School-Led Development Trust known as National Institute of Teaching (A company limited by guarantee) Trustees, Report and Financial Statements For the Year Ended 31 July 2025 Company registration number: 13429740 Charity registration number: 1202423 School-Led Development Trust Financial Statements Year Ended 31 July 2025 Contents Reference and Administrative Details Chair's message Foreword by Chief Executive Officer Trustees, Annual Report Ilncluding Directors, Report and Strategic Report) Independent Auditors Report 24 Statement of Comprehensive Income 28 Statement of Changes in ReseNes 29 Balance Sheet 30 Statement of Cash Flows 31 Notes to the Financial Statements 32 School-Led Development Trust Year Ended 31 July 2025 Reference and Administrative Details Company number 13429740 Charity number 1202423 Registered offlce School-Led Development Trust Potovens Lane Outwood Wakefield West Yorkshire WF12PF Trustees Sir Daniel Moynihan Choir, CEO of the Harris Federotion Sir Mufti Hamid Patel Vice Choir, Chair of Nominotions ond Remuneration, CEO of StorAcademies Dame Colette Bowe Chuir of Finunce, Audit ond Risk Munogement Sir David Eastwood Dame Rachel De Souza Carole Willis Prof Iram Siraj John Barneby CEO of Oosis Community Learning Lee Wilson CEO of Outwood Grange Academies Trust Tiffany Beck Appointed I" July 2025 Sir John Gieve Appointed 1st September2025 Dr Debbie Mcvitty Appointed 1st July 2025 Michael Nicholson Appointed I" July 2025 Student Representative Mary-Ann Festuccia I"November2024- 31"July2025 Company Secretary Amrit Singh Executive Team Melanie Renowden Chief Executive Officer Amrit Singh Chief Operating Officer Mark 05borne Chief Technology Officer Emma Rennison Executive Director, Portnerships Reuben Moore Executive Director, Progrummes Calum Davev Executive Director, Research & Best Practice Auditor HW Fisher Audit, Acre House, 11-15 William Road, London NWI 3ER Main bankers Lloyds Bank PLC, 25 Gresham Street, London, EC2V 7HN School-Led Development Trust Year Ended 31 July 2025 Chair's Message Welcome by Sir Dan Moynihan Chair of the Board of Trustees, Nutionol Institute of Teoching l am delighted to welcome you to the National Institute of Teaching's annual report for the year ended 31July2025. We were launched in 2022 by a national network of schools who conceived of a new institute of teaching. In just three short years, our fledgling organisation has matured and has firmly established itself, as demonstrated by the conferral of taught degree awarding powers on the National Institute of Teaching. This represents a significant advancement in our work on teacher education and recognition of our rigorous academic standards. We will use the power5 granted to us to develop high-quality teachers, ensuring they are well- equipped to meet the needs of pupils today- particularly those facing the greatest challenges. The work we are doing is not just adding value to the education system. It is necessary. Disadvantaged and vulnerable Children are facing 'enduring' and, in some cases, 'worsening' educational disparities across England.1 We exist to change this through our work to improve teacher and leader development at a system level. Retention and recruitment of teachers continues to be a challenge, particularly for schools in more deprived or remote areas. Our reach through our extensive network of founder trust5 and associate colleges means we can help build a pipeline of prospective teachers and ensure that these areas are growing thriving communities of educators. The professional development we offer is combined with inquiry-led innovation and improvement through research. Our research is deeply integrated within the teaching we do, and it starts from the questions and choices faced by teacher educators day to day, so that what we learn can be applicable to, and actionable by, teacher educators everywhere. We use these insights to contribute to policy development, for example our evidence submitted to the education select committee on the SEND crisis inquiry as well as feeding back to the DfE on reforms to NPQS and the ITE inspection toolkit. All of this work in this year alone highlights our commitment to our mission, and our determination to keep learning more about the effective development of teaching. I'd like to extend my gratitude to all those who have supported us in the past year with our ambitious strategy.. our staff, partners, trustees and supporters. I look forward to seeing what our next chapter brings on our journey as a higher education and research institute. Now more than ever, children deserve the best start in life, and we must never lose sight of this in our mission. Sir Dan Moynihan, Chair, Nationul Institute of Teaching l Forcword & cxccutiic summar Educaiion Polic L()Inmittee%. lidmenl.uljwritleiieTridenLe11373C)3thtmll School-Led Development Trust Year Ended 31 July 2025 Foreword by Chief Executive Officer Foreword by Melanie Renowden Chief Executive of the Notionul Institute OA Teochlng l am delighted to share our 2024-25 annual report. For an organisation that opened its doors just three years ago, l am proud to reflect on the innovation and progress we have already achieved. Our guiding ambition remains the same as it was on the day we started.. to create truly school-led, research-informed professional learning for teachers and leaders, so they can deliver the best possible education for children. Why is our work so important? We believe that developing and retaining great teachers is a societal and economic priority. Quality teaching equips children with choice and opportunity, prepares the citizens of the future, and is an essential foundation for prosperity and growth. In this report, you'll see that our vision, mission and theory of change remain unchanged from last vear, reflecting our steady determination to achieving our goals. A particular highlight of this year was the conferral of degree awarding powers from the Office for Students, meaning we can now award our own Postgraduate Certificate of Education IPGCEI. This is a significant milestone for NIOT. Being able to award our own PGCE means we can work backwards from what schools need, to combine the academic inquiry and practice-based learning which we think will best serve teachers and the generations of children they will teach. Building on this, our recently launched educational approach articulates what we believe in relatio to teacher education and how this translates into our teaching. It also explains why we think integration between research and practice is so important. Having research deeply embedded in our programme delivery means that our ability to learn and to solve problems is 'supercharged' by the professional development we offer, creating a school-based 'teacher education laboratory,. As we mature, we're seeing tangible impact against our strategic objectives,. whether that is through the publications of our research findings, exceptional growth in the number of trainees and participants coming through our development programmes, or important new projects we have kicked off, such as the Centre for Digital Information Literacy in Schools and the work we are doing to better understand the experiences and progression of teaching candidates from diverse backgrounds. Another first for this year was our special graduation event at Bridgewater H311 in Manchester, where we came together to celebrate the achievements of our very first cohort of trainee teachers. It was an honour to see our newest teachers filled with pride as they celebrated with their loved ones. I'd like to thank everyone who works with and supports us, from our staff and trustees, to our founding trusts, associate colleges, and community of partners. School-Led Development Trust Year Ended 31 July 2025 Foreword by Chief Executive Officer Through our work, we are caNing out a clear path to a better education system - one that nurtures the talents of teachers and leaders, ensuring that all children experiente the excellent education they deserve. Melanie Renowden, CEO, Notionttl InStit￿e of Tetsching School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl The trustees (who are also dirertors for the purposes of company lawl of the School-Led Development Trust, known as the National Institute of Teaching, are pleased to present their annual report lincluding the directors, report and strategic report) together with the financial statements forthe yearended 31July2025. These financial statements have been prepared in accordance with the requirements of the Companies Act 2006, the Charitie5 Act 2011, the institute'5 Memorandum and Articles of Association, and Accounting and Reporting by Higher Education Institutions.. Statement of Recommended Practice IHE SORPI 2019, which is based on FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. This is the institute's first year preparing financial statements under the HE SORP following registration with the Office for Students IOfSI,' the tran51tion from Charities SORP has not resulted in any material changes to accounting policies or amounts reported. The institute was first registered with Ots in March 2025, therefore the account5 for the year ended 31 July 2025 are working towards complying with the Ofs Accounts Direction (issued October 20191 with full compliance for the accounts for the year ending 31 July 2026. The annual report and financial statements are designed to meet both the Companies Act requirements for a directors, report and the Ofs expectations for annual reporting by registered higher education providers. Legal Status and Objects The School-Led Development Trust 1.the company" "SLDT'I was incorporated on 31 May 2021 as a company limited by guarantee and is a registered charity in England and Wales. It is regulated by the Office for Students lo￿1. the Charity Commission, and Companies House Icompany number 134297401. SLDT, operating as the National Institute of Teaching I'the institute" "NloT"I, became a registered higher education provider with the Ofs in 2025. Following the award of a Department for Education IDfEI contract in 2022, SLDT began operating as the National Institute of Teaching, which 15 now the recognised higher education institution name used in all public and academic contexts. The company's charitable objects are specifically restricted to advancing education, learning, and research for the public benefit, in particular by (but not limited tol.. providing education, courses of study, and training and development for teachers, school leaders, non-teaching staff, and trainee teachers- promoting research and learning into best practice in the delivery and implementation of such education, training, and development. In pursuing these objects, the institute seeks to advance the public benefit through the improvement of teacher education, professional development, and educational outcomes across England. School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Public benefit statement In accordance with section 17151 of the Charitie5 Act 2011, the trustees have had due regard to the Charity Commission's guidance on public benefit when carrying out