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REGISTERED NUMBER: 04666867 (England and Wales)















Directors' Report and

Audited Financial Statements for the Year Ended 31 July 2023

for

The University of Manchester Worldwide
Limited

The University of Manchester Worldwide
Limited (Registered number: 04666867)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Directors' Report 2

Statement of Directors' Responsibilities 3

Independent Auditors' Report 4

Statement of Comprehensive Income 6

Statement of Financial Position 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


The University of Manchester Worldwide
Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Dr S D Merrywest
Miss Z Rainey
Mr R J M Cotton
Mrs C Prokopyszyn
Prof L G Georghiou



SECRETARY: Mrs L V A Bissell



REGISTERED OFFICE: Directorate Of Finance
University Of Manchester
Oxford Road
Manchester
M13 9PL



REGISTERED NUMBER: 04666867 (England and Wales)



AUDITORS: PKF Littlejohn LLP
15 Westferry Circus
London
E14 4HD



BANKERS: Barclays Bank plc
PO Box 357
51 Mosley Street
Manchester
M60 2AW

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Directors' Report
for the Year Ended 31 July 2023

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The company continues to hold the shares in its overseas entities and operate its unincorporated branches (as detailed in note 10). These facilities support the University in the delivery of blended learning.

GOING CONCERN
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company is part of the wider University of Manchester group of companies. The University of Manchester, the ultimate holding company of the group, has confirmed in writing its intention to provide ongoing support to the company for a period of at least 12 months from the date of signature of these accounts. Having considered the ability of the University of Manchester to provide that support, and based on the confirmation received, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

REVIEW OF BUSINESS
The results for the year are set out on page 6 of the financial statements.

The directors do not recommend the payment of a dividend (2022: £nil) leaving a profit of £238,651 (2022: £203,415) after taxation and before gift aid.

PRINCIPAL RISKS AND UNCERTAINTIES
During the financial year the parent company The University of Manchester suffered a cyber incident which impacted a number of systems within The University of Manchester. The University is working closely with its key stakeholders including the Information Commissioners Office. The impact on the business and year end results has been very limited and there is minimal risk to the business on an on-going basis that has not been mitigated.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

Dr S D Merrywest
Miss Z Rainey
Mr R J M Cotton
Professor A M S McMahon - (resigned 16th December 2022)
Mrs C Prokopyszyn
Professor L G Georghiou

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the company's auditors are unaware. Having made enquiries of fellow directors, each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
PKF Littlejohn LLP have indicated their willingness to be re-appointed for another term and arrangements have been put in place for them to be deemed re-appointed as auditors in the absence of an Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



Mrs L V A Bissell - Secretary


14 December 2023

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Statement of Directors' Responsibilities
for the Year Ended 31 July 2023

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

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 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 are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Auditors' Report to the Members of
The University of Manchester Worldwide
Limited

Opinion
We have audited the financial statements of The University of Manchester Worldwide Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The other information comprises the information included in the directors' 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Independent Auditors' Report to the Members of
The University of Manchester Worldwide
Limited


Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
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 obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research and experience of the sector.

- We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006 and relevant tax legislation
- We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to enquiries of management and review of minutes.
- We also identified the risks of material misstatement of the financial statements due to fraud. We did not consider there to be any further areas, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls.
- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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. 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.

Use of our 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.




Alastair Duke (Senior Statutory Auditor)
for and on behalf of PKF Littlejohn LLP
15 Westferry Circus
London
E14 4HD

30 January 2024

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Statement of Comprehensive
Income
for the Year Ended 31 July 2023

2023 2022
Notes £    £   

TURNOVER 4 5,020,470 4,289,265

Administrative expenses (4,797,631 ) (4,147,503 )
OPERATING PROFIT 222,839 141,762

Interest receivable and similar income 6 2,799 157
PROFIT BEFORE TAXATION 7 225,638 141,919

