THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS, GENERAL CHARITABLE TRUST FUND Flnanclal Statements For the year ended 31 December 2025 Charity Registration no.. 257750 Tho Chartered In$tituto of Management Accountants. General Charitable Trust Fund Trusteos, ro8ponsibilitles statement For tho year endod 31 December 2025 Structure, Governance and Management Legal status The Chartered Inslltule of Management Accovntanls, General Ch8ritaiAe Trust Fvnd {GCTI is a Charity registered in England & Wales. The aclivilies of the GCT are g)vemed by its Irusl deed. The Trustees are listed on page 4. Dlssolution of the Trust In May 2023 the Trustees resolved that the Trust be managed toward5 dlssolth'on. The Trustees have that the Tnjsl will not accept any new donations into the Funé. A strategy is being formulated on ulilisalion of the existing Funds in aC￿dance with the objects of the Trust. The dis801ulion is not exp8Cted within the next twelve monlhs. The GCT ￿11 conllnue operations while il has funds In reseNes. Trust has adequate funds lo meet ils Gontracted comfflllmenls wlthin the next tsvelve monlhs and therefore the Trustees conlifw lo adopt the golng ooncem basi5 of accountlng in preparing the financial statements. Appointment of Trustees A Deed of Variation was approved on 30 July 2010 which provldes that the power lo appolnt new Trustees is vestéd in the existing Trustees. Trustees seNe for a period of three years after whlch they May be eligible for re- appointment for one or more further periods of not more than three years from the dale of re-appoinlm8nl. Trustees Can setye a maximum of four terms. Following the decision lo dissolve the Trust there was a decision lo reduc8 the number of Trustees lo three. The current Trustees are.. Paul Ash, Past Presidenl of CIMA, a former AICPA-CIMA Board Chair, and currently CEO of B88all Global Limited, has extensive intemational experb'se in flnance, commerca, strategy, arKJ leadership. Ivan Court. who has held a wide range of ffinanclal and ￿Mm￿rcIal roles In the private and publ1¢ sector, includlng the NHS. Nicholas Jes3ell, who has held 8enKJr finance and operational roles across aerospace, financial Services and education sector, and is an experSenced Board member and Chalr. The Try￿le88 mel four Ilmes lo d8cide what grants they wlshed lo make out of the fund9 av811able, In a¢¢ordance wth the grant making pollcy. New Trustees are given a briefing on the work of the Trust by th6 Chair are wovlded with an inductlon pack which includes mlnules of the previous Trustees meellngs, the la51 sel of financial slalemenls and the Trust Deed, together with other Snformalion regarding the admlnl$trafjon of the Trust. For all Trustees ongoing training needs are identified on an ad-ho¢ basis. Rlsk management statement The Trustees have reviewed the risks lo which the GCT is exposed and conslder them to be adequately managed given the current economic climate. The Trustees are keeplng the risk reglster under review and will be reviewlng the risk entries in conjunction with the development of a strategy for the dissolution of the Trust. Objectlves and Actlvities The objectives of the GCT are the advancement of educallon In the subjects of accounting, management ounling, electronic data processing, costing, audlting, taxation, applied economics. finance and other related subjects of an educational nature, The Trustees conflrm that they have referred to the guidance contained in The Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in plannSng future activities and setting the grant making policy for the year. The Chartered Institute of Management Accountants, Goneral Charitablo Trust Fund Trustees, responsibilities statement For the year ended 31 December 2025 The Trust carries out these objectives by funding research during the year In the areas of ac¢ountlng and management accounting. The Trustees seek wrillen confirmation on all Projects to ensure that funds are only applied in accordance with the 18rms of the GCT. If expendrture is likely lo exceed the aulhorised amount, the Trustees investigate and lake appropriate action. The Trustees review performance of the activitles that the Trust fvnds at each Trustees, meeting. primarily through qualilalive feedback provided by The Chartered Institute of Management Ac¢ounlanls' Research & Oevelopmenl team who manage the portfolio of activity on the Trust's behalf. Although no formal measures or targets are sel for the activities of the Trust funds, feedback from stakeholdersls con$ldered by the Trustees and used to inform future funding deciglons. Grant maklng policy The funds available are used lo meet requests for grants In ￿cOr￿ar￿e with the Object￿88 of the GCT. The Twgtees review grant applications and decide those that they wsh lo authorise on the basis that they sab'sfy the ¢haritable objecllves of the Trust. Achievements and Performance In accordance wllh the grant making policy, In 2024 the GCT approved fundlng and in 2025 a contractual commitment