Registered nuMr. 01856248 Charfty nUmr. 290456 IES London, The London Centre of the Institute for the Internatlonal Education of Students (Illinois) Llmited (A company Ilmll•d by guarant••) Councll of Manag•m•nt'8 r•port and flnanclal stat•m•nts for t y•ar end 30 Jun• 2023
S London. Th• London C•ntr• of th• Instltul• for the Intom*lonal Education of Stud•nt8 (Illlnols) Limit•d (A company Ilmlt•d by guarant••l Content8 Page R•f•r•nc¢ and admlnlstratlv• d•talls of tho charlty. Its Counol of Manag•m•nt and advS$•rn CounGII of Manag•m•nt'• r•port Ind•p•nd•nt 8udltorJ' v•part Stat•mont of fln•nd¥l actlvlil 7-10 11 Balanc• •h••t Stat•m•nt of cash flow• 13 Noto8 lo th• ftn•nGlal stat•m•nts 14-24
IES London. Th• London C•ntrn of th• Insthute for tho Int•matlonal Educatlon of Stud•nts (Illinols) Umltod (A company Ilmtt•d by guarant•&) Rrn¢• and admlnistrativ• d•taiJs of th• company Its Coundl of Manag•rn•nt and adVIrn for y•ar •nd•d 30 June 2023 Councll of Manag•mtrnt Mr G Bennett S K Cameron Mrw Hoy Company r•glst•r•d numb•r 01856248 Charfty r•gl8t•r•d numb•r 290456 R•glst•r•d offl The HorKJurable Sodety or Grtys Inn 2 Atkln Building London Unltod ngdOM WC1R SAT Audltorn Kreston Re8ves LLP Chartered Accounlanls Statutory Auditor 37 St Mar9arefs Street Canterbury Kent CT12TU B*nkw• The RO Bank of slIand 62163 Threadneedle Street London EC2R 8LA
IES Lond<, Th• London C•ntro of thg Institut• for th• Intwnatl¢)nal Educatlon of Stud•nts {Illlnols) Llmlt•d IA company limit•d by guarartw) Councll of Manag•monYs r•w¢ for th• y•ar •nd•d 30 Jun• 2023 COU11 of Management (who are dso dreclcYs crf the chty f(K wr[$ ol the Companles Acti present Ihelr annual report tcoether vthh the audtteA financial statements IES London, The London Centre of the Snslitule for ts Internatbonal Education of Students Illlinoisl Limrted lthe charity) for the year ended 30 June 2023. The Annual report seryes the wrposes of both a CcKJrKsl of Managemenf report afKI 8 directors. report uThlef company law. The Cnl of Management confim thal ts Annual report antl financw ststements of the charitable company compty wth the wrrent stabjlory requirements. the requirements of the charitable companls govwnirwJ (ment and the pnJvisnS of Ihe Statement of ReCommej&d Practi( ISORP} apFdlcable lo charit5 preparing their amnts in acccK(1anc wth the FinarKial Rew)rting StaThJard apIcatIo in th8 UK and Republ of Ifeland IFRS102) (effective 1 JanLWy 2019). Since the Char qualrfs as smal urnler Sect 383, the strategic rewt requwed of me(lium and large compani8$ undtr The Crynpanles 2Cth {Stratsglc Rewt arKI R8rx)rt) Rewlalions 2013 48 not required. ObJ•ctlv•s •nd •ctlvltl•• . PollGl•• and obl•ctlv•B The obigcts of thè charhy are to •lvarte ethcatlon by estsblislwng ty maintalnlng al cv near London and 91gewhere in England, an academK centre for the instruclion of aduh sludents in such fblds of Study as may b approved by the Councll of Mana9ement. Moreover, Ihe charity aims to foster and maintaln collaborative partnershlps wllh several Brilb8h HE in8tllun$. Tts charlty aims lo supp1 Institute for fv Internalknnal E¢all0 of Students, the USA based h8odquartef8, by providing hKJh quality academK study a01 wogramme$ that foster Inlercultur81 development of sluéenls from ¢olleges and unlversils based in the U.S. and other cOuntrs. The chanvs main objectlve for the year was lo malnlaln or Increase sludenl numbers whle Ma¢alnIng quality in a¢thM offarlry. Th8 oblve8 of the Centre we to offtt Imtrucllon for SI1nts a8 Pwt of thetr unlvoTsty ¢(ri18, to enrd Students in complemenlwy Courses kn Brili%h Ins¢i¢ulk)ns. and lo facilitate thek p8rt1clpatk in co-currlcul8r activities such as Internships. b. Str•t•gl•• for achl•vOng obJ•¢tlv•• The charW$ key 8tralegies for achWng ts obiedlves are to r•wew Fwammes regularty In order to strwè for greater excellence. lo pul forth grfjater effort in develcpitvj mwe CustomiJ Prc¥Jfammes. to expand student numbers while improving the adern quality of the student body. to attract more students to dect enrolment options, and to devdop themed Jern programme5. The charity measures the success of Ihls strategy by regular evaluation$ conducted al the Centre aThJ by CMJI a twramme review every seven years. PeOe in [rtY are not denSed (tUnty to be from IES prtsJammes and aclNlties in London. For example. during the 2022-2023 ftscal year, IES AtYoaJ Committed more than $5.9 mllllon globalty, lo ils financial aid programmes as It fymly bdieves that finanoal limitations should rKrt prevent a qualified gludenl from participaliNJ in an IES aoad programme. This amount is expected to in¢rea$e annually. All IES London students are eligible lo apply f(K this aid. In addthn. IES offws grants 01 $2,C(Q USD per student per tefm to Publ unwersty stu(lenls lugng the U.S. definitK)n of publK unNersities). ag as scholarships based upon diversity or aemIC perfc¢marK and Ilnancial need. Other elioitilty requirements appty to 811 financial aid. Page 2
IES London. Th• London C•ntro of th• Inslliut• for th• Int•rnatk•nal Educatlon of Sludgnts {Illlnol$l Limited {A company limlt¢d by gvarant••l Councll of Manag•m•nl'• r•port Iwntlnu•d) for tha ymr •nd¢d 30 Jun• 2023 ObJ•cllvo5 and actlvlll•8 (Mntinu•d) c. Artlvltlm und•rtahn to xhhv• obloCtIv•s The major area of act ss provision of educatio1 programmes to stydents through runnlng of varfous academlc progr8mmes', such a5 our standard Study London Program conntrating in British Lrteralure and Drama, Inlernalional Business as ell as studs in such fields as communKalions, history, S<iG10gy, political sclence. film. and )Men.$ Sbjdies. Other standar(I programrnes are the Health Practice & Pollcy Pro9ramme, and the Theatre Stud$ Prcwmme. IES Abroad London also offers fu114ime internship programme5 In the Fall, Spfing. and Summer.. as well as a number of LOn. Oxlord and Cambridge based OE Programmtss. Mryeover, IES AtKoad cyganises a1 exe¢Lrtes a number ol frtY-1ed (CPI Programmes throughout the ypaf for tyjr consortlum members. These run from 1 k. lo an entire academic semester in length. Our Inlemship and experbenlkil learning OFPOrtunits enable sludents to gain work exFerience in British companies and Chath$, and other servKe providers vthlst under academ 8uper¥i$K>n. The Councll ol IAanagemenl have considered and COMtil wlh the jane8 on wblk benefit. In facl. in plannSng Ihe objectives for the ye8r, the cou1 of Management have ensured their Compl with the duty in 517 of the Charit5 Act 2011 and ore mirKfful of the Charity CommlssK)n guldance on publk benefkt. Th8 students benefilir@ from ts8e ivities Indudè those recelvlrrfJ SdK01sh1Ps. d. Publk b•n•fft The Chartty has met the berrtfil requemwrt by edwtirYJ adult sludenls, housing gdull sbjdents. 8nd promollng Snlercullural comwence arbj culluT81 exchan9e. These benefits also dlrectly ¢trIbUte lo UK government strategy lthe Pr¥ne Mini$tels 5nitiabve of 2(thI to iTwse the number of intematnal slud8nl8 in the UK, in reCognitn of and cuttural benefit Ihal Y tring tr> the country as a and the local communty, as wofi as lo brnprove links and croate wtnerships for UK in$trtulions wllh international inslllulions. These nefItS relate directy to Ihe allTrs of the chwity. whth establishing and maintainin9 In and arouThJ London. an academic centrè for the education of adult studwts in varkAJS academlc figlds of study and collaljoralfve p8rtner8hlp8 lIh 8evef818ritlsh HE inslrtutiorty. Achl•v•m•nt• and p•rf9rnw• •. R•vl•w of •cttYltl IES centlY works with the fdlowlryj partner Inslitutions.. University College London, Queen Mary Univetslty of London, City University, Lornjon Conlemporary Dance School ILCDSI, CambrKlgg. Royal A(zdemy of Dramallc Art {RADAI. and St. Catherine's College. Oxl(¥d. In addItn to their Cour3th. IES studonts. particularly bkne on the Health Practlce and Poly Program, parllclpate in varKJus community aCtsVits. volunleer. and erw in swice based experlenlLg1 learning project5 In the London area. which tenefrt members of the publK and the needs of those less fortunate. These projtt15 Include volunteer work wth councAls. conservation V•rrfk, vrklng wth the homeless. and volurtsering al severnl museums and arts wrmsalS in ihe cty.
