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Registered number: 07317195 Charity Number: 1189858

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

NORTHEASTERN UNIVERSITY – LONDON

Board of Trustees at report date	Dr Gregory Abowd Alice Chinebuah – non exec Robert Farquharson Diane MacGillivray Thomas Nedell (Chair) Julietta Tenant-Dexter– non exec Chong Kim-Wong (joined 12.02.2025)
Senior Management Group (also considered Key Management Personnel)	Ciara Alfano (Associate Dean of Teaching and Learning) Diana Bozhilova (Associate Dean of Global Impact and Sustainability) Dr Naomi Goulder (Dean for Academic Development and Innovation and interim Dean of Faculties) Robert Farquharson (Chief Executive Officer) Emma Kelly (Head of EDGE Division London) Ken Morrison (Associate General Counsel, UK_joined April 2024_) Elizabeth O’Connell (Director of Admissions, Recruitment & Marketing) Dr Kasim Randeree (Associate Dean of Faculty Affairs) Sheena Van Der Merwe (Director of Resources & Operations) Caroline Ward (Director of HR) Dr Scott Wildman (Interim Academic Dean) Syed Zaidi (Director of Visa & Immigration Compliance) Dan Rolfe (Director of Global Enrolment Management & Partnership) Jas Verdi (Director of Student Engagement) Paul Richards (Director of Academic Services) Suzi Broadway (Director of Student Life) Gabriella Gyorffy (Financial Controller)
Registered Company number	07317195
Registered Charity Number	1189858
Registered Office Address	Devon House, 58 St Katharine's Way London E1W 1LP

Independent Auditor	Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Bankers	Barclays Bank plc 1 Churchill Place London, E14 5RB
Solicitors	Eversheds Sutherland (International) LLP 5thFloor, 50/60 Station Road Cambridge, CB1 2JH

NORTHEASTERN UNIVERSITY – LONDON

	PAGE
Annual Report of the Trustees including Strategic Report and Statement of Principal Accounting Policies and Estimation Techniques	4
Independent Auditor’s report	20
Statement of Comprehensive income	24
Statement of Financial Position	25
Statement of Cash Flows	26
Notes to the Financial Statements	27

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

The Trustees (who are Trustees of the charitable company) present their Annual Report for the year ended 30 June 2025 in accordance with the HE/FE SORP requirements as well as requirements under the Charities Act 2011,and the Companies Act 2006.

On 9th June 2020 NCH at Northeastern Limited (NCHNL) became a Registered Charity (registered charity number 1189858) and on 13th July 2022 it changed its name to Northeastern University - London (NU London) following approval for the use of university title granted by the Department for Education and the Office for Students.

STATEMENT OF CORPORATE GOVERNANCE

Governing Documents

The University is governed by its Articles of Association, last amended on 21st June 2022.

Governing Body

The NU London Board of Trustees (‘The Board’) is the statutory governing body of the legal entity. NU London owns the brand ‘New College of the Humanities’ as well as its dormant subsidiary New College of the Humanities Limited (‘NCHL’), including its relationship with regulatory bodies and partner organisations. NU London Board is a limited liability company established under English and Welsh law. For the purposes of these financial statements the Trustees are referred to as Trustees.

The Board is legally responsible for the overall management and control of the University and, as such, has oversight and management of the strategic, financial and operational areas of the University’s activities and all other aspects of the University’s existence save for responsibilities delegated to the Academic Board in respect of the regulating and directing of the academic work of the University, including teaching (undergraduate and postgraduate degrees) and research.

The Board has ownership, oversight and management of the regulatory responsibilities and relationships of the University. In areas of academic procedures and policies it acts, as necessary, as the conduit for Academic Board (which has no separate legal standing) with the relevant regulatory body.

The Board meets four times a year.

In accordance with the Articles of Association, the Board has the power to delegate responsibility (but not accountability) to committees, directors, and the management of the University.

NU London Board has established committees to carry out its responsibilities. The number of members of any such committee and the terms on which they hold and vacate office shall be determined by the Board. Reports (at least annually) from these committees shall be received and considered by the Board where appropriate. See Organisational Management section below.

Recruitment and Training of Trustees

The Trustees roles are filled differently. There are five Trustees appointed by Northeastern University. The nonexecutive Trustees are recruited and appointed by the Nominations Committee of the NU London Board. The University uses a Skills Matrix to identify potential gaps prior to recruiting new Trustees.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

The training of the Trustees depends on each individual’s area of expertise, but common areas of training would include English Higher Education Regulation and English law. This training is done either as part of the Board meetings or as required.

Organisational Management

The Board delegates responsibility for University Management onto the following Committees.

The Executive Committee (ExCo) is chaired by the CEO and ensures there is effective leadership and management of all the activities undertaken by the University and provides a link between the Board and the senior management. It ensures that the strategic priorities as outlined in the NU London Strategic Plan are being met through the operational execution of Academic Board and the Senior Management Group. ExCo supplies the Board with verbal and written reports, draft budgets and audited accounts, and reports on risk management. ExCo meets on a fortnightly basis.
The Audit Committee (AC) was established to review audit policy, internal procedures and assurance on the use of public funds on behalf of the Board including the recommendation on auditors presented to the Board. Audit Committee meets at least once a year.
The Remuneration Committee (RemCo) was established to determine and apply policy on behalf of the Board to remuneration and benefits, to ensure compliance with best practice in the UK and to set the remuneration of the executive members of University as set out in the Articles. In determining senior management remuneration, RemCo consider several factors, including performance and sector averages. In the year a benchmarking exercise was completed by a third-party using data from the Universities and Colleges Employers Association (UCEA). This committee meets as needed during the twice a year. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with similar institutions to ensure that the University remains informed to broader issues of pay and employment terms and conditions.
The Nominations Committee (NC) was established to review and approve appointment of members to the Board as well as the removal/appointment of the Master and CEO.
The Academic Board (AB) is the academic authority of the University and takes such measures as shall best promote the academic and professional work of the University, safeguard standards, academic freedom, and ensure that students receive a high-quality academic experience while studying at the University. This academic authority is exercised within a budgetary and strategic framework set by NU London Board.

ExCo is responsible for proposing and delivering the University’s strategy, and for managing the day-to-day activities, operations and resources of the University. The CEO chairs the meetings of the Senior Management Group (SMG), which reports to ExCo.

Ensuring regularity and propriety in the use of public funding

Consideration of the financial position of the University is a standing item for both the Board of Governors and the Executive Committee. Both also have oversight of the use of public funding within their responsibilities for the activities of the University.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF INTERNAL CONTROL & RISK MANAGEMENT

The Trustees are responsible for the system of internal control operating within NU London and for reviewing its effectiveness as well as ensuring they are linked to achieving the University’s objectives. Such a system can only provide reasonable, and not absolute, assurance against material misstatements or losses, and cannot eliminate business risk. As a reflection of the University’s recent growth, this system has been – and will continue to be - under constant review and development.

The Trustees identify areas of improvement in the system of internal control based on reports and reviews from University management, Audit Committee, Academic Board and other committees. Trustees are of a view that there is an ongoing process for identifying, evaluating and managing the University’s risks and internal controls and that at the date of approval of the annual report and financial statements, the process has been subject to regular review. The Trustees approach this responsibility from the perspective of discharging their duties, as specified in the “Regulatory framework for higher education in England” published by the OfS in February 2018.

The University also falls under the purview of Northeastern University’s Audit & Advisory Services. Audit & Advisory Services is an independent and objective assurance function that assesses and evaluates the University’s internal control environment.

As part of the process of constant internal review, University management and Trustees have identified the requirement for a number of policies as follows:

Anti-Bribery and Corruption Policy & reporting form
Anti-Money Laundering Policy, Guidelines & reporting form
Data Protection Policy, Privacy notices, Data Breach investigation procedures
Fraud Prevention and Response Policy & reporting form
Public Interest Disclosure Policy
Risk Management Strategy

The Trustees are also responsible for meeting with the External Auditor to consider the nature and scope of the annual audit, and thereafter discuss audit findings and the internal control report arising out of the audit of the annual financial statements. The Audit Committee reviews the annual financial statements, paying particular attention to financial disclosures, accounting adjustments and control issues. Whilst NU London officers attend the meetings of the Audit Committee as necessary, they are not members of the Committee, and the Committee meets with the Internal and External Auditors on their own for independent discussions.

The Risk Management Strategy is designed to support this mission by assessing and managing the risks to the University achieving its stated mission and to ensure that the University is also protecting its stakeholders to which it has responsibilities, such as students, staff, funding bodies, partners, suppliers and the general public. This strategy forms part of the University’s control and governance structure and it is designed to give summary guidance for those different parts of the University who are responsible for managing risk and for ensuring that their decisions are implemented.