Tax on profit 8 13,013 61,496
PROFIT FOR THE FINANCIAL YEAR 238,651 203,415

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 238,651 203,415

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 71,269 285,074
Investments 10 477,001 477,001
548,270 762,075

CURRENT ASSETS
Debtors 11 680,622 1,368,904
Cash in hand 3,564,118 2,540,213
4,244,740 3,909,117
CREDITORS
Amounts falling due within one year 12 (1,707,448 ) (1,824,281 )
NET CURRENT ASSETS 2,537,292 2,084,836
TOTAL ASSETS LESS CURRENT LIABILITIES 3,085,562 2,846,911

CAPITAL AND RESERVES
Called up share capital 14 1,719,534 1,719,534
Share premium 15 124,188 124,188
Retained earnings 15 1,241,840 1,003,189
SHAREHOLDERS' FUNDS 3,085,562 2,846,911

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:





Dr S D Merrywest - Director


The University of Manchester Worldwide
Limited (Registered number: 04666867)

Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 August 2021 1,719,534 799,774 124,188 2,643,496

Changes in equity
Total comprehensive income - 203,415 - 203,415
Balance at 31 July 2022 1,719,534 1,003,189 124,188 2,846,911

Changes in equity
Total comprehensive income - 238,651 - 238,651
Balance at 31 July 2023 1,719,534 1,241,840 124,188 3,085,562

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

The University of Manchester Worldwide Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The University of Manchester Worldwide Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Directorate of Finance, The University of Manchester, Oxford Road, Manchester, M13 9PL.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by 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 9 Consolidated and Separate Financial Statements

Principal Risks and Uncertainties
During the financial year the parent company The University of Manchester suffered a cyber incident which impacted a number of systems within The University of Manchester. The University is working closely with its key stakeholders including the Information Commissioners Office. The impact on the business and year end results has been very limited and there is minimal risk to the business on an on-going basis that has not been mitigated.

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the process of applying these accounting policies, the company is required to make certain estimates, judgements and assumptions that management believe are reasonable based on the information available. These are reviewed on a regular basis by the management team. Significant estimates and material judgements used in the preparation of the financial statements are as follows:

Recoverability of debtors
The provision for doubtful debts is based on an estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due.

Impairments
Management make judgements as to whether any indicators of impairment are present for any of the company's assets.

Provisions
Management apply judgement to arrive at the best estimate for any obligation required. The amount recognised as a provision is management's best estimate of the present value of the amount required to settle the estimate. To arrive at this amount management assess the likelihood and extent of any future settlement and make judgements based on these.

Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 8.

Turnover
Turnover represents amounts receivable for goods and services falling within the group's activities.

Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is part of the wider University of Manchester group of companies. The ultimate parent company of the group, has confirmed in writing its intention to provide ongoing support to the company for a period of at least 12 months from the date of signature of these accounts. Having considered the ability of the University of Manchester to provide that support, and based on the confirmation received, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment 3 years
Fixtures, fittings and equipment4 years

Investments
Except as stated below, fixed asset investments are shown at cost less provision for impairment. Current asset investments are stated at the lower of cost and net realisable value.

Leasing
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less provision for impairment.

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the company. Any unused benefits are accrued and measured as the additional amount the company expects to pay as a result of the unused entitlement.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:

- the group has a legally enforceable right to set off current tax assets against current tax liabilities, and

- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Gift aid donation
The gift aid donation is deemed to be a distribution by the company. Therefore the payment is taken through reserves and not the Statement of Comprehensive Income.

The gift aid donation recognised is equal to estimated taxable profits of the company at the time of the approval of the financial statements. The gift aid paid within nine months of the balance sheet date is equal to the estimated taxable profits of the company at time of payment. Any difference between the gift aid donation accrued and the gift aid donation paid is recognised at the time of payment.

Related party disclosure
As the company is a wholly owned subsidiary of The University of Manchester, the company has taken advantage of the exemption contained in FRS102 section 33.1a, and has therefore not disclosed transactions or balances with entities which form part of the group. The consolidated financial statements of The University of Manchester, within which this company is included, can be obtained from the address given in note 16.