IES London, Th• London C•ntr• of th• In¥lllut• for thè Intemthnal Educatlon of Students Illllnoh} Llmited (A company limtted by guaranlw} C¢)uncll of Mantyem•nt's rwrt (contlnu•d) for th• y•ar ended 30 Jun• 2023 Flnanclal rnYi•w . Golng conc•rn The Inslilule for Ihg IntematiolI Educatw)n ol Students based in ChKago remains committgd to providing the necessary fijnds aThJ resource5 for the chanty to continue in QFwatK)nal exlslence for Ihe forosaeable futur8. For this reason. continue to adopt gc4rrfJ conwn basis Sn preparlng the financial statements. Further details regarding thè adopti¢)n of the going cAxKem basis can fouThJ in the Acwjnling Poli¢ks. b. R•••NM poll¢y 11 is the poIY of thè charity to hold fr00 reseTve5 adequate to kvomde r8asonabk financial resouffje In lfjghl of thè availability of support from Instiiule fry the Inlwnational Educaiw of StLJenls in Chicago. ¢. Prfn¢lpal rl¥k• and unc•rtalntl The business actwitw of lh8 chanty arn subjecl lo events •xlemal to the chariivs control and financial results can vary dramaikalty from past trènds. In PtUl9r. terrorisl evonls, pandem. and political and eCo)MIC bjrmoll cen 8dversely impact sludenl eNdmgnl. Also. dramak swings in foreign exchange rates can Ilmll sludenl enrolmenl and excess $luJenl IM)usirwJ. due lo flucluatb)n$ in studènt onrLNmenl, may n9cgss5tatg tho use of a third party lo sell unused beds. o¢cask)nally resulung in fmanciai losses. d. Tr•nu¢tlonB and flnanclal po•lllon The Ststemenl of Financil AcINleS shows net f( thè Jofir befcrfe of £1.055.94212022 £420,617) and our reserves sfand 01 £2.180,757 (2022.. £524.8151 In totd. StnKtur•. 9oY•rn•n¢• •nd rnanag•m•nt , Comtthitlon The tharlty Ss registered as a charita8 o)mpwy Ilmilod by warantee a1 was sol up by a Memorandum of Associalw on 16 October 1984. b. M•th¢xl$ of appolntm•nt or •l•ctlon of Councll of IAanaB•m•nl rnanagemenl of the charrty is the responsibdty of the cou1 of Managema)t vhK are electgj and cTropl under the lenns of Artth of ASsLKIat. ¢. Organiwlonal •truciur• and d[•10mIk1Thp polic1•• The charfty is organised so that the of Marbagement m orKe 8 year to rgview its aff8irs. There are 8t present 12 full-lime 8Th14 part-time staff member5 at IES Cantre, led by Cenlre Director John Ockey. The Centre Dirtr both sets the fuiure direttlon of the prarnme and mafiages thè day to day administration of the chanty. Angela Ellemer servos as the Associate Di10r & L)ean of FaDJlty and Zosia Rutkowska as ihe Assistant DIrt01 & He{ of Cuslomised Programmes, bolh ovwseeirg the Centre in Directorfs 8bserKe. On the adem programme, the Director Is supported also by Rohima Ahmed, A¢*lemKs Manager & Miranda Hale, Direct Enrol & OrientatKJns C(ordInator. Aso. the servtis of toughly SO part-time lectuiers are ulilised to tsach the various course5 of the programme. as needed. The averagè lenuie amorvj these faculty membgrs is roiYJhty 5 years. To note is John's rcAe as Cluster ooan of th? N(mthWtern Europe Cluster.
