Trustees. Annual Report for the period Peri¢JJ stsrt date Day Month Au9U Period end date Day Month To 31st Juty From Year 2024 2023 Section A Reference and administration details Charity name London EduG*ion Foundation Other names charity is known by Registered charity number (rf any) 1189000 Charity's principal address 28 Portland Pla London Postcode W1B1LY Names of the charity trustees who manage the charity Trustee name Offiee lif ary) Datss a¢led rf not ft>rwt)ole ear Chaiman Name of PPTson lor body) entitled int trustee ifan Board decision Dr Lawren James Watson Salmafauziah Zainul Imiole year Company Secretary Whole year Board decision lan Pirie Founder Trustee Ilthole year Board decision 10 12 13 14 15 17 18 19 20 Names of the trustees for the charity, rf any. {for example, any custodian trustees) Name Dates acted rf not for whole ear TAR Marth 2012
Names and addresses of advisers (Optional inforniation) e of adviser Name Address Legal 3 Acom Business Centre, Northarbour. Cosham, I Portsmouth PC6 3TH Chartered Certified Accountants & Registered Auditors, Third Floor. Grove House, 55 Lowlands Road, Harrow, HA1 3AW TC Group Financial Chempney Myers Charity NCVO Society Building. 8 Al Saints Street. London, N1 9RL Name of chief executive or names of senior staff members (Optional infomiation) Section B Structure, overnance and mana ement Description of the chaiity's trusts Articles of Association Type of goveming document leg Iru61 a•eo, Consuwuoni How the charity is constituted leg. tr1, associaiion company Company limtted by guarantee Trustee selection methods eg. appoiniea Dy wecieo tyi Appointed by Board of Trustees Additional governance issues (Optional Infom)ation You may choose to include additional information, where relevant, about.. poIiGies and ProdUreS adopted for the induction and training of trustees- the charity's organisational structure and any wider nehvork wth which the charity relationship with any related parties., trustees, consideration of major risks and the system and procedures to manage them. Section C Ob"ectives and activities TAR March 2012
The advanment of education for the public benefit by providing full-time and part-time courses of higher education (as defined in Schedule 6 of the Education Refomi Act 1988) Summary ofthe objects ofthe charity set out in its governing document Courses wovided: Certificate in Company Secretarial Course Corporate Govemance Qualtfying Programme Summary of the main activities undertaken for the public benefit in relation to these objects {include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit) Additional details of objectives and activities (Optional information) TAR March 2012
You may choose to indude further statements, where relevant. about.. policy on grantmaking: policy programme rel*ed investment., ontribution made by volunteers. Section D Achievements and performance TAR March 2012
Section D Achievements and performance Summary of the main achievements of the charity during the yoar LEF STRATEGIC REPORT 2024 In the Academic Year 202>2024 London Education Foundation ILEFI trading as KCB Global continued to develop its mission of providing excellen in Govemance Education and widening access to that education on a global basis. Students As the qualty of its courses became increasingly widely known, almost entirely through student referrals. the student numbers continued to increase both from the UK and intemationally from 327 in 2023 to 427 in 2024. In addition, to widening aCsS and enabling more students to achieve qualifications they would not have been able to afford to study, the number of scholarships given over the year increased to 15, with online delivery supporting this grovrth. Today, then the Foundation teaches 25% of the students preparing for the Chartered Govemance Instttute ICGIUK and associated territoriesl exams and our studerrts pass rates exceed the national pass rate by 390h. Financials As a resuEt, the income of the Foundation increased forni £220k pa to £379k pa while expenditure increased from £388k to £515k reduGing the trading defictl from £167k to £135k and so by £32k, whith is a small itnprovement. The deficit was funded in both years by donations held in reserve and the cash reserves have increased from £568k to £621 k. Clearly this makes LEF both financially viable and sustainable, but the Trustees aim is to continue to redu the defictt to the point where donations are no longer needed and reserves maintained. Sustsinability To achieve long teTh sustainabilty the Foundation has a number of initiatives. Firstly, to continue to increase tts income organically which it is achieving, by the qualty of its courses resulting in increasing student numbers each intake and Secondly, by developing new courses WFth for example a Masterfs degree in Govemance from the University of Essex validated in October 2024 and launching in October 2025. Thirdly, lo implement marketing initiatives with podcasts on topics relevant to these students as well as publishing data on student success stories and world prize wnners. This will then be supplemented by meetings wrth employers to understand and then help satisfy their staff requirements. It is hoped then with these initiattves, the Foundation will be self- sustaining by the year 2026 and will reduce the need for donations in 2025 by continuing to reduce the trading deficit and so maintaining the cash reseNes. TAR March 2012
Section E Financial review The policy is to maintain reserves to a minimum of one yearfs expenditure. Brief statement of the charity's policy on reserves Details of any funds materialty in deficit Further financial review details (Optional inf0mtiOn) You may choose lo include additional infomiation, where relevant about: the charity's principal sources of funds (including any fundraising)., how expenditure has supported the key objectrves of the charity., investment policy and objectives including any ethical investment policy adopted. Section F Other optional information Section G Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charlty's trustees Signature(s) Full name(s) Position {eg Secretaryi Chair, ets) lan Roderick Pine Founder Trustee Date 27 May 2025 TAR March 2012