their duties and in shaping the Institute's aims, objectives, and activities for the year. The trustees are satisfied that the activities of SLDT, operating as NIOT, continue to deliver significant public benefit in line with its charitable objects. The institute advances education for the public benefit through.. the delivery of initial teacher education and continuing professional development for teachers, school leaders, and non-teaching staff; the generation and dissemination of research and evidence-informed practice in teaching, learningi and leadership- and its contribution to raising standards and improving educational outcomes across schools in England. The trustees consider that these activities provide clear public benefit by improving the quality of teaching and leadership nationally, thereby supporting the education of pupils and communities served by schools across the country. Further examples of impact and achievements are outlined within this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Governance framework and appointment of trustees The institute Ithe School-Led Development Trust operating as the National Institute of Teaching) is a company limited by guarantee and a registered charity. For the purposes of the Office for Students IOfSI regulatory framework, the Board of Trustees I'the Board") is the governing body of the Institute and 15 responsible for it5 educational character, Strategic direction, academic integrity and financial sustainability. The Board exercises its responsibilities in accordance with the Articles of Association and an approved Scheme of Delegation. The institute has four corporate members.. the Harris Federation, Oasis Community Learningi Outwood Grange Academies Trust and Star Academies. These corporate members are represented in members, meetings by delegated representatives and each appoints one Foundation Trustee to the Board. In addition, the Board comprises nine lay trustees and a student representative who is elected annually by the student body for a single-year term aligned to the programme. The Board meets quarterly, with additional committee meetings to provide detailed oversight and assurance. Operational management is delegated to the Chief Executive Officer ICEOI, who is accountable to the Board. The CEO is supported by an executive committee,. the CEO and executive team attend Board and committee meetings. Members of the executive team who served in the year and up to the date these financial statements were Signed were- School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Melanie Renowden Amrit SinEh Mark Osborne Emma Rennison Calum Davey Reuben Moore Chief Executive Officer Chief Operating Officer Chief Technology Officer Executive Director of Partnerships Executive Director of Research and Best Practice Executive Director of Programmes The trustees who served in the year and up to the date these financial statements were signed were- Sir Daniel Moynihan Sir Mufti Hamid Patel Dame Colette Bowe John Barneby Lee Wilson Sir David Eastwood Dame Rachel De Souza Carole Willis Prof Iram Siraj Tiffany Beck Sir John Gieve Dr Debbie Mcvitty Michael Nicholson Lord Theodore Agnew Lord Michael Hastings Choir und CEO of Horris Federation Vice Choir, Chuir of NAR ond CEO of StorAcodemies Chuir of FARM (Chuir of ARCfrom September 2025) CEO of Oasis Community Learning CEO of Outwood Grange Acodemies Trust appointed 1st July 2025 Choir of Finco, appointed 1sfseptember2025 oppointed I" July 2025 appointed I" July 2025 resigned 31" August 2025 resigned 30 November 2024 The student representative serving during the financial year was.. Mary-Ann Festuccia term of office.- l November 2024- 31 July 2025 Appointment, induction and conduct Prospective trustees are subject to fit and proper person checks. Candidates are met by the Chair and CEO prior to a recommendation to the members (for foundation trustees) or to the Board (for lay/co-opted trustees, where applicable) in line with the Articles and the Scheme of Delegation. New trustees receive an induction pack and briefing on statutory duties, Ofs requirements, the HE SORP context, and key Institute policie5 and regulations. The Institute maintain5 a register of interest5 and expects all trustees to comply with the Code of Conduct and conflicts of interest policy. School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Remuneration and expenses Trustees give their time voluntarily and received no remuneration in the year. An expense5 policy exists and less than £1,000 of expenses were claimed in the year. The Nominations & Remuneration Committee recommends the CEO'S remuneration to the Board for approval, having regard to sector guidance and performante against agreed objectives. Committees ofthe Board During the reporting year, the following committees supported the work of the Board.. Finonce, Audit and Risk Montigement (FARM) Committee- oversees the adequacy and effectiveness of financial management, internal control, risk management and compliance systems,. reviews audit findings and the integrity of financial statements- and provides assurance to the Board on the effectiveness of internal and external audit arrangements. Nominotions ond Remunerotion (NAR) Committee - oversees Board and committee membership, succession planning, and the performance and remuneration framework for senior staff (including the chief executive officer), including oversight of severance arrangements where applicable. It also leads periodic reviews of governance effectiveness. Academic Board- reports to the Board and is accountable for academic standards, quality assurance and the integrity of academic decision-making. It operates through sub-committees including the Student Experience, Quality and Assurance Committee, Programme Boards, and Research and Ethics Committees. Advisory groups Inon-decision-making) To complement formal Board and committee oversight, the institute is supported by advisory groups that provide independent external insight on programme design, research, and partnership. These groups do not take decisions,. they advise and escalate via their defined reporting lines. Progromme Advisory Group (PAG) - provides independent advice on programme design and implementation, including benchmarking against sector provision and, where relevant. the Frameworks for Higher Education Qualifications IFHEQI,. offers national/international perspectives and horizon scanning,. tests new programme ideas,. and advises on programme quality and standards in design, delivery and assessment. Advises the executive team and, as appropriate, the Academic Board. Reseorch Advisory Group {RAGJ advises on the research and best practice strategy and implementation. research quality assurance Ipeer review and ethical review),. methodological enhancements,. and the relevance, accessibility and impact of research communications, while monitoring national and international development5. Advises the executive team and, as appropriate, the Academic Board. School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl College Advisory Groups ICAGSJ - regional-level forum5 of founding multi academy trusts, associate colleges and regional delivery partners that contribute to strategy development, programme and research priorities and issues affecting student experience. The CAG5 also review programme operations and effectiveness, monitor recruitment and progression, share best practice, and inform regional and central planning. Advises the executive team and, as appropriate, the Academic Board. Post year-end governance development In September 2025, the Finance, Audit and Risk Management IFARMI Committee was formally divided into two separate committees, the Finance Committee IFinCol and the Audit and Risk Committee IARCI, to strengthen governance arrangements and ensure a clear distinction between financial oversight and assurance functions. The related terms of reference and reporting lines were updated accordinglv. io School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl OUR STORY Who we are The National Institute of Teaching is a higher education institute established by schools to boost the quality of teaching and school leadership in England. Our research and professional development support5 teachers and leaders at every stage of their careers, so that all children, particularly those growing up facing the greatest challenge, benefit. Our vislon Our vision is a school system that nurtures the talents of teachers and leaders at all stages of their careers, so they can provide thildren with the excellent education they deserve. Our mission Our mission is to improve the quality of teacher and leader development at a system level. We do this by generating and interpreting research, applying the insights to the design and delivery of high- quality teacher development programmes, and sharing it all with the sector. Our theory of change Our theory of change sets out why we believe the work we do will lead to the changes we want to see. It makes explicit the logic steps which connect our work to our vision. We use the theory of change to guide our monitoring and evaluation, test the assumptions we are making and assess which areas of change are m05t critical for us to achieve our mission. li School-Led Development Trust Year Ended 31 July 2025 Trusiee5' Annual Report Ilncluding Directors. Report and Strategic Report) NATIONAL INSTITIJTF. of Teaching National Institute of Teaching: Theory of change Output Outcom•s JrMl••lo ltE￿￿￿ Our theory of change relies on a set of research-informed assumptions: The quality of teaching is the biggest in-school factor affecting pupil outcomes. Quality teaching ha5 a disproportionally posltive impact on the most disadvantaged pupils. Effertive teacher and leader preparation and development can increase teacher wellbeing, retention and quality. Research evidence can help understand the most effective teacher and leader preparation and development practices. Bringing research and frontline practice together will increase the positive impact of teacher development interventions. Whilst each of the outputs set out in the theory of change describes an area of our artivity, our work is also dependent on important enablers, without which our progress towards our vision will be inhibited. These enablers can be grouped into three categories.. Core assets.. including our reputation, the expertise of our staff and the commitment of our school partners. 