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← The Universities And Colleges Admissions Service

2025-07-31-accounts

REPORT OF DIRECTORS AND CONSOLIDATED ACCOUNTS For the year ended 31 July 2025

Registered company number: 2839815

Registered charity number in England and Wales: 1024741 Charity registered in Scotland: SC038598

CONTENTS

CONTENTS
Introduction from the UCAS Chair 3
Introduction from the UCAS Chief Executive 4
Report of the Directors(including the Group strategic report) 6
Independent Auditors’ report 34
Consolidated and charity statements of financial activities 38
Consolidated and charity statements of financial position 40
Consolidated and charity statement of cash flows 42
Notes to the Financial Accounts 44
Legal and Administrative Information 76

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INTRODUCTION FROm ThE UCAS ChAIR

I am pleased to provide a foreword for this set of financial statements for the Universities and Colleges Admissions Service for the year ended 31 July 2025.

As the rest of this report sets out, this was another year of successful delivery. Confirmation and Clearing went smoothly and UCAS introduced a number of initiatives to improve the in-year support we provide to students and higher education institutions. These achievements led to improved customer satisfaction scores for providers and advisers while maintaining a strong applicant satisfaction score. The accounts also show that UCAS has the financial resilience to invest to further improve our services.

opportunity throughout my career in business, higher education and the charity sector.

On behalf of the Board, I would like to thank the Executive team and all UCAS colleagues for their hard work over the past year, and to extend my thanks to the outgoing interim Chair Professor Edward Peck CBE for his leadership and service to UCAS.

Looking ahead, UCAS’ new strategy, combined with our strong current performance and capabilities, sets the organisation on a strong footing for the future. I look forward to working with the UCAS Board of Trustees, Dr Saxton and the Executive team, to deliver on our vision, and thus meet the expectations of all our stakeholders.

The UK’s higher education sector faces several pressing challenges in the immediate term, and a range of potential threats and opportunities in the longer term. I am therefore honoured to step into the role of chair at such a pivotal moment.

UCAS’ new strategy - its Next Chapter - is geared to supporting students and HE institutions through these challenges, by continuing to increase the value UCAS offers to the sector as the UK’s shared admissions service, and by placing a commitment to increasing participation and student success at its heart. This latter focus was a key motivator for me in becoming UCAS Chair, having seen the life-changing impact of

Edward Astle, Chair

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INTRODUCTION FROm ThE UCAS ChIEF ExECUTIvE

This report reflects my second year as UCAS’ Chief Executive, and crucially, the first whereby disadvantaged applicants have benefited from UCAS’ waiver scheme from paying to apply to Higher Education (HE). As this annual report and its associated accounts demonstrate, the UK’s world class HE offer remains a popular choice for school and college leavers across the four nations and for international applicants alike.

At the heart of UCAS’ new strategy – its Next Chapter – are the core priorities of supporting the sector in increasing participation and student success, and delivering increasing value as the nation’s shared admissions service. As UCAS embarks on its next chapter, with a new Chair of Trustees in Edward Astle, and in the context of both demographic shifts and increasing geopolitical instability, understanding patterns of demand for higher education in both the immediate and longer term will remain critical. In 2025 universities and colleges have responded to the record levels of demand from UK 18-year-old students by accommodating more undergraduate students than ever before.

Nevertheless each year, hundreds of thousands of those people who register with UCAS.com do not go on to submit an application, or secure a higher education place. Over the coming months and years, UCAS’ new strategy will provide a framework for investments

both to evolve our core services, and to deliver new enhancements. These will be focused on ensuring that all who benefit from the life-changing opportunities offered by the UK’s HE sector have the information, advice and guidance, as well as the tools, they need to apply.

Since I joined UCAS the challenging financial climate faced by the HE sector has been well documented. In light of this, my commitment to increasing the value offered to UCAS’ provider beneficiaries remains a central principle of our approach. No less daunting are the financial challenges faced by many students during their studies, dealing with the rising cost of living amidst an increasingly difficult labour market. As set out in last year’s annual report, the Trustees of UCAS agreed to waive the application fee for any candidate across the UK who has been in receipt of Free School Meals (FSM) and equivalent policies across the four nations over the past six years of education. This has been funded via the gift-aided profits of UCAS’ trading subsidiary.

In the 2025 cycle alone, this waiver has benefited almost 40,000 students across the UK, with almost three fifths of eligible students saying the waiver had made them more likely to apply for higher education. On Level 3 Results Day, I, and other UCAS colleagues, had the opportunity to meet several of these students, ready to begin the next stage of their educational and career journeys, despite the barriers they had faced.

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The FSM fee waiver represents just one element of UCAS’ efforts to support universities, colleges, schools and the wider sector to widen participation in higher education, helping to break down these barriers both real and perceived, where it is within our remit to do so. UCAS will ensure this waiver grows as the entitlement to this key measure of disadvantage expands across the UK, and we intend to expand the remit of the waiver even further, to include care-experienced students, as we continue to play our part in breaking down barriers to participation.

and support as interim Chair of the UCAS Board. During the year a number of long-standing Trustees also left the Board, and I am particularly grateful for the commitment, expertise, and spirit of collaboration they offered to me as the new Chief Executive, but also to UCAS over many years. Their presence on the Board will be much missed.

This ‘Next Chapter’ is a truly exciting one – one that sees UCAS unapologetically place increasing participation in undergraduate study at the heart of what we do.

A notable service improvement this year has been the provision of select Scottish Higher results through to institutions along with our wider Level 3 transfer offer. I have heard first hand the difference this has made to applicants in Scotland and the administrative time saved for admissions teams; we are grateful to SQA for supporting this key initiative.

A summary of UCAS’ year cannot end without an expression of my deep appreciation to the service of UCAS colleagues, whose tremendous efforts enable us to serve our beneficiaries and bring our strategy to life. I would also like to take the opportunity to thank Dr Jo Saxton CBE, Professor Edward Peck CBE for exceptional service Chief Executive. Serve the four nations UCAS’ DNA UCAS hAS two intertwined And – inSepArAble Core AmbitionS Be institution and route thiS doUble helix formS UCAS’ dnA agnostic And iS CentrAl to oUr StrAtegy: Champion the student Support the sector in increasing participation and student success Drive value and efficiency Deliver increasing value as the UK’s shared admissions service Everything UCAS does will aim to support Support these ambitions, and we’ll be steered by fairness and our principles. transparency = . S 5

REPORT OF ThE DIRECTORS For the year ended 31 July 2025

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The Directors of The Universities and Colleges Admissions Service, also known as UCAS (the ‘Charity’), are Trustees of the Charity, and are also responsible for the financial and organisational control and management of UCAS.

The Directors present their report for the year ended 31 July 2025. This report is deemed to encompass all matters which are required to be included in both the Strategic and Directors’ Reports of the Charity and Group.

Governance, organisational structure, and management

UCAS was incorporated on 27 July 1993. It is a private company limited by guarantee, without share capital. It is registered as a company in England (number 2839815), as a charity in England and Wales (number 1024741), and as a cross-border charity in Scotland (number SC038598). Its governing document is the Articles of Association (the ‘Articles’). UCAS is also a registered trademark.

UCAS is governed by a Board of thirteen Directors (the ‘Board’) supported by one co-opted member from time to time, which usually meets four times a year to discharge its duties. It delegates to UCAS’ Executive team such powers as are necessary for the day-to-day management of the Charity. The Board adopts the Charity Governance Code.

The Board is supported by four subcommittees (the Finance, Audit and Risk, People and Remuneration, and Nominations Committees). They meet regularly to carry out responsibilities delegated by the Board. A list of Trustees who served in 2024/25 together with other statutory information is given on page 77 and forms part of this report.

The Board also receives advice from the UCAS Council, an advisory body currently comprising up to 35 members who represent UCAS’ beneficiaries and key stakeholders. The principal role of the UCAS Council is to advise and inform the Board of Directors on issues relating to the admissions process as perceived by Members and other stakeholders. Following a recent review of the Council, UCAS has deepened the admissions expertise within the group and ensured representation from the diverse range of institutions and practices across the higher education sector.

Other Directors’ report disclosures

Disclosures required by the Companies Act 2006 to be included in the Directors’ Report about engagement with employees, suppliers, customers and other stakeholders, and energy and carbon reporting have been included below in the Strategic Report section of this report.

Directors’ recruitment, appointment, and training

UCAS’ Articles determine the constitution of the Board and appointment of Directors.

All Directors and co-opted Committee members are independently selected, and formally appointed on merit for an initial fixed term of up to four years. This is based on their specific skills, experience, and expertise, against objective criteria. With due regard for the benefits of diversity on the Boards and Committees, UCAS’ recruitment processes are formal, rigorous, transparent, proportionate, and appropriate to each vacancy. This enables the widest choice of candidates to be considered.

All new Board and Committee members receive an induction pack of essential governance (including managing conflicts), and UCAS documents. They are also invited to attend formal induction sessions, covering UCAS’ operations. This includes meeting members of the Executive team. Thereafter, they receive updates which can include legal and regulatory developments, Charity Commission, and other relevant guidance. Board and Committee members are given the opportunity to have ongoing learning and development, as well as visits to the Rosehill site to expand their knowledge of UCAS’ operational developments.

UCAS regularly conducts a skills gap analysis, to inform succession planning, and enable specific training needs to be identified.

UCAS also conducts annual Board effectiveness reviews, which enable the Board to regularly consider its effectiveness, and that of its subsidiaries and Committees. The review was paused in 2024/25 due to the transition with the UCAS Chair and it will recommence in 2025/26.

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Subsidiaries

UCAS owns 100 per cent of the share capital of its subsidiaries, UCAS Media Limited, and UCAS Consultancy and Insights Limited. UCAS Media Limited is used for non-primary purpose trading activities, while UCAS Consultancy and Insights Limited is not trading and will be dissolved in 2026.

Profit from the subsidiaries is Gift Aided back to the Charity under deed of covenant for the purposes of investment in new and existing products and services. The investment is beneficiary led, using insight and data to prioritise those investments that are most important to those UCAS serves. In 2024/25, a cash gift aid payment of £1.0m was made which was used to waive the application fee for any candidate across the UK who has been in receipt of Free School Meals (and equivalent policies) over the past six years of their pre18 education.

The profit before tax and gift aid donations, for UCAS Media Limited, during the year ended 31 July 2025, amounted to £1.8m (2024: £1.0m). The year-on-year increase in profit was due to a 3.7% increase in turnover while costs increased by 0.2%. The audited statutory accounts of UCAS Media Limited are published separately.

Statement of Directors’ responsibilities

The Trustees (who are also directors of UCAS for the purposes of company law) are responsible for preparing the Report of the Directors’ (including the Group Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and Group for that period. In preparing these accounts, the Directors are required to:

The Directors are responsible for keeping proper accounting records that show and explain both the Group’s and Charitable Company’s transactions, with reasonable accuracy, at any time, and the financial position of the Group and Charitable Company, and enable them to ensure the accounts comply with the Companies Act 2006, Charities and Trustees Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulation 2006. They are also responsible for safeguarding the assets of the Group and Charitable Company, and for taking reasonable steps for the prevention and detection of fraud, and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Given the composition of the Board, UCAS does have a relationship with the employing organisations of some of its Directors. However, all Directors owe a fiduciary duty to the charity and have a legal obligation to act in the best interests of UCAS and in accordance with UCAS’ governing document, and to avoid situations where there may be a potential conflict of interest. On accepting membership as a Director of the UCAS Board or a Director of a UCAS trading subsidiary, a Director shall supply to the Company Secretary an entry to the Declarations of Interests Register. The Company Secretary is responsible for maintaining the register and each Director is to communicate with the Company Secretary any significant additions or deletions from his/her entry as soon as practicable.

Notwithstanding any declaration made on the register which is noted and reviewed as appropriate at each Board meeting, a Director shall make a further declaration of any duality or conflict of interests or conflict of loyalty at any meeting of the Board where decisions are to be made on the supply of goods or services to the Company or other matters with potential financial consequences and shall be bound by the provision of the Companies Act 2006. All such declarations are minuted.

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Third Party Indemnity Provision for Directors

The Charitable Company paid a premium of £2,500 (2024: £2,000) to indemnify Directors and officers against legal liabilities arising through wrongful acts in the performance of their duties. The policy excludes claims arising through malicious or intentional breach of conduct, dishonesty, or fraud.

Statement of disclosure of information to auditors

Each Director confirms, in so far as they are aware, that there is no relevant information of which UCAS’ auditors are unaware. As Directors, they have taken all the steps they ought to have taken, to make themselves aware of any relevant audit information, and to establish that UCAS’ auditors are aware of that information.

the advancement of education in universities and other higher, further, or secondary establishments, insofar as such advancement and assistance shall be exclusively charitable in nature, in particular, but without prejudice to the foregoing, by providing and maintaining an organisation to facilitate the consideration by such universities and other higher, further, or secondary education establishments of applications for admission to, and to assist applicants in gaining access to, such universities and educational establishments’.

