2023-07-31-accounts - London College Of Business Studies

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Annual Report and Financial Statements For the Year Ended 31 July 2023

Charity Registration Number 1117883

ANNUAL REPORT AND FINANCIAL STATEMENT CONTENTS

Company information	3
Trustees’ Report	5
Management and Governance Arrangements	11
External Auditor’s Report	21
Statement of Financial Activities	24
Cash Flow Statement	25
Statement of Financial Position	26
Statement of Changes in Equity	27
Notes to the Accounts	29
Detailed Statement of Financial Activities	31
Statement of Principal Accounting Policies	32
Disclosure About Staff Pay	33

COMPANY INFORMATION FOR THE YEAR ENDED 31 JULY 2023

Trustees Mr Mansoor Ahmad Saad Mr Ahmad Ayyaz Shakir Mr Ahmad Sarfaraz Yasir Company Number 05889034 (England and Wales) Registered Charity Number 1117883

Registered Office 277 Cranbrook RoadIlford IG1 4TG United Kingdom Auditors Amstor Accountants Limited (Accountants and Statutory Auditors)15 Leopold Street, High gate Birmingham, West Midlands B12 0UP

Solicitors Stone King Solicitors16 St John’s Lane London EC1M 4BS

Accreditations

A message for our late Principal, Mr. Michael Edwin Scott

Our Principal Michael Edwin Scott, sadly passed away recently, leaving behind many important memories and valuable input to the operations of the College. Michael was a man with great integrity, values and principles and was greatly admired by everyone for his humility, ethics and dedication. He had a very welcoming nature and was always willing to work with anyone and everyone. He would be the first to forward a helping hand and provide valuable input towards solving problems. He was a very healthy individual who would always seem very active and would often cycle to work. He suddenly passed away leaving us all in a shock. The College offers sincere condolences to his family and loved ones.

Michael you will be dearly missed.

LONDON COLLEGE OF BUSINESS STUDIES TRUSTEES’ REPORT

The Trustees present their report together with the financial statements of the charity for the period ended 31 July 2023.

The Board of Trustees considers the charity in a reasonable position to continue its activities during the coming year and that the charity assets are adequate to fulfil its obligations.

Trustees

The following Trustees held office during the whole of the period:

Mr Mansoor Ahmad Saad
Mr Ahmad Ayyaz Shakir
Mr Ahmad Sarfaraz Yasir

Nature of governing document and constitution of the charity

Memorandum and Articles of Association Incorporated on 27 July 2006 as amended by special resolution dated September 2006 and January 2007.

Objectives and Activities of the Charity

Objects of the charity as set out in its governing document:

The Objects of the Charity are to advance education by provision of courses to home and international students.

The charity’s main objectives for the year;

Delivering Higher Education courses across a range of subjects
Technical and Vocational Education
Adult and Other education and training
Consultancy to the Higher Education Sector

Review of charitable activities 2022-23

For the period above, the College was able to get confirmation of registration with the Office for Student (regulatory body for Higher Education in England). They registration came through around end of March, allowing the College to recommence recruitment on its Higher Education courses. Much of the income attributable to the recruitment on the Higher Education courses is expected to be received in the following financial year.

The College was overwhelmed by the interest and response from the prospective learners and was able to recruit as per its plans. Earlier in the financial year, the operational focus had primarily been on the delivery of short training courses and the acquisition of further accreditations in different disciplines for the College. Whilst the College waited for its Office for Students registration application to be concluded, it explored further opportunities to enhance the College profile and grow with respect to its long term objectives. These include additional courses in different disciplines such as the networking programmes and ICT courses in short occupancy. The College feels that in line with its charitable purposes, it needs to focus more on such areas in order to ultimately benefit the community as a whole.

The College also continued to look into establishing partnerships with providers of functional skills and other adult education courses. In addition to Pearson and City and Guilds, the College now has also secured accreditation with OTHM, NCFE and a strategic partnership for the delivery of ESFA funded functional skills courses with South Essex College. All of these steps have been vital in towards the implementation of strategic plans and strengthening of the College’s operations as well as elevating its profile. The registration with the OfS further cements College’s position as an outstanding delivery provider after getting a very good report from the Quality Assurance Agency. The registration with the OfS means that the College meets the requirements of the OfS for course quality, academic standards, student support, student protection and more. Learners studying on the Higher Education programmes will be able to access student support through Student Finance England to fund their studies. This enables the College to continue to operate as per its operational potential and objectives previously applicable from 2017 onwards.

