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Registration number: 05798511

London Skills & Development Network Limited
Annual Report and Financial Statements
for the Year Ended 31 July 2025

London Skills & Development Network Limited

Contents

Company Information | 1
Director's Report | 2 to 4
Statement of Director's Responsibilities | 5
Independent Auditor's Report | 6 to 8
Income Statement | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 to 16
Detailed Profit and Loss Account | 17 to 18

London Skills & Development Network Limited

Company Information

Director | V S Ramond

Company secretary | Carol Hurd

Registered office | 2nd Floor East Entrance Suffolk House George Street Croydon CR0 0YN

Bankers | Metro Bank One Southampton Row London WC1B 5HA

| Barclays Bank 1 Churchill Place London E14 5HP

Auditors | Moracle Limited Chartered Certified Accountants and Registered Auditors 960 Capability Green Luton LU1 3PE

London Skills & Development Network Limited

Director's Report for the Year Ended 31 July 2025

The report and the financial statements for the year ended 31 July 2025.

Incorporation

The company was incorporated on 27 April 2006.

Director of the company

The director who held office during the year was as follows:

V S Ramond

Principal Activity
LSDN is a social enterprise providing youth and adult education, employment support and informal learning.

LSDN Social Value and Social Impact Statement
2024/2025

London Skills & Development Network (LSDN) is a Certified Member of Social Enterprise UK. As such, all surpluses and any profits are reinvested in meeting the organisation’s social objectives. LSDN delivers youth and adult education and skills training across London and the surrounding areas. LSDN’s primary aim is to develop and deliver high-quality learning programmes that help individuals acquire meaningful and sustainable skills which positively impact their lives at home, at work, and in the community. This aim is fully reflected in every aspect of LSDN’s curriculum strategy and approach.
Mission Statement
Our mission is to enhance the life chances, economic independence, and social mobility opportunities of our students by helping them develop the necessary technical, academic and life skills to enable them to realise their fullest potential at home, in the workplace and within the community. We work in partnership with other service providers and local communities to achieve the best possible results for each of our students and their families.

LSDN target groups
Our learners come from across Greater London and represent the diversity of London’s communities - different cultures, faiths, ethnic and social backgrounds. Our learners have varied levels of prior attainment and educational achievement; some may have struggled academically or faced family and personal circumstances that disrupted their education. We recognise that many of our learners face multiple barriers to participation.
Some learners may initially demonstrate attitudes and behaviours that are not conducive to learning or demonstrate a reluctance to engage fully in the learning process due to prior experiences. Many LSDN learners have experienced significant setbacks in their lives, including involvement in the criminal justice system, domestic abuse, substance misuse, physical or mental ill health, homelessness or residing in temporary accommodation, amongst others. Around one quarter of our learners have a declared disability, learning need or learning difficulty.
As part of its remit, LSDN seeks to address the various barriers and challenges faced by our learners. We aim to support and empower our learners to develop independent learning skills, improve their resilience, and adopt positive attitudes to learning. The additional services and support provided at LSDN are crucial in helping learners successfully achieve their learning programmes and progress towards positive outcomes.

London Skills & Development Network Limited

Director's Report for the Year Ended 31 July 2025 (continued)

Key achievements
This year, LSDN has had several notable achievements, including:
●Exceeded performance of Good Work Outcomes on the Jobs and Skills for Londoners (JSfL) programme.
●Successful contract extension of the GLA UKSPF NEET programme.
●Successful award of Skills Bootcamps for Londoners Wave 6 open competition.
●Successful award and delivery of the Pan-London Youth Trailblazer programme.
●Successful re-accreditation of Leaders in Safeguarding kitemark.

Social Value Impact
LSDN is committed to measuring its social impact and its positive contributions to the community. Our four key areas of priority in the period under review were as follows:
1. Widening access to education - 366 individuals accessed courses and Learning Programmes at LSDN in the 2024/25 academic year.
2. Sustainability and the environment - 308 sustainability and green skills courses delivered in the 2024/25 academic year.
3. Inclusion and social engagement - 224 vulnerable learners supported / 136 learners with disabilities and learning differences supported in 2024/25 academic year.
4. Reducing offending behaviour - 70 existing and ex-offenders supported in 2024/25

London Skills & Development Network Limited

Director's Report for the Year Ended 31 July 2025 (continued)

