OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Open College Network London Region

2025-07-31-accounts

Open College Network London Region

Report and financial statements For the year ended 31 July 2025

ocnlondon.org.uk

Making learning matter

Contents

For the year ended 31 July 2025

Reference and administrative information 1
Trustees’ annual report 2
Independent auditors report 13
Statement of financial activities (incorporating an income and expenditure account) 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20

ocnlondon.org.uk

1

Reference and administrative information

Company number 2876147 Charity number 1034750 Registered office and operational address 70 Gracechurch Street, London, EC3V 0HR Country of registration England Country of incorporation United Kingdom

The company trades under the name OCN London.

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

J. Stockdale Chair (Appointed 25 September 2025) K. Hintz Chair (Resigned 25 September 2025) L. Arnold-Courtney J. Farmer N. Garner P. Ghuman K. Holt A. May A. Soyinka C.Tennant

Key management personnel

Carlos Cubillo-Barsi Chief Executive Paul Browning Deputy Chief Executive (position phased out during strategic restructure April 2025)

Bankers

National Westminster Bank Plc 166 Camden High Street, London, NW1 0NW

Solicitors

Grays Solicitors Duncombe Place, York, YO1 7DY

Auditors

Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

ocnlondon.org.uk

2

Trustees Annual Report For the year ended 31 July 2025

The trustees present their report and the audited financial statements for the year ended 31 July 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Articles of Association, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Purpose and aims

The charity is a company limited by guarantee and is constituted under its Articles of Association. The Memorandum and Articles of Association were revised, and a new combined Articles of Association was adopted by special resolution on 20 March 2023. Its registered charity number is 1034750 and its registered company number is 2876147. The charity trades under the name OCN London.

Open College Network London Region (OCNLR) is an awarding organisation (AO) approved by the Office of Qualifications and Examinations Regulation (OFQUAL) to offer national qualifications. As an Access Validating Agency (AVA), OCNLR is licensed by the Quality Assurance Agency for Higher Education (QAA) to validate and award certificates on QAA-recognised Access to Higher Education Diplomas. The Board of Trustees is ultimately responsible for the operation of both licenses.

None of the trustees receive remuneration or other benefit from their work with the charity.

ocnlondon.org.u k

3

Trustees Annual Report For the year ended 31 July 2025

Objectives and activities

OCNLR exists to support learning and widen participation through achievement of credit-based qualifications, regulated and unregulated. OCNLR aims are the advancement of the education of the public in one or more of the following ways:

Public benefit

In setting its objectives for the year, the Board of Trustees has regard to both the Charity Commission's general guidance on public benefit and the mission of OCNLR that supports education for learners who have benefitted least from existing provision and can be encouraged to progress to achieve their potential. The activities currently carried out for the public benefit by the charity can be broadly categorised into the following areas:

ocnlondon.org.u k

4

Trustees Annual Report For the year ended 31 July 2025

The majority of centres are not-for-profit organisations, delivering education and training for adults. Many of them target the educationally disadvantaged which is critical to supporting OCNLR to achieve its aims. A significant number of centres, namely those in the traditional further and adult education sectors, are eligible to access public funding via the Department for Education (DfE), the Greater London Authority (GLA) and the other Mayoral Combined Authorities (MCAs) for their delivery of our qualifications.

The outcomes of these activities for 2024/25 are identified in the following sections.

The trustees review the aims, objectives, and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on education and are undertaken to further OCNLR's charitable purposes for the public benefit.

OCNLR acts to accredit courses and develop regulated qualifications in partnership with its centres, register learners on those courses and qualifications, confirm the learners' achievement of credits and qualifications through an external quality assurance process and then to certificate those achievements. In many cases these certificates are the first tangible evidence of learning and achievement those learners will have received.

OCNLR is not directly involved with the delivery of learning; it acts to formally recognise a centre's fitness to provide quality assured learning programmes that may consist of its qualifications (regulated) or accredited courses (unregulated). In each case OCNLR is concerned with confirming that the offer is appropriate and coherent at the curriculum planning stage and then is quality assured to ensure comparability of standards and to safeguard the learner experience.

