24 Analysis of Debtors

Accrued income relates to multi-year income which has been recognised and confirmed in an agreement with a specific payment amount and payment timeline.

31 Aug 2025 31 Dec 2024 (£) (£)	31 Aug 2025 31 Dec 2024 (£) (£)	31 Aug 2025 31 Dec 2024 (£) (£)

A	ccrued income 93,805 223,252
Total 93,805 223,252

Notes to the Financial Statements

6.25 Analysis of Creditors Due Within One Year

The scholarship liabilities relate to future payments due to students who have been awarded three-year scholarships by the charity and are paid from restricted funds. Accruals relate to governance and fundraising costs, which are paid from unrestricted funds.

unrestricted funds.
	31 Aug 2025	31 Dec 2024
	(£)	(£)
Scholarships due within one year Accruals	477,947 20,741	539,695 9,825
Total	498,688	549,520
6.26 Analysis of Creditors	Falling Due After More Than On
	31 Aug 2025	31 Dec 2024
	(£)	(£)
Scholarships due after one year	432,265	85,597
Total	432,265	85,597

6.26 Analysis of Creditors Falling Due After More Than One Year

6.27 Analysis of Charitable Funds

Transfers between funds are made only where permitted by the terms of the relevant funds. They reflect allocation of unrestricted income to restricted purposes, and occasionally transfers between restricted funds where donor conditions allow, ensuring all funds are applied to their intended charitable purpose.

During the period, £21,570 was transferred from the unrestricted general fund into prior scholarship cohorts to cover shortfalls in the associated restricted funds. Of this, £20,000 was transferred to the 2022 Scholarship fund to cover the £20,000 bad debt provision of non-recoverable donor income allocated to that cohort (see note 6.19). The remaining £1,570 was transferred to the 2024 . Scholarship fund to cover a minor residual shortfall on that cohort

Notes to the Financial Statements

				1 Jan - 31 Aug 2025	1 Jan - 31 Aug 2025
		Balance brought forward	Income	Expenditure	Transfer between funds	Gains and losses	Balance carried forward
		(£)	(£)	(£)	(£)	(£)	(£)
Expendable	endowment	384,000	-	-	-	-	384,000
Restricted		284,632	296,247	(558,669)	21,570	-	43,780
Zero Gravity	Scholarship 2021	-	-	-	-	-	-
Zero Gravity	Scholarship 2022	-	-	(20,000)	20,000	-	-
Zero Gravity	Scholarship 2023	-	-	-	-	-	-
Zero Gravity	Scholarship 2024	-	5,011	(6,581)	1,570	-	-
Zero Gravity	Scholarship 2025	270,396	277,215	(522,088)	-	-	25,523
Zero Gravity	Scholarship 2026	14,236	4,021	-	-	-	18,257
Other charitable purposes		-	10,000	(10,000)	-	-	-
Fidelity Future Forward 2021		-	-	-	-	-	-
Fidelity Future Forward 2022		-	-	-	-	-	-
Unrestricted		6,082	141,394	(103,785)	(21,570)	-	22,121
General		6,082	141,394	(103,785)	(21,570)	-	22,121
Designated (2023 Fundraising event)		-	-	-	-	-	-
Designated (2024 Fundraising event)		-	-	-	-	-	-
Total		674,714	437,641	(662,454)	-	-	449,901

Notes to the Financial Statements

				1 Jan - 31 Dec 2024	1 Jan - 31 Dec 2024
		Balance brought forward	Income	Expenditure	Transfer between funds	Gains and losses	Balance carried forward
		(£)	(£)	(£)	(£)	(£)	(£)
Expendable	endowment	337,500	-	-	-	46,500	384,000
Restricted		14,774	561,514	(301,015)	9,359	-	284,632
Zero Gravity	Scholarship 2021	-	-	-	-	-	-
Zero Gravity	Scholarship 2022	-	-	3,141	(3,141)	-	-
Zero Gravity	Scholarship 2023	10,161	9,899	(30,160)	10,100	-	-
Zero Gravity	Scholarship 2024	4,613	266,984	(273,996)	2,400	-	-
Zero Gravity	Scholarship 2025	-	270,396	-	-	-	270,396
Zero Gravity	Scholarship 2026	-	14,236	-	-	-	14,236
Fidelity Future Forward 2021		-	-	-	-	-	-
Fidelity Future Forward 2022		-	-	-	-	-	-
Unrestricted		5,443	199,320	(189,322)	(9,359)	-	6,082
General		5,443	199,320	(173,440)	(25,241)	-	6,082
Designated (2023 Fundraising event)		-	-	(2,672)	2,672	-	-
Designated (2024 Fundraising event)		-	-	(13,210)	13,210	-	-
Total		357,717	760,835	(490,337)	-	46,500	674,714

