Waltham International College Limited |
Strategic Report |
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Waltham International College commenced its journey in 2010, as a private limited company; the college's core operation now is higher education (HE). Waltham International College (WIC) remains steadfast in its mission to provide unparalleled learning experiences and robust support, propelling students towards their academic and professional goals. This comprehensive report delves into our strategies, achievements, challenges, and prospects for 2024. |
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Aims for 2024/25 |
Waltham International College is committed to continue to support and build our community through education in the upcoming years. Central to our aspirations, as outlined in our Access and Participation Plan, is the democratisation of higher education. We're committed to support students both on weekday and weekend classes based on their availability. Recognising the potential within local communities that have historically seen low participation in higher education, our endeavours will focus on bridging this gap. This involves not only tailored outreach but also the enhancement of our infrastructure, from classrooms to advanced IT setups, ensuring every student has access to premier learning resources. Currently, there are 1,600+ students in WIC in the higher education section. WIC has bachelor courses in Business Administration, Health and Social Care, Computer Science and master’s Courses in International Business and Health and Wellbeing. WIC delivers these courses in partnership with Leeds Trinity University. Moreover, fairness, equality, and diversity will remain at the forefront of our operations, with reinforced governance and management practices to champion these values effectively. |
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Campuses of WIC |
WIC boasts two strategically located campuses in the heart of Barking and Birmingham. Our Barking campus, set amidst the bustling urban tapestry, offers a vibrant and diverse learning environment that mirrors the eclectic spirit of the city. On the other hand, our Birmingham campus, ensconced in a city renowned for its rich history and cultural heritage, merges traditional architecture with state-of-the-art facilities. Both campuses are equipped with advanced classrooms, open-access IT facilities, dedicated computer suites, and well stacked libraries. Quiet study spaces provide sanctuaries for academic pursuits, while student-centric social areas foster community and collaboration. With the added advantage of a comprehensive virtual learning environment and dedicated student support services, both campuses of WIC stand as paragons of inclusive and innovative education. |
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Equality, Diversity, and Inclusion |
At WIC, we deeply value the principles of equality, diversity, and inclusion, as emphasised in our Access and Participation Plan. We recognise the richness that a diverse student body and faculty bring to the academic landscape, and we're committed to fostering an environment where every individual feels valued, understood, and empowered. Our strategies go beyond mere representation; they aim to embed these principles in every facet of our operations. From tailored outreach programmes targeting traditionally underrepresented communities to comprehensive on-campus support, WIC endeavours to ensure every student, regardless of their background, has equal access to opportunities and resources. Our commitment to these principles is not just an institutional obligation but a reflection of our belief that diverse perspectives enrich learning and drive innovation. |
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Waltham International College Limited |
Strategic Report |
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Business Model & Strategy |
WIC operates as a small, independent higher education provider. Our unique model emphasises reaching individuals, especially from local areas with traditionally low participation in higher education. Our facilities, ranging from traditional classrooms to advanced IT setups, offer a conducive environment for academic growth. |
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Our access and participation plan underline our strategic goals. We aim to: |
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Continuously develop learning, combining traditional and digital methods. |
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Enhance our quality assurance processes, ensuring high academic standards. |
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Foster an environment of fairness, equality, and diversity through robust governance and management practices. |
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Financial Performance and Business Review |
WIC's financial performance in 2024 signifies a year of strategic investment, and robust financial management. The figures and trends we observe from the balance sheet and profit & loss account underline a year where the college has fortified its financial position. The college's income for the year swelled to £12.13 million in 2024 an encouraging trend indicative of the trust and commitment of our stakeholders from £11.93 million in 2023. This suggests a strategic shift, yet the overall increase in income is commendable. The tangible assets of the college have increased to £493K in 2024 from £313K in 2023. This commitment to infrastructure ensures students have access to state-of-the-art resources, vital for a comprehensive learning experience. From a liquidity perspective, the current ratio stood at 2.84 for 2024, compared to 1.96 in 2023 an increase of 45%. The net profit margin is 10.14% in 2024, which is slightly less (0.59%) than 2023, which was 10.78%. WIC’s Net Assets have also increased from £3.83 million to £5.06 million in 2024. WIC has spent £3.68 million on Salary and Wages which is 28% higher than last year of £2.87 million. This increase is to accommodate increased number of students and to retain industry talents while maintaining best possible academic quality and reflects new student support and student voice officers. WIC's 2024 financial landscape is one of calculated growth, strategic reinvestment, and a promise of long-term sustainability. The numbers not only convey stability but also the college's commitment to its mission, vision, and its student community. |
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Infrastructure Expansion |
Waltham International College has made significant investments in expanding its physical infrastructure, reflecting our commitment to providing a high-quality learning environment that meets the needs of our growing student body. The substantial increase in fixed assets, particularly in IT and office equipment, underscores our focus on creating new facilities that support both academic and operational excellence. These investments are not only aimed at accommodating a larger student population but also at enhancing the overall educational experience by integrating advanced technology and modern resources into our teaching and administrative processes. Our infrastructure expansion aligns with our strategic vision of fostering a conducive environment for learning, collaboration, and innovation. Upgraded IT facilities ensure that students and staff have access to cutting-edge tools necessary for effective teaching, learning, and research. Meanwhile, enhanced office spaces provide a professional and efficient working environment for faculty and administrative teams, facilitating seamless operations and improved service delivery. By prioritizing infrastructure development, WIC is laying a strong foundation for sustained growth and continued excellence in education. |
