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2025-08-31-accounts

Company no. 11872096 Charity no. 1189146

Now Teach

Report and Audited Financial Statements 31 August 2025

Now Teach

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 August 2025
Company number 11872096
Charity number 1189146
Registered office and 4 Bloomsbury Square
operational address London
WC1A 2RP
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Sonya Judith Clara Branch (resigned 23 October 2025)
Robert Craig
Graeme Melville Danton
James Barrington Huw Darley
Graham Clive Elton Chair
Lucy Lauris Heller
Bansi Kara
Lucy Rosamond Kellaway
Paterno Atar Odong
Charles Kirwan-Taylor (appointed 17 April 2025)
Carole Samantha Twiselton
Katharine Waldegrave MBE
Chief executive officer Graihagh Crawshaw-Sadler
Bankers Lloyds Bank plc
95 George Street
Croydon
CR9 2NS
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Now Teach

Report of the trustees

For the year ended 31 August 2025

The trustees present their report together with the financial statements of Now Teach (the ‘charitable company’) for the year ended 31 August 2025. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out on pages 21 to 23 and comply with the charitable company’s memorandum and articles of association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and activities

Now Teach is a charity that recruits and retains mid-to-late-stage career changers in the teaching profession. The average age of a Now Teach recruit is 48 with the oldest new recruit being 73 and one of the 2017 cohort members remains in teaching at 72. We focus on career changers because they bring decades of industry experience, skills and networks into schools. We want more children to have a teacher who can do that. Since 2017 we’ve recruited 1,300 teachers who are retained at above average rates.

Now Teach supports career changers to engage with campaigns that help them see themselves in the teaching profession and navigate the recruitment process. Now Teach provides a support package of specialist content, one-to-one guidance, wellbeing, subject and career coaching and access to a wider network of peers to share practice. We attract, support and champion career changers in education. We help them thrive as teachers and bring their skills, professional experience and networks to the students, schools and subjects that need them most.

Now Teach measures its success on the number of experienced career changers it attracts and retains as teachers and tracks wider school contribution through an impact framework. So far, we have recruited 1,300 career-change teachers with real-world experience in the subjects they teach. Now Teach recruits are weighted towards the highest-need subjects, with 95% teaching in shortage subjects and over 60% in Science, Technology, Engineering and Maths. Now Teachers are 36% more likely to be teaching for at least two years after qualifying than their age matched peer group. They are 26% more likely to continue teaching four years after gaining qualified teacher status when compared to this age matched peer group.

Evidence from a survey conducted for a Teaching Commission witness session suggests that once Now Teachers qualify, they plan to remain with. Of survey respondents, 45% said they intend to stay in teaching for another 10 years, while 75% are looking to remain in the profession for at least five more years.

Public benefit

In determining the objectives and activities of the charitable company, the trustees confirm they have given due consideration to the Charity Commission’s guidance in relation to Public Benefit and are satisfied that the charitable company complies with Section 4 of the Charities Act 2011. Now Teach exists to support the advancement of education for the benefit of the public, and further details of how this has been achieved are set out within the remainder of this annual report.

2

Now Teach

Report of the trustees

For the year ended 31 August 2025

Achievements and performance

There remain multiple, complex issues facing schools today. A strong supply of industry and life experienced individuals to diversify the profession, particularly if they have a propensity to be retained at higher rates, is a much-needed contribution. This is particularly true in STEM subjects, where currently 1 in 8 maths lessons are taught by a non-maths specialist, and this is even worse in schools serving low-income communities.

Key achievements are outlined below:

3

Now Teach

Report of the trustees

For the year ended 31 August 2025

Recruitment: Numbers delivered

During the year, recruitment activities delivered strong results across the entire candidate

pipeline: with key results listed below:

Recruitment: Operational Improvements

Significant operational improvements were delivered to strengthen effectiveness and increase brand visibility. These include:

Diversity

Retention

The quotation below captures the value felt by a Now Teacher during the start of their teacher training.

“My transition to teaching wasn't without uncertainty. I questioned whether leaving a well-paid senior role for teaching was sensible, particularly given the dramatic salary difference. However, I've reached a stage in life where fulfilment matters more than money, and the Now Teach network provided invaluable support during those months of self-doubt. I'm now genuinely excited about shaping the next generation of digital problem-solvers.

