REGISTERED COMPANY NUMBER: 05869337 (England and Wales)

REGISTERED CHARITY NUMBER: 1117999

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2025

for

THE BRITISH ACADEMY OF MANAGEMENT

LIMITED

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

10

Independent Examiner's Report

11

Statement of Financial Activities

12

Balance Sheet

13

to

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

to

27

TRUSTEES

Professor K Mason (President)

Professor S Decker (resigned 31.12.25)

Professor E L Parry (Chair)

Dr R J Glennon (resigned 31.12.25)

Dr A J B Roberts (resigned 31.12.25)

Dr K E Black (resigned 31.12.25)

Professor P Budhwar (resigned 31.12.25)

Professor D B Sarpong (resigned 31.12.25)

Dr C D Thornton (Treasurer)

Professor S K Robinson

Professor E K MacDonald (appointed 1.1.25)

Dr E L Yarrow (appointed 1.1.25)

Dr A I Dudau (appointed 1.1.26)

Dr L Porter (appointed 1.1.26)

N Burton (appointed 1.1.26)

Dr R Lui (appointed 1.1.26)

Dr C Harrison (appointed 1.1.26)

Professor M Parkinson (appointed 1.1.26)

Professor E Houldsworth (appointed 1.1.26)

Professor A M Charlwood (appointed 1.1.26)

REGISTERED OFFICE

Five Kings House

Queen Street Place

London

EC4R 1QS

REGISTERED COMPANY NUMBER

05869337 (England and Wales)

REGISTERED CHARITY NUMBER

1117999

INDEPENDENT EXAMINER

Knox Cropper LLP

Chartered Accountants

65 Leadenhall Street

London

EC3A 2AD

CHIEF EXECUTIVE

Jack Harrington

INVESTMENT MANAGERS

Rathbone Investment Management

8 Finsbury Circus

London

EC2M 7AZ

The Co-operative Bank p.l.c.

P.O. Box 101

1 Balloon Street

Manchester

M60 4EP

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The British Academy of Management (BAM) is the leading authority on the academic field of management in the UK, supporting and representing the community of scholars and engaging with international peers. It's main purpose as set out in its governing document is to advance education in the disciplines of business and management. In particular, BAM exists to:

" Promote an interdisciplinary programme of research and collaboration to produce an integrated body of knowledge and to serve as an inter-disciplinary forum for those engaged in an academic examination of all types of organisation and management studies;

" Further the development of education for both managers and students of organisations in the United Kingdom;

" Promote the interests of management and business research in relation to outside bodies including funding agencies and other learned societies

" Provide services to members, which include training, networking and career development through the life course.

BAM aims to provide a welcoming and supportive, pluralistic community of scholarship in the full field of management.

The Trustees follow the Charity Commission's general guidance on public benefit when setting BAM's objectives and agreeing its main activities. BAM's objectives can be understood as a public benefit in that they strengthen the interests and impact of management and business study research and teaching. This is a benefit to both a large academic community and to the wider public that community serves.

To achieve BAM's charitable objectives, the trustees launched a new Strategy for the period 2024-2028, which was in its second year in 2025. A set of five priorities were developed to meet BAM's legal charitable objectives. Five strategic priorities enable BAM to tackle major challenges that currently confront the business and management studies community, such as the challenges to academic practice posed by Artificial Intelligence. These strategic priorities are:

" to facilitate the impact of business and management research on practice and policy;

" support the sector in addressing the challenges brought by artificial intelligence and digitisation;

" promote wellbeing and positive mental health in business and management academics and doctoral researchers;

" support the development of good equality, diversity, inclusivity and respect practice across the sector; and

" ensure sustainability is central to all BAM's activities.

BAM's strategy also created a series of supporting priorities to improve its ability to fulfil its charitable objectives. These cover doubling membership by 2028; strengthening existing partnerships, and creating new partnerships with relevant national and international bodies; engaging Council, Fellows, Companions and Special Interest Group leadership as key elements of the BAM community, in line with our strategic priorities; reviewing the activities of BAM to ensure their long-term future sustainability; and developing more effective ways of engaging with our internal and external communities. BAM's progress in achieving these strategic priorities is detailed in the Performance section of this report.

