Registered nuM￿r. 01856248
Charfty nUm￿r. 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•&)
R￿*r￿n¢• and admlnistrativ• d•taiJs of th• company* Its Coundl of Manag•rn•nt and adVI￿rn
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 s￿lIand
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
COU￿11 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 C￿n￿l 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 pnJvis￿nS of Ihe Statement of ReComme￿j&d Practi(* ISORP} apFdlcable lo
charit￿5 preparing their amnts in acccK(1anc* wth the FinarKial Rew)rting StaThJard ap￿IcatIo in th8 UK and
Republ￿ of Ifeland IFRS102) (effective 1 JanLWy 2019).
Since the Char￿ qualrf*s 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 in8tllu￿n$.
Tts charlty aims lo supp￿1 Institute for fv Internalknnal E￿¢all0￿ of Students, the USA based h8odquartef8, by
providing hKJh quality academK study a￿0￿1 wogramme$ that foster Inlercultur81 development of sluéenls from
¢olleges and unlversil*s based in the U.S. and other cOuntr￿s. The chanvs main objectlve for the year was lo
malnlaln or Increase sludenl numbers whle Ma￿¢alnIng quality in a¢thM￿ offarlry.
Th8 obl￿￿ve8 of the Centre we to offtt Imtrucllon for SI￿1￿nts a8 Pwt of thetr unlvoTsty ¢￿(ri￿18, 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 Customi*J Prc¥Jfammes. to expand student
numbers while improving the ￿adern￿ quality of the student body. to attract more students to d￿ect 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.
PeO￿e 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 $5.9 mllllon globalty, lo ils financial
aid programmes as It fymly bdieves that finanoal limitations should rKrt prevent a qualified gludenl from
participaliNJ in an IES a￿oad programme. This amount is expected to in¢rea$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 a￿emIC 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$l
Limited
{A company limlt¢d by gvarant••l
Councll of Manag•m•nl'• r•port Iwntlnu•d)
for tha ymr •nd¢d 30 Jun• 2023
ObJ•cllvo5 and actlvlll•8 (Mntinu•d)
c. Artlvltlm und•rtahn to xhhv• obloCtIv•s
The major area of act￿￿ ss ￿ provision of educatio￿1 programmes to stydents through runnlng of varfous
academlc progr8mmes', such a5 our standard Study London Program con￿ntrating in British Lrteralure and
Drama, Inlernalional Business as *ell as stud*s in such fields as communKalions, history, S<￿iG10gy, political
sclence. film. and ￿￿)Men.$ 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 LO￿n. Oxlord and Cambridge based OE Programmtss.
Mryeover, IES AtKoad cyganises a￿1 exe¢Lrtes a number ol f￿rtY-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 OFPOrtunit*s 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 COM￿til wlh the ￿￿jane8 on wblk benefit. In facl. in
plannSng Ihe objectives for the ye8r, the cou￿1 of Management have ensured their Compl￿￿￿ with the duty in
517 of the Charit￿5 Act 2011 and ore mirKfful of the Charity CommlssK)n guldance on publk benefkt. Th8
students benefilir@ from ts8e *ivities Indudè those recelvlrrfJ SdK￿01sh1Ps.
d. Publk b•n•fft
The Chartty has met the berrtfil requ*emwrt 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$tels 5nitiabve of 2(thI to iTwse the number of intemat￿nal slud8nl8 in
the UK, in reCognit￿n of and cuttural benefit Ihal ￿Y tring tr> the country as a and the local
communty, as wofi as lo brnprove links and croate wtnerships for UK in$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 c￿￿entlY 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 addIt￿n to their Cour3th￿. IES studonts. particularly bkne on the Health Practlce and Poly Program,
parllclpate in varKJus community aCtsVit￿s. 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 wrmsal￿￿S 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 Intematio￿lI 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¢k*s.
b. R•••NM poll¢y
11 is the poI￿Y 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 StL*Jenls 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 P￿t￿Ul9r. 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 $lu*Jenl IM)usirwJ. due lo flucluatb)n$ 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 AcIN￿leS 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 charita￿8 o)mpwy Ilmilod by warantee a￿1 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 cou￿1 of Managema)t vhK* are electgj and cTropl
under the lenns of ￿ Artth of ASsLKIat￿.