One highlight so far has been the Now Teach Network Summit. I was slightly reticent about the event prior to arriving as I have been to many such days during my career, but my expectations were far exceeded. The speakers were extremely interesting culminating in the session with just my computer science cohort which was great. It was fantastic meeting other people going through what I have been going through.

4

Now Teach

Report of the trustees

For the year ended 31 August 2025

I may be mad changing from the corporate world to teaching, but I have found a tribe of people who are both equally mad AND able to assure me that it is the best decision that they have ever made” Charles Cliffe, Computer Science, Cohort 2025

2023 Cohort 1year Post-QTS retention

Against the DfE KPI of 75%.

The national rate for those secondary school teachers that remain one-year post-QTS is 69% overall (all ages) and 61% for those aged 40+

2024 Cohort Year 1 Retention

Against the DfE KPI of 85%.

The national QTS rate for secondary school teachers is 91% overall (all ages) and 82% for those aged 40+

Research undertaken during 2024 supported implementation of a refined programme offer through 2025. The offer ensures needs can be met and includes:

In the redesigned programme offer the below core principles have been prioritised:

5

Now Teach

Report of the trustees

For the year ended 31 August 2025

Ongoing delivery has focused on:

Key achievements

The Network

Census: In anticipation of planned future work with the National Foundation for Educational Research (NFER), the first Network Census was implemented. This gathered comprehensive data on the Network’s teaching workforce, providing a robust evidence base to inform future strategic priorities, research and funding initiatives. The Census achieved a 68% response rate. Future work with NFER will seek to understand the long-term retention results of Now Teachers, and the value of Now Teach in the sector.

Impact Report Launch: The Impact Report was launched at an Evening with Now Teach , hosted at Salesforce Tower, London. The event was attended by over 100 funders, partners, and Now Teachers from across the Network. Students also joined the event, powerfully advocating for the positive impact that career changers have on their education.

Annual Summit, Ada College: Attended by over 140 Now Teachers, the sessions focused around the Impact Framework and supporting the Network to make the most of their experience in their schools. Keynote sessions were delivered by Oak National Academy and Teacher Development Trust. Now Teach’s Cofounder, Lucy Kellaway OBE, closed the day which was followed by a Network Social.

Teaching Commission - Evidence Session: In April, the Teaching Commission invited Now Teach to provide evidence at its witness session. Members of the Network contributed insight on initial teacher training (ITT) and early career teacher (ECT) provision, as well as reflections on their motivations for career change and how teaching compares with their previous professions.

Operations and organisational growth

Over the past year Now Teach has continued to focus on building and embedding robust operations across the organisation, with a particular focus on enhancing systems and technology. An organisational technology strategy was developed, outlining how systems, data and processes should be designed and utilised to maximise Now Teach’s impact and support the achievement of the vision and mission.

6

Now Teach

Report of the trustees

For the year ended 31 August 2025

Employee engagement remained a priority and the team undertook a refresh of the organisational Values. This work centred on creating a set of Values that are aligned with the behaviours required to deliver the vision and mission. They are aspirational and provide clear, actionable guidance. These new Values are now helping to shape internal culture and support the team to deliver against the strategic priorities. In the Summer 2025 Pulse survey, 100% of employees agreed that Now Teach cares about their wellbeing. Additionally, 100% of employees agreed that their colleagues were committed to doing high-quality work.

Financial management has continued to be strengthened. In September 2024, a new external accountancy and financial support provider was appointed, giving improved visibility of the financial position and ensuring more robust expert support across management accounts, income management and financial planning. This enhanced support will be critical to underpin future fundraising efforts.

Looking ahead there are a number of priorities for the next operational year to further enhance operations and organisational effectiveness and support the implementation of a new organisational strategy. These include:

▪Embedding the updated Values as a core part of the People Strategy.

Financial review

During the reporting period, the charity earned income of £1,715k (2024 – £3,870k) including £85k of donated services (2024 – £503k) and incurred expenditure of £1,804k, including the donated services (2024 – £2,230k) resulting in a deficit of £89k (2024 – surplus of £1,641k).