Objectives and aims continued

The Strategy enables BAM to strength its position in the longer term in order to deliver its core activities. These include:

" Running Academy workshops for research, capacity building and practice/policy engagement, including our Management Knowledge Education (MKE) Teaching Practice Conference

" Running workshops for 25 Special Interest Groups and three Networks

" Organising and hosting the Academy's annual conference

" Organising and hosting doctoral symposia for PhD students

" Organising development programmes for a range of career stages and roles, such as Directors of Research; leaders of engagement; and teaching-focused and research-focused mid-career academics

" Maintaining a Peer Review College to build reviewing capacity and skills

" Publishing two field-leading journals and a book series on the impact of business & management research

" Promoting the findings of academic research to policymakers and the wider public

" Providing research grants from a competitive process, including in partnership with other learned societies

" Collaborating with sister academies further our charitable purposes

In combinations these activities serve the interests of BAM's members and its wider community of business and management studies academic academics. A key resource for delivering these activities is the many hundred volunteers who serve on its Executive Committee, Council, Special Interest Groups, Tracks and other groups and its editorial teams for the two journals. These are supported by a team of full-time staff and various part-time staff and contractors. Details of their roles and the wider organisational structure are outlined in the Structure, Governance and Management Section.

ACHIEVEMENTS AND PERFORMANCE

Introduction and summary

Performance across our four income streams has reflected the tough environment for the Higher Education sector. Income for the conference and programmes was lower but effots to control costs has limited the net impact of this. Membership income has continued to grow steadily year on year. Publications income dipped by 20% which is most attributable to a drop in output.

Conference

The Annual Conference continues to draw scholars across the UK and globally, with attendance from overseas continuing to grow. The 39th edition of the BAM Conference in September 2025, hosted by Kent Business School, University of Kent, welcomed over 1,000 delegates from 68 countries. The Doctoral Symposium that precedes the conference continues to grow in popularity.

Community events and capacity building

The 24 Special Interest Groups (SIGs) and three Networks are member-led groups that are the engine for BAM's activities. In 2025, BAM supported over 100 events, both in-person and online, with the number increasing every year. This has resulted in over 6,200 registrants to BAM events (not including the Annual Conference). From January to July 2026, BAM supported 72 SIG, Network and Sub-Committee events. Most BAM events are held online, offering easy access to members around the world.

The provision of development programmes continues to a major way in which BAM in which builds capacity in the sector across career stages. This is done through programmes such as Development Programme for Directors of Research (delivered jointly with the Chartered Association of Business Schools), Becoming a Research-Oriented Professor and the Education Focused Professor.

In 2025, we launched the Education-focused Scholarship Incubator Programme. This 10-month programme supports attendees in developing their own education-focused scholarship outputs. This complements our existing offering in MKE, including Becoming an Education Focused Professor and the MKE Teaching Practice Conference.

Awards

Recognising excellence and leadership in our community is essential to our mission. In 2025, our most senior award, the Richard Whipp Lifetime Achievement Award was awarded to Professor Gerard P. Hodgkinson. The John G. Burgoyne Memorial Prize for Management Learning was awarded to Professor Paul Hibbert.

The BAM Medal for Equality, Diversity, Inclusivity and Respect was awarded to Prof Martyna Sliwa. Dr Fariba Darabi and Professor Petra Molthan-Hill received the BAM Medal for Knowledge Development. The BAM Medal for Leadership was awarded to Professor Carmen Cabello-Medina. Professor Catherine Wang received the BAM Medal for Research - Prof Catherine Wang. The BAM Medal for Contribution to Communities was awarded to Professor Christian Harrison, Dr Kingsley Omeihe and Dr Kevin Tennent.

We were also delighted to welcome Professor Margaret Heffernan and Flora Hamilton were made Companions of BAM.

