Charity registration number 1027932
Company registration number 2804123 (England and Wales)
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr B Vedrenne Cloquet
Mrs J Louvrier
Mr N Mair
Mr L M M Barthier
Mr S M A Rambosson
Mrs S M Rowan
Mrs Alexandra Paton
Mrs C. Denoiseux
Mr P. Duban
Mrs Elodie Schwob
(Appointed 9 January 2024)
Mr C De Malzac De Sengla
(Appointed 16 January 2025)
Charity number
1027932
Company number
2804123
Registered office
87 Holmes Road
London
NW5 3AX
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Barclays Bank PLC
1 Church Hill Place
London
E14 5HP
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
CONTENTS
Page
Trustees report
1 - 6
Statement of Trustees responsibilities
7
Independent auditor's report
8 - 11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The Trustees present their report and accounts for the year ended 31 August 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in 2015.

The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity’s focus is on the education of pupils of both French and other nationalities, following a French or broader academic curriculum.

The trustees have carefully considered the Charity Commission's general guidance on public benefit, in particular its supplementary guidance on advancing education and fee charging.

The charity aims to provide a bilingual and bicultural education to pupils aged three to 16, to encourage academic excellence that exceeds the minimum requirements set by the French Ministry of Education. The school is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share this commitment.

The school is non-selective academically, welcoming pupils of all abilities, as well as pupils from all social and economic backgrounds.

The charity is a non-associated independent school, which teaches pupils to respect British values and to embrace the richness and cultural diversity that the school offers.

The school follows the regulations set by the Agence pour l'Enseignement Français à l'Étranger (AEFE), with the status of an "école homologuée". This accreditation enables pupils to receive means-tested bursaries for all or part of the cost of school fees. Between September 2023 and August 2024, 14 pupils (2%) were recipients of bursaries. Bursaries represent a total of £138,940 of fees received by the Collège Français Bilingue de Londres Ltd in 2024 (2023: £171,680).

As an equal opportunity organisation, the charity is also committed to ensuring that appropriate policies, procedures and practices are in place to create a working environment free from discrimination, in which individuals from diverse backgrounds can realise their potential.

The charity actively opposes all forms of unlawful and unfair discrimination and strives to ensure fair treatment for all, including existing and prospective staff, pupils, parents and those accessing school resources and facilities, regardless of race, disability, sex, religion and belief, marriage and civil partnership, pregnancy and maternity, sexual orientation, gender reassignment and age. The board of trustees has an Equality, Diversity and Inclusion Committee comprised of trustees, senior school management, the SENCO and EDI coordinator.

The strategies in place to achieve the charity's aims and objectives are to:

- Organise ongoing staff training to improve academic performance through both the AEFE training programme and local training courses.

- Provide a bilingual education by delivering the curriculum equally in English and French in the Primary section, and in the Secondary section by teaching certain subjects (e.g. Art, Music and Maths) only in English, others (e.g. Sport) partly in English and the remainder only in French.

- Place a strong emphasis on after-school activities, with sports and cultural activities, including music and arts.

Decisions on which activities the charity should undertake have been made in light of the guidance issued by the Charity Commission.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

Volunteers

 

The charity also relies on voluntary help, involving community members. In addition to staff who work at the school, over 40 volunteers assist occasionally with accompanying pupils and organising events, in order to enable lower staff costs and more activities than would otherwise be the case. Most volunteers are parents.

 

Achievements and performance

At 31 August 2024, there were 704 pupils registered at the school; the total number registered from September 2024 is expected to rise and be closer to the maximum of 740 authorized by the Department for Education, with an opening of a new nursery class in September 2023. The school's fee income was £9,377,290 for the YE 31.08.24 (2023: £8,549,229) (note 3).

The most recent standard inspection by Ofsted (in September 2022) rated the early years school as Outstanding and the primary and secondary school as Good.

The school’s most recent Primary section inspection (in 2022) by the AEFE highlighted the school’s dynamism, pupils’ impressive progress and the strength of the teaching projects.

The trustees place great importance on safety and security. Procedures and risk assessments are regularly reviewed. The school regularly reviews its security procedures in conjunction with the security officer at the French Embassy in London.