The College was also able to achieve successful outcomes and received a very good report from Pearson for the annual Academic Management Review Activity. It also received a good report from City and Guilds following a Systems Review in July 2023 for its Level 5 Diploma in Education and Training programme. This, once again, reflects the value for money that the College is creating for its learners. As a part of its quality assurance mechanisms, the College reviewed all its policies, Committee Structure and its functions to ensure a fit for purpose and value adding mechanism was in place to deliver desired objects. Improvement and quality assurance are at the core of College’s objectives and it is committed to its goal of continuous improvement. During the same financial year, the College also received reapproval of its Matrix Accreditation, further cementing its Information, Advice and Guidance functions. The College also effectively implemented its responsibilities related to the Prevent Duty, ensuring a continuous test of systems in place and constant monitoring and evaluation. Being a small provider and running a limited portfolio of programmes, especially, during the period in question, the risks related to prevent were identified as low. The College has always prioritised the welfare of it learners,

their progress and achievement are of upmost importance to the College.

As the College now continue to deliver the Higher Education programmes, it will ensure that it follow all of its proven policies and procedures and continue to work towards the improvement of its facilities to enhance the student experience and learning. The College understands that it would mean training, development and supporting of new staff members who join it operations for them to be able to not only understand but fully comply with these systems in order to achieve goal congruence. Importantly, understanding the challenges faced by learners and its academic and admin staff, it will continue to evaluate, review and improve the overall experience to minimise these challenges and make working smarter and effective. If this means taking additional steps to support the staff, learners and the entire academic team, then so be it with progress and success in mind. It must be ensured that the classes are delivered without compromise to any quality and standards fundamentals, enabling the College to uphold quality assurance in its programmes.

The College has continued to maintain its registration with CISCO and Palo Alto and successfully obtained programme re-approval through Pearson. The College has thoroughly reviewed and managed all the different types of operational and strategic risks that it is exposed to and has continued to sustain and maintain its operations. The College will continue to use all endeavours in order to ensure the delivery of good quality services and benefits to the community and the establishment of growth and prosperity. With the increase in operational activity, the College will deploy further resources and mechanisms to ensure continued improvement and quality of services.

For its Pearson Higher National in Business programme, the College continued to give importance to the adherence of regulatory requirements set by the statutory stakeholders, while improvising on implementing improved and learner friendly ways of enhancing overall learner experience. Same principles and adherence to the requirements is given to the other regulatory and awarding organisations. As a part of its quality assurance mechanisms, the College reviewed all its policies, Committee Structure and its functions to ensure a fit for purpose and value adding mechanism was in place to deliver desired objects. Improvement and quality assurance are at the core of College’s objectives and it is committed to its goal of continuous improvement.

Public Benefit

The Trustees have considered the Charity Commission’s guidance on public benefit when reviewing the aim and objectives and in planning future activities. The Trustees are mindful that they need to consider and explain how the charity fulfils its charitable object and confers appreciable public benefit. They consider that effectively all the operations of the charity tend towards that end, for example;

London College of Business Studies is a UK online centre and therefore anyone who wishes to
use the College’s computer facilities can do so, free of charge.
Educating and training the public is beneficial to improving the society, especially learners from
non-traditional routes and disadvantaged backgrounds
London College of Business Studies offers scholarships and discounts to students who are
financially unable to pay their fee, but are exceptionally good students.

Revenue Generation

The charity has received all the income as fee from education and training provided.

Decision Making

Decisions and strategic direction are formulated by the Trustees together with the Senior Management Team.

Risk

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that the systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. A Risk Profiling Document is maintained in order to determine, evaluate and manage all risks associated to the organisation.

To mitigate against any financial misappropriation, Trustees and accounting staff regularly monitor and supervise the financial affairs of the charity. See Management and Governance section for further details.

Financial Review

The college has produced 12 months’ accounts. The income attributable for the period ended 31st July 2023 is £388,710 which is more than the preceding year due to the recommencement of recruitment and operations on the Higher Education programmes. A total surplus of £31,269 has been recognised. In addition to the income from the HE learners remaining on the programme, the College also generated additional income through its short training courses.