¢. Organiwlonal •truciur• and d￿[•10￿mIk1Thp 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 Dir￿tr￿ both sets the fuiure direttlon of the pr￿arnme and mafiages thè day to day administration of
the chanty. Angela Elleme￿r servos as the Associate Di￿10r & L)ean of FaDJlty and Zosia Rutkowska as ihe
Assistant DIr￿t01 & 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(mthW￿tern 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$S￿￿7b0n Ilhe governing dctumenl). the
committee arKI deCiS￿n makirMJ processes. the bjsiness ￿an and recent financlal perfonnancg 01 thé chaTIty.
During the Ind(￿lI0n session Ilw will moet key empk)￿S at¥1 othar Trustees.
Ongoing. Trustee5 revN?w their trainkng ond upjate rneds and t*e steps n￿$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 perfoirnar￿e
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 ￿rf￿rnanC9 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 Intemal￿naI Education of Sludenls. Detail8 Bro
sel out In note 22 to the accounts.
g. Rhk manao•m•nl
The Councll of Management have asses￿1 the major dsks to which tharity 1$ ¢xpos8d. in p*￿Cular 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$.
IES Abroad London has fvlly moved to locat￿n from 4)ri1, 2023. The Alkin Building, Sn The HonOura￿e
Sc¢iety of Gray's Inn. doubles the prpx Sp￿e. and offers expaThJed capacity for classrooms, fsculty, staff and
8ludenl areas. This move represents 8 sKJnrfunt slep fopAard in meeting the growing need5 of our organisalion.
Approxh to lundr•l•lng
The charty's main source of irthme is tuition fees received from Institute for the Inl8malion81 Educ3lDn of
Students based in Chlcago. As a result. Ihe Council of Management do not il ne￿sary to undertakg
any adNilies to raise fund5 frcrfn the pU￿1C in 0￿er lo fijtfil the chari￿$ 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 COU￿11 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 K￿￿0M A¢[￿￿n11r￿J 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 fInar￿la1 slatem8n15 unless thèy are salisfled
Ihal Ihoy givo a true and fair v￿W of the stste of affairs of the wmpany and of its incoming rosources and
application of fesources, itluding its IrKome a￿1 expendi￿re. 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 fln￿r￿al 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¢swn￿bI9 k88pir¥J adequatè aCc￿n1￿j records that are sulficSent lo show
and explain the companls trallSact￿s and di5dose wlh re8s0nable xcuracy al any lirno the financl81 posllion
of the company and gna￿e them to ensure that the financlal ststgments comply with thé Companies Act 2C(6.
They are also responsitde for $8feguartJing t￿ assets ol tho ￿MpanY and herKe for taking reasonablo steps for
the wevenllon detectlon of fra￿1 end ottw trregulwlbes.
D1•cl￿￿r• ol Inforniatlw to audhorn
E4th of the persons we Councl of Manag0ment at the Ilme whn thls Councn of Marwggrnent's roport 18
aPFffoved has confirmed Ihol:
so far as Ihal membgr ol th6 CouncAI of Manag￿ent Is th¥are, thorg Is no rdevanl audit infomialion of
which the charitls aLKJitors are unaware, and
h member of tho Council of Management has taken all Ihe steps th91 ought to have beén taken a6 a
memtw ol the cour￿￿1 of Marwment in order lo bg aware of any ifrformation needed by the ch8rlVs
auditors in connecth)n with woparSTrJ I￿1r reF*Yt and to e5tabli6h that the ch￿$ a￿jitorS we awwe of
that informaiKJn.
AudRorn
The auditors, Kreslon Reeves LLP. have indicated their vANirgngss to ￿tinUe in off￿e. 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 c￿n￿l of Management and slgned on tsr behall ty.
