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2025-07-31-accounts

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

Charity number: 275082

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

UNAUDITED

EXECUTIVE COMMITTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

CONTENTS

Page
Reference and Administrative Details of the Charity, its Executive Committee and 1
Advisers
Executive Committee's Report 2 - 8
Independent Examiner's Report 9 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 30

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS EXECUTIVE COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025

Executive Committee Stefanie Sullivan, Chair
Lisa Murtagh, Vice Chair
Kevin Mattinson, Treasurer (appointed 1 September 2024)
Roger Woods (resigned 31 August 2024)
Clare Ball Smith
Helen Yorke
Bryony Black
Andrew Clapham
Lizana Oberholzer
Jan Ashbridge (resigned 31 August 2024)
Sarah Stewart
Dr Martin Hagan (appointed 1 September 2024, resigned 31 August 2025)
Megan Stephenson (appointed 1 September 2024)
Jo Elliott (appointed 1 September 2024)
Claire Woods (appointed 1 September 2025)
Dr Kiether Parker (appointed 1 September 2024)
Lynn Senior (resigned 31 August 2024)
Charity registered
number
275082
Registered office
Salisbury House
Station Road
Cambridge
CB1 2LA
Executive director
Mr J Noble-Rogers
Accountants
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Cambridge
CB1 2LA
Bankers
Barclays Bank plc
PO Box 2
Cambridge
CB2 3PZ
Investment Manager
Quilter Cheviot
85 Queen Victoria Street
London
EC4V 4AB

Page 1

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2025

The Executive Committee present their annual report together with the audited financial statements of Universities Council for the Education of Teachers (UCET) (the charity) for the year ended 31 July 2025. The Council confirm that the Council's Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019).

OBJECTIVES AND ACTIVITIES

Policies and objectives

The object of UCET is to promote high standards in the education and professional development of teachers and other professional educators and to encourage educational enquiry and research. To this end it will:

The current UCET strategy was launched in September 2020.

The vision is:

All teachers are confident, competent and independent professionals able to draw upon and contextualise a shared base of professional knowledge built on high quality research.

The mission is:

To advocate for and support high quality teacher education by supporting our membership and working in professional collaborations with other organisations, drawing on relevant research and acting in accordance with the principles we believe should underpin effective teacher education.

UCET provides public benefit through the identification and promulgation of best practice in teacher education, by disseminating the findings of education research and by supporting universities involved in teacher education & education research. In the exercise of our powers to that end we have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.

The Executive Committee agreed that, because of the appointment of a new Executive Director in 2026, the strategy agreed in 2020 would be extended for a further year and be subject to review in 2026 instead of, as had been originally intended, 2025.

In setting objectives and planning for activities, the Executive Committee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

OBJECTIVES AND ACTIVITIES (CONTINUED)

Key objectives and strategies

UCET’s key objectives, and strategies for achieving those objectives, for the period of this report are to:

To achieve these priorities we will:

Activities undertaken to achieve objectives

Significant activities that contribute towards meeting the above objectives include:

Grant-making policies

Most years UCET has awarded Gordon Kirk travel scholarships currently worth up to £3,000 each to colleagues from member institutions who are new to teacher education to undertake internationally focussed education research. These are funded through a donation from the Hewett Driver Trust. The 2025 award winners were: Jennifer Milne from Dundee and Karan Vickers-Hulse from the University of the West of England.

Volunteers

All committee and forum members contribute their time (usually one meeting each term) free of charge. Committee and forum chairs, vice chairs and officers contribute increased amounts of time through, inter alia, attendance at formal policy and business meetings.

Page 3

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Progress of achievement against objectives is considered regularly by the Executive Committee and by the Management Forum. Full details can be found in the termly newsletters issued at the end of each term.