Reserve Policy

The Trustees consider holding reserves amounting to approximately at least three months’ average expenditure. The free reserve ensures the charity does not need to obtain overdraft facilities during the year. Additionally, in line with its plans for growth, development and enhancement of learning, the College may also plan systematic holding of additional reserves in order reinvest these for the said objectives.

Transactions and Financial Position

The financial statements are set out on pages 9 to 14. The financial statements have been prepared

implementing the 2014 Revision of the Statements of Recommended Practice (SORP) for Accounting and Reporting by charities issued by the Charity Commission for England and Wales (effective January 2015) and in accordance with the Financial Reporting Standard for the Smaller Entities (effective April 2008). As stated in the introduction of this report, the Trustees consider the financial performance by the Charity during the year to have been satisfactory.

Specific changes in Fixed Assets

Changes in fixed assets are shown in detail in the notes to the accounts.

Share Capital

The company is limited by guarantee and therefore has no share capital.

Recruitment of Trustees

London College of Business Studies adheres to maintain a good strategy to recruit its trustees. Trustees have the responsibilities to seek and induct the applicants in order to find the best and suitable candidate who will be an asset to the charity in its establishment and growth.

Accounting Policies

The accounting policies adopted by the charity are detailed in this document under the Statement of Principal Accounting Policies to the financial statements. There have been no changes to the accounting policies during the period.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the Trustees to prepare accounts for each financial year. Under that law, the Trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
Prepare the accounts on the going concern basis unless it is inappropriate to presume that thecompany will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial

position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the special provisions relating to smallcompanies within Part 15 of the Companies Act 2006.

Signed on behalf of the Board of Trustees

............................................................................ Mr Mansoor Ahmad Saad Trustee Approved by the board on: 14 November 2023

LONDON COLLEGE OF BUSINESS STUDIES MANAGEMENT AND GOVERNANCE ARRANGEMENTS

London College of Business Studies is company limited by guarantee registered in England and Wales and a registered charity with Charities Commission for England and Wales. The College is a Small sized provider with courses offered through another approved Awarding body as it is not a degree awarding body. Our management and governance arrangement are already in place to cater for higher numbers as per our forecasts and recruitment plans.

College is not part of a group and does not have any other related organisations.

In line with its limited structure, the College has 3 trustees that oversee the operations of the College and look after the overall direction and strategic planning. This is further supported by an internal audit based function in the College known as the Quality and Standards Committee.

The Quality and Standards Committee comprises of the Senior Management Team (Principal, Director of Standards and Enhancement, Head of Academic and Head of Administration) and the purpose of this committee is to ensure that a collective approach is adopted in reviewing the systems in place at the College and monitoring the implementation of processes as per the College’s policies as well as the requirement of the regulatory bodies. It is an effective quality assurance and monitoring function at the College.

The functions are further supported by the Administrative and Academic Committee which meet regularly to monitor the relevant functions at the College. The committee structure is appropriate for the size of the organisation and is able to cover all functions. The committee structure comprises of the following;

Board of Trustees
Quality and Standards Committee
Academic Committee (including Assessment Board and Standardisation Committee)
• Administrative Committee (including Admissions and Attendance functions)
Student Representative Committee
Management and Student Welfare Resource Committee

The documents related to the governance are;

Governance Policy
Strategic Plan
Quality Assurance Policy
Academic Assessment and Internal Verification Policy
Annual Course and College Review

Committee Structure

For its size and operational volume, the College has a strong committee structure in place. It is headed by the Board of Trustees Committee, which includes the 3 Trustees and the Senior Management Team (Principal, Director of Standards and Enhancement, Head of Academics and the Head of Administration). The overall strategic planning, strategic director and risk assessment is conducted in this committee. This includes the evaluation of any financial, operational and strategic risks as well as as through financial review of any operational activity. A number of factors that are considered in this include:

Compliance with and risks related to the loss of validation with Awarding organisations
Risk of course closure
Loss of teaching/Admin and Key Staff
Learner Recruitment as per plans
Loss of Premises
Compliance with the relevance regulatory bodies
Internal controls, including financial and operational controls
Management and control of outgoing resources/expenses.

Steps are taken to mitigate these risks. As the College’s only source of income is from the academic delivery of its courses, it is imperative to focus on and strengthen its academic and administrative

functions towards continuous delivery of its programmes for consistent flow of incoming resources.