The approach to internal control is risk-based, including evaluation of the likelihood and impact of risks becoming a reality. Review procedures include business, operational, compliance, reputational and finance risk. Identification and management of risk is firmly embedded in all the University’s systems and procedures. Central to this approach is the maintenance of a Risk Register which ExCo review.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Following a period of growth and development, the University has now developed their own internal control function with the Internal Audit department at Northeastern University (parent entity)

Regular reviews of a wide range of activity throughout the organisation will be conducted and a plan for each department of the University will be developed using a risk-based approach, taking account of the key areas of risk identified for the University as a whole and of specific areas of risk highlighted by the department heads. The plan will aim to cover all significant areas of risk at least once during each 3 year cycle. Any major risks are reviewed more frequently.

The risk management objectives of the University are to:

Integrate an awareness of managed risk taking and effective risk management into the culture of the University.
Manage risk in accordance with good practice.
Embed risk management within strategic and operational management processes.
Consider legal compliance as a minimum standard.
Anticipate and respond to changing economic, social, environmental and legislative requirements.
Prevent injury and damage and reduce the cost of risk.

These objectives will be achieved by:

Updating and maintaining a Risk Register which details those risks which, in the view of senior management and the Board, pose the greatest challenge to the achievement of the University’s mission and of its continuing function.
Assessing the likelihood of these risks occurring and the likely impact of an occurrence.
Putting in place arrangements to manage and monitor risk.
Maintaining effective communication with and the active involvement of staff.
Preparing contingency plans in areas where there is a potential for an occurrence having a wholly negative effect.
Monitoring and reviewing arrangements on an ongoing basis.
Insuring against risk where this is deemed to be cost effective.

The system of internal financial control is based on a framework of regular management information, financial regulations, administrative procedures (including segregation of duties), management supervision, a system of delegation and accountability, and independent scrutiny. In particular the system includes:

comprehensive budget setting and monitoring systems;
regular reviews of periodic financial reports which indicate financial performance against budgets and forecasts
• access by all finance staff and appropriate departmental staff to systems providing a suite of enquires and reports to facilitate effective financial management on an ongoing basis
clearly defined capital expenditure guidelines
an in-house internal audit service; and
scrutiny by Governors, OfS, other inspectorates, external audit and other stakeholders.

The Board has ultimate responsibility for the total risk exposure of the University by:

Setting the tone and influence of the culture of risk management across the University.
Determining the extent to which the University is ‘risk taking’ or ‘risk averse’ as a whole and sets the University’s ‘risk appetite’.
Approving major decisions affecting the University’s risk profile or exposure.
Determining what types of risk are acceptable/not acceptable and monitoring significant risks and control improvements to mitigate risks.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Annually reviewing the University’s approach to risk management and approving changes or improvements to key elements of the process and procedures.
Establishing, maintaining, and reviewing controls for monitoring risks.
Having particular focus on the financial risks that could impact the University and its provision of higher education.

To support it in exercising these responsibilities, the Board will receive an annual report from ExCo, on the effectiveness of the risk management process in the University, making recommendations where appropriate.

ExCo exercise their responsibility for risks by:

Identifying and evaluating the significant risks faced by the University.
Providing adequate information in a timely manner to the Board on the status of risks and controls.
Annually having a risk review and reporting the outcomes to the Board.
Implementing policies on risk management and internal control.
Reviewing the effectiveness of the system of internal control and risk management.

The CEO will report, on ExCo’s behalf, to the Board on an annual basis as to the approach to risk faced by the University, and the management of it, and in each the Board meeting will report on any incidents and/or changes to the level of risk faced by the University and the approach to managing those changed circumstances. The framework for these discussions at the Board will be the Risk Register.

Principal Risks and Uncertainties Facing the Business

The principal risks that have been identified include:

Student recruitment – the strategy of the University is to grow student numbers. The University supports this through a strong recruitment team and with collaboration with our parent institution. However this growth will include a large number of international students so any changes to UK visa rules and or the country of origin rules of our students could adversely affect this growth.
Regulatory - loss of any regulatory assets such as UKVI immigration licences and also including adverse decisions by OfS and Ofsted amongst others. The University retains highly trained staff in key areas and continues to receive positive outcomes when audited by, or interacting with, our regulating bodies.
Business disruption - inability to use existing premises, loss of key members of staff, technology failure or student incident. Management of this risk falls to SMG, who meet regularly, in line with the University’s Disaster Recovery Plan.
Resources risk – inability to recruit suitably qualified staff, sustain growth in physical footprint and ability to sign contract for student residential accommodation. This is actively managed by SMG.

The approach to internal controls, will continue to be developed through 2025-26 to ensure it is fit for purpose as the University continues to expand. During 2024-25 no significant weaknesses or failings were found to report.

The University’s ability to deliver its charitable purpose and objectives is primarily dependent on its key management personnel (KMP) and staff.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Below is a table listing all Trustees and key management personnel and their committee membership.

Name	Role*	The Board	ExCo	AC	RemCo (staff)	NC	AB	SMG
Chiara Alfano	KMP						X	X
Diana Bozhilova	KMP						X	X
Chong Kim-Wong	Trustee	X
Alice Chinbuah	Trustee	X		X		X
Diane MacGillivray	Trustee	X		X		X
Gregory Abowd	Trustee	X		X		X
Robert Farquharson	Trustee	X	X	X	X	X		X
Dan Rolfe	KMP							X
Naomi Goulder	KMP		X		X		X
Ken Morrison	KMP
Jas Verdi	KMP							X
Thomas Nedell	Trustee	X		X		X	X
Elizabeth O’Connell	KMP
Kasim Randeree	KMP						X	X
Paul Richards	KMP		X				X	X
Suzi Broadway	KMP							X
Gabriella Gyorffy	KMP
Julietta Tenant-Dexter	Trustee	X		X		X
Sheena Van Der Merwe	KMP				X			X
Caroline Ward	KMP				X			X
Scott Wildman	KMP		X		X		X	X
Syed Zaidi	KMP							X

Structure and relationships

The company was incorporated on 16 July 2010 as Grayling Hall Limited. Since incorporation the company has had four name changes;

23 February 2011 - New College of the Humanities Limited
6 March 2012 - Tertiary Education Services Limited
21 February 2019 - NCH at Northeastern Limited
13 July 2022 – Northeastern University - London

On 19[th] February 2019 the issued share capital in the University was purchased by Northeastern University, (an educational institution incorporated under the laws of the Commonwealth of Massachusetts, United States, being a non-stock, non-profit educational charity with tax exempt status under section 501(c)(3) of the United States Internal Revenue Code, of 360 Huntington Avenue, Boston, MA 02115, United States). As a result of this transaction the company is now a wholly owned subsidiary of Northeastern University. Following the change in ownership the company was renamed ‘NCH at Northeastern Limited’. Following approval for use of university title from DfE and OfS, it changed its name to Northeastern University – London on 13[th] July 2022.

An application for Charity Status was submitted in March 2019 to the Charity Commission. This was granted on 9[th] June 2020, charity number 1189858.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Subsidiaries & Linked Charities

The University has a wholly owned non-charitable subsidiary, New College of the Humanities Limited (NCHL) (company number 07917776) registered in England and Wales and limited by shares. This company is now dormant.

During 2021-22 the University’s subsidiary, New College of the Humanities Trust (charity number 1141608) transferred its assets to Northeastern University - London as a restricted grant for the purposes of providing Hardship grants to students, in line with the original intentions of these funds within the Trust. As at 30th June 2025, £21k of these funds remained within the Restricted reserves for future disbursement (2024: £38k).

Employment policy

The University aims to be an equal opportunity employer and to apply objective criteria to assess merit and make decisions on selection, promotion and other employment-related issues. It aims to ensure that no job applicant, employee or worker receives less favourable treatment on the grounds of race, colour, national or ethnic origins, sex, sexual orientation, marital status, perceived sexuality, disability, membership or nonmembership of trade unions, ‘spent’ convictions of ex-offenders, class, age, political views or activity, religion or belief.

STRATEGIC REPORT

OBJECTIVES, AIMS AND ACTIVITIES

Charitable objects

The University’s charitable objects, as set out in the Articles of Association, are the advancement of education for the public benefit. The Board is mindful of the need to provide public benefit and the requirements of the Charities Act 2011.

Aims

The University’s aim is to provide an outstanding education. The desired outcomes are a deep and insightful engagement with the subjects of study, and in the process acquisition of acuity of thought, reasoning power, knowledge of methods and sources, and learning, writing and discursive skills, all exportable into lifelong learning and applicable to the demands of work and life after graduation.