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Waltham International College Limited |
Strategic Report |
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Staff Development |
At Waltham International College (WIC), staff development is a cornerstone of our strategic vision, ensuring that employees are empowered to maximize their potential while aligning their growth with the institution’s objectives. We are committed to providing all staff with access to development opportunities that enable them to excel in their current roles, advance their careers, and contribute meaningfully to the College’s mission. Our approach emphasizes linking employee learning and development activities to WIC’s strategic objectives at both institutional and local levels, ensuring that personal growth aligns with organizational priorities. To achieve this, we allocate resources responsibly, focusing investment on initiatives that yield maximum impact on the College’s success and foster motivation among staff. We provided fundings for twelve fellowships to our academic team. Staff development at WIC is embedded in our culture and integrated into daily work practices. This commitment includes supporting employees in achieving relevant work-related qualifications, encouraging continuous learning, and promoting equality and diversity through regular assessment and tailored responses to individual development needs. Our processes are closely aligned with key planning and review cycles, such as staff induction, lesson observations, and the annual monitoring of programs, ensuring that development opportunities are proportionate, timely, and aligned with both individual and institutional goals. Each staff also gets dedicated CPD funds for their career development. By fostering a culture of continuous improvement and accountability, we aim to empower our staff to stay current in their fields, ensuring that WIC remains resilient and future-ready while providing exceptional education to our students. |
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Student Experience and Support |
At Waltham International College, we prioritize creating an enriching and supportive environment to enhance the overall student experience. Our campuses are equipped with modern facilities, including libraries that offer access to a wide range of academic resources and comfortable study spaces. Our newly upgraded IT labs provide students with the latest technology to support their learning and research needs. We are equally committed to supporting our students through various initiatives designed to promote academic success and personal well-being. Financial support is available through the Disabled Students' Allowance (DSA) and Hardship Funds, ensuring that all students can focus on their studies without undue financial stress. High achievers are recognized and rewarded with laptops and other gifts, while our student referral program fosters community engagement and encourages students to grow their network. The culmination of their journey is celebrated with a prestigious graduation ceremony, a hallmark of their accomplishments at WIC. These comprehensive support systems reflect our dedication to fostering a thriving, inclusive, and empowering student community. |
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Corporate Governance and Internal Control |
The Board of Governors (BOG) serves as the ultimate authority of the College, dedicated to ensuring the provision of the highest quality education and opportunities for all students. The Board is responsible for ratifying and approving policies, setting the strategic direction, and overseeing the College’s overall performance and regulatory compliance. Operating collectively, the Board takes corporate decisions and provides strategic oversight, with individual members not holding decision-making authority or personal accountability for actions taken in the Board's name. As a strategic body, the Board establishes the College’s aims and objectives, approves policies and targets, monitors progress, and evaluates institutional performance. Acting as a “critical friend,” it supports staff and committees, holds them accountable, and ensures transparency and accountability across all activities. |
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Waltham International College Limited |
Strategic Report |
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To facilitate effective governance, the Board delegates authority to the principal, management team, and various subsidiary panels and committees, including the Academic Boards, the Operations Management Committee, and specific panels, for the day-to-day running of the College. It regularly reviews and approves the constitution, membership, and terms of reference of these entities to ensure alignment with the College’s mission. The Board enforces the principles of transparency, accountability, continuous improvement, and value for money in all aspects of its governance, providing assurance to key stakeholders, including students and funding agencies, regarding the College’s performance and its commitment to delivering exceptional educational outcomes. The Board of Governors enforces the College’s principles of transparency, accountability, continuous improvement, and providing value for money to its students, as well as all other stakeholders. The BoG composites of three internal members, six external members and one student representative. At Waltham International College (WIC), we are committed to maintaining the highest standards of integrity, transparency, and accountability in all our financial and operational endeavours. The Board of Directors recognises its responsibility to ensure that an effective system of internal controls is in place, both in terms of financial reporting and broader operational aspects. Our system of internal controls is designed to provide reasonable assurance in the following key areas: |
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Financial Reporting |
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The financial stability reflected in our revenue of £12.13 million and net assets amounting to £5.06 million for 2024 underline our commitment to accurate and timely financial reporting. Our financial statements are prepared in accordance with the relevant accounting standards, ensuring reliability and transparency. WIC’s Financials are quarterly reviewed and governed by Audit & Finance Pannel, which is a subcommittee of the Board of Governors. |
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Asset Safeguarding |