In order to implement and adhere to the planning and risk management at the strategic level, the College has a Quality and Standards Committee which is responsible for reviewing the academic and admin functions independently to ensure these are complying with the expectations set by the Board of Trustees committee and resultantly, with the applicable regulatory requirements as a whole.

The committee is chaired by the Director of Standards and Enhancement, who works as an independent director providing external expertise and review of activities. An Annual Course and College Review (ACCR) activity also takes place to form an internal audit/review activity conducted internally. This involves review of management and governance arrangement, academic and admin responsibilities, performance and functions as well as feedback from staff and students. An action plan is formulated and reviewed to address any weaknesses or area of development.

Governance

Good governance is fundamental to the success of the College. Skilled and capable board will help the College attract resources and put them to best use. The College, a registered charity, follows the Charity Governance Code 2017 in managing the charity and drives its principles of governance through the code. The term governance covers values, objectives, structures and arrangements for the strategic direction of the College.

There are mainly 7 principles that the College follows to fulfil its governance arrangements and these cater to fulfil the requirement of the college meeting its legal and regulatory responsibilities.

Organisational Purpose

The board is clear about the College’s aims and ensures that these are being delivered effectively and sustainably.

The board has a shared understanding of and commitment to the college’s purposes and canarticulate these clearly.
The board can demonstrate that the College is effective in achieving its charitable purposes andagreed outcomes.
The board leads the development of, and agrees, a strategy or plan that aims to achieve the College’s charitable purposes and is clear about the desired outputs, outcomes and impacts.

Leadership

The College is led by an effective board that provides strategic leadership in line with the College’s aims and value. Strong and effective leadership helps the charity adopt an appropriate strategy for effectively

delivering its aims. It also sets the tone for the charity, including its vision, values and reputation.

The board and individual trustees take collective responsibility for its decisions.
The chair provides leadership to the board and takes responsibility for ensuring the board has agreed priorities, appropriate structures, processes and a productive culture and has trustees who are able to govern well and therefore add value to the College.
The board agrees the values, consistent with the College’s purpose that it wishes to promote and makes sure that these values underpin all its decisions and the College’s activities
The board provides oversight and direction to the College and provides support and constructivechallenge to the organisation, staff and volunteers.

Integrity

The board acts with integrity, adopting values and creating a culture which help achieve the College’s charitable purposes. The board is aware of the importance of the public’s confidence and trust in charities, and trustees undertake their duties accordingly.

The board considers how the College is perceived by other people, and organisations involved with the College and the public. It makes sure that the College operates responsibly and ethically, in line with its own aims and values
The board ensures that the charity follows the law. It also considers adherence to nonbinding rules, codes and standards and other initiatives that promote confidence in charities
Trustees keep their independence and tell the board if they feel influenced by any interest, or may be perceived as being influenced or to having a conflict

Decision Making Risk and Control

The board makes sure that its decision-making processes are informed, rigorous and timely and that effective delegation, control and risk assessment and management systems are set up and monitored.

The board is clear that its main focus is on strategy, performance and assurance, rather than operational matters, and reflects this in what it delegates.
The board has a sound decision-making and monitoring framework which helps the organisation deliver its charitable purposes. It is aware of the range of financial and non-financial risks it needs to monitor and manage.
The board promotes a culture of sound management of resources but also understands that being over-cautious and risk averse can itself be a risk and hinder innovation.

Board Effectiveness

The board works as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions.

The board’s culture, behaviours and processes help it to be effective; this includes acceptingand resolving challenges or different views.
All trustees have appropriate skills and knowledge of the College and can give enough time tobe effective in their role
The board takes decisions collectively and confidently. Once decisions are made the boardunites behind them and accepts them as binding.

Diversity

The board’s approach to diversity supports its effectiveness, leadership and decision-making.

The board is more effective if it includes a variety of perspectives, experiences and skills
The board ensures that the College follows principles of equality and diversity, going beyond thelegal minimum where appropriate

Openness and Accountability

The board leads the College in being transparent and accountable. The College is open in its work, unless there is good reason for it not to be.