We assess success against the stated aims and objectives on an ongoing basis, taking account of (inter-alia): the results of inspections of teacher education carried out by regulatory bodies; monitoring of how the content of teacher education programmes are consistent with both regulatory requirements and the principles of effective teacher education outlined in the UCET Intellectual Base of Teacher Education (IBTE) report; tracking the extent of our engagement on behalf of the sector with government and other statutory agencies; keeping track of the events and advice we provide for member institutions; and receiving oral feedback at meetings from member institutions.

Investment policy and performance

UCET’s Investment Policy is to maximise income while maintaining the level of the investments. The Investment Manager appointed on behalf of UCET manages the portfolio in a way that, while having due consideration to risk, maximises returns.

FINANCIAL REVIEW

Reserves policy

It is the Council’s policy to maintain the unrestricted fund balance at a sufficient level to enable UCET to continue for a period of 12 months (1 years expenditure on average is £440,000, excluding the movement on the pension provision). The Council considers that the level of free reserves (unrestricted funds less fixed asset investments and provision for liabilities), currently £22,088 (2024: £70,620), is adequate as the majority of the general reserves are investments and can be realised per the investment policy if required.

Financial Review

The Statement of Financial Activities sets out the incoming and outgoing resources for the year and shows a net surplus of £115,411 (2024: surplus of £422,349) after investment gains and losses. The balance sheet summarises the financial position. At the year-end restricted funds were £28,404 (2024: £33,524) and unrestricted funds were £1,177,380 (2024: £1,056,849). The Council considers the state of the Charity’s affairs to be satisfactory.

Page 4

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Principal risks and uncertainties

The key risks facing the organisation and its membership are those resulting from changes to the development and implementation of teacher education policy, and are mitigated (in accordance with the strategic plan) by maintaining an open and constructive dialogue with policy makers and by continuing to provide a valuable service to member institutions. The situation is kept under constant review by employees and trustees, and formally considered at each meeting of the Executive Committee. A new approach to risk assessment will be developed in the context of a review of UCET’s strategy, governance and organisational structure.

The assessment of risk is embedded within, and permeates throughout, each of the agenda items discussed at meetings of the Executive Committee.

The ongoing financial sustainability of teacher education, in the context of HE funding generally, has also been identified as an emerging risk and will be kept under close scrutiny.

Future plans

UCET will continue to provide services in support of its member institutions and to represent their interests.

Principal funding

UCET’s principal source of funding is the annual subscriptions paid by member institutions. This is supplemented by income from publications and events such as conferences, seminars, discussion meetings and symposia. All funds received, from whatever source, are used to meet the objectives of the organisation through the provision of advice, the sharing of information, the hosting of events, attendance at events and meeting and communicating with key decision makers and influencers.

Page 5

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Universities Council for the Education of Teachers was formally constituted in the summer of 1967 by an amalgamation of the Conference of Institute Directors and the Conference of Heads of University Departments of Education. In September 1993 they came together with the Polytechnics Council for the Education of Teachers to form a new enlarged UCET. A revised Constitution was approved and adopted at the Annual General Meeting of the Council on 14 March 1996. This has enabled University sector Colleges to join UCET. Further revisions to the Constitution were approved in December 2006, December 2012, July 2014 and July 2023.

Methods of appointment or election of Executive Committee

Each teacher education institution which is a subscriber to the Universities Council for the Education of Teachers may nominate one member to the Council for a one year period.

The supreme decision-taking body in UCET is the Executive Committee, members of which will have the legal and other responsibilities of trustees of the organisation.

The Executive Committee consists of:

Co-opted members of the Executive are selected in the light of organisational priorities and an audit of the skills, experience and background of existing Executive Committee members. Other members of the Committee are elected by the constituencies described above.