Northeastern University

The University became part of Northeastern University’s (NU) global network in February 2019. NU is a large not for profit university based in Boston, USA. NU has approximately 52,000 students on its campus in Boston and significant numbers throughout its network across the globe.

Being part of the NU global network provides significant opportunities, expertise and resources to further the University’s ambitions.

Objectives for the year

The main objective of the University is to continue to provide education of the highest quality that meets the needs of an ever-changing future and acknowledges changes to the delivery environment and student expectations.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

The primary objectives of the University and progress against them during the year were:

Fulfil the educational mission	As evidenced by the degree results the University fulfilled its educational mission. The increasing level of grant funding obtained by the University demonstrates its research capability
Deliver Northeastern programmes in London	Through the delivery of Northeastern programmes and the increasing number of research collaborations across the network during the academic year 2024/25 the University is delivering on that objective.
Property Strategy	Ensuring the University has the physical and human capital to support the objectives listed above is key. The high-quality teaching expansion, the long-term agreement with private student housing providersandthe long-term growth in employee numbers support the delivery of high-quality teaching and research.

Public benefit statement

Founded in 2012, with the aim of providing the highest quality of education, the University has established itself as a prestigious institution based in the heart of London. Whilst students pay fees, the University is focused on delivering public benefit and offers a number of scholarships for academic excellence and bursaries for those students requiring financial support. The amounts were £136k and £128k in year 24/25. Further information regarding Public Benefit in the wider community can be found in the Access and Participation plan below.

The Trustees have considered the requirements of the Charities Act 2011 and the Charity Commission’s guidance on public benefit in setting the objectives and activities of the charity. As part of its commitment to public benefit and in line with requirements set out by the Office for Students (OfS), the University has published its Access and Participation Plans as set out below.

The Trustees are also responsible for the interactions between the University and the OfS and its designated bodies and to ensure compliance with all of its conditions of registration with the OfS’s accounts direction. R Farquharson in his capacity as CEO, is the nominated accounting officer with the responsibilities set out by the OfS.

ACCESS AND PARTICIPATION PLANS

The University is an approved (fee cap) provider for the purpose of registration with the Office for Students (OfS) (the regulator for higher education in England). As part of its obligations under its registration, the University is required to produce an Access and Participation Plan (APP). This forms the central element of the University's widening participation (WP) agenda. The APP outlines in detail how the University will assist students from groups that have historically been underrepresented within higher education with a particular focus on increasing the proportion of students from POLAR4 Quintiles 1 & 2, and IMD Quintile 1 backgrounds.

The APP benchmarks the University's performance against the national and regional average regarding these underrepresented groups, and specifically, what steps the University is taking to assist these groups in gaining access to education, success whilst at the University and progression on to graduate employment. The APP contains information about the University's historical performance against these metrics and the targets agreed upon by the Director of Fair Access and Participation at the OfS. The APP is a public document that provides a detailed analysis of the University's approach, information about specific WP activities, targets, and how the University will achieve them.

The Plan has been prepared in accordance with guidance produced by the OfS and has been approved by the Board. The Plan applies to UK (home domiciled) students who enter the University between the academic years 2019/20 to 2025/26 and its terms apply to those students for the duration of their studies at the University. The University has also submitted variation requests to the Plan in response to the updated priorities set out in February 2022. In the 2023/24 academic year, the University developed the APP which will apply to students

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

from 2025/26 to 2028/29 which was approved by the OFS om December 2024 to begin in September 2025 .

The University has undertaken a significant number of outreach events to increase student attainment, selfconfidence and attract applicants. Of relevance to widening access, below are some examples of the works the University has engaged in:

Innerscope KS3&4 aspire programme : The University partnered with the coaching organisation Innerscope to offer 2-to-1 coaching sessions over five weeks to students in KS3&4 (aged 12-15). Students are introduced to several personal development topics to help reframe their mindset through goal setting, building resilience and raising self-belief. Each programme ended with a visit to the University campus, where students took part in academic taster lectures, received a campus tour and worked with student ambassadors and their peers whilst learning about life at university. During the 2024/25 academic year, the Innerscope programme was delivered in 2 schools with 16 students taking part in each school

Arts and Media School Islington (16 Year 11 students)
Bow School (16 Year 10 Students)

When asked what they found most useful about the programme, one Year 10 student commented: I enjoyed the interactiveness of this program and how it helped me as a student to see leaving in a new light and motivated me to improve my education and self being.

Campus and school visits : Another aspect of the University's outreach strategy includes welcoming schools and their students into the University to hear talks or participate in subject workshops. Across the 2024/25 academic year, the University hosted 23 on-campus Discover Days, engaging with over 400 students from Year 8-12 across schools including Bow School, Stoke Newington School, Oasis Academy Enfield, Hendon School, Blackfen School for Girls, Morpeth School, Leyton Sixth Form College, Willowfield School, The St Thomas the Apostle College, and Bacon's College.

In addition, the WP team and student ambassadors completed 23 school visits across Greater London to attend careers fairs and deliver talks and workshops, engaging with over 350 students from Year 7-13. Schools visited included City Academy, Lewisham College, Little Ilford School, Sarah Bonnell School, Harris Academy Greenwich, Fortismere School, Christ the King Sixth Form, and Trinity Church of England School, among others. A teacher from one of the school visits said: “It made them understand the importance of starting early in terms of higher education”.

IntoUniversity : The University works with this charity to reach students from underrepresented groups. Across the year, 267 learners from across London visited the University through 9 separate visits, including Year 6 and Year 8 students from IntoUniversity centres including East Ham, Haringey, Hackney and Islington. The students received an introduction to university life, student ambassador-led campus tours and workshops delivered by IntoUniversity.

The King’s Trust (formerly The Prince’s Trust) campus visits: The University continued its partnership with The King's Trust, a charity that supports young people who are struggling at school and/or are at risk of exclusion. The charity brought groups of Year 9-11 students to campus for Discover Days and in total 82 students visited. They heard an introduction to university, had campus tours by student ambassadors and participated in activities where they developed their own society and pitched this to their fellow classmates.

The Brilliant Club Parent Power: The University continued its partnership with The Brilliant Club and their Tower Hamlets Parent Power group. The Parent Power model builds parent/carer communities across the UK, each one supported by a local partnership. Through support to develop community organising skills, as well as advice and guidance on accessing higher education, parents are empowered to ensure their children have a fair chance in education and their future careers.

The group works with parents/carers of Year 7-12 students from schools across Tower Hamlets. Between April and July, we hosted 6 group meetings on campus, welcoming parents/carers from across East London. The WP team delivered a range of IAG sessions to upskill the parents including, student finance, post 16 education options, careers after university and an introduction to degree apprenticeships. As part of the group's campaign to improve access to work experience, they secured a visit to Kleinwort Hambros Bank in Canary Wharf for their

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

young people.

Debate Mate Primary Cup : The University hosted the Debate Mate Cup with around 170 primary school students from 11 different primary schools across East London. The event consisted of three debates, a show debate, and a final between the top teams, culminating Debate Mate's award-winning social mobility programme. This event exemplifies the University's commitment to engaging with younger students and introducing them to university environments at an early stage in their educational journey.

Year 11 Summer School : In July 2025 the WP team hosted our third on campus summer school. A total of 59 students from across London the South East and the Midlands attended campus for 4 days. Students took part in a range of academic taster sessions across the interdisciplinary programme covering Law and Politics and International Relations, English, History and Philosophy, and Psychology and Business. They also took part in sessions such as study skills, student finance and student life to prepare them for their transition to sixth form/college and later, university.

The University works collaboratively to create and inform the outreach activities and effective evaluation methods of initiatives with relevant institutions. For example, since 2020, the University has been a member of SEER, which supports the outreach initiatives through an independent evaluation of the impact of interventions.

The initiatives outlined above are indicative of the work the University has always undertaken to promote access to higher education and raise awareness among underrepresented groups of the advantages of studying at university. Such programmes will continue and expand as school partnerships develop further.

Financial Support

Financial support to students has been central to the University’s offer process over each year of its operation. The elements of financial support have adapted over time as the University fees have been revised and as students have been able to access loans from the Student Loans Company.

Since its inception the University has provided generous financial support in order to assist students to attend.

A means-tested bursary – the NU London Bursary made available to home-fees undergraduate students alleviate financial hardship. When awarding the NU London Bursary, the University considers the household income of the applicant’s family (or applicant themselves where certain criteria are met), and the size of the award is linked to that income. – in 2024/25, bursaries were awarded at either £2,000 or £3,000 amount. Uplifts for care-experienced and estranged students (who could evidence their eligibility) received an additional £1,000. Students with dependents under the age of 18 (who could evidence their eligibility) were eligible for an uplift of £400. During 24/25, 49 students were in receipt of a bursary, with the total amount of bursaries paid amounting to £128k. Of these 22 were classified as ‘Widening participation’ students (or 44% of the total awards).