Our aims are pursued beyond the core functions of the organisation where we seek to foster an understanding and an expansion of the benefits of accreditation.

ocnlondon.org.u k

5

Trustees Annual Report For the year ended 31 July 2025

In 2024-25, learner registrations on our national regulated qualifications increased by almost 4,000 on the previous year. This was partly due to an increased interest from new and existing centres in our qualification offer. There was also a welcome upturn in registrations onto Access to HE courses compared to 2023-24. Digital Badges and microcredentials proved themselves to be a popular product line with over 5,000 issued.

The maximum number of organisations registered with OCNLR throughout the reporting period was 356. There were 53 new centres approved in 2023-24, including large further education colleges, and a small number of resignations over the year.

Our most popular qualification was the Level 1 Award in Understanding Safeguarding in a Learning Environment followed by the Entry 3 Award in Prevent Duty Awareness. The Progression qualifications still remain popular after so many years.

Achievements against 2024-25 strategic priorities:

ocnlondon.or g.uk

6

Trustees Annual Report For the year ended 31 July 2025

Beneficiaries of our services

Learner registration and certification

In 2024-25 OCNLR received over 43,000 learner registrations, representing an increase of 11% on the previous year. Learner demographics were as follows: 53% female, 46% male and 1% not specified; 41% were of a Black and Minority Ethnic background; 31% were 19 years old or younger; and 37% of learners resident in the top 25% of socioeconomically deprived wards.

There were 2,203 learners registered on Access to HE courses in 2024-25 of which 1,645 achieved the full Diploma (75%). Results were submitted to UCAS by the July deadline for all learners, except for those who had appealed.

Sponsorship

In 2025, OCN London proudly supported a wide range of colleges and community events through sponsorships that celebrated learner achievement and inclusion. We were the Gold Sponsor of the Capital City College Student Excellence Awards and supported the Croydon College Access Awards, both in June. We also sponsored the Shooters Hill VI Form College Student Awards that month. In July, we acted as Silver Sponsor of the Morley College Awards and contributed to the Oaklands College Festival of Achievement, recognising ESOL learners and adults. Earlier in the year, we sponsored the Redbridge Institute of Adult Education Ofsted Open Event, and we also supported Barking & Dagenham College’s Racing for Hope initiative. These partnerships highlight our ongoing commitment to recognising success and promoting educational opportunity across London and beyond.

ocnlondon.org.uk

7

Trustees Annual Report For the year ended 31 July 2025

As part of its continuing commitment to adult learners, OCN London joined with all Access Validating Agencies in sponsoring the annual Keith Fletcher Awards for Access to HE learners, which were presented in a ceremony at the Palace of Westminster in April. Earlier, in February, our own Michael Sargent Bursary Awards were again awarded to four Access to HE Diploma learners in recognition of their outstanding academic achievement and outstanding commitment to study.

For the first time in five years, we were able to hold an in-person ceremony for the learners to receive their awards, accompanied by their teachers and guests. Hearing directly from these learners about the challenges they had overcome was – and is always – one of our most rewarding experiences.

Financial review

OCNLR in 2024/25 reported a £203,346 surplus (23/24 £2,036 surplus) on a turnover of £2.1m (23/24 £1.9m). Unrestricted reserves increased by £203k to £1.1m (23/24 £901k).

The principal sources of income remained consistent with the prior year, comprising registration and certification of learners on qualifications developed by the charity, accredited courses, and annual fees charged to approved centres delivering these qualifications. Income from charitable activities increased by 12% to £2m (2024: £1.87m), primarily due to a 9.7% rise in accreditations and registration income to £1.69m. This increase reflects the rise in both centre and registrations activity in the financial year.

Principal risk and uncertainties

The Board of Trustees takes responsibility for managing risk. They assess the major risks to which the charity is exposed, in particular those related to the operations and finances, and are satisfied that appropriate systems and procedures are in place to mitigate those risks.