Registered number 11368559 LONDON EDUCATION FOUNDATION Report and Financial Statements 31 July 2024
LONDON EDUCATION FOUNDATION Report and accounts Contents Page Company information Directors, report Strategic report Independent audilorfs report Income statement Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial ststemenls 10
LONDON EDUCATION FOUNDATION Company Information Directoryts Mr l R Pirie Ms S Zainul Dr L J Watson Auditors CHEMPNEY MYERS LIMITED Grove House Third Floor 55 Lowlands Road Harrow England HA13AW Registered office 28 Portland Place London England W1B 1LY Registered number 11368559
LONDON EDUCATION FOUNDATION Registered number: 11368559 Directors. Report The directors present their report and financial statements for the year ended 31 July 2024. Principal activities The company's principal activity during the year continued to be that of a Charity, providing higher education Directors The following persons served as directors during the year.. Mr l R Pirie Ms S Zainul Dr L J Walson Directors. responsibilities The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. Company law requires the directors lo prepare financial statements for each financial year. Under that law the directors have elected to prepare the fi'nancial ststemenls in accordance with United Kingdom Generally A¢pted Accounting Practice (Financial Reporting Standard 102 and applicable lawl. Under company law the directors musl not approve the fi'nancial statements 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 financial stalemenls, the directors are required lo". select suitable accounting policies and then apply them consislenlly., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to piesume that the company will continue in business. The director5 are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each person who was a director al the ts'me this report was approved confirms that.. so far as he is aware, there is no relevant audit information of which the company's auditor is unaware", and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. This reFX)rt was approved by the board on 12 May 2025 and signed on its behalf.
LONDON EDUCATION FOUNDATION Registered number: 11368559 Directors. Report Mr l R Pirie Director
LONDON EDUCATION FOUNDATION Strategic Report In the Academic Year 2023-2024 London Education Foundation ILEFI continued lo develop its mission of providing excellence in Governance Education and widening access lo that education on a global basis. Students As the quality of ils courses became increasingly widely known, almost entirely through student referrals, the sludenl numbers continued to increase both from the UK and internationally from 327 in 2023 10 427 in 2024. In addition, to widening access and enabling Tnore students 10 achieve qualifications they would not have been able to afford lo study, the number of scholarships given over the year increased to 15, th online delivery supporting this growth. Today, then the Foundation leaches 25Q/o of the students preparing for the Chartered Goveman Institute ICGIUK and associated lerriloriesl exams and our students pass rates exceed the national pass rate by 39Q/o. Financials As a result, the income of the Foundation increased from £220k pa to £379k pa while expenditure increased from £388k to £515k reducing the trading deficit from £167k to £135k and so by £32k, which is a small improvement. This report was approved by the Board on 12 May 2025 and signed on its behalf. Mr l R Pirie Director
LONDON EDUCATION FOUNDATION Independent auditorfs report to the members of LONDON EDUCATION FOUNDATION Opinion We have audited the financial statements of LONDON EDUCATION FOUNDATION (the 'company'l for the year ended 31 July 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity. the Staternent of Gash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fail view of the state tsf the companvs affairs as at 31 July 2024 and of its profit for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice.. h8V8 been prepar8d in 8ccord8nCe Imth the requirements of the Companies Act 2006. Basss for oplnlon We conducted our audit in accoidance with International Stsndaids on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial ststements section ol our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK. induding the FRG'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concein ba51s ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified 8Ny rnaleri81 unoertainlie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the companys ability to continue as a going concern for a period of at least twelve tnonths frorn when the financial 5taternents are authoiised for issue. Our responsibilities and the responsibilities of the diieclois with respect lo going Conrn are described in the relevant sections of this report. Other information The other information comprises the Information included in the annual report other th8n the financial 5tatement5 and our auditor's report thereon. The directors are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other information and, extspt to the extent otherwise explicitly stsled in our report. we do not express any foirn of assurance conclusion Iheieon. Our iesponsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the finanaal statements or our knowledge obtained In the course of the audit, or othenmse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi55taternent of this other inlormation, w8 are iequir8d to report that fact. We have Nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". • the information given in the strategic report and the directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements", and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements.