Financial review

In 2024, the school spent a total of £9,917,596 (2023: £8,923,399), principally on employment costs at £5,599,997 (2023: £4,901,668) (Note 11) and premises costs of £2,424,591 (2023: £2,377,923) (Note 6). Income was more than resources expended in 2024, resulting in a surplus of £646,725 (2023: £615,397). The total of Restricted and Unrestricted reserves at the end of 2024 stood at £3,164,596 (2023: £2,517,871).

Restricted reserves is still to £10,000 (2023: £10,000) at the end of 2024. Unrestricted reserves stood at £3,154,596 at 31 August 2024 (2023: £2,507,871) due to a £646,725 increase in 2024.

Reserves policy

The charity’s need for reserves are determined in accordance with guidance from the Charity Commission.

The trustees consider that unrestricted reserves of between three and six months’ expenditure will ensure that, in the event of a significant drop in funding or exceptional expenses, the charity’s current activities will be able to continue while considering ways to raise additional funds.

On 9 November 2020, the trustees adopted a reserves and budget policy aimed at returning the school’s free reserves to a minimum of £2,230,000 by 2025/​2026, equivalent to a minimum of three months of expenses approximately.

The charity's reserves continued to grow and reached the minimum desired level (minimum of 3 months’ expenditure) as of 31 August 2023.

Risk management

 

The trustees, assisted by the charity’s management, have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.

A risk management plan is in place whereby if risks are identified, they are, when required, delegated to various committees with the relevant skills and experience to assess and manage the risks. The committees may also establish a system of controls necessary to manage these risks.

 

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The principal risks to which the charity is exposed are:

The trustees have a risk management strategy, which comprises:

Key controls include:

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

Impact of UK Immigration laws and regulations

 

The trustees monitor on an ongoing basis the implications of UK immigration laws and regulations on the school’s future operations, particularly on pupil places and the recruitment and retention of staff.

The school has taken various measures to attract new pupils, including increased and focused marketing, adapting its teaching offer to encourage pupils to transfer from the UK education system, adjusting the number of classes per level in response to demand. It expanded its current nursery provision by opening a new nursery class from September 2023.

The school has not experienced difficulties in recruiting or retaining staff. The trustees believe that the local labour pool combined with staff hired through the school's Skilled Workers Immigration Sponsor Licence granted in 2021 should be sufficient for its future needs.

Therefore, the trustees consider that the potential adverse impact on future operations is manageable and that the school will be able to adapt to changing market conditions.

Potential impact of inflation, rise in taxes and levy on VAT

Trustees acknowledge and recognise the impact of inflation, rise in taxes, suppression of the tax relief on business rate and the impact on VAT on families’ available income and ability to afford school fees. Each year, the school is trying to limit fee increases to a reasonable amount in order to impact families as little as possible. For FY 25/26, the trustees decided not to increase the school fees (before VAT).

Plans for future periods

During the school year 2024-2025, the school will continue its aim to provide an excellent French bilingual education in the Primary section and to provide further English and multilingual options in the Secondary section.

A new secondary Deputy-Headteacher joined the school in September 2023. The management team continues to implement the school's Strategic Plan (Projet d’Etablissement) for 2020-2023. The key areas of development are: a Living Together program from ages three to 16, becoming increasingly multilingual, developing a more inclusive school, redefining IT resources for teaching pupils and more recycling & other environmentally-friendly measures.

The Charity opened two new Early Years Foundation Stage classes (at Nursery levels) in September 2020, an additional class in September 2023 and is still considering opening a new site for its Early Years in the coming years.

 

Structure, governance and management

Governing document

The charity is controlled by its governing documents, the memorandum and articles of association and is constituted as a company, limited by guarantee, as defined by the Companies Act 2006. Under its articles of association, all trustees automatically become members upon appointment and cease to act as members when they cease to be trustees. 

 

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The Trustees, who are also the Directors and Members for the purpose of company law, and who served during the year were:

Mr B Belhomme
(Resigned 2 July 2024)
Mr B Vedrenne Cloquet
Mrs J Louvrier
Mr N Mair
Mr L M M Barthier
Mr S M A Rambosson
Mr R Short
(Resigned 29 April 2024)
Mrs S M Rowan
Mrs Alexandra Paton
Mrs C. Denoiseux
Mr P. Duban
Mrs Elodie Schwob
(Appointed 9 January 2024)
Mr C De Malzac De Sengla
(Appointed 16 January 2025)

Key management personnel:

 

Senior management personnel of the Charity:

Mr D Gassian Headteacher (since 01.09.2021)

Mrs M Lacasssage,Deputy Head, primary and nursery sections (since 01.09.21)

Mr Jean Saillard, Deputy Head, Secondary section (until 31.08.24), replaced by Mr Patrice Allegre (from 01.09.24)

Mrs Ladecky, Head of Finance & Administration(since 01.09.21)

Trustee training and recruitment

The trustees recognise that the governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. Under the revised articles, the board comprises an equal number of elected parents (“Parent trustees”) and non-parent individuals (“Non-Parent trustees”). When recruiting new trustees, a passion for the work of the school and an understanding of the education sector is important.