UCAS does not conduct any fundraising activities, nor use any fundraising agencies, and has received no complaints in this regard, in this or the prior period.

UCAS provides public benefit by providing information, advice, and admissions services to inspire and facilitate progression in education. The section below outlines how UCAS delivers public benefit through these services.

Auditors

RSM UK Audit LLP was reappointed as auditor for the year ended 31 July 2025 and has indicated their willingness to continue in office.

Remuneration

UCAS operates a structured pay framework, which rewards employees based on performance. All salary levels are benchmarked externally, with pay scales reviewed annually to ensure consistency and alignment with the sector and national markets. Every three years a root and branch review is undertaken, where each role is benchmarked and the pay scales realigned accordingly, and this was conducted again in 2024/25. The remuneration for the UCAS Executive team is subject to external benchmarking, with a separate meeting held regarding Chief Executive remuneration. Awards given are reviewed and approved by UCAS’ People and Remuneration Committee.

Objectives and activities:

Public benefit

The Directors have reviewed the Charity’s aims and objectives and complied with their duties in the Charities Act 2011, with due regard to the Charity Commission’s guidance on public benefit exercising any powers or duties where the guidance is relevant.

UCAS is an independent charity, and is the UK’s shared national admissions service focused on supporting students from all backgrounds wishing to progress to undergraduate study in higher education. The charitable objectives are ‘to advance and to assist in

Information and advice services

UCAS’ aim is to support people from all backgrounds in making well-informed choices about their postsecondary education, using its in-depth insight about how and when students make their decisions to make this as personalised, engaging and informative service as possible.

UCAS supports students throughout their journey to post-secondary study, from initial research, refinement of options, formal application, and final decisionmaking. UCAS’ online content expands beyond higher education, covering the range of destinations available to students, including apprenticeships and gap years.

UCAS attracts over 24 million people from across the world to its website, ucas.com, where visitors can use the search tool to explore undergraduate (UG), postgraduate (PG), and conservatoire courses. Students can also explore the latest degree and higher apprenticeship opportunities through the ‘UCAS Hub’ which provides students with all the tools and information they need, in one place, without charge. UCAS uses its data science capabilities to develop data driven tools to support student choice, such as the historical entry grades tool which has been used more than 2.6 million times during this period of this report, enabling applicants to view historic entry grades data and offer rates displayed for each course.

Not everyone has access to the same levels of support and advice, either from parents, guardians and carers or their school and college advisers when considering what to do when they leave secondary education, or when thinking about higher education as an adult. UCAS works in partnership with charities

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and other organisations to provide practical and inspiring information, advice, and resources for underrepresented groups, including students with disabilities, care leavers, those with parental or caring responsibilities, and estranged students.

Enabling people to make the right choices about their post-secondary education delivers public benefit by enabling them to fulfil their potential. Choice of the right subject, university, college or employer contributes to improving widening participation, student retention, and successful progression to a degree, employment, or further study, and, ultimately, contributes to the UK’s economy.

survey data, was the first of its kind in the UK to explore the experiences and aspirations of young adult carers in their HE journey.

UCAS’ role in providing a UK-wide admissions service, on behalf of all its users, is not taken for granted. UCAS continues to innovate and reform, and strives to ensure that students – regardless of geographical location – have fair and transparent choice and access to the UK’s world class universities and colleges.

Admissions services

While UCAS’ core purpose is to provide an accessible and trusted undergraduate admissions service; UCAS also provides admissions services for conservatoires.

In offering centralised services, UCAS enables universities, colleges and employers to connect with a wide range of potential students across the UK and globally in a more efficient and effective way. UCAS helps to manage risks from fluctuating numbers of applications, and delivers cost-effective, efficient services to help universities and colleges plan and manage admissions decision-making. For undergraduate admissions, UCAS provides data and services to support contextualised admissions that take account of students’ educational backgrounds, and help universities evaluate the effectiveness of widening participation activities. UCAS’ centralised services, with a common application process and agreed timescales and business rules, also facilitate student choice and support fairness and transparency.

UCAS employs robust eligibility criteria to its higher education provider customers to ensure students, parents, teachers, and advisers can be confident that the universities and colleges applied to are bona fide course providers.

UCAS’ role as the UK’s shared admissions service allows for a deep understanding of student progression through its data and insight. UCAS regularly releases data and insight reports highlighting key progression trends. For example, a UCAS report, backed by the Carers Trust, found that thousands of young adult carers are choosing courses at university or college with a clear social or public benefit theme. The findings revealed young adult carers are 59% more likely to apply to health and social care courses and 57% more likely to apply to nursing and midwifery courses than applicants without caring responsibilities. The report, based on insight from UCAS’ new set of widening participation questions as well as application and

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Key statistics in 2024/25

760,000+ applicants supported

UCAS supports over 760,000 applicants explore over 54,000 undergraduate courses across 350+ universities and colleges.

UCAS attracts over 30 million worldwide

UCAS attracts over 30 million people from across the world to its digital services (websites and digital applications).

40,000 students benefitted from FSM waiver

Free School Meals waiver benefited almost 40,000 students across the UK in the 2025 cycle.

287,950 18-year-old acceptances

3.7% increase in UK 18-year-old acceptances in 2025, 287,950 (277,790 in 2024).

UCAS T&A Conference attracted over 600 attendees

UCAS annual Teachers and Advisers Conference attracted c.600 attendees this year.

80,000 verified National 5 Results of Scottish domiciled students

For the first time, UCAS verified 80,000 National 5 results on behalf of Scottish domiciled students, transforming their experience into higher education.

236 million page views on UCAS.com

The website, UCAS.com, has received over 236 million page views from around 24 million users in the last year.

Over 2.7 million results and amendments were processed

Over 315 people from the admissions community came together in person at UCAS’ Annual Admissions eConference

150K international students supported during application process

UCAS supported nearly 150,000 international students to apply to UK undergraduate study, with c.70k ultimately securing a place.

UCAS is seen by colleagues as a ‘great place to work’

UCAS is seen by colleagues as a ‘great place to work’ (82%) with over 86% of colleagues who responded saying they are proud to work for UCAS.

Entry grades tool has been used over 3.3m times since 2024

Since launching in November 2024, the historical entry grades tool has been used over 3.3 million times to view course-specific entry data and offer rates.

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Strategic Report

Achievements and performance

In May 2025, UCAS launched its new strategy – its Next Chapter. This strategy has been developed in conjunction with the sector, and aims to see all who could benefit from UK higher education doing so.

Recognising the timing of the launch of this strategy, the deliverables below have been mapped to the strategic objectives of Discover Your Future (the predecessor strategy), which accounted for the majority of the year being reported upon. Further, in ‘Plans for the future’, below, UCAS provides additional information about the new strategy and its objectives.

What we said we would achieve:

1. Inspire and empower people to make aspirational choices about higher education and learning

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We delivered this by: The impact for our beneficiaries:
Offering a wide range of tailored Over one million students have registered with UCAS during the last
information and advice to over a year to explore their options. Ultimately, more than 760k of these
million students. applied to higher education, with 560k placed in undergraduate
study.
Applicant net promoter score (NPS), a customer experience metric,
is +66 (prior year +67). A NPS above 50 is considered excellent
according to Bain and Company (creators of NPS).
92% of applicants at point of applying were happy or extremely
happy with their experience of using UCAS to apply to university
or college (up from 91% in 2024, including 52% ‘extremely happy’
(compared to 49% in 2024)).
Areas with slightly lower satisfaction where improvements are
planned; 74% of applicants at the point of applying said UCAS
connected them to the right choices for them, and 70% said UCAS
supported them with expert advice and guidance to navigate the
application journey.
The 2025 entry cycle saw UCAS The removal of the application fee for this cohort of students has
launch an application fee waiver for benefitted almost 40,000 students, allowing those individuals facing
students who have been in receipt of financial hardship explore their options and potentially benefit from
Free School Meals during the last 6 the life-changing opportunities higher education presents.
years.
Based on research conducted during the year:
X 57% of FSM students said the fee waiver made them more likely
to apply
X 66% of POLAR Q1 students in receipt of FSM were more likely to
apply
X 67% of those who said the increased cost of living made them
less likely to go to university said the fee waiver had made them
more likely to apply
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We delivered this by: The impact for our beneficiaries:
UCAS events, which run throughout UCAS Discovery Events were attended by 135,000 students and took
England, Scotland, Wales and place at more than 40 locations across the UK.
Northern Ireland, allow students to
During the year, UCAS welcomed the Welsh Government Minister for
hear from hundreds of university and
Further and Higher Education, who spoke to students at UCAS’ event
college providers, early career experts
and current students in Newport.
UCAS supports c.4,000 UK registered This year UCAS has introduced a new schools and colleges
centres (schools and colleges) each relationship management team as we seek to deepen our
year, along with thousands more relationship with these institutions in order to further improve the
across the globe. support for our beneficiaries.
Adviser NPS +69 (up from +60 in the prior year).
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2. Deliver trusted and flexible admissions service

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We delivered this by: The impact for our beneficiaries:
Supporting a record number of UK For the 2025 entry cycle, UCAS supported 564,940 students secure a
domiciled and UK 18-year-olds access place in higher education (2024 554,465, +1.9%).
higher education.
Within this, 495,040 UK domiciled students gained a place in
undergraduate study, of which 279,550 were UK 18 year olds.
Provider NPS within admissions is +22 (up from +17 in the prior year).
UCAS is the largest front door to In 2025, UCAS supported nearly 150,000 international students apply
UK higher education, supporting to UK undergraduate study, with c.70,000 ultimately securing a place.
applications from over 200 countries
and territories across the globe.
Reforming the personal statement Three new questions replaced the previous personal statement
to better enable students to provide format. This new approach ensures students from all backgrounds
universities and colleges with the better understand the key information universities and colleges want
information they most need when to know about them when making admissions decisions.
making their decisions.
Previous UCAS research found 89% of students felt that the purpose
of the personal statement is extremely clear or clear but 79% reported
that the process of writing the statement was difficult to complete
without support. UCAS surveyed potential applicants about to start
their personal statement, and found more than three quarters prefer
the three-question format. Over 80% said they found the three
questions “extremely easy” or “somewhat easy” to understand.
Enabling students to reply to a change Removing the need for students who have received a change offer at
at confirmation quickly and easily. confirmation to call UCAS to reply to it. This benefited approximately
2,000 students.
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3. Be the go-to place for higher education data-driven insights

We delivered this by: The impact for our beneficiaries:
UCAS regularly surveys groups
of students to understand their
perceptions and sentiment as they
progress to higher education.		 This cycle UCAS noted a significant increase in concern regarding
the cost of living, which has led to UCAS publishing further insight in
this area and developing a scholarships and bursaries tool to support
students further.
A UCAS webinar ‘Cost of Living & Student Choices’ explored how
rising financial pressures are influencing where, when, and how
students choose to engage with higher education — and how
institutions are adapting in response.
Publishing new insight on Higher
Technical Qualifications.		 UCAS’ report, ‘Where Next? Who applies for Level 4 and 5
qualifications?’, explores the behaviour and experiences of Levels 4
and 5 qualification applicants.
In the 2023 cycle, UCAS saw 34,175 UK applicants apply to study at
least one Level 4 or 5 course, representing 5.7% of all applicants. Of
those, nearly half were placed onto a Level 4 or 5 course by the end of
the cycle. The majority (79%) of applicants to Level 4 and 5 courses
also applied to a Level 6+ course, and of those who received an offer
for both, one third (33%) picked the Level 4 or 5 course over Level 6+.
Collaborating with JISC to gain fresh
insight on student enrolments.		 As a proof-of-concept collaboration, UCAS has collaborated with
JISC to further understand the experience of students between being
accepted upon receipt of results and enrolment.

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4. Embed efficiency and value in everything we do

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We delivered this by: The impact for our beneficiaries:
Providing schools and colleges with UCAS predicted grades play a key role in enabling student choice
evaluation reports for UCAS predicted and access to higher education. A pilot provided over 1,000 schools
grades, giving them enhanced and colleges with a personalised report showing how their UCAS
information when issuing these to predicted grades compare to achieved results. The aim is to equip
students. students, and their teachers and advisers, with better information to
support their choices.
UCAS predicted grades continue to play an important role in the
admissions process and form part of an array of information used
by universities and colleges to understand a student’s potential. Yet
UCAS analysis shows a growing difference between predicted and
achieved grades over time. This is especially the case with the highest
grades, with around half of UK 18-year-olds predicted AAA and above
in 2024. By contrast, 26% of those accepted last summer secured
AAA and above.
The reports have been developed following extensive consultation
with schools, universities, colleges, and the wider sector.
The release of these reports was accompanied by new research
exploring the experiences of specific cohorts of students in relation to
UCAS predicted grades.
Deepening the understanding of Level 3 Informed by a public consultation that received over 200 responses,
and equivalent apprenticeships through UCAS has allocated Tariff points to apprenticeships at Level 3
the allocation of UCAS Tariff points. (England, Wales, and Northern Ireland) and SCQF Level 6 (Scotland)
for those applying for 2026 entry onwards.
This move will not only provide greater understanding of
apprenticeship provision to universities and colleges, but also better
signal the pathways available to students as they explore their
choices.
Verifying more qualifications held by This year, UCAS verified around three million examination results as
students – including transforming part of its Awarding Body Linkage process, providing a significant
the experience for Scottish domiciled efficiency to both students and universities.
students.
In addition, for the first time, UCAS verified 80,000 National 5
results on behalf of Scottish domiciled students, transforming their
experience into higher education. Historically, these students would
have had to manually send evidence of their National 5 achievements
directly to the receiving university. This year, students that were reliant
on these qualifications as part of their university offer were able to
have their places confirmed quicker.
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We delivered this by:

Over the last year, new features have been added to the UCAS Tracker product, a key sector tool, driving efficiency and providing real time insight across the admissions cycle.