In addition to means tested support, the University automatically considers every international-fees applicant for an academic scholarship of up to £3,000. In 2024/25, £136,000 in academic scholarships was awarded to 58 individual students.

The University also operates an in-year Hardship Fund. Students finding themselves in particular financial hardship, regardless of prior bursary allocations, can apply for a funding of up to £1,000 to alleviate their situation. There are clear eligibility criteria, with the process managed by the Student Academic Services team and ratified by the Financial Controller. During 24/25, 19 students received a total of £16,700 in Hardship Fund payments (23/24; 27 students, £27,680).

Alumni relations

The University is a reasonably young institution and does not yet boast large numbers of Alumni but has good ties with a number of graduates, organising Alumni events and inviting Alumni to University wide events.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Sustainability and Carbon Reporting

Northeastern University London remains committed to delivering Net Zero by 2050, aligned with UK climate legislation and the Climate Commission for UK Higher and Further Education targets. Following comprehensive decarbonization analysis by Max Fordham LLP, the University has refined its sustainability strategy across operational scopes, with particular focus on landlord engagement for Scope 1&2 emissions.

Key Performance Indicators 2024-25:

Total Scope 1&2 emissions: 450 tCO₂e (93% gas consumption, 7% electricity)
Estate transition completed: Moretown to Portsoken
Carbon intensity: 0.049 tCO₂e per operational floor area

Strategic Achievements:

Implementation of tenant-controlled emission reduction measures
Enhanced landlord engagement framework
Sustainable procurement policy

Emissions Performance Analysis

Scope 1&2 Operational Emissions

Current Baseline (2024-25):

Total emissions : 450 tCO₂e annually
Gas consumption (Scope 1) : 420 tCO₂e (landlord-controlled systems)
Electricity consumption (Scope 2) : 30 tCO₂e (mixed control)
Estate Configuration:

Building	Area (m²)	Energy Status	Control Level
Devon House	4,524	Gas heating (landlord)	Limited tenant control
Marble Quay	1,016	Electric only	Enhanced tenant control
Portsoken	TBD	Under assessment	TBD
Vine Street	~700	Electric only	Enhanced tenant control

Northeastern University London's sustainability strategy positions the institution as a sector leader while maintaining operational excellence. Through systematic building decarbonization and strategic stakeholder engagement, the University advances toward Net Zero by 2050 with measurable interim targets.

The strategy requires sustained institutional commitment, strategic investment allocation, and collaborative partnerships across the entire operational ecosystem. Regular plan reviews and adaptive management ensure trajectory maintenance while embracing emerging opportunities (efficiencies and new technologies) for enhanced sustainability performance.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Review of achievements and performance for the year

During the year, the University continued to provide a first-class educational experience for students taking UK validated degrees and those on study abroad programmes from our parent institution, Northeastern University.

The University hosted 509 students on London Validated courses (2024: 434) and 1321 students visiting from Northeastern University for one of their Study Abroad programmes (2023: 1361). The student numbers were stable in FY25, with growth curtailed by the global impact on the Higher Education market, including political changes within the United States. The University remains committed to student number growth, but the timelines of this growth strategy have been delayed due to the aforementioned market impacts.

In 2025 25% of graduating undergraduate students obtained a first-class degree, and 58% a 2:i (2024: 30% and 55% respectively).

The National Student Survey (NSS) is a high-profile annual survey of nearly half a million students across the UK. The survey gathers opinions from students about their time in higher education, asking them to provide honest feedback on what it has been like to study on their course at their university/college. In 2025, 76% of eligible NU - London students completed the NSS survey. The response rate was 4.5% higher than the national response rate and 1% higher than NU London responses to the survey in 2024 (75%)

The University scored lower than the sector average across all themes, however there were some positive areas for University Undergraduate Students.

The strongest themes were for University Undergraduates ‘The Teaching on my Programme’, ‘Assessment and Feedback’ and Learning Opportunities, which all scored above the sector average. The lowest themes were Organisation and Management and ‘Learning Resources’, which scored -19% and -12% below the average.

Based on NSS quantitative data, there appear to be two differing student experiences between apprenticeship students and University Degree students. Qualitative data shows that themes around teaching and learning remain a strength for the University Degree Students, while the Academic Support & Student Voice themes for apprenticeships performed strongly.

Based on 93 student comments, the university demonstrates exceptional teaching quality with supportive, knowledgeable staff who provide personalised attention through small class sizes and strong academic support services. However, the institution faces operational challenges including organisational upheaval, disorganisation in communications and processes, and challenging assessment schedules that could contribute to student pressures. While students praise individual faculty excellence and academic infrastructure, technology failures and inconsistent quality across different modules impair the overall learning experience.

FINANCIAL REVIEW

Results for the year

Total income was £108.1m representing a 73% improvement from prior year (£62.2m, 2024). Turnover changed in income streams as follows:

London Validated UG and PG provision income increased by £1.5m
Northeastern University Mobility in London provision increased by £9.7m
Business Development (inc. apprenticeships) provision increased by £0.2m
Restricted capital grants from Northeastern University increased by £33.2m
Restricted Grants increased by £0.5m
Remaining income (including Other income, unrestricted grants and interest) increased by £0.3m

Total expenditure increased by 33% to £77.3m (2024: £57.7m), which reflects both the increase in activity, primarily the mobility programme mentioned above and the increase in property related costs. University staff costs now represent 30% of total expenditure (2024: 32%) and increased by £4.8m since 2024. Property costs increased by £3m and Depreciation by £1.6m, due to the continued expansion of our campus to accommodate increase in student numbers. The current strategy is to continue this expansion leading to financial growth and

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

robustness.

Reserves Policy

The University’s reserves policy is that it should have access to sufficient financial resources to be able to ensure the sustainability of the University. In determining what level of financial resources are required, the University has considered the following:

Current and projected levels of general reserves;
Level of Working Capital required to operate effectively;
The impact of seasonality;
The University’s risk appetite;
The University’s appetite to borrow funds and Northeastern’s wishes in terms of providing grants;
The likely financial impact of a number of unlikely but plausible scenarios linked to the most significant risks that the University faces, with particular attention to the timing of the risk and its severity.

With this in mind the University is working towards a general reserve ranging between £15m and £25m in order to fund its operations.

The total reserves for the University at the year-end were £52.1m (2024: £21.3m), including £15.9m of restricted funds, which mostly relate to unspent capital grants. It should also be noted that this includes a designated fund of £54.3m represented by Fixed Assets which are not available for general use so the general reserve position after these adjustments is £(18.1)m (2024 (£8.8m)), £33.1m short of the lower range in our target. Until the University reaches its target it is reliant on the continued support of Northeastern University as offered via the Deed of Grant signed on 5[th] September 2019.

Going Concern

In preparing these financial statements the Trustees have considered the current financial position of the University together with cashflow forecast for the foreseeable future in order to determine whether the financial statements can be prepared on a going concern basis.

The initiatives mentioned in the ‘future plans’ section below, including the growth in student numbers, the launch of double validated degrees and the development of research capabilities will result in steady growth of revenues over the next few years and management have carefully considered the resources required to meet this growth when budgeting to ensure it is sustainable and viable.

The negative general reserves position is a result of historical losses incurred in the infancy and growth phases of the University. The University has only recently started to move from an operational deficit to operational breakeven position, with a view to producing surpluses within the next 4 years and will continue to meet its investment and working capital requirements through the grant contributions from Northeastern University, which are provided under the Deed of Grant dated 5[th] September 2019, as reflected above, this support will eventually taper off once the University has reached a point of overall financial self-sufficiency.

The Trustees have a reasonable expectation that the University has sufficient resources and support from its parent, Northeastern University in Boston to continue in operational existence for the foreseeable future and it remains appropriate to prepare their financial statements on a going concern basis.

Fundraising

The University does not carry out any fundraising activities with the general public and no donations are sought from the public. The University has no fundraising activities requiring disclosure under section 13 of the Charities (Protection and Social Investment) Act 2011.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

FUTURE PLANS

The future plans include:

Teaching and Learning
Continue growing the numbers of students in the University and expand the offering of courses to both undergraduate and graduate students as well as study abroad (mobility) students. Student numbers have gone from 300 in 2020 to over 2,000 in 2024--25 and the University hopes to grow student numbers steadily year on year both in its face to face and online provision.
Increasing the offering of workplace learning opportunities building on the Apprenticeships launched in October 2020.
Research
Develop the research capabilities in London both in terms of people and infrastructure, therefore increasing the revenue derived from research funding and prepare for a Research Degree Awarding Powers application.
Infrastructure to support Teaching and Learning and Research
Following the move to Devon House in St Katherine’s Dock, which already offered considerably increased space expansion, the University has opened 3 of the 4 floors leased in its Portsoken leased space.
Relationship with Its Parent
Establish London as a genuine hub in the Northeastern University’s global network whilst continuing to be a self-regulating English HE.