The primary sources of income for the charitable organisation were split between the contract with the Department for Education, accounting for £737k (2024 – £1,442k) of total income, alongside donations of £878k (2024 – £2,429k), which includes £85k of pro-bono services provided to the charity. This reflects the ongoing efforts to diversify its sources of income following on from the notification in March 2024 that the Career Change Programme contract would not be reprocured. The charity’s principal expenditure relates to staff costs which for the reporting period amounted to £990k (2024 – £1,166k).

Reserves policy and financial position

The trustees have examined the requirement for free reserves, i.e., those unrestricted funds not invested in tangible fixed assets, restricted for specific purposes or otherwise committed. In 2024/25 the trustees consider that, given the nature of the charitable company’s work and funding timelines within the organisation, the level of free reserves should be equal to between 3 and 9 months recurring operating expenditure (i.e. between £452k and £1,356k).

At year end, the charity held total funds of £2,608k. Of these funds £799k is restricted and £1,809k is unrestricted. Within the charity’s unrestricted funds there are two designated funds:

▪£60k to support with scoping and securing future contractual funding opportunities; and

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Now Teach

Report of the trustees

For the year ended 31 August 2025

The remaining unrestricted funds are classed as free reserves. At year end the charity held free reserves of £1,532k which equates to 10 months of operating expenditure. The trustees acknowledge this falls outside of policy range but feel these levels are appropriate to ensure the charity can meet its ongoing and multi-year commitments to our beneficiaries and allow for investments in future strategic development and delivery.

The reserves policy will continue to be reviewed on at least an annual basis to ensure that it is appropriate for the charity’s priorities and considered in conjunction with identified risks.

Fundraising

During this year, the result of the change in funding from the Department for Education Career Change Programme contract meant that Now Teach continued to work to increase fundraising from private sources to sustain and grow its work.

The team and trustees are enormously grateful to all the funders who responded to media coverage of the DfE’s decision and subsequent requests for interim funding support, including those donors who wish to remain anonymous. In total, £997k was donated by trusts, foundations and individual donors (2023/24 £968k). Amongst new supporters giving for the first time to the charity in the year, and/or pledging support for future years, were: Julia Rausing Trust, CHK Foundation, John Armitage Charitable Trust, Sloane Robinson Foundation, Rothermere Foundation, the Stelios Philanthropic Foundation and Berry Street Foundation, as well as several generous individual donors. The team and trustees remain very grateful to longstanding supporters including the Garfield Weston Foundation, the Swire Charitable Trust and AKO Foundation.

Approach to Fundraising

Now Teach’s fundraising is led by the Chief Executive and the Director of Philanthropy and Communications with support from in-house and contracted staff. Fundraising activities are not outsourced to other organisations. Now Teach fundraises from a defined list of individuals, companies and charitable trusts and foundations. Fundraising is based on individual relationships with donors, many of whom are introduced to the organisation by Trustees and other supporters connected to the charity. Fundraising approaches are made only to those with whom there is an existing connection, or where it is deemed there would be an interest in Now Teach’s work. Fundraising campaigns, such as The Big Give, may be used from time to time to promote giving to the charity by those within an established network or target audiences.

Now Teach’s Executive fundraising efforts are supported by comprehensive and active Board engagement.

Now Teach is a paid member of the Fundraising Regulator and complies with the advice and guidance set by the body. During the year no complaints about fundraising were received.

8

Now Teach

Report of the trustees

For the year ended 31 August 2025

Risk management

The management of risk is an on-going process, and the trustees undertake regular reviews of the principal risks and uncertainties that the charitable company faces. The Finance & Risk Committee regularly review the policies, systems and procedures to ensure that action can be taken as needed to minimise or manage any potential impact on the charitable company, should those risks materialise or identify any further mitigating actions that may be required. The trustees have identified the following main risks which will apply to the charity:

Future plans

Over the next four years, the charity aims to support more schools and students by enabling them to benefit from the inspiring professional and life experience of career change teachers by:

Underpinning the ambition with a strong fundraising programme and efficient and scalable operating model.