Ongoing financial sustainability measured though KPIs such as income, surplus and cash.

Changes made to ensure students share more relevant information about their education and qualifications once, at the point of application.

The impact for our beneficiaries:

With over 3,000 users registered, the dashboard enables providers to monitor in-cycle performance with speed and clarity. UCAS Tracker Enhanced has seen a 22% increase in uptake compared to its predecessor, Application and Decision Tracker, reflecting strong demand for deeper analytics and benchmarking. Feedback highlights significant time savings and improved decision-making, with its visual appeal, benchmarking options and daily updates proving especially valuable. Income grew by 3% on 2023/24 and finished 3% ahead of budget. This includes the financial impact of the FSM waiver outlined above. Surplus and cash also outperformed their budget, enabling UCAS to invest further to support the sector in increasing participation and student success, and in delivering increasing value as the UK’s shared admissions service.

Giving providers more accurate and relevant data about a student’s qualifications and education so they have better insight into their suitability for their course and can turn around admissions decisions more efficiently. Including better data around which region/province they studied in, study mode and attendance type.

These changes also enable providers to better target international outreach to specific overseas regions and provinces by collecting more granular data.

Enabling students to share more information about their residency and nationality.

Capturing additional data points from students including information around pre-settled status, 3-year address history and visa/ immigration status.

As a result, providers can more quickly and easily decide who will require a fee assessment, saving them significant time and effort and reducing the need for students to share key data points separately with each of their choices.

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5. Be an employer of choice where people flourish, perform, achieve and belong

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We delivered this by: The impact for our beneficiaries:
Advancing our people approach in A new performance framework was launched to clarify expectations
support of the new strategy, focusing and desired outcomes, and to promote continuous feedback, so
on performance, culture, leadership, that UCAS’ people are as effective as possible in their service of its
early careers, and digital capability. beneficiaries.
To ensure UCAS is successful in its delivery of the new strategy in the
coming years UCAS must further build the capability of its managers.
The launch of a brand-new Academy of Leadership and Management
will ensure that UCAS continues to build capability, offering structured
development programmes for those aspiring to become UCAS’ next
generation of leaders, those already in established management
positions, and ensuring UCAS senior leaders continue to role model the
right behaviours in line with its new values.
Further enhancing the organisation Particular attention has been made to improve engagement with
culture to ensure high performance, employees. New regular all staff catch ups, led by the whole Executive
along with the optimisation of team always attracts in excess of 300 attendees, with the remainder
capacity and the development of the able to watch a playback of the session. The introduction of ‘Coffee
necessary capabilities and expertise with the CEO’ sessions (attended by c.10 guests each time) and regular
of UCAS colleagues. session with the Staff Consultation Group (SCG) held by the Chief
Executive and Chief People Officer have been used to receive direct
feedback and to seek areas for improvement and then responded to
accordingly. Feedback from the SCG was overwhelmingly positive
with formal acknowledgment regarding how well UCAS is listening and
responding to employee feedback.
The most recent staff survey results, completed in September 2025
saw 82% of colleagues rating UCAS as a great place to work, with 86%
being proud to work for UCAS. 88% of staff feel managers genuinely
care about their wellbeing, with 87% feeling genuinely supported to
make use of flexible arrangements.
Supporting the growth of UCAS’ EDI To embed UCAS’ commitment to Equality, Diversity, and Inclusion (EDI)
networks such as LGBTQ+, Women more widely across the organisation, the function transferred to the
in Tech and the new Neurodiversity People and Change Business Unit. This represented a commitment to
network, through guest speakers and accelerate good practice amongst UCAS colleagues and ensure that
supported events to boost awareness EDI considerations were woven into significant changes in terms of
of diversity in the workplace. process, products and systems.
UCAS continued to invest in and strengthen its early careers approach.
UCAS created a Career Kickstart week that saw its partnership with
10,000 Interns Foundation merge with local schools to create a multi-
week development experience, supporting EDI and talent development.
The workforce profile also saw improvements, with gender distribution
being well balanced - ratio of 53% female to 47% male employees and
the UCAS’ ethnicity distribution – with ethnicity representation at 8.6%
of the workforce which is up from 7.7% last year. This compares to
4.8% of the population across the Gloucestershire region.
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Plans for the future

As noted above, in May 2025 UCAS launched its new strategy – its Next Chapter. At its heart is the vision that all who could benefit from higher education, do.

UCAS’ Next Chapter is the culmination of wide-reaching engagement across the sector, engaging with hundreds of university and school leaders, along with insight from thousands of students. The feedback received distils into dual priorities, a double helix, that forms the DNA at the heart of our strategy.

When seeking to meet these dual priorities, UCAS will be guided by the following operating principles:

1m+ regiSter

Each year, over one million students register with UCAS to start that next step into higher education

400k students do 750K not reach the stage of submitting an (-400K) application

At the heart of the strategy is the finding that at least twice as many people come to UCAS each year than go on to take up a university or college place. Understanding and removing, where it is in our remit to do so, the barriers that are preventing these people from applying or accepting places is central to our work going forward. This is conceptualised as the UCAS ‘funnel’:

The reasons for these are complex, ranging from a lack of understanding of the available options, attainment barriers, or inequalities in access to high quality information and advice. This strategy is focused on offering greater support to these students, making it easier for universities and colleges to connect with them, so ultimately more of them can benefit from the life-changing experiences UK higher education offers.

700K (-50K)

50k do not receive an offer — most often mature or international students with limited choices

560K (-140K)

140k remain unplaced in undergraduate study every year and are eligible to find a place through Clearing

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We will deliver this strategy through four strategic objectives:

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Objective We will achieve this by…
Deliver frictionless and flexible shared Creating a truly digital and data-driven admissions journey:
admissions services
X More information in the application is pre-populated and verified,
making it easier for students, schools, colleges, and universities
X Clearing becomes more digital
X Enabling multiple start dates and lifelong learning
Create personalised pathways to level The support UCAS offers to every student is uniquely tailored to them:
the playing field
X Students receive personalised support at every step of their journey
X Earlier engagement with UCAS guides students at key decision
points, such as qualification and subject selection
X Tailored content inspires disadvantaged students and raises
awareness of support available
Equip supporters to enable dreams UCAS provides teachers, parents, and carers with the digital tools and
support they need to help students progress:
X An enhanced adviser portal gives schools and colleges greater
oversight of their students’ progression
X A more frictionless application journey creates efficiencies in
schools and colleges
X Parents and carers are empowered to support students every step of
the way
Transform raw data into real insights Providing more insight to support strategic decision-making in
universities and colleges:
X Earlier engagement with students provides a longer-term view of
progression
X UCAS data makes it more efficient to recruit the right students
X Supporting the sector in tackling barriers to progression through
deeper insight
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Section 172 Statement

The Board of Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company in achieving its charitable purpose and, in doing so, to have regard (amongst other matters) to:

Throughout this report, UCAS has summarised its governance framework and how UCAS is engaged with stakeholders during the year. The Trustees have considered the views and needs of key stakeholders in Board discussions and decision making. The following points are not intended to be an exhaustive list but are illustrative of how the Trustees have fulfilled these duties during the year.

Engagement with stakeholders

Applicants, advisers, and providers

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Furthermore, UCAS continues to maintain strong relationships with key sector bodies, including The Heads’ Conference (HMC), and at the Association of School and College Leaders (ASCL) Annual Conference.

Government and sector agencies

Suppliers

UCAS Board and UCAS Council

Employees

21

Community

The need to foster the Company’s business relationships with its beneficiaries, suppliers, customers and others, as well as the need to act fairly between members of the company, is captured above and throughout this report. For example, this is demonstrated through interactions with these key stakeholders outlined above, and in the achievements and performance (page 12).

With regard to the impact of the Company’s operations on the community and the environment, this is demonstrated in the streamlined energy and carbon reporting section of this report (page 25) in addition to those outlined above and included in the achievements and performance section.

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Financial review

The Statement of Financial Activities

Total income (note 3) in 2025 vs. 2024 is shown below:

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2025 Total 2024 Total
£58.8m £57.2m
Provider fees 28% Provider fees 28%
Applicant fees 27% Applicant fees 28%
UCAS Media 41% UCAS Media 41%
Investment income 3% Investment income 2%
Other 1% Other 1%
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Expenditure (note 4) is further broken down below, showing expenditure by business area.

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2025 2024
Expenses Expenses
£57.1m £55.8m
Digital and Data 45% Digital and Data 44%
Operations 13% Operations 13%
IAG, Marketing, and Sales 25% IAG, Marketing, and Sales 28%
Support 17% Support 15%
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*IAG - Information, advice and guidance

**Support includes impairment charges

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The applicant numbers set out below, and associated income disclosed above, are some of the key performance indicators used to measure the performance of the Charity. The performance of UCAS Media Limited, as outlined above and in note 21, is also considered a key indicator of the Group’s performance.

Applicant numbers for the undergraduate scheme

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Applicants
Acceptances
2020 2021 2022 2023 2024 2025
+2.9% +2.3% +1.4% +0.2% +1.0%
+3.2%
+5.4% -1.5% +0.2% -1.1% +1.4% +2.3%
728,780 570,473 749,572 562,060 766,777 563,176 756,278 557,138 757,571 564,941 765,487 577,725
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The total number of applicants and acceptances is up in 2025 compared with 2024 driven by UK 18-year-olds.

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2025 2024 Change
Total Group income £58.7m £57.2m 2.6%
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2025 2024 Change
Total Group expenditure £57.1m £55.8m 2.3%
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The Group made no political contributions or donations during the two years ended 31 July 2025. As a registered charity, UCAS seeks to benefit from the appropriate tax exemptions where it can.

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The Balance Sheet

The total net assets for the year were £56.9m (2024: £53.8m). The increase on prior year was largely due to an increase in the value of the investments and cash, offset to some extent by a reduction in tangible and intangible assets and an increase in creditors.

The Group’s financial reserves mainly comprise cash at bank, and liquid investment funds. The main purpose of these reserves is to maintain sufficient finance for the Group’s planned future operations and activities. The main financial risk arising from the Group’s operations and activities is liquidity risk. The Group funds its operations and activities from operating income and cash reserves.

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2025 2024 Change
Group Cash reserves £25.5m £23.2m 9.9%
Liquid investment portfolio £12.2m £11.1m 10.0%
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Pension arrangements

Details of UCAS’ pension arrangements, including two final salary schemes, and two money purchase arrangements, are set out in note 20 of the accounts.

Streamlined energy and carbon reporting

This report was undertaken in accordance with the Streamlined Energy and Carbon Reporting (SECR) requirements outlined in the Companies Act 2006 for large quoted and unlisted companies which requires UCAS to report on its Greenhouse Gas (GHG) emissions.

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Methodology

The data detailed in the table below represents emissions and energy use for which UCAS is responsible:

UCAS have used the main requirements of the Greenhouse Gas Protocol Corporate Standard to calculate the emissions, along with the UK Government GHG Conversion Factors for Company Reporting 2025. Data covers all of UCAS’ operations from the UCAS head office, as a consolidated group report.

Greenhouse gas (GHG) emissions and energy use data for the period 1 August 2024 to 31 July 2025

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Current Comparison year
reporting year (2019/20)
Total energy consumption used to calculate emissions in kWh 1,554,309 1,621,091
Emissions from combustion of gas in tCO2e (Scope 1) 100.28 108.64
Emissions from purchased electricity in tCO2e (Scope 2) 147.14 254.29
Emissions from business travel in rental cars or employee-owned
vehicles where company is responsible for purchasing the fuel in 58.94 12.95
tCO2e (Scope 3)
Total gross tCO2e based on above 306.36 375.88
Intensity ratio: gross tCO2e / £M turnover 5.22 7.69
Intensity ratio: gross tCO2e / employee 0.55 0.80
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Energy efficiency and environmental management actions

During the reporting period UCAS has implemented several energy efficiency actions designed to lower primary energy consumption and decrease overall organisational GHG emissions. Details of these are provided below:

Moving forward energy efficient initiatives being undertaken include:

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Risk management

The Directors have given consideration to the significant risks UCAS is exposed to and have satisfied themselves that controls are in place to mitigate those risks. The UCAS Board seeks to manage and mitigate risk, particularly through the activities of its Audit and Risk Committee. Working in conjunction with the Executive team, the Audit and Risk Committee monitors the following activity:

1. Risk management

The Corporate Risk Management Framework sets out UCAS’ approach to risk management, covering the end-to-end process, roles, and responsibilities, and defining the scope of its activities.