12 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Expert people and partners: including our governance, our expert advisory groups, our partnerships and our alumni community. System5, processes and environment.. including our digital and physical infrastructure, our insight generation and the regulatory, inspection and compliance environments we operate in. Our educational approath Our educational approach describes what we believe about teacher education, and the rationale behind the choices we make in our taught programmes. It applies across our suite of professional development and is upheld by the network of partners which make up the National Institute of Teaching: our central team, our founding trusts, our associate colleges and our many school contributors. It was produced in consultation with this professional community and with leadership from our Programme Advisory Group. Princi les of learnin Our professionol development is evidence-informed und pr(Fctice-led Learning at the Institute is evidence-informed, and practice-led. We teach teachers to use evidence to inform practice in their classrooms, and we use evidence to guide how we educate teachers and school leaders. We examine excellent practice through models and exemplification, supporting our participants to adapt what they learn to their school contexts. Research and practice are integrated and reciprocal. Research is used in practice, and practice can form the basis of new research. We cultivate judiciousness and curiosity in our programme participants and our colleagues alike. This helps teachers and leaders make the best decisions for children in their contexts, and develops professional understanding that current practice may be revisited, improved, rejected, or further developed. We see research through the practice lens, ensuring research insights can be practically implemented in the complex reality of educational settings. We share our insights and innovations widely, and engage in professional debate on teacher education beyond our own programme5. The curriculum and how it's tau ht Our progrommes are designed ond delivered with andfor school5. Our programmes are designed to ensure participants are exposed to and understand high quality, diverse school practices, from which they can derive learning and apply it to their own contexts. School-based experts are integral to our programme design, and draw on their experience and local knowledge when teaching on our programmes. Participants are immersed in context-based practice to develop complex mental models representative of the diversity of the education system. Our programmes are built on research into what makes effective professional development. Innovative programmatic elements are carefully tested to ensure that they have the greatest P055ible positive impact for our participants. Participants develop secure core knowledge from the 13 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl domains of teaching and educational leadership, and draw judiciou51y upon behavioral science, cognitive science, and psychology. This leads to participants developing their ability to adapt their practice and sustain improvement over time. Pro ramme assessment Assessment ensures deep thinking about schoolpractice. We use purposeful, authentic and useful assessment. Participants articulate and critically evaluate their own understanding and its application to practice. This benefits their development and that of others, including in their schools. Participants think hard about research and its applicability to their own contexts, are open to diverse methods and experiences, and evaluate the effectiveness of what they have implemented. We set a culture where feedback is prized by participants and staff alike as a mean5 of developing practice, and as a driver of programmatic improvement. Feedback is dialogic and its learning is two-way. Summative assessment is externally benchmarked to provide confidence on quality and comparability, whilst participation in summative assessment generates valuable additional learning for programme participants. Partici ant ex erience Porticipants will become more effective in complex School environment5. We want participants to achieve success in their studies, so they become effective teachers and leaders, and provide an excellent education to their pupils- particularly those facinE disadvantage. This means getting the best people on the right programmes for them. Knowing that success fuels motivation, we ensure the appropriate pitch of our programmes. We also support participants to create empowering network5 to facilitate further learning and career development. Mindful of participants working on the front-line of a fast-paced, complex school system, we respect their time by managing workload to ensure impact. By designing in 'breathing space, for participants to reflect on practice, we support them to carefully consider options before taking action. We celebrate and represent the diver51ty of the school system, its teachers and children, and ensure representation to improve the quality of our programmes and ultimately their impact on children. We engage meaningfully with the alumni of our programmes by offering opportunities for professional generosity. As professional learning in education is lifelong, we offer opportunities for further learning with the institute so our alumni can continue to contribute to our mission and to children's educational success. NIOT partners The institute is culturally and structurally a collaboration. Our partners are integral to both our research and our development programmes, enabling NIOT to reach communities that can benefit 14 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl the most from our work, to learn from and engage with the best practice nationally, and to keep us rooted in the realities of school life. They are made up of our four founding trusts (the Harris Federation, Oasi5 Community Learning, Outwood Grange Academies Trust and Star Academies) and a network of associate colleges and partner schools. 2024125 in numbers 716 trainees awarded qualified teacher status in July 2025 and 646 awarded a Post Graduate Certificate in Education. 2,544 teachers and leaders joined national professional qualification programmes, with a total of 4,162 teachers and leaders studying with us throughout the year. 1,800 new teachers joined our early career teacher programme, with a total of 3,430 early careers teachers studying with us throughout the year. 1,235 mentors joined our early career teacher mentoring programme, with a total of 1,883 mentors studying with us throughout the year. 75 leaders studied as fellows on our school trust CEO programme We recruited 1,158 trainee teachers to begin their studies in September 2025. We have engaged with 3,968 schools over the year via professional development or research activity, who serve a total of 1,842,630 pupils. Key successes A milestone moment In June 2025, NIOT wa5 granted degree awarding powers by the Office for Students IOfSI, with first awards being made from September 2025. This is a significant milestone in our development as a registered higher education provider and supports our long-term ambition to develop as a specialist, school-led university for the teaching profession. From September 2025 we will award our own Postgraduate Certificate in Education IPGCEI within our initial teacher education provision. Bringing awarding in-house allows us to.. Integrate research and prattice in programme design and teaching, in line with our educational approach. Bring academic and professional formation closer together, aligning the PGCE with Qualified Teacher Status IQTSI requirements in a coherent experience for trainees. Respond more quickly to 5choo15' needs, iterating curriculum and assessment with direct academic oversight. 15 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl We will continue to teach out existing part-time and deferred students under prior validation arrangements- no new students are being enrolled through our previous partnership with the Universlty of BirminEham. Con ratulations class of 23-241 We celebrated the very first NIOT cohort of trainee teachers at a special graduation ceremony at Bridgewater Hall in Manchester, following the completion of their teacher training in 2024. We wish them all the best and can't wait to see the impact they have in the classroom. Earl career framework ro ramme awarded outstandin from Ofsted We received an Outstanding judgement in the first full Ofsted inspection of our early career framework programme. Describing the programme as a "vibrant professional learning communityi the report highlighted the exceptional work that the institute and its network of associate colleges carry out to make the programme as impactful as possible for early career teachers IECTS) and their mentors. Celebratin our fellows Twenty-five fellows graduated from the inaugural cohort of our school trust CEO programme. The feedback has been exceptional, with fellows particularly benefitting from the innovative immersions, through which they spent time shadowing other trust leaders and learning from them. Successful ilot for teacher education dataset Supported by funding from Ktx Markets, our pioneering Teacher Education Data ITEDI platform is designed to give approved researchers secure and anonymised access to large-scale school data- an unprecedented capability in the UK. The aim is to generate high-quality evidence that can directly inform teacher educationi professional development and school improvement. This year, we completed a successful pilot phase. Working with anonymised data provided by our founding multi academy trusts, a team of accredited researchers working with the National Institute of Teaching and the Bennett Institute for Applied Data Science at the University of Oxford conducted large-scale analyses to produce research-ready insights. These early findings demonstrate the potential of the TED platform to support robust, practice-focused educational research at scale. Launch of new centre to tackle online cons iracies In July 2025 we launched a new Centre for Digital Information Literacy in Schools ICDILSI to help teachers and school leaders tackle the growing challenge of online misinformation, disinformation and conspiracy belief in schools. Supported by funding from the Pears Foundation, the centre will embed critical thinking, psychological insight and media literacy through teacher development, from trainee teachers and classroom practitioners to school leaders and governors. 