|
Registered number: 04372425
RESULTS CONSORTIUM LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 JULY 2022
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2022
The principal activity of the company is delivering educational services to adults. The courses include both further education and higher education programmers. The company is an OFS approved English Higher Education provider, and further education is delivered through the Education Skills Funding Agency (ESFA) contract (19+ Advanced learner loan)
.
Company's main objective is to provide high-quality educational opportunities to students who are ambitious and impatient to make a mark in their career. The academic programmers have contributed towards enhancing student skills and employability. Furthermore, learners have progressed to higher education to improve their career opportunities: the innovation and hands-on approach adopted by the company assists in the development of student knowledge and skills. The directors are committed to continuous improvement by collecting and reflecting on feedback from our learners, partners, and stakeholders.
The company aims to achieve degree awarding power in the UK and conduct education with a clear commitment to quality assurance standards using effective quality systems. As part of this strategy, in 2022-23 academic year, the company aims to start undergraduate programmers in partnership with reputed universities.
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
The directors are satisfied with the company's level of performance and are confident that company's turnover and profit will continue to improve over the foreseeable future. To sustain the steady growth, the company has invested in the state - of - the - art VLE (CANVAS), online library and developed digital content which strengthens the organisation's resources.
The company secured a Higher Education contract from Hertfordshire Regional College (HRC) and the delivery of higher education is continuing. Current, the organisation has recruited over 200 students for higher education.
As suggested by the trends of the market, flexibility in education is one of the main deciding factors for students when enrolling for a higher education. The technological advancements have made it possible to deliver engaging and immersive learning. The emerging blended learning approaches stipulates institutions to bring in blended experiences that include simulations, role plays, webinars from industry experts, lectures, games, coaching and mentoring, online learning etc. A combination of such experiences will build both hard and soft skills of the students and prepare them for the future jobs.
Technology continues to enable tutors to engage students in ever-increasing ways. Online tools for learning can make education more democratic, allowing a wider variety of students to have a voice. A combination of face to face and live online classes are becoming more popular and highly regarded by many students.
As part of the corporate strategy, the following actions are planned:
• Achieve academic excellence through regular review of management structures and processes.
• Achieve the teaching excellence framework gold.
• Continue to control costs and secure value for money from all activities
• Expand the membership to credible academics to improve the governance
• Encourage the adoption of flexible, inclusive, and innovative approaches to learning and teaching
• Develop digital platforms and scalable solutions to offer online courses nationally and globally
• Expansion of the current portfolio into more programmers in higher education
• Maintain a continued commitment to widening participation to reach wider communities, hence
achieving an Approved-Fee category.
• Attain a high level of student satisfaction and continuously improve the student experience and student
retention.
• Create the conditions that allow staff to develop their careers and aspirations, and fulfil their potential
through continuous professional development activities (e.g. HEA Membership).
• Provide the skills needed to local businesses supporting regional economic growth.
• Drive integration with local partners to deliver the best employment outcomes.
The college is a profit-making entity, despite that value of social responsibility has not been lost to it. The benefits the institution provide are listed below:
• Access to individuals from disadvantaged background by supporting them and helping them achieve
qualifications and skills that are valuable for their career progression and advancement.
• Making learning accessible to a wider community.
• Supporting the local economic growth through employer engagement.
• Provision of high quality of education delivery.
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
Principal risks and uncertainties
|
The government ultimately funds most of the income generated by the company via the ESFA (Advanced learner loan) and higher education. The company access these funds via own direct contracts and sub-contracting opportunities.
Changes to the UK Government policy initiative and or the policy initiatives they pursue is the primary risk facing the company. Ultimately funding in this sector is dependent on Government priorities and is allocated annually. With post Brexit changes, social mobility issues and skills shortages, it is imperative that the government continue to invest in further and higher education.
Financial key performance indicators
|
Company's turnover has Increased from £807K in 2021 to £1,463K in current year 2022.
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
Other key performance indicators
|
• •Continued approved as an OFS- Higher Education Provider
• Achieving Teaching Excellence Framework.