These initiatives are ensuring the University’s budgets for the coming 5 years show growth and operating surpluses.

Northeastern University, as sole shareholder, is committed to supporting NU London’s working cash flow requirements.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year or period. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practices (FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland) and applicable law. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the University including income and expenditure for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Make judgement and accounting estimates that are reasonable and prudent;
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the organisation will continue in business.

Additionally, since the change in status to University approved by the Privy Council in 2022, Northeastern University – London is now also required to comply with all requirements in the Statement of recommended practice: accounting for further and higher education (FE/HE SORP) over and above those requirements as refined in the Charity SORP.The following summarises how the University’s Board fulfils its duties under Section 172 Companies Act 2006:

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

In the performance of its duty to promote the success of the University, the Board considers the various stakeholders when arriving at business decisions. The Board oversees the responsible management of the University’s teaching and learning and research activities to ensure it operates to the high standards of business conduct and good governance expected from the University.

The Board fully understands the potential impacts of the decisions it makes for our stakeholders, the environment and the communities in which it operates.

Engagement with the University’s main stakeholder groups, including our students, employees and local community is set out below;

Employee Engagement

Our employees both Faculty and Professional Staff are fundamental to the success of our business. Therefore, our success depends on our ability to engage and work together effectively and constructively. The Board aims for the University to be a responsible employer in its approach to the pay and benefits of employees. The health, safety and wellbeing of employees is one of the primary considerations in the way the Board conducts its business.

In 2024/25, the following activities have been performed:

Regular Faculty meetings with the Executive Principal & Dean including meetings with representatives of the University and Colleges Union (UCU).
Monthly Professional staff meetings run by the CEO to update staff on key developments.
Dissemination through the Senior Management Group to their respective teams and these key employers acting as a conduit of information back through the Executive Committee and Academic Board to the Board
Regular newsletters and communications to all staff as well as various staff events

Student Engagement:

Our students are central to the University fulfilling its Charitable objectives and as such there are many ways that the Board understands the key concerns of the student body. In 2024/5, the following activities have been performed:

As an English HEI, the University is part of the National Student Survey that all third year undergraduate students are able to complete. This evaluates the performance of the Institution across a number of metrics which inform how the University improves its teaching and learning
There are also opportunities for regular feedback as part of the overall ‘Student Voice’ strategy in terms of our governance structures and feedback exercises
Finally there is engagement with the Student’s Union on a regular basis to understand their concerns and priorities
Other key stakeholders include our regulators and the community in which we are located.
Regulators are a key stakeholder in terms of our licence to operate and we engage with them directly and as part of trade bodies such as Guild HE.
Engaging with the local community in which we operate is important and we have held sessions with local tenant associations, offered free events to the local community and have also endeavoured to source locally, where possible.
Suppliers – we have payment runs twice monthly and ensure that all suppliers are paid in a timely manner

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the University’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Accounts Direction as issued by the Office for Students (OfS) and the Charities and FE /HE SORPs. They are also responsible for safeguarding the assets of the University and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Annual Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the University’s auditors are unaware, and
each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the University's auditors in connection with preparing their report and to establish that the University's auditors are aware of that information

AUDITORS

The auditors, Crowe U.K. LLP, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006

This annual report was approved by the board on ..19 November 2025...and signed on its behalf

R Farquharson T Nedell Trustee Trustee & Chair of Audit Committee

NORTHEASTERN UNIVERSITY – LONDON

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 30 JUNE 2025

Opinion

We have audited the financial statements of Northeastern University - London (‘the charitable company’) for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income and Changes in Reserves, Statement of Financial Position, Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

● give a true and fair view of the state of the charitable company’s affairs as at 30 June 2025 and of its income and expenditure, gain and losses, changes in reserves and of the cash flows for the year then ended;

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

● have been prepared in accordance with the requirements of the Companies Act 2006; and

● has been prepared in accordance with the requirements of the Statement of Recommended Practice – Accounting for Further and Higher Education and the OfS Accounts Direction (issued October 2019) (“the OfS Accounts Direction”).

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

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

NORTHEASTERN UNIVERSITY – LONDON

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 30 JUNE 2025

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

● the information given in the Trustees’ report, which includes the Trustees’ Report and Strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

● the Trustees’ report and strategic report included within the Trustees’ report have been prepared in accordance with applicable legal requirements.

Opinion on other matters required by the Office for Students (“OfS”)

In our opinion, in all material respects:

● funds from whatever source administered by the charitable company for specific purposes have been properly applied to those purposes and managed in accordance with the relevant legislation;

● funds provided by the OfS, the Education & Skills Funding Agency and the Department for Education have been applied in accordance with the relevant terms and conditions; and

the requirements of the OfS’s accounts direction (issued October 2019) have been met.

We have nothing to report on the following matters where the OfS Accounts Direction requires us to report to you where:

the charitable company’s grant and fee income, as disclosed in notes 2 and 3 to the accounts, has been materially misstated.

● The charitable company’s expenditure on access and participation activities for the financial year has been materially misstated.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their 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:

adequate and proper accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

NORTHEASTERN UNIVERSITY – LONDON

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 30 JUNE 2025

Auditor’s responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were Companies Act 2006, Charities Act, taxation legislation, together with the Statement of Recommended Practice – Accounting for Further and Higher Education and the OfS Accounts Direction. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the NUL’s to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The other laws and regulations we considered in this context for the charitable company were Higher Education and Research Act 2017, Teaching Excellence and Student Outcomes Framework, General Data Protection Regulations and Health and Safety.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within ��the override of controls by management. Our audit procedures to respond to the risk these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Office of Students (OfS), Quality Assurance Agency for Higher Education (QAA) and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, 22

NORTHEASTERN UNIVERSITY – LONDON

INDEPENDENT AUDITOR’S REPORT

FOR THE YEAR ENDED 30 JUNE 2025

there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP, Statutory Auditor Cheltenham

Date:��

NORTHEASTERN UNIVERSITY – LONDON

STATEMENTS OF COMPREHENSIVE INCOME AND CHANGES IN RESERVES

FOR THE YEAR ENDED 30 JUNE 2025

Notes INCOME FROM: Tuition Fees and Education contracts 2 Government grants 3 Grants from parent entity Teaching & Research 4 Capital Grants 4 Research Grants and Contracts 5 Other Income 6 Donation and Endowments 7 Investment Income 8 EXPENDITURE ON: 9 Staff Costs 10 Other Operating Expenses Building Costs Depreciation Interest And Other Finance Costs (DEFICIT)/SURPLUS BEFORE TAX Taxation (DEFICIT)/SURPLUS BEFORE TAX Transfer Between Funds 16 TOTAL COMPREHENSIVE INCOME	Unrestricted Funds £’000 60,892 - - - - 2,853 - 186 63,931 20,964 32,552 15,324 4,422 9 73,271 (9,340) - (9,340) 28,79� 19,45�	Restricted Funds £’000 - 1,068 2,988 38,993 1,131 6 44,186 2,434 1,626 - - - 4,060 40,126 - 40,126 (28,79�) 11,3��	2025 £’000 60,892 1,068 2,988 38,993 1,131 2,853 6 186 108,117 23,398 34,178 15,324 4,422 9 77,331 30,786 - 30,786 - 30,786	2024 £’000 49,490 214 4,393 5,793 34 2,612 - 87
				62,623
				18,532 24,179 12,278 2,738 11
				57,738
				4,885 - 4,885 -
				4,885

NORTHEASTERN UNIVERSITY – LONDON

STATEMENTS OF COMPREHENSIVE INCOME AND CHANGES IN RESERVES

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF CHANGES IN RESERVES

Income & Expenditure Reserve

Notes BALANCE AT 1st JULY 2022 (Deficit)/Surplus from the I&E Statement Transfer between funds BALANCE AT 1st JULY 2023 (Deficit)/Surplus from the I&E Statement Transfer between funds BALANCE AT 1st JULY 2024 (Deficit)/Surplus from the I&E Statement Transfer between funds BALANCE AT 1st JULY 2025	Unrestricted Funds £’000 6,090 (3,487) 5,398 1,911 8,001 (887) 9,584 8,697 16,698 (9,340) 28,790 19,45� 36,148	Restricted Funds £’000 1,697 12,141 (5,398) 6,743 8,440 5,772 (9,584) (3,812) 4,628 40,126 (28,790) 11,3�� 15,964	Total £’000 7,787 8,654 -
			8,654
			16,441
			4,885 -
			4,885
			21,326
			30,786 -
			30,786
			52,112

All items of income and expenditure are related to continuing activities.