Mr G B￿fiott
Member of
f.LS
29 t*
4( 2023
Page 6

IES London, Th• London c￿tre 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 Balar￿e 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
ap￿181 in thèir preparation k% applThble law and United Kifyjom ACC￿n￿"n9 Slandards, including Financial
Reporting Stsrbjard 102 The Finanoal RepcrtiThJ StaTrJard apph"cat48 in thg UK and Republ￿ of Ireland, Iunlted
Klwdom Gef*rdly Accepted Aminbry Pr*lc81.
In our oplnbn the finanoa slat￿nents..
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 1￿me ar￿ experKlilure for the year thgn
ended..
have been wopety In United Kln•Yom Generalty Amt￿ AccfjuntlrvJ
Pr*ice'. 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 Aud*tOTS' Tesponsibllilies for the audit
of tho financial stat8menls seclK*n 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 c￿n￿l'S Elhvl Slar￿, and ￿ have fulfillgd our othér ethical
responslbilrties in acwrdarKe with these requirefflenls. We bdlève that Ihg a￿111 evklencg we have obtalned Is
Suffic￿nI and apwoprk?te to provide a basis for our opin￿n.
Conclu•lon• r•l•tlng lo golng GOn￿n
In auditing the financKg1 st31omenls, have COnd￿Je￿ 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. V*P 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 per￿￿j of 8t least ￿Ve month5 from the financial statements are
aulhortsed for Issuo.
Our reSp￿sIbl1 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• Ins11t￿efor 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 Comp￿8$ 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 re￿rt. ￿ 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 ￿ M￿n11fy 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 I￿rk V*Y have perfomied, ￿ condude that thère 15 a malerfal
misstaltmenl of thbs other inform81•)n, we are fOquir8d to reF*Xt 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 wh￿h th8 flnanclal
slat¢ments arè prepar&1 is consistent wllh Ihe fina￿181 stslemenls.
thè Coundl of M8nwgrnonfs repyt been prepared Y￿h 0Oicsble ltyal requlrements,
Mall•rn OD whl¢h w• ar• i•qulr•d lo rw¢ by •xc•ptlon
In the light ol our kn￿￿edge 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 ￿unti￿j 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 C￿ne1 of Monogement's remuneration specified by law we not made,. CY
wg have not recgived all the informathjn a￿1 explan8tKKB ￿ require for (￿r avdil., or
the Council of Management We￿ rnl enlrtle(I to prepare the fina￿1* statements in s￿rdanc$ wlh Ihe
small ￿MPanieS ￿1rne and tske advantage of the small c￿npanieS. 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 C￿n￿l of Management's res￿r61b11 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 r￿Ssary 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 c￿r￿lI of Mana9gment are reswJnsI￿e 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 Managem￿1 eithor Inter￿ to liquidate Ihe
charitable c(rfnpany or lo cease operalK¥S. ￿ have Th) real￿tIC alternative Iwt to do so.

IES London. The London C•ntrn of th• Inslttute forth• Inl•mallonal Educatlon of Stud•nts (Illinoi$)
Llmit
(A comp•ry Ilmlt•d by gU•rnnt￿}
Ind•p•nd•nt audttorn. r•port lo th• M•mb•rn of IES London. The L¢)ndon C•ntre of the Institute for th•
Int•matlonal Educatlon of Student8 Illllnols} LIMI￿ I￿ntinued)
Audltor•' r•sponslb116ties for the •HIII of th• fln•Klal st*•M￿ts
Our obj'ectives are to obtsin reaSOn￿e as5wancé ¥￿ther the financi81 statemonts as a whole are free
from m8leri81 misstatement, due lo fraud or error, and lo issuè an AudSlors' reporl th81 includes our
opinbn. Reasonable assurarth is a hyh level of assura￿￿. tyjt is rh)t a guarantee that an ￿dit conducted in
accordance wlh ISAS IUKI ￿17 alwa￿ detect a material MISSL￿eMent when it exists. Misstatements can arf8e
from fraL*J Qf error and are c(Yoidered rnaterfal rf, indNklually or in the aggregate. they COLld reasonabty be
expeGted lo infiuenc* the deci%￿n$ of users taken ¢)n ￿ basis of these fina￿181 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..