Disclosure of information to the auditors

The director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information of which the company's auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Moracle Limited Chartered Certified Accountants and Registered Auditors as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

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

Approved and authorised by the director on 11 March 2026

......................................... V S Ramond Director

London Skills & Development Network Limited

Statement of Director's Responsibilities

The responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

London Skills & Development Network Limited

Independent Auditor's Report to the Members of London Skills & Development Network Limited

Opinion

We have audited the financial statements of London Skills & Development Network Limited (the 'company') for the year ended 31 July 2025, which comprise the Income Statement , Statement of Financial Position, and 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 FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director 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. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

London Skills & Development Network Limited

Independent Auditor's Report to the Members of London Skills & Development Network Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of director's remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit; or
• | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations most directly relevant to the company as the Companies Act 2006, FRS 102, and the regulatory requirements of the ESFA and GLA. We addressed the risk of management override of controls by testing journal entries and evaluating estimates for potential bias, and assessed fraud risk in revenue recognition by verifying grant income cut-off and post year-end receipts. Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements may not be detected.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

London Skills & Development Network Limited

Independent Auditor's Report to the Members of London Skills & Development Network Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Morlai Kargbo (Senior Statutory Auditor)
For and on behalf of Moracle Limited Chartered Certified Accountants and Registered Auditors
960 Capability Green
Luton
LU1 3PE

11 March 2026

London Skills & Development Network Limited

Income Statement for the Year Ended 31 July 2025

| Note | 2025 £ | 2024 £
Turnover |  | 1,789,384 | 1,782,310
Cost of sales |  | (320,535) | (347,149)
Gross profit |  | 1,468,849 | 1,435,161
Administrative expenses |  | (1,445,630) | (1,409,899)
Operating profit |  | 23,219 | 25,262
Other interest receivable and similar income |  | 353 | 427
Interest payable and similar expenses |  | (4,531) | (387)
|  | (4,178) | 40
Profit before tax | 6 | 19,041 | 25,302
Tax on profit |  | (4,927) | (6,044)
Profit for the financial year |  | 14,114 | 19,258

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

London Skills & Development Network Limited

(Registration number: 05798511)
Statement of Financial Position as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 7 | 15,049 | 21,943
Current assets |  |  |
Debtors | 8 | 518,487 | 453,290
Cash at bank and in hand |  | 7,799 | 26,644
|  | 526,286 | 479,934
Creditors: Amounts falling due within one year | 9 | (257,520) | (227,890)
Net current assets |  | 268,766 | 252,044
Total assets less current liabilities |  | 283,815 | 273,987
Creditors: Amounts falling due after more than one year | 9 | (4,855) | (9,141)
Net assets |  | 278,960 | 264,846
Capital and reserves |  |  |
Called up share capital | 10 | 1 | 1
Retained earnings |  | 278,959 | 264,845
Shareholders' funds |  | 278,960 | 264,846

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 11 March 2026

......................................... V S Ramond Director

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor
East Entrance Suffolk House
George Street
Croydon
CR0 0YN

These financial statements were authorised for issue by the director on 11 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The following specific policies are applied to specific categories of income:
• Grants are recognized as income when the company becomes unconditionally entitled to them, while performance-related grants are recognized as the related conditions are met.
• Investment income, including interest, is recognized when receivable.
• Rental income from leased properties is recognized on a straight-line basis over the lease term unless another systematic basis is more representative of the rental period.

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Assets costing more than £500 are capitalised.Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 25% Reducing Balance
Office equipment | 25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2 | Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

VAT
The company is not registered for VAT.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors 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 including expectations of future events that are believed to be reasonable under the circumstances. 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

| 3 | Revenue

| 2025 £ | 2024 £
Youth Education and Employment Programmes (ESFA and UKSPF) | 603,601 | 279,359
Adult Education and Skills Programmes (GLA/DfE) | 1,171,838 | 1,191,256
Net Zero and Retrofit Skills (NCC/DESNZ) | - | 132,911
Other Income | 13,945 | 178,784
| 1,789,384 | 1,782,310

4 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 640,052 | 588,662
Social security costs | 67,353 | 53,970
Pension costs, defined contribution scheme | 18,866 | 15,776
Other post-employment benefit costs | - | 23,932
| 726,271 | 682,340

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

4 | Staff costs (continued)

The average number of persons employed by the company (including the director) during the year, was 23 (2024 : 23).
The number of employees receiving remuneration in the following bands was:
£60,000 - £70,000: Nil (2024: Nil)
£70,000 - £80,000: Nil (2024: 1)
£80,000 - £90,000: 1 (2024: Nil)
The total employee benefits of the senior management team amounted to £81,293 (2024: £79,310).