LONDON EDUCATION FOUNDATION Independent auditorfs report to the members of LONDON EDUCATION FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the cornpany and its environrnent obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors. report. We have nothing to report in respect of the followng matters in relation to which 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 frorn branches not visited by us., or the financial statements are not in agreement wth the accounting records and returns., or • certain disdosures of directors, remuneration specified by law are not made,. or • we have not received all the infomiation and explanations we require for our audrt. Re8ponsibiliti88 of directors As explained more fully in the directors, responsibilities statement, the directors are responsible for the preparation ol the rinanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the directors deterrnine is necessary lo en8ble the preparation of financial slalemenls that are free from rnaleri81 misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concein. disclosing, 8S 8pplicable. rnatter5 related to going ¢oncern and using the going conr basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuiance about whether the financial statements as a whole ale free from material misslalernent, whether due lo fraud or error, and to issue an auditor's report th8t includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan wth ISAS IUKI will ahfif8yS detect a material misstatement when It exist5. Misstatements can arise from fraud 01 8rroi and are considered material if. individually or in the aggregate, they Could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. IExplèftation ès Its what extent the audit was ctrnsidered cèpable of detecting irregularities, includiftg fraud.] A further description of our responsibilities for the audit of the finanaal statements is available on the Financial Reporting Council's website at www.frc.oig.uklauditorsresponsibilities. This description foms part of our auditoi's pOrt. Use of our report This report is made solely to the company's members, as a body, in accordance wth Chapter 3 of Part 18 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the companvs members those matters we are required to state to them in an auditor's report and lor 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 8udil work. for this report. or for the opinions we have forrned. Mr D Kakad Isenior Statutory Auditor) for and on behalf of CHEMPNEY MYERS LIMITED Statutory Auditor 13 May 2025 Grove House Third Floor 55 LoMAands Road Harrow England HA1 3AW
LONDON EDUCATION FOUNDATION Income Statement for the year ended 31 July 2024 Notes 2024 2023 Fee Income 379,705 220,738 Cost of sales {98,8361 Gross profit 280,869 220,738 Administrative expenses Income from donations 1416,3771 211,508 1388,4051 717,404 Operating profit 76,000 549,737 Interest receivable 10,975 4,293 Profit on ordinary activities before taxation 86,975 554,030 Tax on profit on ordinary activities Profit for the financial year 86,975 554,030
LONDON EDUCATION FOUNDATION ststement of Comprehensive Income for the year ended 31 July 2024 Notes 2024 2023 Profit for the financial year 86,975 554,030 Other comprehensive income Total comprehenslve Ineome for the year 86,975 554,030
LONDON EDUCATION FOUNDATION ststement of Financial Position as at 31 July 2024 Notes 2024 2023 Current assets Debtors Cash at bank and in hand 65,028 621,241 686,269 36,979 568,028 605,007 Creditors-. amounts falling due within one year 141.3541 147,0671 Net Current assets 644,915 557,940 Net assets 644,915 557,940 Capital and reserves Profit and loss account 644,915 557,940 Total reserves 644,915 557,940 Mr l R Pirie Director Approved by the board on 12 May 2025 lay 29, 202Jf 16'.31 GMT+ii
LONDON EDUCATION FOUNDATION ststement of Changes in Equity for the year ended 31 July 2024 Share Share capital premium Other reserves Profit and loss account Total At 1 August 2022 3,910 3,910 Profit for the financial year 554,030 554,030 At 31 July 2023 557,940 557,940 At 1 August 2023 557,940 557,940 Profit for the financial year 86,975 86,975 At 31 July 2024 644,915 644,915 10
LONDON EDUCATION FOUNDATION Statement of Cash Flows for the year ended 31 July 2024 Notes 2024 2023 Operating activities Profit for the financial year 86,975 554,030 Adjustments for.. Interest receivable Increase in debtors Decrease in creditors 110,9751 128,0491 15,7131 42,238 14,2931 549,737 Interest received 10,975 Cash generated by operating activities 53,213 549,737 Net cash generated Cash generated by operating activities 53,213 549,737 Net cash generated 53,213 549,737 Cash and cash equivalents at 1 August Cash and cash equivalents at 31 July 568,028 621,241 18,291 568,028 Cash and cash equivalents comprise.. Cash at bank 621,241 568,028