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The significant investments made in tangible assets, especially in IT and office equipment, showcase our dedication to not just acquiring but also safeguarding our assets. Proper checks and measures are in place to prevent unauthorised access or disposition. |
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Operational Efficiency |
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With a net profit of £1.2 million for 2024 and a strategic allocation of resources, for robust operation. WIC ensures that its operations are carried out efficiently, maximising value for both students and stakeholders. |
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Compliance with Laws and Regulations |
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WIC strictly adheres to all relevant laws, regulations, and standards governing higher education institutions. Our inclusion in the Register by the Office for Students further emphasises our commitment to regulatory compliance. The effectiveness of these internal controls is reviewed periodically by the Board of Governors, incorporating feedback from operational heads, external auditors, and other relevant stakeholders. While the system of internal controls provides reasonable assurance against material misstatement or loss, it should be noted that any system can only manage rather than eliminate risks. |
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Risk Management Statement |
The Board of Governors, supported by the Risk and Compliance Panel, is committed to maintaining a robust risk management framework to identify, assess, and mitigate risks that could impact the College’s strategic objectives, operations, and reputation. The Risk and Compliance Panel plays a central role in ensuring effective oversight and management of compliance, operational, regulatory, financial, and reputational risks in alignment with the Board-approved framework for risk and compliance management. |
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Waltham International College Limited |
Strategic Report |
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Key Risk Areas |
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Strategic Risks |
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The College recognizes the strategic risks associated with its mission to expand educational opportunities and its commitment to providing high-quality education. Effective implementation of risk management policies ensures that these risks are monitored and addressed proactively to safeguard long-term institutional objectives. |
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Financial Risks |
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The College acknowledges the potential financial risks arising from increasing operational costs, particularly as it expands its facilities and offerings. Effective cost management, budgetary oversight, and financial risk monitoring are critical to sustaining operational efficiency and financial stability. This is regularly reviewed and monitored in collaboration with Audit & Finance Panel. |
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Regulatory Risks |
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As a registered provider with the Office for Students, the College is subject to stringent regulatory requirements. The Risk and Compliance Panel ensures continuous compliance with evolving regulations and standards by investigating regulatory concerns and proposing remedial actions to address gaps. |
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Reputational Risks |
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The College’s reputation is built on consistent delivery of high-quality education and student satisfaction. The Risk and Compliance Panel actively monitors reputational risk exposures, ensuring that any issues are addressed promptly to maintain stakeholder trust and the College’s competitive position in the sector. |
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Engagement and Outreach Risks |
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The College is committed to increasing access to higher education for individuals from traditionally low-participation areas. However, there are inherent risks associated with engaging these communities effectively. Tailored outreach programs are prioritized to enhance awareness and ensure that educational opportunities are accessible to the target audience. |
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Quality Assurance Risks in Expansion |
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With the College’s planned growth and expansion, maintaining high academic standards and the quality of education becomes a critical challenge. The Risk and Compliance Panel ensures that risk management policies are aligned with these expansion objectives to uphold academic excellence. |
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Risk Profile Monitoring and Training |
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The College maintains a consolidated register of material risks across all areas. Regular reviews, enhanced training programs, and a rigorous methodology for risk rating ensure continuous improvement of risk awareness and mitigation strategies. The Risk and Compliance Panel collaborates with other panels, including the Audit and Finance Panel, to ensure an integrated approach to risk management. By addressing operational, financial, regulatory, and reputational risks holistically, the College reaffirms its commitment to transparency, accountability, and continuous improvement in pursuit of its strategic goals. |
Prospects and Future Vision |
Waltham International College (WIC) is dedicated to shaping a transformative future through strategic growth, excellence in education, and meaningful community engagement. Our prospects are guided by a commitment to continuous improvement, accessibility, and inclusion, ensuring that we remain at the forefront of educational innovation while fulfilling our mission to positively impact the local community. |
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Waltham International College Limited |
Strategic Report |
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Community Engagement and Accessibility |
WIC envisions becoming a transformative force within the local community, as articulated in our Access and Participation Plan (APP). By bridging the educational gap, we aim to make high-quality degrees accessible and affordable for individuals who have historically faced barriers to higher education. Our long-term strategy emphasizes outreach, tailored programs, and partnerships to enhance community impact. |
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Quality Enhancement |
At the heart of WIC’s vision is the pursuit of academic excellence. We are committed to refining our academic processes and systems to remain a leader in educational standards. Continuous quality enhancement ensures that our students receive the best possible learning experience and are well-equipped for their future careers. |
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Diversity, Equity, and Inclusion |