IES London. Tho London Cwttr• of th• Inslllu¢• for th• Internatknal Edu¢htlon of Studen1$ (Illinols) Limit {A company Ilmllod by guaran1••) Council ol Managwn•nVs rnwt {¢ontlnu•dl for the y•ar •nd•d 30 Jum 2023 Stru¢tiiro1 govornan¢• and Trag•M0nt Ic¢>ntlnu¢d} d. Poll¢lv adoptsd for the inducllon and tralning of Coundl of Manag•rn•nt NEM Trusleos 11 urKlergo an orientalkin session lo brief them on thetr legal ¢SJigalions under charity and company law, the ntent crf Ihe Mefflorandum Arb"dos of A$S7b0n Ilhe governing dctumenl). the committee arKI deCiSn makirMJ processes. the bjsiness an and recent financlal perfonnancg 01 thé chaTIty. During the Ind(lI0n session Ilw will moet key empk)S at¥1 othar Trustees. Ongoing. Trustee5 revN?w their trainkng ond upjate rneds and te steps n$sary to ensurè that 8pprg)rt810 training processos are Sn pl. •. Pay poll¢y for 4•nlor •t¥ff N¢)n8 of tho Council of Management are remunerated by th8 ch8nty. The charity's staff undergo perfoirnare reviews in th$ summer and infiationary based ralses V+re issued. Thg raise pool hlstorically amounts to Irfflallon over the priof year one percent and p8ndwig a posthe rfrnanC9 revw. merit-base4J raises am usually effoclive 1 Juty annually. f. R•lat•d party r•latlon•hlp• Th8 charlty upon siywl ?ThJ ino)m8 Irom Institute for the IntemalnaI Education of Sludenls. Detail8 Bro sel out In note 22 to the accounts. g. Rhk manao•m•nl The Councll of Management have asses1 the major dsks to which tharity 1$ ¢xpos8d. in pCular Ih05a relaied to the operations and finances of tho charty. ar salisfigd that swslem8 and PToeÈdures aro in pl8Ca 10 millgate its exposuro lo such rlsks. Pl•n• f•x lutur• p•rlod• IES AbTo&J London remalns polso¢l lo expar*J bts brèadth and Wjpe 1n its rAJrrent programmes. To do th1$. IES Abroad London has fvlly moved to locatn from 4)ri1, 2023. The Alkin Building, Sn The HonOurae Sc¢iety of Gray's Inn. doubles the prpx Spe. and offers expaThJed capacity for classrooms, fsculty, staff and 8ludenl areas. This move represents 8 sKJnrfunt slep fopAard in meeting the growing need5 of our organisalion. Approxh to lundr•l•lng The charty's main source of irthme is tuition fees received from Institute for the Inl8malion81 Educ3lDn of Students based in Chlcago. As a result. Ihe Council of Management do not il nesary to undertakg any adNilies to raise fund5 frcrfn the pU1C in 0er lo fijtfil the chari$ obioctNos. Page S
IES London, Th• London C•ntre of the Insthute lorthe Inlematlonal Edu¢atlon of Students {Illinois} Llmbt•d (A crynparby limit•d by guaranteè) Councll of Managwn•nfs r•port (continu•d for th• y•ar •nded 30 June 2023 Stat•m¢nt of Councll of Manag•m•nl'$ r••pon¥lbllltles The COU11 of M8rymenl are also the of the rA)mpany for purposes of cx)mpany lawl are responsible for prepariru the Council of Management's rerKKt Ihe financkgl statements in accor¢J8nc8 wlh applicalAe law arwj United K0M A¢[n11rJ Standards (Unried Kingdom Gènw8lly Accounting Praclicel. Company law require5 the Ctrjncll of Management to wepare fvwKial statements for each finandal sear. Under company law, thg Council of Management musl not apwove ihe fInarla1 slatem8n15 unless thèy are salisfled Ihal Ihoy givo a true and fair vW of the stste of affairs of the wmpany and of its incoming rosources and application of fesources, itluding its IrKome a1 expendire. for that perK)d. In prep8rirg those financial statements. the C(yJncl of Management are required to: selod suitatAe accounting pollcles then appty them consi5tenUy." obsorvè the methods arKI principles tl the Charilies SORP IFRS 1021. make judgments and 8tLounliro estimal8s th818re reasonablg and wud8nt.' prwre the flnral slalgmenls on thg gcrfng r>ncom bagis unless11 i8 InaFvowlate to pYesum• that the company wlll Contin kn buslness. The CourKil of Management are r¢swnbI9 k88pir¥J adequatè aCcn1j records that are sulficSent lo show and explain the companls trallSacts and di5dose wlh re8s0nable xcuracy al any lirno the financl81 posllion of the company and gnae them to ensure that the financlal ststgments comply with thé Companies Act 2C(6. They are also responsitde for $8feguartJing t assets ol tho MpanY and herKe for taking reasonablo steps for the wevenllon detectlon of fra1 end ottw trregulwlbes. D1•clr• ol Inforniatlw to audhorn E4th of the persons we Councl of Manag0ment at the Ilme whn thls Councn of Marwggrnent's roport 18 aPFffoved has confirmed Ihol: so far as Ihal membgr ol th6 CouncAI of Managent Is th¥are, thorg Is no rdevanl audit infomialion of which the charitls aLKJitors are unaware, and h member of tho Council of Management has taken all Ihe steps th91 ought to have beén taken a6 a memtw ol the cour1 of Marwment in order lo bg aware of any ifrformation needed by the ch8rlVs auditors in connecth)n with woparSTrJ I1r reFYt and to e5tabli6h that the ch$ ajitorS we awwe of that informaiKJn. AudRorn The auditors, Kreslon Reeves LLP. have indicated their vANirgngss to tinUe in offe. The deslgnated Council of Managemerrt wll propose a motlon reappx)Kiting the audith at a meeting of the Council of Man8gemenl. Approved by(¥der of the membws of bo¥d of cnl of Management and slgned on tsr behall ty. Mr G Bfiott Member of f.LS 29 t* 4( 2023 Page 6
IES London, Th• London ctre of th• Inslltul• for the International Ed4Katk>n ol Students Illlinol•) Llmit•d (A company Ilmlted by guarant•e) Ind•p•ndont audltows. r•port to M•mbern of IES London. Th London C•ntr• of th? Institut• foi tho Intomatlonal Education of Stud•nts Illlln¢)l¥) Umlt•d Oplnlon We have audbted the finanoal ststwnents of IES LorKlon, Th8 Lorthn Centre of Ihg Institute fN the Internalbnal Education of Students Illlinoisl Limited Ilht 'eh8rit8ble companl) for the year ende(J 30 Jun? 2023 which mprise the Slalement of financial activities. the Balare sheet, the Statement of cash flows and the related notes, induding a summary of svjnfficanl accounting p)lus. The financial reporting framework that has b88n ap181 in thèir preparation k% applThble law and United Kifyjom ACCn"n9 Slandards, including Financial Reporting Stsrbjard 102 The Finanoal RepcrtiThJ StaTrJard apph"cat48 in thg UK and Republ of Ireland, Iunlted Klwdom Gefrdly Accepted Aminbry Prlc81. In our oplnbn the finanoa slatnents.. gNe 8 true and foir viww of the stale of the charltsbfe companrfs affairs as al 30 Jung 2023 and of Its incoming restyJr and of rescwces. Inckndlvd its 1me ar experKlilure for the year thgn ended.. have been wopety In United Kln•Yom Generalty Amt AccfjuntlrvJ Price'. and have been prep8red In accordance thè rnqukements ol th8 Compan685 Act 2006. Bo81• for )plnlon We