When a Parent trustee retires, the school, in conjunction with its parents’ association, contacts the parental community to ask for suitable candidates to present themselves for election by the other parents. The elected candidate(s) is then submitted to the appointment of the remaining Parent trustees.

When a Non-Parent trustee retires, the remaining Non-Parent trustees co-opt a new Non-Parent trustee based on his/​her skills. The clerk to the governors is responsible for the induction of new governors, who are briefed individually. The clerk also provides the board with guidelines on effective trusteeship and information on training and best practice. Trustees are encouraged to attend school events.

Organisational structure

 

The names of the current directors and those who held office during the financial year are set out above.

The directors, who are the trustees for the purposes of the Charities Act 2011, conduct the operations of the charity. Full-time paid employees undertake day-to-day management of the school. The board of directors meets at least twice per school term to discuss the affairs of the charity as a whole.

There are a number of committees, which meet regularly and report to the board. The principal committees are the finance committee, the health and safety committee, safeguarding committee and the human resources committee, all of which meet at least once per term.

The day-to-day running of the school is delegated to the headteacher and the senior management team including the two deputy heads and the head of finance and administration.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

Pay policy for senior staff

 

The senior management team comprises the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis.

The salaries of all the members of senior staff are reviewed annually by the charity's human resources committee and increased in accordance with its pay policy.

Related parties and co-operation with other organisations

 

None of our trustees receives remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with a head teacher, teachers, etc. must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year, no such connection was reported other than each Parent trustee having at least one child on the school roll.

The charity has a close relationship with Lycée International de Londres, which shares the charity’s passion for education and where most of the charity’s students continue their education when they finish their schooling at the Collège Français Bilingue de Londres. This collaboration aims to maximise the benefits to young people in their respective local communities.

KT Educational Charitable Trust (KTECT), previously known as French Education Property Trust (FEPT), is the school’s landlord under a lease for the premises at 87 Holmes Road, London NW5 3AX between KTECT and the charity.

Auditor

A resolution proposing that KLSA LLP will be reappointed as auditors of the company will be put to the charity's members at the next AGM.

The Trustees report was approved by the Board of Trustees.

Mr B Vedrenne Cloquet
Mr L M M Barthier
Trustee
Trustee
29 April 2025
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
STATEMENT OF TRUSTEES RESPONSIBILITIES  
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

The Trustees, who are also the directors of College Francais Bilingue de Londres Ltd for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the Charity Trustees' to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these accounts, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
- 8 -

Opinion

We have audited the financial statements of College Francais Bilingue de Londres Ltd (the ‘charity’) for the year ended 31 August 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, 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 charity 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 Trustees 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 charity’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 Trustees 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 annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the Trustees report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, 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 Trustees 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 Trustees are responsible for assessing the charity’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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities , including fraud and non-compliance with laws and regulations

To identify risks of material misstatement due to any irregularities, including fraud and non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
- 10 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

 

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: OFSTED Inspections and healthcare and safety legislation regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards; for instance, any non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
- 11 -

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Shilpa Chheda (Senior Statutory Auditor)
for and on behalf of KLSA LLP
29 April 2025
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL

KLSA LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income and endowments from:

Incoming resources from charitable activities French School

3
10,436,594
-
10,436,594
9,404,964

Investment and rental income

4
115,320
-
115,320
33,532
Other income
5
12,407
-
12,407
100,300
Total income
10,564,321
-
10,564,321
9,538,796
Expenditure on:
Charitable activities
6
9,917,596
-
9,917,596
8,923,399
Net income for the year/
Net movement in funds
646,725
-
646,725
615,397
Fund balances at 1 September 2023
2,507,871
10,000
2,517,871
1,902,474
Fund balances at 31 August 2024
3,154,596
10,000
3,164,596
2,517,871