Grants

A funding call for the Transitions 1 (early career), Transitions 2 (more experienced researchers) and Management Knowledge and Education (MKE) research grant schemes was successful completed in Autumn 2025, with a total of 6 projects being funded equally distributed between the three categories. Eligibility for the MKE research grant scheme was opened to applicants without a doctorate but with equivalent research experience. This was an important step in acknowledging the diversity of experience that contributes to effective MKE research.

With the Society for the Advancement of Management Studies, we also ran a final funding round of the Research and Capacity Building Grant Scheme under the current agreement, awarding one Early Career Academic-led project funding of approximately £70,000 in Autumn 2025. Discussions are in progress about offering several smaller Research and Capacity Building Grants specifically for Early Career Academics over the next two years.

International collaborative research grants continue to be a vital part of our offering to support our members in our mission to build a thriving pluralistic community. Over the past 12 months we have supported our community by running BAM and Partner Collaborative Research Grant Schemes, using our own resources and in partnership with our international sister bodies, awarding one project each with Australian and New Zealand Academy of Management (ANZAM), the Irish Academy of Management (IAM). We will be re-advertising the grant scheme in association with Società Italiana di Management (SIMA) as we were unable to award funding in the 2025 funding round.

Charitable Activities

Policy and advocacy

BAM represents the sector on the British Academy Strategic Forum for Social Sciences and at the Academy of Social Sciences, where we have joined the Policy Working Group. Our CEO, Jack Harrington, is a member of the Chartered Association of Business Schools' (CABS) Policy Committee and the Academy of Social Sciences' Policy Working Group. Through these channels, BAM puts forward the priorities of its members in wider policy work relating to the social sciences and in engagement with Business Schools.

In summer 2025, BAM produced a white paper on 'Education focused careers' aimed at influencing Business School Deans and other university senior leaders. This white paper was a response to the growth in numbers of education focused academics on 'Teaching and Scholarship' (T&S) contracts. This paper looked at Business School Deans' perspectives on these careers to discern the significance of three levels of support and development for these education focused academics: at the individual level, at their Business and Management School level, and through learned societies such as BAM.

In autumn 2025, Emma Parry, Katy Mason and Jack Harrington published a response on the Higher Education Policy Institute website to CAB's 'Business Schools as Engines of Growth' report. The response, entitled 'How business school research can power inclusive and sustainable regional growth' championed the long track record of research innovation among UK's business schools.

International Partnerships

In 2025, BAM delivered the eFestival of Education, an online event focused on management teaching and learning, in partnership with La Asociación Científica de Economía y Dirección de la Empresa (ACEDE), the Irish Academy of Management (IAM) and the Società Italiana di Management (SIMA). Our Chair, Professor Emma Parry, and our CEO, Jack Harrington, attended the 2025 IAM conference in Maynooth. Professor Parry also attended the Festival of Management, hosted by SIMA in Naples, and the EURAM conference in Florence. Jack Harrington attended the ACEDE conference in Pamplona. We welcomed colleagues from the African Academy of Management, IAM, SIMA, ACEDE, the Academy of Management (AOM), the Australian and New Zealand Academy of Management (ANZAM) and the International Federation of Scholarly Associations of Management (IFSAM) to our conference in 2025. The joint grant schemes we ran in 2025, mentioned above, are also a major aspect of our partnerships with our sister academies. The schemes are intended to promote and build capacity for international collaboration in business and management studies.

FINANCIAL REVIEW

Financial overview and major risks

In 2025, BAM navigated a tough operating environment by focusing on its established income streams and reducing costs where possible. The worsening financial situation in the HE sector is compounded by declining student numbers leading to restricted budgets and considerable uncertainty. This creates a challenging environment for learned societies such as BAM. Much of our income, particularly for membership, training, conferences and other events, is derived from Higher Education Institutions (HEIs) and their staff. This is evident in the decline in income from workshops from £195K in 2023, to £118K in 2024. We are pleased to say the rate of decline has reduced, with income at £108K in 2025.