WIC is dedicated to fostering a diverse, equitable, and inclusive academic environment. Our governance and management practices are continually refined to champion fairness and equality. By embedding these values into our institutional culture, we aim to create an environment where all students and staff feel valued and supported. |
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Facility and Infrastructure Development |
To support our growing student body, WIC prioritizes the development of new facilities and infrastructure. As highlighted in our APP, investments in classrooms, IT infrastructure, and other resources will ensure that students and staff have access to the tools they need for success. These advancements will enrich the academic experience and support our long-term growth objectives. |
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Commitment to Community Impact |
WIC’s ambition is to be a catalyst for positive change in the local community. By providing accessible, high-quality education and fostering engagement, we aim to empower individuals and transform lives. This aligns with our vision of making higher education a reachable goal for all, irrespective of their background while working with local council, employers and students. |
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Strategic Growth and Challenges |
The year 2024 has been pivotal for WIC, marked by significant achievements and the implementation of strategic initiatives. While challenges remain, our resilience and forward-thinking approach position us to navigate these effectively. Our commitment to excellence, innovation, and community engagement will continue to guide our progress. WIC is well-positioned to lead in the education sector through its unwavering focus on quality, inclusion, and community impact. By adhering to our strategic vision and fostering an environment of continuous improvement, we aim to build on our successes and address future challenges with confidence and determination. |
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This report was approved by the board on 15 November 2024 and signed on its behalf. |
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Hassan Ashraf |
Director |
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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. |
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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. |
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Other information |
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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
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the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Opinion on other matters required by the Office for Students (OFS) |
In our opinion in all material respects: |
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Funds from whatever source administered by the higher education institution for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation. |
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Funds provided by the OFS have been applied in accordance with the terms and conditions of funding and any other terms and conditions attached to them. |
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The requirements of the OFS's accounts direction have been met. |
We have nothing to report in respect to the following matters in relation to which the OFS requires us to report you if, in our opinion: |
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The grant and fee income, as disclosed in the notes to the accounts has been materially misstated. |
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The expenditure on access and participation activities for the financial year has been materially misstated. |
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Matters on which we are required to report by exception |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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2 |
Analysis of turnover |
2024 |
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2023 |
£ |
£ |
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Services rendered |
12,127,614 |
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11,925,471 |
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By geographical market: |
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UK |
12,127,614 |
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11,925,471 |
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3 |
Operating profit |
2024 |
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2023 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
123,255 |
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78,256 |
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Operating lease rentals - land and buildings |
842,096 |
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781,436 |
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Auditors' remuneration for audit services |
10,000 |
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5,700 |
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4 |
Director's emoluments |
2024 |
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2023 |
£ |
£ |
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Emoluments |
30,000 |
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30,000 |
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Highest paid director: |
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Emoluments |
30,000 |
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30,000 |
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5 |
Staff costs |
2024 |
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2023 |
£ |
£ |
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Wages and salaries |
3,196,127 |
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2,590,236 |
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Social security costs |
342,000 |
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175,000 |
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Other pension costs |
144,803 |
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108,886 |
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3,682,930 |
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2,874,122 |
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Wages and salaries |
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Senior Management |
510,147 |
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367,600 |
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Other staff salaries |
2,685,980 |
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2,222,636 |
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3,196,127 |
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2,590,236 |
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Average number of employees during the year |
Number |
Number |
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Administration |
39 |
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39 |
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Marketing |
7 |
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7 |
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Academic staff |
73 |
