Page | |
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Strategic Report | 1—3 |
Directors' Report | 4—5 |
Independent Auditor's Report | 6—9 |
Profit and Loss Account | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13—23 |
Director
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13 February 2025
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Resigned |
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Director
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for and on behalf of
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T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
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2024 | 2023 | |||
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Notes | £ | £ | ||
TURNOVER | 4 |
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Cost of sales |
( |
( |
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GROSS PROFIT |
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Administrative expenses |
( |
( |
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Other operating income |
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OPERATING LOSS | 5 |
( |
( |
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Exceptional items | - | 2,319,076 | ||
Profit on revaluation of investment property |
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Other interest receivable and similar income | 10 |
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Interest payable and similar charges | 11 |
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( |
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(LOSS)/PROFIT BEFORE TAXATION |
( |
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Tax on (Loss)/profit | 12 |
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(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
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2024 | 2023 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 13 |
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Tangible Assets | 14 |
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CURRENT ASSETS | |||||
Debtors | 15 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 16 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 17 |
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Profit and Loss Account |
( |
( |
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SHAREHOLDERS' FUNDS | 2,198,262 | 1,381,051 | |||
Director
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Share Capital | Non-distributable reserve | Profit and Loss Account | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
As at 1 October 2022 |
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( |
(1,922,629) |
Profit for the year and total comprehensive income | - | - |
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943,245 |
Arising on shares issued during the period |
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- | - | 3,163,460 |
Fair value discounting adjustment | - | (803,025) | - | (803,025) |
As at 30 September 2023 and 1 October 2023 |
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( |
1,381,051 |
Loss for the year and total comprehensive income | - | - |
( |
(682,789) |
Arising on shares issued during the period |
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- | - | 1,500,000 |
As at 30 September 2024 |
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( |
2,198,262 |
Asset Class
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Amortisation method and rate
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Goodwill
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7 years straight line
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Development costs
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7 years straight line
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Website
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7 years straight line
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Short-term leasehold |
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Furniture, fittings and equipment |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Bursaries | (25,378) | (9,500) | |
Module fee income | 1,058,173 | 1,089,800 | |
Programme development income | - | 26,704 | |
1,032,795 | 1,107,004 | ||
2024 | 2023 | ||
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£ | £ | ||
Operating lease rentals |
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Depreciation of tangible fixed assets |
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Amortisation of intangible fixed assets |
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Impairment losses - intangible fixed assets |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Audit Services | |||
Audit of the company's financial statements |
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Other Services | |||
Other non-audit services |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Wages and salaries |
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Social security costs |
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Other pension costs |
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2024
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2023
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No.
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No.
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Academic staff
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7
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6
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Non-academic staff
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23
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19
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30
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25
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2024
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2023
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£
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£
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Basic salary
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169,500
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152,252
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Bonus
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14,125
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-
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Pension contributions
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5,509
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11,372
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Other benefits
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-
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1,913
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189,134
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165,537
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2024
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2023
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No.
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No.
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£105,000-£109,999
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1
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1
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£110,000-£119,999
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-
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-
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£120,000-£124,999
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-
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-
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£125,000-£134,999
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-
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-
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£135,000-£139,999
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1
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1
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£140,000-£149,999
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-
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-
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£150,000-£154,999
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-
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-
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£155,000-£164,999
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-
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-
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£165,000-£169,999
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1
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1
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3
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3
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2024 | 2023 | ||
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£ | £ | ||
Emoluments |
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Company contributions to money purchase pension schemes |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Other interest receivable | 95 | 195 | |
2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Foreign currency (gains)/losses |
( |
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Other finance charges |
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(144) | 1,375 | ||
The tax credit on the (loss)/profit for the year was as follows:
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Tax Rate | 2024 | 2023 | |||
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2024 | 2023 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 25.0% | 19.0% |
( |
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Deferred Tax | |||||
Deferred taxation |
( |
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Total tax charge for the period |
( |
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The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
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2024 | 2023 | ||||
£ | £ | ||||
Profit before tax | (1,868,931) | 943,245 | |||
Tax on profit at 25% (UK standard rate) |
( |
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Goodwill/depreciation not allowed for tax |
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Expenses not deductible for tax purposes |
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Capital allowances |
( |
( |
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Tax losses for which no deferred tax was recognised |
( |
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Revenue exempt from taxation |
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( |
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Total tax charge for the period | (1,186,142) | - | |||
Goodwill | Website | Internally generated software development costs | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at 1 October 2023 |
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Additions |
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As at 30 September 2024 |
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Amortisation | ||||
As at 1 October 2023 |
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Provided during the period |
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Impairment losses |
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As at 30 September 2024 |
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Net Book Value | ||||
As at 30 September 2024 |
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As at 1 October 2023 |
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Land & Property | |||
---|---|---|---|
Short-term leasehold | Furniture, fittings and equipment | Total | |
£ | £ | £ | |
Cost | |||
As at 1 October 2023 |
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Additions |
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Disposals |
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( |
( |
As at 30 September 2024 |
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Depreciation | |||
As at 1 October 2023 |
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Provided during the period |
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Disposals |
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( |
( |
As at 30 September 2024 |
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Net Book Value | |||
As at 30 September 2024 |
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As at 1 October 2023 |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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VAT |
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Amounts owed by group undertakings |
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Due after more than one year | |||
Deferred tax current asset |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals and deferred income |
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2024 | 2023 | ||
---|---|---|---|
£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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Later than five years | - |
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2024
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2023
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£
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£
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Grant income from the OfS
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-
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-
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Grant income from other bodies
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-
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-
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Fee income for taught awards (exclusive of VAT)
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1,075,985
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1,107,004
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Fee income for research awards (exclusive of VAT)
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-
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-
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Fee income from non-qualifying courses (exclusive of VAT)
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-
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-
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Non-fee income
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-
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-
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1,075,985
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1,107,004
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