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

20232022
£ £
United Kingdom37,635194,883
Asia2,058,1661,781,628
Middle East2,924,6692,312,754
5,020,4704,289,265

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,419,850 1,299,945
Other pension costs 220,513 268,207
1,640,363 1,568,152

The average number of employees during the year was as follows:
2023 2022

Management and administration 25 23

The total number of directors serving the company during the year was 6 (2022:6). The directors are employed and remunerated by the University of Manchester as they have other duties within the University.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 2,799 157

7. PROFIT BEFORE TAXATION

Profit before tax is stated after charging/(crediting):

2023 2022
£ £
Hire of plant and machinery9,2538,383
Operating leases - rent848,094922,864
Depreciation on owned assets213,805213,805
Foreign exchange (Profit)/loss222,906(424,315)
Auditors' remuneration5,6731,721

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Overseas tax credits (13,013 ) (61,496 )
Tax on profit (13,013 ) (61,496 )

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 225,638 141,919
Profit multiplied by the standard rate of corporation tax in the UK of 21.005%
(2022 - 19%)

47,395

26,965

Effects of:
Expenses not deductible for tax purposes 2,034 5,960
Fixed asset differences 30,791 27,851
Deferred tax not recognised 3,609 (34,973 )
Release of withholding tax provision (13,013 ) (61,496 )
Group relief surrendered/(claimed) (83,829 ) (25,803 )
Total tax credit (13,013 ) (61,496 )

Factors that may affect future tax charges
A deferred tax asset amounting to £100,976 (2022: £96,140) has not been recognised because in the opinion of the directors there will be no suitable taxable gains available in the foreseeable future.

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 August 2022
and 31 July 2023 1,090,988
DEPRECIATION
At 1 August 2022 805,914
Charge for year 213,805
At 31 July 2023 1,019,719
NET BOOK VALUE
At 31 July 2023 71,269
At 31 July 2022 285,074

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 606,715
PROVISIONS
At 1 August 2022
and 31 July 2023 129,714
NET BOOK VALUE
At 31 July 2023 477,001
At 31 July 2022 477,001

Principal investments

The company has investments in the following subsidiary undertakings


Subsidiary undertaking

Country of incorporation or
principal business address

Principal activity


Holding

Manchester Worldwide Institute of Higher
Education (South East Asia) Pte Ltd


Singapore

Education


100%
Manchester Worldwide Pte Ltd Singapore Dormant 100%
Manchester Business School America Inc (a
not for profit corporation) Florida


United States

Dormant


100%
The University of Manchester Worldwide
(Shanghai) Ltd


China

Consultancy


100%

The US entity does not have issued share capital as it is a not for profit corporation.

All shareholdings are the overseas equivalent of ordinary shares.

The University of Manchester Worldwide Ltd also operates in Dubai and Hong Kong by way of branches. The results of these branches are included in the company financial statements.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,461 7,710
Amounts owed by group undertakings 305,766 855,822
Other debtors 372,395 505,372
680,622 1,368,904

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 44,095 83,197
Amounts owed to group undertakings 895,827 895,824
Other creditors 767,526 845,260
1,707,448 1,824,281

The University of Manchester Worldwide
Limited (Registered number: 04666867)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 147,281 279,103

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
1,719,434 Ordinary £1 1,719,434 1,719,434
1,719,534 1,719,534

15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2022 1,003,189 124,188 1,127,377
Profit for the year 238,651 - 238,651
At 31 July 2023 1,241,840 124,188 1,366,028

16. ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary undertaking of The University of Manchester, a University incorporated by Royal Charter. The largest and smallest group in which the results of the company are consolidated is that headed by The University of Manchester.

The University of Manchester is the ultimate controlling party and ultimate parent of the company.

Copies of the group financial statements can be obtained from that University's registered office, which is The University of Manchester, Oxford Road, Manchester, M13 9PL and are also available on the University's website.