The College’s work and impact are appreciated by all its stakeholders
The board ensures that the charity’s performance and interaction with its stakeholders are guided by the values, ethics and culture put in place by the board. Trustees make sure that the charity collaborates with stakeholders to promote ethical conduct.
A culture of openness is developed within the College

Internal Controls and Risk Management

The College mainly through its committee structure and governance arrangements implements the internal control functions. Risk management is carried out at the strategic level and then monitored through the committees. The Quality and Standards Committee plays an important role in the implementation of internal controls as it is headed by an independent/non-executive director to provide external and independent review and opinion on implementation of all operational procedures as well as the strategic objectives. The Quality and Standards Committee is very much similar to an audit committee that is usually found at various corporations. Some of the key functions in implementing internal controls of the committee are as follows:

To monitor and review the quality and standards within the College, and, in the light of this, to initiate progressive movements to raise quality standards and promote quality enhancement on a college-wide basis, including the establishment of working groups to

achieve specific quality objectives across the College.

To identify issues relating to the assurance and enhancement of quality standards across the College and to recommend viable strategies for resolution
To monitor and review College academic policies, systems, activities and procedures, makingappropriate recommendations for improvement, as required
To ensure that the management of the College’s academic provision takes appropriate account of the requirements of all relevant higher education and further education (if applicable) professional and statutory bodies. In respect of higher education, the QAA Quality Code, relevant subject benchmark statements, the Framework for Higher Education Qualifications (FHEQ), programme specifications and all course requirements and quality arrangements required by external partners – such as validating universities and awarding organisations are deemed to be particularly important.
To develop a collegiate culture committed to the principles of self-evaluation and critical reflection which supports and encourages the sharing of best practice within and between departments and courses across the College.
To monitor and review all external accreditation and validation activities, including the preparation of required documentation, thereby ensuring that uniform quality standards across LCBS are maintained
To assess the robustness of all annual course monitoring reports and all other reports sent to external bodies, with the aim of ensuring that content meets the requirements of the recognising and accrediting bodies in respect of quality matters
To establish clear audit trails for quality management over time which can be used as evidence to demonstrate to external bodies and awarding organisations that robust internal quality procedures within the College exist and are subject to continuous improvementand development
To ensure that information relating to the College’s policies and activities which are destined for public consumption is accurate, transparent and disseminated in an appropriate and timelymanner
To ensure that the regulatory framework governing academic administrative procedures within the College (e.g., learner admission, progression, assessment regimes, and appeals and complaints procedures) remains appropriate and is implemented fully and consistently across the College.
To review the quality of learning and teaching throughout the College, with a view to developing a college-wide Teaching, Learning and Assessment policy and making recommendations for enhancing the value of the learners’ learning experiences
To ensure that the College‘s staff development programme remains fit for purpose in enabling the learning and teaching and research aims and objectives of the College to be met

To review the learning resource provision within the College, making recommendations for improvement, as appropriate
To review and evaluate learner and staff feedback on the quality of the College’s academic provision and to ensure that recommendations to the Principal are made in an appropriate and timely manner. Thereafter, to implement and monitor the effectiveness of procedures setin place for closing the feedback loop
To act as a forum for raising the levels of staff and learner awareness of quality issues within the College and to facilitate the development of a common college culture committed to the notion of assuring quality standards and enhancing the learners’ learning experiences

The identification and management of risk takes place at the very top level by the Board of Trustees committee and being a small organisation, the College works in an integrated manner, allowing all member of the senior management team to be familiar with the risks and the actions taken or planned to minimise those risks. A Risk Profiling and Assessment document is maintained which reviews risks on the basis of the following categories:

Strategy Risks
Operational Risks
Legal Risks
Competitive Risk
Economy Risks
Compliance Risk
Reputational Risk
Financial Risk
Quality Risk

Nature of the risks are further identified and the probability of these materializing is determined using a metric of low, medium or high. Actions that the College has taken or plans to take to are recorded and this is then reviewed on a termly basis in the Board of Trustees meetings followed by annual review and assessment of the probability of materializing. The same document along with reports from the Quality and standards committee form the basis of internal controls and risk review during the termly Board of Trustees meetings.

The College does not accept any payments in cash and does not handle cash at the premises, therefore, minimising related to the handling, security and allocation of cash payments. All income is received through BACS by Student Loans Company or other relevant bodies for short courses. The access to bank account is restricted to the Trustee and reports on reconciliation of income and expenses is carried out by the Head of Administration, who is a part of the senior management team (SMT). There are a number of preventive controls in place such as restriction of access to key documentation, central

documentation system for consistency, more than one staff member responsible for key activities to ensure reduction of errors, proof reading of work and low risk of collusion.