OCN London continues to face uncertainty stemming from shifts in government priorities around skills and education, particularly due to the delayed Assessment and Curriculum Review and pending recommendations from Skills England. While these developments could affect the organisation’s regulated qualification portfolio, the risk is moderated by OCN London’s expanded remit as an Assessment Organisation and its growth in alternative accreditation areas such as micro-credentials, digital badges, and sector-specific initiatives like the UKHospitality Passport. The Board of Trustees and executive team maintain close engagement with policymakers and sector bodies to anticipate and mitigate potential impacts.

ocnlondon.org.u k

8

Trustees Annual Report For the year ended 31 July 2025

At the same time, broader economic pressures and reduced adult skills funding continue to influence learner participation, particularly in longer qualifications such as Access to HE Diplomas. However, registration levels are showing signs of stabilisation, supported by steady demand in essential fields like health and social care. OCN London actively monitors learner trends, works closely with centres, and has strengthened its marketing and product diversification strategies to maintain resilience and reach new audiences.

Reserves policy and going concern

The Board of Trustees has considered the requirement for the Charity to maintain an appropriate level of free reserves. They feel it is prudent to adopt a risk-based approach when considering the minimum level of reserves to retain.

The Trustees have considered the level of free reserves required to cover the following risks:

Free reserves are deemed to be those not invested into Fixed Assets. The Trustees’ baseline is to keep this at a minimum of £500k. Level of free reserves held as at 31 July 2025 was £1.04m (2024:£733k).

The money held by OCNLR in reserves is invested prudently with a UK high street bank and Caf Cash.

Renumeration policy

OCNLR is committed to ensuring a proper balance between (i) paying our staff and others who work for us fairly so that we attract and retain the best people for the job and (ii) careful management of our charity funds. In so doing we ensure the greatest effectiveness in delivering our charitable objectives and meeting the needs of our beneficiaries. Salaries for all posts comprise a band made up of a series of evenly distributed salary points. All staff are entitled to receive a contribution towards either the Teachers' Pension, the Local Government Pension Scheme, or the National Employment Savings Trust (NEST) pension scheme.

In June each year, the trustees determine whether the salary points for all staff should be adjusted for the forthcoming financial year beginning 1st August, to reflect changes in the cost of living.

ocnlondon.org.u k

9

Trustees Annual Report For the year ended 31 July 2025

The trustees' considerations begin with an assumption that salaries should be adjusted to match inflation (specifically the Consumer Price Index) over the preceding 12 months. They then determine whether this is appropriate in the context of:

Cost of living adjustments are applied equally to all staff.

For OCNLR to run successfully, a wide range of skills are required, and it is important to pay staff appropriately to ensure that we can recruit people with the right skills. Retention of staff is also important so as to benefit from their accumulated knowledge and skills in what is a niche sector. This is in preference to the disruption and expense of recruitment, especially as many staff have detailed knowledge that is unique to them in the organisation and could not be quickly replaced. OCNLR staff pay scales are set with this in mind.

Fundraising

OCNLR does not engage in public fundraising and does not use professional fundraisers or commercial participators. OCNLR nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and OCNLR received no complaints relating to its fundraising practice.

Plans for the future

During 2024-25 OCNLR continued to develop new products, such as end point apprenticeship assessments in the creative sector and foundation apprentices, and was also able to embed previous developments such as microcredentials and online Access to HE Diplomas. Registrations onto our Access to HE Diplomas rallied compared to previous years and our regulated qualifications continued to perform strongly. All of this, coupled with a strong financial performance, means that the financial outlook for OCNLR in 2025-26 is positive.

The financial year 2024-25 also heralded the end of our 2022-25 strategic plan where, thanks to the support of OCNLR’s Board of Trustees and the executive team, all objectives were met. The new strategic plan for 2025-30 is now in place, serving as both a commitment and a call to action.

The new strategic plan signals our determination to align with wider strategic ambitions such as

ocnlondon.org.u k

10

Trustees Annual Report For the year ended 31 July 2025

the London Growth Plan, the UK’s Industrial Strategy, and the evolving priorities set out by Skills England. At the heart of our efforts lies a belief in lifelong learning as a public good and a driver of regional prosperity.

By 2030, OCN London will be recognised as a leader in inclusive, innovative, and employerfocused qualifications, reaching more learners from disadvantaged backgrounds and driving social mobility.

The successful delivery of our new strategic objectives will create a demonstrable impact on the skills and qualifications landscape. Our centres will be known for delivering high-quality, flexible, and inclusive learning that directly responds to London’s growth sectors and the wider national skills agenda.

Structure, governance and management

At the September 2025 Board meeting the Chair of the Board stepped down from this role where, a new Chair was appointed by Trustees from among their number.

