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.

← London College Of Business Studies

2024-07-31-accounts

Annual Report and Financial Statements

For the Year Ended a ; 31 July 2024 | ~~r~~ | rad ~~a~~ JANUARY 16 ps - ~~:~~ COMPANY NAME Authored by: Your Name

London College of Business Studies

Company Limited by Guarantee Company Registration Number 05889034 (England and Wales) Charity Registration Number 1117883

1

LONDON COLLEGE OF BUSINESS STUDIES ANNUAL REPORT AND FINANCIAL STATEMENT CONTENTS

Page
Company information 3
Financial Year 2023-24: At a glance 4
Trustees’ Report 6
Management and Governance Arrangements 14
External Auditor’s Report 25
Statement of Financial Activities 28
Cash Flow Statement 29
Statement of Financial Position 30
Statement of Changes in Equity 31
Notes to the Accounts 33
Detailed Statement of Financial Activities 35
Statement of Principal Accounting Policies 36
Disclosure About Staff Pay 37

2

LONDON COLLEGE OF BUSINESS STUDIES COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2024

Trustees Mr Mansoor Ahmad Saad Dr Ghania Waseem Mr Ahmad Sarfaraz Yasir Company Number 05889034 (England and Wales) Registered Charity Number 1117883 Registered Office 277 Cranbrook Road Ilford IG1 4TG United Kingdom Solicitors Stone King Solicitors 16 St John’s Lane London EC1M 4BS

Accreditations/Partners CNCC >

3

FINANCIAL YEAR 2023-24: AT A GLANCE

==> picture [435 x 491] intentionally omitted <==

----- Start of picture text -----
Financial Activities 2024
£1,305,305
£654,130
£654,130
£1,959,435
e° Incoming Resources Outgoing Resources Net Income
Current
Liabilities
£324,934 Non-Current
Non-Current
Assets £673,645
Liabilities
£296,670
Retained
Current Assets
Earnings
£1,006,739
£1,058,751
----- End of picture text -----

4

COMPARATIVE DATA: 2023 AND 2024

==> picture [337 x 509] intentionally omitted <==

----- Start of picture text -----
£2,000,000
£1,800,000
£1,600,000
£1,400,000
£1,200,000
£1,000,000
£800,000
£600,000
£400,000
£200,000
£0
Incoming Resources Outgoing Resources Net Income
Lhe 2024 2023
Outgoing Resources
£700,000
£600,000
£500,000
£400,000
£300,000
£200,000
£100,000
£0
Staff Costs Other Interest and Depreciation Maintenance
Operating Finance Costs Costs
Costs
Outgoing Resources 2024 Outgoing Resources 2023
----- End of picture text -----

5

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 2024.

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:

  1. Mr Mansoor Ahmad Saad

  2. Mr Ahmad Ayyaz Shakir

  3. Mr Ahmad Sarfaraz Yasir

The following Trustee has resigned following the period end:

Mr Ahmad Ayyaz Shakir Resignation Date: 24 September 2024

The following was appointed as a trustee following the period end:

Dr Ghania Waseem Appointment Date: 24 September 2024

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. Currently, under review for further clarity and consistency in the governance arrangements.

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;

6

Review of charitable activities 2023-24

For the period above, the College was able to focus on operating as per its development and growth objectives as stipulated in the Strategic Plan as the registration with the OfS was in place and this allowed the College to now materialise its resources towards the implementation of the strategic objectives. The year encompassed a full learner recruitment cycle, resulting into a financial picture that the College expects for a full financial year in line with its forecast targets.