BAM continues to benefit from a diversified income base. Just under 40% of BAM's income comes from its Annual Conference. Publications brought in 22% of income in 2025 with the remainder comes from workshops and membership fees. In all four areas, BAM benefits from an established reputation. For programmes, membership and the conference, BAM prioritises providing affordable prices and excellent value. We are conscious that many members are self-funded and the ability of HEIs to pay for BAM's offering remains a key factor in our financial success in the short term.

In 2025, BAM introduced two major changes to improve long term financial performance. The first was a new bulk discount rate. The discounts apply to the total number of BAM products purchased by institutions for their staff in a given year. A 10% discount is applied on purchases over £1,000; a 15% increase applies to purchases over £10,000; and a 20% discount applies to purchases over £20,000. Some products such as conference tickets are not discounted because of high demand and prices that are already relatively low. The bulk discount initiative offers value to institutions and also enables them to work with us to better coordinate how we support their staff's individual needs. By encouraging pre-sales for programmes and events, the bulk discounts also enable us to maintain our full range of activities in spite of a tougher financial environment. We are pleased to say that the University of Salford was our first customer for the bulk discount, purchasing a package that included membership for all staff.

The second major change was the refurbishment of our offices. This has enables us to use the premises for hosting smaller events. This achieved savings on venue and catering hire and made fuller use of the office. That cost reduction has outweighed the loss in programme income in 2025. We have seen higher costs for events including the conference. We have secured a three-year deal with our CRM provide and are still in the early phases of our lease. This has enabled us to control costs further despite general inflation.

Principal funding sources

The Annual Conference is the principal source of funding for BAM. Income from the Conference in 2025 was lower than 2024 at around £340K, compared to £370K. Costs were also lower, reduced from £162K to £161K.

Publishing income dropped by 20% in 2025, following an increase in 2024. This was due to a drop in output, that can largely be explained by relatively low staff and volunteer resourcing for the journals. This was starting to be addressed towards the end of 2025 with the arrival of new volunteers on our editorial leadership teams.

Surpluses from programmes improved in 2025. In response to a sharp decline in workshop income in 2024, BAM significantly reduced costs by hosting more events in our London offices. Income dropped by £9K to £108K in 2025. However, costs dropped by £28K to £53K. The decline reflects reduced training budgets across the HE sector. BAM has still been able to deliver cohorts of major programmes such as Becoming a Research Oriented Professor and the Education Focused Professor. Interest in our Development Programme for Directors of Research grew significantly towards the end of 2025. Our community continues to need and benefit from our programmes. BAM has responded by reducing our breakeven costs so that we can deliver to smaller cohorts and continue to address a range of requirements.

Member income has grown steadily, from £128K in 2024 to £147K in 2025.This reflects acceptance of our price increase in 2024. This growth has been achieved despite lower conference sales. With the introduction of the bulk discount, we anticipate maintaining membership income.

Our investments began the year with a value of £362,752 and closed at £371,193. This reflects continued fluctuations in the market. The yield for 2025 was at 2.2 %, with a total return of 4.9%. This is below the agreed target of RPI+2% and the performance of our investments during the year has been weaker than in 2024.

Investment policy and objectives

Funds for investment are the reserve funds not required to support the normal operational cashflow needs (including any operational reserves). BAM's aims to generate annualised returns of RPI plus 2% over the long term, net of fees and expenses. A total return approach is to be adopted, generating the investment return from income and capital gains or losses.

BAM invests funds in liquid stock market instruments such as shares and bonds of established governments. BAM has a socially Responsible Investment policy in line with its values, which include equality of opportunity for current and future generations, and avoidance of investments in arms making or arms deployment, or tobacco.

BAM expects fund managers to respect and follow the Charity Commission guidance. The Finance, Investment and Risk Committee has delegated authority to manage the investment funds and the fund manager. The committee follows formal rules which adopt current best practice behaviour for its operation including how investment decisions are made, how performance is measured in detail and reported, how the fund manager is chosen and monitored, how often meetings are held between the committee and the fund manager, and these rules are always made available to the Trustees (Executive Committee) and, if asked, to the membership at large. The Committee's terms of reference were revised in November 2025. Changes included growing the number of members and increasing the number of meetings it has. This in order for the Committee to provide more detailed and more frequent advice to the Trustees.