Page 6

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Those who served on the Executive Committee (who are the Trustees of the Charity) during the year covered by this report were:

Stefanie Sullivan (Chair) Lisa Murtagh (Vice Chair) Kevin Mattinson, Treasurer (appointed 1 September 2024) Roger Woods (resigned 31 August 2024) Clare Ball Smith Helen Yorke Bryony Black Andrew Clapham Lizana Oberholzer Jan Ashbridge (resigned 31 August 2024) Sarah Stewart Dr Martin Hagan (appointed 1 September 2024, resigned 31 August 2025) Megan Stephenson (appointed 1 September 2024) Jo Elliott (appointed 1 September 2024) Dr Kiether Parker (appointed 1 September 2024) Lynn Senior (resigned 31 August 2024)

All key strategic decisions are taken by the Executive Committee in the light of advice from the Executive Director and other senior staff and, where relevant, the appropriate forum or committee. Operational and strategy implementation decisions are taken by the Executive Director in consultation with relevant colleagues and trustees.

Forums and committees during the year in question were:

Policies adopted for the induction and training of Executive Committee

Each member institution is entitled to one formal representative on each standing forum (other than USCET & Northern Ireland committee, which include representatives from member institutions in those countries only). The Chairs and Vice Chairs of each forum/committee are elected by forum/committee members. Member institutions supplying the Chair and Vice Chair of a forums and committees are entitled to an additional place on that forum or committee.

New trustees are sent a summary of their responsibilities by the Executive Director and briefed by them, along with the support of existing trustees.

Page 7

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Pay policy for key management personnel

Remuneration for all staff (including the Executive Director) is agreed by the Executive Committee based on advice from the Chair, Vice Chair and Treasurer. The Executive Director meets regularly with the Chair, Vice Chair and Chair of the Assembly to discuss progress made, and the Executive Committee receives regular reports on the activities of the Executive Director.

Key management is carried out by the Executive Director. In the 2024/25 year this remuneration was £130,722, including employer's costs (2024: £126,052).

Relationships with other organisations

UCET has working relations with a number of other voluntary sector organisations as and when required, notably the National Association of School Based Teacher Trainers (NASBTT), which performs a similar function to UCET for the school- based teacher training sector.

STATEMENT OF EXECUTIVE COMMITTEE'S RESPONSIBILITIES

The Executive Committee are responsible for preparing the Executive Committee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The Executive Committee are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. 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 irregularities.

Approved by order of the members of the board of Executive Committee and signed on their behalf by:

................................................ Stefanie Sullivan Chair Date: 11 March 2026

Page 8

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2025

Independent Examiner's Report to the Executive Committee of Universities Council for the Education of Teachers ('the charity')

I report to the charity Executive Committee on my examination of the accounts of the charity for the year ended 31 July 2025.

Responsibilities and Basis of Report

As the Executive Committee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 9

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

This report is made solely to the charity's Executive Committee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Executive Committee those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Executive Committee as a body, for my work or for this report.

Signed: Dated: 11 March 2026 Kelly Bretherick FCA

Peters Elworthy & Moore

Chartered Accountants, Salisbury House, Cambridge. CB1 2LA

Page 10

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

Note
INCOME FROM:
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
6
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE NET GAINS ON
INVESTMENTS
Net gains on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2025
£
487,909
33,898
521,807
436,938
436,938
84,869
35,662
120,531
1,056,849
120,531
1,177,380		 Restricted
funds
2025
£
-
-
-
5,668
5,668
(5,668)
548
(5,120)
33,524
(5,120)
28,404		 Total
funds
2025
£
487,909
33,898
521,807
442,606
442,606
79,201
36,210
115,411
1,090,373
115,411
1,205,784		 Total
funds
2024
£
554,240
29,373
583,613
263,941
263,941
319,672
102,677
422,349
668,024
422,349
1,090,373

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 30 form part of these financial statements.

Page 11

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

BALANCE SHEET AS AT 31 JULY 2025

Note
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
13
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 370,175
226,869
597,044
(542,732)		 2025
£
2,180
1,149,292
1,151,472
54,312
1,205,784
28,404
1,177,380
1,205,784		 388,399
273,010
661,409
(558,003)		 2024
£
738
986,229
986,967
103,406
1,090,373
33,524
1,056,849
1,090,373

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

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

Stefanie Sullivan

Chair Date: 11 March 2026

The notes on pages 14 to 30 form part of these financial statements.