Importantly, it was the operational achievements that mattered the most as after some time the College was met with favourable circumstances after the alleviation of external challenges. The College was always determined to enter into a delivery partnership with a University for Higher Education courses and a confirmation of a partnership with the Kingston University in this Academic Year, was finally a huge leap towards that objective. The College is now able to offer degree courses (Business Management BSc (Hons) with Foundation Year and BSc (Hons) in Business Management) for the first time. The first batch for the course commenced in the September 2024 cohort. Kingston University conducted reviews of the College’s academic provision and was content with systems and mechanism in place to develop the confidence to enter into a partnership. This again reflects the commendable good practices that the College maintains towards the enhancement of teaching and learning and generating value for money. The availability of the full degree course provides systematic progression for our learners and importantly increases their future prospects, cementing our resolve towards providing value for money and supporting learners throughout their academic goals. Additionally, in accordance with the strategic objective to diversity its portfolio, the College was also able to acquire additional Higher Education courses. The decisions behind the selection of courses to deliver was mainly underpinned by strategically aligning our delivery objectives to the UK Government’s focus and facilitation of Higher Technical qualifications. The College believed that it was only right to look at delivering those courses that the UK Government deemed as of high value and the ones that would cater to the needs of the learners and the economy. As a result, the College is now accredited to offer a number of additional HE qualifications as follows:

7

Moreover, our focus has also been on Functional, Level 2 and Level 3 qualifications as we do understand that we are able to support learners from disadvantaged backgrounds and nontraditional routes to Higher Education better through these courses. This is where we expect such learners to be developed and prepared to commence their Higher Education journey, providing a flavor of the challenges and benefit that they can expect once on the HE courses. The College feels that in line with its charitable purposes as well as the equality and diversity targets, it needs to focus more on such areas in order to ultimately benefit the community as a whole. For that, we are also currently able to offer the following courses:

As another significant achievement, the College was able secure capital and revenue grants from the Department for Education related to the delivery of the Higher Technical Qualifications. All of these developments and events above are the right steps towards the intended development and growth as well as the strategic direction that the College has been focused on. These indicate the significant progress that the College has made during this Financial Year.

Whilst the College continued with its development through acquisition of additional courses, it maintained its responsibilities towards any existing accreditations and partnerships, and most importantly, the existing learners. This meant that the College was able to demonstrate high level of quality of teaching and learning to support learners in achieving the qualifications enrolled on. Most learners who remained on the current programmes were able to pass and obtain the qualifications and the relevant awarding organisations, such as Pearson, City and Guilds and OTHM were happy with the delivery of the relevant programmes, certificating relevant learners as a result. We were aware of the challenges that many similar providers faced related to the Diploma in Education and Training Qualifications, however, we did not face any such issues as the provision

8

was managed proficiently. The College had successful external inspections such as Systems Visit and External Quality Assurance visits by City and Guilds, Academic Management Review and External Verification reviews by Pearson and External Quality Assurance Review by OTHM. Once again, a number of good practices were highlighted and the College’s performance was commended to the extent that Pearson’s Academic Management Review did not even result in a single recommendation, let alone any actions. 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. Being registered with the OfS also continues to further cements College’s position as an outstanding delivery provider after getting a very good report from the Quality Assurance Agency. However, the College does recognise the need for consistency in its governance structure as per the initial concerns through the external review by the OfS and uncertainty raised by the QAA regarding the management of growth as this was untested at the time.

The College has since continued to develop its support functions and the continued accreditation with Matrix is evidence for its credible Information, Advice and Guidance functions. The College is currently in the process of finalising the review of its management and governance structure with a view to bring consistency in any governing documents to accurately reflect the physical arrangements. The approach is not only to bring consistency but to also make the governance structure more robust and effective. A number of changes currently under considerations for final adoption include, amendment to the name of the governing body, Board of Trustees Committee, addition of external members for regular external involvement and inclusion of learners for further objectivity and diversity as well as minor amendments to the Articles of Association for further consistency in the governance arrangements. After the demise of our late Principal, Mr Michael Scott, the newly appointed Principal, Mr Ian Harris, has extensive experience in the Higher Education sector and is also further contributing very positively towards the development of the College. The College also continued to effectively implement 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 continue to 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 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 to ensure a fit for purpose and value adding mechanism was

9

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.

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. As such, the College has invested in improved technology in the classroom with smart white boards for a better learning experience and will continue to add to the IT facilities for learners. The College has also made available a number of online resources for its learners to assist in wider online research at no cost to the learners.