16 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Investin in teacher diversi We were awarded a grant by Mission 44 in November 2024 as part of their ambition to build a more diverse, inclusive teacher workforce that represents the student population it serves. Working in partnership with Now Teach and Mindful Equity UK, the project focuses on supporting ethnically diverse career changer5 into teaching via a pilot in the West Midland5 area and embedding anti- racism into the teacher training curriculum, equipping all teacher-trainers with the confidence to deliver it. Our people At 31 July 2025 our closing headcount was 134 FTE (permanent and fixed-term employees; excludes contractors, recognised lecturer5 and associate tutors). Headcount increased year-on-year as programme delivery Scaled and we prepared for awarding our own PGCE. On a full-time equivalent IFTEI basic pay basis at year end, institute earnings ranged from median £49,775 and maximum £171,313. Using the same basis, the CEO-to-median pay ratio is 3.4'.1. All employees are eligible to participate in either the Teachers, Pension Scheme ITPS) or the Local Government Pension Scheme ILGPSI (see Note 201. Figures reflect basic pay onlyi annualised on an FTE basis at 31 July 2025, with the scope noted above. Flnanclal revlew In the second year with fee paying student activity, NloTgenerated £19m of income in the year ended 31 July 2025. This is an increase of 41% from the prior year1£13.5ml. This increase represents growth in trainee and participant numbers as well as an increase in restricted project funding. Contracts and grants held with DfE contributed 53% of income at £IO.Im12024.. £9.Im, 67%), with £8.Om coming from student fees12024.' £4.Oml. Total expenditure of £17.2m in the year is 35% higher than the previous year12024- £12.7ml, before a £0.2m remeasurement Ios5 on defined benefit pension plan 12024.. £0.Iml. Direct staff cost5 of £8.8m are 45% higher than the previous period 12024.. £4.8ml due to continued headcount growth of the institute to support our increased participant numbers and new PGCE students. Total comprehensive income of £1.51m is 86% higher than the previous period12024'. £0.64ml and has resulted in total funds carried forward of £2.65m. Included within this are restricted funds of £0.02m12024.. £0.16ml. The balance sheet reflects the increased income in the year with short term assets increasing and liabilities remaining relatively stable with a continuing strong cash balance alongside a growing reserves position. 17 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Cash and liquidity At 31 July 2025, the institute held cash and cash equivalents of £3.Im and short term investment deposits of £1.7m (maturities over 90 days to 12 months). Within cash, £0.5m is held as agent and is not available for general purposes. The institute has no debt facilities. The Board's aim is to build free reserve5 to a sustainable level to provide resilience given sector sustainability pressures. The Board regularly reviews performance, cash flow and forecasts against the approved reserves policy. The Board accepts that it will take time to reach the target level and accepts the interim risk of operating below policy. This risk is mitigated through frequent re- forecasting and long-term planning to ensure there is a credible pathway for reserves growth to meet the reserves policy in future. Future outlook The National Institute of Teaching will continue to develop as a registered higher education provider, combining research, programme delivery and partnership working to improve teacher and leader development nationally. We remain mindful of the sector context real-terms pressures on per- student funding, general cost inflation, rising employer pension contributions for teachers from April 2024, and an evolving regulatory environment. Against this backdrop, the institute delivered a surplus in 2024125, reflecting prudent financial management and growth in core activities. Our priorities for the coming year are to sustain high- quality, scalable provision- invest selectively,. and maintain a prudent approach to liquidity and reserves. We will also diversify income appropriately across fee-based activity and externally funded projects, consistent with the Board-approved long-range plan. We will ensure compliance with Office for Students requirements and the effective operation of our governance arrangements (including the new Finance Committee and Audit and Risk Committee). Our operating plan for 2025126 translates these priorities into deliverables, metrics and review points. Overall, the Board considers that the institute has a sound platform - cash, short term investments and growing reserves to support measured investment while remaining responsive to sector conditions. We will balance ambition with resilience, prioritising the people, partnerships and infrastructure that enable sustained impact for teachers, leaders and the pupils they serve. Investment policy Cash which is surplus to short term operating requirements is invested in short term deposits of greater than 90 days and less than twelve months. Transfers are assessed on an ongoing basis to ensure adequate liquidity whilst maximising interest received from cash reserves. 18 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl ststement of Corporate Governance and Internal Control Governance responsibility ond approoch The Board is responsible for the institute's system of governance, strategic leadership and oversight of the effectivene55 of risk management and internal control. Arrangements are proportionate to the institute's size and complexity and reflect obligations under company and charity law and the Ofs regulatory framework. During 2024125 the institute continued to embed its governance structures and will keep alignment with sector codes under review as the organisation matures. Board and committee octivity ond ottendunce The Board met quarterly in the year, with scheduled meetings of the Finance, Audit and Risk Management IFARMI Committee and the Nominations and Remuneration INARI Committee. Average attendance was 81% at the Board, 67% at FARM and 100% at NAR lattendedleligiblel. From September 2025, FARM was separated into a Finance Committee IFinCol and an Audit and Risk Committee IARCI to strengthen oversiEht. System of internal control The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve objectives; it provides reasonable, not absolute, assurance of effectiveness. It encompasses financial, operational and compliance controls and risk management. During 2024125 the institute strengthened its control environment, including.. An approved Scheme of Delegation clarifying authorities and responsibilities. Implementation of a new purchase order system and a new HR system; and development of the student records management system for full launch with the 2025126 intake. An enhanced planning and reporting cycle comprising an annually approved budget and long-range plan, monthly management accounts to the Executive Committee, and quarterly financial and risk reporting to FARM and the Board. Policies covering whistleblowing, anti-fraud and anti-bribery, safeguarding and Prevent, and data protection and records management,. the institute holds Cyber Essentials Plus accreditation and runs regular phishing simulations. The Board received regular assurances through management reporting and committee oversight, and considered the external auditor's reports to the committee arising from the audit of the financial statements. Responsibility for the prevention and detection of fraud and irregularity rests with the Board and management and is supported by the policies referenced above. No significant internal control weaknesses, material frauds or Ico-reportable data incidents were identified in the year. 19 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Oversight of risk Responsibilities for risk oversight are exercised through the committee structure in place during the year (via FARMI and, from September 2025, through ARC laudit and risk) and Finco Ifinancel. A description of the institute's risk management framework and principal risks is set out in the separate risk management section of this report. Review of effertiveness ondforword look In 2024125 the priority was building and embedding core systems and processes as activity scaled. In 2025126 the Board will formalise its reviews of the effectiveness of governance, risk management and internal control, and consider proportionate independent assurance to support that review. Disclosures will be expanded as the institute matures. Risk management The institute operates a risk management framework under which a strategic risk register is reviewed by the executive team, the Finance, Audit and Risk Management IFARMI Committee, and the Board. The framework sets out principles, roles and responsibilities for identifying, assessing and mitigating risks. Each risk has an executive owner and the register is reviewed at least quarterly, with additional focus on emerging risks as required. From September 2025, finance and treasury oversight rests with the Finance Committee (Fincol and audit and risk oversight rests Wlth the Audit and Risk Committee IARCI. During the year, key risks reviewed included.. Academic quality and programme delivery risk of not innovating or delivering at the required pace and standard as activity scales. Mitigations include Academic Board oversight, input from external advisory groups (Programme Advisory Group and Research Advisory Group). and periodic review of delivery pipelines. Programme recruitment and sector engagement risks to recruitment across key programmes and to maintaining sector traction. Mitigations include targeted outreach, close monitoring of application and conversion trends, and structured engagement with partners and school5. Financial sustainability sector-wide funding pressure5, Cost inflation, and the planned transition away from certain contract income streams. Mitigations include regular reforecasting, disciplined cost control, and progressive diversification across fee-based activity and externally funded projects, aligned to long-range planning. Cyber security and data protection - ongoing threat of ryber incidents and data breaches. Controls include Cyber Essentials Plus accreditation, regular phishing simulations, and staff awareness training, with oversight by FARM. No Ico-reportable incidents occurred in the year. Safeguarding and Prevent Duty ensuring robust safeguarding arrangements and compliance with the Prevent Duty through policy updates, Staff training and annual self- assessment, with regular reporting to the Executive Team and the Board. 20 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Governance and capability risks relating to governance compliance and organisational capacity addressed through ongoing trustee engagement, periodic governance review, and investment in staff development. Going concern The trustees consider that it is appropriate to prepare the financial statements on a going concern basis. In reaching this conclusion, the Board has considered the institute's budget and long-range plan ILRPI approved in July, monthly management accounts reviewed by the Executive Committee, and quarterly performance and risk reports to the FARM Committee and the Board, together with expected cash flows for a period of at least 12 months from the date of approval of these financial statements. The Board has also considered post-balance sheet developments, including the multi- year Pears Foundation award commencing September 2025, and confirms that no adverse post- balance sheet event5 have been identified. The Board note5 that the institute continues to experience strong year-on-year recruitment growth. In 2024125, 1,158 new trainee teachers were recruited to begin their studies in September 2025, building on the 716 trainees who were awarded qualified teacher status IQTSI in July 2025. This growth is reflected in a 38% increase in tuition fee and education contract income, from £13.2m in 2023124 to £18.Im in 2024125, and a 42% increase in average staff FTE over the same period. The Board note5 that the institute operates with no external debt facilities and manages liquidity through cash and short-term deposits in line with approved treasury and reserves policies. Pay awards and pension contribution rates (including TPS changes effective April 20241 are reflerted in the approved budget, and no material capital commitments have been entered into,. any planned investment in a learning management system is expected to be modest and discretionary. As part of its assessment, the Board has considered the planned expiry of contracts totalling £1.6m income in the year ending 31 July 2026 within the assessment horizon. The approved Long Range Plan already excludes this income beyond the contract end date. Delivery obligation5 will be completed, there are no linked non-cancellable commitments, and the cost base is expected to reduce through the natural end of fixed-term contracts and redeployment. The institute is progressing a Board-presented plan (with Finance Committee oversight and input from the Research Committee) to integrate priority research activity into programme delivery and to pursue diversified external funding for research. Having considered these factors and the range of mitigations available, the trustees are satisfied that the institute has sufficient resources to continue in operational existence for the foreseeable future and for at least 12 month5 from the date of approval of these financial statements. No materi31 uncertainties related to going concern were identified. Fundralslng pollcv The institute does not raise funds from the public and does not employ professional fundraisers. Fundraising activity is limited to grant partnerships to support specific research projects. 