commen¢ed for new research prolec15 as follows.. R562 Climate Resilience In UK firms.. Addr853ing Emerging Rlsk Imperatlve5 (Roehamplon Univèrsity, England) R565 Improvlng management accounting task performance uslng ChatGPT. Iunlverslly of Essex, Englandl R566 The rd8 of management accountsnl in operationalislng gustainabillty slralegy,. lessons from a UK Higher Education Inslilvle Isheffield Hallam University, Engl8nd} R568 Embraclng neurodiversily.. how 1$ social stigma transformed Into an organi5alional asset Ihrou9h managoment accounting and Control? {Universlly of Groningen, Nethedand81 Four projects were approved in 2025 with conlraclual commitments commencing a8 follows.. R569 The Chief Financlal Offic8r and Departmental Characteristics, Budgetary Use, and Perfom18nce {University of Sao Paulo, Brazill R570 From Small lo Suslalnable.. Suslainabilily Reporting Cha118nges and Management Accounting Solullons for SMES In Mexico and Colombia Ilnstilulo Te¢nolOgico y de Esludios Superiores de Mont6rrèy, MexScol R571 The"Growth mindset. and buslness-oriented rdes of management accountants Imonash University, Au51ralial R572 Performance Evaluation for Al-Hum8n Co-creallon (Tulane Universlty,Unlled Slates) In addrtion, several research projects approved in p￿Vi￿S yeafs have been com￿eted and publish￿. The progress of all open projects is kept under constant review. A rewrt is produced as an output of each research project and is disseminated on behalf of the GCT by all, or some of, The Chartered InstibJt8 of Management Accounlanls {CIMA), the American Institute of Certlfied Public A¢counlanls IAICPAI, the Association of Inlernats'onal Certrfied Professional Accounlanls (ASsoC￿lI0n> and the research teams themselves. Research results are used in conferen￿5 around the world, and reports are publlshed through several channels. These channels ir￿ude hard-copy rep)rts, orFline reports, articles in a wide variety of academic and wde5sional journals, inleinational professional and academic conferences, and through public relations events. The research was also translated into a range of practrtioner-frtused outputs, The Chartered Instituto of Managemènt Accountsnts, General Charitable Trust Fund Trustees, responsibilities statement For the year ended 31 Docomber 2025 induding podcasts, FM magazine artlcles. CIMA Insights tAog5, and ple￿ for the Journal of Accountancy. whlle additional external-relalions plattomis - such as webinars delThiere(I through the Global Academic Network - were leveraged lo broaden its reach. No charge is made for the OLrtpul of the research. and executive summary reptyts are publidy available on4ine from the Association websil The Trustees consmler that the achievements of the Gcfs research funding programme are as follows.. The enhancement of the kno￿edge of the value of management accounting in the business and W￿er public arena. The development of the techniques of management accounting through the funding of research partnerships with academic inslilulions around the world. This also helps lo maintain the Important bridge be￿een practitioners of management accounting and the academic community. Through the funding of Iow-cost seed corn research initiatives.. provide th8 OPPOrtunily lo test research Snitlallves before larger-$¢ale prolects are undertaken. and support early career researchers on small prolects, enabling them to play an Important role In the development of management accounting knowledge, whilst also enhanGing their res8ar¢h competence. The Trustees conslder Ihal the continuirwJ Investment In a rang8 of prolects wlll play an imFrf)rtanl part In the further development of man￿ement a¢¢ounling for practlloners, in iM)th the publlc and prwate sectors. Financial Revlew The GCT did not receive funding in 2025 or 2024 in accordance wllh ils declsion to manage towards dissolution. The GCT did receive donation of staff services and facilities in the amount of £112k from CIMA and the Assoclallon 12024.. £105k} The GCT expendllure for the year was £221k which included eight new prolecls wllh a lotsl value of £104k. Th18 amounted lo an averag8 C05t per project of £13k. In 2024 there were ten new prole¢ts with a lotal value of £115k which averagad £11.5k per project. There w8re nine reports published 2025 and eight published in 2024. An addillonal three reports are expected lo be published In the flrst quarter of 2026. Cash decreased by £127k in 2025 and wll continue lo decrease as the fund is being managed towards dissolution. Llablllties have decreased by £23k year over year. This18 drlven by elghl new projects in the arnounl of £104k being signed, [￿Se1 by £119k in payments on current propcls and £8k in unus8d funds from finished projects being written back in the current year. Reserves pollcy As the Tru31 is moving towards dissolution there are no long term plan5 and the reserves are being used lo fund projects approved by the GCT for funéing. The Trustees regularly review the amount of funds il holds to ensure