9

Now Teach

Report of the trustees

For the year ended 31 August 2025

Assessment of going concern

The trustees have considered the impact of the above in their assessment of going concern. At present, there is no intention to wind down the charity or its operations and, as noted above, the charity will be continuing to build a strong fundraising programme alongside an efficient operating model to secure its future sustainability. Based on the initial fundraising success, the charity is confident in building a strong income pipeline to support the delivery of the strategic ambitions for the next four years. The trustees are therefore of the opinion that it is appropriate that these financial statements should be prepared on a going concern basis. Further details in respect of the trustees’ assessment of going concern is provided within the principal accounting policies accompanying the financial statements.

Structure, governance and management

Now Teach was incorporated on 9 March 2019 and is a company limited by guarantee (Company Registration No. 11872096 (England and Wales)) and a registered charity (Charity Registration No. 1189146). The charitable company is governed by its memorandum and articles of association.

Trustees

The Articles require that the Charity has at least three Trustees. Trustees are appointed by the existing Board of Trustees. The Trustees are also the Directors of Now Teach for the purposes of company law and are also the members of the company limited by guarantee.

As well as the main Board, there are three committees – the Finance & Risk Committee, the Nominations & Remunerations Committee and the Education Sub-committee- who have delegated responsibility for specific areas.

The recruitment of Trustees is a designated responsibility from the Now Teach Board to the Nominations and Recruitment Committee (NRC). This is reviewed at least twice per year.

The NRC undertakes the following actions on an annual basis:

▪Reviews the membership of the Now Teach sub-committees.

A Trustee skills audit is also conducted once every 2 years to identify the skills, qualities, diversity and experiences of the Board. Any gaps/trends are noted, and these are taken into account for future recruitment of Trustees.

10

Now Teach

Report of the trustees

For the year ended 31 August 2025

Recruitment process

If there is a need to recruit a new Trustee, the following action takes place:

The Now Teach procedures for electing or appointing new trustees are set out below:

If there is a need to recruit an existing Trustee onto a sub-committee the following actions take place:

Induction

The Trustee induction programme includes:

The following trustees served during the period of report and up to the date of approval of the annual report and financial statements:

Trustee Date of
Sonya Branch Resigned 23 October 2025
Graeme Danton Appointed 9 March 2019
James Darley Appointed 9 March 2019
Graham Elton Chair – Appointed 9 March 2019
Lucy Heller Appointed 22 June 2021
Bansi Kara Appointed 31 October 2023
Lucy Kellaway Appointed 9 March 2019
Paterno Odong Appointed 31 October 2023
Carole Twiselton Appointed 31 October 2023
Robert Craig Appointed 18 March 2024
Katharine Waldegrave Appointed 10 July 2024
Charles Kirwan-Taylor Appointed 17 April 2025

Trustees are appointed by the Board of Trustees, or by an ordinary resolution of the charity, in accordance with the Articles and Board Terms of Reference.

11

Now Teach

Report of the trustees

For the year ended 31 August 2025

Executive Management Team

The trustees consider that they, together with the Now Teach Executive Management Team (EMT), comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day-to-day basis. The members of the EMT during the period of report comprised the following:

EMT Member Role
Graihagh Crawshaw-Sadler Chief Executive Officer
Ginnie Maxfield-White Chief Operating Officer
Sarah Darrall Shaw Director of Programme and Network
Rob Fryer Director of Recruitment
Jim Riddiford Interim Chief Operating Officer (December 2024 to December
2025)

The remuneration of the Executive Management Team is set by the Now Teach Nominations and Remuneration Committee, which reports to the Now Teach Board.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

12

Now Teach

Report of the trustees

For the year ended 31 August 2025

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

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 16 April 2026 and signed on their behalf by

Graham Elton

Graham Elton - Director and Chair of the Board of Trustees

13

Independent auditors' report

To the members of

Now Teach

Opinion

We have audited the financial statements of Now Teach (the 'charity') for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related 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 Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