It will not change its investment manager without first informing the Trustees (Executive Committee). It reports formally on the performance of the investments to the Executive Committee, and at other times whenever formally asked, and through the Annual General Meeting and the Directors Annual Report to the membership at large. Investments in the year were made in the Rathbones Charity Authorised Investment Fund, which replaced the Rathbones Core Investment Fund for Charities.

Reserves policy

The Trustees consider that reserves are required to ensure that the Academy has a sufficient level of working capital to enable the smooth operation of the Academy. In addition, they consider that additional reserves are required such that the Academy can weather a financial shock, whether a reduction in income or an unexpected increase in costs. A sufficient level of reserves would ensure that, if necessary, the Trustees would be able to arrange an orderly winding down of the charity's affairs, whereby all of its financial responsibilities and obligations would be honoured. The Trustees have concluded that net reserves of a value of a minimum of six months of operating costs are sufficient. The current level of net reserves is in excess of this amount.

The level of reserves at 31 December 2025 consists of restricted funds of £34,000 (2024: £38,000) and unrestricted funds of £513,701 (2024: £622,313).

FUTURE PLANS

The next three years will focus on the delivery of BAM's current Strategy. This includes consolidating the significant work done in 2025 on AI, Sustainability, EDIR and wellbeing. The establishment of the Practice Engagement portfolio gives scope to coordinate and grow impact related activities such as Business Research Unpacked; Management Publication of the Year; and our management training validation service. These activities deliver our priority to facilitate the impact of business and management research on practice and policy.

Our supporting priorities will continue to build our capabilities to deliver our charitable objectives. A governance review in 2026 will provide an opportunity to look at practical ways to improve integration of our Council, Fellows College, Special Interest Groups and Networks. We will develop new partnerships with sister national academies and identify opportunities to deepen current partnerships. This is likely to include building formal links with other academies' special interest groups and early career networks and exploring more joint programming.

Our main activities will continue to focus on serving needs of our members and our community in a way that builds our financial security. Conferences, publications, development programmes and membership remain our four core sources of income. We expect the BAM Annual Conference and the MKE Conference to continue to grow in important as activities delivered for our members and as sources of revenue. We all income streams we will explore to pilot new activities and grow our most successful ones.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 7 July 2006 and is registered as a charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of Trustees

The Trustees are elected by the general membership biennially. Vice Chairs may serve a two year term and may then submit themselves for re-election for a further two-year term. The Chair and President, who are also Trustees, should normally have previously served as Vice Chairs or Chair, and are elected by the membership for a term of two years, after which they may submit themselves for election for a further term. The Treasurer is appointed by the Council for a term not exceeding 5 years. To provide continuity, elections for President and Chair, and for Vice Chairs are held in alternate years. The Trustees each have a specific area of responsibility such as Equality, Diversity, Inclusion and Respect (EDIR) or Research and Publications. This involves overseeing and developing content in these areas.

Organisational structure

The Trustees are members of an Executive Committee, which governs BAM. It comprises the President, the Chair, the Treasurer and several Vice Chairs. The Trustees are also part of the Council of approximately forty academics whose non-trustee members form sub-committees chaired by the Vice Chairs. Most members of the Council are elected for a three-year term by the general membership. Their role is to supervise BAM. They meet at least three times a year. The Council also has the power to co-opt members onto the Council who hold office for one year. Council has several members who serve ex-officio, including the editors of its journals and the Dean of the College of Fellows.

The BAM Office supports the Trustees by undertaking operational delivery. Day to day responsibility for the provision of services rests with a small office team comprising an average of eight full time staff and four part time contractors in the year under review. The team is led by a CEO support by a Head of Operations and Events. Staff have functional responsibility for governance, communications, events, programme and event delivery, publications and grant-making.