Page 12

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
16
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interests from investments
Purchase of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
NET CASH USED IN INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
17		 2025
£
49,327
33,898
(2,512)
(130,244)
3,850
(95,008)
(45,681)
273,162
227,481		 2024
£
70,909
29,373
-
(225,517)
4,845
(191,299)
(120,390)
393,552
273,162

The notes on pages 14 to 30 form part of these financial statements

Page 13

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. GENERAL INFORMATION

Universities Council for the Education of Teachers is an unincorporated charity. The registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.

The principal activity of the Charity is to promote high standards in the education and professional development of teachers, other professional educators, and to encourage educational enquiry and research, with particular reference to topics which are the special concern of those engaged in higher education based teaching, and to disseminate the results of such enquiries and research.

A summary of accounting policies adopted is set out below.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Universities Council for the Education of Teachers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

The Trustees have reviewed the financial position of the charity and have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

2.3 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Executive Committee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 14

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.4 INCOME

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

Membership income is recognised in the period to which it relates, with subscriptions paid in advance being deferred.

Conference income is recognised when the event takes place.

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

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 EXPENDITURE

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Grants payable are charged in the year when the offer.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment - 33%

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 DEBTORS

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

2.9 CASH AT BANK AND IN HAND

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

2.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.11 FINANCIAL INSTRUMENTS

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

2.12 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.13 PENSIONS

The Charity participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Charity is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the Charity therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme.

Since the Charity has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102.

The Trustees are satisfied that Universities Superannuation Scheme meets the definition of a multiemployer scheme and have therefore recognised a provision for the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Calculating the provision requires the use of several estimates and judgements, such as future salary inflation, interest rates and increases in headcount.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2025
£
Membership income
416,322
Conference income
71,392
Other income
195
487,909		 Total
funds
2025
£
416,322
71,392
195
487,909		 Total
funds
2024
£
485,729
64,568
3,943
554,240

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. INVESTMENT INCOME

Unrestricted
funds
2025
£
Interest received
3,229
Investment income
30,669
TOTAL 2025
33,898		 Total
funds
2025
£
3,229
30,669
33,898		 Total
funds
2024
£
3,230
26,143
29,373

6. ANALYSIS OF EXPENDITURE

Promotion of high standards in
education
TOTAL 2024		 Activities
undertaken
directly
2025
£
361,009
249,412		 Grant
funding of
activities
(note 7)
2025
£
5,668
-		 Support
costs
2025
£
75,929
14,529		 Total
funds
2025
£
442,606
263,941		 Total
funds
2024
£
263,941

In 2025, of charitable activity expenditure, restricted costs were £4,854 (2024: £Nil) and unrestricted costs were £436,938 (2024: £263,941).

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

6. ANALYSIS OF EXPENDITURE (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Travel
Admin expenses
Subscriptions
Conference and meetings		 Total
funds
2025
£
256,822
7,714
20
963
95,490
361,009		 Total
funds
2024
£
146,806
8,077
-
862
93,667
249,412

ANALYSIS OF SUPPORT COSTS

Recruitment costs
Staff entertaining
Staff training
Telephone
Insurance
Stationery and printing
IT costs
Marketing
Bank charges
Sundry costs
Depreciation
Research
Accountancy fees - governance		 Total
funds
2025
£
14,400
152
1,999
1,949
2,115
847
12,941
3,996
91
141
1,071
15,083
21,144
75,929		 Total
funds
2024
£
-
-
-
2,278
1,685
1,779
6,714
-
3,428
209
952
(21,863)
19,347
14,529

In the comparative figures for 2024, research includes an adjustment of £25,000 to reverse an overaccrual of the same amount in the previous year.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. ANALYSIS OF GRANTS

Grants to Total Total
Institutions funds funds
2025 2025 2024
£ £ £
Scholarships Travel Fund 5,668 5,668 -

During the year the Charity made 2 grants to institutions, amounting to £4,000 (2024: 3 grants amounting to £3,000).