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 1 Summary of significant accounting policies Basis of preparation The financial slalemenls have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Turnover Tumover is measured at the fair value of the consideration received or receivable, nel of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred lo the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed lo dale to the total estimated contract costs. Debtors Short term debtors are measured at transaction price (which is usually the invoice pri1, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised al transaction pri including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured al transaction price (which is usually the invoice pricel. Loans and other financial liabilities are initially recognised at transaction nel of any transaction costs and subsequently measured al amortised cost determined using the effective interest method. Taxation A current lax liability is recognised for the lax payable on the tsxable profit of the current and past periods. A current lax asset is recognised in respect of a tsx loss that can be carried back lo recover tax paid in a previous period. Deferred lax Is recognised in respect of all timing differences beeen the recognition of income and expenses in the financial ststemenls and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the exlenl that il is probable that they will be recovered against the reversal of deferred lax liabilities or other future taxable profits. Deferred tax is measured using the lax rates and laws that have been enacted or subslanlively enacted by the reporting date and that are expected lo apply lo the reversal of the timing difference, except for revalued land and investment property where the tsx rale that applies to the sale of the asset is used. Current and deferred lax assets and liabilities are not discounted. Pmvisions Provisions {ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting dale as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be eslimaled reliably. Lgased assets 12
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 A lease is classified as a finance lease if il transfers substanb'ally all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective Interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rale of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fi'xed assets. If there is no reasonable certainly that ownership will be obtained al the end of the lease term, the asset is depreciated over the lower of the lease term and ils useful life. Operating lease payments are recognised as an expense on a slraighl line basis over the lease term. Pensions Contributions lo defined contribution plans are expensed in the period lo which they relate. 2 Analysis of turnover 2024 2023 Fee Income 379,705 220,738 By geographical market.. Worldwde 379,705 220,738 3 staff costs 2024 2023 Wages and salaries Social security costs Other pension costs 280,809 29.174 13,698 323,681 269,288 27,502 10,388 307,178 Average numberof employees during the year Number Number Administration 4 Taxation 2024 2023 Analysis of charye in period Tax on profit on ordinary activities Factors affecting tax charye for period 13
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows.. 2024 2023 Profit on ordinary activities before tax 86,975 554,030 Standard rale of corporation tax in the UK 200/0 200/ Profit on ordinary activities multiplied by the standard rale of corporation lax 17,395 110,806 Effects of.. Expenses not deductible for lax purposes 117,3951 1110,8061 Current tsx charge for period Factors that may affect future tax charyes S Debtors 2024 2023 Trade debtors Other debtors 62,578 2,450 65,028 9,130 27,849 36,979 6 Credltors.. amounts falllng due wlthln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 10,867 36,200 41,354 41,354 47,067 7 Profit and loss account 2024 2023 At 1 August Profit for the financial year 557,940 86,975 3,910 554,030 At 31 July 844,915 557,940 14
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 8 Presentation currency The financial ststemenls are presented in Sterling. 9 Legal fomi of entity and country of incorporation LONDON EDUCATION FOUNDATION is a company limited by guarantee and incorporated in England. 10 Principal place of business The address of the company's principal pla of business and registered office Is.. 28 Portland Pla London England W1B 1LY 11 Reconciliations on adoption of FRS 102 Profit and loss for the year ended 31 July 2023 Profit under former UK GAAP 554,030 Profit under FRS 102 554,030 Balance sheet at 31 July 2023 Reserves under fomier UK GAAP 557,940 Reserves under FRS 102 557,940 Balance sheet at 1 August 2022 Reserves under fomier UK GAAP Reserves under FRS 102 15
Registered number 11368559 LONDON EDUCATION FOUNDATION Report and Financial Statements 31 July 2024
LONDON EDUCATION FOUNDATION Report and accounts Contents Page Company information Directors, report Strategic report Independent audilorfs report Income statement Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial ststemenls 10
LONDON EDUCATION FOUNDATION Company Information Directoryts Mr l R Pirie Ms S Zainul Dr L J Watson Auditors CHEMPNEY MYERS LIMITED Grove House Third Floor 55 Lowlands Road Harrow England HA13AW Registered office 28 Portland Place London England W1B 1LY Registered number 11368559