21 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Trustees, Responsibility Statement In accordance with the Companies, Act 2006, and the Articles of Association, incorporating instrument and articles of government, the trustees (who are also the directors for the purpose of company lawl are responsible for the entire control and management of the National Institute of Teaching. As part of this responsibility it is required to present an annual report which includes audited financial statements, a statement on corporate governance and a statement on internal control for each financial year. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the institute and enable it to ensure that the financial statements are prepared in accordance with the Articles of Association, the Statement of Recommended Practice on Accounting in Higher and Further Education Institutions and other relevant accounting standards. In accordance with Company Law, the institute trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the institute and of its income and expenditure, gains and losses and changes in reserves for that period. In the preparation of the financial statements the institute trustees have ensured that.. Suitable accounting policies are selected and applied consistently. Judgments and estimates are made that are reasonable and prudent. Applicable accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. An assessment of the institute's ability to continue as a going concern has taken place, disclosing, as applicable, matters related to going concern. The going concern basis of accounting has been used unless they either intend to liquidate the institute or to cease operations or have no realistic alternative but to do so. The institute trustees are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the institute and to prevent and detect fraud and other irregularities. The institute's trustees have taken reasonable steps to: Ensure that funds from whatever source administered by the institute for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation. Ensure that funds from the Department for Education and other sources are used only for the purposes for which they have been given and in accordance with all relevant terms and conditions. Ensure that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources. Safeguard the assets of the National Institute of Teaching and to prevent and detect fraud. 22 School-Led Development Trust Year Ended 31 July 2025 Trustee5' Annual Report Ilncluding Directors. Report and Strategic Reportl Secure the economical, efficient and effective management of the institute's resources and expenditure. Disclosure of information to the auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have each taken appropriate steps to identify such relevant information and to establish that the audit is aware of such information. 15 Dec 2025 Approved by the trustees on Sir Daniel Moynihan Chair of the Board 23 School-Led Development Trust Year Ended 31 July 2025 Independent Auditors Report to the Members of School-Led Development Trust I'the institute'l Opinion We have audited the financial statements of School-Led Development Trust I'the institute") for the year ended 31 July 2025 which comprise the statement of comprehensive income, statement of changes in reserves and statement of financial position as at 31 July 2025, statement of cash flows for the year ended 31 july 2025 and notes to the financial statements, including the statement of principal 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 institute's affairs as at 31 July 2025, and of the institute's income and expenditure, gains and losses and changes in reserves, and of the cash flows, for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Bas15 for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the financial statements section of our report. We are independent of the institute in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRUS 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the directors, 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 institute'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 directors with respect to going concern are described in the relevant sections of this report. 24 School-Led Development Trust Year Ended 31 July 2025 Independent Auditors Report to the Members of School-Led Development Trust I'the institute'l Other information The other information comprises the information included in the annual report other than the financial statements and our auditor'5 report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing $0, consider whether the other information 15 materially inconsistent with the financial Statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 strategic report and the director5, report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic report and the direttors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified materi31 misstatements in the strategic report or the directors, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not V151ted by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of the directors As explained more fully in the Statement of Directors, Responsibilities on pages 22-23, the directors 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 directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 25 School-Led Development Trust Year Ended 31 July 2025 Independent Auditors Report to the Members of School-Led Development Trust I'the institute'l In preparing the financial statement5, the directors are responsible for assessing the institute'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 directors either intend to liquidate the institute or to cease operations, or have no realistic alternative but to do so. 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. As part of our planning process: We enquired of management the systems and controls the institute has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The institute did not inform us of any known, suspected or alleged fraud. We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant= FRS 102, 2019 Statement of Recommended Practice ISORPI.. 'Accounting for Further and Higher Education,. We considered the incentives and opportunities that exist in the institute, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. Using our knowledge of the institute, together with the discussions held with the institute, we formed a conclusion on the risk of mi55tatement due to irregularitie5 including fraud and tailored our procedure5 according to this risk assessment. The key procedures we undertook to detect irregularities including fraud during the course of the audit included- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Testing key income lines, in particular cut-off, for evidence of management bias. Assessing the extent of compliance, or lack of, with the relevant laws and regulations. Obtaining third-party confirmation of material bank and investment balances. 26 School-Led Development Trust Year Ended 31 July 2025 Independent Auditors Report to the Members of School-Led Development Trust I'the institute'l Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the defined benefit pension obligation. Documenting and verifying all significant related party balance5 and transactions. Reviewing documentation such as the director and committee minutes, for discussions of irregularities including fraud. 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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors. A further description of our responsibilities is available on the Financial Reporting Council's website at- htt www.frc.or auditor5res onsibilities. Thi5 description forms part of our auditor's report. Use ofour report This report is made solely to the 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 institute'5 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 institute's members as a body, for our audit work, for this report, or for the opinions we have formed. Carol Rudge (Senior Statutory Auditor) For and on behalf of HW Fisher Audit Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NWI 3ER 15 Dec 2025 Date.. 27 School-Led Development Trust Statement of Comprehensive Income Year Ended 31 July 2025 Notes Year ended 31 July 2025 Year ended 31 July 2024 Income: Tuition fees and education contracts Funding body grants Research grants and contracts Investment income Total income 18,149 365 355 99 13,183 156 iii 18,968 13,450 Expenditure: Staff costs Other operating expenses Depreciation Interest and other finance costs 8,775 8,454 35 1271 4,784 7,914 13 1141 12 Total expenditure 17,237 12,697 Surplus for the year 1,731 753 Other comprehensive income Artuarial loss on defined benefit pension schemes 20 1217) 11171 Total comprehensive income for the year Represented bv.. Restricted comprehensive income for the year Unrestricted comprehensive income for the year 1.514 636 17 11361 156 1,650 480 1,514 636 The statement of financial activities includes all gains and losses recognised in the year. All amounts relate to continuing activities. 