• Maintained OFSTED Grade 2 status.
• Maintained Matrix Accreditation
• Direct Claim Status with awarding organisations
• Expansion of programme delivery and securing City and Guilds Awarding body approval.
• Chamber of Commerce award in recognition for our continuous effort in providing education to the
local communities.
New Project
• Expansions of more educational programmers with City and Guilds.
• Introduction of higher education programmers in the health and social care, a government priority.
Statement of Corporate Governance and Internal Controls
Results Consortium Ltd is governed by the Board of Directors and other committees. The Board of Directors is responsible for the statutory oversight of the College to ensure that it meets the laws and regulations of a company limited by shares, the regulations of its regulator and awarding bodies and the expectations of its students, staff and shareholders.
The governance arrangements of the college aim to meet the expectations of the UK Higher Education sector, in the core values and primary elements of governance as set out in the Higher Education Code of Governance, published by the Committee of University Chairs.
The board members have appointed a Principal and also established a Board of Governance and Academic Board. The Principal and the Academic Board are in turn supported by a range of committees and steering groups.
Although ultimate decision-making lies with the Board of Directors, in practice all decisions relating to the management and practical operation of the College are taken jointly or in consultation with the committees of the Board of Directors.
The Board of Governance takes the lead in setting strategy, objectives and monitoring of performance and academic governance. It also scrutinises the entire academic operation of the college, receiving reports and ancillary documents as necessary.
Transparency, Adequacy and Effectiveness
The Board of Directors of Results Consortium Ltd ensures that there are adequate and effective arrangements in place to ensure public funds are managed appropriately, in line with the conditions of the principles of regularity and propriety. Hence, the Governance Framework include necessary measures to ensure the application of these principles.
To achieve regularity and propriety, the Company's governance arrangements are laid out based on appropriate segregation of duties, so that no single individual has unfettered power. Collective scrutiny is achieved by joint work between the Board of Directors and Board of Governance.
Assessing the use of OfS funding, and in particular ensuring that it has been spent in line with any restrictions placed thereon, is a matter that the External Auditors have considered in their work on the Financial Statements.
Internal Controls
The college has appropriate risk management framework in place in order to monitor and manage various risks
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
affecting the sustainability of the college operations.
The internal control arrangements ensure that public funds received are spent consistently and in strict accordance with the purposes for which those funds were given.
Internal controls are collectively scrutinized by the Board of Directors and Board of Governance.
The College ensures that regularity is maintained for all items of expenditure and receipts to be dealt with following the UK Generally Accepted Accounting Principles and that the expenses incurred present a true and fair view and that the expenses were exclusively and necessarily incurred for the essential activities of the Company and the College.
Although internal arrangements are efficient and effective, the college’s external auditors also provide assurance of its risk management and internal controls.
Compliance and regulatory risk
Higher Education is significantly regulated within England. Legislative and policy changes affect the company's day to day business, such as availability of student funding or changes to fees can have impact on our business.
Since registration with the OfS the company is required to comply with all Conditions of Registration. To monitor compliance with the Conditions of Registration, the company maintains an OfS compliance register. Monitoring compliance is undertaken by the company's senior management and leadership team, the Board of Directors.
Competition
The provision of degree courses within London is very competitive. Students can choose between public universities, private universities and private providers. The company has addressed the risk of competition by always maintaining high standards and quality teaching.
|
|
RESULTS CONSORTIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
Global economic uncertainty
The recent waves of economic uncertainties could be challenging for many businesses therefore the governing board is keen to explore further opportunities to widen the scope of the business. As mentioned in the strategic report, the college is aiming for new programmes in partnership with the reputed universities, introduction of higher education programmes in the health and social care and expansion of more educational programmes with City and Guilds.
This report was approved by the board on 1 December 2022 and signed on its behalf.
Sreejith Somanathan
Director
|
|
|
RESULTS CONSORTIUM LIMITED
REGISTERED NUMBER: 04372425
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 December 2022.