LONDON EDUCATION FOUNDATION Registered number: 11368559 Directors. Report The directors present their report and financial statements for the year ended 31 July 2024. Principal activities The company's principal activity during the year continued to be that of a Charity, providing higher education Directors The following persons served as directors during the year.. Mr l R Pirie Ms S Zainul Dr L J Walson Directors. responsibilities The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. Company law requires the directors lo prepare financial statements for each financial year. Under that law the directors have elected to prepare the fi'nancial ststemenls in accordance with United Kingdom Generally A¢pted Accounting Practice (Financial Reporting Standard 102 and applicable lawl. Under company law the directors musl not approve the fi'nancial statements 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 financial stalemenls, the directors are required lo". select suitable accounting policies and then apply them consislenlly., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to piesume that the company will continue in business. The director5 are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each person who was a director al the ts'me this report was approved confirms that.. so far as he is aware, there is no relevant audit information of which the company's auditor is unaware", and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. This reFX)rt was approved by the board on 12 May 2025 and signed on its behalf.
LONDON EDUCATION FOUNDATION Registered number: 11368559 Directors. Report Mr l R Pirie Director
LONDON EDUCATION FOUNDATION Strategic Report In the Academic Year 2023-2024 London Education Foundation ILEFI continued lo develop its mission of providing excellence in Governance Education and widening access lo that education on a global basis. Students As the quality of ils courses became increasingly widely known, almost entirely through student referrals, the sludenl numbers continued to increase both from the UK and internationally from 327 in 2023 10 427 in 2024. In addition, to widening access and enabling Tnore students 10 achieve qualifications they would not have been able to afford lo study, the number of scholarships given over the year increased to 15, th online delivery supporting this growth. Today, then the Foundation leaches 25Q/o of the students preparing for the Chartered Goveman Institute ICGIUK and associated lerriloriesl exams and our students pass rates exceed the national pass rate by 39Q/o. Financials As a result, the income of the Foundation increased from £220k pa to £379k pa while expenditure increased from £388k to £515k reducing the trading deficit from £167k to £135k and so by £32k, which is a small improvement. This report was approved by the Board on 12 May 2025 and signed on its behalf. Mr l R Pirie Director
LONDON EDUCATION FOUNDATION Independent auditorfs report to the members of LONDON EDUCATION FOUNDATION Opinion We have audited the financial statements of LONDON EDUCATION FOUNDATION (the 'company'l for the year ended 31 July 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity. the Staternent of Gash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fail view of the state tsf the companvs affairs as at 31 July 2024 and of its profit for the year then ended., have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice.. h8V8 been prepar8d in 8ccord8nCe Imth the requirements of the Companies Act 2006. Basss for oplnlon We conducted our audit in accoidance with International Stsndaids on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial ststements section ol our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK. induding the FRG'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concein ba51s ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified 8Ny rnaleri81 unoertainlie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the companys ability to continue as a going concern for a period of at least twelve tnonths frorn when the financial 5taternents are authoiised for issue. Our responsibilities and the responsibilities of the diieclois with respect lo going Conrn are described in the relevant sections of this report. Other information The other information comprises the Information included in the annual report other th8n the financial 5tatement5 and our auditor's report thereon. The directors are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other information and, extspt to the extent otherwise explicitly stsled in our report. we do not express any foirn of assurance conclusion Iheieon. Our iesponsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the finanaal statements or our knowledge obtained In the course of the audit, or othenmse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi55taternent of this other inlormation, w8 are iequir8d to report that fact. We have Nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". • the information given in the strategic report and the directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements", and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements.