conducted our audit in accordarte wth Intomotional Standwds on Auditi IUKI IISAs IUK}l and applkabl8 law. Our responsibilitK?s those standards are further described In the AudtOTS' Tesponsibllilies for the audit of tho financial stat8menls seclKn of QUT repcKt. We are indepgNlenl of the charitable company In accordarK wlth ethical requiremonts that we relevant to our atsdit of finamal ststoments the United Kingdom, Includlng Ihe Finonclal Rep.n9 cnl'S Elhvl Slar, and have fulfillgd our othér ethical responslbilrties in acwrdarKe with these requirefflenls. We bdlève that Ihg a111 evklencg we have obtalned Is SufficnI and apwoprk?te to provide a basis for our opinn. Conclu•lon• r•l•tlng lo golng GOnn In auditing the financKg1 st31omenls, have COndJe that fv CourKil of Man8gemenfs use of Ihe going Concèrn basis ol acuunllrg In Ihe preparatK)n of the finwKlal statements is awoprfate. Based on Ihe have pwlorn)od. VP have not ¥jentIf ary material uncertainties relating to evenls or ¢£Jndilions that, IndfvKlualy or c4JllectNety. may cast swfvnt dwbt on charrtable compatys ability to continue as a wlng concem for a perj of 8t least Ve month5 from the financial statements are aulhortsed for Issuo. Our reSpsIbl1 iiles and Iho responsibilities ol the Coul of Mwmenl with resm lo golng concern are descrbbed in the rdevant sethM)ns ol Ihis rerxrt Page 7
IES London. Th• London Cw)tr• of lh• Ins11tefor thè Inlem•tlonal Education of Studonts (Illinois) Llmit•d (A company 11m1t by guwtm) Ind•p•nd•nt auditors. T•POrt to tho M¢mb•rs of IES London. Th• London Centre of th• Instlluto for th• Inlornatlonal Education of Slud•nts (IlllTroisl LIMIt (continu•d) Oth•r informatlon The other Infom8lKin Comp8$ ts Infomation induded in ts Annual report other than financial statements and our Auditors, feFrf)rt thefeon. The Courtll of Managemenl are reswnsitAg for tho olher information conlainod within the Annu81 rewrt. Ckn opirmtin on the financial statements does not cover the other irrfomiatth and. except lo the exlenl otherwse explthy Stat in our rert. do not extwess any form of assurance ¢oncluslon thereon. Our responsibilty is lo read other informath)n and. in doiThJ 50, conslder ¥vhelher the other Information is matwially inconslstenl with the finan stslements or our knovAedgtr obtained in Ihe course of the audit. or otherwise apFe¥s to be malerkilty misststed. If Mn11fy such materi81 inconsislencies OT apparent material rni5Stalemtnls, required to determine %thelh8f this gNès f(sè lo a material mis5tatem8nl in Ihg nanci815tstemenls Ihomselve5. If, based on the Irk VY have perfomied, condude that thère 15 a malerfal misstaltmenl of thbs other inform81•)n, we are fOquir8d to reFXt that fact. We have thIng lo roplvl in thi5 rogar¢l. Oplnlon on oth•r m•tt•rn pMulb•d by th• CompanS•B Acl 2006 In fwr op#ibn, based on the undertaken In course of audit.. the inlomalion given In the Counol of Man8gemenYs report for thè financ491 year tr whh th8 flnanclal slat¢ments arè prepar&1 is consistent wllh Ihe fina181 stslemenls. thè Coundl of M8nwgrnonfs repyt been prepared Yh 0Oicsble ltyal requlrements, Mall•rn OD whl¢h w• ar• i•qulr•d lo rw¢ by •xc•ptlon In the light ol our knedge arKI uThJerstarnJhw of thg thritable company aTrJ 11$ anvironment obtained the course of Ihg audit. we have Ml 1denlrf material misstatements In the CTrJrtil of Management's rewrt. Wo hav8 nothlng to report In rnspect of the fdlovlng mattws In rdatK>n lo Companies Act 2006 requirfrs us lo report to you rf, In our QFinion'. 8dÈqual8 untij records have nol bg8n kapl. retums Joqu8le for our audrt have not begn recelved from branches not vffjlted by us", or rinancial slalemgnts are rKII in agrewnent 7Mlh fv acccwntiThJ recwds 8r)d retums,. or certain disclosures of Cne1 of Monogement's remuneration specified by law we not made,. CY wg have not recgived all the informathjn a1 explan8tKKB require for (r avdil., or the Council of Management We rnl enlrtle(I to prepare the fina1* statements in srdanc$ wlh Ihe small MPanieS 1rne and tske advantage of the small cnpanieS. exemptions In preparing the Councll ol Management's repryt and from the requwemenl to prwe a Strategk reprt R•8ponslbllltl•8 of th• Councll of Manag•m•nt As expl8ine(I more fully in the Cnl of Management's resr61b11 ilies slalement. the Council of Management (who are also the directors of the charitable company f(K the Purposes of company18wI are responsible for th Pfepafalion of tha finaTKial statements 8fKI for being satisfied that they give a true and fair view, and for such internal control as the Couml of Management determine is rSsary to enable the prepgrotbn of financial slalements that are free from materia mis5tatemenl, whether tkn to fraud or erru. In prep¥ring the financial stslements. the crlI of Mana9gment are reswJnsIe for assessing the charitable companls a'lIty to conts.nue as a going corKem, disclosirg, as applicable. m8ttws relatèd to going concern and using Ihe going Concem basis of aco)unting unlw the Counul of Managem1 eithor Inter to liquidate Ihe charitable c(rfnpany or lo cease operalK¥S. have Th) realtIC alternative Iwt to do so.
IES London. The London C•ntrn of th• Inslttute forth• Inl•mallonal Educatlon of Stud•nts (Illinoi$) Llmit (A comp•ry Ilmlt•d by gU•rnnt} Ind•p•nd•nt audttorn. r•port lo th• M•mb•rn of IES London. The L¢)ndon C•ntre of the Institute for th• Int•matlonal Educatlon of Student8 Illllnols} LIMI Intinued) Audltor•' r•sponslb116ties for the •HIII of th• fln•Klal st•Mts Our obj'ectives are to obtsin reaSOne as5wancé ¥ther the financi81 statemonts as a whole are free from m8leri81 misstatement, due lo fraud or error, and lo issuè an AudSlors' reporl th81 includes our opinbn. Reasonable assurarth is a hyh level of assura. tyjt is rh)t a guarantee that an dit conducted in accordance wlh ISAS IUKI 17 alwa detect a material MISSLeMent when it exists. Misstatements can arf8e from fraLJ Qf error and are c(Yoidered rnaterfal rf, indNklually or in the aggregate. they COLld reasonabty be expeGted lo infiuenc the deci%n$ of users taken ¢)n basis of these fina181 statements. Irregularftle8. indudlNJ fraud. are Instsnces of MrFc1ynpli8 With aNI regulations. We deswJn proG8dures n line wth our responsibilrtl&s. ouulned above, lo detect material misglatements in rospect of irregularit. nduding fraud. extent ts) Our prtt•Jures capth of delects'r¥J wregularilies, induding fraud is detailed below.. capablty ofthe 8udll in dèlèctinq wyvgulwitws. includll fra1 Based on our understandir& of the tharitable company 8fKI it$ sedor, and Ihn)ugh dlsuJ$sk•n wlh tho Councll of M8nagemenl and olher Man8Ment las