capab￿lty ofthe 8udll in dèlèctinq wyvgulwitws. includll￿ fra￿1
Based on our understandir& of the tharitable company 8fKI it$ sedor, and Ihn)ugh dlsuJ$sk•n wlh tho Councll of
M8nagemenl and olher Man8￿Ment las required by audlb'rg slar¥Jardsl, we Klenlrfied that the PTincip81 rlsk8 of
nOn￿MplIar￿ ￿th laws and regulalitins relaled to hoath and safety, a￿bribery ern￿oyment 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 penS￿n leglslalion. W
communicated ￿entffj*￿ laws and wulath)ns I￿ghOut our team 8n(I remained alert 10 any Ind¢c8lions of non-
compliance throughoul the audrt. We evaluated managemenl'g incen￿eS 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 entr*s 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￿ li￿UdIng heallh aTha Safety. anti Mbery and omplO￿nent 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 Man￿Ment in its sYJnrficant xcounliro estimates,. and
Performing ana￿￿1 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 underI￿ng finarKl81 rathMa￿ supporting
the transactions.. and
Identtyng and le8tirwJ Jwmal entries, In partkular ary manual enfvs made al Ihe yBar for fina￿la1
5tstemen¢ p￿￿at1)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-cOm￿SanCe le9ulat￿. This risk
increases the more that Com￿￿8nce wlh a law or regulation Is removed fmm the events and transactions
refflected in the financial staiements. as VAII be kss likdy lo I￿Ome 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 mISrewes￿lItin.
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 v￿th ISA5 (UK), exwcise wofesslorb81 judgm8nl and maintain professional
Scept￿$M throughout the audrt. We also..
Identfy and asse35 the risks ol material migstatement of the financial stalemenls, wh&ther due to fraud or
e'TOT, design at* perform audrt Vocedu￿S resp￿sive to I￿Se ri8k5. and obtaln au(lit evidencè that Is
sufficient aTrJ appropriate to Pfomde a basis for our opln6on. The risk of nol detecting a matgrial
misslaternenl resulting from fraud is hwjher than one resultirKJ from error, as fraud may involve
collusion, forgery. inlÈntiono1 omis5￿n$, Misrepresentat￿)n$. Qf the ov8rfi¢Je of Internal control.
Obtain an understsndin9 of inlem81 control relevant to Ihe audit In order to design audlt procedures that
are appropriate in the circumslances, but not for Ihe purpose of expressing an opinN)n of the elfecliveness
of the charrtalAe companys Intem￿ control.
Evaluate the appropriateness of accounting pOlic￿S used arnj Ihe fea￿rIabl8ne¥$ 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. V*helk*r a material uncertainty exists felated lo
events or coNJitKJns Ihal may cast s￿n￿￿nt 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 fina￿la1 stalemenls or, tl such disclosures are
Inadequale, lo modrfy our opinion. C￿r ¢ondu¥lons a￿ t4sed on the audit fjvidence oblalned up lo the
date of our Auditors, reF*yI. However. future t￿nts or ¢orKlilions may cèu#e the ch•Tltatye wmpany to
cèase lo conlinue as a gthng concern
Ev£tlu41tt tl* ¢)verall pres•nIal￿n, struGturts and content ol lh¢ finanelttl Statements. indudln9 thc
dlsclosures, and whether the financbal stalem8nts repre￿nI the Ur￿ert￿.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 charIta￿e eompanjlg members, as a body, In acCordar￿e wth Chapter 3 of Part
16 of Ihe compani￿ Act 2CQ6. 8udrt work has b￿n 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 ror*Xt, 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..
Donat￿n$ 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 ffina￿al 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$: am￿an¢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•
unrestr￿ted funds
2,180.757
524,815
Tolal funds
2,180,757
524,815
The Courtil of Mar)agement a¢kno%￿edge th￿r 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 ent￿￿9 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 ¢qu￿alents 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. wwpor*d in ErvJaTrJ an(1 Wa￿.