There was an adjustment for underaccrued grants from prior years of £1,668 (2024: £3,000 credit).

GRANTS PAYABLE TO INSTITUTIONS

The Charity has made the following grants to institutions during the year:

University of Worcester
University of the West of England
University College London
Wolverhampton University
Prior year adjustment
INDEPENDENT EXAMINER'S REMUNERATION
Fees payable to the charity's independent examiner in respect of:
Independent examination
Accountancy services		 2025
£
1,000
3,000
-
-
1,668
5,668
2025
£
9,570
11,574		 2024
£
1,000
-
1,000
1,000
(3,000)
-
2024
£
9,300
10,047

8. INDEPENDENT EXAMINER'S REMUNERATION

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

9. STAFF COSTS

Wages and salaries
Social security costs
Contributions to a multi-employer scheme
Movement on pension provision		 2025
£
213,625
16,766
26,431
-
256,822		 2024
£
236,413
21,320
35,157
(146,084)
146,806

The average number of persons employed by the charity during the year was as follows:

2025 2024
No. No.
Employees 4 5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £90,001 - £100,000 1 1

The above numbers do not include the Trustees who are not permitted to receive remuneration for their duties.

During the year, no Trustee received any remuneration or any benefits in kind. No Council members received reimbursement of expenses made on the Charity's behalf in the year (2024: None).

The key management personnel of the Charity comprise the Trustees and Executive Director. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind (2024: £Nil). The total employment benefits of key management personnel was £127,352, including employer's costs (2024: £126,052).

During the year, £217 was reimbursed to two Trustees (2024: £292 to two Trustees) for travel expenses incurred on behalf of the Charity.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

10. TANGIBLE FIXED ASSETS

COST
At 1 August 2024
Additions
At 31 July 2025
DEPRECIATION
At 1 August 2024
Charge for the year
At 31 July 2025
NET BOOK VALUE
At 31 July 2025
At 31 July 2024		 Computer
equipment
£
3,788
2,512
6,300
3,050
1,070
4,120
2,180
738

Page 23

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 August 2024
Additions
Disposals
Revaluations
Cash movement
AT 31 JULY 2025		 Listed
investments
£
986,077
130,244
(3,743)
36,102
-
1,148,680		 Cash
£
152
-
-
-
460
612		 Total
£
986,229
130,244
(3,743)
36,102
460
1,149,292

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Charity manages these investment risks by operating a policy that provides a high degree of diversification of holdings and invests in assets that are quoted on recognised stock exchanges. The portfolio includes a number of common investment funds in order to protect exposure to volatility in the markets. The Charity also seeks lower risk investments wherever possible balanced against achieving a realistic rate of return.

The Charity does not make use of derivatives or similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular year period will normally be corrected.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income
DEFERRED INCOME
Deferred income at 1 August 2024
Resources deferred during the year
Amounts released from previous periods
AT 31 JULY 2025		 2025
£
292,758
77,417
370,175
2025
£
57,336
485,396
542,732
2025
£
475,350
460,838
(475,350)
460,838		 2024
£
309,622
78,777
388,399
2024
£
56,281
501,722
558,003
2024
£
502,395
475,350
(502,395)
475,350

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred income relates to 2024/25 annual subscriptions of £443,470 (2024: £453,996) and income in advance for the 2025 annual conference of £17,368 (2024: £21,354).