required by audlb'rg slar¥Jardsl, we Klenlrfied that the PTincip81 rlsk8 of nOnMplIar th laws and regulalitins relaled to hoath and safety, abribery ernoyment law. Wo considered ihe extent to which nonrycompliarKe mwJhl have a malwal off8cI on the financial 8talements. We also considered those laws and regulalrf)ns Ihat have a direcl Impact on the prePara1K crf the financlal stalemènls Such a8 the Companiès Act 2006, Staiernenl of Recomfflended Pr8clic. laxaticsn and penSn leglslalion. W communicated entffj laws and wulath)ns IghOut our team 8n(I remained alert 10 any Ind¢c8lions of non- compliance throughoul the audrt. We evaluated managemenl'g inceneS arnj opportuniti.es for fraudulent manlpLFlalion of the financk•l statements lindudiThJ the fisk ol overridè of controls). and delemilneil that the prlnclpal rlsks were related to posliry inapwopTk91e iwrnal entrs lo inuease ievanue or reduce expenditure, management bias in acctsjrtlry esllmates 8fKI judgemenlal areas of the financial stsl¢menls. Audrt procedures performed by the erKJ8gement team Induded: Discussths wlth management and assessment of or su8pectgd inslarths of non<>Jmplkince th laws and regula11 liUdIng heallh aTha Safety. anti Mbery and omplOnent lawl ond fraud, and rewthv of Ihe reports made by management; and Assessment of Identif fra risk factors,. and Challeroing assurnplK)ns aNJ judgomonts mado by ManMent in its sYJnrficant xcounliro estimates,. and Performing ana1 prc¢edures to rdentrfy any unusual unexpected relationships, induding related paty transactions, that may Indicate risks of fflaterial mi5St8temenl due lo fraud,. aryj Confirmab)n of related parbes wth management, and re¥ of tr8nsaclK)ns throughout the period to idenlfy any Previously undisckJseJJ transaclKJns wih retated Par1 (ArtspJe nomal course of trMJsine$8', and ReatliNJ minutes of meetings of those charged with govemarr£', and Rev ol slgnrf?rrt arKI uNsual transth)ns and evaluation of the underIng finarKl81 rathMa supporting the transactions.. and Identtyng and le8tirwJ Jwmal entries, In partkular ary manual enfvs made al Ihe yBar for finala1 5tstemen¢ pat1)ft. Because of the inheretbt IMnilalRins of an audiL there i8 e risk that wll t dgteel all irregularrtlgs, induding those leadirvJ to a malerial misstatement in the financial statements or non-cOmSanCe le9ulat. This risk increases the more that Com8nce wlh a law or regulation Is removed fmm the events and transactions refflected in the financial staiements. as VAII be kss likdy lo IOme a4vare of instances of non-compli8rrE. The Tisk is 81so greater regardirKJ irregularilies due to fral rather than error, as fraud involves intentional concealmenL forgery, collusion. omission (Y mISreweslItin. P&)e g
IES London, The London G•rntre of the Institute for the Inlernational Edu¢ation of Students {11linoisl Limlted IA ¢ompany limit•d by guarantwl Indep•ndont auditors. r•port to the Members ol IES London, The London Contro of the In•titute for tho International Education ol Sludmts {Illlnols) Limited Icontinuedl As part of an audrt In accor(Jance vth ISA5 (UK), exwcise wofesslorb81 judgm8nl and maintain professional Scept$M throughout the audrt. We also.. Identfy and asse35 the risks ol material migstatement of the financial stalemenls, wh&ther due to fraud or e'TOT, design at perform audrt VoceduS respsive to ISe ri8k5. and obtaln au(lit evidencè that Is sufficient aTrJ appropriate to Pfomde a basis for our opln6on. The risk of nol detecting a matgrial misslaternenl resulting from fraud is hwjher than one resultirKJ from error, as fraud may involve collusion, forgery. inlÈntiono1 omis5n$, Misrepresentat)n$. Qf the ov8rfi¢Je of Internal control. Obtain an understsndin9 of inlem81 control relevant to Ihe audit In order to design audlt procedures that are appropriate in the circumslances, but not for Ihe purpose of expressing an opinN)n of the elfecliveness of the charrtalAe companys Intem control. Evaluate the appropriateness of accounting pOlicS used arnj Ihe fearIabl8ne¥$ of accryjntlng esllmales an($ relateis dsclosures mode by Ihe Counel of Management. Conclude on th8 appropriateness of the Counul of Manwmenfs use of thtr going corKern basls of arLountlrrfJ and, based on Ihe 8u(Jil evidence obtained. Vhelkr a material uncertainty exists felated lo events or coNJitKJns Ihal may cast snnt doubl on Ihe charrtablg companys ability to continue as a going concem. 11 c(rtude thal a matèrial uncertainty ext5ts. are required to tlraw altenlion in our Au(Jiiors' report lo the relatsd disclosures in the finala1 stalemenls or, tl such disclosures are Inadequale, lo modrfy our opinion. Cr ¢ondu¥lons a t4sed on the audit fjvidence oblalned up lo the date of our Auditors, reFyI. However. future tnts or ¢orKlilions may cèu#e the ch•Tltatye wmpany to cèase lo conlinue as a gthng concern Ev£tlu41tt tl ¢)verall pres•nIaln, struGturts and content ol lh¢ finanelttl Statements. indudln9 thc dlsclosures, and whether the financbal stalem8nts reprenI the Urert.nq Iransaclions events in a manner Ihat achleves fair presentalion. We cornmunicate wlh those Charged with governance regardlny. among other matters. the planned 8cope and Ilming of the audit and 8lgnificant audit findiros. includiw any slgnlficant deficiencies In Internal conlrol Ihal Idendfy during our audrt. U•e of our r•port Thls report 1$ made to the charItae eompanjlg members, as a body, In acCordare wth Chapter 3 of Part 16 of Ihe compani Act 2CQ6. 8udrt work has bn undertakèn Ihat w8 mkjhl stalo tn thp rharilab18 company's members Ihose matters v aw requirod to state to ihem in an AudrtOfS' rewi and for no olhor purpose. To the fullesl exlent permrtled by law, w¢ do 1 accept or 8ssume responsibility lo anyone other than the charitabl¥ company and Ns memljers, 85 a boty, for our audii th, for Ihis rorXt, or for ltr opinDns wg have formed. LL n Pèter Mans•r FCA DChA IS•nlor s¢atu¢ory audltor) for and on behaff of Krèston Re•v•s LLP Chartered Accountsnts Statutory Auditt Canterbury 5 January 2024 Page 10
IES London, The London C•ntr• of th• knslitut• for the Int•mational Educotlon of Stud•nts {Illinol) Llmited {A company Ilmilod by guaranto•) Statem8nt of Ilnanclal actlviti•s {Incorporallng Incom• and •xp•nditur• •¢¢ount) for the •r ond•d 30 Junè 2023 Unrg•tricted fund 2023 Total fund$ 2023 Total funds 2022 Not• Incoffle from.. Donatn$ and legades Charitable actNib'es Inveslments Othef Irthne 2,458 4.980.182 7.997.520 6,876 7,997,529 6,875 848.069 Total Incom• 8.852.473 8,852,473 4.982.726 Exp•ndltur• on: Charitable aclivllLg3 7.190.S31 7,196,531 4.582.109 Tot•1 •xpondhur• 7,196,531 7.106,S31 4,562,109 N•t mov•ment In funds 1.655.942 1.655,942 420,817 R•conclll•llon of fund•: Tolal funds broughl forward Net movement In furnd8 524.815 1,65S941 524,815 1.6SS,942 104,198 420,617 Total funds ¢•rrf•d forwanl 2.180,7S7 2.180,757 524,815 All 8cllv51188 Tolale lo ¢onllnuiro opwaliorA. Tho Statsmenl of financial aclNrfles Inckths al galrts losses reco9ni80d In Ihe r. In 2022 8nd 2023, Income and exp8fKlilure rdated lo unrn81ricted funds. The mtes on page$ 14 10 24 fcmi port of ffinaal slatefflents. Pa9811