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
817,048
672,592
Current assets
Debtors
14
7,208,654
289,285
Cash at bank and in hand
6,524,032
4,154,095
13,732,686
4,443,380
Creditors: amounts falling due within one year
15
(10,615,109)
(1,840,571)
Net current assets
3,117,577
2,602,809
Total assets less current liabilities
3,934,625
3,275,401
Provision for other liabilities
17
(770,029)
(757,530)
Net assets
3,164,596
2,517,871
The funds of the charity
Restricted income funds
19
10,000
10,000
Unrestricted funds
20
3,154,596
2,507,871
3,164,596
2,517,871

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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 Trustees on 29 April 2025
Mr B Vedrenne Cloquet
Mr L M M Barthier
Trustee
Trustee
Company registration number 2804123 (England and Wales)
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,524,859
757,353
Investing activities
Purchase of tangible fixed assets
(270,242)
(331,205)
Investment income received
115,320
33,532
Net cash used in investing activities
(154,922)
(297,673)
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
2,369,937
459,680
Cash and cash equivalents at beginning of year
4,154,095
3,694,415
Cash and cash equivalents at end of year
6,524,032
4,154,095
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
1
Accounting policies
Charity information

College Francais Bilingue de Londres Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 87 Holmes Road, London, NW5 3AX.

 

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's deeds, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In assessing the Charity's ability to continue as a going concern, the Board of Governors have considered the financial position and performance of the Charity.

 

The charity is self-financed through it's operation is therefore independent of any external financial support.

 

On the basis of this, the trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future.  Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. These financial statements are prepared on the going concern basis.

 

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from school fees is recognised in the period to which it relates.

 

Income comprises donations, school fees and related charges, extra-curricular activities and catering income.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -

Donations are recognised when the Charity has confirmation of both the amount and settlement date.

 

Donated equipment and facilities provided to the Charity are recognised in the period when it is probable that the economic benefits will flow to the Charity, provided they can be measured reliably. This is normally when the equipment is provided/the facilities are used by the Charity. An equivalent amount is included in fixed assets or as an expenditure.

 

Donated equipment and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain facilities or services of equivalent economic benefit on the open market.

School fees and other charges are credited to the statement of financial activities on an accruals basis.

 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

 

Rental income represents amounts receivable from from rent charged to the French community that uses the school premises for French and German lessons.

 

Deferred income

School fees and registration fees is billed in advance of the oncoming school term and are recognised in the accounting period to which they relate.

1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and is stated inclusive of irrecoverable VAT.

 

Charitable expenditure comprises expenditure incurred in carrying out the school's main activity of the provision of education and comprises:

- Teaching costs - the cost of teaching and support staff salaries, included pension and national insurance costs, books and other tuition expenses, and the cost of games and activities.

- Welfare costs - all domestic costs associated with the school, including employment costs, consumables and catering costs

- Premises costs - all domestic costs associated with the premises, grounds and estates.

- School management and administration - the costs of general administration and management of the school.

- Governance costs include costs which are directly attributable to legal procedures necessary for compliance on statutory requirements.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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:
Improvements to property
6.67% on cost
Plant and machinery
20%  on cost
Fixtures, fittings & equipment
10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charitys balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Provisions

Provisions are recognised when the Charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The pension scheme provider for the Charity's teaching staff is the Aviva Life & Pensions UK Ltd and for its non-teaching staff is the Teachers' Pension Scheme . Both schemes operate as defined contribution schemes and the Charity makes contributions for those members of staff who elect to join those schemes.

 

Contributions are charged to the statement of financial activities when they are payable to the schemes. The Charity has no liability beyond making its contributions to each scheme and paying across the deductions for the employee contributions.

 

1.13

Funds accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. In the previous financial year, the Charity used the grants, donations and gifts it received to acquire fixed assets and the related funds were classified as restricted. The annual depreciation expense for such fixed assets reduces the balance of those restricted funds.

1.14

Comparatives

There were no changes in presentation in the current year.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
2
Critical accounting estimates and judgements

In the application of the Charitys accounting policies, the Trustees are 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.

Critical judgements
Provision for dilapidations

Management has recognised provisions for dilapidations and major repairs in its financial statements which requires management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

Useful lives of improvement in property and plant and machinery

Management reviews the useful lives and residual lives of the items of Improvement in property and plant and machinery on a regular basis.