28 School-Led Development Trust Statement of Changes in Reserves Year Ended 31 July 2025 Income and expenditure account Restricted Unrestricted £OOO's £OIXl's Total £000'5 Balance at l August 2023 500 500 Surplus I Ideficitl for the period Other comprehensive income 156 597 11171 753 11171 Total comprehensive income for the year 156 480 636 Balance at l August 2024 156 980 1.136 Surplus / Ideficitl for the period Other comprehensive income 11361 1,867 12171 1,731 12171 Totsl comprehensive income for the year (136) 1,650 1,514 Balance at 31 July 2025 20 2,630 2,650 29 School-Led Development Trust Balance Sheet Year Ended 31 July 2025 2025 £OOtrs 2024 £OIXl's Notes Fixed Asset5 Tangible assets 12 82 68 Current assets Trade and other receivable5 Current asset investment Cash at bank and in hand 13 14 2,934 1,663 3,140 1,659 3,029 1,769 7,737 6,457 Current liabilities: amounts falling due within one year 15 15,1691 15,3891 Net current assets 2,568 1,068 Total assets less current liabilities 2,650 1,136 Reserves Income and Expenditure reserve - restricted reserve 17 20 156 Income and Expenditure reserve- unrestricted reserve 2,630 980 Total funds 2,650 1,136 Included within cash at bank is an amount held as agent which amount to £525k12024: £525kl. £629k previously shown in cash at bank and in hand as at 31 July 2024 has been reanalysed as a current asset investment (see note 141. 15 Dec 2025 Approved by the Board of Trustees on and signed on it5 behalf by.. Sir Daniel Moynihan Chair of the Board Company registration no- 13429740 The notes on pages 32 to 52 form part of these financial statements. 30 School-Led Development Trust Statement of Cash Flows Year ended 31 July 2025 Year ended Year ended 31 July 2025 31 July 2024 £OOO's £00￿S Notes Cash flows from operating artivitie5: Surplus for the year 1.514 636 Adjustments for: Depreciation of tangible fixed assets Ilncreasel I decrease in debtors Increase / Idecreasel in deferred income Ilncreasel in accrued income (Decrease) / increase in creditors Adjustment for investing or financlng actlvitles Bank interest received 12 13 15 13 15 35 11,0381 iii 12371 13311 13 19771 19791 14801 1,570 1991 Iiiii Net cash generated in operating activities (451 (328) Cash flows from investing artivities: Payments made to acquire fixed assets Withdrawal I lacquisitionl of short term investments Bank interest received 12 1491 1811 1,366 13,0291 99 iii 1,416 12,9991 Cash flows from financing activities Net increase / (decreasel in cash and cash equivalents 1,371 {3,327) Cash and cash equivalents at the beginning of the year 23 1.769 5,096 Cash and cash equivalents at the end of the year 23 3,140 1,769 Of the cash and cash equiv31ents of £3,140k12024.. £1,769kl, an amount of £525k12024= £525kl is held as agent for Krx Markets (see note 11. 31 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Accounting policies School-Led Development Trust is a charitable company limited by guarantee and is incorporated in England and Wales. The institute constitutes a public benefit entity as defined by FR5102. The registered office address is Potovens Lane, Outwood, Wakefield, West Yorkshire, WFI 2PF. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basls of preparatlon The Consolidated and Institution financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practice ISORPI: Accounting for Further and Higher Edvcation12019 edition). A provider is required to comply with the relevant accounts direction for financial years ending more than 12 months after the date of its first registration with the Ofs. The institute was first registered in March 2025, therefore the accounts for the year ended 31 July 2025 are working towards complying with the Ofs Accounts Direction (issued October 20191 with full compliance for the accounts for the year ending 31 July 2026. The financial Statements are prepared in sterlingi which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1,000. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. Going concern The trustees consider that the institute has adequate resources to remain in operation for the foreseeable future and have, therefore, continued to adopt the going contern basis in preparing the financial statements. In coming to this conclusion, the Board have reviewed financial performance in the period post year end as well as longer term financial plans, incorporating sensitised recruitment and expenditure scenarios and they are satisfied that there are sufficient reserves and cash to meet liabilities as they fall due for the foreseeable future. Fund5 Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the institute. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the institute for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements. Income Recognition Income is recognised in the Statement of Comprehensive Income when the institute has a legal entitlement to the funds, and within the contract, any performance conditions attached to the items 32 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Accounting policies Icontinuedl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Tuition fees and education contract5 income represents student and contractual fees received and receivable attributable to the current accounting year. Grant5 (including research grants) are recognised in income when the institute is entitled to the income and any performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the Balance Sheet and released to income as the conditions are met. Investment income is credited to the Statement of Comprehensive Income on a receivable ba515. Funds the Institution receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the Institution where the Institution is exposed to minimal risk or enjoys minimal economic benefit related to the transaction. Expenditure Expenditure is accounted for an on accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Pension Schemes Retirement benefits to employees are provided by the Local Government Pension Scheme ILGPSI and the Teacher5 Pension5 Scheme ITPSI. Both of these schemes are defined benefit s£heme5. Defined benefit schemes are post-employment benefit plans other than defined contrik)ution schemes. Under def ined benefit schemes, our obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk Ithat returns on a55ets set aside to fund the benefit5 will differ from expectation51 are borne, in substance, by the organisation. For the LGPS funded scheme, we recognise a liability for obligations under defined benefit schemes net of scheme assets. This net defined benefit liability is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value lat bid pricel of scheme assets. The calculation is performed by a qualrfied actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset 15 limited to the extent to which the surplu5 can be recovered either through reduced contributions in the future or through refunds from the plan. Contributions to both the TPS and LGPS schemes are charged to the Statement of Comprehensive Income so as to spread the cost of pensions over employees, working lives in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by a qualified actuary. 33 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Accounting policies Icontinuedl The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis- contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the Teachers, Pension Regulations 2010 and the Teachers, Pension Scheme Regulations 2014. The LGPS is a funded scheme and the pension cost is assessed every three year5 in accordance with the advice of an independent qualified actuary using the projected unit method, the last published valuation having been in March 2025. An asset ceiling has been applied for the financial year to bring the net position to nil, recognising that we do not have an unconditional right to a surplus. Further explanation on how we have recognised the net defined benefit liability on the Balance Sheet is provided in the 'Critical accounting estimates and judgements, section below. Further information on the TPS and LGPS can be found in note 20 in the financial statements. Employment Benefits Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render Service to the Institution. Any unused benefits are accrued and measured as the additional amount the Institution expects to pay as a result of the unused entitlement. Operating Leases Costs in respect of operating leases are charged on a straight-line basis over the lease term. Tangible Fixed Assets Tangible fixed assets are stated at cost less accumulated depreciation. Expenditure of less than £500 is not normally capitalised unless it forms part of a larger project which exceeds this threshold. Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows: Office Equipment- 3 years Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Statement of Financial Position. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of 90 days or less. Current asset investments Current asset investments are deposit accounts held with maturities over 90 days and less than one year. 34 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Accounting policies Icontinuedl Financial instruments The charity has elected to apply the provisions of Section Il'Basic Financial Instruments, and Section 12 '0ther Financial Instrument5 Issues, of FRS 102 to all of its financial instruments. Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price lincluding transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transattion costs), unless the arrangement constitutes a f inancing transattion. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The institute only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These financial instruments are initially recognised at transattion value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or les5 from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Tax As a charity, SLDT is exempt from tax on income and gains falling within Chapter 3 of Part11 of The Corporation Tax Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the institute. Critical accounting estimates and judgements Ke sources of estimation uncertaint In the application of the Charitvs accounting policies, the Trustees are required to makejudgementS, estimates and assumptions about the carrying amount of assets and liabilities not readily apparent from other source5. The following judgements have been made in applying the above accounting policies that have had the most significant impact on the financial statements.. The present value of the Local Government Pension Scheme defined benefit position depends on a number of factors that are determined on an actuarial basis using a variety of assumptions such as discount rate, pay increases and mortality. Any changes to these assumptions, which are disclosed in note 20, will impact the carrying amount of the pension position. 