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Risk area Risk description Risk management
Relationships Risk of damage to our reputation and Engagement with key stakeholders reaffirming UCAS’
/ Stakeholder public perception, which could impede value, expertise, and relationship, supported by
engagement our ability to deliver our strategy. effective delivery.
Policies also in place e.g. ‘advertising and
sponsorship policy’ which gives guidance on the
principles and procedures relating to any advertising
or sponsorship carried out by, or on behalf of, UCAS.
Service Service interruption could result in poor Effective business continuity and disaster recovery
Delivery outcomes for our beneficiaries. planning with clear and robust incident/crisis
management procedures. Regular testing and
exercising in place. Lessons learned from exercises
or incidents are then fed back into the planning
process.
Health and Safety audits also undertaken.
Information Risk of compromise to UCAS’ systems A cyber security strategy alongside robust
Governance and personal data regulation exposing information security management system using
and Security UCAS to reputational damage, financial controls within the ISO 27001 standard and applying
(including loss, and impacting operational activity CIS Security Controls. Employee awareness
cyber security) and the ability to deliver the strategy. programme and reporting in place. Support also
provided by third party suppliers.
People Failure to be an employer of choice, Organisation values, capacity planning, development
where its people can thrive, perform at offer, staff surveys, and a commitment to EDI and
their best, and make a real difference. wellbeing.
Financial UCAS lacks future financial stability Multi-year business planning approach, supported by
that might prevent the successful appropriate reserves, and financial controls.
delivery of the strategy and impact for
our beneficiaries. Regular reporting and monitoring by the UCAS Board
and its committees.
Legal, Failure to comply with key internal and Risk owners are in place to own and manage risk and
Regulatory external regulation exposes UCAS to compliance, alongside specialist functions, external
and Ethical reputational damage, financial loss, support, corporate policies, tools, and training.
and impacts the ability to deliver the
Formal whistleblowing channels to raise concerns by
strategy.
employees and suppliers.
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Strategic risks are reviewed by the Executive team on a regular basis, and UCAS’ corporate risk exposure is reported to all meetings of the Audit and Risk Committee and UCAS Board. Tactical risks at a business unit level are reviewed frequently.

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2. Internal audit

KPMG, as UCAS’ internal auditor, undertook a series of audits in which they reviewed the organisation’s activities and governance functions, and reported their findings to the Audit and Risk Committee. A risk-based approach is taken to the development of the annual audit plan. This is agreed with, and guided by, the Executive Team and the Audit and Risk Committee. The 2024/25 audit programme included reviews such as health and safety, cyber security, financial controls, product data integrity, and service messaging and marketing communications. Internal audit is conducted in conjunction with the external audit function which is provided by RSM.

3. Health and safety

UCAS maintains a dedicated and centrally-managed health, safety, and environmental function. This role undertakes regular reviews of operational activities, and provides advice, including risk assessments, as well as wellbeing developments, reporting to the Chief Executive and Audit and Risk Committee, through the Executive sponsor for health and safety. The priorities are to maintain a healthy and safe environment for the UCAS workforce, ensure compliance with relevant health and safety legislation and regulation, ensure the requirements of the Energy Savings Opportunities Scheme (ESOS) are being satisfied, and effectively manage UCAS’ environmental impact and wellbeing.

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Reserves policy

The aim of the reserves policy is to ensure UCAS is resilient by protecting it from unforeseen financial challenges, while making funds available for investment in future activities.

Due to the cyclical nature of the annual application cycles, UCAS’ income can vary seasonally. By contrast, expenditure is, for the most part, incurred evenly throughout the year. This can cause timing issues, where expenditure exceeds income at certain points within the year. There are also risks which need to be managed.

There is therefore a need for cash at a sufficient level to fund expenditure as noted in the general reserve section below.

The Directors recognise that the sectors in which UCAS operates are constantly evolving and are subject to many external factors. As such, there is a need for reserves. This is highlighted in the income and technology reserve sections below.

The reserves policy sets out the criteria used to designate UCAS’ reserves and explains the reasoning behind putting each reserve in place.

Where the full value of any reserve cannot be designated from available funds, the reserve will be partially set aside, with the aspiration to build the full reserve in subsequent years.

The policy is reviewed annually, to take account of changes to the external environment and the performance of current operations. The reserves policy historically has not explicitly stated the minimum of level of reserves but following the review during 2024/25, a minimum level was set at four months forecast cash outflows. It was deemed important to set a minimum value now given the sustained period of investment projected over the next three years.

For the purpose of this policy the Charity defines its reserves as liquid funds readily available to support its ongoing activities, comprising cash balances and liquid investments. As at 31 July 2025, the charity held liquid reserves of £37.7 million (2024: £34.3 million), which exceeded the reserves target set. This balance includes £25.5 million in cash (2024: £23.2 million) and £12.2 million in liquid investments (2024: £11.1 million).

UCAS reserves target:

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2025 2024
Technology reserve £12.1m £11.7m
Income reserve £6.5m £5.9m
General reserves £17.7m £17.4m
Total £36.3m £35.0m
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Due to increased income and technology costs predominately, the overall reserves target has increased in 2024/25.

To deliver the new corporate strategy, investment levels have started to increase resulting in deficit budgets for 2025/26 and plan years. The reserves will therefore be utilised to some extent over the next few years as UCAS delivers its mission.

When considering the appropriateness of the level of reserves for the UCAS Group (the Charity and its subsidiaries), the Directors have regard to the strategic risks facing the business and their possible financial implications, and the current business plan which includes the availability of cash in the bank and investment funds and the need for reserves to offset significant timing differences in the receipt of cash, particularly at the year end, when cash balances are typically at their lowest levels. The establishment of appropriate levels of reserves is therefore considered important to the continued operation of UCAS.

29

The following unrestricted reserves have been identified (none of UCAS’ reserves is deemed to be restricted):

Income reserve

~~ee~~ 2025
~~ee~~		 2024
~~ee~~
Value of income reserve £6.5m £5.9m

The Directors recognise that the sectors in which UCAS operates are constantly evolving and are subject to many external factors. They therefore consider it important to establish sufficient reserves to protect against any unforeseen reduction in income.

The Directors have therefore designated a specific reserve to protect against any strategic risks that could lead to a loss of income and to support strategic initiatives. Each risk identified at the corporate level, where a potential financial loss is highlighted, is assigned a likelihood in percentage terms.

This percentage is multiplied by the estimated loss, to arrive at a corresponding value. The total of all amounts is reflected in the final value of the income reserve.

Technology reserve

2025
~~ee~~		 2024
~~ee~~
Value of technology reserve £12.1m £11.7m

Acknowledging the dependency of technology, coupled with the risks of operational failure and the serious compromise of sensitive or personal data, leading to reputational damage, the Directors believe a designated technology reserve should be held. Investment in technology must continue to ensure successful delivery of core services, as well as security and recovery provision. The Directors therefore consider it essential to hold sufficient reserves for this purpose. UCAS’ technology spend can be segmented into three core areas:

The target value should represent the annual cost of tier one.

30

General reserves

UCAS’ income is seasonal, largely due to the application cycles, while expenditure is relatively constant throughout the year. There are also risks to be managed. There is, therefore, a need for cash at a sufficient level to fund expenditure. The total value of liquid assets (cash plus investment fund) that UCAS should look to maintain at any given time as general reserves, is based on the following assumptions:

Balance sheet reserve balances

The value of general reserves (unrestricted reserves minus pension liability) as at 31 July 2025 was £38.3m (2024 £36.2m).

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Investment policy

UCAS’ Articles of Association allow the Group to make such investments, including securities or property as may be thought fit, subject to legal and constitutional conditions and consents. This also allows the Group to subscribe for interests in any company or undertaking established, with the intention of directly or indirectly benefiting the Group. All cash funds generated by UCAS, or any subsidiary companies, will be invested and managed through UCAS, in accordance with all legal requirements, and with regard to UCAS’ reserves policy, and both short-term and longterm working capital requirements. The funds to be invested represent the excess of cash reserves over the amount needed to fund investment in the company’s infrastructure.

UCAS is committed to investing its funds on a socially responsible basis. UCAS believes that to accord with its values when investing its funds, regard must be made to environmental, social, governance (ESG) and sustainability issues. In making investment decisions, UCAS expects its appointed investment managers to promote ESG and sustainability characteristics while avoiding investments that may impede such characteristics. The objective for the fund is to achieve a balance of income and capital growth, while at least maintaining the real capital value of the investment funds in the long term. UCAS seeks an annual return equal to three percentage points above the Consumer Prices Index (CPI) over a rolling five years, and the fund is benchmarked against the Asset Risk Consultants (ARC) Charity Sterling Steady Growth Index or suitable equivalent. The investment policy was reviewed by the Board in 2024/25.

During the course of 2024/25, UCAS transferred its fund from Rathbone Greenbank to Cazenove Capital. The remaining amount with Rathbone Greenbank as at July 2025 is in the process of being transferred. As at 31 July 2025, while the performance of the Cazenove fund since inception (+0.8%) is below the CPI +3% target, the fund performance is in line with the ARC steady growth index (0.8%). For managed funds, the appointed investment manager may use their discretion in selecting the most appropriate investments, subject to the risk appetite and ethical parameters set out in UCAS’ investment policy which is monitored, along with investment managers performance, by the Finance Committee.

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Employee engagement

UCAS is driven to be an employer of choice, where its people can thrive, perform at their best, and make a real difference to our beneficiaries. This is considered through both the external lens, to attract new talent and skills, but also through an internal lens, ensuring UCAS retains, develops, engages, and manages colleagues effectively. This is achieved through:

Equality and inclusion

UCAS believes that each individual has something unique to offer, and realises the value this has for UCAS’ community and the work it does. UCAS is firmly committed to advancing EDI and this will be measured and evident through its workforce demographics and employee experience and satisfaction scores.

Key updates for 2024/25 include:

The Directors’ Report and incorporated Strategic Report were approved by the Board on 04 December 2025, and signed on its behalf by:

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Edward Astle Chair

Date: 04 December 2025

UCAS gives full and fair consideration to applications for employment from people with disabilities, having regard to their particular aptitudes and abilities. All reasonable adjustments are made for the continued employment and training, career development and promotion of people with disabilities employed by UCAS - examples include automatic doors, lower kitchen counters, accessible toilets, and signs with Braille for people with poor eyesight. UCAS does not condone or tolerate any form of discrimination in its recruitment or employment practices.

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INDEPENDENT AUDITORS’ REPORT

For the year ended 31 July 2025

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Opinion

We have audited the financial statements of The Universities and Colleges Admissions Service (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2025 which comprise the Consolidated and Charity Statements of Financial Activities (incorporating an income and expenditure account), the Consolidated and Charity Statements of Financial Position, the Consolidated and Charity Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or the strategic report, included within the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as the trustees determine is necessary

to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of noncompliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

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However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005, the parent charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Report of the Directors, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due

to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and performing data analytics, analytical review, test of controls and substantive tests of details over a sample of income transactions.