IES London. The London Contrn of the Institirto for the Inlwnational Education of Stud•nts Illlinoiil Limited {A company Ilrnlted by guarantaol Reglst•r•d numb¢r: 01856248 Balance shwt as •130 June 2023 2023 2022 Nol• Flxod ••¥•t¥ Tangible assets Invèstments 749.843 12 749.845 Curr•nt a••ots Deblcrfs Cash al bank and in harKI 13 1,205.865 616.436 699.943 186.619 1,822.301 886.562 Crèditor$: aman¢S lalliThJ due wthin one year 14 {391.3891 1361.7491 N•t current a••d• 1.430.912 524.813 Total n•t a•••t• 2,180,757 524,815 Ch•rlty fund• unrestrted funds 2,180.757 524,815 Tolal funds 2,180,757 524,815 The Courtil of Mar)agement a¢kno%edge thr responsibilit*s for com ying the requirèments of tho Act with respect lo accounting records and prepafation of financial staternenls. The financkl slalernents have been prepa in acoydance th proviswTh oppIIGable to ent9 subject lo Ihe sm811 companies regime. The finanaal 81alements w•re approved and thorISed fcrf Issue by the Council of Management and signed on their behaw ty. Mr G Bennett (Chair of Trustees) Date.. li 1013 The rK)tes on pages 14 to 24 ftrm wt ol t financial statements. P8ge 12
IES LorKlon. Th• London Centrn of the Instltulefor the Inlematlonal Educatlon of Students Illlinois) Limitod IA company Ilmlt•d by guarantsel Statwn•nt of cash flows for the year end•d 30 Jun• 2023 2023 2022 Cuh flows from op•rotlng xtlvltl•s Net ¢ash useil li operaliThJ activities 1.248,982 118.938 Cuh Ilow• from Invo•tlng a(*lvltl•• Purchase of tsngiNe fixe(l assets Purchase of Investmen18 1819.1651 {2} N•t c#h ed In Invmllng actlvlll {819,1631 {21 Chang• In Cash and ¢h •qulvalent• In thè y•ar Cash and cash ¢qualents at the teginning of Ihe 429.817 118.938 186,619 67,683 C••h and ¥h equlv•lent• •¢ th• •nd of th• y 18 016.436 186.619 The notes on pages 1410 24 form of these Ilnarthl statemgnts Page 13
IES London. Th• London C•nlrn of th• Insthute lor the Int•rnatlonal Education of Studonts Illllnoi#} Llmit•d IA company Ilmlt•d by guar} Notss to th• financial 8Lxt•rn•nts lor the y•ar ended 30 June 2023 Gen•rnl Infomatlon IES London, The London Centre of th8 Inslittrte the IntematIon Education of Students {Illirris) Llmiled is a company limiled by guaranlge. wwpord in ErvJaTrJ an(1 Wa. The reglslered offe is The HoTr)urabk Soc Of Inn, 2 Alkin Building. LOron, EnglarKI. WC1R SAT. The objects of the tharty arg to wJvarK4 education by establishirKJ or malnlaining ot or near London and elsewhere in England. an eentre for the instruction of adult students in such rIdS of study as may be aroroved by the Ctyjncil of Management. M(¥&. the charlty aim$ to f051er malntain collaboratlve partrwstrups wlth severnl Brilish HE ln5tstulio. Accountlng pollcl•s 2.1 Ba•ls of pr•pratlon d flnan¢lal 8tat•m•nt• The financial statements have teen prepared In a¢crytsn¢e th the charit SORP IFRS 102} - Ac¢ounlln9 and RewrtirvJ by Charrtw.. Stslemenl of Recomrnended Pr8cb'ce applical)le to chorilN8s preparing their accounts in eteordance wlh the Financlal Rew)rtlng Slandard appluble in the UK and Rgpublic of Ireland {FRS 102) (offective 1 January 20191. the Financial Reporting Standard aliCate in the UK and Reput4 of Irdand IFRS 1021 and the Companles Act 2006. IES LoNlon. The LOThJ Centre of th8 Institute for the Intemalmal Educallon of stud13 Illllnols) Llmiled meets the dèfinition of a publlc benefit enlty under FRS 102. A$sels and Ia'11th are iniiialjy recogN$8d al fNslorie41 cost or tranwtion value ue$S othewso slalod in the relevant accountsng licy. The chwitvs lunthna presentational Cuffery is wunds staling. The chantys fin31 statements presented to lh¢ nearest p. 22 Golng conc•m The chantls main source of income is tuitn fees received from the Inslilule for the Inlernatlonal EducalSon of Students based in Chwo. 1$ midtred to be the ultThate contrdling party. The Instibjle for the Inlemallonal Educatv)n of Students has Indkaled that it intends to kyovide suth funds as are necessary for the ch&ity to conlw)ue in opgratsonl existence for the foTese8able future. AJI COV-19 rd8le(I restrthns have ntyw come to an end and so the charity has retLmed to its normal aclivilies in the provision ol educabon to internathjnal stsjdents. Accordingly. Ihe Councll of MaroJ8ment continue lo adopt t1 going concem basis In weparirrfJ the annual report and onIS. 2.3 Company Statt The company is a wnpany limitely ty wanlge. Tts sde fflber of the company is The Institute for the Inlernalional EdlKaf of Sludents. In the event of the ¢panY being wound up. the liability in resFcI of the guardntee is limiied to £10 per membw of the c(mpany. Page 14
IES London, Th• London C•ntre of th• Instllule for th• InlornatloTral Educatlon of Students {Illlnols) Llmlt¢d (A company limit•d by guarnntee) Note• to th flnanclal $tem•nts for th• yoar Onded 30 Jun• 2023 ounung poliGle• (contlnu•dl 2.4 InctJm• All income is recc•Jnised orKe the company has entiuemenl lo the income, il is probabte that the irwrne will te retsived and the amount of income receivable can be measured reliaW. Fees from the Centre activities are adju$led by amwnt5 paid lo or supplemented ty th8 Instite for the Inlemalional Education of Sttthnts in Ch890. Houslng f8e$ are a¢c¢)unted for on an xc¥ual8 bads and so iOrne aling to future accounliro periods is deferred. 2.5 Exp•ndttur• Expèndibjre L8 recopni5ed I)r Ilve 1$ a legal or i£nstnJctfve oblvJalion to transfer economlc benefrt lo a thlrnl p8rty, it is probat@ that a transfer of econcffiic benefrts VAII be required in sglttement and the amounl of the obligat can m8asur&J re14y. Resources expended are Indud&J in the Statement of FInar181 ActNltles on an ¥cruals b8818, indu$Ne of any VAT which canrnl be recovered. 2.6 Gov•mmwt grwbts Govefnmenl grants relating to larvJible fixed assets are treated as deferred income and released lo the Statement of financial xbvits over the expeclwl useful lfves of the assets concerned. Other grants are credited lo the Stat8mgnl of fmart4al &tswli8s as the lda1 expen(Ilture Ss IrKurred. 