OCNLR has the following sub-committees:

OCNLR employs a full-time CEO, who is responsible for the day-to-day management of the organisation. Staffing matters are delegated to the CEO subject to the guidance of the Board of Trustees. The Board of Trustees delegates some responsibilities to the Quality and Standards Committee and the F&GP but retains overall responsibility for all strategic issues and regulatory licenses. The Chair of the Board is responsible for monitoring and reviewing the performance of the Chief Executive.

11

Trustees Annual Report For the year ended 31 July 2025

The organisation is a charitable company limited by guarantee, incorporated on 19 November 1993 and registered as a charity on 10 March 1994.

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.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts.

Related parties and relationships with other organisations

OCNLR continues to work in an informal partnership with Laser Learning Awards in line with our shared mission, values and aims. The objective of the collaboration is to extend the range of qualifications available to its beneficiaries, share new developments that will benefit beneficiaries and share good practice in assessment and quality assurance to enhance the learning experience for beneficiaries. The CEO and other officers also have positive relationships with their counterparts at other awarding organisations who share a common heritage and values with OCNLR.

OCNLR continues to develop partnerships and formal arrangements with key industry bodies and stakeholders, such as the Royal College of Nursing; UK Hospitality Ltd; the Digital Policy Alliance; the London Chamber of Commerce and Industry; Linking London; future.now; Essex Chambers of Commerce; and the Essex Provider Network. OCNLR have also worked closely with the City of London Corporation, supporting project and initiatives such as Women into Digital, Cybersecurity Talent and the Hospitality Employers Forum; and with London sub-regional organisations, being active contributors to London’s Local Skills Improvement Plan (LSIP).

Statement of responsibilities of the trustees

The trustees (who are also directors of OCNLR for the purposes of company law) are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

12

Trustees Annual Report For the year ended 31 July 2025

Company law requires the trustees to prepare financial statements for each financial year which 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

In so far as the trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 1 August 2024 was 11 and as at 31 July 2025 was 11 . The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

13

Trustees Annual Report For the year ended 31 July 2025

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to operate in that capacity.

The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. Approved by the trustees on 11 December 2025 and signed on their behalf by

James Stockdale (Dec 15, 2025 14:22:55 GMT)

James Stockdale

Chair of OCNLR Board of Trustees

14

Independent auditor’s report For the year ended 31 July 2025

Opinion

We have audited the financial statements of Open College Network London Region (the ‘charitable company’) for the year ended 31 July 2025 which comprise the statement of financial activities, balance sheet, statement 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 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 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 Open College Network London Region'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.

ocnlondon.org.uk

15

Independent auditor’s report For the year ended 31 July 2025

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

ocnlondon.org.uk

16

Independent auditor’s report For the year ended 31 July 2025

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

ocnlondon.org.uk

17

Independent auditor’s report For the year ended 31 July 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman FCA (Senior statutory auditor) DATE

For and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 110 Golden Lane, London, EC1Y 0TG

ocnlondon.org.uk

18

Statement of financial activities (incorporating an income and expenditure account)

2025 2024
£ £
Note
Income from:
Charitable activities 2 2,091,890 1,866,952
Other trading activities 4,140 70,961
Interest receivable 10,371 2,378
Total income 2,106,401 1,940,291
Expenditure on:
Charitable activities 3 1,903,055 1,938,255
Total expenditure 1,903,055 1,938,255
Net income for the year 203,346 2,036
Reconciliation of funds:
Total funds brought forward 910,339 908,303
Total funds carried forward 1,113,685 910,339

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure is unrestricted.

ocnlondon.org.uk

19

Open College Network London Region Balance Sheet As at 31[st] July 2025

Company no. 2876147

2025 2024
Notes £ £ £ £
Fixed Assets 9
Intangible assets 42,044 60,353
Tangible assets 23,975 116,247
66,019 176,600
Current Assets
Debtors 10 236,704 239,658
Short term deposits 300,000 250,000
Cash at bank and in hand 740,768 479,224
1,277,472 968,882
Creditors: amounts falling due within one 11 (228,769) (198,863)
year
Net assets/liabilities 1,048,703 770,019
Total assets less current liabilities 1,114,722 946,619
Creditors: amounts falling after more than 11 (1,037) (36,280)
one year
Total net assets 1,113,685 910,339
The funds of the Charity 12
Unrestricted funds 1,113,685 910,339
Total charity funds 1,113,685 910,339