As a continued commitment towards bringing diversity to the appointed Trustees, and the overall Governing Body, currently referred to as the Board of Trustees Committee, of the College, the College has appointed a new Trustee, Dr Ghania Waseem. She brings further diversity to the governance through her experience and credentials in the Healthcare industry and adds value to the operations as the College prepares to commence delivery of Healthcare courses.

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;

Revenue Generation

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

10

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. An investigation by NATIS commenced in October 2023 related to one of the bank accounts held by the College. The investigation was triggered by the bank itself due to the CBIL and after review by solicitors of any claims made from the investigator as well as the internal review of any associated risks, the matter was considered to be immaterial of nature due to any financial or operational impact it might have. So far, almost one year into the investigation, no wrong doing has been discovered and the probability of the investigation being closed is considered to be high.

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 2024 is £1,959,435 which is more than the preceding year due to the figures representing a full recruitment cycle for the whole of the financial year on the Higher Education programmes. A total surplus of £654,129 has been recognised. In addition to the income from the HE learners on the programme, the College also generated additional income through its short training and nonHE 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 along with any notes are set out on pages 28 to 37. The financial statements have been prepared implementing the 2014 Revision of the Statements of

11

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:

12

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 small companies 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: 16 October 2024

13

LONDON COLLEGE OF BUSINESS STUDIES MANAGEMENT AND GOVERNANCE ARRANGEMENTS

Introduction

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 accredited through a number of approved awarding bodies as it does not have degree awarding powers.

The 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 overall direction and strategic planning. Day to day operations are managed by the senior management team, consisting of the Principal, Head of Academics, Head of Administration and the Director of Standards and Enhancement. The Trustees meet with the Senior Management Team termly as a Board of trustees committee, and have specific responsibility for the overall strategic planning and strategic direction and risk management is conducted in this committee including the evaluation of any financial, operational and strategic risks as well as a thorough financial review of any operational activity. This committee is currently responsible for the governance of the College.

The functions are further supported by a committee structure which is common in higher education institutions. The committee arrangements match the size and aspirations of the College. The senior committee is the Quality and Standards Committee, which has an internal audit based function. The Quality and Standards Committee comprises of the Senior Management Team and student representatives and the purpose of this committee is to ensure that a collective approach is adopted in reviewing the systems in place and key performance indicators at the College along with monitoring the implementation of processes as per the College’s policies, as well as the requirement of the regulatory bodies. It provides an effective quality assurance and monitoring function at the College.

Additionally there are Administrative and Academic Committees 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 overall committee structure comprises of the following;

The operation arrangements and strategies of the College are documented to provide an overview of plans and structures. These can be found in the following documents:

14

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 governance, strategic planning, strategic direction and risk assessment is conducted in this committee. This includes the evaluation of any financial, operational and strategic risks as well as a through financial review of any operational activity. A number of factors that are considered in this include:

15

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.

At present, in line with the current management and governance review, the committee is expected to undergo changes such as addition of further external members and learners to strengthen the governance and increase objectivity in the governing body. Further changes currently being reviewed also include a change to the name of the committee to avoid confusion over it being only comprised of the trustee as the decision making members.

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 audit/review function 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.

16

Governance

Good governance is fundamental to the success of the College. Skilled and capable board members 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 7 main principles that the College follows to fulfil its governance arrangements and the implementation of these principles fulfils the requirement of the college in meeting its legal and regulatory responsibilities. These principles are:

i. Organisational Purpose

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

ii. 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.

17

iii. 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.

iv. 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.

v. Board Effectiveness

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

18

vi. Diversity

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

vii. 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.

Internal Controls and Risk Management

The College implements the internal control functions mainly through its committee structure and governance arrangements. 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:

19

20

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:

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 the Student Loans Company or other relevant bodies for short courses. Access to the 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

21

(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:

22

Following recommencement of the HE courses, College’s academic results have been good, however, the College is aware of its ability to produce even better results and is fully committed to improving these for current and future cohorts. These are positive outcomes that ensure that College is creating value by providing successful outcomes for learners to be able to pass their qualifications and be an asset to the community.