it an meet ils obligations lo fund projects il approve5. The value of reserves held by the GCT at the end of 2025 was £145k {£249k in 20241. Plans for future periods The GCT intends lo continue lo provlde fundlng for projects which advance education in the accounting, finanGe and economic arenas. in line ￿th The Charity's objeelives, until il reaches the point of dissolution. The Chartered Institute of Management Accountants, General Charitable Trust Fund Trustees, responsibillties statoment For the year ènded 31 Decembar 2025 Referance and Administrative Information Trustees The following heid office as Trustees during the year- Bankers Barclays Bank plc London Corporate Banking 1 Churchill Place London E14 5HP Paul Ash Ivan Court Nicholas Jessett Secretary Baljeel Basra Audltor Saffery LLP Weslpolnl Peterborough Busin8ss Park Lynch Wood Pèterborough PE2 6FZ Prlnclpal addre65 8th Floor 30 Crown Place London EC2A 4EB Rogistered Charlty Numbar 257750 Approved by the Trustees on 14 May 2026 Paul Ash Chalr The Chartered Institute of Managem•nt Accountants, General Charitable Trust Fund Trustees, responsibilitios statement For tho year ondod 31 Decembor 2025 The Trustees are responsible for p￿ParIng the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Acceptèd Ac¢C￿ntIng Practice). The law applicable lo charilles In England & Wales requlres the Tru51ees to pr8pare flnanclal statements for each financial year which give a tfue and fair view of the stale of affairs of The Charty and of the incoming resources and applicalK)n of resource8 of The Charity for Ihal perlod. In preparing these financial $tstemenl$, the Trustees are required to.. Select gultsble a¢¢ounling policies and then apply them consislanlly,. observe the methods and principles in the Charities SORP IFRS102)', make judgements and estimates Ihal are reasonable and prudent., stale whether applicable accounting standards have been followed. gublect to any material departures disdosed and explained In Ihe financial statements,. and prepare the flnancial statements on the going concern basis unless it Is inapproFYiale lo presume that The Charlty will continue in business. The Trust865 are responsible for keeplng proper accounting records that disclose with reasonable accuracy al any time the financial position of The Charity and enable them lo ensure that the financial statements comply with the Charllles A¢1 2011, appllcable accounting regulations. They are also responsible for safeguarding the assets of The Charity and hence for taking reasonable steps for the prevention and detection of fraud and other Ir￿gularItIeS. The Chartered Institute of Management Accountants, General Charltablo Trust Fund Independent auditors, report to the Trustses of The Chartered Institute of Managem8nt Accountants, General Charitable Trust Fund Oplnlon We have audited the financial statements of The Chartered Institute of Management Accounlanls, General Charitable Trust Fund for the year ended 31 December 2025 which comprise the Statement of Financial Aclivilie$, the Statement of Financlal Posllion, and notes lo the finan¢ial slalements, including signrficanl accounting policie$. 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 Practical. In our opSnlon the finanGial 5tat8ments'. give a true and fair view of the slate of the charity's affairs as at 31 December 2025 and of ils Incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Klngdom Generally Accepted Accounling PraGlice', and have been prepared in a¢¢ordance with the requirements of the Ch8rfties Act 2011. Ba•1• for oplnlon We ¢ondu¢led our audll in accordance with Inlemallonal Standards on Audlllng IUKI IISA8 (UK)) and appllcable law. Our re8ponsibililies under those slanéards are further described In the Auditor's respon5ibllltles for the audlt of the financial Slalernenls section of our report. We are independent of the charity in accordance with the ethical requirements that are felevanl lo our audlt of the financlal statements In the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responslbilllle5 in ac¢ordance with these requirements. We bellev8 that the audlt evidence we have obtained Is Sufficient and approprlale to provide a basls for our opinlon. Conclu8lon8 rolatlng to golng ¢on¢•m In audlllng the financlal statements, we have concluded that the Trustees, use of the golng con¢em basis of accountlng In the preparation of the financi81 statements is appropriate. 