Registered Number:
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The Company is a wholly owned subsidiary of Anglia Ruskin University Higher Education Corporation. The principal activity of the Company in the year under review was to assist where necessary with the commercial development of certain University undertakings.
The Company is primarily engaged in the provision of tuition for short educational courses and consultancy. The Company is also engaged in offering an employment bureau service for administrative staff both internally within the Group and externally to the wider community. ARISE (Chelmsford) (formally known as MedBic) is a Business Innovation Centre situated on the Chelmsford Campus. ARISE was setup for start-up and early-stage businesses in medical and advanced engineering. The building was purpose built to speed commercial ideas to market and to nurture fledgling ventures by providing all the resources, expertise and support required in a single building. A second venture, ARISE (Harlow) is now fully operational.
Results and dividends
The profit for the year, after taxation, but before gift aid, amounted to £373,417 (2022 - £549,737). The directors have not recommended a dividend.
The risks to the Company are considered to be modest due to the diversity of the Company's activities and the activity with fellow members of the Anglia Ruskin University group. The directors intend to continue with the diverse activities to assist with the commercial development of certain University undertakings.
Future developments and post Balance Sheet events
The Company continues its focus on increasing its educational and consultancy activities; notably Paediatric Ophthalmology Service (ACPOS) in conjunction with Addenbrookes Hospital in Cambridge, Salivary Analysis Consultancy and Optometry Clinic. There are no post Balance Sheet events to note.
This report was approved by the board on 22 November 2023 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their report and the financial statements for the year ended 31 July 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company.
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ANGLIA RUSKIN ENTERPRISE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Information in respect of future developments is disclosed in the Strategic Report as it is considered to be of strategic importance.
Throughout the year there was an indemnity insurance policy in place covering the indemnity of the directors of the company.
Our auditors Scrutton Bland LLP transferred their audit registration and therefore that part of their business to a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. Accordingly Scrutton Bland LLP formally resigned as the Company's auditor with the Directors duly appointing SB Audit LLP to fill the vacany arising.
The auditor, SB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD
We have audited the financial statements of Anglia Ruskin Enterprise Ltd (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ANGLIA RUSKIN ENTERPRISE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ANGLIA RUSKIN ENTERPRISE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the companies regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: the Health and Safety at Work etc Act 1974, safeguarding (the Care Act 2014), employment law, GDPR and specific accreditations required for courses. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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ANGLIA RUSKIN ENTERPRISE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIA RUSKIN ENTERPRISE LTD (CONTINUED)
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
820 The Crescent
Colchester Business Park
Essex
CO4 9YQ
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
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BALANCE SHEET
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 18 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Anglia Ruskin Enterprise Limited is a private company limited by shares incorporated in England and Wales, registration number 02367892. The registered office is Bishop Hall Lane, Chelmsford, Essex CM1 1SQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pounds sterling rounded to the nearest £.
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 taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Anglia Ruskin University Higher Education Corporation as at 31 July 2023 and these financial statements may be obtained from Anglia Ruskin University, Rivermead Gate, Bishop Hall Lane, Chelmsford, Essex, CM1 1SQ.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The company does not provide for deferred taxation on short-term timing differences on the basis that the company plans to continue to gift aid any taxable profits to its parent undertaking for the foreseeable future. Taxable profits are therefore not anticipated to arise.
The company has an agreement with other subsidiaries of Anglia Ruskin University whereby tax losses are transferred between subsidiaries at varying rates for each £1 of gross tax loss surrendered or claimed.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities:
• Short term debtors (financial assets) are measured at the transaction price. • Short term creditors and loans (financial liabilities) are measured at the transaction price.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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 £112,265 (2022 - £24,709). Contributions totalling £13,331 (2022 - £9,782) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The Directors regard Anglia Ruskin University Higher Education Corporation, a statutory corporation created by the exercise of the powers conferred on the Secretary of State by the Education Reform Act 1988 and amended by the 1992 Act, as the ultimate parent body. According to the register kept by the Company, Anglia Ruskin University holds 10,000,100 ordinary shares of Anglia Ruskin Enterprise Ltd at 31 July 2023. Copies of the Parent's consolidated financial statements may be obtained from the Finance Director, Anglia Ruskin University, Rivermead Gate, Bishop Hall Lane, Chelmsford, Essex, CM1 1SQ.
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