14

Independent auditors' report

To the members of

Now Teach

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

15

Independent auditors' report

To the members of

Now Teach

Our responsibilities for the audit of the financial statements

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

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

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

16

Independent auditors' report

To the members of

Now Teach

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

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 16 April 2026

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

17

Now Teach

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2025

Restricted
Unrestricted
Note
£
£
Income from:
Donations and legacies
4
-
878,380
Charitable activities
5
98,500
738,069
Total income
98,500
1,616,449
Expenditure on:
Raising funds
-
91,542
Charitable activities
348,610
1,364,043
Total expenditure
7
348,610
1,455,585
8
(250,110)
160,864
Reconciliation of funds:
Total funds brought forward
1,050,000
1,647,809
Total funds carried forward
799,890
1,808,673
Net income / (expenditure) and
movement in funds		 2025
Total
£
878,380
836,569
1,714,949
91,542
1,712,653
1,804,195
(89,246)
2,697,809
2,608,563		 Restated
2024
Total
£
2,429,415
1,441,000
3,870,415
90,472
2,139,040
2,229,512
1,640,903
1,056,906
2,697,809

Prior year income is restated to reflect entitlement to grant income as described in note 2 to the accounts.

Prior year expenditure has been reclassified to reflect the requirements of the Charities SORP (FRS 102). The restatement of expenditure is purely a reclassification across the statutory headings, and does not affect net income or net movements in funds.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

18

Now Teach

Balance sheet

As at 31 August 2025

Note
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
834,284
1,975,183
2,809,467
(200,904)		 2025
£
2,608,563
2,608,563
799,890
277,000
1,531,673
2,608,563		 Restated
2024
£
991,564
1,839,065
2,830,629
(132,820)
2,697,809
2,697,809
1,050,000
178,000
1,469,809
2,697,809

Prior year accrued and deferred income are restated to reflect entitlement to grant income as described in note 2 to the accounts.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 16 April 2026 and signed on their behalf by

Graham Elton

Graham Elton - Chair

19

Now Teach

Statement of cash flows

Statement of cash flows
For the year ended 31 August 2025
Cash used in operating activities:
Net movement in funds
Adjustments for:
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(89,246)
157,280
68,084
136,118
136,118
1,839,065
1,975,183		 Restated
2024
£
1,640,903
(747,659)
(43,925)
849,319
849,319
989,746
1,839,065

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

20

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies

a) General information and basis of preparation

Now Teach is a charitable company limited by guarantee registered in England and Wales. The registered office address is 4 Bloomsbury Square, London, W1A 2RP.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Now Teach meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For contract income, the DfE Career Changers Contract income is included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is no unconditional entitlement to the income and its recognitions is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received , the income is accrued. Where KPIs will not or have not been met, the income penalty will be adjusted for during the financial year in which the KPI was not met.

21

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs represent indirect charitable expenditure and are included in charitable activities on the basis of their use. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of finance, HR, governance, and central overheads.

22

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies (continued)

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Accounting estimates and key judgements

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

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are accrued income as described in note c above.

23

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

2. Prior period restatements

Restricted income for the year ending 31 August 2024

As originally stated for the year to 31 August 2024
Restatement of grant income
As restated for the year to 31 August 2024		 2024
Total
£
50,000
1,000,000
1,050,000

Accrued income, deferred income, and funds at 31 August 2024

Accrued
income
Deferred
income
£
£
As originally stated at 31 August 2024
175,889
200,000
Restatement of grant income
800,000
(200,000)
As restated at 31 August 2024
975,889
-
Prior period comparatives: statement of financial activities (restated)
Restricted
£
£
Income from:
Donations and legacies
1,050,000
1,379,415
Charitable activities
-
1,441,000
Total income
1,050,000
2,820,415
Expenditure on:
Raising funds
-
90,472
Charitable activities
59,000
2,080,040
Total expenditure
59,000
2,170,512
Net income
991,000
649,903
Transfers between funds
(19,000)
19,000
Net movement in funds
972,000
668,903
Unrestricted		 Restricted
funds
£
50,000
1,000,000
1,050,000
2024
Total
£
2,429,415
1,441,000
3,870,415
90,472
2,139,040
2,229,512
1,640,903
-
1,640,903

3. Prior period comparatives: statement of financial activities (restated)

24

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

4. Income from donations and legacies

Donations
Grants
Gifts in kind
Gift aid
Total income from donations and legacies		 Restricted
£
£
-
65,559
-
640,000
-
85,000
-
87,821
-
878,380
Unrestricted		 2025
Total
£
65,559
640,000
85,000
87,821
878,380

Income from gifts in kind consists of donated professional services in support of Now Teach's strategy, recognised at their market value.