71 References Europa 1997 11 81

Page	Slide Title	Statement	Source	Zero Gravity Data
4	Founder's note	The student loan now falls £6,026 short each year of covering basic living costs	Source	-
4, 7	Founder's note / The gravitational force of inequality	Low-income students work, on average, 20 hours a week alongside 30 hours of study	Source	-
4, 7	Founder's note / The gravitational force of inequality	Graduate roles fell by 8% in 2025	Source	-
4, 7	Founder's note / The gravitational force of inequality	Low-income students are 32% less likely to land graduate jobs than comparable students	Source	-
7	The gravitational force of inequality	Youth unemployment has climbed to 15%, the sharpest increase among G7 countries	Source	-
7	The gravitational force of inequality	59% of state-educated students worry about their university finances, compared to just 6% of their privately-educated peers	Source	-
7	The gravitational force of inequality	Low-income students are 20% less likely to land internships than comparable students	Source	-
7	The gravitational force of inequality	Jobs requiring AI skills now command a 56% wage premium globally	Source	-
7	The gravitational force of inequality	AI fluency is the third fastest-growing skill in the UK labour market	Source	-
3, 25	Our scholarship impact this year / Zero Gravity scholarship uplift	Zero Gravity Scholars are 3.5x more likely to land professional work experience versus comparable peers (59% vs 17%)	Source	End of Year Survey
3, 26	Our scholarship impact this year / A highly impactful and efficient model	Zero Gravity Scholars who have graduated are 30% more likely to achieve a 2:1 or better compared to the national average	Source	End of Programme Survey
3, 26	Our scholarship impact this year / A highly impactful and efficient model	Scholars in employment earn 22% more versus comparable peers (£39k vs £32k average starting salary)	Source	End of Programme Survey
25	Zero Gravity scholarship uplift	87% of Scholars are on track for a 2:1 or better — 13% above the national average (87% vs 77%, based on intermediate exams)	Source	End of Year Survey
25	Zero Gravity scholarship uplift	Scholars are 38% less likely to work part-time versus the national average (43% vs 69%)	Source	End of Year Survey

Contents

Our scholarship impact this year

Founder’s note

The gravitational force of inequality

Our approach

Zero Gravity Scholarship

Our partnership with Zero Gravity

Zero Gravity Fund

Zero Gravity Tech Ltd

How do Zero Gravity Scholarships work?

Oscar’s journey

Zero Gravity spots unrecognised 1 talent nationwide

How Zero Gravity supports 2 school students into university

Data-driven scholarship selection

Tech-enabled scholarship deployment

Meet Rosie

Driving economic opportunity with KKR

Powering future STEM leaders

£2.3m+ awarded in scholarships

Financial support that unlocks opportunity

Zero Gravity scholarship uplift

A highly impactful and efficient model

Meet Sarah

Securing transformational funding to scale our impact

LAUNCH TO 2024 | MODEL PROVEN

STRATEGIC PRIORITY

INTENDED OUTCOMES

PRIORITY 2026/27 | THE STEP CHANGE

Charity information

Charity information

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Structure, Management & Governance

Financial Review

Financial Review

Financial Review

Financial Review

Financial Review

Financial Review

Financial Review

4.8 Going Concern

4.7 Audit

Trustees’ responsibilities in relation to the financial statements

Auditor’s Report on Financial Statements

Auditor’s Report on Financial Statements

Auditor’s Report on Financial Statements

Auditor’s Report on Financial Statements

Auditor’s Report on Financial Statements

Auditor’s Report on Financial Statements

Statement of Financial Activities

Balance Sheet

Financial Statements

Statement of Cash Flows

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

6.23 Stock

6.24.2 Debtors falling due after more than one year

Notes to the Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements