2021-08-31-accounts

Trustees’ Annual Report from 1 September 2020 to 31 August 2021

Company name: International College of Oriental Medicine (UK) Ltd

Charity registration number: Company Limited by Guarantee 1315642

Principal Address:

Van Buren House Green Hedges Avenue East Grinstead RH19 1DZ

Tel: [phone] email: [e-mail] website: www.orientalmed.ac.uk

Objective

To effectively support the practice and learning of traditional Acupuncture and its integration with modern national health systems providing an answer to the global crisis all national health services are experiencing today.

ICOM’s objectives are

1. To put patients at the centre of the clinical stage and treat them as individuals, encouraging them to understand and take responsibility for their own health.

2. To reduce costs of effective medical interventions and benefit the community by providing affordable specialistic complementary/alternative treatment

3. To relieve pressure from the NHS treating diseases that are normally addressed using potentially dangerous medications like opioids and NSAD.

4. To advance the education of the public in the subject of Traditional Acupuncture

5. To advance the education of the students by providing and assisting them in gaining a professional licentiate recognised by the British Acupuncture Council

In summary

To provide, deliver and enhance the care and treatment of patients requiring medical treatment, healing the sick, care of the poor and the aged and to engage, train, instruct, educate and employ highly skilled Chinese Medical staff as necessary.

Management and governance.

The College’s mission statement:

To be a centre of excellence for acupuncture teaching, health care and research by the contemporary application of classical acupuncture.

The International College of Oriental Medicine (UK) Ltd is the oldest Acupuncture teaching institution in the UK and one of the oldest in Europe. The college, commonly known as ICOM, was founded in 1972 and since 1977 has had its residence in the company owned building in East Grinstead. ICOM is a registered charity which aims at forming highly specialised practicing acupuncturists over a period varying from three (full time student engagement) to five years (part time student engagement).

Structure of internal management and governance

The day-to-day management and administration of the college is carried out by the Management Team , comprising of the Academic Director, Clinic Director, Student Administrator, Clinic and Practice Manager and Bursar headed by the Principal. Besides 2 full-time members (Student Administrator, Clinic and Practice Manager) the others all work part-time. The Team meets every 6 weeks and is generally attended by a representative from the Board of Governors.

The Management Team is accountable to and guided by the Board of Governors . Our seven Governor members are drawn from a variety of professional backgrounds other than Oriental medicine; an elected faculty representative is also represented there. They are responsible for the overall institutional and academic direction and strategic planning. They oversee the activities of the Principal ( Accountable officer ) ensuring that the charity is carrying out its purposes for the public benefit (the primary stakeholders being patients and students), complying with the current legislation in the best interest of the college students and clinic patients and responsibly managing the college resources. The Principal reports to the Governor members at Board Meetings so that any new policy the Programme Committee or the Management Team may propose is independently ratified by the Board.

The Programme Committee comprises all course leaders and support teaching staff (27 part time lecturers) who meet three times a year to review academic standards, discuss and evaluate course material, monitor course development and delivery and ensure the on-going development and enhancement of learning and teaching according to the following three main drivers:

1. Student feedback

The Student College Representative reports formally to the Programme Committee and/or through student representatives for each group during meetings with the Management Team timetabled once a term

2. Student performance

3. Faculty professional or pedagogic development input.

These activities are overseen and coordinated by the Academic Advisory

Board comprising four senior members of the faculty and chaired by the principal. The academic Advisory Board meets every two months.

External relevant partners

ICOM has no degree awarding powers; however, at least until 2022 the College will continue to have shared responsibilities with the University of Greenwich (UoG) with regard to programme specifications, processes for curriculum change and development, staff development and operational aspects of academic regulations. The role of the University is to maintain responsibility for quality assurance, programme monitoring, link tutor monitoring and for student progression and award examination boards. Students enrolled prior to September 2018 abide by the University’s academic regulations for taught awards and University student policies (i.e. extenuating circumstances, academic appeals). ICOM is responsible for the subject content and annually reports to the UoG after major Review processes (the last review took place in December 2017)

Furthermore, the College continues to engage with, and ensure compliance with all required processes, policies and requirements of the British Acupuncture Accreditation Board (BAAB) which is its professional and statutory partner. Students recruited from September 2018 are not eligible for student loan funding and do not receive the degree award. However, they follow exactly the same programme; there are no changes to the curriculum, staffing or assessment. The award they receive is the same as all students have received since 1977, the Licentiate in Acupuncture , offering entry to professional registration in the UK with the British Acupuncture Council (BAcC) .

As a Higher Education Alternative Provider ICOM complies with the requirements of the quality code and it is annually monitored by the Quality Assurance Agency (QAA) and Office for Students (OfS) . This ensures that our students are eligible for students finance through SLC(s), are monitored according to the indications of the Prevent Team and can resort, if needed, to the Office of the Independent Adjudicator (OIA). This will be the case at least until 2022 when the final cohort of current eligible students will have completed their degree award or withdrawn.

Operations of internal management and governance

As per the guidelines of The Higher Education Code of Governance, OfS and the Nolan Principles of Public Life, ICOM governing body

• has independent members who are fit and proper certified

• its constitution, terms of reference and regulations are available on Companies House

• keeps a register of relevant conflicts of interest

• protects the reputation of ICOM by reviewing all the policies that are in place

• in order to fulfil ICOM mission statement, monitors how the Management Team and Programme Committee enforce and follow those policies; the Board records these activities in the minutes of meetings which provide evidence of how the Board maintains oversight of the institution’s compliance with relevant legislation and regulations

• acts as a critical friend, including advising on strategy and its effectiveness

• • monitors the quality of educational provision ensuring that the requirements of all the external bodies (BAAB, UoG, QAA and OfS) are satisfied

• reviews regularly ICOM’s finances overseeing

• the activities of the Student Administrator, who logs in the SLC funds on our dedicated server, and the Bursar, who processes these monies;

• the activities of the Clinic and College income and expenditures;

• these records are then are audited and certified by an independent accountant.

This is achieved through a strong partnership with the Management Team and Programme Committee whose activities are coordinated by the Principal supported by the Director of Studies, Director of Clinic and Academic Advisory Board. An elected member of the programme committee ( Faculty Representative ) always sits at Board meetings to ensure that the students’, patients’ and staff members’ voice is heard. To increase clarity in reporting, the Director of Studies, Director of Clinic and members of the Academic Advisory Board are invited to Board Meetings and ad hoc designed Strategy days. Conversely, a member of the Board is customarily invited to Management Team and Programme Committee Meetings to hear directly the voice of staff and students. Furthermore, one of the directors is a member of the general public and patient of the ICOM clinic. Finally, Board members have access to all activities of the Management Team (Minutes of meetings, Planning, Notes and digital chats) through MS Office365 digital platform in order to ensure that, even though the Board of Governors meets three times a year, there is a continuous exchange of information between the Management Team and the Board.

The members of the Programme Committee are specialists and/or practitioners in their own fields, mostly in acupuncture and other areas of Chinese medicine or conventional medicine. All leaders of academic courses are qualified teaching professionals, whereas Clinical courses are led by senior practitioners with at least 15 years of clinical experience. Collectively they are responsible for enhancement actions as part of the course monitoring, annual monitoring, assessment monitoring, response to external examiners commentary, and student feedback. Student feedback is collated via formal course evaluations, the Student College Representative reporting formally at Programme Committee Meetings, Students’ Portfolio presentation (as part of their professional development module) and through specifically timetabled meetings between student representatives and relevant members of the Management Team.

Programme Committee members, supported by the student administrator, also have pastoral wellbeing duties and act as personal tutors who meet their tutees at least once per term (being available to offer additional support if

required).

A selected group of teaching staff constitutes the clinic supervisors’ team who is responsible for the students’ technical/clinical education as well as the transmission of the ethical values informing Acupuncture intervention as laid out in the British Acupuncture Council (BAcC) Code of Conduct . The clinic supervisors are supported by the Clinic and Practice Manager and the Clinic Director.

This combination of professional teaching skills and small class sizes results in a high level of personal student support and attention which is evidenced by the commendations received by the QAA team during their last annual monitoring visit and zero complaints escalated to the Office of the Independent Adjudicator (the college is part of the Independent student complaint scheme for England and Whales).

External stakeholders

The award has been developed by the college programme team, with input from students, University colleagues, external examiners and the professional body. The validated degree programme has been designed to meet key UK higher education requirements. It meets the UK Quality Code for Higher Education requirements and levels of learning. The college follows traditional HE practice in that each full year of study enables students to gain 120 credits and over three full years, the degree award of 360 credits. The programme must therefore meet the requirements of our university partner and of the Quality Assurance Agency ; the learning outcomes of each course link back directly to the overarching aims of the programme. The assessment opportunities are carefully designed to meet learning outcomes and the standards set for the award are appropriate for qualifications at the level.

Academic Standards

University

The University oversees the maintenance of academic standards relating to the programme and assists the College to ensure that standards are maintained and enhanced according to the UoG Quality Assurance Handbook. The University Link Tutor and the School’s Director of Learning and Quality lead this support.

External Examiner

Appointed by the University, one of the roles of External Examiners (EE) is to ensure that integrity and appropriateness of academic standards are maintained.

Link Tutor

The Link Tutor has responsibility for supporting the programme throughout the

academic year. The Link Tutor chairs the Subject Assessment Panel meetings where college faculty members (Programme Committee) monitor each subject’s and students’ performance twice a year and discuss actions and proposed changes, alongside the external examiners. The Link Tutor also attends or chairs the Progression and Award Board meetings where the college’s courses are externally monitored and where student profiles are discussed. The Link Tutor also produces an annual report to evaluate the ongoing operation of the programme

The outcome of the major reviews conducted by the University in December 2011 and again in January 2017 concluded that the programme was approved unconditionally

BAAB

Professional accreditation by the professional acupuncture body (BAAB) entails annual and periodic monitoring of the programme. The ICOM programme continues to meet the requirements of the BAAB in terms of content, learning hours, clinic hours and codes of practice, evidenced in the mapping of all courses to the Standards of Education and Training for Acupuncture 2011 ( SETA ) and following the rules of the BAAB Accreditation Handbook.

The BAcC’s SETA have informed all parts of the curriculum and learning outcomes for the programme. The programme has been designed to permit those students who successfully complete all courses at each level of the programme to satisfy the expectations and requirements of the SETA, thus equipping them with the professional standards and skills of the healthcare practitioner in acupuncture. Successful graduates are eligible for professional registration with the BAcC.

The BAcC Standards of Practice for Acupuncture (SPA) are the set of professional standards to which all practitioners must comply, and these reflect much of the learning and teaching taking place within the programme. The renewed accreditation visits are comprehensive and include observing lectures, observing clinic supervision, meetings with management team, lecturers, and students, examining all institutional documentation including financial accounts, resources, and facilities management. The University concluded in their major review in 2017 that “ICOM are subject to both QAA and BAAB monitoring processes with each having a different approach. The University are reassured that the BAAB ensures a bespoke QA process which is developmental, rigorous, illuminating and has produced an excellent result for ICOM. ICOM considers this to be a very important developmental process which enables them to be critical and to enhance standards professionally.” The BAAB approved the programme unconditionally in April 2022 and awarded the maximum period of accreditation (6 years) at its latest major periodic review.

CHAC

ICOM, through its longstanding founding of, and association with, the Council of Heads of Acupuncture Colleges (CHAC) is actively involved in discussions of educational standards and quality and in sharing best practice

and staff development opportunities.

Public Benefit and Achievements

ICOM is a world-renowned acupuncture training college, founded by Dr Van Buren in 1972.

In its long history, ICOM has been a major contributor to the development of Acupuncture in the UK and one of the founders of the UK Acupuncture professional body : The British Acupuncture Council. As the oldest College in the country, ICOM has strived to instill in its graduates a sense of solidarity and responsibility, healthy discipline, regard and reverence for the suffering of others combined with self-respect and the highest academic standards. In effect, ICOM graduates are among the most important Chinese Medicine Scholars in the West . Just to mention a few relevant examples:

1. Giovanni Maciocia

Prolific author of Clinical textbooks which are essential readings in almost all western Chinese Medicine colleges/universities around the world (Europe, Russia, USA, Australia, New Zealand, Israel etc.)

2. Peter Deadman and Mazin Al-Khafaji

Authors of the most respected and sold Point Location Book produced by Western Scholars

3. Julian Scott

Author of influential pediatric Acupuncture books

4. Peter Firebrace

Editor of the Press company responsible for the dissemination in the UK of the Classical Approach to Acupuncture

5. Joan Duveen

van Buren’s pupil who is teaching extensively around the world

In almost 50 years of practice the college has licensed 800 Acupuncture practitioners and treated thousands of patients in its clinic ( last year the ICOM clinic has administered 5000 treatments ) becoming a centre of attraction for patients in the whole south of England. ICOM has helped hundreds of patients to regain their health where ~~as~~ other medical institutions have failed them.

Although ICOM is only a small institution, its influence has reached the USA, Israel, Finland, and Australia where colleges are still following the footsteps of ICOM founder dr. van Buren. In fact, ICOM small classes are designed to make the journey of its students akin to the traditional Chinese Pupil/Teacher apprenticeship: a balanced blend of academic rigour and practical clinical applications. At ICOM students learn that health and illness are not separate

entities but rather the two extremes of a continuum where life unfolds. The more we move away from life and from the optimum yin/yang balance, the more we move towards illness.

Financial Review

The significant events that have affected our financial performance this year are:

Trading and profit and loss account

Fees have decreased by 13.8% on the previous year, from £363k to £313k. Within turnover, student fees have shown a 16.1% decrease (51k), with post graduate fees also experiencing a decrease but clinic fees seeing an increase of 9K. We also received a business grant 9k from Mid Sussex District Council in the current financial year, but it was related to the clinic closure due to Covid-19 in the previous financial year.

A gross profit margin of 35.8% was achieved, compared to 42.65% last year.

The charge for wages has remained the same, with 13k claimed in the form of government grants under the Coronavirus Job Retention Scheme.

The administrative expenses show an overall decrease of 15k with the following main movements: -

1. Advertising & media down £2,135

2. University of Greenwich fees down £9,600

3. Bookkeeping down £ 5,349

There is an overall surplus for the year of £58,899 compared to the surplus for the previous year of £111,090

BALANCE SHEET

Fixed assets relate predominantly to the freehold property site where the college is run. The college spent £1k on capital expenditure during the year.

Debtors have decreased at the year end and £5,876 was outstanding, £2,994 related to clinic rental due at the end of the month.

Prepayments remain at a similar level to the prior year.

Bank and cash balances are up significantly at £201,179 compared to £78,836

in the previous year. Students benefit from a small discount if they pay before the term starts, so we received £ 95K in fees paid in the financial year but for the academic year 21/22.

Amounts due to suppliers is £4,363 which is down on the previous year, £ 2,692 related to rates that are paid by DD throughout the year.

Provisions for expenses relate to the audit fee accrual. The PAYE creditor relates to the August 2021 liability for tax, NI and pensions, paid in September.

Creditors also include £39,685 in respect of the bank loan.

At the year end the company had net assets of £414.7k compared to £355.8k at the end of the previous year.

Reserves Policy and Future Plans

We do not have any material financial investments and we do not hold onto any restricted funds. The only key factors that may affect the financial position of the college is a decrease of student numbers. The college has been proactive scheduling more Open Day’s (the feedback is positive so far, and we anticipate that our numbers will increase) and increasing our promotional activities. However, to make sure that we will still be financially viable we continually look at other revenue streams such as: collaboration with other providers (Chinese Medicine Herbs Courses, or foreign colleges interested in our now-how); new modes of delivery (online and/or blended courses); increased implementation of post graduate course. Furthermore, now that the clinic has been refurbished and we can offer other treatments alongside acupuncture, we expect an even higher patients’ turnover and anticipate that the consequent income will increase our financial security. We have analysed our expenditure in detail and saved costs in many areas.

Names of the charity trustees who manage the charity

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Dates Name of person
Trustee acted if not (or body) entitled
Office (if any)
name for whole to appoint trustee
year (if any)
1 David Jinks Chair Board of Governors
2 Guy Calcutt Trustee Board of Governors
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----- Start of picture text -----
Amanda Trustee Board of Governors
3
Edwards
Robert Elliot Staff Board of Governors
4
Representative
Holly Ledson Trustee Appointed Board of Governors
5
2/22
6 Alan Brook Trustee Board of Governors
Richard Jinks Trustee Appointed Board of Governors
7
2/22
Harry Trustee Appointed Board of Governors
8
Chummun 2/22
----- End of picture text -----

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

----- Start of picture text -----
Signature(s)
Full name(s) David Jinks
----- End of picture text -----

Position (eg Chair Secretary, Chair, etc)

----- Start of picture text -----
Date 18/6/2022
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ec rs and for the Yvar ust 21r21 The Internat e of Or

e Inte o of Orie ediri 2021 Page Company InfOnn￿lo[i Row>rtof the Dirtctors Report of th¢ IithpMd¢tsi Audito Income Statemont Balan¢¢ Sheet Cash Flew Statement Notos tr) the C&sli Flow Statement Notes to the Finan¢iol Statements 10 D￿led Incom¢ and Expenditur¢ Account 14

IhLlotornp.l1gD￿a9JIC8U&QrLDlL1 UK Limited U8t2 DIREcfoRS: D WJinky G W D K Calcutt Ms A B EdwOTds R J Ellioti C J T2tt¢rs&ll E Basa8lll A M Brooks SI4CRETARY: Ms A M Gunt¢T RECt%rE, RED OFFICE.. Van Burenlbu5e Green Hedge8 Av6nuE East Grinsleud West Suss¢x RH19 IDZ REGtSTKRED NUMBKR: 01315642 (En8laTrd and Wal¢s) AIJDITORS.- WM Audit LLP Charteted Awountartts & StatU￿ry Audirors Thatcher House 12 Mount Ephraim Road Tunbiidgc Wells KeLt TN4 8AS C.HAIRMAN: D W Jinks Pag¢ I

matio Medicine oof Limit Th¢ directors present their report with the financial stai¢in¢nts of th¢ ¢ompany for Ihe year ended 31 August 2021. DIREcfoRS The d1￿ClOt5 shown below have li¢ld offi¢¢ during the whol? of the perid from I S¢ptember2020 10 tile date of thi5 r¢port. W Jink$ GwDKc￿¢lrtt s A B Edwards RJ Elliott C l Tatt¢r5all E Basagni A M Brooks srATEMEwf OF DIREcfoRS' RESPONSIBII,ITIES Ilie directors are r¢spollsible for pr¢paring the Report of the Dir¢ctor5 and the financial stst¢m¢nts ui aW>Tdance with appbGable IAW and r¢gulations. Company law requires thc directors lo prepa￿ finan¢ial sthm¢nts for each fiJian¢ial year. Undei. that law tlie directors have elected to prepare the finan¢ial statements in 2ccordance with United Kingdom Genenlly Accepted Accounting Practic¢ Iuiiit¢d Kingdom Accountin8 Stli ndard$ 2nd applicable lawl. Under cotnpany law th¢ directors must not approve the finanfjial statements unless they are satisfied that they giv¢ a Iw¢ and fair vi¢w of the stale of affairs of the eompany and of the surplu$ or deficit of the company forthAt period. In pr¢paring th¢s¢ financial statements. the directors are required to." $¢leet suitable accounting policies &nd then apply th¢rn ¢oo$istently' mekc judg¢ments aiid accounting ¢3tirnat¢5 that are reawnable And prudent.. epar¢ the fjnancinl Matements on the going concern basis unlE5S it is inappropriate to presum¢ that th¢ rompa¢iy will ¢onlinu¢ in bvsines8. The dir¢¢tors are rcsponsibl¢ for keeping ad¢quate accrA]nting records thut or¢ suffi¢i¢nt to show attd explain thc company, trHnsa¢tions ond dlsclose witli reasonable accur8cy at ￿lY tim¢ the finanGial tmisttion of the co(npany atld enable Ih¢m ￿ ettsure that th¢ fin&ncÉal slatemtnts coinply willi tlie Companies Act 2006. They are also responsibl¢ for safeguardillg the asscls of the company and hence foi. laking rea5011abl¢ 51ep5 for the prev￿ltion and d¢le¢tionof fraud and other inegiilarities. srATEMENT ASTO DISCLOSURE OF INFORMATIOIY TO AUDITORS So fnr as the dir¢¢tors art awar¢, there is no relevont audit inforniation {a5 d¢fined by Section 418 octhc Companie8 Act 2006) of whi¢h the cumpaiiy's audilor$ 2re uTraware, and each di￿(tOr has tak¢n all Ihe steps that hc or she ought to hav¢ tak¢ii as f1 director iii ord¢r le make himself or herself dware of at)y irl¢vant audit infom)atiott and io tttabli5h that th¢ Company's auditors aw8re of that infornithTL AUDITORS The audilors, WM Audtt LLP, will b¢ proposed for re-apw)intment al th¢ forthcotnithg Annual General Meetirtg. This report I￿S becn pre￿red in accordance with the provisio[ of Part 15 of the Companie6 Aet 2006 r¢lating to small ¢ompani&s. BEHALF OFTHE BOARD.. D W Jinks- Director 23 February 2022 P￿e2

Re ort of I lllde ndent Audi Inlem Oplnlo We have audit¢d the fin￿¢SaI $tatements of Th¢ lThtemational College of Orientll Medi¢in¢ (UK) Limid {the'comp4ny) for Ilie year elided 31 August 2021 which cernprise tlie Incorne Statsm¢ni Balance Sheet, Cash Flow Stst¢IneTht and Notes to the Cash Flow Stat¢m¢n¢ Notes to thc Finan¢ial Stalemenls, iii¢ludin8 a summaiy o15ignificant accoiinting policie5. Tbe financi81 reporting Iram¢work that has been applied in their pr¢pHratian is applicable law and United Klngdom Accounting StAndards. incliiding Financial Reporting Standard 102 'The Financial Reportlllg Stondard applicable in th¢ UK atld Republic of Ireland, {UThiled Kingdom Gen¢rally Accgpted Accoiintiligknetice). In our opinion the finAnrial st8lem¢nts'. give a true and fair vi¢w ofthe slate of the company's affairs A& at 31 August 2021 and ofits surplus for the year ihen end¢d. have be¢n propttly prepared in aCCOTdance with United Kingdom Oenetally A¢¢epted Accounting Prttcticc. and have pr¢partd in accordaTr¢e with the requiirmentsolthe Coiiipunit6 A¢l2006. BL8ls for opinio We conducted our audit in accord8nce with International Standards on Auditing IUKI (ISAS (UKII and appliGabl¢ law. responsibilities l￿der diose Standards Bre further described in the Audilor5' TesponsibilitlC5 for the Aiidil of tli¢ financial statement5 strtion of oiir r¢port. We ar¢ independenl ofthc conipany in ￿CcOr￿n¢t with the ethicftl requirements that gre relevant to our audit of thc financial stst¢ments in the UK. inGluding the FRC8 Ethical Standart and w¢ Iwe fulfill¢d our other ethical responsibilities in accordanc¢ with these wuiroments. W¢ believe tlwt th¢ audit evidence we hav¢ obtsiJi¢d LS Sufficient and appTopriate lo provide 8 b&sis for our opinion. ConclL8lon5 relating to goittg concern Iii auditing ¢h¢ financia5 5tatemertts, we have concluded th4t tlie direGt015' use of the going ¢oii¢etn basis of a￿O￿At11￿ in the repat2tlOll Df the financial 5tat¢m¢nts 1$ &ppropriale. Based on the work we have perform¢d. wc have rtot Identified any material un¢¢minties rel￿1n8 to even15 or Goiditions thaL individually or wllcctively, may Cast sigt)ificallt doubt on the company's abiliry lo coiit5nue as a goijjg concern for a p¥iod of at Iwttwelve months fi.om when th¢ fin￿￿la[ slatrmetsls are authori5¢d for issue. Our reswnsibi11ti￿ and the TesponsibiSities of the dir¢¢tors with respeci ￿ going wncern ar¢ d¢swibed In th¢ rel¢vant section5 of this report. Other informwlion Tlie dii'ector$ are responsible for the oth¢r inf0m￿tiOn. The other infonnation ¢omprisfs th¢ infomiation in th¢ R¢port of the D￿eCtorS, but do&9 not in¢lud¢th¢ finartcial slatements And ourRe[￿rt of th¢ Auditors thercon. Oiir opinion QLI th¢ financial statements dce5 no¢ ¢over the othcr infomiÈtioll and. ex¢ept to the extetit otherwise explioiily $tad in our report. w¢ do not express any fomi of a53ufAn¢e conclusion thereon. In connedion with our audit of the financi21 siatements, our respon5ibilily is to read the other infomi&tion and, in doin8 so. consider wheiher ihe other itlforrnatioii is materially iE)COllSlStent with the financial slatemellls or our kniowledg¢ oblained in the audit or otherwise appears to be ]nateri&lly misstated. If we identify such mal¢rial inconsistencies or &pparMt tnattrial misslatein¢ttts, we 8re required to d¢tenJiine whether this 8ives rise lo a material misstatement in the fJn&n¢ial staieni¢nts themselv¢s. If, based on the work w¢ liave p¢rfom)ed, we cpnclude thut there i8 a material mi5St&tement of (his oth¢r information. we &r¢ Nuired to rq)ort that f&ct. We havE lloihing to report in thi5 r¢gaTd. Opinlons other mAtter5 pre5crlb¢d by Uie Compinlw Att 2006 In our opinion, based oji the work undertak¢D ill the ¢ourse of the audit.. the information given in the Report of Ilie Dir¢¢tor8 for th6 fin&llcioI y￿r for whi¢h the f￿ancial statem¢nts are pr¢p*r¢d is consistent Wlth the fiNn¢ial Stat￿nents., Dnd the Reportof the DiT¢¢tOTS has been PTepaiEd in ￿cordance with appli￿ble legal r¢quiwnents. Pagc 3

en ors ti> f (ki¢ IhthLLtioDAlLoll￿e Liini rsof i¢in¢ Mthtt¢rs on whlth Ive are r¢quirul to retrf)rt by oxcoptio In the li￿t of the knowledge and understanding of the cOmp￿tY and its ¢nvironm¢nl obtained in the wurst of the audit. we hav¢ not idehtified material misstatem¢rtt5 itt the R¢pDrl of th¢ Di￿torS. We have iiotliin8 to report in respcct of the following matters where th¢ Compani¢8 Act 2006 requir¢s us to r¢port to you if, in our opinion.. 8dcquate accountiiig T&oids have not been kept, or Tetums 8dequate for oui. audit have not been r￿1Ved from brfjnch£s rtot visiied by us. or the financial stateinerLfS ar¢ not in agreement with the accountin8 records and r¢tums' or certairt di5c105uN of directots, reAnuneraiLOD specifitd by law ar¢ ty)I mad¢. or we h8V¢ Mt rec¢ived all th¢ information find explanations we r¢quire for ouraudiL or the direclo]s were not ¢nlltled to prepare th¢ fill￿1¢1a] statements in o¢cordan¢e with th¢ Sm￿1 Companies re8iine and tpke advanlag¢ of the small ¢ompgnies' ¢xemption from th¢ rcquirernettt to prepar¢ a Strategic Report or in pieparing ih¢ Rep)rt of the Dire¢¢ors. R￿ponSIbIlItIeS o(dlrectors As ¢xplain¢d more lully in thc Statement of Di￿tors, Responsibilities sct out on page ts¥o, the directors are respon5ibl¢ for the preparation af tlic finarlcial stateme￿$ and for being 5atisfitd that they gtve & tru¢ aDd fair view, and for 5ueh internal control as the directors detemine necessary to ¢nablc thE preparution of finan¢lal s¢atem¢nts that are frce frDm materia] misstaternent, whethet du¢ tofraud or error. In prepiTing the firtaiicial statements, the dircclor5 are responsible for as5￿$￿ng the cottipwJl8 ability fo continue as a going L¥)ncern, disclosiD8, as applicable, mitter8 related to going convrn and using th¢ going ¢tsfftcein ba81$ of a¢¢ountiiJg unl¢ss the dir¢¢lors either intend to liquidatethe ￿MpanY ot to ce￿e op¢r8tiorLS, orhave no rtalistic alttrnBtive but to do so. AuditOT8' respDnslbllStle5 for tlie audlt oftbe finAnci81 stAtem¢hts Our objeGtiv¢s to obtsirt reasonèble as$uran¢¢ al￿t whether the financial statem¢nt3 s% a whole ar¢ free from material misstateEna]¢ whtthcr due to fraud or error. to issu¢ a Report of the Auditors that li1¢1￿e5 our opinion. Reasonable 3SSUtEncc is a hi￿ l¢v¢l of assuronc¢, but is not 8 8uaranl¢¢ thot an audit conducted in accordance with ISAS (UK) will always det¢ol 8 material mis5trai¢ment when it exists. Misstsl¢ineDts can arise from fraud or ¢￿Or and are coiisider¢d materi&l if, individually or u) thc #ggregat¢, tIKy could r¢asonably be ¢xpect¢d to intluetK¢ the economic deGi5ions of us¢rs t8k¢n on th¢ basi5 ofthES¢ fjnancial ststements. Irrcgularities, ineludsng fraud, are tnslanc¥ of non-complian¢e wiib law5 and regulations. W¢ dcsign procedur¢5 in line witli our respon8ibilitLes, outlined atrove, to detect mattrial misstatements in re8pec¢ of intgularities. including fr8ud. The extent to which our procedur¢5 capabl¢ of detecting iwl8fities, including fraud is d¢tailed below: The 8us¢eplibility of tho entity's fiDan¢ifj] statemtnts to mat¢rial m1sslat¢nie￿t, including how frnud might occur ha5 be¢n nsid¢r¢d durin8 the audil. Laws 2nd regulatiOD5 identificd Ds being of significance in th¢ context of the entity have been docuni¢nted. An undcr8taiidiog of the legol and regullltory fram¢work applicable 10 the entity has been obt8io¢d during the audit, as well as consid¢ring how th¢ entity iq complying with th41 fr#mework. An understanding of ttL¢ ¢ntity'S tJoli¢ies and procedures on compliancc with laws and regulations, in¢luding documenlalioii of any instancrs of non-compliance hgs also bEen wn3idered, al(mg with an wider$tatKling of the cntity'$ oi¢s and pro¢¢dure$ on fraud Nsks. in¢luding knowled8e of a])y actual. Susp￿ted OT alleged fraud. The eng&gem¢Dt partner has ￿5&￿Sed whether th¢ eng&g¢ment Collectively had tbe appropriak competsnce ond capobillties to identlfy or recogni5c no￿￿oi￿p]iatICE Wlth I￿S and regulations. A fuithcr de$¢Tiption of our r&%pDnsibilitios for the audit (pf the finaDcial statements ￿ louted otl th¢ Fiiian¢ial Rcwrting Council's website at ww.fr¢.org.ukl8uditor5rtswnsibilitie5. This dwription f￿m& partof our Rew>itof tlie Allditor5.

ndent Aud- rs to thc ine Use of our report Thi8 report is mAde solely to the comp8tLy'5 mLmber5, as 4 body, ITh Rc¢ordanee with Chapter 3 of Part 16 of th¢ Comp8nie5 A¢t 2006. Our &udit work ha$ becn iindertaken so that we might slate to th¢ ¢ompany's members those Inatt¢rs we are requlr¢d io state to them iii a Report of the Auditors and fDr no other purpose. To the thllesl extent pcrmitled by law, we do not ar￿pt or assum¢ re5POtLsibility to fynyone oihcr than IhE COlllPWiy and Ibe comporty's members &8 a Ix>dy, for our audit work. for this r¢pDr¢ or for th¢ Opinio￿ wc h&ve lomied. Jo a Gr¢¢n1Se tatutory Aiiditor) nd on behalf of WM Audit LLP artered Ae¢ount8nts & St&tutory Audito Thatclier House 12 Mount EphraiLM Rood Tunbridge Wclls K¢rtt TN4 8AS 23 F¢bruary 2022 Page 5

tenjational Coll Medicin Orien Limi Year End 21 2021 2020 Not& TURNOVER 313.508 363.711 Cost of sales {201,0521 (208,570} GROSS SURPLUS I 12.456 155,141 Administrativ¢ expenscs (74,689) {91,7271 37,767 63,414 Other uperating ineomc 22,497 48,434 OPERATINC SUIiPLUS l Ll,848 Interest receivable and Similar income 121 238 60JSJ l L2,086 Interc5t payable &nd yimilar ¢xpen5es 11,4861 {9961 SURPLUS BEFORE TAXATION 58.899 I11,Q90 T&x on Surp[￿% SURPLUS FOR THE FINANCIAL YEI AR 58.899 111.09) The note5 fonn part of iheso fsnan¢i&l statetnents Pag¢ 6

rieniil ber:01315 UK Limited 31Au ust 2021 2021 2020 FIXEI D Assrrs Tangiblc as8¢1s 359,106 360.277 CURREKf ASSETS Debtors Cash at bank 17,194 201.179 23,932 77.836 218,373 101,768 CREDITORS A5DOUllt5 falling due within one year {134.187) 166.4971 NET CURRENT ASSETS 84.186 35,271 TOTAL ASSF.TS LLI SS CURRENT LIABILITIES 443.2Y2 395.548 CREDITORS Amounts falling duc after more tlian one year (28,526) 139,681) NET ASSE'IB 414,766 355,867 RESERVES Incom¢ aod expenditur¢ a¢cowit 12 414,766 355,867 414,766 355,867 Tbe f￿aTre1a1 statements have been prepared in aCLY)rdance wilh the PlOVi5LQllS appli¢able to companies subje¢t (o the small companies r¢gime. The finan¢ial statenients. wer¢ apprtsved by th¢ BoaTd of Dir¢¢tors ond akithorised for i83iie 011 23 FebN2ry 2022 and wcre si8ncd OTh its behalf by: DWJI - Director Th¢ not¢s fonn part of these fiiJan¢ial siatements Page 7

nleniatio Limit d Sial l Atl 021 2021 2020 Notes Ca511 flow$ from oper8¢thg aetlvltl Cash 8enerdled from operatsons Interestpaid 134.443 11,4861 18,225 1996} Net c￿11 from operating activiti¢s 132.957 17,229 Cish ftows from Investlng etlvltJes Pur¢has¢ of tart8ible fixcd assets Sale of tan8ibl¢ fixed asscts Int¢r¢st received 17091 15,5671 163 238 121 Nel ¢ash from investing acttvili¢s 1588) 15,1661 Cash flows from fliianclng 4¢tlY5tles N¢w loans inyear Lo4n repaymcnts in year 50,000 {1,2881 (9.026) Net cash from rim￿¢1￿& a¢uviti¢s 19,026) 48,712 IRtreas¢ In cash And cash ¢4ulv?l¢nts C45h casli equivalents At be￿ll￿1ng of 123,343 60,775 77.836 17,a6L C%h athd ¢nsh equivAl¢Mts 4t end of yesr 201.179 77,836 The not¢8 form port ofthe5e fin￿CLaI gtatements Pag¢ 8

At Medicine l.imited f riheYwEnded31 21 RECONCILIATION OF SURPLUS IIEVORE TAXATION TO CASH GEPIKIL4TED FROM OPERATIOPIS 2021 2020 Surplus bcfore t&xation Depreciation charyes Rounding off Finance cos1$ Fin￿lce income 58,899 1,882 12) 1.486 111.090 2,236 996 1238) 62.144 6,738 65,561 114,084 (7.473> 188,386) Decrease/(increasc) io trad¢ and otherdebiors Increasel(dcci'easel in trade and other Greditors Cthsb g¢nersted from operltlons 134,443 l8,t2S CASH AND CASH EQUIVALEEITS The amoilnts dis¢losed on th¢ Cash Flow Stat¢m¢nt in respect of cash and cash wuivalents ate in r¢S￿t of th¢K Balaiice Slieel amounts.. YeAr ¢ndwJ 31 August 2021 3l.8.21 1.9.20 aod ¢Hsh ffjuivalents 201.179 77.836 Yeor eDded 3l Augvst 2020 31.8.20 Cash and cash equivAlen¢s 77,836 17,061 ANALYSIS OF CHANGES IN NET fiUNDS A¢ 1.9.20 Cash tlow At31.8.21 Net CA$h C￿h at bank 77,836 123,343 20I,179 77.836 123,343 201,179 Debt Debts falling due within l year Debts fAllins due after l year (9,0311 (39.6811 (2,129) 111.1601 128326) (48,712} 9,026 (39,686) Total 29.124 132,369 161,493 The notcs forni pdrt Of th¢ge finan¢ial statements PHB¢ 9

Medicine Lim STATUTORY INfoRMATION Th¢ Intemational Colle8¢ of Orientsl Medicine (UK) Limited is 8 private company, limited by guttrnntee, regi51¢red in England and Wal￿. The companls registued number and registered tstfic¢ addr¢5s ¢on be found on th¢ Company lllfonllation page. The presentation currency of the financial slatements is the Pound Slerlill81£). The Charity number is 274066. AccouNfiNG POLICIES BASIS OF PREFARING THK FINANCIAL sfATEMENTS Thes¢ fin8ncial staiem¢nts have been pftpared in accordance with Finan¢ial Reporting Standard 102 "The Financial R¢porting Standard appli¢abl¢ in th¥ UK and R¢publit of Trelartd. including the i)rovisioiis of Section IA "Sinau Enlitie5' and the Companiu Act 2Q06. The financial statements have be￿ prEpared underthc histori¢41 ¢031 cotsvention. TURNOVER Turnover is r£ieasurd ￿ th¢ fair valu¢ of the ¢onsiderotion re¢eiv¢d or receivable, excluding discounts. r¢balts, value addtyj tax and other sales taxes. TANGIBLE FIXILD ASSETS D¢preciation is provided at the followingannual rates inorder to write off each assetoyer its estijnaied u5¢ful life. Freehold properly 15Yo on reduLin8 balaiiee Library 15% on reduGing balallce Fixtur¢s ond fittings 15Yo on reducing balance Computer ¢quÉpment 25Yo on reducing balance Fr¢ehold property is depreciated on th¢ log eabitt elem¢nt only. GOVEIknNMENf GRAf4TS Govanmcnt grants are rccoBni5ed at fair valu¢ when there i5 reasoiiablc assuraTi¢¢ that the Company will coinply with th¢ conditioE15 Qttachiiig to them and the grants will be received. Grants receiv&bl¢ durirtg the y￿r under the Coron8Vitus Job Retention S¢h¢ni¢ 8n(l Bu5illESS Grants ar¢ included in the ac¢oiints under Other In￿rne. TAXATION Taxation for the year ¢ompiise$ current and defeJTed tax. Tax 13 recognised in the lttcome Statem¢nl, except to di¢ ethit th8t it￿lat¢S to items recognised sn odier comprehensive it)come or directly in equity. Current ordeferrtd t#xatiorA assets Rnd liabiliti¢s ar¢ notdi%ounted. Currettt tax Is reeo8nis¢d at th¢ aMo￿llE of tax payable using the tax rates St￿ laws that Ethve beetl ena¢ted OT substsntively ¢DaCted by the balance sheetdale. DEFERRF,D TAX Deferred tax is rccognised irh rt%pectof all timing differ¢n¢es that have originated but not reveryed at the balance Sheet date. Timing d1fftten¢￿ arise from the in¢lusion of inwme and expenses in tsx assessments in period5 dIffer￿t thos¢ in whi¢li ¢h¢y are rewgni.%ed in finanGial statements. D¢f¢rred tax 1$ measured using tax rate8 and laws that have bEen enacted or sub$tantiYely ¢nactsd by th¢ y¢ar end and that ar¢ exp¢cl¢d to apply to th¢ r¢v¢r8al of thetimlng differen¢e. Umylieved tax losses and oih¢T deferred tax ￿Sets are rew8nised only to tlie cxtent that it is probable thai they will be recovered against the reversal of def¢￿ed tax laabilitics or otlier futur¢ taxable profits. Pag¢ 10 continued...

rie Medi uie Limitf4J Stat 2021 ACCOUIYTING POLICIFS- cotstlnued PENSION COSTS AND OTHEI RPOST-RJII'IRKMRNT BENEFITS Th¢ ¢ompany operate5 a defined contribution pernqton schcmc. Coniributiens payable to the L¥)mpany's pension scheme are ¢h&r8ed to profil or lo$$ in th¢ p¢riod to which they relate. EMPLOYEES ATrID DIRECTORS 2021 2020 Wig¢s And salaries Social s¢curity cogts Otherpension costs 196,521 3,987 L,696 191,112 5,088 1.865 202204 198,065 Th¢ avera8c number of einployees durin8 the ytarwa8 ￿ follows.. 2021 2020 Employ¢e$ 27 OPERATING SURPLUS The operating 5urpliis 15 Stated after chwBing'. 2021 2020 DepiEciation. owned as5¢ts Auditors, ￿mUneratIon 1,880 3,S 2.236 3,5(X) TAXATION Analy51s ofthe tax charge No liability to UK GorporatioH arosr for the yearended 31 August2021 nOT for th¢ year ended 31 August2020. Pag¢ll continued...

The Inlemalional Colle Notes lo ilke Financial Statements- co TANGIBLE FIXED ASSETS FixturES and fittings Freehold prop¢rty Computer eqUipM￿t Library Tota15 cosr At I Sq)tember 2020 Additions 374.905 8,084 210 61822 26,752 499 472.563 709 At 31 AIi8LL8t 2021 3741,905 8294 62,822 27,251 473,272 DEPR￿cIATIoN At I September 2020 Charge Eoryear 19,150 1,088 7,605 83 59,705 467 25.826 242 112,286 1,880 At31 August 2021 20,238 7,688 60.172 26,068 114,166 NET BOOKVALUE At 31 August 2021 354,667 606 2.650 359,106 At 31 August 2020 355,755 479 3,117 926 360.277 DKBTORS: AMOUNTS FALLING DUE WITHIN ONE YKAR 2021 2020 Trade debtors Other debtors Prtpllynients 5,876 8.210 5,653 10,069 17.194 23.932 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAK 2021 2020 Bank loans and overdrafts {5ee note la) Trad¢ crEditQFS Social secuiity and other tsx Other creditors Acorued expense8 11,160 4,363 2.133 108,654 7,877 9,031 10.322 2,186 39,558 5.400 134.187 66,497 CREDITORS; AMouNfs FALLING DUE AFfER MORE THAN ONE YEAR 2021 2020 Bank108ns (see nots 10) 2&,526 39,681 Pase 12 continued...

edicine UK Limit 21 LOANS Ali analysi8 of th¢ ttLatUiTty of loans 1$ giv¢n b¢low.' 2021 2020 Amounts falling due within otteyeAr or on dernand.. Bank loans less than l ythr 9.031 Amounts f￿]ing due b¢twe¢n two and five yearn.. Bank loans- mor¢ than l y¢ar 28,526 39,681 SECURED DEVTS Security is held by lender8 in the forni of ll fixed char8e dated 1410112020 QVErth¢ property of the company. 12. RFSERV&g Incorne and expendinjr account At I September2020 Sm￿lus for the year 355,867 58,899 Al 31 August 2021 414,766 13. RELATED PARTY DISCLOSURY,S Other otditots in¢lude £10,000 (2020.. £15.000} owed toEM¢Lar¢n, a fomKrdire¢tor. 14. ULTIMATE CONTROLLING PARTY The Controlling party is D W Jinks. Is. SHARE CAPITAL The coinpany is limited by guthntc¢. Pag¢ l3

mediclnelLIKILi￿￿te4 Detailed In 2021 2020 Turnover Stud¢nL fe Post graduate fees Clinsc Fe& 264,912 9,732 38,864 316,030 17,826 29,855 313,508 363,711 Cost ofiales Wages Employels Nl Pensions Post graduate and library 191,251 3,987 1,696 188,200 5.088 1,865 13,417 201,052 208.570 CROSS SVRPLUS 112,456 155,141 Other income Sundry r¢¢eipts Business grants CJRS grants B&nk intcrc5t rcceivoblc 250 9,000 13,247 3.457 44,977 238 T2,618 48.672 135.074 203.813 Exp¢ndltur¢ Rates and waste Insurance Light8nd heat Building repairs Non payroll staff T¢lephone Post and stationery Advertising, marketing and websiie Tiivelling Subscriptl0115 Equipinent repairs Housekeepii Garden maintenance Quality assurdncR and ¢omplign¢e BAAB and BACC fe&% Sundry expenses Clinic materi815 University fe¢s Accountan¢y B(N)kkceping Profu5ioryal fees Auditors, remuneration 7,206 6,284 6.654 4.747 5.270 2,556 2.701 431 297 2.520 2,444 195 1.170 2.538 3.975 730 3,929 7,200 2,02Q 3J17 553 3,500 708 6,316 7,273 6,S72 5,250 2,912 1,787 2,678 2,566 926 1,986 2,675 1.465 1.463 1898 3,843 779 2,197 16,800 1,900 8.666 2.367 3,500 Bad debts ca￿led fO￿ard 70,945 135.074 86,819 203,813 Thi5 paB¢ do&% not fonn part of th¢ slatsitory financial st*tsments Page 14

Mcdicine Limi for Year Ended t2021 2021 2020 BrouBhtfon¥ard 70,945 135,074 70,945 86,819 203.813 86,819 64,129 116,994 Finsncec05ts ¢hArg¢s Bank loan interest 1,862 1,486 2.672 3,348 3.668 60,781 113,326 Depreclgti011 rreehold prop¢rty Dtpn of library Fixiures and fittings Computer equipment 1,089 83 468 242 1.282 532 309 1,882 2,236 NET SURPLUS 58.899 111,090 This p&ge does not form pfjrtof th¢ statutory financial st&tem¢nt P48e 15

THE INTERNATIONAL COLLEGE OF ORIENTAL MEDICINE (UK) LTD Report on the Accounts for the Year Ended 31st August 2021

TRADING AND PROFIT AND LOSS ACCOUNT

Fees have reduced by 13.80% on the previous year, from £363.7k to £313.5k. Within turnover, student fees have shown a 16.18 decrease (£51.1k), with post graduate fees also experiencing a decrease and clinic fees seeing an increase.

A gross profit margin of 35.87% was achieved, compared to 42.66% last year.

The charge for wages remains at a similar level to the previous year. £13.2k has been claimed in the form of government grants under the Coronavirus Job Retention Scheme, which is shown under Other income and a £9,000 grant was received from the Council.

The administrative expenses show an overall decrease of £19.4k with the following main movements: -

1. Advertising, marketing and website down £2,165

2. Clinic materials up £1,732

3. Bookkeeping down £5,349

4. University fees down £9,600

5. Professional fees down £1,814

There is an overall surplus for the year of £58,899 compared to the surplus for the previous year of £111,090.

BALANCE SHEET

Fixed assets relate predominantly to the freehold property site where the college is run. The college spent £709 on capital expenditure during the year.

Debtors have reduced due to there being no outstanding claim at the year end in respect of CJRS furlough grants (prior year £5.6k due for August 2020).

Prepayments remain at a similar level to the prior year.

Bank and cash balances are up significantly from £77,836 to £201,181.

Amounts due to suppliers is £4,364, which is down on the prior year.

Other creditors include fees paid in advance £98,254 which has increased substantially on the prior year.

Eileen’s loan (a former director) is also included in other creditors at the reduced amount of £10,000 after a repayment of £5,000 during the year.

Provisions for expenses relate to the audit fee accrual. The PAYE creditor relates to the August 2021 liability for tax, NI and pensions, paid in September.

Creditors also include £39,686 in respect of the bank loan taken out during last year.

At the year end the company had net assets of £414.7k compared to £355.8k at the end of the previous financial year.