Induction and training of new trustees

On appointment to the Executive Committee new members undergo an induction process, which includes training on Trustee responsibilities. Trustees are informed of their legal obligations under charity law and the Charity Commission guidance on public benefit. This includes discussion of what their responsibilities mean in practice. They are also provided with information about the charity's financial position, main activities and key stakeholders. The induction process combines presentations; information packs; and introductions to relevant staff and committee members.

Key management remuneration

The trustees receive no remuneration for their services other than the reimbursement of out-of-pocket expenses. The pay of senior staff is reviewed annually. The trustees benchmark salary levels against pay and conditions available from similar organisations of a similar size, run on a voluntary basis. They aim to align with the Universities and Colleges Union salary scale.

Changes to personnel

Professor Pawan Budhwar, Professor Stephanie Decker, Professor Kate Black, Professor Ashley Roberts, Professor David Sarpong and Dr Russ Glennon all concluded their terms of office on the Executive Committee in December 2025. We thank all of them for their significant and sustained contribution to delivering BAM's priorities over the past four years.

The following were elected to the executive with terms commencing in January 2026: Professor Andy Charlwood and Professor Nicholas Burton, joining as Co-Vice Chairs for Research and Publications; Professor Lisa Anderson and Dr. Elizabeth Houldsworth, our new Co-Vice Chairs for Management Knowledge and Education; Professor Christian Harrison and Dr. Rebecca Liu, who will serve as Co-Vice Chairs for Special Interest Groups; Professor Adina Dudau, who joins as Co-Vice Chair for Academic Affairs of Conference and Capacity Building; Professor Mandy Parkinson, who joins as Vice Chair for Practice Engagement.

Professor Fiona Wilson reached the end of her term as Dean of the BAM Fellows College in December 2025. The new Dean will be Professor Savvas Papagiannidis, whose Deputy Dean, Stephanie Decker, was elected in autumn 2025.

In the BAM Office, in the summer, we said farewell to Ines Andrade as Membership and Systems Officer. In October, we welcome Amy Wade, providing executive assistance services. Adrita Warra Ummul joined us providing support on membership, conferences and events.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A Finance, Investments and Risk Committee, established separately from Council, advises the Trustees on these matters.

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The British Academy of Management Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Approved by order of the board of trustees on 27 August 2026 and signed on its behalf by:

Professor E L Parry - Trustee

Independent examiner's report to the trustees of The British Academy of Management Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

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

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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

This report is made to the Trustees, as a body, in accordance with the terms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees, as a body, for our work or for this report.

James Holland-Leader FCA

Knox Cropper LLP

Chartered Accountants

65 Leadenhall Street

London

EC3A 2AD

27 August 2026

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

-

2,000

2,000

42,000

Charitable activities

6

Charitable

810,325

75,767

886,092

932,931

Other trading activities

4

12,086

-

12,086

20,831

Investment income

5

12,551

-

12,551

13,247

Total

834,962

77,767

912,729

1,009,009

EXPENDITURE ON

Raising funds

7

8,287

6,000

14,287

26,988

Charitable activities

8

Charitable

945,088

75,767

1,020,855

998,148

Total

953,375

81,767

1,035,142

1,025,136

Net gains on investments

9,801

-

9,801

23,182

NET INCOME/(EXPENDITURE)

(108,612

)

(4,000

)

(112,612

)

7,055

RECONCILIATION OF FUNDS

Total funds brought forward

622,313

38,000

660,313

653,258

TOTAL FUNDS CARRIED FORWARD

513,701

34,000

547,701

660,313

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

16

8,108

-

8,108

5,844

Investments

17

371,193

-

371,193

362,752

379,301

-

379,301

368,596

CURRENT ASSETS

Debtors

18

153,207

75,767

228,974

205,280

Cash at bank and in hand

212,461

34,000

246,461

258,735

365,668

109,767

475,435

464,015

CREDITORS

Amounts falling due within one year

19

(231,268

)

(75,767

)

(307,035

)

(172,298

)