The accompanying notes 1 to 22 form an integral part of these financial statements.

NORTHEASTERN UNIVERSITY – LONDON

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 30 JUNE 2025

Notes FIXED ASSETS Tangible Assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand TOTAL CURRENT ASSETS LESS CREDITORS:falling due within one year 14 NET CURRENT ASSETS / TOTAL ASSETS LESS CURRENT LIABILITIES Provisions for liabilities & creditors due after one year 15 TOTAL NET ASSETS FUNDS Restricted funds 17 Unrestricted funds 17 Designated funds 17 TOTAL FUNDS	2025 £’000 64,262 1 64,263 8,204 9,473 17,677 (13,362) 4,315 68,578 (16,466) 52,112 15,964 (18,169) 54,317 52,112	2024 £’000 29,628 1
		29,629
		6,784 4,249
		11,033
		(10,554) 479
		30,108
		(8,782)
		21,326
		4,628 (8,822) 25,520
		21,326

The accompanying notes 1 to 22 form part of these financial statements.

The financial statements were approved and authorised for issue by the board on 19 November 2025 and were signed on its behalf by:

R Farquharson, Trustee T Nedell, Trustee & Chair of Audit Committee

NORTHEASTERN UNIVERSITY – LONDON

STATEMENT OF CASHFLOW

FOR THE YEAR ENDED 30 JUNE 2025

		2025	2024
		£’000	£’000
	Note
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations (see below)		38,255	5,933
Net cash from operating activities		38,255	5,933
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(33,217)	(12,328)
Investment income		186	87
Net cash used in investing activities		(33,031)	(12,241)
Net (decrease) in cash and cash equivalents		(5,224)	(6,308)
Cash and cash equivalents at beginning of period		4,249	10,557
Cash and cash equivalents at end of period(see below)		9,473	4,249
RECONCILIATION OF CASH FLOWS FROM OPERATING	ACTIVITIES
Cash flows from operating activities
Net income /		30,786	4,885
*Adjustments for:*
Depreciation	9	4,421	2,738
Loss on Disposal of Fixed Assets	9	-	6
Investment income	7	(186)	(87)
(Increase) in trade and other receivables	13	(1,420)	(2,914)
Increase / in trade payables (inc. short term provision)	14	4,654	1,661
Increase / (Decrease) in provisions	15	-	(356)
Cash generated from operations		38,255	5,933
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank		9,473	4,249

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1.1 Company Information

Northeastern University - London is a registered charity (no. 1189858) and public benefit entity in England and Wales (registration approved 9 June 2020) and a company limited by shares incorporated and registered in England (no.07317195) on 16[th] July 2010. The address of the registered office is Devon House, 58 St Katherine’s Dock, London, E1W 1JP. The University changed its name Northeastern University – London on 13[th] July 2022.

1.2 Basis of preparation of financial statements

These financial statements have been prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 ('FRS 102'), and with the Companies Act 2006 and the 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) and the OfS Accounts Direction (2019).

1.3 Going Concern

The initiatives mentioned in the ‘future plans’ section below, including the growth in student numbers, the launching of double validated degrees and the development of research capabilities will result in steady growth of revenues over the next few years and management have carefully considered the resources required to meet this growth when budgeting to ensure it is sustainable and viable.

1.4 Preparation of consolidated financial statements

The financial statements contain information about Northeastern University - London as an individual charitable company and do not contain consolidated financial information on the grounds that the subsidiary is immaterial.

1.5 Fees and grant income

Tuition fees - received for students studying accredited degrees and accounted in the year of study with bursaries and scholarships awarded in the year credited against these fees in the accounts. Teaching Grants received from OfS, accounted for as unrestricted income in the year they are received. Grants received from parent company are accounted for in the period they are received and split between Teaching & Learning unrestricted grants and Capital restricted grants.

External research grants are accounted for in restricted income and mostly disbursed in the year received. Additionally, the University is in receipt of ESFA income for the provision of apprenticeship training, this is treated as restricted and recognised based on entitlement.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. The University holds no property or freehold land assets. Depreciation is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases and recognised within the statement of financial activities:

Office equipment 25% straight line Fixtures & fittings 10% straight line Leasehold improvements over the lease term

Assets in the course of construction are capitalised at cost but are not depreciated until they become available for use, they are then depreciated over the lease term.

1.7 Intangible fixed assets and amortisation

The University has no intangible fixed assets as at the date of signing these accounts.

1.8 Pension

The University operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to the profit and loss account in the period to which they relate.

1.9 Operating Leases

Rentals on operating leases are charged to the profit and loss account in the period in which they fall due.

1.10 Funds

The total funds of the University are allocated to unrestricted and restricted based on the terms set by the donors.

Unrestricted funds are funds that are available for use at the discretion of the University in furtherance of its objectives and are divided between Designated and General Funds. Designated Funds are unrestricted funds which have been set aside by the University for specific purposes, which include those funds represented by fixed assets. General Funds are funds available for the provision of working capital and reserves for the general administration of the University.

Restricted funds comprise grants where donors have earmarked funds for specific purposes. The majority of this is related to grants provided by Northeastern University for the sole purpose of supporting the development of the University’s new campus. At the year £16m remained unspent but designated for the purpose of fixed asset development.

Following the decision to close the related trust, New University of the Humanities Trust (Trust), charity ref number 1141608), the Trust transferred the remaining assets (£78k) to the University, where these assets are held in a separate restricted fund. This fund will be utilised in line with the articles and objectives of Trust and reserved for the financing of bursaries and hardship grants for students who meet means tested eligibility criteria. During 24-25 £18,000 (2024: £28,000) of this fund were released to support students with financial needs leaving a fund of £21k to disburse in future years.

1.11 Financial Instruments

The University 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 amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash in hand and at bank, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, accruals, trade and other creditors.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

Loans

Loans, are measured at fair value, net of transaction costs.

Investment in subsidiary

The investment in subsidiary is measured at cost less impairment.

1.12 Redundancy payments

Termination benefits are payable when employment is terminated by the University or whenever an employee accepts voluntary redundancy in exchange for these benefits. The University recognises termination benefits when a fully signed settlement agreement is in place, or when the cost has otherwise been confirmed and committed to.

1.13 Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the University’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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, whether the revision affects only that period, or whether they also affect future periods.

1.13.1 Provisions

Provisions are recognised when the University has a present legal or constructive obligation because of past events, it is probably that a transfer of economic benefits will be required to settle the obligation and the amount has been reliably estimated.

Where there are a number of similar obligations, the likelihood that and outflow will be required in settlement is determined by considering the class of obligations as a whole a provision is recognised even if the likelihood of an outflows with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the amount expected to be required to settle the obligations using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

A key provision is the Restitution estimate for lease sites in line with contract agreements. The University capitalises the restitution value over the term of the lease. The calculation is initially based on estimates at the point of completing the works for any given site. Thereafter the University will review the restitution estimates if the use or fabric of the property fundamentally changes or every five years if it does not to ensure the estimates are still appropriate and current market values are applied.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2025 2024 2 TUITION FEES AND EDUCATION CONTRACTS £’000 £’000 Unrestricted fee Income Fee income – Taught Awards Tuition Fees - UK Undergraduates 5,518 4,424 Tuition Fees - UK Postgraduates 987 549 Tuition for Part time Undergraduate Apprentices 1,856 1,954 Tuition Fees - Part time Postgraduate Apprentices 1,438 997 BD Credit bearing short courses - 52 Total Taught awards 9,799 7,976 Fee income – non-qualifying courses Tuition Fees - Northeastern University Programmes 50,969 41,276 BD Non-credit bearing short courses 124 238 Total non-Qualifying courses 51,093 41,514 Total Fees 60,892 49,490 The fee income above is net of all student support as follows: Bursaries for Non-WP students 70 80 Scholarships – Undergraduate students 153 49 Scholarships – Postgraduate students 318 82 541 211 * Business Development division primarily dealing with Apprenticeship programmes Bursaries for Widening Participation Students area accounted for as a cost in the relevant department. 2025 2024 3 FUNDING BODY GRANTS £’000 £’000 Restricted OFS Teaching Grant 1,019 169 OFS Capital Grant 49 45 Total Restricted Funding Body Grants 1,068 214 2025 2024 4 GRANTS FROM NORTHEASTERN UNIVERSITY £’000 £’000 Unrestricted Teaching and Learning grant 2,988 4,393 Restricted Capital Development Portsoken 38,993 5,793 Total Restricted Capital Grants from NU 41,981 10,186		2024 £’000 4,424 549 1,954 997 52
		7,976
		41,276 238
		41,514