Impairment of receivables

Management reviews their portfolio of receivables on a regular basis. In determining whether receivables are impaired and provision for bad debts is recognised, management makes judgements as to whether there is any evidence indicating that there is a measurable decrease in the estimated future cash flows expected.

3

Incoming resources from charitable activities French School

School fees
Registration fees
Other income
Total
2024
Total
2023
2024
2024
2024
£
£
£
£
£

Income within charitable activities

9,377,290
376,505
682,799
10,436,594
9,404,964

Other income relating to income within charitable activities amounting to £682,799 (2023: £557,413) comprises mainly of payments from pupils' families to cover after-school club activities.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
4

Investment and rental income

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
109,349
31,228
Rental income
5,971
2,303
115,320
33,532

The rental income was received from hire of part of the school’s premises to the French Institute while the interest income was earned from treasury deposits and from saving accounts.

 

5
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Miscellaneous income

12,407
100,300

This mainly relates to a donation received from AEFE (£10,828) and from the Camden Council.

 

The prior year other income relates to a charity donation (£100,000) received from the landlord KTECT as approved by the KTECT Trustees to be used for educational improvements.

6
Charitable activities
French School

Governance costs

Total
2024
Total
2023
2024
2024
£
£
£
£
Staff costs
4,251,700
-
4,251,700
3,702,576

Catering costs

534,567
-
534,567
523,140

Premises costs

2,424,591
-
2,424,591
2,377,923
7,210,858
-
7,210,858
6,603,639
Share of support costs (see note 8)
2,452,810
-
2,452,810
2,154,756
Share of governance costs (see note 8)
-
253,928
253,928
165,004
9,663,668
253,928
9,917,596
8,923,399
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
7
Description of charitable activities
Support costs

Staff costs relate to salaries, social security costs and pension for Teachers and Technical staff.

Premises costs relate mainly to rent costs of the building, rent cost of the sports hall, utilities costs, maintenance costs, insurance costs and business rates.

 

 

8
Support costs allocated to activities
2024
2023
£
£
Administration Staff costs
1,348,297
1,199,092
Depreciation
125,785
82,218
Management & Administration
978,728
873,446
Governance costs
253,928
165,004
2,706,738
2,319,760
Analysed between:
Support costs
2,452,810
2,154,756
Governance costs
253,928
165,004
2,706,738
2,319,760
Governance costs consist of consist of payments to auditors for audit fees and to service providers for legal and professional advice.
Administration staff costs  relate to non teaching staff (administration andmanagement). Management and administration relate mainly to AEFE commissions, marketing costs, HR costs, cleaning costs and staff discounts.
9
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
20,520
16,000
Depreciation of owned tangible fixed assets
105,209
82,218
Loss on disposal of tangible fixed assets
20,576
-
10
Trustees

None of the Trustees (or any persons connected with them) received any remuneration from the Charity during the year. In the year no trustees were reimbursed for expenses from the Charity during the year, for hotel and travel costs when attending meetings at the School.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
11
Employees

The average monthly number of employees during the year (not FTE employees) was:

2024
2023
Number
Number
Teaching
55
56
Technical staff
26
26
Non teaching
21
20
Total
102
102
Employment costs
2024
2023
£
£
Wages and salaries
4,688,727
4,129,326
Social security costs
516,446
448,180
Other pension costs
394,824
324,162
5,599,997
4,901,668

The key management personnel of the Charity comprise the Trustees, Head teacher, two Deputy Heads and the Head of Finance & Administration, Human Resource Manager, Legal & admin Manager and Marketing, Communication and Admission Manager. The total remuneration of key management personnel during the period was £530,810 (2023: £499,680).