Value for Money

Value for Money (VFM) is the term used to assess whether or not an organisation has obtained the maximum benefits from the goods and services it acquired or provides within the available resources. It also takes into account a mix of quality, cost, resource use, sustainability, fitness for purpose, and convenience to judge if they constitute good value when taken together. For the College, as a not for profit organisation, the principle of Value for money revolves around the concept of 3 E’s: Economy, Efficiency and Effectiveness. The Office for Students Value for Money Strategy 2019-21 states: "Students receive value for money when they experience the full benefits of higher education, both during their studies and afterwards in exchange for the effort, time and money they invest."

The College has a duty of assurance to the taxpayer that the student fees were used effectively and efficiently to provide high-quality teaching and learning, equal opportunities to all students from all backgrounds, which, as a result, delivers positive input to society and the economy.

The College fulfils the responsibilities towards creating value for money by:

Embedding VFM while creating policies, systems, and strategies at all levels of operations
Exploring new opportunities to deliver better VFM by adopting new technologies and processes.
Benchmarking our activities against other organisations and identifying, sharing, and adoptingthe best practices to deliver value for money.
Recruiting qualified and competent staff to provide the best student experience.
Providing and maintaining high-class facilities
Aligning the College's approach to VFM with the OFS value for money strategy
The Board of Trustees receives an annual report of VFM from the Senior Management Team to provide assurance that the College's arrangements for securing VFM remain effective
The Board of Trustees oversees the VFM arrangements for implementation and effectiveness.
The external auditors will express their opinion if income (restricted or unrestricted) is

accurate, if expenditure gives a true and fair view

Senior Management Team implements the policies and procedures for value creation approved by the Board of Trustees.

A summary of College’s most recent higher education provision shows that 99% of its learners were able to progress from Year 1 to Year 2, there was a retention or continuation rate of 94% and a completion or pass rate of 89%. Feedback collected from learners showed a 4.0 or above out of 5 score for all aspects related to resources, administration and quality of teaching and learning.

A breakdown of the student feedback collected provided as follows:

	Overall
Teaching Approaches	score out of
	5

The tutor had a strong willingness to offer students help and advice.	4.91
The tutor had a strong level of respect and concern shown for students as individuals.	4.90
The tutor is supportive in terms of the development of your skills of analysis and critical	4.15
thinking.

The tutor encouraged discussions and responded to questions.	4.98
The tutor used a variety of instructional methods to reach the course objectives (e.g. group	4.35
discussions,studentpresentations,etc.).

The tutor is organised andprepared for everyclass.	4.96
The tutor manages classroom time and pace well.	4.45
The tutor provides feedback on your progress and provides tutorial support.	4.87
The tutor is accessible outside of class	4.96
The lectures were clear and easyto understand.	4.65
You clearlyunderstand the objectives of the course.	4.25
Resources
The course was supported by adequate online resources.	4.95
Adequate access to computers provided.	4.38
Adequate references materialsprovided and suitable examplesgiven.	4.69
Adequate and relevant books available	4.72

Administration
Time table was issued before the commencement of semester.	5.0
Notice boards for the course were useful.	4.35
Administrative staff are helpful.	4.92
Administrative staff are efficient to resolveproblems.	4.85
Organised, welcomingand supportive.	4.15

General
Class roomprovided was suitable.	4.8
Health & SafetyIssues are managed well	4.91
Academic Standards & LearningOpportunities aregood	4.61
Overall Support available at the College isgood	4.90
College’s website is useful and contains all the relevant information	4.54

College’s E-Learning Student Portal is useful and contains all the necessary and relevant information

4.72

The College plans to further enhance the value for money aspect by:

Continue to devise activities to improve efficiency, effectiveness enhancing the VFM like enhancing employability opportunities, further enhanced welfare services to manage the post-COVID issues faced by students.
Set challenging targets and further improve the internal control processes to monitor and evidence that the VFM objectives were achieved.
Collect evidence of success in delivering VFM to students, government, and broader society.