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

Use of our report

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011. Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Hannah Catchpool (Senior Statutory Auditor)

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor

Chartered Accountants 25 Farringdon Street, London, EC4A 4AB

Date: 9th December 2025

RSM UK AUDIT LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

37

CONSOLIDATED AND ChARITy STATEmENTS OF FINANCIAL ACTIvITIES

For the year ended 31 July 2025

38

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----- Start of picture text -----
Group Charity
Unrestricted Funds Unrestricted Funds
2025 2024 2025 2024
Notes £’000 £’000 £’000 £’000
Income from charitable activities:
Provider and applicant fees 3 32,359 31,907 32,359 31,907
Other income 3 531 455 6,278 5,577
Raising funds:
Income from trading activities 3 24,245 23,401 - -
Gift Aid - - 1,818 1,003
Investment income 3 1,588 1,445 1,551 1,416
Total income 58,723 57,208 42,006 39,903
Expenditure
Raising funds 4 (22,518) (22,484) (28) (44)
Charitable activities 4 (34,613) (33,343) (40,387) (38,479)
Total expenditure (57,131) (55,827) (40,415) (38,523)
Net (loss)/gain on investments 9b (151) 415 (151) 415
Net income 1,441 1,796 1,440 1,796
Other recognised gains/(losses):
Remeasurements of defined benefit obligation 20 - 2,505 - 2,505
Fair value gain on Investment property 9a 1,732 - 1,732 -
Net movement in funds 3,173 4,301 3,172 4,301
Reconciliation of funds:
Total funds brought forward 53,761 49,459 54,641 50,341
Total funds carried forward 56,934 53,761 57,813 54,641
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39

CONSOLIDATED AND ChARITy STATEmENTS OF FINANCIAL POSITION

For the year ended 31 July 2025

40

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Notes
Fixed assets
Intangible assets
7
Total intangible assets
Tangible assets
8
Investments
9a & b
Investment in subsidiaries
10
Current assets
Debtors - falling due within one year
11
Cash at bank and in hand
Current liabilities
Creditors amounts falling due within one year
12
Net current assets
Creditors: amounts falling due after more
than one year
Deposit from property tenant
Net assets
Funds
Unrestricted funds: designated
16
Unrestricted funds: general
17
Revaluation reserve
18
Called up share capital
Total funds		 Group Group Charity
2025
2024
£’000
£’000
9,146
9,562
9,146
9,562
5,605
7,223
14,859
11,097
1,026
1,026
30,636
28,908
6,334
6,827
24,787
23,058
31,121
29,885
(3,864)
(4,072)
27,257
25,813
(80)
(80)
(80)
(80)
57,813
54,641
18,593
17,603
37,487
37,037
1,732
-
1
1
57,813
54,641		 Charity
2025
2024
£’000
£’000
9,146
9,562
9,146
9,562
5,605
7,223
14,859
11,097
1,026
1,026
30,636
28,908
6,334
6,827
24,787
23,058
31,121
29,885
(3,864)
(4,072)
27,257
25,813
(80)
(80)
(80)
(80)
57,813
54,641
18,593
17,603
37,487
37,037
1,732
-
1
1
57,813
54,641
2025
£’000		 2024
£’000		 2025
£’000
10,813 11,504 9,146 9,562
10,813 11,504 9,146 9,562
5,605
14,859		 7,234
11,097		 5,605
14,859
- - 1,026 1,026
31,277 29,835 30,636 28,908
9,740 9,232 6,334
25,503 23,228 24,787 23,058
35,243 32,460 31,121 29,885
(9,506) (8,454) (3,864) (4,072)
25,737 24,006 27,257 25,813
(80) (80) (80) (80)
(80) (80) (80) (80)
56,934 53,761 57,813 54,641
18,593
36,609
1,732		 17,603
36,158
-		 18,593
37,487
1,732
- - 1 1
56,934 53,761 57,813 54,641

The financial statements on pages 39 to 75 were approved by the Board of Directors and authorised for issue on 04 December 2025.

Signed on behalf of the Board

Edward Astle, Chair

41

CONSOLIDATED AND ChARITy STATEmENT OF CASh FLOwS

For the year ended 31 July 2025

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42
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Notes
Net cash fow from operating activities
Cash fow from investing activities
Interest received on bank and cash balances
Gift Aid income from subsidiary
Purchase of intangible fxed assets
7
Purchase of tangible fxed assets
8
Cash Investment
9b
Net cash used in investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period
Notes to the statements of cash fows
Notes
Operating surplus/(defcit) for the fnancial year
Adjustments for:
(Increase)/Decrease in debtors
11
Increase/(Decrease) in creditors
12
Depreciation and amortisation
7 & 8
Disposal of tangible and intangible fxed assets
Impairment of tangible and intangible fxed assets
7 & 8
USS interest costs
20
Net cash fow from operating activities		 Group Group Charity Charity
2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000
5,035
1,305
-
(2,802)
(263)
(1,000)		 4,792
1,145
-
(4,481)
(364)
(750)		 3,094
1,269
1,003
(2,374)
(263)
(1,000)		 4,311
1,116
-
(3,760)
(362)
(750)
(3,756)
555
22,504
23,058
(2,760) (4,450) (1,365)
2,275 342 1,730
23,228 22,886 23,058
25,503 23,228 24,787
Group Charity
2025
2024
£’000
£’000
35
(11)
(508)
971
1,052
(1,562)
4,436
4,427
20
-
-
850
-
118		 2025
2024
£’000
£’000
(1,745)
(983)
1,308
1,472
(208)
(837)
3,719
3,744
20
-
-
797
-
118
5,035 4,792 3,095 4,311

43

NOTES TO ThE FINANCIAL ACCOUNTS For the year ended 31 July 2025

44

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1. Principal accounting policies

The following accounting policies have been used consistently, in dealing with items that are considered material in relation to the Group’s and Charitable Company’s accounts.

General information

UCAS is a private limited company by guarantee, without share capital. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company. UCAS is registered as a company in England (number 2839815), as a charity in England and Wales (number 1024741), and as a cross-border charity in Scotland (number SC038598). The address of the Group’s registered office and principal place of business is: Rosehill, New Barn Lane, Cheltenham GL52 3LZ.

The Group consists of UCAS and its subsidiaries. The Group’s principal activities, and the nature of the Group’s operations, are as described in the Report of the Directors.

Basis of accounting

These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (‘FRS 102’). The accounts comply with the following:

The Charitable Company has availed itself of Section 4 of Schedule 1, Part 1 of the Large and Mediumsized Companies and Groups (Accounts and Reports) regulations 2008, and adapted the Companies Act formats, to reflect the special nature of the Charitable Company’s activities.

Going concern

Throughout the year, the Trustees at the Board meetings and through the relevant Committees review the financial performance, business planning and the financial outlook and scenarios.

Financial modelling of income, surplus and cash has been conducted through to 2027/28 with cash remaining in surplus, and was presented to the Board as part of the business planning agenda in July 2025. As at July 2025, UCAS has a cash balance of £25.5m and an investment fund of £12.2m.

As such, the Trustees consider there are no material uncertainties that would cast significant doubt around the Group’s and the Charitable Company’s ability to operate as a going concern.

Basis of consolidation

The financial statements consolidate the results of UCAS and its wholly owned subsidiaries (see Note 10). The consolidation is prepared on a line-by-line basis. Intragroup transactions, balances and realised profits have been eliminated on consolidation. A separate Statement of Financial Activities for the charity is also presented in accordance with Charities SORP (FRS 102).

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the parent Charity.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued, and liabilities incurred or assumed, plus directly attributable costs.

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent consideration acquired is recognised as goodwill.

Functional and presentational currencies

The consolidated financial statements are presented in sterling which is also the functional currency of the Charitable Company.

The Charitable Company constitutes a public benefit entity, as defined by FRS 102.

Monetary amounts in these financial statements are rounded to the nearest whole £1,000, except where otherwise indicated.

45

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Foreign currencies

Transactions in currencies other than the functional currency (foreign currencies), are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to income or expenditure, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Income

All income is included in the Statement of Financial Activities, in respect of the services provided during the period, and is stated net of value added tax.

Income is recognised when the Group has entitlement to the funds and it is probable that the income will be received and the amount can be measured reliably against an invoice, contract or agreement. Income attributable to the financial period is recognised as follows:

The Group and Charitable Company receive income from investments. This is accounted for on a receivable basis.

The Charitable Company also receives gift aid income from the trading subsidiary UCAS Media Limited, which is accounted for on a receivable basis.

Income is shown in two main categories:

Expenditure

All expenditure is accounted for on an accruals basis, and has been classified under the headings:

Costs of charitable activities relate to costs incurred in delivering UCAS’ charitable objects. These costs include those related to operating UCAS’ core admissions services, as well as the development, implementation, and maintenance of our infrastructure capabilities.

Costs of raising funds relate primarily to the activities of the trading subsidiary, UCAS Media Limited. These costs are incurred in generating trading income.

Support costs are incurred in the process of supporting the above activities, and are allocated to those activities on the number of employees basis.

Irrecoverable VAT is charged as an expense against the activity for which the expenditure was incurred.

Investment policy

Investments in subsidiary undertakings are measured at cost, less any impairments recognised.

Other fixed asset investments are valued at their market value, per the Cazenove and Rathbone Greenbank investment report on the last day of the accounting period. Changes in the valuation of the investments during the year are shown as unrealised gains or losses. Gains or losses arising from the disposal of investment assets are disclosed as being realised, being the difference between the sales proceeds, and the market value at the start of the year.

Investment property

Investment property relates to a proportion of the Rosehill property used to generate rental income, this is initially measured at cost and subsequently accounted for using the fair value model. Investment property is revalued annually with resulting gains and losses recognised in the statement of financial activities. Transfers from property, plant and equipment, or stock, to investment property are measured at fair value

46

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from the date they meet the definition of investment property. Any difference between that fair value and the previous carrying amount is treated as a revaluation gain or loss for properties previously classified as property, plant and equipment.

Tangible fixed assets and depreciation

In UCAS and its subsidiaries, tangible fixed assets are capitalised where the individual cost of an item exceeds £5,000, or if an item is a component of a larger asset. Tangible fixed assets are initially measured at cost, and subsequently measured at cost, net of depreciation, and any impairment losses. Depreciation is provided against tangible fixed assets, other than freehold land, at the following straight-line rates. This reflects the anticipated useful lives, and estimated residual values:

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----- Start of picture text -----
Category Class Rates applied
Computer Hardware and Three years
hardware equipment
Office Hardware and Four years
equipment equipment
Motor Vehicles Four years
vehicles
Other plant, Freehold Ten years
furniture and Buildings
equipment
Freehold Freehold Fifty years
building Buildings
Assets under Works in Not
construction progress depreciated
until asset is
available for
use
----- End of picture text -----

During the year, the capitalisation policy was reviewed, with three changes to note:

as laptops will now be leased. The proposed depreciation period is ‘shorter of 3 years or the period of the lease’.

Consideration was given during the year to the appropriateness of the £5,000 materiality level as the threshold for reviewing purchases as a capital expenditure level given historic and current rates of inflation, and that the value has remained unchanged for several years. Following the review, no change was made to the policy.

Intangible assets and amortisation

Goodwill represents the excess of the cost of acquisition over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years, which represents the period over which the goodwill is expected to give rise to economic benefits. Amortisation is charged to the expenditure: charitable activities line on the statement of financial activities.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible fixed assets – other than goodwill

Internally developed software is initially recognised at cost and, once it becomes available to use, amortised over the expected useful life of that software prior to replacement (up to a maximum of five years, depending on the characteristics of the asset). Ahead of the completion of internally developed software, the cumulative direct cost of resources and services incurred during development are held as Software work in progress and are not amortised until the asset is in use.

Intangible assets arising on a business combination are

47

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recognised separately from goodwill if the intangible asset is both separable and arises from legal or contractual rights. Intangible assets acquired on a business combination are initially recognised at cost (the fair value of the asset at acquisition date) and, once it becomes available to use, amortised over the useful life of that software.

Capitalised software licences are initially recognised at cost and then amortised over the shorter of five years or the agreed licence period.

Intangible assets are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives, as follows:

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----- Start of picture text -----
Category Rates applied
Software (internally Five years
developed)
Licences The shorter of five years
or the period of the
license
----- End of picture text -----

Impairment policy

An assessment is made at each reporting date, whether there are indications a fixed asset may be impaired, or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset or, for goodwill, the recoverable amount of the cashgenerating unit to which the goodwill belongs.

Shortfalls between the carrying value of fixed assets, and their recoverable amounts – being the higher of fair value less costs to sell, and value in use – are recognised as impairment losses in income or expenditure.

Any impairment loss recognised for goodwill is not reversed. For fixed assets other than goodwill, recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in income or expenditure. On reversal of an impairment loss, the depreciation or amortisation is adjusted, to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

Policy on capitalisation of software development costs

Only expenditure of substantial amounts for

enhancements on authorised projects, incurred in direct relation to the project, may be incorporated into capitalised software development costs. In general, costs incurred necessarily, and exclusively, in the creation of an asset that will deliver future economic benefit, are capitalised and amortised over the useful life of that asset, subject to the amortisation periods set out above. This will not generally include any pre-development costs, such as feasibility studies or market research. However, this will include any beta testing period, where an application has been made available to customers in a pre-final version for feedback, with a view to further enhancements before release into production.

Development is deemed to end when the application is released into production. Any subsequent development expenditure is deemed to be continuous improvement, and would not be considered for capitalisation, unless it contributes to a significant increase in the economic value of the asset. Capitalised development expenditure is initially recognised at cost, and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Leases

The Group as Lessee – Operating Leases, all other leases are operating leases and the annual rentals are charged to profit or loss on a straight line basis over the lease term. Rent free periods or other incentives received for entering into an operating lease are accounted for as a reduction to the expense and recognised, on a straight-line basis over the lease term.

The Group as Lessor – Lease income under operating leases is credited to profit or loss on a straight-line basis over the lease term. The aggregate costs of lease incentives are recognised as a reduction to the income over the lease term on a straight-line basis.

Cash and cash equivalents

These amounts comprise cash at the bank and in hand, as well as short-term deposits, typically with a short maturity of three months or less from the date of acquisition.

Financial instruments

The Group has applied the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102, in full, to all its financial instruments. Financial assets and financial liabilities are recognised when the Group and Charitable Company become a party to the contractual provisions of the instrument, and are offset only when the Group and Charitable Company currently have a legally enforceable right to set off the recognised amounts, and intend either to settle on a net basis, or to

48

simultaneously realise the asset and settle the liability.

Trade, group, and other debtors

Trade, group, and other debtors (including accrued income), which are receivable within one year, and which do not constitute a financing transaction, are initially measured at the transaction price, and subsequently measured at amortised cost, being the transaction price less any amounts settled, and any impairment losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected, according to the original terms of the contract. Impairment losses are recognised in profit or loss, for the excess of the carrying value of the trade debtor over the present value of the future cash flows, discounted using the original effective interest rate.