The notes on pages 10 to 18 form part of these financial statements.
|
|
RESULTS CONSORTIUM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the Period
|
|
|
|
|
|
|
|
|
Other comprehensive income for the Period
|
|
|
|
Total comprehensive income for the Period
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 10 to 18 form part of these financial statements.
|
|
|
RESULTS CONSORTIUM LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JULY 2022
Cash flows from operating activities
|
|
|
Profit for the financial Period
|
|
|
|
|
|
|
Depreciation of tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in debtors
|
|
|
Increase/(decrease) in creditors
|
|
|
|
|
|
|
Net cash generated from operating activities
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Net cash from investing activities
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of Period
|
|
|
Cash and cash equivalents at the end of Period
|
|
|
|
|
|
|
Cash and cash equivalents at the end of Period comprise:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 10 to 18 form part of these financial statements.
|
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
Results Consortium Limited is a company limited by shares and incorporated in England. The company's registered number and registered office address can be found on the Company Information page. The principle activity of the company during the year was the delivery of government funded (19+ Advanced learner loan provision) training programs for adult learners.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has maintained a reasonable liquidity ratio to deal with the amount that will fall due within one year. After making necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Going concern is therefore considered appropriate.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
All incoming resources are recognised when the company has entitlement to the funds, the receipt is probable and the amount can be measured reliably.
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
2.Accounting policies (continued)
|
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the Period in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the Period was as follows:
|
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
4.Employees (continued)
|
|
The directors did not receive any remuneration during the year (2021: £nil).
Senior staff pay
During the accounting period ended 31 July 2022, there were no staff members that had a full-time equivalent basic salary of over £100,000 per annum (2021: nil).
Total remuneration paid to the Principal, head of the provider were as follows:
2022 2021
£ £
Salary 40,413 -
Pension contributions 770 -
______ ______
41,183 -
The principal, head of the provider had been paid the above emoluments between November 2021 and July 2022.
The head of the provider’s basic salary is 2.4 times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.
The head of the provider’s total remuneration is 2.1 times the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff.
The principal has a permanent full-time contract with the provider. The remuneration package was appropriately designed based on his experience and expertise. This is to inspire and motivate the principle to devote to his duties the time needed to fulfil his contractual obligations for the upliftment of the organisation.
Severance payments
No payments were made during the accounting period in respect of compensation for loss of office (2021: nil).
|
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
|
|
Details of grant and fee income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant income from other bodies
|
|
|
|
|
Fee income for taught awards
|
|
|
|
|
Fee income from non-qualifying courses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
Factors affecting tax charge for the period/year
|
|
|
There were no factors that affected the tax charge for the Period/year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2021 - 19%).
|
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Loan represents Bounce Back Loan as per UK Government Scheme. Interest @2.5% is charged on this loan.This is unsecured loan which is repayable by monthly installment over 5 years.
|
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,121 (2021 - £7,538). Contributions totaling £2,864 (2021 - £1,437) were payable to the fund at the reporting date.
|
|
RESULTS CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
|
|
Related party transactions
|
|
|
During the period, the Company has advanced £19,000 (2021 - £14,000) to one of the directors, which is an unsecured interest free loan repayable on demand.
During the period, the Company has advanced £87,000 (2021: £28,622) to a company under common control and received £30,000 (2021: £71,922). Amount owed to the Company at year end was £57,000 (2021:£Nil). This is an unsecured interest free advance which is repayable on demand.
During the period, the Company paid interim dividends of £nil (2021: £60,000) to the directors.
|
The Company is controlled by the directors.
During the period, the Company has extended its accounting period from 31 March 2022 to 31 July 2022. Hence, the accounts for the period ending 31 July 2022 reflect the trading results for the period of 16 months where as the comparatives show the trading results covering 12 months period ending on 31 March 2021.
The auditors' report on the financial statements for the Period ended 31 July 2022 was unqualified.
The audit report was signed on 1 December 2022 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.
|