The reglslered off￿e is The HoTr)urabk Soc* Of Inn, 2 Alkin Building. LOr￿on, 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 r￿IdS 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•p*ratlon 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
a￿liCat￿e 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 stud￿13 Illllnols)
Llmiled meets the dèfinition of a publlc benefit enlty under FRS 102. A$sels and I￿a￿'11th￿ are iniiialjy
recogN$8d al fNslorie41 cost or tranwtion value u￿e$S othewso slalod in the relevant accountsng
licy.
The chwitvs lunthna ￿ presentational Cuffery is wunds staling.
The chantys fi￿n￿31 statements presented to lh¢ nearest p￿￿.
22 Golng conc•m
The chantls main source of income is tuit￿n 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 o￿nIS.
2.3 Company Statt
The company is a wnpany limitely ty wanlge. Tts sde ffl￿ber of the company is The Institute
for the Inlernalional EdlKaf￿ of Sludents. In the event of the ¢￿panY being wound up. the liability
in resF*cI 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 $t*em•nts
for th• yoar Onded 30 Jun• 2023
ounung poliGle• (contlnu•dl
2.4 InctJm•
All income is recc•Jnised orKe the company has entiuemenl lo the income, il is probabte that the
irwrne will te retsived and the amount of income receivable can be measured reliaW.
Fees from the Centre activities are adju$led by amwnt5 paid lo or supplemented ty th8 Insti￿te for
the Inlemalional Education of Sttthnts in Ch￿890.
Houslng f8e$ are a¢c¢)unted for on an xc¥ual8 bads and so i￿Orne ￿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 re1*4y.
Resources expended are Indud&J in the Statement of FInar￿181 ActNltles on an ¥cruals b8818,
indu$Ne of any VAT which canrnl be recovered.
2.6 Gov•mmwt grwbts
Govefnmenl grants relating to larvJible fixed assets are treated as deferred income and released lo
the Statement of financial xbvit*s over the expeclwl useful lfves of the assets concerned. Other
grants are credited lo the Stat8mgnl of fmart4al &tswli8s as the lda1￿ expen(Ilture Ss IrKurred.
2.7 Int•r••t r•th•bl•
Intere$t on fijnds held on deposit Is IndL*Jed vhn rwable arKI the am￿nI can be measured
reliably by the company,. this is rwmally upon n￿lf￿ti.On of the interest pald or pardbte by the
instilulion bwlh w￿M the funds are depo$rt￿l.
2.8 For•lgn ¢urrnncl••
Monetary assets and liabilttlgs deTh)minaW in f￿BIgn currenc*s are translated Milo slerfing at rates
of exchange ruling at ihe retwliry date.
Tr8nwllon$ in frywgn Currenc￿ we Irartslated *rto sterling al the ralo ruling on the date of the
tranSaCt￿n.
Exchange gains and losses are recowisfjd in Ihe Statement of financial actlvltl88.
2.9 T￿gIble flx•d a5S•ts al￿ d•preclatlon
Tangible r￿ed 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 CIr￿m$tanceS Ind￿ate
that the carryng value of any fix&1 asset may not recoverable. Shortfalls belween the ¢arrwng
vajue of fixed assets and the￿ T￿0Ver￿Ae 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 ¢omp*ry Ilmlted by gu¥antwl
Notss to th• flnancial stat•m•nts
for the y￿r ended 30 June 2023
Accountlng policiw Ic¢>ntlnu•d}
2.9 Tanglble flx•d as••ts wd d•pr•cl*lon I￿ntInu￿)
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 ¢qui￿ent
- over the remaininp lrfe of ts18aso
20Vo slrdlghl line
- 33.3% Stra￿h1 line
2.10 InvMtm•nt¥
Flxed asset Investm￿ts 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 Obl￿at￿n al the Balance sheet éate as a result of a past
event, k is probable that a trarsfer of ecoTr)mic benefit w￿1 be r￿uired in settlement, and the amount
of the $eitlement can be 8stimal&l reliably.
Liabilities are fecognIs￿l al the amount that the compwy anticipales it vhll pay to settle the debt or
the amtyjnt il has receNed 05 advaneed payments goods or ser¥￿eS il mu81 wovlde.