2.7 Int•r••t r•th•bl• Intere$t on fijnds held on deposit Is IndLJed vhn rwable arKI the amnI can be measured reliably by the company,. this is rwmally upon nlfti.On of the interest pald or pardbte by the instilulion bwlh wM the funds are depo$rtl. 2.8 For•lgn ¢urrnncl•• Monetary assets and liabilttlgs deTh)minaW in fBIgn currencs are translated Milo slerfing at rates of exchange ruling at ihe retwliry date. Tr8nwllon$ in frywgn Currenc we Irartslated rto sterling al the ralo ruling on the date of the tranSaCtn. Exchange gains and losses are recowisfjd in Ihe Statement of financial actlvltl88. 2.9 TgIble flx•d a5S•ts al d•preclatlon Tangible red assets costin9 s5,0 or morg are taptalised and nised when future economlc benefits are wobatAe and the ¢0st or value of asset Can bg measured reliabyy. A review for impavnenl of a asset is carried rf events or changès In CIrm$tanceS Indate that the carryng value of any fix&1 asset may not recoverable. Shortfalls belween the ¢arrwng vajue of fixed assets and the T0VerAe amounts are recogni5 as impaimients. Impairment losses are rwnised in the Stst*nent of Financia AIAMties. Page 15
IES London. Th• London C•ntr• of the Institut• for the In¢ematlon41 Edu&lon of Students {Illlnols) Llmited (A ¢ompry Ilmlted by gu¥antwl Notss to th• flnancial stat•m•nts for the yr ended 30 June 2023 Accountlng policiw Ic¢>ntlnu•d} 2.9 Tanglble flx•d as••ts wd d•pr•cllon IntInu) Depreciation i8 charged so as lo allrtate the cost of tsngible fLxed assets less thelr residual valuè over their estimaled useful INes. Depreciation i8 wovthd on the fdlowing bases.. Short lèasehdd propety Fumilure and equiprnent Computer ¢quient - over the remaininp lrfe of ts18aso 20Vo slrdlghl line - 33.3% Strah1 line 2.10 InvMtm•nt¥ Flxed asset Investmts are a lom of fina¢81 kn8trument arnl Initially racognL88d al thelr tran5actKJn cost and $ubsequenlty rneasured al fair vaue at Ihe Balan sheet dale, unless the valua eannol bo measured rglialjy in case11 Is measured al cost kss impalrment. Investmgnt galns and losses. whether reallsed or unrealised, are cornkn'ned aThJ prtsenled as 'Gwnsl{Lossèsl on inveslmgnls. in ts Slalèment of fin8rtW oclNitios. 2.11 D•btorn Trade and olher debtors art re¢>)gnlsed 01 the settlement amount after any INle dbscounl offered. PrepayThenlS we valued al the amwnt Fyepald 1 of any trade dlKounts due. 2.12 Calh at bank and In h•nd Ca8h al bank and In haThJ Inchhjes cash and $rt4errn hwhly lffjuid investments a short maturity of three Mon or1g8s from thè date of acqulsrt)n or opaning of the deposit Of similar aGcKJunl. 2.13 Llabllltl•s and Pfovlslon• Liabilllles are recognised %thon there 19 an Oblatn al the Balance sheet éate as a result of a past event, k is probable that a trarsfer of ecoTr)mic benefit w1 be ruired in settlement, and the amount of the $eitlement can be 8stimal&l reliably. Liabilities are fecognIsl al the amount that the compwy anticipales it vhll pay to settle the debt or the amtyjnt il has receNed 05 advaneed payments goods or ser¥eS il mu81 wovlde. Provisbns are rneasur al the best estim8le of the amounts wuire(I lo setu¢ the otd(galion. Whero the effect of the lime value of morw Is malerval. the wovislon based on the present value of thoso arnounls, di5Unted al the prfrtax discount rale th refiects risks Specif to the liabllity. The unwiTrJing of the discount is rwnised in the Stalemwt of ffir0n(ial &twities as a finance 91. 114 FlTran¢lal Instrum•nts Th8 company OW has finanual assets and firwicol liabililwJ of a kir¥J th81 qualrfy a5 basic finanoal instruments. 8aS financial instrumwts are Initity recognised 8t transact value and subSequenY measured al Ihar Setuement value vthh Ihe exceplim of bank loans vthich are subsequenuy measured al amortised cost using effective intwe method. 2.15 0ratIng l•as•8 Rentals paKI urxler OFv*irvJ 8$eS we charged to ts Slatemwrt of financk91 tIvItieS on a straighl line basls over lease tenn. Page16
IES London, Th• London C•ntr• of th• In8tltut• lorth• Irbt•rnatl¢Jnal Educlon of Students (Illinois) Limlt (A c4Jmpany Ilmlt•d by guarantee) Notes to th• flnanclal 8tat•m•nts for the year ended 30 June 2023 A¢¢ourflng pollcl•• {conllnu•d) 2.16 P•n$l¢)n• company opwates a define(I conth'butitin pension sthme arKI the pension chafge represents the arnounts payatrfe by thg ¢omparry ¢0 the fund in respect of the year. 2.17 Sumrn•r School •xpondllur• Expendliure tre{S on the Summw ScM)0155 cwried lorw¥d lo the followng ar when the Telaled fee income is receivgj in the Centre. 2.18 Fund •w>untlng General funds are tsnre$tred funds %thl¢h are availaUe f¢y use al the discretion of Council of Management in furtherarK of the genwa obpthes of the ¢ompany and whith have not been design8led for ottrw purposes. Crftl¢al •¢¢ountlng ••tlmatM and •r•A• gfJudgm•nt Esllmatss and judgments are conlinualty evaluated and are based on hislorkal exFeftence and other laclors, ItKILKlwwJ expectatThffj of fuiuro events that we believed lo b8 fga$onablè under the cIrcum$tar$. cr1 xcwntlrrfJ eslknales arvj assumplons.. The compwry makes e$llmates and assumptKins ¢Y>nwniNJ tre fulure. The resulllng accrntIng esllmales ond assumplitins wll, by definit. seldom the related actual re5ulls. The esllmales and assumptions that have a signiflcanl rt5k of causing a material adjuslmenl to the Cad amounts of assets and liabilities wthln the next flnwKial hEar are dh8oJssed bglow. Critical weas of ludgmenl.. The charfty has entered into a rar¥Je of lease rnMitments in respecl of property and equllxnent. The dasslficalion of these leases as either finanual or operalirKJ leases requires Ihe Council of Managernenl to consider whether the temi$ aThJ ¢£ditionS of each lease are such that the has acqulred tha risks arml rwards associated th the trr$hIp of fv undwtying assets. The useful economic lrfe of fLx&l assets and resKlu value is estimated by the chty in order lo depreciate the fixed assels within tPE accounts. When tjelemining the useful eCOn¢)m lives of fixed assets and residu value charity takes into considWab the follrwing factors.. histOriC81 experien. irhjuslry S13rd5, technologul advanceMts and the Specif characlerislics of each asset. The usehjl economic lives of fixed a5set5 aT*J reshlual value are revi YW1¢811Y to ensure that the èslimale remalns rd¢vant and reflective of Ihe assets usage and ¢))nditn. Page 17