Subsequent reversals of an impairment loss, that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Creditors

Trade, deposits, group, and other creditors, including accruals, payable within one year and in more than one year, that do not constitute a financing transaction, are initially measured at the transaction price, and subsequently measured at amortised cost, being transaction price less any amounts settled.

Taxation

The parent company is a registered charity and, as such, is exempt from taxation of its income and gains falling within Part II of the Corporation Tax Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that they are applied to its charitable objectives. Any tax charge arising in the subsidiaries are mitigated via the payment of Gift Aid to the parent charity.

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Employee benefits

The Group’s holiday entitlement year runs from April to March, and employees are entitled to carry forward any unused holiday entitlement at the reporting date. The cost of any unused entitlement is recognised in the period in which the employee’s services are received.

The best estimate of the expenditure required to settle an obligation for termination benefits, is recognised immediately as an expense, when the Group is demonstrably committed to terminate the employment of an employee, or to provide termination benefits.

Retirement benefits

The Group participates in three pension schemes.

Gains or losses recognised in Statement of Financial Activities:

Further details of the accounting adopted for these schemes is detailed in note 20 to these accounts.

Fund accounting

General funds are unrestricted funds that are available for use at the discretion of the Directors, for the general objectives of the Group, and which have not been designated for other purposes.

Designated funds comprise unrestricted funds set aside by the Directors for specific purposes.

Gains or losses recognised in other comprehensive income:

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2. Staff numbers and costs

The average monthly number of employees during the year was as follows:

Application services
Commercial management
Sales and commercial administration		 Group Group Charity Charity
2025
No.
444
2		 2024
No.
462
3
118
583		 2025
No.
444
-
114
560		 118
583		 - -
462
444

The aggregate payroll costs of these persons were as follows:

Salaries
Social security costs
Defned contribution pension cost
Pensions costs - multi-employer DB scheme
Capitalised		 Group
2025
2024
£’000
£’000
26,631
26,137
3,102
2,855
1,552
1,541
485
563
31,769
31,096
(2,219)
(2,663)
29,550
28,433		 Group
2025
2024
£’000
£’000
26,631
26,137
3,102
2,855
1,552
1,541
485
563
31,769
31,096
(2,219)
(2,663)
29,550
28,433		 Group
2025
2024
£’000
£’000
26,631
26,137
3,102
2,855
1,552
1,541
485
563
31,769
31,096
(2,219)
(2,663)
29,550
28,433		 Charity Charity
2024
£’000
26,137
2,855
1,541
563
31,096		 2025
£’000
18,304
2,613
1,268		 2024
£’000
17,883
2,301
1,280
485 476
22,670 21,940
(2,663)
28,433		 (2,219) (2,663)
19,277
20,451

While all staff are employed through the Charity, those staff that are conducting non primary purpose activities through UCAS Media Limited are excluded from the Charity numbers. Group numbers include all staff.

Employer costs relating to Defined Contribution (DC) and Defined Benefit (DB) pension schemes are analysed separately.

During the year, restructure costs of £339k (2024: £193k) were incurred of which £339k (2024: £193k) were statutory and non-statutory/voluntary payments, to align staff capability to new roles. Such costs are recognised as expenses immediately within expenditure, included in the salary amounts above and included in the table below where appropriate. At the reporting date, all such payments had been made.

51

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Included in the above table are costs for the following numbers of employees, whose emoluments (including benefits in kind, but not pension costs) fell within the following bands:

Group Charity
2025 2024 2025 2024
No. No. No. No.
£60,001 - £70,000 62 57 57 54
£70,001 - £80,000 27 24 23 21
£80,001 - £90,000 19 22 15 16
£90,001 - £100,000 5 1 4 1
£100,001 - £110,000 9 4 7 4
£110,001 - £120,000 6 - 6 -
£120,001 - £130,000 - 3 - 3
£130,001 - £140,000 2 1 1 -
£140,001 - £150,000 2 1 2 1
£150,001 - £160,000 1 - 1 -
£160,001 - £170,000 1 - - -
£170,001 - £180,000 - 1 - 1
£180,001 - £190,000 1 - 1 -
£200,001 - £210,000 - 1 - -
£240,001 - £250,000 1 - 1 -
£250,001 - £260,000 - 1 - 1

Pension scheme contributions paid by the Group in respect of the people listed above amounted to:

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----- Start of picture text -----
Group Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
UCAS Group Stakeholder Pension Plan 503 410 443 373
USS Scheme 435 513 400 447
Total 938 923 843 820
----- End of picture text -----

52

The key management personnel of UCAS comprises the Executive Team as listed on page 78. The total remuneration of the executive team is as follows:

Group
2025
£’000		 Group
2024
£’000
Total employee benefits
Employer’s social security
Employer’s pension costs		 1,082
159
137		 1,346
175
184
Total 1,377 1,705

Directors

None of the Directors received remuneration for services to the Charity (2024: £1,000 in relation to a Student Trustee who sat on the Board to whom an agreed nominal payment was made as part of their appointment). Travelling expenses of £5,968 were reimbursed to 8 Directors (2024: £29,273, 14 Directors), in respect of attendance at meetings. During the year, no emoluments were paid to non-executive Directors of UCAS Media Limited (2024: £nil).

Professional indemnity insurance

The Charitable Company paid a premium of £2,500 (2024 £2,000) to indemnify Directors and officers against legal liabilities arising through wrongful acts in the performance of their duties. The policy excludes claims arising through malicious or intentional breach of conduct, dishonesty, or fraud.

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3. Income

Institutional and applicant fees
Provider fees
Applicant fees
Other income
Data services sales
Brand and data charge
Management and resourcing recharge
Fraud grant
Other income
Investment income
Charity income excluding gift aid
Trading operations
UCAS Media Limited
Investment income
Intercompany
Group income		 2025
£’000
16,322		 2024
£’000
15,837
16,037 16,070
32,359 31,907
35
3,972
1,775
105		 52
3,777
1,345
67
391 336
6,278 5,577
1,551 1,416
40,188 38,900
24,245
37		 23,401
29
24,282 23,430
(5,747) (5,122)
58,723 57,208

UCAS Media Limited’s principal business activity is the provision of marketing services to higher education providers and commercial clients, seeking to make contact with applicants, and prospective applicants to higher education courses.

The majority of the accounting profits of the trading subsidiary are gift aided to the parent company under the deed of covenant. A gift aid payment of £1,818k (2024: £1,003k) is due from UCAS Media Limited to UCAS.

54

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4. Expenditure

Group:
Raising funds
Cost of investments
Commercial activities
Charitable activities
Admissions service
Special projects
Analysis and research
Total expenditure of the group
Analysis of support costs
Governance
Finance
Human resources
Information technology
Facilities
General management
Total support costs
Analysis of governance costs
Internal audit
External audit
Legal & professional consulting
Trustees
Other governance costs
Total governance costs		 Direct
staff costs
£’000
-		 Direct
costs
£’000
28		 Brand
and data
£’000
-		 Other
support
costs
£’000
-		 Total
2025
£’000
28		 Total
2024
£’000
44
22,440
22,484
20,258
9,212
3,873
33,343
55,827
Total
2024
£’000
701
1,969
1,883
8,156
2,201
311
15,220
7,995 7,688 3,972 2,835 22,490 22,440
7,995 7,716 3,972 2,835 22,518 22,484
10,281
3,014		 2,350
6,757		 (3,972)
-		 9,139
2,438		 17,798
12,209
3,074 319 - 1,213 4,606 3,873
16,369 9,426 (3,972) 12,790 34,613 33,343
24,364 17,142 - 15,625 57,131 55,827
Raising
funds		 Admissions
service		 Special
projects		 Analysis &
research		 Total
2025		 Total
2024
£’000
133
1,125
359
726
361		 £’000
662
774
974
4,900
1,245		 £’000
-
-
377
1,590
471		 £’000
-
3
188
795
226		 £’000
795
1,902
1,898
8,011
2,303
132 584 - - 716 311
2,836 9,139 2,438 1,212 15,625 15,220
Total Total
2025
£’000
89
71
372
136
127		 2024
£’000
95
67
294
104
141
795 701

55

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Charity:
Raising funds
Cost of investments
Charitable activities
Admissions service
Special projects
Analysis and research
Total expenditure of the charity
Analysis of support costs
Governance
Finance
Human resources
Information technology
Facilities
General management
Total support costs
Analysis of governance costs
Internal audit
External audit
Legal & professional consulting
Trustees
Other governance costs
Total governance costs		 Direct staff
costs
£’000		 Direct
costs
£’000		 Other
support costs
£’000		 Total
2025
£’000		 Total
2024
£’000
- 28 - 28 44
-
9,193
3,014
3,074		 28
2,377
6,757
319		 -
12,002
2,438
1,213		 28
23,572
12,209
4,606		 44
25,392
9,213
3,874
15,281 9,453 15,653 40,387 38,479
15,281 9,481 15,653 40,415 38,523
Admissions
service
£’000
774
1,948
1,333
5,626
1,606
716		 Special
projects
£’000
-
-
377
1,590
471
-		 Analysis &
research
£’000
-
3
188
795
226
-		 Total
2025
£’000
774
1,951
1,898
8,011
2,303
716		 Total
2024
£’000
682
993
1,656
8,156
2,201
312
12,003 2,438 1,212 15,653 14,000
Total
2025
£’000
89
51
371
136
127		 Total
2024
£’000
95
48
294
104
141
774 682

56

5. Taxation

5. Taxation
Group
2025
2024
£’000
£’000		 Charity
2025
2024
£’000
£’000
Current tax
UK corporation tax		 - - - -
Factors affecting the tax charge for the year:
Net income for the year before tax
Tax on income at standard CT rate of 25%
Effects of:		 Group
2025
2024
£’000
£’000
1,441
4,056
274
771		 Charity
2025
2024
£’000
£’000
1,440
4,053
274
770
Income not taxable for tax purposes (274) (771) (274) (770)
Total current tax charge - - - -

57

6. Net income for the year is stated after charging

Depreciation of tangible fixed assets Group
Charity
2025
2024
2025
2024
£’000
£’000
£’000
£’000
940
900
930
885
Amortisation of intangible assets 3,472
3,527
2,766
2,859
Impairment of intangible assets 24
850
24
797
Operating lease costs 4
6
4
6
Auditor’s remuneration - audit fees 71
67
51
48
Auditor’s remuneration - taxation compliance services 6
6
4
4
Internal auditor’s remuneration 89
95
89
95
And after crediting:
Interest on deposits receivable 1,382
1,222
1,345
1,193
Dividends receivable on investment portfolio 205
223
205
223

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7. Intangible assets

Goodwill
£’000
1,361
-
-
-		 Licences
£’000
1,014
-
-
(868)		 Software
£’000
30,640
428
2,343
(4,513)		 Work in
progress
£’000
1,403
2,374
(2,343)
-		 Total
£’000
34,418
2,802
-
(5,381)
1,361 146 28,898 1,434 31,839
1,361
-
-
-		 916
40
-
(868)		 20,637
3,429
24
(4,513)		 -
-
-
-		 22,914
3,469
24
(5,381)
1,361 88 19,577 - 21,026
- 98 10,003 1,403 11,504
- 58 9,321 1,434 10,813

59

Work in Work in
Charity Licences Software progress Total
£’000 £’000 £’000 £’000
Cost
At 1 August 2024 1,014 1,014 27,413 27,413 1,403 1,403 29,830
Additions - - - 2,374 2,374 2,374
Transfers - - 2,343 2,343 (2,343) -
Disposals (868) (4,513) - - (5,381)
At 31 July 2025 146 146 25,243 243 1,434 434 26,823
Amortisation and impairment
At 1 August 2024 916 916 19,351 19,351 - - 20,267
Amortisation charge for the year 40 40 2,726 2,726 - - 2,766
Impairment charge for the year - - 24 24 - - 24
Disposals (868) (4,512) - - (5,380)
At 31 July 2025 88 88 17,589 589 - - 17,677
Net book value
At 31 July 2024 98 98 8,062 062 1,403 403 9,563
At 31 July 2025 58 58 7,654 654 1,434 434 9,146

60

8. Tangible assets

Consolidated

Consolidated Hardware Hardware
Freehold Freehold and and Work in Work in
Land Buildings equipment Vehicles progress Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 August 2024 3,150 3,150 7,558 7,558 4,187 4,187 15 15 93 93 15,003
Additions - - 88 88 8 8 - - 167 167 263
Disposals - - - - (14) - - (20) (34)
Transfer to Investment Property - - (2,011) - - - - - - (2,011)
Transfer - - 134 134 80 80 - - (214) -
At 31 July 2025 3,150 150 5,769 769 4,261 261 15 15 26 26 13,221
Depreciation
At 1 August 2024 - - 3,972 3,972 3,782 3,782 15 15 - - 7,769
Disposals - - - - (14) - - - - (14)
Depreciation charge for the year - - 708 708 234 234 - - - - 942
Transfer to Investment Property - - (1,081) - - - - - - (1,081)
At 31 July 2025 - - 3,599 599 4,002 002 15 15 - - 7,616
Net book value
At 31 July 2024 3,150 150 3,586 586 405 405 - - 93 93 7,234
At 31 July 2025 3,150 150 2,170 170 259 259 - - 26 26 5,605