100% of the learners remaining on the Business Courses passed their qualification and 84% of the learners remaining on the other courses passed their qualification. Overall 86.4% retention rate by 31/07/2024 on all courses. 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:

Teaching Approaches Overall
score out of
5
The tutor had a strong willingness to offer students help and advice. 4.93
The tutor had a stronglevel of respect and concern shown for students as individuals. 4.94
The tutor is supportive in terms of the development of your skills of analysis and critical
thinking.		 4.65
The tutor encouraged discussions and responded to questions. 4.93
The tutor used a variety of instructional methods to reach the course objectives (e.g. group
discussions, studentpresentations, etc.).		 4.74
The tutor is organised andprepared for everyclass. 4.91
The tutor manages classroom time andpace well. 4.85
The tutorprovides feedback onyourprogress andprovides 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. 4.97
Adequate access to computersprovided. 4.08
Adequate references materialsprovided and suitable examplesgiven. 4.78
Adequate and relevant books available 4.81
Administration
Time table was issued before the commencement of semester. 5.0

23

Notice boards for the course were useful. 4.35
Administrative staff are helpful. 4.42
Administrative staff are efficient to resolveproblems. 4.15
Organised, welcomingand supportive. 4.21
General
Class roomprovided was suitable. 4.81
Health & SafetyIssues are managed well 4.78
Academic Standards & LearningOpportunities aregood 4.86
Overall Support available at the College isgood 4.91
College’s website is useful and contains all the relevant information 4.89
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:

24

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 2024 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:

25

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 the accounts 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.

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

In our judgment, with significant attention to detail:

There are no notable findings to report in relation to the matters outlined by the OfS, as per their reporting mandate. Specifically:

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:

26

• 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 Auditors 28th October 2024

15 Leopold Street High gate Birmingham West Midlands B12 0UP

27

LONDON COLLEGE OF BUSINESS STUDIES STATEMENT OF FINANCIAL ACTIVITIES

Income
Unrestricted income
Restricted Income
Cost of Generating Income
Gross Income
Resources Expended
Operating Income
Income from ordinary activities before taxation
Tax on income from ordinary activities
Net incoming resources/ (deficit)		 2024
£
1,417,935
541,500
1,959,435
(189,491)
1,769,944
(1,115,815)
654,129
654,129
654,129		 2023
£
388,710
-
(7,050)
381,660
(350,391)
31,269
31,269
-
31,269

28

LONDON COLLEGE OF BUSINESS STUDIES CASH FLOW STATEMENT

Cash generated from operations
Operating Surplus/ (deficit)
Reconciliation to cash generated from operations:
Depreciation
Amortisation of goodwill
(Increase)/decrease in debtors
Increase/ (Decrease) in creditors
Cash from other sources
Proceeds from sale of tangible fixed assets
Application of cash
Purchase of tangible/ intangible fixed assets
Financing Activities
Proceeds from non-current loan
Outflows from financing activities
Net increase / (decrease) in cash
Cash at bank and in hand less overdrafts at 01 August
Cash at bank and in hand less overdrafts at 31 July
Consisting of:
Cash at bank and in hand		 2024
£
654,129

59,553
103,710
255,571
1,072,963

-
-
(373,199)
-
(21,111)
678,653

88,746
767,399

767,399		 2023
£
31,269
33,517
-
557
39,303
104,646
-
-
-
-
(20,000)
84,646
4,100
88,746
88,746

29

LONDON COLLEGE OF BUSINESS STUDIES STATEMENT OF FINANCIAL POSITION

Notes
Fixed assets
Tangible assets
3
Current assets
Debtors
4
Cash at bank and in hand
Creditors: amounts falling due within one year
5
Net current assets
Net assets
Long term Liabilities, Capital and reserves
6
Long term liabilities
Retained Earnings
Total funds		 2024
2023
£
£
673,646
100,552
239,340
343,050
767,399
88,746
1,006,739
431,796
(324,964)
(69,393)
681,775
362,403
1,355,421
462,955
296,670
58,333
1,058,751
404,622
1,355,421
462,955