		49,490

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

	2025 £’000 1,131	2024 £’000 34 59,924
5






	105,010

6 OTHER INCOME BD Division other income Other academic income Student Accommodation Income Miscellaneous income Total Other Income 7 DONATIONS Donations Total Donations 8 INTEREST INCOME Interest (investment) income Total Income	2025 £’000 1 318 1,434 1,100	2024 £’000 270 408 1,412 522 2,612 2024 £’000 - - 2024 £’000 87
	2,853
	2025 £’000 6
	6
	2025 £’000 186 108,117
		62,623

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

9 ANALYSIS OF EXPENDITURE Staff costs Staff costs - Restricted Other operating expenses Other operating expenses - Restricted Hardship costs - Restricted Building costs Depreciation costs Interest and other finance costs Total Expenditure Analysis of Other operating expenses Teaching and Research non pay expenses Hardship costs Student Recruitment activities Admissions & Access and Participation Marketing Activities Other Support (inc HR, Finance & IT) Governance costs (see below) Total Operating Expenses 9 ANALYSIS OF EXPENDITURE (Continued) Governance Costs comprise Auditors remuneration – audit services Auditors remuneration - tax and other services Total Governance Costs	2025 £’000 20,964 2,434 32,534 1,626 18 15,324 4,422 9 77,331 2025 £’000 28,290 18 390 187 1,241 2,362 64 32,552 2025 £’000 61 3 64		2024 £’000 18,532 - 24,152 - 28 12,276 2,738 11 57,737 2024 £’000 20,207 28 299 194 938 2.445 68


			24,179
			2024 £’000 63 5
			68

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Access and Participation Costs comprise Access investment Financial support provided to students Research and evaluation Support for disabled students in the financial year Support for disabled students in the financial year Total APP Costs*	£’000 172 55 27 - 254	£’000 142 58 23 -
		223

Financial support costs in the table above include £113k for wages not included in the Admissions & Widening Participation figure above as they are reported within Direct Staff Costs allocated to T&R (2024: £97k).

2025
10
STAFF COSTS
£’000
The aggregate staff costs for the year were as follows
Salaries and wages
19,539
Social Security costs
2,235
Pension costs (Stakeholder and Occupational
schemes)
1,491
Other benefits
133
Total Staff Costs
23,398
Aggregate employee benefits of key management personnel (KMP) 2,137
Key management personnel are listed on page 2.
2025
Average number of employees on a full-time equivalent basis was as follows:
Trustees
1
Tuition and research
222
Support
254
Total
477
Average number of employees on an actual basis was as follows
Trustees
1
Tuition and research
269
Support
330
Total
600

2024
£’000
15,526
1,691
1,205
110
18,532
2,127
2024
1
137
188
326
1
199
264
464

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

10 STAFF COSTS (Continued)

Number of higher paid employees with aggregate employee	2025	2024
benefits in excess of £60k:
£60,001-£65,000	13	9
£65,001-£70,000	13	4
£70,001-£75,000	10	10
£75,001-£80,000	4	4
£80,001-£85,000	2	3
£85,001-£90,000	4	2
£90,001-£95,000	2	4
£95,001-£100,000	3	3
£100,001-£105,000	1	-
£105,001-£110,000	1	1
£110,001-£115,000	-	2
£120,001-£125,000	2	-
£150,001-£155,000	-	1
£155,001-£160,000	1	-
£170,001-£175,000	-	1
£175,001-£180,000	1	-
£190,001-£195,000	1	-
£220,001-£225,000	-	1
£225.001-£230,000	-	1
£235,001-£240,000	1	-
Total	59	46

There were three ex-gratia payments in the year amounting to £8,941.97 (2024 - £60,967.49).

Number of employees with a basic salary (FTE) in excess of £100,000

The number of staff including the CEO whose FTE basic salary (before salary sacrifice and excluding bonuses, employer’s pension contribution) in excess of £100,000 in the following ranges was

as
	2025	2024
£100,001-£105,000	-	-
£105,001-£110,000	1	2
£110,001-£115,000		1
£115,001-£120,000	1	-
£120,001-£125,000	1	-
£125,001-£130,000	1	-
£150,001-£155,000	-	1
£170,001-£175,000	1	1
£180,001-£185,000	-	1
£185,001-£190,000	-	-
£190,001-£195,000	1	-
£205,001-£210,000	1	-
£220,001-£225,000	1	1

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

10 STAFF COSTS (Continued)

HEAD PROVIDER (TRUSTEE REMUNERATION) DISCLOSURES

In accordance with the Articles of Association, the CEO (Head of the Provider for the whole year) R Farquharson, received a basic salary of £250,255 during the year (including a bonus of £42,291), of which £17,265 was paid into a pension scheme by way of salary sacrifice. In addition to this the University also paid £19,072 in employer pension contributions. This is included in the above note as R Farquharson is classed as KMP as well as a Trustee, due to his role as CEO. He is a member of the University Salary Sacrifice pension scheme and is not in receipt of any other benefits.

The Head of Provider basic salary ratio is 6:1 to the median salary in the University. The ratio of his total remuneration including other benefits is also 6:1 compared to the median.

In the prior year, R Farquharson’s basic salary was of £224,751 (inclusive of £38,100 bonus payments) and salary sacrifice amounting to £15,496 for pension payments. The University made further pension contributions of £17,070

The process for reviewing the salary for the Head of Provider is as follows:

UCEA salary benchmark data is purchased and then used to review the level of remuneration of the relevant members of staff compared to equivalent UK HE providers in terms of the University’s size, development and location.
This external benchmarking data is then analysed by the Board of Governors ’remuneration committee in light of the overall performance of the University, which it monitors via Board meetings, and performance of Head of Provider. This performance reviews educational, financial, regulatory and operational performance of the University.
The Remuneration committee in assessing the performance of the University and the contribution provided by the Head of Provider to this performance felt that this merited the level of remuneration of the Head of provider on a standalone basis and in comparison, to other institutions.
The Remuneration committee of the Board is formed of all governors, excluding the Head of Provider. There were no expenses relating to travel and accommodation incurred in his capacity as Trustee in the current and prior year.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

11 TANGIBLE FIXED ASSETS

Cost At 1 July 2024 Additions Disposals Transfers from AUC to LI At 30 June 2025 Depreciation At 1 July 2024 Charge in the year Disposals At 30 June 2025 Net book value As at 30 June 2025 At 30 June 2024	OT £’000 5,046 2,487 - - 7,533 2,369 1,589 - 3,958 3,575 2,677	FF £’000 3,601 1,429 - - 5,030 572 449 - 1,021 4,009 3,029	TE £’000 84 960 - - 1,044 26 55 - 81 963 58	AUC £’000 7,856 34,180 - (11,717) 30,319 - - - - 30,319 7,856	LI £’000 18,405 - - 11,717 30122 2,397 2,329 - 4,726 25,396 16,008	Total £’000 34,992 39,056 - - 74,048 5,364 4,422 - 9,786 64,262 29,628

*** OE - Office Equipment ** FF - Fixtures and Fittings *** TE - Teaching Equipment *AUC - Assets Under Construction LI - Leasehold Improvements

12 FIXED ASSET INVESTMENTS

Investment in Subsidiaries Cost At 1 July 2024 Additions At 30 June 2025 Net book value As at 30 June 2025 At 30 June 2024	£’000 1 -
	1
	1 1
	1

The University’s investment at the balance sheet date is one ordinary share in a 100% owned Subsidiary, New College of the Humanities Ltd, (NCHL) Devon House, 58 St Katherine’s Dock, London, E1W 1JP a company incorporated in the United Kingdom with company number 07917776, whose principal activity was the provision of higher education in the humanities. NCHL is now dormant so it had no trading activity, its net reserves remain £75,598, as per June 2020. Reserves include a balance owed to NU London which is now impaired in these accounts as it is deemed unlikely it will be repaid in the medium term. This entity has not been included within the consolidation on the grounds that the entity is immaterial to the group.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

13 DEBTORS Trade debtors Amounts due from Parent Company Prepayments and accrued income Other debtors Total 14 CREDITORS Amounts falling due within one year Trade creditors Accruals and deferred income Tax and social security Short term provision Other creditors Total Amounts falling due within one year Nominal rent accrual falling beyond one year Restitution provision (see note 15) Total 15 PROVISIONS Dilapidation Restitution £’000 £’000 Balance brought forward - 4,108 Released in the period - - Provided for in the period - 5,837 - 9,945		2025 £’000 140 - 7,864 200	2025 Total £’000 4,175 (50) 5,837 9,962		2024 £’000 20 36 6,600 128
		8,204			6,784
		2025 £’000 3,115 8,758 624 17 848			2024 £’000 4,058 5,244 488 67 700
		13,362			10,554
		2025 £’000 6,521 9,945			2024 £’000 4,674 4,108
		16,466			8,782
		Other provisions £’000 67 (50) - 17			2024 Total £’000 2,836 (385) 1,724 4,175

In 2021 a provision was created against the costs of restitution for the leasehold in Devon House, which spans 15 years. Additionally in 2025 a provision was created against two other floors of Portsoken, leased by the university; . These costs were estimated by our surveyors Hennessy Godden and are reviewed on an annual basis to include any changes of estimates as well as any additional leasehold properties that require a restitution. This provision is included in creditors due after one year.