35 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Accounting policies Icontinuedl We have had to consider whether the accounting standard FRS102 allows us to recognise a surplu5. FRS102 states that 'an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus" After taking professional advice on the matter, we have concluded that we may have a right to reduced contribution in the future, however even if we do have such a right, we must consider that any such right would need to include an allowance for a minimum funding requirement. Our actuaries have calculated that in such a scenario the amount we could recognise in this scenario is nil, therefore we have concluded that the correct accounting treatment is to apply an asset ceiling adjustment to bring the net position to nil. Tuition fees and education contracts Year ended 31 July 2025 Total £00￿S Year ended 31 July 2024 Total £00￿5 Full-time home and EU students Part-time students Apprenticeship income.. ESFA Apprenticeship income.. Others Education Contracts Non-credit bearing courses 6,254 423 1,024 45 10,204 199 3,348 262 310 23 9,173 67 18,149 13,183 Included in tuition fees and education contracts income is £10,043k12024.. £9,069kl relating to the Department for Education contracts. Funding body grants Year ended 31 July 2025 Totsl £OOO's Year ended 31 July 2024 Total £OIXl's Department for Education 365 365 36 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Research grants and contracts Year ended 31 July 2025 Total £ooIYs Year ended 31 July 2024 Total £ooIYs Research charities Other 311 44 156 355 156 Note: The source of grant and fee income Included In notes 2 to 4 is as follows: Year ended 31 July 2025 Total £OOO's Year ended 31 July 2024 Total £OOO's Grant income from other bodies Fee income for taught awards (exclusive of vat) Fee income for non-qualifying courses (exclusive of vat) 720 7,746 156 3,943 10,502 9,351 18,968 13,450 Interest income Year ended 31 July 2025 Total £OOO's Year ended 31 July 2024 Total £OOO's Bank and short term investment income 99 iii 99 iii 37 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Staff costs Year ended 31 July 2025 £OOO's Year ended 31 July 2024 £OOO's Total staff costs comprised: Salaries Social security costs Pension5 Costs 6,940 849 986 3,829 454 soi 8.775 4.784 A further breakdown of pension costs has been included in note 20 Pension Schemes. Total remuneration of the head of the institution Year ended 31 July 2025 £OOO's Year ended 31 July 2024 £OOO's Basic salary Pension contributions 166 25 159 24 191 183 The basic salary for the head of the institution was approved by the Remuneration Committee of the Governing Body in June 2025. The head of the institution was awarded an increase in their basic salary in line with NIC terms and conditions as the institute's adopted pay approach for all support staff. This decision was informed by organisational and individual performance against objectives for the preceding 12 months, as provided by the Chair of Trustees. The number of employees whose emoluments exceeded £IOO,000 lexcluding employer pension costs) for the year ended 2025: Year ended 31 July 2025 Year ended 31 July 2024 £IOO,001 to £llO,000 £IIO,001 to £120,000 £150,001 to £160,000 £160,001 to £170,000 38 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Staff costs {continued} Average staff numbers by major category expressed as full time equivalents.. Year ended 31 July 2025 No. 39 13 Year ended 31 July 2024 No. 20 Academic Research Administration and other staff 73 59 125 88 Trustees, and key management personnel remuneration and expenses The Trustees neither received nor waived any remuneration during the year12024-. nill. The Trustees had less than £lk expenses reimbursed during the year12024'. nill. The total amount of employee benefits received by key management personnel excluding pension benefits is £816k12024= £670kl. The institute considers it's key management personnel in 2025 to comprise sly employees- Chief Executive Officer, Chief Operating Officer, Chief Technology Officer, Executive Director of Programmes, Executive Director of Research and Best Practice and Executive Director of Partnerships. Interest and other financial costs Year ended 31 July 2025 Total £OOO's Year ended 31 July 2024 Total £OOO's Net Icreditl on pension scheme Inote 201 1271 1141 1271 1141 39 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 Analysi5 of total expenditure by artivity Year ended 31 July 2025 Tot31 £OOO's Year ended 31 July 2024 Total £OOO's Academic and related expenditure Administration and central service Residences, catering and conferences 13,224 3,860 153 9,497 3,061 139 17,237 12,697 io Governance Costs Yearended 31 July 2025 £OOO's Year ended 31 July 2024 £OOO's Fees payable to institute's auditor.. Audit of financial statements - July 2025 Audit of financial statements- July 2024 Other non-audit 5ervice5 Professional fees 89 74 15 13 iio 12 191 124 li Access and Participation Year ended 31 July 2025 Total £OOO's Year ended 31 July 2024 Total £OOO's Access investment Financial support Disability support Research and evaluation 169 38 41 15 91 39 20 li 263 161 £228k of these costs are already included in the overall staff costs figures included in note 612024.. £115kl. 40 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 12 Tangible Fixed Assets Office Equipment £OOO's Cost or valuation At 1st August 2024 Additions at cost 150 49 199 Depreciation At 1st August 2024 Charge for the year 82 35 117 As at 31 July 2025 82 As at l August 2024 68 13 Trade and other receivables 2025 £OOO's 1,815 2024 £OOO's 946 96 Trade and other receivables Other debtors Prepayments Accrued income Amounts owed from related parties 288 717 114 480 134 2,934 1,659 Amounts owed from related parties for the prior year includes £134k which has been reclassified from trade and other receivables. 14 Current Asset Investments 2025 £OOO's 1,663 2024 £OOO's 3,029 Short term investment deposits 1,663 3,029 41 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 14 Current Asset Investments Icontinuedl The current asset investment balance for the prior year includes £629k which has been reclassified from cash following an update to the accounting policy to classify termly deposits over go days as short term investments. 15 Creditors: amounts falling due within one year 2024 £00￿S 821 208 221 2,619 384 916 2023 £OOO's 337 159 638 2,322 273 1,660 Trade creditors Social security and other taxation payable Other creditors Accruals Deferred Income Amounts due to related parties 5.169 5.389 Within trade creditors and other creditors on the Balance Sheet, is a balance of £525k which represents amounts held as cash as agent under a £ontract12024.. £525kl. 16 Deferred income 2025 £OOO's 273 12731 384 2024 £OOO's 1,252 11,0341 55 Balance at l Aug Release of deferred income Additions to deferred income Balance at 31 July 384 273 Included within deferred income are the following items of income which have been deferred until specific performance relation conditions have been met. 2025 £000'5 156 228 2024 £OOO's Grant income Other income 273 384 273 42 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 17 Restricted reserves 2025 Total £000'5 156 2024 Total £00￿$ Balance at l August 2024 New grants Expenditure 721 18571 156 Total restricted comprehensive income for the year 11361 156 Balance at 31 July 2025 20 156 Nuffield Foundation The teaching improvement with data and evaluation ITIDEI project is a 5-year collaboration with UCL, Evidence Based Education, Oxford University and leading academics including from Teacher Tapp, funded by the Nuffield Foundation. The grant value is £2.4m and runs over four and a half years. The project uses schools, data to learn about teacher value add in the classroom and understand the factor5 that can enhance the posltive impact that teachers can make. The project also includes partnership with Faculty Al, a commercial firm, to develop an Al-driven tool to label observations of teacher practice. XTX Markets Included within restricted funds is a research grant from XTX Markets to deliver AutomaTED, a programme designed to create a secure, standardised, and automated data pipeline from participating Multi Academy Trusts into the Teacher Education Dataset. This will ensure that anonymised data is routinely and consistently prepared for research use, reducing burdens on schools while maintaining the highest standards of privacy and governance. The project is being delivered in partnership with the Bennett Institute for Applied Data Science at the University of Oxford. Researchers involved in this work are specialists in education, data science, and privacy-preserving methodologies, and all access to data is strictly controlled, audited. and limited to those who have been formally approved. AutomaTED will run over four years, with a total grant value of £l.Im, of which £0.5m 15 allocated to the University of Oxford. The work will support the long-term objective of TED.. to make high- quality anonymised education data available, securely and ethically, to researchers and schools aiming to improve teaching, learning, and educational outcomes. Mission 44 Mission 44 is a new four-year restricted grant awarded in the year on behalf of a partnership with Now Teach and Mindful Equity to increase the proportion of ethnically diverse teacher trainees selected onto ITE programmes and completing qualified teacher Status. The total funding awarded 15 £500k, with £229k of this being passed on to the partners. 43 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 17 Restricted reserves Icontinuedl ITh Reform Fundlng This is a restricted grant award of É365k by the Department for Education for initial teacher training, specifically for lead mentors and intensive training and practice relating to the year ending 31 July 25. 18 Financial Instruments 2025 Total £OOO's 2024 Total £OOO's Financial liabilities Financial assets that are debt instruments measured at amortised cost Cash and cash equivalents Other investments 3,140 1,663 1,769 3,029 Financial liabilities Financial liabilities measured at amortised cost Trade creditors Other creditor5 821 221 337 638 19 Lease obligation5 2025 Total £00￿$ 2024 Total £OOO's Other leases £OOO's Payable during the year Future minimum lease payments due.. No later than l year Later than l year and not later than 5 years 17 30 17 30 Total lease payments due 47 47 20 Pension Commitments Employees belong to two principal pension schemes, the West Yorkshire Local Government Pension Scheme ILGPSI and the Teachers Pension Scheme England and Wales ITPSI. Both schemes are defined benefit schemes. 44 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl 20.1 Teachers, Pension Scheme Introduction The Teacher5, Pension Scheme ITPS or scheme) is a Statutory, unfunded, defined benefit occupational scheme, governed by the Teachers, Pensions Regulations 2010 las amended), and the Teachers, Pension Scheme Regulations 2014 las amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for teachers and lecturers and, from l January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. The Teachers, Pensions budgeting and valuation account Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act119721 and Public Service Pensions Act 120131 and are paid by public funds provided by Parliament. The TPS 15 an unfunded scheme and members contribute on a 'pay as you go, basis- contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts. The Teachers, Pensions Regulations 2010 require an annual account, the Teachers, Pension Budgeting and Valuation Account, to be kept of receipts and expenditure lincluding the cost of pension increases). From l April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. Valuation of the Teachers. Pension Scheme As a result of the scheme valuation as at 31 March 2020, employer contributions were increased in April 2024 from a rate of 23.680A to 28.68%. Employers also pay a charge equivalent to 0.080A of pensionable salary costs to cover administration expenses. A copy of the latest valuation report can be found by following this link to Valuation result io 2023. The next valuation is expected to take effect in 2027. Scheme changes In line with the requirements of the Public Service Pensions and Judicial Offices Art 2022, the Department for Education laid regulations which tame into force on l April 2022, closing the legacy scheme to any further accrual which prevented any further discrimination. The regulatory changes, along with the ongoing transitional protection remedy, are being implemented in response to the Mccloud-sargeant discrimination ruling. The retrospective remedy offers members in scope a deferred choice of benefits, legacy or reformed, in respect of pensionable service during the remedy period11 April 2015 to 31 March 20221. 