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55 |
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119 |
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101 |
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6 |
Taxation |
2024 |
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2023 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
381,626 |
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321,800 |
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Deferred tax: |
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Origination and reversal of timing differences |
67,967 |
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24,948 |
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Tax on profit on ordinary activities |
449,593 |
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346,748 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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Taxation (continued) |
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2024 |
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2023 |
£ |
£ |
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Profit on ordinary activities before tax |
1,678,895 |
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1,632,648 |
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Standard rate of corporation tax in the UK |
25% |
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21% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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419,724 |
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342,856 |
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Effects of: |
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Expenses not deductible for tax purposes |
6,901 |
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3,891 |
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Capital allowances for period in excess of depreciation |
(44,999) |
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(24,947) |
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Current tax charge for period |
381,626 |
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321,800 |
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7 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
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At cost |
£ |
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Cost or valuation |
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At 1 August 2023 |
524,089 |
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Additions |
303,252 |
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At 31 July 2024 |
827,341 |
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Depreciation |
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At 1 August 2023 |
211,063 |
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Charge for the year |
123,255 |
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At 31 July 2024 |
334,318 |
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Carrying amount |
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At 31 July 2024 |
493,023 |
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At 31 July 2023 |
313,026 |
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8 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
86,352 |
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31,808 |
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Other debtors |
1,663,485 |
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3,533,387 |
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1,749,837 |
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3,565,195 |
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9 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
1,827,430 |
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2,227,357 |
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Corporation tax |
393,763 |
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333,388 |
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Other taxes and social security costs |
84,496 |
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72,960 |
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Other creditors |
21,790 |
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712,915 |
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Accruals and deferred income |
223,177 |
|
375,469 |
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2,550,656 |
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3,722,089 |
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10 |
Deferred taxation |
2024 |
|
2023 |
£ |
£ |
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Accelerated capital allowances |
123,256 |
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55,289 |
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2024 |
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2023 |
£ |
£ |
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At 1 August |
55,289 |
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30,341 |
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Charged to the profit and loss account |
67,967 |
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24,948 |
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At 31 July |
123,256 |
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55,289 |
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11 |
Share capital |
Nominal |
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2024 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
425,649 |
|
425,649 |
|
425,649 |
|
|
|
|
|
|
|
|
|
|
12 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 August |
3,408,570 |
|
2,122,670 |
|
Profit for the financial year |
1,229,302 |
|
1,285,900 |
|
|
At 31 July |
4,637,872 |
|
3,408,570 |
|
|
|
|
|
|
|
|
|
|
13 |
Other financial commitments |
|
|
Total future minimum lease payments under non-cancellable operating leases: |
|
|
|
Land and buildings |
|
Land and buildings |
Other |
Other |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
£ |
£ |
£ |
£ |
|
Falling due: |
|
within one year |
700,000 |
|
700,000 |
|
- |
|
- |
|
within two to five years |
700,000 |
|
1,400,000 |
|
- |
|
- |
|
|
1,400,000 |
|
2,100,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
14 |
Related party transactions |
|
|
The company made a loan of £3,936,752 to WIC Property Ltd to purchase a freehold property which is rented to the company at an annual rent of £440,000. The balance outstanding on the loan at the balance sheet date was £1,576,295 (2023 £3,448,627). The company director, Hassan Ashraf is a director of WIC Property Ltd and the shareholders in the Company hold shares in WIC Property Ltd in the same proportion as the company. |
|
|
15 |
Controlling party |
|
|
The ultimate controlling party is Hassan Ashraf, Abir Mehmood and Waheed Ur Rehmann Mian. |
|
|
16 |
Presentation currency |
|
|
The financial statements are presented in Sterling and rounded to the nearest pound. |
|
|
17 |
Legal form of entity and country of incorporation |
|
|
Waltham International College Limited is a private company limited by shares and incorporated in England. |
|
|
18 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
|
Glebe House |
|
Vicarage Drive |
|
Barking |
|
IG11 7NR |