30

LONDON COLLEGE OF BUSINESS STUDIES STATEMENT OF CHANGES IN EQUITY

Opening Balances 01/08/2023
**Description ** Amount (£)
Unrestricted Net Assets 404,622
RestrictedNetAssets 0
Total Net Assets at the Beginning 373,353
**Changes during the Year **
**Description ** Amount (£)
Donations and Contributions 0
Grants 541,500
Programme Service Revenue 0
Investment Income 0
Other Revenues 1,417,935
Total Revenues 1,959,435
Expenses
Description Amount (£)
ProgrammeExpenses 0
Administrative Expenses 1,305,306
FundraisingExpenses 0
Total Expenses 1,305,306
Net Surplus/ Deficit
**Description ** Amount (£)
Net Surplus/ Deficit for the financial year 2023/24 654,129
Opening Surplus/ Deficit for the year at 01/08/2023 404,622
Closing balance at 31/07/2024 **1,058,751 **
**Description ** Amount (£)
RetainedEarnings 1,058,751
Total Net Assets at the End **1,058,751 **

For the year ending 31 July 2024 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.

31

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 16 October 2024.

Mr Mansoor Ahmad Saad Director/ Trustee

Accounts Signed by the Accountable Officer

Mr Asad Sarwat Head of Academics 16.10.2024

32

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
Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023
4.Debtors
Trade debtors
5. Creditors: amounts falling due within one year
Trade creditors
Current Loan		 2024
£
239,340
2024
£
216,504
108,460		 Fixtures &
fittings
£
At cost
301,524
632,647
934,171
200,972
59,553
260,525
673,646
100,552
2023
£
343,050
2023
£
69,393

33

6. Creditors: amounts falling due after one year
Bank Loan
Mortgage		 324,964
2024
£
36,670
260,000
296,670		 69,393
2023
£
58,333
58,333

7. Average number of employees

During the year the average number of employees was 17 (2023:15).

8. Details of Grant and Fee Income

Details 2023-24 2022-23
£ £
Grant income from the OfS
Grant income from other bodies
Fee income for taught awards (exclusive of VAT)
Fee income for research awards (exclusive of VAT)
Fee income from non-qualifying courses (exclusive of VAT)
Totalgrant and fee income		 0
541,500
1,286,500
0
131,435
1,959,435		 0
0
370,500
0
18,210
388,710

34

LONDON COLLEGE OF BUSINESS STUDIES DETAILED STATEMENT OF FINANCIAL ACTIVITIES

Turnover
Income
Cost of sales
Commissions payable
Gross Income
Administrative expenses
Wages and salaries
Staff Welfare and Social Security Costs
Travel and subsistence
Recreational activities
Rent
Rates
Heat and light
Cleaning and Security
Telephone and fax
Stationery and printing
Books and Learning Material
Subscriptions
Bank and finance charges
Software and IT Expenses
Repairs and maintenance
Depreciation
Sundry expenses
Accountancy fees
Consultancy fees
Advertising and PR
Other legal, professional and insurance charges
Operating Income/ (Loss)
Net surplus on ordinary activities before taxation		 2024
2023
£
£
1,959,435
388,710
189,491
-
1,769,944
388,710
543,415
160,284
33,355
2,000
-
-
2114
-
161,974
125,000
-
1,534
17,300
6,349
3,010
1,129
2800
1,585
1750
65
17,581
-
87,128
9,283
5,185
3,499
9,827
255
28,889
-
59,553
33,517
914
-
25,025
1,110
45,890
4,884
56,019
1,440
14,086
5,507
1,115,815
357,441
654,129
31,269
654,129
31,269

35

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%
Buildings Straight line depreciation over 50 years useful life

36

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 organisation, 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.

37