The Other provision relates to potential repayments concerning non qualifying fee income.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

16 OPERATING LEASE COMMITMENTS

During the year £33,589 was recognised as an expense in the Statement of Financial Activities in respect of operating leases (2024: £22,583k). At 30 June 2025 the University had the following total commitments under non-cancellable operating leases over the remaining life of these leases.

Land and Buildings Within one year Between two and five years After more than five years	2025 £’000 6,630 41,737 51,398 99,765	2024 £’000 3,979 38,115 62,221
		104,315

In October 2020 the University signed a 15 year lease for 3 spaces within Devon House, St Katherine’s Dock. The leases offered a rent-free period of 23 months at the beginning of the contract and a further 6 months on the 10[th] anniversary.

In December 2021 the University signed a further lease for Second Floor East of Devon House to run concurrently with existing lease, which also includes similar rent-free periods.

In December 2022 the University signed a 13 year lease for the first, second and third floor of Marble Quay, St Katherine’s Dock. The lease offered a rent-free period of 20 months at the beginning of the contract.

At the same time the University also signed a 13 year lease for the ground floor and basement of Marble Quay, St Katherine’s Dock. The lease offered a rent-free period of 23 months at the beginning of the contract.

In May 2023 the University signed a four-year lease for Moretown and in February 2024 an 11 year lease for Portsoken.

The schedule above reflects the timing of actual payments to the landlord and reflects the rent-free periods.

In addition to the above, the University enters into contractual agreements with various student accommodation providers in advance of the academic year to ensure provision of accommodation to students both in our mobility programmes and UK undergraduate programmes. Below represents contractual commitments not yet paid for at year end.

Student Accommodation commitments Within one year Between two and five years After more than five years	2025 £’000 25,718 21,049 - 46,767	2024 £’000 25,293 43,190 1,117
		69,600

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

17 FUNDS NOTE FOR CURRENT YEAR AND PRIOR YEAR

2025 Unrestricted funds General Reserves – P&L – Capital Designated funds - FA Restricted funds NCH Trust External Grants NU Funds Capital Funding Donations Total funds 2025 2024 Unrestricted funds General Reserves – P&L – Capital Designated funds - FA Restricted funds NCH Trust External Grants Capital Funding Total funds 2024	Balance at 1 July 2024 £’000 (41,426) 32,604 25,520 16,698 38 32 - 4,558 - 4,628 21,326 Balance at 1 July 2023 £’000 (40,539) 32,604 15,936 8,001 66 25 8,349 8,440 16,441	Income £’000 63,931 - - 63,931 - 2,149 2,988 39,043 6 44,186 108,117 Income £’000 56,582 - - 56,582 - 202 5,838 6,041 62,623	Expenditure £’000 (73,271) - - (73,271) (18) (1,111) (2882) (49) - (4,060) (77,331) Expenditure £’000 (57,470) - - (57,470) (28) (195) (45) (268) (57,738)	Transfers, gains and losses £’000 (7) - 28,797 28,790 - - 7 (28,797) - (28,790) - Transfers, gains and losses £’000 - - 9,585 9,585 - - (9,585) (9,585) -	Balance at 30 June 2025 £’000 (50,773) 32,604 54,317 36,148 20 1,071 1,070
					113 14,756 6 15,964 52,112 Balance at 30 June 2024 £’000 (41,427) 32,604 25,520 16,698 38 32 4,558 4,628 21,326 14,755

During the year £28,790k was transferred to the Designated Fixed Asset Fund from the capital funding in relation to the spend on Capital addition.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Analysis of net assets between funds:


18	2025	Restricted £’000	Unrestricted £’000	Designated £’000	Total Funds £’000
	Fixed Assets	-	-	64,262	64,262
	Net Current Assets	15,964	(18,169)	-	(2,205)
	Provisions	-	-	(9,945)	(9,945)
		15,964	(18,169)	54,317	52,112


	2024	Restricted £’000	Unrestricted £’000	Designated £’000	Total Funds £’000
	Fixed Assets	-	-	29,628	29,628
	Net Current Assets	4,628	(8,822)	-	(4,194)
	Provisions	-	-	(4,108)	(4,108)
		4,628	(8,822)	25,520	21,326
	SHARE CAPITAL
	Allotted, called up and fully	paid		2025 £’000	2024 £’000

	Ordinary shares of £1 each			13,850	13,850
	Capital Contribution			-	-

				13,850	13,850
19

	FINANCIAL INSTRUMENTS				2024 £’000 5,252 - (16,645) 11,393
				2025 £’000	2024 £’000

	Financial assets measured at amortised cost			10,955	5,252
	Financial assets measured at fair value			-	-
	Financial liabilities measured at amortised cost			(14,821)	(16,645) 11,393
				(3,866)

a) Financial assets measured at amortised cost includes include cash, trade and fee debtors, staff loans, other debtors & accrued income, but exclude amounts due from HMRC.
b) Financial assets measured at fair value consists of investments.
c) Financial liabilities include trade creditors, other creditors, accruals, bank loans & pension liabilities but excluding amounts owed to HMRC and deferred income.

NORTHEASTERN UNIVERSITY – LONDON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

20 CAPITAL COMMITMENTS

As at 30[th] June 2025 the University was undergoing a capital project to refurbish the Portsoken Project from office to teaching space. The committed costs of the project at that date were £36,464,798 of which £33,178,084 had been spent already, leaving a further capital commitment beyond year end of £3,286,714.

21 RELATED PARTY TRANSACTIONS

The University’s parent is Northeastern University, an educational institution incorporated under the laws of the Commonwealth of Massachusetts, United States, being a non-stock, non-profit educational charity with tax exempt status (EIN: 04-1679980) under section 501(c)(3) of the United States Internal Revenue Code. Main address is 360 Huntington Avenue, Boston, MA 02115, United States. Consolidated accounts are available on Northeastern University’s website; https://finance.northeastern.edu/financial-statements.

There were no related transactions in the year with the subsidiary, NCHL, due to the latter being dormant. See note 8 for reference to impairment of debit owed from NCHL to NU London.

22 INTERCOMPANY TRANSACTIONS

The University received £93.9m from its parent company during 24/25. £50.9m for UG mobility provision, £2.8m for Research Grants, £7m working Capital Grant, £32m Capital Grant and £1.2m for other services. As at 30th June 2025 nil balance of this remained due to the University (see note 12).

In prior year, 23/24, the University received £52.3m from its parent company. £41.3m for UG mobility provision, £5.8m for Capital Grants, and 0.8 for other services.

23 CONTINGENT LIABILITIES

The University had no contingent liabilities as at 30 June 2025.

2025-06-30-accounts

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

CONTENTS

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF CORPORATE GOVERNANCE

Governing Documents

Governing Body

Recruitment and Training of Trustees

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Organisational Management

Ensuring regularity and propriety in the use of public funding

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF INTERNAL CONTROL & RISK MANAGEMENT

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

Principal Risks and Uncertainties Facing the Business

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Structure and relationships

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

Subsidiaries & Linked Charities

Employment policy

STRATEGIC REPORT

OBJECTIVES, AIMS AND ACTIVITIES

Charitable objects

Aims

Northeastern University

Objectives for the year

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Public benefit statement

ACCESS AND PARTICIPATION PLANS

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Financial Support

Alumni relations

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

Sustainability and Carbon Reporting

Key Performance Indicators 2024-25:

Strategic Achievements:

Emissions Performance Analysis

Scope 1&2 Operational Emissions

Current Baseline (2024-25):

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

Review of achievements and performance for the year

FINANCIAL REVIEW

Results for the year

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

Reserves Policy

Going Concern

Fundraising

NORTHEASTERN UNIVERSITY – LONDON

ANNUAL REPORT OF THE TRUSTEES (including Strategic Report)

FOR THE YEAR ENDED 30 JUNE 2025

FUTURE PLANS

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

NORTHEASTERN UNIVERSITY – LONDON

FOR THE YEAR ENDED 30 JUNE 2025

Employee Engagement

Student Engagement:

Date:��