Prior period comparative (restated):
Donations
Grants
Gifts in kind
Total income from donations and legacies		 Restricted
£
£
-
791,265
1,050,000
85,000
-
503,150
1,050,000
1,379,415
Unrestricted		 2024
Total
£
791,265
1,135,000
503,150
2,429,415

Prior period restricted grants includes an additional £1,050,000 of grant income, as described at note 2.

5. Income from charitable activities

Income from charitable activities
Programme fees
Grants
Other fees
Total income from charitable activities		 Restricted
£
£
-
737,369
98,500
-
-
700
98,500
738,069
Unrestricted		 2025
Total
£
737,369
98,500
700
836,569		 2024
Total
£
1,442,320
-
(1,320)
1,441,000

All income from charitable activities in the prior year was unrestricted.

6. Government grants

There were no government grants received in the current year, or prior year.

25

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

7. Total expenditure

Total expenditure
Programme delivery
Staff costs (note 9)
Fundraising
Other overheads
Finance
Governance
HR
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
36,164
55,378
-
-
-
-
91,542
-
91,542		 Charitable
activities
£
703,326
904,090
-
-
-
-
-
1,607,416
105,237
1,712,653		 Support and
governance
costs
£
-
49,487
-
25,656
15,750
12,290
2,054
105,237
(105,237)
-		 2025 Total
£
703,326
989,741
55,378
25,656
15,750
12,290
2,054
1,804,195
-
1,804,195

Total governance costs were £12,290 (2024: £17,000)

26

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

7. Total expenditure (continued) Prior period comparative (restated)

Prior period comparative (restated)
Programme delivery
Staff costs (note 9)
Fundraising
Other overheads
Finance
Governance
HR
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
60,736
29,736
-
-
-
-
90,472
-
90,472		 Charitable
activities
£
971,116
1,034,945
-
-
-
-
-
2,006,061
132,979
2,139,040		 Support and
governance
costs
£
-
70,454
-
26,584.00
5,931.00
17,000.00
13,010.00
132,979
(132,979)
-		 2024 Total
£
971,116
1,166,135
29,736
26,584
5,931
17,000
13,010
2,229,512
-
2,229,512

27

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

8. Net movement in funds

This is stated after charging:

Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Prior year under provision		 2025
£
Nil
Nil
484
9,200
-		 2024
£
Nil
Nil
Nil
14,000
3,000

During the year one trustee was reimbursed for travel and subsistence expenses (2024: none).

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

9. Staff costs and numbers Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Redundancy payments
Employees earning more than £60,000 during the year:
Between £60,000 and £70,000
Between £70,000 and £80,000
Between £80,000 and £90,000
Between £90,000 and £100,000		 2025
£
807,580
87,644
94,517
-
989,741
2025
No.
1
1
-
1		 2024
£
941,770
103,124
105,241
16,000
1,166,135
2024
No.
1
2
-
-

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, Interim Chief Operating Officer, Chief Operating Officer, Director of Programmes, and Director of Recruitment. The total employee benefits of the key management personnel were £417,797 (2024: £396,133).

Average head count 2025
No.
19		 2024
No.
23

28

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Debtors
Debtors
Trade debtors
Prepayments
Accrued income		 2025
£
12,000
106,703
715,581
834,284		 Restated
2024
£
-
15,675
975,889
991,564

Prior period other debtors has been restated to include £800,000 of accrued income (note 2).

12. Creditors: amounts falling due within 1 year

Creditors: amounts falling due within 1 year
Trade creditors
Accruals
Other taxation and social security
VAT liability
Other creditors		 2025
£
111,226
17,165
36,556
32,343
3,614
200,904		 Restated
2024
£
33,206
24,858
36,269
36,771
1,716
132,820

Prior period creditors has been restated to exclude £200,000 of deferred income (note 2).