Approved by the trustees on 11 December 2025 and signed on their behalf by:

~~i~~ James Stockdale (Dec 15, 2025 14:22:55 GMT) ~~Lodt—~~ Lucy Arnold-Courtney (Dec 16, 2025 09:47:29 GMT) James Stockdale Lucy Arnold-Courtney Trustee Trustee

ocnlondon.org.uk

20

Statement of cash flows For the year ended 31 July 2025

2025 2024
£ £
Net income for the reporting periods (as per 203,346 2,036
the statement of financial activities)
Adjustments for:
Depreciation of tangible fixed assets 63,544 63,170
Amortisation of intangible fixed assets 29,408 14,747
Impairment of tangible fixed assets 32,574 -
Interest and other trading income (10,371) (2,378)
Changes in:
Decrease in Trade and other debtors 2,954 14,111
Increase in Trade and other creditors (5,336) (99,542)
Net cash flow from operating activities 316,119 (7,856)
Cash flows from investing activities:
Interest and other trading income 10,371 2,378
Purchase of tangible fixed assets (14,946) (87,436)
Net cash flow from investing activities (4,575) (85,058)
Net increase/(decrease) in cash 311,544 (92,914)
Cash and cash equivalents at the beginning of the 729,224 822,138
year
Cash and cash equivalents at the end of the year 1,040,768 729,224
Cash and cash equivalents
Short term deposits 300,000 250,000
Cash at bank and in hand 740,768 479,224
1,040,768 729,224

ocnlondon.org.uk

21

Notes to the financial statements For the year ended 31 July 2025

1 Accounting policies

a) Statutory information

Open College Network London Region is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address (and principal place of business) was 24 Angel Gate, City Road, London, EC1V 2PT to 27/10/2025, new address from 28/10/2025 is 70 Gracechurch Street London EC3V 0HR.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

ocnlondon.org. uk

22

Notes to the financial statements For the year ended 31 July 2025

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

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

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

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

Expenditure on charitable activities includes the costs of delivering services and other educational activities undertaken to further the purposes of the charity and their associated support costs.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of each activity is made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight-line basis over the term of the lease. Under the 5-year lease agreement, the lessor gave a four month rent-free period. This has been charged on a straight line over the term of lease with a break clause of 3-years.

ocnlondon.org.u k

23

Notes to the financial statements For the year ended 31 July 2025

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

l) Intangible fixed assets

Items of software are capitalised where the purchase price exceeds £500. Amortisation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rate in use are as follows:

m) Cash at bank and in hand

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

n) Creditors and provisions

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

o) Pensions

Teacher's Pension Scheme (TPS)

The charity participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. There were no contributions payable to the TPS in 2025 (2024 £15,329).

The TPS is an unfunded multi-employer defined benefit pension scheme governed by the Teachers' Pension Scheme regulations 2014. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament .

ocnlondon.org.uk

24

Notes to the financial statements For the year ended 31 July 2025

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department. The latest valuation report of the TPS was prepared at 31 March 2020 and was published in October 2023. This report confirmed that the employer contribution rate for the TPS would increase from 22.8% to 28.6% although, recognising that teaching establishments work on an academic and not financial year, the Government deferred the implementation of this increase to April 2024. Employers in addition from October 2023 pay a scheme administration levy of 0.08% of pay and will be payable over the remainder of the period to March 2027 to ensure that the level of the notional fund at the next valuation of the scheme is expected to be unaffected by delay.

The charity is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the charity has taken advantage of the exemption in FRS102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

Local Government Pension Scheme (LGPS)

The LGPS is a multi-employer defined benefit scheme. It is contracted out of the State Second Pension. The assumption and other data that the most significant effect on the determination of the contribution levels are as follows:

the contribution levels are as follows:
Latest actuarial valuation 31 March 2022
Actuarial method Prospective benefits
Discount rate 5.2%
Salary scale increases per annum 2.9%
Market value of assets at date of last valuation £6,053m
Fund Surplus £1.63bn
Funding Level 128%

The LGPS is a multi-employer pension scheme. The charity is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the charity has taken advantage of the exemption in FRS102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

Total contributions to the scheme during the year were £30,654 (2024 £28,361). No additional payments have been required this year to cover the deficit funded (2024: Nil).