5 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 7,800 | 7,800

6 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 6,895 | 7,113

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

7 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 August 2024 | 88,899 | 88,899
At 31 July 2025 | 88,899 | 88,899
Depreciation
At 1 August 2024 | 66,955 | 66,955
Charge for the year | 6,895 | 6,895
At 31 July 2025 | 73,850 | 73,850
Carrying amount
At 31 July 2025 | 15,049 | 15,049
At 31 July 2024 | 21,943 | 21,943

8 | Debtors

| 2025 £ | 2024 £
Trade and other debtors | 503,041 | 446,218
Other Debtors | 15,446 | 7,072
| 518,487 | 453,290

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 75,929 | 9,672
Trade creditors |  | 69,924 | 123,290
Taxation and social security |  | 95,167 | 87,128
Other Creditors |  | 16,500 | 7,800
|  | 257,520 | 227,890

London Skills & Development Network Limited

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

9 | Creditors (continued)

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 4,855 | 9,141

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 1 | 1 | 1 | 1

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank and other borrowings | 4,855 | 9,141

Current loans and borrowings

| 2025 £ | 2024 £
Bank and other loans | 33,756 | 9,672
Bank overdrafts | 42,173 | -
| 75,929 | 9,672

12 | Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 81,293 | 79,310
Contributions paid to money purchase schemes | 1,761 | 1,716
| 83,054 | 81,026

London Skills & Development Network Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2025

| 2025 £ | 2024 £
Turnover/revenue | 1,789,384 | 1,782,310
Cost of sales |  |
Direct Costs | (320,535) | (347,149)
Gross profit | 1,468,849 | 1,435,161
Administrative expenses |  |
Audit and accountancy audit costs | (7,800) | (7,800)
Advertising, promotions and marketing costs | (895) | (6,277)
Rent, rates and services costs | (151,540) | (147,815)
Utilities costs | (5,161) | (3,590)
Other repairs and maintenance costs | (15,564) | (4,097)
Cleaning costs | (37,704) | (33,151)
Depreciation of fixed assets | (6,895) | (7,113)
Volunteer Costs | (4,227) | (5,391)
Wages and salaries excluding directors | (558,759) | (509,352)
Social security costs excluding directors | (56,605) | (44,281)
Pension costs defined contribution schemes excluding directors | (17,105) | (14,060)
Other staff costs excluding directors | - | (23,932)
Staff costs excluding directors | (632,469) | (591,625)
Salaries and fees, directors | (81,293) | (79,310)
Social security costs, directors | (10,748) | (9,689)
Company contributions to money purchase plans, directors | (1,761) | (1,716)
Staff costs, directors | (93,802) | (90,715)
Non-bank interest and similar charges | (4,531) | (387)
Consultancy costs | (123,212) | (160,526)
Security Costs | (13,239) | (14,838)
Travel and subsistence | (407) | (1,283)
Legal and professional costs | (7,414) | (5,971)
Bad debts and impairment losses | (7,488) | -
Bank charges | (1,545) | (1,414)
Insurance costs | (8,286) | (5,962)
Telephone and internet services | (35,908) | (22,986)
Printing, postage and stationery | (5,546) | (9,381)
Equipment Rental Costs | (6,264) | (4,958)
Social Value Funds | (80,670) | (119,552)
Staff Training & CPDs | (49,750) | (76,929)
Subscriptions & Accreditation | (95,729) | (64,308)
Other costs | (54,115) | (24,217)

London Skills & Development Network Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2025 (continued)

| 2025 £ | 2024 £
Other operating income |  |
Other items |  |
Profit on ordinary activities before finance charges and interest | 23,219 | 25,262
Bank interest and similar income receivable | 353 | 427
Profit on ordinary activities before taxation | 19,041 | 25,302
Tax on profit or loss on ordinary activities | (4,927) | (6,044)
Profit for the financial year | 14,114 | 19,258