61

Charity

Charity
Charity Hardware Hardware
Freehold Freehold and and Work in Work in
Land Buildings equipment Vehicles progress Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 August 2024 3,150 3,150 7,516 7,516 3,285 3,285 15 15 93 93 14,059
Additions - - 88 88 8 8 - - 167 167 263
Disposals - - - - (7) - - (20) (27)
Transfer to Investment Property - - (2,011) - - - - - - (2,011)
Transfer - - 134 134 80 80 - - (214) -
At 31 July 2025 3,150 150 5,727 727 3,366 366 15 15 26 26 12,284
Depreciation
At 1 August 2024 - - 3,931 3,931 2,890 2,890 15 15 - - 6,836
Disposals - - - - (7) - - - - (7)
Depreciation charge for the year - - 707 707 224 224 - - - - 931
Transfer to Investment Property - - (1,081) - - - - - - (1,081)
At 31 July 2025 - - 3,557 557 3,107 107 15 15 - - 6,679
Net book value
At 31 July 2024 3,150 150 3,585 585 395 395 - - 93 93 7,223
At 31 July 2025 3,150 150 2,170 170 259 259 - - 26 26 5,605

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62
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9a. Investment Property

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----- Start of picture text -----
Group Charity
£’000 £’000
At 1 August 2024 - -
Transfer from tangible fixed assets 2,663 2,663
At 31 July 2025 2,663 2,663
----- End of picture text -----

The charity’s investment property is located at Rosehill, Cheltenham. Part of this property is let to third parties and part is available to let with the remaining building space accommodated by the charity. During the year, to reflect the change in use, the Charity has reclassified the portion of the building held for letting from freehold property to investment property.

In accordance with FRS 102 section 17, on the date of reclassification, the relevant portion was revalued from its net book value of £931k to a fair value of £2,663k, resulting in a revaluation gain of £1,732k. This gain was recognised in the Statement of Financial Activities (SoFA).

The part of the building which is let/ available to let to third parties is included in the balance sheet at fair value as at 31 July 2025. An independent valuation of the property was carried out as of 31 July 2025 by Savills (UK) Limited. The valuer’s opinion of fair value was primarily derived using recent comparable market transactions on arm’s length terms. The valuation amount has been apportioned between the investment and non-investment parts of the building using the relative floor areas attributable to each element.

The charity receives rental income of £223k (2024: £223k) from this investment property.

There are no restrictions in place on this property, and no contractual obligations.

9b. Investments

9b. Investments
Opening value
Cash Investment
Interest and dividends
Net unrealised (loss)/gain
Charges for the period
VAT payable on charges
Closing value		 Group
2025
2024
£’000
£’000
11,097
9,685
1,000
750
281
300
(151)
415
(25)
(44)
(6)
(9)
12,196
11,097		 Charity
2025
£’000
11,097
1,000
281
(151)
(25)
(6)		 2025
£’000
11,097
1,000
281
(151)
(25)
(5)		 2024
£’000
9,685
750
300
415
(44)
(9)
12,196 12,196 11,097

VAT is payable on investment management charges. Gross charges are deducted from the portfolio, with the VAT element reclaimed via the Charitable Company’s VAT return.

Income receivable from dividends and interest is reinvested in the portfolio.

63

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----- Start of picture text -----
Investments comprise: Group Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Bonds 1,172 2,663 1,172 2,663
UK Equities 290 3,899 290 3,899
Overseas Equities 8,403 2,869 8,403 2,869
Property 588 185 588 185
Alternative assets 1,084 1,386 1,084 1,386
Cash 659 95 659 95
12,196 11,097 12,196 11,097
----- End of picture text -----

The Directors do not consider any individual investment to be material in the context of the investment portfolio.

10. Subsidiary undertakings (Charity only)

Holding (£1)
Ordinary Shares		 Proportion of
nominal value
held directly		 Cost
(£’000)		 Nature of
business		 Country of
incorporation and
registration number
UCAS Media Limited
(see note 20)		 1,000 100% 1,026 Marketing
services		 England and Wales
02737300
UCAS Consultancy and
Insights Limited
(dormant)		 1 100% - Marketing
services		 England and Wales
11737961

The statutory accounts of UCAS Media Limited are fully audited and published separately. Refer to note 21 for a summary of the trading results of UCAS Media Limited.

UCAS Consultancy and Insights Limited is not trading.

11. Debtors

11. Debtors
Amounts falling due within one year
Trade debtors
Amounts owed by subsidiaries
Other debtors
Prepayments and accrued income
Value Added Tax		 Group Charity
2025
£’000
5,963
-
-
3,533
244		 2024
£’000
5,033
-
54
3,546
599
9,232		 2025
£’000
74
3,274
-
2,461
525		 2024
£’000
12
4,050
54
2,328
383
9,740 6,334 6,827

64

12. Creditors

12. Creditors
Group Charity
Amounts falling due within one year 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Trade creditors 1,909 2,247 1,542 1,984
Social security and other taxes 845 709 845 709
Other creditors 383 506 354 400
Accruals and deferred income 6,369 4,992 1,123 979
9,506 8,454 3,864 4,072
Group Group Charity
Deferred income 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Deferred income at 1 August 3,615 3,873 38 39
Deferred income released during the year (3,615) (3,873) (38) (39)
Income deferred during the year 4,748 3,615 90 38
Deferred income at 31 July 4,748 3,615 90 38

Deferred income relates to advertising income, events income, and income from subscriptions. For advertising campaigns and events, income is deferred on the basis of when the service is to be delivered. In the case of subscriptions, income is recognised over the life of the subscription, during which time, the service is delivered in full.

65

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13. Financial Instruments

The carrying value of financial instruments for the Group and the Charitable Company, held at fair value, as at 31 July were:

Financial assets measured at fair value:
Investments
Financial assets measured at amortised cost:
Cash at bank
Trade debtors
Other debtors
Accrued income
Amounts owed by subsidiaries
Financial liabilities measured at amortised cost:
Trade creditors
Other creditors
Accruals
 Group Group Charity Charity
2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000
14,859
25,503
5,963
-
127
-		 11,097
23,228
5,033
54
238
-		 14,859
24,787
74
-
61
3,274		 11,097
23,058
12
54
61
4,050
46,452 39,650 43,055 38,332
1,909
29
1,244		 2,247
108
1,082		 1,542
-
763		 1,984
-
771
3,182 3,437 2,305 2,755

14. Capital commitment

At 31 July the group had a capital commitment of 26k, 50% balance for supply and installation of a flat roof. (2024: £19k parts for high voltage switch gear).

15. Commitments under operating leases

The total future minimum lease payments for both the Group and the Charitable Company, under non-cancellable operating leases of other assets, are as follows:

Amounts due:
Within one year
Between one and fve years		 2025
£’000
195
384
579		 2024
£’000
4
7
11

66

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16. Unrestricted funds: designated

Group
Value at beginning of the year
Transfer into fund in the year
Value at end of the year
Charity
Value at beginning of the year
Transfer into fund in the year
Value at end of the year		 Technology
reserve
2025
£’000
11,728
340
12,068
11,728
340
12,068		 Income
reserve
2025
£’000
5,875
650
6,525
5,875
650
6,525		 Total
2025
£’000
17,603
990
18,593
17,603
990
18,593		 Total
2024
£’000
15,184
2,419
17,603
15,184
2,419
17,603

Designated reserves reflect the Directors’ view of the funds required to be allocated to meet future obligations and to ensure the sustainability of the Group’s and Charity’s core operations. UCAS recognises that designated reserves should have a timeline for being utilised, but this timeline varies depending on which events occur. Further detail of the Reserves Policy is given in the Report of the Directors.

17. Unrestricted funds: general

17. Unrestricted funds: general
Value at beginning of the year
Surplus for the year
Transfer (to) designated funds
FRS102 pension adjustments
Value at end of the year
Unrestricted funds: designated
Unrestricted funds: general
Revaluation reserve		 Group Charity
2025
£’000
36,158
1,441
(990)
-
36,609
18,593
36,609
1,732		 2024
£’000
36,661
4,056
(2,419)
(2,140)
36,158
17,603
36,158
-		 2025
£’000
37,037
1,440
(990)
-
37,487
18,593
37,487
1,732		 2024
£’000
37,543
4,053
(2,419)
(2,140)
37,037
17,603
37,037
-
56,934 53,761 57,812 54,640

Funds are transferred between unrestricted designated and general funds to maintain key technology contracts, and to protect against loss of income through realisation of strategic risks (note 16) as agreed by the Directors in the Reserves Policy. It is predicted that the amounts above the reserves policy amounts will be used over the next few years given the investment levels required to deliver the new strategy.

67

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18. Revaluation reserve

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----- Start of picture text -----
Group Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Value at beginning of the year - - - -
Revaluation gain on Investment property 1,732 - 1,732 -
Value at end of the year 1,732 - 1,732 -
----- End of picture text -----

The revaluation reserve represents the gain arising from the revaluation of fixed assets to fair value. During the year, a gain of £1,732k was recognised following the reclassification of the part of the charity’s property at Rosehill, Cheltenham to investment property, in accordance with FRS 102 Section 17.

19. Net assets by fund

Group

The consolidated net assets held as at 31 July 2025 for the various funds are as follows:

Unrestricted funds: designated
Unrestricted funds: general		 Fixed assets
(excl.
investments)
2025
£’000
12,068
4,350
16,418		 Net current
assets and
investments
2025
£’000

6,525

34,072

40,597		 Long
term
liabilities
2025
£’000

-

(80)

(80)		 Total
2025
£’000

18,593
38,341
56,933		 Total
2024
£’000

17,603

36,157

53,760

The consolidated net assets held as at 31 July 2024 for the various funds are as follows:

Unrestricted funds: designated
Unrestricted funds: general		 Fixed assets
(excl.
investments)
2024
£’000
11,728
7,009
18,737		 Net current
assets and
investments
2024
£’000

5,875

29,228

35,103		 Long
term
liabilities
2024
£’000

-

(80)

(80)		 Total
2024
£’000

17,603
36,157
53,760		 Total
2023
£’000

15,184

34,276

49,460

68

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Charity

The consolidated net assets held as at 31 July 2025 for the various funds are as follows:

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----- Start of picture text -----
Fixed assets (excl. Net current assets Long term
investments) and investments liabilities Total Total
2025 2025 2025 2025 2024
£’000 £’000 £’000 £’000 £’000
Unrestricted funds: designated 12,068 6,525 - 18,593 17,603
Unrestricted funds: general 2,683 36,617 (80) 39,219 37,037
14,751 43,142 (80) 57,812 54,640
----- End of picture text -----

The consolidated net assets held as at 31 July 2024 for the various funds are as follows:

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----- Start of picture text -----
Fixed assets (excl. Net current assets Long term
investments) and investments liabilities Total Total
2024 2024 2024 2024 2023
£’000 £’000 £’000 £’000 £’000
Unrestricted funds: designated 11,728 5,875 - 17,603 15,184
Unrestricted funds: general 5,057 32,061 (80) 37,037 35,156
16,785 37,936 (80) 54,640 50,340
----- End of picture text -----

20. Pension schemes

The Group participates in three pension schemes: one defined benefit pension scheme, one defined benefit scheme that is accounted for as if it were a defined contribution scheme (as required by FRS 102 section 28 ‘Employee Benefits’), and one defined contribution scheme. Employees join the appropriate scheme, depending on their employment terms. The total cost to the Group for the year ended 31 July 2025, in respect of pension contributions, which have been allocated between expenditure categories in proportion to staff costs, and charged to the consolidated Statement of Financial Activities as appropriate, are as follows:

Defned contribution schemes
Multi-employer defned beneft scheme		 2025
£’000
1,601
435
2,036		 2024
£’000
1,541
563
2,104

At 31 July, there were outstanding employer’s and employees’ contributions, including any additional voluntary contributions to the schemes, included in social security and other taxes within the creditors note, as follows:

Defned contribution scheme
Multi-employer defned beneft scheme		 2025
£’000
252
60
312		 2024
£’000
206
86
292

69

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UCAS Pension and Life Assurance Scheme (1993)

The scheme was closed to future accrual of benefits on 31 December 2017. Active members of the scheme at the closure date became ‘active deferred’ members, and transferred to UCAS’ Defined Contribution pension scheme. The UCAS Pension and Life Assurance Scheme currently has 38 active deferred members, 168 preserved members, and 184 pensioners. The assets of the scheme are held in a separate, trustee-administered fund.

The most recent comprehensive actuarial valuation of the plan assets, and the present value of the defined benefit obligation, was carried out at 31 July 2022.