LONDON EDUCATION FOUNDATION Independent auditorfs report to the members of LONDON EDUCATION FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the cornpany and its environrnent obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors. report. We have nothing to report in respect of the followng matters in relation to which 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 frorn branches not visited by us., or the financial statements are not in agreement wth the accounting records and returns., or • certain disdosures of directors, remuneration specified by law are not made,. or • we have not received all the infomiation and explanations we require for our audrt. Re8ponsibiliti88 of directors As explained more fully in the directors, responsibilities statement, the directors are responsible for the preparation ol the rinanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the directors deterrnine is necessary lo en8ble the preparation of financial slalemenls that are free from rnaleri81 misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concein. disclosing, 8S 8pplicable. rnatter5 related to going ¢oncern and using the going conr basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuiance about whether the financial statements as a whole ale free from material misslalernent, whether due lo fraud or error, and to issue an auditor's report th8t includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan wth ISAS IUKI will ahfif8yS detect a material misstatement when It exist5. Misstatements can arise from fraud 01 8rroi and are considered material if. individually or in the aggregate, they Could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. IExplèftation ès Its what extent the audit was ctrnsidered cèpable of detecting irregularities, includiftg fraud.] A further description of our responsibilities for the audit of the finanaal statements is available on the Financial Reporting Council's website at www.frc.oig.uklauditorsresponsibilities. This description foms part of our auditoi's pOrt. Use of our report This report is made solely to the company's members, as a body, in accordance wth Chapter 3 of Part 18 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the companvs members those matters we are required to state to them in an auditor's report and lor 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 8udil work. for this report. or for the opinions we have forrned. Mr D Kakad Isenior Statutory Auditor) for and on behalf of CHEMPNEY MYERS LIMITED Statutory Auditor 13 May 2025 Grove House Third Floor 55 LoMAands Road Harrow England HA1 3AW
LONDON EDUCATION FOUNDATION Income Statement for the year ended 31 July 2024 Notes 2024 2023 Fee Income 379,705 220,738 Cost of sales {98,8361 Gross profit 280,869 220,738 Administrative expenses Income from donations 1416,3771 211,508 1388,4051 717,404 Operating profit 76,000 549,737 Interest receivable 10,975 4,293 Profit on ordinary activities before taxation 86,975 554,030 Tax on profit on ordinary activities Profit for the financial year 86,975 554,030
LONDON EDUCATION FOUNDATION ststement of Comprehensive Income for the year ended 31 July 2024 Notes 2024 2023 Profit for the financial year 86,975 554,030 Other comprehensive income Total comprehenslve Ineome for the year 86,975 554,030
LONDON EDUCATION FOUNDATION ststement of Financial Position as at 31 July 2024 Notes 2024 2023 Current assets Debtors Cash at bank and in hand 65,028 621,241 686,269 36,979 568,028 605,007 Creditors-. amounts falling due within one year 141.3541 147,0671 Net Current assets 644,915 557,940 Net assets 644,915 557,940 Capital and reserves Profit and loss account 644,915 557,940 Total reserves 644,915 557,940 Mr l R Pirie Director Approved by the board on 12 May 2025 lay 29, 202Jf 16'.31 GMT+ii
LONDON EDUCATION FOUNDATION ststement of Changes in Equity for the year ended 31 July 2024 Share Share capital premium Other reserves Profit and loss account Total At 1 August 2022 3,910 3,910 Profit for the financial year 554,030 554,030 At 31 July 2023 557,940 557,940 At 1 August 2023 557,940 557,940 Profit for the financial year 86,975 86,975 At 31 July 2024 644,915 644,915 10
LONDON EDUCATION FOUNDATION Statement of Cash Flows for the year ended 31 July 2024 Notes 2024 2023 Operating activities Profit for the financial year 86,975 554,030 Adjustments for.. Interest receivable Increase in debtors Decrease in creditors 110,9751 128,0491 15,7131 42,238 14,2931 549,737 Interest received 10,975 Cash generated by operating activities 53,213 549,737 Net cash generated Cash generated by operating activities 53,213 549,737 Net cash generated 53,213 549,737 Cash and cash equivalents at 1 August Cash and cash equivalents at 31 July 568,028 621,241 18,291 568,028 Cash and cash equivalents comprise.. Cash at bank 621,241 568,028