29

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

13. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 August 2025
Current assets
Current liabilities
Net assets at 31 August 2024
Prior period comparative
(restated)		 £
799,890
-
799,890
£
1,050,000
-
1,050,000
Restricted
funds
Restricted
funds		 £
277,000
-
277,000
£
178,000
-
178,000
Designated
funds
Designated
funds		 £
1,732,577
(200,904)
1,531,673
£
1,602,629
(132,820)
1,469,809
General
funds
General
funds		 Total
funds
£
2,809,467
(200,904)
2,608,563
Total
funds
£
2,830,629
(132,820)
2,697,809

30

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

14. Movements in funds

Restricted funds
Berry Street
HG Foundation
Julia Rausing Trust
Mission 44
Total restricted funds
Unrestricted funds
Designated funds:
External relations
HPITT
Organisational objectives
Total designated funds
General funds
Total unrestricted funds
Total funds		 Income
£
£
50,000
-
-
50,000
1,000,000
-
-
48,500
1,050,000
98,500
178,000
-
-
-
-
-
178,000
-
1,469,809
1,616,449
1,647,809
1,616,449
2,697,809
1,714,949
At 1
September
2024		 £
(50,000)
(50,000)
(200,110)
(48,500)
(348,610)
(178,000)
-
-
(178,000)
(1,277,585)
(1,455,585)
(1,804,195)
Expenditure		 £
-
-
-
-
-
-
60,000
217,000
277,000
(277,000)
-
-
Transfers
between
funds		 £
-
-
799,890
-
At 31
August
2025
799,890
-
60,000
217,000
277,000
1,531,673
1,808,673
2,608,563

Purposes of restricted funds

Berry Street

For the wellbeing and post-recruitment of Career changers supported by Now Teach.

HG Foundation

To support Now Teach career changers in computer science and IT.

Julia Rausing Trust

To help recruit and retain experienced professionals to become teachers.

Research and technology

The research and technology fund enables Now Teach to invest in external consultants to help define the capabilities and capacity required to deliver strategy, with focus on tech solutions and support impact evaluation. The funds are used to fund research, technology and evaluation work with external consultants, ImpactBox, InHive and ImpactEd.

31

Now Teach

Notes to the financial statements

For the year ended 31 August 2025

14. Movements in funds (continued) Purposes of designated funds

External relations

£178k was set aside in response to the DfE announcement for use in building a strategic External Relations function at Now Teach, to be spent by end 24/25.

HPITT £60k was set aside for HPITT delivery.

Organisational objectives £217k was set aside for achieving organisational objectives.

Restricted funds
Berry Street
Julia Rausing Trust
Research and technology
Total restricted funds
Unrestricted funds
Designated funds:
External relations
Total designated funds
General funds
Total unrestricted funds
Total funds
Prior period comparative
(restated)		 Income
£
£
-
50,000
-
1,000,000
78,000
-
78,000
1,050,000
-
178,000
-
178,000
978,906
2,642,415
978,906
2,820,415
1,056,906
3,870,415
At 1
September
2023		 £
-
-
(59,000)
(59,000)
-
-
(2,170,512)
(2,170,512)
(2,229,512)
Expenditure		 £
£
-
50,000
-
1,000,000
(19,000)
-
(19,000)
1,050,000
-
178,000
-
178,000
19,000
1,469,809
19,000
1,647,809
-
2,697,809
Transfers
between
funds
At 31 August
2024		 £
£
-
50,000
-
1,000,000
(19,000)
-
(19,000)
1,050,000
-
178,000
-
178,000
19,000
1,469,809
19,000
1,647,809
-
2,697,809
Transfers
between
funds
At 31 August
2024
1,050,000
178,000
178,000
1,469,809
1,647,809
2,697,809

15. Related party transactions

C Kirwan-Taylor, a trustee, is also a trustee of the CHK Foundation. During the year the CHK Foundation donated £70,000 to Now Teach (2024: £nil).

S Twiselton, a trustee, is also a trustee of the Teacher Development Trust. The Teacher Development Trust provided £250 of speaker fees in the year (2024: £nil). S Twiselton is also a trustee of Teach First. In 2024 Teach First provided £1,539 of strategy management support.

L Heller, a trustee, is also the CEO of Ark. During the year Ark provided £250 of speaker related services. In 2024 Ark provided HR and IT support of £25,641.

32