NET CURRENT ASSETS

134,400

34,000

168,400

291,717

TOTAL ASSETS LESS CURRENT LIABILITIES

513,701

34,000

547,701

660,313

NET ASSETS

513,701

34,000

547,701

660,313

FUNDS

21

Unrestricted funds

513,701

622,313

Restricted funds

34,000

38,000

TOTAL FUNDS

547,701

660,313

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 August 2026 and were signed on its behalf by:

E L Parry - Trustee

K Mason - Trustee

Cash flows from operating activities

Cash generated from operations

1

(18,401

)

(42,207

)

Net cash used in operating activities

(18,401

)

(42,207

)

Cash flows from investing activities

Purchase of tangible fixed assets

(7,784

)

(2,499

)

Sale of fixed asset investments

5,719

1,110

Interest received

4,316

3,959

Dividends received

8,235

9,288

Movement in cash at investment manager

(4,359

)

1,852

Net cash provided by investing activities

6,127

13,710

Change in cash and cash equivalents in the reporting period

(12,274

)

(28,497

)

Cash and cash equivalents at the beginning of the reporting period

258,735

287,232

Cash and cash equivalents at the end of the reporting period

246,461

258,735

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(112,612

)

7,055

Adjustments for:

Depreciation charges

5,520

8,808

Gain on investments

(9,801

)

(23,182

)

Interest received

(4,316

)

(3,959

)

Dividends received

(8,235

)

(9,288

)

(Increase)/decrease in debtors

(23,694

)

33,218

Increase/(decrease) in creditors

134,737

(54,859

)

Net cash used in operations

(18,401

)

(42,207

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

258,735

(12,274

)

246,461

258,735

(12,274

)

246,461

Total

258,735

(12,274

)

246,461

1.	COMPANY STATUS

The charity is a private company incorporated in England and Wales, which is limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The principal place of Business is as disclosed in the Report of the Trustees on page 1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.

The Trustees consider that there are no uncertainties about the Charitable Company's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

The basis for establishing income received in advance in connection with members' subscriptions is judgemental, and is calculated based upon the month that the subscription is purchased. At the reporting date, the balance is deferred over the remaining term of the subscription. On the basis that subscriptions are on an annual basis, the Trustees are confident that this does not provide a material level of estimation uncertainty.

The Trustees have considered the risk of estimation uncertainty causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, and consider there to be no further significant accounting estimates and assumptions.

Income

Income is recognised and included in the accounts when all of the following criteria are met:

-the Academy has entitlement to the funds

-any performance conditions attached to the income have been met or are fully within the control of the Academy

-there is sufficient certainty that receipt of the income is probable

-the amount can be measured reliably

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Academy's programmes and activities.

These costs have all been allocated to expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds represent a general fund held for the overall objects of the Academy's work. There are currently no restricted funds which would require to be allocated to specific activities.

Investments

Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

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

Cash at Bank and in Hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

Creditors

Creditors and provisions are recognised where the Academy has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

Financial instruments

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

3.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

2,000

2,000

Legacies

-

40,000

2,000

42,000

4.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Fundraising events

12,086

20,831

5.	INVESTMENT INCOME

2025

2024

£

£

Investment income

8,235

9,288

Interest receivable

4,316

3,959

12,551

13,247

6.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Grants

Charitable

76,867

57,100

Members' subscriptions

Charitable

147,796

128,752

Journal subscriptions

Charitable

4,903

2,890

Annual conference

Charitable

338,444

370,228

Workshop income

Charitable

108,205

117,967

Journal publishing income

Charitable

204,347

254,923

Special interest groups

Charitable

5,530

981

Other income

Charitable

-

90

886,092

932,931

Grants received, included in the above, are as follows:

2025

2024

£

£

Society for the Advancement of Management Studies

71,936

50,000

Australian and New Zealand Academy of Management

3,000

-

Irish Academy of Management

1,931

-

Chartered Association of Business Schools

-

2,000

Academy of Social Sciences

-

5,100

76,867

57,100