The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,000 - £70,000
4
1
£70,001 - £80,000
3
2
£100,001 - £110,000
1
1
£110,001 - £120,000
1
1
12
Taxation

The Charity is exempt from corporation tax on its charitable activities.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
13
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023
748,748
951,920
698,758
2,399,426
Additions
230,690
35,912
3,640
270,242
Disposals
(25,140)
-
(25,659)
(50,799)
At 31 August 2024
954,298
987,832
676,739
2,618,869
Depreciation and impairment
At 1 September 2023
346,299
773,321
607,214
1,726,834
Depreciation charged in the year
31,570
55,702
17,937
105,209
Eliminated in respect of disposals
(11,732)
-
(18,490)
(30,222)
At 31 August 2024
366,137
829,023
606,661
1,801,821
Carrying amount
At 31 August 2024
588,161
158,809
70,078
817,048
At 31 August 2023
402,449
178,599
91,544
672,592

In the opinion of the trustees, there is no impairment in the value of tangible fixed assets.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,932,489
10,347
Other debtors
39,099
92,150
Prepayments and accrued income
237,066
186,788
7,208,654
289,285

Prepayments comprise mainly of use of an external gym, business rates, professional fees and insurance expenses.

COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Taxation and social security
111,476
105,578
Advance fee receipts
16
9,902,494
1,125,267
Trade creditors
369,199
345,928
Other creditors
73,006
62,402
Accruals
158,934
201,396
10,615,109
1,840,571
16
Deferred income

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Advance receipts of school fees and registration fees
9,902,494
1,125,267
16
Provisions for liabilities
2024
2023
£
£
Provision for dilapidation costs and major repairs
770,029
757,530
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
(Continued)
- 25 -
Movements on provisions:
Provision for dilapidation costs and major repairs
£
At 1 September 2023
757,530
Movement in provision
12,499
At 31 August 2024
770,029

The provision is intended to meet the Charity's obligations regarding repairs, redecoration and dilapidation costs having regard to the current condition of the premises and due consideration for compliance with the dilapidations liabilities within the relevant lease covenants. A report of the estimated cost was obtained on 24 May 2017 from Gerald Eve LLP Chartered Surveyors. FRS102 requires that basic debt instruments, including provisions for liabilities be measured at amortised cost using the effective interest rate.

 

FRS 102 has specific requirements for transactions that, in effect constitute a financing transaction. Such transactions must be measured at the present value of future cash flows at a market rate of interest that would apply to a similar debt instrument.

 

Accordingly, the provision for dilapidations estimated by the Surveyor have been discounted using the market interest rate.

 

The Charity's premises lease with its landlord KTECT was renewed on 1st September 2018 for a period of 30 years. The increase in the provision for the dilapidations at 31 August 2024 reflects the net present value based on discounting over a shorter remaining lease period than at 31st August 2024.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
394,824
324,162

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

19
Restricted funds

A Welfare Fund (the French Scholarship Foundation, a charity which is independent of the school) offers financial assistance to pay school fees to pupils' families who encounter exceptional financial difficulties during their time of study.


COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
20
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2023
Incoming resources
Resources expended
At 31 August 2024
£
£
£
£
General funds
2,507,871
10,564,321
(9,917,596)
3,154,596
Previous year:
At 1 September 2022
Incoming resources
Resources expended
At 31 August 2023
£
£
£
£
General funds
1,892,474
9,538,796
(8,923,399)
2,507,871
21
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 August 2024:
Tangible assets
807,048
10,000
817,048
Current assets/(liabilities)
3,117,577
-
3,117,577
Provisions
(770,029)
-
(770,029)
3,154,596
10,000
3,164,596
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 August 2023:
Tangible assets
662,592
10,000
672,592
Current assets/(liabilities)
2,602,809
-
2,602,809
Provisions
(757,530)
-
(757,530)
2,507,871
10,000
2,517,871
COLLEGE FRANCAIS BILINGUE DE LONDRES LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
22
Operating lease commitments
Lessee

At the reporting end date, the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,800,000
1,800,000
Between two and five years
7,200,000
7,200,000
In over five years
32,400,000
34,200,000
41,400,000
43,200,000
23
Related party transactions

There are no related party transactions in the reporting period that require disclosure.

24
Analysis of changes in net funds

The charity had no debt during the period.

25
Cash generated from operations
2024
2023
£
£
Surplus for the year
646,725
615,397
Adjustments for:
Investment income recognised in statement of financial activities
(115,320)
(33,532)
Loss on disposal of tangible fixed assets
20,576
-
Depreciation and impairment of tangible fixed assets
105,210
82,218
Movements in working capital:
(Increase) in debtors
(6,919,369)
(147,941)
(Decrease)/increase in creditors
(2,689)
128,675
(Decrease) in provisions
12,499
12,296
Increase in deferred income
8,777,227
100,239
Cash generated from operations
2,524,859
757,352
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