45 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl The pension costs paid to TPS in the year amounted to £403,22012024.. £94,202). 20.2 LGPS The LGPS is a funded scheme, with assets held in separate Trustee administered funds. The pension cost is assessed every three years in accordance with the advice of an independent qualified actuary using the projected unit method. The financial assumptions used by the actuary for the purpose of the calculations as required by standard FRS102.28 are as follows.. Assumptions as at 31 July 2025 % per annum 3.75% 2.5% 2024 % per annum 3.75% 2.50% Rate of increase in salaries Rate of increases in pensions in payment lin line with CPI) Discount rate 5.8% 4.90% The assumed life expertations from retirement age 65 are.. Current pensioners 2025 20.9 years 24.1 years 2024 20.8 years 24.0 years Males Females Future pensioners 2025 2024 Males Females 21.8 years 24.8 years 21.7 years 24.7 years The assets and liabilitie5 in the scheme were.. 2025 £000'5 2024 £OIXl's Employer Assets Equities Bonds Property Cash Other 2,583 457 88 59 82 1,337 215 46 46 42 Total fair value of assets 3,269 1.686 46 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl 2025 2024 £00￿S £OOO's Present value of scheme liabilities Funded 12,1381 11,4681 Surplus in the scheme Ibefore adjustment) Asset ceiling adjustment 1,131 11,1311 218 12181 Deficit in scheme FRS102 states that "an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that is it able to recover the surplus either through reduced contributions in the future or through refund5 from the plan" After taking professional advice on the matter, it has been concluded that the correct accounting treatment is to apply an asset ceiling adjustment to bring the net position to nil. 47 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl The following amounts were measured in accordance with the requirements of FRS102.28.. 2025 2024 Analysis of the amount shown in the Statement of Flnanclal Posltlon £00￿5 £OOO's Scheme assets Scheme liabilities Asset ceiling adjustment 3,269 12,1381 11,1311 1,686 11,4681 12181 Surplus / Ideficitl in the scheme Analysis of the 3rn0unt charged to staff costs Current service cost Contribution by employer 15091 699 14621 565 Income and expenditure credit 190 103 Analysis of amount charged to interest and other finance ¢0stS Interest cost Expected return on assets 1891 116 1361 50 Income and expendlture credlt 27 14 Total income and expenditure credit 217 117 Analysis of other comprehensive income Remeasurement of assets Remeasurement of liabilities 104 592 78 20 Actuarial gain I Ilossl Change in a55et ceiling excluding interest 696 19131 98 12151 Total actuarial110$51 {217} 11171 48 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl 2025 2024 Movement in Trust's share of scheme deficit during the year £00￿5 £OOO's Surplus I Ideficitl as at l August Current service cost Employer contributions Other finance costs Actuarial1105sesl / gains 15091 699 27 12171 14621 565 14 11171 Gain I Ideficitl during the year 2025 £ooIYs 2024 £Ol)O's Reconciliation of liabilities Liabilities at the start of the year Current service cost Interest expense on defined benefit obligation Contributions by members Actuarial Igainsl Increase in liabilities from disposalslacquisitions Estimated benefits paid 1,468 509 89 360 15921 13 462 36 301 1201 699 1231 304 Llabllitles at end of year 2,138 1,468 2025 £OOWs 2024 £OOO's Reconciliation of assets Assets at the start of the year Interest on plan assets Return on assets Contribution by members Contributions by the employer Contributions by participants Artuarial gain / Ilossl Increase in assets from disposalslacquisitions Estimated benefits paid 1,686 116 104 16 50 45 699 360 565 301 33 699 1231 304 Assets at end of year 3,269 1,686 49 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 20 Pension Commitments Icontinuedl Sensitlvlty Analysis Change in assumptions at 31 July 2025 Approximate increase to employer liability Approximate monetsry amount £'ooo 0.1% decrease in Real Discount Rate l year increase in member life expectancv O.IYo increase in the salary increase rate 0.1% increase in the pension increase rate 3.2% 2.2% 0.8% 2.4% 68 47 17 51 Year ended 31 July 2025 £OOWs Year ended 31 July 2024 £OOO's Total pensions cost Contributions to TPS Contributions to LGPS Change5 to LGPS pension provisions 403 773 11901 92 512 11031 Total pension cost (note 61 986 501 Virgin Media Court Case - in June 2023, a High Court judgement in the case of Virgin Media vs NTL Pension Trustees11 Limited provided a ruling related to Section 37 of the Pension Scheme Act 1993 and changes to scheme rules. The judgement confirmed that without a valid "Section 37" confirmation from the Scheme Actuary any changes could be deemed as null and void. This judgement was upheld at appeal in July 2024. The judgement could have significant ramifications for contracted-out defined benefit pension schemes. No allowance has been made in respect of this within the financial statements as the period in scope predates the Charity participating in the Scheme and we would not expect any impact to arise from thi5 judgement. 50 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 21 Related party transactions The four Founding Multi Academy Trusts each have an appointed member and their chief executive off icers are trustees of the institute. During the year the following related party transactions were incurred: Income from Related Party Year ended 31 July 2025 £OOO's Expenditure Income from to Related Related partv Party Year ended 31 July 2024 £OOO's Expenditure to Related party £00￿$ 1791 120 1711 11,0171 £OOWs 16341 1531 11901 11,0391 Outwood Grange Academies Trust Star Academies Oasis Community Learning Harris Federation 14 16 11,0471 11,9161 Included within current year expenditure to Related Parties is £257k of salary recharges to Founding Multi Academy Trusts which is net against expenditure in the Statement of Comprehensive Income 12024 includes a reclassification of £193kl. The balance5 due to the Founding Multi Academy Trusts at the year end were.. 2025 £OOVs 2024 £OOO's 75 Outwood Grange Academies Trust Star Academies 26 Oasis Community Learning Harris Federation 66 ioi 822 1,484 916 1,660 51 School-Led Development Trust Notes to the Financial Statements Year ended 31 July 2025 21 Related party transactions Icontinuedl The balances due from the Founding Multi Academy Trusts at the year end were- 2025 £OOWs 12 2024 £OOO's Outwood Grange Academies Trust Star Academies 65 107 Oasis Community Learning Harris Federation 22 15 15 114 134 Included within balances due from Related Parties is £104k relating to salary recharges to Founding Multi Academy Trusts which is net against expenditure in the Statement of Comprehensive Income 12024: £134kl. 22 Liability of Member5 The company is limited by guarantee, all members having liability not exteeding £1 per member. As at 31 july 2024 there were 4 members12023- 41. 23 Analysis of change in Net Funds 2024 £OOO's 1,769 Cashflows £OOO's 1,371 2025 £OOO's 3,140 Cash and cash equivalents Total net cash 1,769 1,371 3,140 2023 £OOO's 5,096 Cashflows £OOO's 13,3271 2024 £000'5 1,769 Cash and cash equivalents Total net cash 5,096 13,3271 1,769 52 nable Issuer HW Fisher Document generated Mon, 15th Dec 2025 9.'13.'15 GMT Document finggrprint 4603c25df2570e1d9bd27463f21886ef Partles Involved wlth thls document Document processed Party + Flngerprlnt Mon, 15th Dec 2025 9'.57.'35 GMT Sir Daniel Moynihan s1gner13b91731fe458c￿el2a7ffCdad7354l8I Mon, 15th Dec 2025 10.49.38 GMT Carol Rudge - Signer Id47870ee664753b480ca3e3819f68aaal Mon, 15th Dec 2025 10'.49.'38 GMT Clair Taylor- Copied In15180a3c42e99a6a454443c1 cb185ef581 Mon, 15th Dec 2025 10.49.38 GMT Amrit Singh - Copied In146d0609a566739ca3056bOcOc7350e481 Audit history log Date Action Mon, 15th Dec 2025 9'.13.'15 GMT Envelope generated by Neal Gilmore1217.207.100.701 Document generated with fingerprint 4603c25df2570e1d9bd27463f21886ef Mon, 15th Dec 2025 9:13:15 GMT (217.207.100.701 Document generated with fingerprint Mon, 15th Dec 2025 9'.13..15 GMT 6258d96154eccffcd01390693d3210701217.207.100.70) Mon, 15th Dec 2025 9..19..45 GMT Document generated with fingerprint 5a6372a70c0b725fe6b29446￿d7s39l (217.207.100.701 Mon, 15th Dec 2025 9'.21.'36 GMT Sent the envelope to Sir Daniel Moynihan 1dan.moynihan@harrisfederation.org.ukl for signing {217.207.100.701 Mon, 15th Dec 2025 9'.21.'36 GMT Document emailed lo dan.moynihan@harrisfederation.org.uk Mon, 15th Dec 2025 9:56:29 GMT Sir Daniel Moynihan opened the document email.15.150.103.161 Mon, 15th Dec 2025 9'.56'.33 GMT Sir Daniel Moynihan viewed the envelope15.150.103.161 Mon, 15th Dec 2025 9:57..35 GMT Sir Daniel Moynihan signed the envelope15.150.103.161 Mon, 15th Dec 2025 9'.57.'35 GMT Sent the envelope to Carol Rudge 1crudge@hwfisher.co.ukl for signing 15.150.103.161 Mon, 15th Dec 2025 9'.57.'35 GMT Document emailed lo crudge@hwfisher.co.uk Mon, 15th Dec 2025 10..48.10 GMT Carol Rudge viewed the envelope189.150.28.981 Carol Rudge signed the envelope1185.105.75.1781 Mon, 15th Dec 2025 10'.49.'38 GMT Mon, 15th Dec 2025 10'.49.38 GMT Sent the envelope to Clair Taylor (c.taylor@niot.ory.ukl for signing 1185.105.75.1781 Mon, 15th Dec 2025 10'.49.'38 GMT Sent the envelope to Amrit Singh la.singh@niot.org.ukl for signing 1185.105.75.1781 Mon, 15th Dec 2025 10'.49.'38 GMT This envelope has been signed by all parties1185.105.75.1781 Signed document Confirmation emailed to dan.moynihan@harrisfederalion.org.uk1185.105.75.1781 Mon, 15th Dec 2025 10.49.38 GMT Mon, 15th Dec 2025 10.49.38 GMT Signed document confirmation emailed to crudge@hwfisher.co.uk 1185.105.75.1781 Mon, 15th Dec 2025 10.49.38 GMT Signed document confirmation emailed to c.taylor@niot.org.uk 1185.105.75.1781 Mon, 15th Dec 2025 10'.49.'38 GMT Signed document confirmation emailed to a.singh@niot.org.uk 1185.105.75.1781 Mon, 15th Dec 2025 10'.49.'38 GMT Signed document confirmation emails have been sent to all parties. Document URL". hllps'.Ilapi.signable.applshareablelenvelope?1-20f82b2740c44c98-bd6e-f 69716475aOe1185.105.75.1781 Document emailed lo a.singh@niol.org.uk Mon, 15th Dec 2025 10.'49:39 GMT Mon, 15th Dec 2025 10.49.41 GMT Document emailed lo c.laylor@niol.org.uk