8a$ed on the work we havé perfofmed. we h8ve not idenlmled any material uncertainties relating lo events or ¢ondSllons that, Indbvldually or collectively, may cast signiflcanl doubl on the charlly's ablllly lo continue as a golng Concern for a period of al least ￿e1ve months from when the flnancial statements are aulhorised for issue. Our responsibllitles and the r88ponslbililies of the Trustees wllh respect to golng concern are described in the relevant sections of Ihls report. Oth•r Informatlon The other informallon comprises the irnformation induded in the annual report, olhar than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial slalèmenls does not cover thè other information and. except to the extent othemse explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read Ihe other information and, In doing so, consider whether the other infomialion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we idenlfy such material incon51slencies or apparenl material misstatements, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements Ihemsdve5. If. based on the work we have performed, we conclude that there is a malerlal misslatemenl of this other informats'on,- we are required to feport that fact. We have nolhing to report In this regard. Tho Chartored Institute of Management Accountants, Goneral Charitablg Trust Fund Independent auditors, report to the Trustees of Tho Chartered Instltute of Management A¢¢ountants' General Charitablo Trust Fund Matterg on which wo aro required lo roport by exceptlon We have nothing lo report in respect of the following matters in relat￿n to which the Charities {Accounts and Report81 Regulations 2008 require us to report lo you if, in our opinion.. the information glven in the Trustees. Annual Report Is Inconsislanl In any matèrial re$￿ct with the financial slatemenls,. or the charity has not kept sufficient accounting records., or the financial statements are not In agreement wllh the a¢¢ounting records and returns.. or we have not received all the Information and explanations we require for our audit. Re3pon¥lbllltles of Trustees As explalned more fully in the Trustees, Responsibilities Statement set out on page 5. th8 Trustees ar& responslble for the preparation of the financial statements and for b8ing satisfied that they give a true and falr view, and for such intern81 control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material mSsstatemenl, whelhef due lo fraud or error. In preparlng the financial stalemenls, the Trustee8 are responsSble for assesslng the ¢harlty'8 ability to ¢onllnue as a going concern, disclosing, as applicable, matters related lo going concern and using the golng concern basis of accounting unless the Tnjstees elther Intend lo Ilquidate the charity or lo cease operations. or have no re8ll$tic alternallve bul lo do so. Audltorn. ro8ponslbllltle• for the audlt of the flnanclal stat•mont8 We have been appolnled a8 auditor8 under the Charities Act 2011 and Trport In 8¢¢ordan¢e wtth ￿gulatIOnS made under that Act. Our objectlves are to obtaln rea80nable a88urance about whether the financlal statement$ as a whole are free from malerfal ml8slalemenl, whether due lo fraud or emr. and lo issue an auditors, report that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance. bul 18 not a guarantee that an audll conduGled In a¢¢ordance wllh ISA8 {UKI wlll alway8 detect a material misstalement when it exlst5. M1551alemenls can arlse from fraud or error and are considered material If. Indivldually or In the aggregate, they could reasonably be expected lo influence the economic decI81ons of users taken on the ba818 of these financlal slatemenl¥. Irregularilles, Includlng fraud, are Insl8nc88 of non-compliance wllh laws and regulallons. We design procedures in Ilne with our responsibllllies, outlined above, lo delecl material misslatemenls in re3pecl of irregularities, Including fraud. The specrfie procedures for this engagement and the extent to whlch thes8 are capable of delectlng Irregularltles. [r￿lUdIng fraud are detailed below. Identfying and assessing risks related lo irregularities= We assessed the susceptibility of the charity's flnancial 5talemenls lo material misslalement and how fraud might occur, induding through discusslons with the Trustees. discussions within our audit team plannlng meellng, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible in¢entives ané opportunities for fraudulent manipulation of the financial slatemenls. We idenlrfied laws and regulations that are of significance in the context of the charity by discussions with Tnjslees and updatSng our understanding of the sector In which the charlty operates. Laws and regulations of direct significance in the context of the charity Include the Charities Act 2011. the Charltles {Ac¢ounts and Reports) R￿latIonS 2008 and guidance issued by the Charity Commission for England and Wales. The Chartered Instltulo of Management Accountants. Genoral Charitable Trust Fund Independent auditors, report to tho Trusteos of The Chartered Institute of Management Accountants. General Charltable Trust Fund Audit response to risks identsfied.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, mlnules of meetings and Corresponden￿ with relevant authorities 10 identify potential material misslalements arislng. We discussed the charity's pdScies and procedure5 for Complian￿ with laws and regulations with members of management responsible for Compliance. During the plannlng meeting with the audlt leaffl, th8 engagement partner drew attention lo the key areas which might involve non