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 1 Summary of significant accounting policies Basis of preparation The financial slalemenls have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Turnover Tumover is measured at the fair value of the consideration received or receivable, nel of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred lo the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed lo dale to the total estimated contract costs. Debtors Short term debtors are measured at transaction price (which is usually the invoice pri1, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised al transaction pri including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured al transaction price (which is usually the invoice pricel. Loans and other financial liabilities are initially recognised at transaction nel of any transaction costs and subsequently measured al amortised cost determined using the effective interest method. Taxation A current lax liability is recognised for the lax payable on the tsxable profit of the current and past periods. A current lax asset is recognised in respect of a tsx loss that can be carried back lo recover tax paid in a previous period. Deferred lax Is recognised in respect of all timing differences beeen the recognition of income and expenses in the financial ststemenls and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the exlenl that il is probable that they will be recovered against the reversal of deferred lax liabilities or other future taxable profits. Deferred tax is measured using the lax rates and laws that have been enacted or subslanlively enacted by the reporting date and that are expected lo apply lo the reversal of the timing difference, except for revalued land and investment property where the tsx rale that applies to the sale of the asset is used. Current and deferred lax assets and liabilities are not discounted. Pmvisions Provisions {ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting dale as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be eslimaled reliably. Lgased assets 12
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 A lease is classified as a finance lease if il transfers substanb'ally all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective Interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rale of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fi'xed assets. If there is no reasonable certainly that ownership will be obtained al the end of the lease term, the asset is depreciated over the lower of the lease term and ils useful life. Operating lease payments are recognised as an expense on a slraighl line basis over the lease term. Pensions Contributions lo defined contribution plans are expensed in the period lo which they relate. 2 Analysis of turnover 2024 2023 Fee Income 379,705 220,738 By geographical market.. Worldwde 379,705 220,738 3 staff costs 2024 2023 Wages and salaries Social security costs Other pension costs 280,809 29.174 13,698 323,681 269,288 27,502 10,388 307,178 Average numberof employees during the year Number Number Administration 4 Taxation 2024 2023 Analysis of charye in period Tax on profit on ordinary activities Factors affecting tax charye for period 13
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows.. 2024 2023 Profit on ordinary activities before tax 86,975 554,030 Standard rale of corporation tax in the UK 200/0 200/ Profit on ordinary activities multiplied by the standard rale of corporation lax 17,395 110,806 Effects of.. Expenses not deductible for lax purposes 117,3951 1110,8061 Current tsx charge for period Factors that may affect future tax charyes S Debtors 2024 2023 Trade debtors Other debtors 62,578 2,450 65,028 9,130 27,849 36,979 6 Credltors.. amounts falllng due wlthln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 10,867 36,200 41,354 41,354 47,067 7 Profit and loss account 2024 2023 At 1 August Profit for the financial year 557,940 86,975 3,910 554,030 At 31 July 844,915 557,940 14
LONDON EDUCATION FOUNDATION Notes to the Accounts for the year ended 31 July 2024 8 Presentation currency The financial ststemenls are presented in Sterling. 9 Legal fomi of entity and country of incorporation LONDON EDUCATION FOUNDATION is a company limited by guarantee and incorporated in England. 10 Principal place of business The address of the company's principal pla of business and registered office Is.. 28 Portland Pla London England W1B 1LY 11 Reconciliations on adoption of FRS 102 Profit and loss for the year ended 31 July 2023 Profit under former UK GAAP 554,030 Profit under FRS 102 554,030 Balance sheet at 31 July 2023 Reserves under fomier UK GAAP 557,940 Reserves under FRS 102 557,940 Balance sheet at 1 August 2022 Reserves under fomier UK GAAP Reserves under FRS 102 15