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
August 2024
£
UNRESTRICTED FUNDS
General Funds
1,056,849
RESTRICTED FUNDS
Hewett Driver Travel Fund
33,524
TOTAL OF FUNDS
1,090,373
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 August
2023
£
UNRESTRICTED FUNDS
General Funds
636,439
RESTRICTED FUNDS
Hewett Driver Travel Fund
31,585
TOTAL OF FUNDS
668,024
Purpose of Funds		 Income
£
521,807
-
521,807
Income
£
583,613
-
583,613		 Expenditure
£
(436,938)
(5,668)
(442,606)
Expenditure
£
(263,941)
-
(263,941)		 Gains/
(Losses)
£
Balance at
31 July 2025
£
35,662
1,177,380
548
28,404
36,210
1,205,784
Gains/
(Losses)
£
Balance at
31 July
2024
£
100,738
1,056,849
1,939
33,524
102,677
1,090,373		 Gains/
(Losses)
£
Balance at
31 July 2025
£
35,662
1,177,380
548
28,404
36,210
1,205,784
Gains/
(Losses)
£
Balance at
31 July
2024
£
100,738
1,056,849
1,939
33,524
102,677
1,090,373
28,404
1,205,784
Balance at
31 July
2024
£
1,056,849
UNRESTRICTED FUNDS
General Funds
RESTRICTED FUNDS
Hewett Driver Travel Fund
TOTAL OF FUNDS
Purpose of Funds
33,524
1,090,373

General Fund - Unrestricted funds available to support the Charity.

Hewett Driver Travel Fund - UCET has awarded travel scholarships worth up to £3,000 each to colleagues from member institutions who are new to teacher education to undertake research in other countries.

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2025
£
Tangible fixed assets
2,180
Fixed asset investments
1,135,796
Current assets
579,136
Creditors due within one year
(539,732)
TOTAL
1,177,380		 Restricted
funds
2025
£
-
13,496
17,908
(3,000)
28,404		 Total
funds
2025
£
2,180
1,149,292
597,044
(542,732)
1,205,784

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2024
£
738
969,926
642,188
(556,003)
1,056,849		 Restricted
funds
2024
£
-
16,303
19,221
(2,000)
33,524		 Total
funds
2024
£
738
986,229
661,409
(558,003)
1,090,373

Page 27

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 16. ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Losses on investments
Dividends and interests from investments
Decrease/(increase) in debtors
Decrease in creditors
Pension scheme movement
NET CASH PROVIDED BY OPERATING ACTIVITIES
17.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Cash held with investments
TOTAL CASH AND CASH EQUIVALENTS		 2025
£
115,411
1,070
(36,209)
(33,898)
23,124
(15,271)
-
54,227
2025
£
226,869
612
227,481		 2024
£
422,349
952
(102,677)
(29,373)
(24,470)
(53,055)
(142,817)
70,909
2024
£
273,010
152
273,162

18. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1 August
2024
£
273,010
273,010		 Cash flows
£
(46,141)
(46,141)		 At 31 July
2025
£
226,869
226,869

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Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. PENSION COMMITMENTS

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.

Price inflation - Consumer Price Index (CPI)

3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations).

RPI/CPI Assumption

Term dependent rates in line with the difference between Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.

Discount rate (forward rates)

Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a Post-retirement: 0.9% p.a.

Pension increases (all subject to a floor of 0%)

Benefits with no cap: CPI assumptions plus 3bps

Benefits subject to a 'soft cap' of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumptions minus 3bps.

Page 29

Docusign Envelope ID: 42D5665E-3433-451C-AD11-AAB5C433B677

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. PENSION COMMITMENTS (CONTINUED)

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 valuation

Mortality base table: 101% of S2PMA ‘light’ for males and 95% of S3PFA for females.

Future improvements to mortality: CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

The current life expectancies on retirement at age 65 are:

2025 2024 Males currently aged 65 (years) 23.8 23.7 Females currently aged 65 (years) 25.5 25.5 Males currently aged 45 (years) 25.7 25.4 Females currently aged 45 (years) 27.2 27.2

20. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2024 - None).

Page 30