The National Employment Savings Trust (NEST)

The NEST pension scheme is a defined contribution workplace pension. The scheme was introduced for both new and existing employees during the 2024/25 financial year. Total contributions to the scheme during the year were £7,695.

ocnlondon.org.uk

25

Notes to the financial statements For the year ended 31 July 2025

2 Income 2025 2024
£ £
Income from Charitable activities
Accreditations and registration income Accreditations and registration income 1,693,105
1,542,888		 1,542,888
Unit Development income 30,083
28,526		 28,526
Subscriptions 299,476
238,949		 238,949
Other service income 69,226
56,589		 56,589
2,091,890
1,866,952		 1,866,952
Income from trading activities
Other income 4,140 4,140
70,961		 70,961
Income from investments
Interest receivable 10,371 10,371
2,378		 2,378
Total 2,106,401 1,940,291
3 Expenditure Expenditure on
charitable
activities		 Governance
Costs		 2025 2025
Expenditure
on charitable
activities		 Governance
Costs		 2024
£ £ Total Total
£		 £ Total
Staff costs (Note 5) 1,022,744 17,157 1,039,901 1,039,901
1,071,490		 18,915 1,090,405
Moderators' fees 69,041 69,041 69,041
80,166		 80,166
Subscriptions and publications 102,432 102,432 102,432
74,135		 74,135
Rents, rates and insurance 108,434 108,434 108,434
101,934		 101,934
Telephone, postage and stationery 56,379 56,379 56,379
58,956		 58,956
Consultancy 149,705 149,705 149,705
249,005		 249,005
Travel and subsistence 35,618 165 35,783 35,783
14,979		 433 15,412
Sundry expenses 8,061 8,061 8,061
12,619		 12,619
Depreciation 63,544 63,544 63,544
63,170		 63,170
Amortisation 29,408 29,408 29,408
14,747		 14,747
Impairment 32,574 32,574 32,574
Repairs and maintenance 40,157 40,157 40,157
8,811		 8,811
Staff training and recruitment 7,518 7,518 7,518
10,909		 10,909
Computer management and maintenance 17,087 17,087 17,087
9,269		 9,269
Legal and professional 2,331 2,331 2,331
33,732		 33,732
Bank charges and interest 2,737 2,737 2,737
2,670		 2,670
Publicity and marketing 36,890 36,890 36,890
24,386		 24,386
Bad debt provision 12,000 12,000 12,000
0		 0
External verification 69,894 69,894 69,894
72,338		 72,338
Access Revalidation 1,880 1,880 1,880
2,990		 2,990
Governance costs 17,300 17,300 17,300 12600 12,600
1,868,433 34,622 1,903,055 1,903,055
11,906,307		 31,948 1,938,255
Governance costs 34,622 (34,622) - -
31, 948		 (31,948) -
Total Resources Expended 1,903,055 - 1,903,055 1,903,055
1,906,307		 - 1,938,255

ocnlondon.org.uk

26

Notes to the financial statements For the year ended 31 July 2025

4
Net income is stated after charging:		 2025 2024
£ £
Depreciation of tangible fixed assets 63,544 63,170
Amortisation of intangible fixed assets 29,408 14,747
Impairment of tangible fixed assets 32,574 -
Payments for operating leases
Property 101,268 112,270
Auditors’ remuneration :
for audit services 12,300 11,700
for non-audit services 1,450 1,375

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

The total staff and employee benefits for the period are analysed as follows:

2025 2024
£ £
Wages and salaries 889,582 913,692
Social Security costs 93,886 92,688
Employer contributions to pension plans 38,349 43,784
Termination costs 18,084 40,240
1,039,901 1,090,405

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2025 2024
£60,000-£69,999 1 1
£70,000-£79,999 - -
£80,000-£89,999 - 1
£90,000-£99,999 1 -

ocnlondon.org.uk

27

Notes to the financial statements For the year ended 31 July 2025

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £167,313 (2024: £173,778). The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £nil).

No charity trustee received payment for professional or other services supplied to the charity (2024: £nil). Trustees' expenses represent the payment or reimbursement of travel and subsistence costs for two Trustees totalling £165 (2024: £443 for 2 members).