Provisbns are rneasur￿ al the best estim8le of the amounts wuire(I lo setu¢ the otd(galion. Whero
the effect of the lime value of morw Is malerval. the wovislon based on the present value of thoso
arnounls, di5￿Unted al the prfrtax discount rale th* refiects risks Specif￿ to the liabllity. The
unwiTrJing of the discount is rwnised in the Stalemwt of ffir0n(ial &twities as a finance ￿91.
114 FlTran¢lal Instrum•nts
Th8 company OW has finanual assets and firwicol liabililwJ of a kir¥J th81 qualrfy a5 basic finanoal
instruments. 8aS￿ financial instrumwts are Initi￿ty recognised 8t transact￿￿ value and subSequen￿Y
measured al Ihar Setuement value vthh Ihe exceplim of bank loans vthich are subsequenuy
measured al amortised cost using effective intwe* method.
2.15 0￿ratIng l•as•8
Rentals paKI urxler OFv*irvJ ￿8$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 Educ*lon 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$l¢)n•
company opwates a define(I conth'butitin pension sthme arKI the pension chafge represents
the arnounts payatrfe by thg ¢omparry ¢0 the fund in respect of the year.
2.17 Sumrn•r School •xpondllur•
Expendliure tr￿￿￿e{S on the Summw ScM)0155 cwried lorw¥d lo the followng ￿ar when the Telaled
fee income is receivgj in the Centre.
2.18 Fund •w>untlng
General funds are tsnre$tr￿ed 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￿$.
cr￿￿1 xcwntlrrfJ eslknales arvj assumplons..
The compwry makes e$llmates and assumptKins ¢Y>nwniNJ tr*e fulure. The resulllng accr￿ntIng
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 Ca￿￿d 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 tr*￿r$hIp of fv undwtying assets.
The useful economic lrfe of fLx&l assets and resKlu* value is estimated by the ch*ty 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 S￿￿13rd5, technologul advanceM￿ts and the Specif￿ characlerislics of each asset. The usehjl
economic lives of fixed a5set5 aT*J reshlual value are revi￿￿￿ YW￿1¢811Y to ensure that the èslimale
remalns rd¢vant and reflective of Ihe assets usage and ¢))ndit￿n.
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 f￿ed assets
Audittys. remu￿rat￿>n- audit
Auditors. reMUn?rat￿n- 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
pro￿8￿)n ofeducattha yogrammes to students
Prowsion of aC￿mMOdatiOn 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 st*ements
for th• y•ar •nd•d 30 June 2023
Inv¥tm•nt In￿rn•
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 charl1￿1• •ctlvltl••
2022
Tuhlon and Un￿er$Ity fees
Academlc Support c<>$l$
Student h¢wsing and meals
Sludenl servi¢es
Renl
Bulldlng farAlilies management repa*s
Property insurance
Olhw building costs
Telecomrnunications
Professional costs
Administrat￿n costs
Bank charges
Wages and salaries
N81ional insurance
Pension eknst
DepI￿ratIon
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 EdU￿10n 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
so￿al 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$)
Llmlted
IA company limit¢d by guarant••)
Notes to tho flnanclal stat•mtnts
for th• yoar ended 30 June 2023
11 D•btorn
2023
2022
Ou• wlthSn on• y•ar
Other debtorn
Prepayments and ￿CQ￿l irc4Jmè
Tax recov$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
ot￿r 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
FIn￿l01 assets measured at amorused
334,172
10,533
2023
2022
Flnan¢lal Ilabilltl•s
FIna￿la1 liab￿ltieS measured at amortised a>sl
391.389
381,749
Financial assets rneasured at amortised cost ¢¢)mpwe of other debtors and lax r89)verable.
FInar￿jaI 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• In*ltut• for th• Int•matlon*l 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 contr1￿110ft 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 stUd￿s 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 p*ty.
Th8 Inslilule for the Inttfnalional Educalk)n of Studgnts In Chlcago has undertaken lo adequate
support lo finance companls operalions.
Page 24