LONDON COLLEGE OF BUSINESS STUDIES EXTERNAL AUDITOR’S REPORT

To the members of London College of Business Studies

We have audited the accounts of London College of Business Studies for the year ended 31 July 2023 which comprise the Statement of Financial Activities, Statement of Financial Position, the Cash Flow Statement and the Statement of Changes in Equity along with the related notes.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

This report is made solely to the 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 company's members those matters we are required to state to them in an auditors' 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:

give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its net incoming resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted

Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Trustees’ Report for the financial year for which theaccounts are prepared is consistent with the accounts.

Based on our audit activities, we express the following opinions:

▪ The information presented in the Management and Governance Arrangements Report, including the internal controls and risk management, for the relevant financial year aligns with the financial statements.

▪ The Trustees’ Report and the report on the Management and Governance arrangements has beenprepared in compliance with applicable legal requirements.

▪ The management and governance arrangements are effective and appropriate for the size of theoperations, including the implementation of internal controls.

Opinion on Matters Mandated by the Office for Students ("OfS")

In our judgment, with significant attention to detail:

Funds administered by the higher education institution for specific purposes, from any source, havebeen appropriately utilized and managed in accordance with relevant legislation.
The OfS's accounts direction requirements have been satisfied.
There are no notable findings to report in relation to the matters outlined by the OfS, as per theirreporting mandate. Specifically:
The Institute’s grant and fee income, as detailed in the accounts note, has not been significantlymisrepresented.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of directors remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to

prepare a strategic report.

Farhan Khatri FCCA

(Senior Statutory Auditor)For and behalf of Amstor Accountants Limited

Accountants and Statutory Auditors14th November 2023

15 Leopold StreetHigh gate Birmingham West MidlandsB12 0UP

LONDON COLLEGE OF BUSINESS STUDIES STATEMENT OF FINANCIAL ACTIVITIES

	2023 £	2022 £
Income	388,710	272,257
Cost of GeneratingIncome	-7,050	-9,115
Gross Income	381,660	263,142
Resources Expended	-350,391	-297,013
OperatingIncome	31,269	-33,871
Income from ordinaryactivities before taxation	31,269	-33,871
Tax on income from ordinaryactivities	-	-
Net incomingresources/(deficit)	31,269	-33,871

LONDON COLLEGE OF BUSINESS STUDIES CASH FLOW STATEMENT

	2023	2022
	£	£
Cashgenerated from operations
OperatingSurplus/(deficit)	31,269	-33,871
Reconciliation to cashgenerated from operations: Depreciation
	33,517	44,690
Amortisation ofgoodwill	-	-
(Increase)/decrease in debtors	557	-167,047
Increase/(Decrease)in creditors	39,303	10,596
	104,646	-145,632
Cash from other sources
Proceeds from sale of tangible fixed assets	-	-
Application of cash
Purchase of tangible/ intangible fixed assets	-	-76,284
Financing Activities
Proceeds from non-current loan	-	-
Outflows from financing activities	-20,000	-20,208
Net increase /(decrease) in cash	84,646	-242,124
Cash at bank and in hand less overdrafts at 01 August	4,100	246,224
Cash at bank and in hand less overdrafts at 31 July	88,746	4,100
Consisting of:
Cash at bank and in hand	88,746	4,100

STATEMENT OF FINANCIAL POSITION

		2023	2022
	Notes	£	£

Fixed assets
Tangible assets	3	100,552	134,069
Current assets
Debtors	4	343,050	343,607
Cash at bank and in hand		88,746	4,100
		431,796	347,707
Creditors: amounts falling due within one year	5	-69,393	-30,090
Net current assets		362,403	317,617
Net assets		462,955	451,686

Long term Liabilities, Capital and reserves
	6	58,333	78,333
Long term liabilities
Unrestricted Funds		404,622	373,353
Total funds		462,955	451,686

STATEMENT OF CHANGES IN EQUITY

Opening Balances 01/08/2023

Description	Amount (£)
Unrestricted Net Assets	373,353
Restricted Net Assets	0
Total Net Assets at the Beginning	373,353

Changes during the Year

Description	Amount (£)
Donations and Contributions	0
Grant Revenue	0
Programme Service Revenue	0
Investment Income	0
Other Revenues	388,710
Total Revenues	388,710

Expenses

Description	Amount (£)
Programme Expenses	0
Administrative Expenses	357,441
FundraisingExpenses	0
Total Expenses	357,441

Net Surplus/ Deficit

Description	Amount (£)
Net Surplus/ Deficit for the financialyear 2022/23	31,269
OpeningSurplus/ Deficit for theyear at 01/08/2022	373,353 404,622
Closingbalance at 31/07/2023

Description	Amount (£)
Unrestricted Net Assets	404,622
Restricted Net Assets	0 404,622
Total Net Assets at the End

For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company

to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

Approved by the Board on 14 November 2023.