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 25 (2024: 25).

Staff are split across the activities of the charitable company as follows (head count basis:

2025 2024
No. No.
Chief Executive Office 2 4
Administration 3 3
Finance 1 2
Information Technology 2 2
Curriculum group 7 7
Quality group 7 7
21 25

7 Related party transactions

A number of trustees hold positions at member organisations which in the year have engaged with OCN London.

All transactions were on normal commercial terms and were made at arms-length.

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

ocnlondon.org.u k

28

Notes to the financial statements For the year ended 31 July 2025

9 Tangible fixed assets

9
Tangible fixed assets
Fixtures and Computer Total
fittings equipment
£ £ £
COST
At the start of the year 183,995 56,958 240,953
Additions in year - 3,846 3,846
Impairment (172,808) - (172,808)
At the end of the year 11,187 60,804 71,991
Depreciation
At the start of the year 94,297 30,409 124,706
Charge for the year 45,999 17,545 63,544
Impairment (140,234) - (140,234)
At the end of the year 62 47,954 48,016
Net Book value
At the end of the year 11,125 12,850 23,975
At the start of the year 89,698 26,549 116,247

In June 2025, OCN London exercised the break clause in its tenancy agreement. As of the yearend date, the organisation took a prudent approach by impairing the previously capitalised office improvement.

Intangible fixed assets

Intangible fixed assets
Software Total
£ £
COST
At the start of the year 79,900 79,900
Additions in year 11,099 11,099
At the end of the year 90,999 90,999
Amortisation
At the start of the year 19,547 19,547
Charge for the year 29,408 29,408
At the end of the year 48,956 48,956
Net Book value
At the end of the year 42,044 42,044
At the start of the year 60,353 60,353

ocnlondon.org.uk

29

Notes to the financial statements For the year ended 31 July 2025

Notes to the financial statements
For the year ended 31 July 2025
10
Debtors
2025 2024
£ £
Trade debtors 199,570 206,005
Prepayments and accrued income 37,134 33,653
236,704 239,658
11
Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 55,871 83,082
Accruals and deferred income 144,897 85,587
Social security and other taxes 21,613 20,357
Other creditors 6,388 9,837
Total 228,769 198,863
Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 1,037 36,280
Within accruals and deferred income as at 31/07/2025 there is £58k which relates to deferred Within accruals and deferred income as at 31/07/2025 there is £58k which relates to deferred
income (2024: £54k).
2025 2024
£ £
Balance brought forward 74,619 65,665
Amounts released from prior reporting period (37.990) (18,403)
Income deferred in the current year 20,922 7,227
Balance carried forward 57,551 54,489

ocnlondon.org.uk

30

Notes to the financial statements For the year ended 31 July 2025

12 Operating lease commitments

The company is committed to make total future lease payments under operating leases as follows:

2025 2024
Premises £ £
Less than one year 28,816 57,631
One-five years - 57,631

In June 2025 OCN London exercised its break clause on its tenancy for the lease at Unit 24 Angel Gate, City Road with a termination of the lease on 8 January 2026.

13 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

ocnlondon.org.uk

B 25 31 OCN Annual report and financial statements -31 July 2025 Dec 2025 Final -

20251211_2

Final Audit Report

2025-12-16

Created: 2025-12-12 By: Carlos Cubillo-Barsi (c.cubillo-barsi@ocnlondon.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAVXjVlJkEMFx_jl9utew1pw-Qdl4AVWpo

"B 25 31 OCN Annual report and financial statements -31 July 2 025 Dec 2025 Final - 20251211_2" History

Document created by Carlos Cubillo-Barsi (c.cubillo-barsi@ocnlondon.org.uk)

2025-12-12 - 3:49:33 PM GMT

Document emailed to James Stockdale (james.stockdale@icloud.com) for signature 2025-12-12 - 3:49:39 PM GMT

Document emailed to Lucy Arnold-Courtney (l.arnold-courtney@bathspa.ac.uk) for signature 2025-12-12 - 3:49:39 PM GMT

Signature Date: 2025-12-15 - 2:22:55 PM GMT - Time Source: server

Agreement completed.

2025-12-16 - 9:47:29 AM GMT