IES London. Th• London C•ntrn of th• In8titut• lortho Irrt•rnational Educatlon of Students {IIIIDol¥) Llmtted (A COMP Ilmlt•d by guarant•o) Notss to the flnanclal statements for th• y•ar ended 30 Jun• 2023 Not lftcomlng rosour¢•s I Irrf(•l •xpend*l) 2023 D8ye¢lallon of tangible fed assets Audittys. remurat>n- audit Auditors. reMUn?ratn- non audrt serv OFerating lease rentals- office equipment Operating lease rentab- land and buildings 69,323 18.690 12.390 9,906 320,723 1.626 16.080 8,225 9.481 189.180 In¢om• from donatl¢)ns and l•gacl•• Unrnstrfd•d luftds 2023 Total fund• 2023 Tot81 funds 2022 GovwMi¢nl orants 2,458 lficom• from charltabl• JGllvltl•# Unrnstrlct funds 2023 Total fund• Total lund$ 2022 pro8)n ofeducattha yogrammes to students Prowsion of aCmMOdatiOn to students 7.997.499 7.997A99 4,979,162 1.020 7.997,529 7.997.529 4,980.182 Page18
IES London. T London C•ntro of the Instltut• forlh• Int•mthnal Educatlon of Students Illllnols) Llmlt•d (A ¢ompany 11rnit by guarants•) Noteb to the flnanclal stements for th• y•ar •nd•d 30 June 2023 Inv¥tm•nt Inrn• Unrnstrf¢t•d funds 2023 Total fun 2023 Totsl lunds 2022 Bank and other Interest receNoble- UK 6,875 6,875 Oth•r Incomlng r•8ou Unrn¥trf¢t•d fund• 2023 Tolol funds 2022 funds 2023 Lease In¢tIve irwme 848,069 848,069 Exp•ndlttsr• on charl11• •ctlvltl•• 2022 Tuhlon and Uner$Ity fees Academlc Support c<>$l$ Student h¢wsing and meals Sludenl servi¢es Renl Bulldlng farAlilies management repas Property insurance Olhw building costs Telecomrnunications Professional costs Administratn costs Bank charges Wages and salaries N81ional insurance Pension eknst DepIratIon 1.356.192 223.621 2,558,101 508,470 526.218 150.438 6.099 185,123 75,762 220,565 1,047,627 157,915 1.725,412 217.792 25S,704 20,359 7.791 42,938 30.063 47.464 34.120 1,560 863.396 74,848 33.496 1,626 1.099,683 102, 41,652 69,323 7.196.$31 4,562,109 Page 19
IES London. Th• London Centro of th• Institute forthe Int•m*lonal EdU10n of Stud•nts Illllnois) Llmited (A company Ilmlt¢d by guarants•) Notos to the financial statom•nts lor the y•ar onded 30 June 2023 10. Staff co•t• 2023 2022 Wage5 and salari8S soal security costs Contribullon to definod cyyrtribulw)n sthemes 1,099,683 102,$84 41.8S2 863,396 74,848 33,496 12H119 971,740 The avw8ge number of persons empw Lry company the was as follows.. 2023 No. 2022 No. Adminislration Academic 13 31 12 24 The number of emplow %those emFAoyw bgnefts lexc4udlffj èmployw pen$bn costs) exceeded £60,rJ)O w8s.' 2023 No. 2022 No. In the band £140,001- £1.0 In tho band £150.C(11- £160,000
IES London. The London C•)tr• of th• Institut• for the Internatlonal Educatlon of Stud•nts (Illlnols) Limlted (A comp¥y IlmAtod by guarant•e} Notes to th• financial sL•m•nts for the year endod 30 June 2023 11. Tanglbl• Ilx•d ass•ts Short Furnlturo l•asèhold and proporty Equlpm•nt Totsl Cost or valuation At 1 July 2022 Additions Disposals 25.050 716.450 (25,050} 53,990 819.185 138.9421 102,715 113,892) At 30 JLbM 2023 716A50 117.763 8¥213 Oepr•¢l•tlon At 1 July 2022 Charge for the year On dl$poso1$ 15.050 47.763 PS,0501 28,940 21,560 113,892) 69,323 138,9421 At 30 Jlb 2023 47.783 36,608 84,371 N•1 book valu• At 30 June 2023 81,15S 749,842 At 30 Jur 2022 12. Flx•d 4•4•¢ Inv•8tm•nts Unll¥t•d InvMtrnent$ Co8t or valuallon At 1 July 2022 At 30 June 2023 Page 21
IES London, Th• London Centr• of th• knsthut• for the Intemallonal Educatlon of Studonts (Illlnol$) Llmlted IA company limit¢d by guarant••) Notes to tho flnanclal stat•mtnts for th• yoar ended 30 June 2023 11 D•btorn 2023 2022 Ou• wlthSn on• y•ar Other debtorn Prepayments and CQl irc4Jmè Tax recov$ratle 333,810 871,693 10,533 689.410 1.20S,86J 699.943 14. Cr•dhorn.' Amount• f•lllng du• wlthln on• y••T 2023 2022 'Oiher1ox'M ar#Y 8odd securty otr creditors Accruols and defeffed Snc£M))e 28.257 52.415 310.717 21,587 252,423 87,759 391.389 361,749 11. Taxatlon The charlty h88 no taxation Ibablltyfor the >e ended 30 JLTh 202312022 - £nil) 16. Flnancl•l In•trum•nt• 2023 2022 Flnan¢lAI assets FInl01 assets measured at amorused 334,172 10,533 2023 2022 Flnan¢lal Ilabilltl•s FInala1 liabltieS measured at amortised a>sl 391.389 381,749 Financial assets rneasured at amortised cost ¢¢)mpwe of other debtors and lax r89)verable. FInarjaI liabilities measured ot amortised cost comwse of other laxation arKI scrtd security (*edilors. olher creditors and acuuals. Page 22
IES London. Tho London Contr• of th• Inltut• for th• Int•matlonl Educatlon of Students (Illlnols) Limit•d IA company Ilmltod by guarantv) Not•# to th• financial 8tstem•nts for tho year •nd•d 30 June 2023 17. R•conclllatlon of n•t mo¥•m•nt In fundi to nèt ctsh Ikhv from op•ratlng actlvlll 2023 2022 Nel Income for Ihe r las per Stsiemenl of Financial ActiviUes> 1,655,942 420,617 41Ju•tm•nts for. Dewecialion charges Increase in ¢Jeblors Increase in credrt(xs 1,626 (505,9231 1570,5251 267,220 N•t ¢48h provld•d by op•ratlng actl¥lll 1,248,982 118,938 18. Analy•l• of and ¢Mh •qulv•l•nl• 2tr23 2022 Cash In hand 616,436 186,019 19. An•ly•l¥ ol In n•t d•bt At l July 2022 C•sh flry• At 30 Jun• 2023 Cash al bank and in hand 186.619 429,817 616.436 186,619 429017 616.436 P•n8lon commftments The group operales a defined contr1110ft pension scheme. The 8Ssels of lh& scheme are held separately from those of the group in an iThJependenly administereil fund. The nSIOn cost chwge represenis contributiorLs payable by the grryjp to the fvnd and amounled lo £41.85212022- £33.4961. Page 23
IES London. Thè Lond¢n Contro of the knstitut• for th• Intwnational Edu¢lon of Stud•nts {Illlnol8) Llmlt (A Company Ilmltod by guarantee) Not•$ to th• finandal stat¢m¢nts for th• year •nd•d 30 Jun• 2023 21. Op•ratlng Iw• ¢¢mmhm•nts AI 30 June 2023 the comparry had commrtments to mae fulure minimum lease pawnents under non cancellable operating leases as fd10v.. 2023 2022 Not later than 1 year Later than 1 ar and not ter than S yews Loter than 5 aT3 2.499.784 1.496.987 3,401,817 1.643,351 1.718 7.398.588 1,645,069 Confi•ct•d Charltl•s Ind Ulllm•t• Contwolllng Party The Institute for Ihe lnIThtior Educallon of Siudrt based In Chlcago, was founded as Insliltrte for European stUds in the USA in 1950 as a private. nonwfrt educatlonal inslttullon swnsoriThJ collegiate study pfogrammes in Europe. As al 30 ju 2023 more than 134 academ program5 located In Europe, Asia, Swlh America. Australia. Nèw zeal8 and Africa. induding a eenlre in LorKlon. London Centr¢ of tho Inslrtute fcrf the Inlernaknl Edueatkn of Students Illllnols} Llmiled l¥ a company incorporated in Ihe Unrted Kingdom and Ilmited by guarantee. Durlng the year. il received tullK•n and student housing fees of £7,997,499 12022 - £4.979.1621 from Ihe Institute for Ihe International E¢Jucalion of Students of 33 W. Monroe Sl. Suite 2YXJ, Chw, Illlnoi$ 6060&5405, USA, Nthlch Is considered io be the ultlmote conlrdling pty. Th8 Inslilule for the Inttfnalional Educalk)n of Studgnts In Chlcago has undertaken lo adequate support lo finance companls operalions. Page 24