Mr Mansoor Ahmad Saad Director/ Trustee

Accounts Signed by the

Accountable Officer

Mr Asad Sarwat

Head of Academics14.11.2023

LONDON COLLEGE OF BUSINESS STUDIES NOTES TO THE ACCOUNT

1. Statutory information

London College of Business Studies is a private company, limited by guarantee (registration number 05889034), registered charity (1117883) in England and Wales. The registered office is 277 Cranbrook Road, Ilford, IG1 4TG, United Kingdom.

2. Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.

3.Tangible fixed assets	Fixtures & fittings £

Cost or valuation	At cost
At 1 August 2022	301,524
Additions	-


At 31 July2023	301,524


Depreciation
At 1 August 2022	167,455
Charge for theyear	33,517


At 31 July2023	200,972


Net book value
At 31 July2023	100,552


At 31 July2022	134,069

4.Debtors	2023	2022
	£	£
Trade debtors	343,050	343,607

5. Creditors: amounts falling due within one year	2023	2022
	£	£
Trade creditors	69,393	30,090

6. Creditors: amounts falling due after one year	2023	2022
	£	£
Bank Loan	58,333	78,333

7. Average number of employees During the year the average number of employees was 15 (2022: 9).

8. Details of Grant and Fee Income	2022-23	2021-22

Details	£	£
Grant income from the OfS	0	0
Grant income from other bodies	0	0
Fee income for taught awards(exclusive of VAT)	370,500	0
Fee income for research awards(exclusive of VAT)	0	0
Fee income from non-qualifyingcourses(exclusive of VAT)	18,210	272,257
Totalgrant and fee income	388,710	272,257

LONDON COLLEGE OF BUSINESS STUDIES DETAILED STATEMENT OF FINANCIAL ACTIVITIES

Turnover	2023	2022
	£	£
Fees	388,710	272,257
Cost of sales
Commissionspayable	-	9,115
Gross Income	388,710	263,142
Administrative expenses
Wages and salaries	160,284	78,274
Staff training and welfare	2,000	650
Travel and subsistence	-	-
Entertaining	-	-
Rent	125,000	125,000
Rates	1,534	1,468
Light and heat	6,349	9,828
Cleaning	1,129	1,001
Telephone and fax	1,585	2,550
Stationery andprinting	65	53
Information andpublications	-	-
Subscriptions	9,283	7,825
Bank and finance charges	3,499	4,236
Software	255	2,823
Repairs and maintenance	-	1,040
Depreciation	33,517	44,690
Sundry expenses	-	-
Accountancy fees	1,110	7,135
Consultancy fees	4,884	2,106
Advertising and PR	1,440	1,425
Other legal, professional and insurance	5,507	6,909
charges
	357,441	297,013
Operating Income/ (Loss)	31,269	-33,871
Net surplus on ordinary activities before taxation	31,269	-33,871

LONDON COLLEGE OF BUSINESS STUDIES STATEMENT OF PRINCIPAL ACCOUNTING POLICIES

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Basis of preparation

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Presentation currency

The accounts are presented in £ sterling.

Tangible fixed assets and depreciation

Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Plant & machinery 25% Fixtures & fittings 25% Computer equipment 25%Other tangible fixed assets 25%

LONDON COLLEGE OF BUSINESS STUDIES DISCLOSURE ABOUT STAFF PAY

Senior Staff Pay

There is no staff member appointed at London College of Business Studies who earns an annual gross salary of over £100,000.

Head of Provider Pay

As a non-profit organization, the Head of London College of Business Studies (the Provider) or any other Trustees do not receive any remuneration for their services and are offering their services on a voluntary basis.

Severance Payments

All staff: No payments that are classed as severance payments were made to any staff members, may that be due to the loss of office or for any other matter that results into a severance payment.

Head of Provider : No payments that are classed as severance payments were made to the Head of Provider or any other Trustee, may that be due to the loss of office or for any other matter that results into a severance payment.