The triennial funding review, as at 31 July 2022, identified a surplus in the longer-term assets over liabilities of £2,872k (2019: deficit of £6,590k).

Given the scheme is in surplus, it was agreed with the scheme that from May 2023 no further additional deficit contributions would be made, and this decision would be reviewed again at the next triennial valuation.

The principal assumptions used in the calculation of the present value of the defined benefit obligation include:

31 July 31 July
Assumptions 2025 2024
Per cent: Per cent:
Discount rate 5.62 5.03
Salary increase (Pre 2030) 2.65 2.89
Salary increase (Post 2030) 3.45 3.69
Infation (RPI) 2.95 3.19
Infation (CPI) (Pre 2030) 2.15 2.39
Infation (CPI) (Post 2030) 2.95 3.19
Pension increases (Pre-April 2005) 4.20 4.24
Pension increases (Post-April 2005) 2.02 2.10
Mortality base table S4PxA S4PxA
Projection basis CMI 2023 CMI 2023
Long term improvement trend 1.00 1.00
Percentage of death rates applied (m) 100 100
Percentage of death rates applied (f) 100 100
The current life expectancies on retirement at age 65 are:
31 July 31 July
2025 2024
Years Years
Male currently aged 45 22.10 22.00
Female currently aged 45 24.70 24.70
Male currently aged 65 21.10 21.10
Female currently aged 65 23.60 23.60

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Changes in the fair value of the scheme assets
Fair value of scheme assets at the beginning of the year
Interest income on plan assets
Benefts paid
Remeasurement (loss)/gain
Expenses and insurance premiums paid
Fair value of scheme assets at the end of the period
Amounts recognised in the balance sheet
Fair value of scheme assets
Present value of scheme liabilities
Irrecoverable (surplus)
Balance sheet liability		 31 July
2025
£’000
39,785
1,709
(1,376)
(2,305)
(203)
37,610
2025
£’000
37,610
(30,833)
(6,777)
-		 31 July
2024
£’000
38,453
1,768
(1,363)
1,174
(247)
39,785
2024
£’000
39,785
(34,667)
(5,118)
-

In accordance with Section 28 of FRS 102, no asset has been recognised in respect of the surplus in the UCAS Pension and Life Assurance Scheme (1993), as the scheme is closed and it does not permit a refund to the employer. As a result, the surplus is not considered recoverable.

The analysis of the scheme assets at the reporting date was as follows:

Equities
Bond (non-gilt)
LDI funds
Multi-asset growth
Cash and net current assets		 31 July
2025
Per cent:
27.1
17.5
27.9
26.6
0.9
100.0		 31 July
2024
Per cent:
26.6
15.6
32.8
24.2
0.8
100.0

The Scheme invests in a mix of equity, bonds, diversified growth, and liability-driven investment funds, managed by State Street, M&G, Troy Trojan, CT and CT Global.

71

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Universities Superannuation Scheme (USS)

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control, typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control, and represents (typically) an industry-wide scheme, such as Universities Superannuation Scheme. 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 income or expenditure in accordance with section 28 of FRS 102. The Directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme, and have therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements. Where a participating employer in the USS Scheme ceases to participate and is unable to meet its share of the Scheme liabilities, these liabilities remain within the Scheme and the remaining participating employers continue to support the scheme as a whole.

The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is at 31 March 2023. The legislative deadline for completing the next triennial valuation is 30 June 2027.

Since the institution cannot identify its share of Retirement Income Builder section of the Scheme assets and liabilities, the following disclosures reflect those relevant for the section as a whole.

The 2023 valuation was the seventh valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. 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.

Defined benefit liability numbers for the scheme, for accounting purposes, have been produced using the following assumptions as at 31 March 2025 and 2024:

2025 2024
Discount rate 5.7 per cent 4.7 per cent
Pensionable salary growth n/a n/a
Pension increases (CPI) 3.0 per cent 3.0 per cent

The main demographic assumption used relates to mortality. The mortality assumptions used in these figures are as follows:

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----- Start of picture text -----
2025 2024
----- End of picture text -----

2025 2024
Mortality base table Pre-retirement:
101% of S2PMA “light” for males and
95% of S3PFA for females
Post-retirement:
101% of S2PMA “light” for males and
95% of S3PFA for females		 Pre-retirement:
101% of S2PMA “light” for males and 95%
of S3PFA for females
Post-retirement:
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% and a long-
term improvement rate of 1.8% p.a. for
males,and 1.6%p.a. for females		 CMI_2021 with a smoothing parameter of
7.5, an initial addition of 0.4% and a long-
term improvement rate of 1.8% p.a. for
males,and 1.6%p.a. for females

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The current life expectancies on retirement at age 65 are:

31 July 31 July
2025 2024
Years Years
Male currently aged 45 25.7 25.4
Female currently aged 45 27.2 27.2
Male currently aged 65 23.8 23.7
Female currently aged 65 25.5 25.6
2025 2024
Calculated based on existing benefts: £bn £bn
Scheme assets 73 74.8
Total scheme liabilities 66.4 75
FRS102 total scheme defcit 6.6 (0.2)
FRS 102 total funding level 110% 100%

Total Actuarial Gain featured in the Statement of Financial Activities

The Statement of Financial Activities (SoFA) includes a total actuarial gain for the Universities Superannuation Scheme (USS) of nil, (2024: £2,505k).

Amounts recognised in the Balance Sheet

Liabilities at beginning of the year
Interest costs
Remeasurement of the scheme liabilities
Balance sheet liability		 2025
£’000
-
-
-
-		 2024
£’000
(2,387)
(118)
2,505
-

At 31 July 2025, UCAS had 33 active members participating in the scheme.

The total pension cost for the group was £485k (2024: £564k). This includes £58k (2024: £59k) outstanding employer’s contributions at 31 July 2025 included in social security and other taxes within the creditors note. The contribution rate payable by the Company was 14.5 per cent of annual pensionable salaries.

UCAS DC Pensions Savings Scheme

UCAS implemented auto-enrolment on 1 January 2014 following the transfer of members from the UCAS Pension and Life Assurance Scheme on its closure. 148 employees were auto-enrolled in the scheme at that time, and re-enrolment assessments are carried out every subsequent three years, the current scheme membership is 512 (2024: 529).

As contributions are treated on the basis of defined contributions, and ultimate benefits are formed from the scheme operated by an external provider, the Group has no underlying liability.

The total pension cost for the group was £1,552k (2024: £1,541k). This includes £251k (2024: £231k) outstanding employer’s contributions as at 31 July 2025 included in social security and other taxes within the creditors note.

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21. Trading results of UCAS Media Limited,

UCAS Media Limited, registered in England, company number 2737300.

Notes
Turnover
2
Distribution costs
Brand and data charge
3
Expenses
Administrative
Total administrative expenses
Operating proft
Interest receivable
Proft before tax
3
Taxation
5
Proft after tax		 2025 2024
£’000
24,273
(11,339)
(3,972)
8,962
(7,181)
(7,181)
1,781
37
1,818
-
1,818		 £’000
23,414
(11,277)
(3,777)
8,360
(7,386)
(7,386)
974
29
1,003
-
1,003

The aggregate amount of the capital and reserves of UCAS Media Limited, as at 31 July 2025, was £147k (2024: £147k). Aggregate current assets were £7,678k (2024: £6,626k), and aggregate liabilities were £9,198k (2024: £8,413k).

22. Related party transactions

Directors

The Directors of UCAS hold a variety of senior positions at educational providers, and other organisations, many of which undertake transactions with UCAS on a regular basis. Such transactions are undertaken on normal commercial terms and the Directors make annual declarations confirming the position they hold in these organisations. The educational providers do not meet the definition of related parties, but the existence of the relationship is included here in the interest of transparency. Therefore, full details of the value of such transactions, or the balances outstanding between UCAS (or its subsidiary undertakings) and these organisations, are not provided.

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The Universities and Colleges Admissions Service, and wholly owned subsidiaries

The following related party transactions and balances are included in the accounts of the Charitable Company, in respect of its related party subsidiary companies:

2025 2025
Conference Staff
attendance costs Brand
Intercompany fees recharged & data Management Gift Aid
debtor as at charged to to charges to charge to distribution
31 July 2025 parent subsidiary subsidiary subsidiary to parent
£’000 £’000 £’000 £’000 £’000 £’000
UCAS Media Limited 3,274 (27) 3,591 3,972 1,775 1,818
2024
Conference Staff
attendance costs Brand
Intercompany fees recharged & data Management Gift Aid
debtor as at charged to to charges to charge to distribution
31 July 2024 parent subsidiary subsidiary subsidiary to parent
£’000 £’000 £’000 £’000 £’000 £’000
UCAS Media Limited 4,050 (13) 3,027 3,777 1,345 1,003

23. Critical accounting estimates and areas of judgement

Estimates and judgements 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 Group 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 those used by the actuary in calculating the Group’s defined benefit pension scheme liability (see note 20 for details), and those involved in estimating an intangible software asset’s likely useful life upon capitalisation and impairment (see policy on capitalisation of software assets for details).

Critical areas of judgement

Senior management exercise judgement in determining that an internally generated asset may be capitalised as an intangible asset, by reference to the likelihood that future economic benefit will be delivered by the asset, as well as the level of completeness of the asset. Details of UCAS’ policy on capitalisation of software development costs is given in note 1.

Senior management also exercise judgement in reviewing any potential impairment of tangible or intangible assets which is determined by future economic value or if the asset is no longer in use.

UCAS participates in Universities Superannuation Scheme (USS), a multi-employer hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. UCAS is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. Therefore, the scheme is accounted for as if it were a wholly defined contribution scheme (see note 20 for details).

75

LEgAL AND ADmINISTRATIvE INFORmATION

For the year ended 31 July 2025

76

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UCAS Board

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----- Start of picture text -----
Edward Astle Chair 3, 4 (appointed 11 August 2025)
Chair
Professor Edward Peck CBE Chair 3, 4 (Interim Chair, resigned 02 July 2025)
Professor Colin Bailey CBE 1
Mr Simon Bates 2, 4 (resigned 02 July 2025)
Dr Ben Calvert 3 (resigned 04 November 2025)
Ms Pat Carvalho 2, 3, Chair 4
Mr Mark Felix Chair 1, 3 (Senior Independent Director)
Ms Caroline Hoddinott OBE 1 (resigned 02 July 2025)
Mr Alistair Jarvis CBE (appointed 02 July 2025)
Mr Daragh Kelly 4 (appointed 24 October 2024)
Directors Professor James Miller FRSE 3 (Deputy Chair, as of 21 October 2025)
Ms Joanne Miller 1 (appointed 22 July 2025)
Professor Malcolm Press CBE 4 (resigned 02 July 2025)
Mr Shuvo Saha (resigned 17 January 2025)
Ms Melody Stephen (resigned 20 August 2024)
Professor Catherine Normington 2 (appointed 17 July 2025)
(appointed 15 July 2025 and
Mr Matt Tee
resigned 17 October 2025)
(appointed 24 October 2024 - Interim
Mr Justin van Wijngaarden Chair 2, 3, 4
Deputy Chair to 21 October 2025)
Co-opted
Board Mr Alistair Jarvis CBE (appointed as Director 02 July 2025)
members
Ms Zelina Harrington-Greenwood 1
Ms Lore Lippmann 1 (appointed 06 July 2025)
Co-opted
Committee Professor Wendy Robinson 1 (resigned 30 April 2025)
members
Ms Eileen Schofield 2
Ms Camille Stallard 2
1. Audit and Risk Committee 2. Finance Committee
Committees
3. Nominations Committee 4. People and Remuneration Committee
----- End of picture text -----

77

Company Secretary

Mrs Tessa Yates Secretary Dr Jo Saxton CBE Chief Executive Mr Kevin Allison Chief Financial Officer Mrs Elaine Chandler Chief People Officer Executive Ms Fiona Johnston Chief Operations Officer Team Chief Digital and Data Officer Mr Sander Kristel (resigned 31 December 2024) Mr David Penney Chief Communications and Marketing Officer Chief Digital and Data Officer Mr Steve Yick (appointed 07 January 2025)

78

Registered office

Rosehill New Barn Lane Cheltenham Gloucestershire GL52 3LZ

Auditors

External auditor

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB

Solicitors

Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH

Actuary

Little & Company Actuaries & Consultants Ltd i2 Office 450 Brook Drive Green Park Reading RG2 6UU

Internal auditor

KPMG LLP One Snowhill Snowhill Queensway Birmingham B4 6GH

Bankers

Barclays plc 128 High Street Cheltenham Gloucestershire GL50 1EL

Investment managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Rathbone Greenbank Investments 8 Finsbury Circus London EC2M 7AZ

79

© UCAS 2025

All rights reserved.

UCAS is a registered trade mark.

UCAS, a company limited by guarantee, is registered in England and Wales. Registered number: 2839815. Registered charity number: 1024741 (England and Wales) and SC038598 (Scotland) Publication reference: 25-010624

Published by: UCAS, Rosehill, New Barn Lane, Cheltenham, GL52 3LZ.

CM-00545