REGISTERED NUMBER: 05809678 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 August 2025

for

Mont Rose College Of Management And

Sciences Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

16

Report of the Independent Auditors

19

Income Statement

23

Other Comprehensive Income

24

Statement of Financial Position

25

Statement of Changes in Equity

26

Statement of Cash Flows

27

Notes to the Statement of Cash Flows

28

Notes to the Financial Statements

29

DIRECTOR:

B Sheikh

REGISTERED OFFICE:

M R C Mont Rose House

412-416 Eastern Avenue

Ilford

IG2 6NQ

REGISTERED NUMBER:

05809678 (England and Wales)

AUDITORS:

First Assurance Services Limited

Chartered Accountant and Statutory Auditors

46 Wycliffe Road London SW11 5QR

Academic Review

Mont Rose College of Management and Sciences Limited (MRC) is dedicated to developing a high-quality, diverse professional workforce and student body that collaborate to achieve strategic goals, while strengthening

leadership and governance capability.

MRC has earned its reputation by providing quality teaching and tailored student support. Our passionate tutors are recognised within their professional fields. We value and teach our students in small groups, with ample social interaction between students and lecturers, providing an outstanding level of support. We ensure quality from the very first day.Students not only depart with an industry-recognised qualification, but also with the transferable skills needed to succeed and secure employment for their future.

MRC advances learning and knowledge through teaching and research, particularly in close association with industry and commerce. Engagement with employers remains fundamental to ensuring that our students are particularly well prepared for future careers. We offer a range of undergraduate and Higher National Certificate/Diploma (HNC/HND) courses, including Hospitality Management, Healthcare Practice

(Healthcare Management), Digital Technology for England (DTE), and Business Marketing, as well as full degree programmes in partnership with Buckinghamshire New University (BNU). MRC has an excellent record of accomplishment of high achievers, which defines our slogan "Excellence Through Learning." At our heart, we are an inclusive community and aim to reduce marginalisation. Therefore, equality of opportunity is central to our institution-wide strategies. Transparent procedures for challenging discrimination, harassment, and unacceptable behaviour are embedded and monitored through equality and diversity impact measures, ensuring that all students experience an inclusive, supportive, and conducive learning environment without any discrimination. This is also in line with our mission, i.e. "Encourage selfmotivated reasoning, independent and creative thinking to enhance students' capacity to learn". This overarching mission encompasses inclusivity and participation for all students and staff, ensuring that our diverse student body is inclusive, representative, and successful. We support them in reaching their academic and social potential.

We offer various skill workshops free of charge to our students and the local community to support their upskilling and reskilling, which in turn will enhance their employability prospects. In short, we aim to provide: high-quality education, learning and assessment across the whole College; relevant and supportive opportunities to all our students; support for the professional development of staff; improved and enriched services for students with learning difficulties and disabilities; embedded e-learning opportunities within all courses at the College; and diversity. It is worth noting that diversity is also a core aspect of our student engagement strategy. To foster an inclusive community, we host events such as Autism Awareness Day, Black History Month, Diwali, Eid, Christmas celebrations, International Women's Day, and other multicultural gatherings.

In short, while working on these aims, we are seeing continuous improvement in outcomes for all the students throughout their lifecycle. Equality of opportunity is central to us when developing institution-wide strategies. Equality of Opportunity is on the standing agendas of various committees and boards, where students are also members of these boards. This is to ensure that all our students are satisfied with the services we provide, promoting inclusivity

MRC Research Centre

On 18 June 2025, Mont Rose College of Management and Sciences Limited hosted its second annual Research Conference, themed: Future Proofing for a Resilient, Sustainable World: Innovating at the Intersection of Technology and Human Well-being.

Delivered in hybrid format and co-hosted with Buckinghamshire New University (BNU), the event welcomed over 300 in-person attendees and a global virtual audience. The Deputy Mayor of Redbridge attended as a special guest.

Keynote Speakers:

Prof. Sarah Williams Women in Public Relations

Dr. Saira Osama AI in Stroke Treatment

Ms. Tina Benbow Menopause in Academia

Ms. Sayeda Zain Innovation and Agility

Prof. Sainey Faye Transdisciplinary Sustainability

Ms. Abby Ghafoor Purposeful Change

The programme included eight oral presentations, nine poster sessions, and breakout discussions jointly facilitated by Mont Rose College of Management and Sciences Limited and Buckinghamshire New University staff. Awards were presented by Dr. Samson Ojo and Mr. Bilal Sheik, CEO of MontRose College of Management and Sciences Limited.

Following the success of the 2023 Research Conference, Mont Rose College of Management and Sciences Limited has submitted a book proposal to a publisher, aiming to publish selected papers and projects. This represents a significant step toward expanding the College’s academic publishing

profile.

Journal of Academic Reviews (JAR) continues to grow as a platform for staff and student scholarship across four themes:

Business and Innovation

Hospitality and Sustainability

Teaching and Education

Health and Social Care

The upcoming issue features strong contributions from the School of Health and Social Care,supported by enhanced editorial guidance and author development.

The College’s partnership with Buckinghamshire New University was further strengthened through joint keynote participation, shared planning, and collaborative publication efforts.

Mont Rose College Graduation 2025

Mont Rose College of Management and Sciences Limited arranged the Graduation 2025 honouring the achievements of 221 graduates in October 2025. The event was attended by distinguished guests, including Councillor Kam Rai, Leader of Redbridge; Councillor Beverley Brewer, Mayor of Redbridge; and Lieutenant Colonel David W. Utting DL VR, Representative Deputy Lieutenant for Redbridge.

Mr Bilal Sheikh, Chief Executive Officer and Founder of Mont Rose College of Management and Sciences Limited, and Ms Sayeda Zain, Principal, addressed the graduates with inspiring speeches that reflected on their hard work and dedication. Awards were presented to students from the HND Healthcare Practice, BA (Hons) Integrated Health and Social Care, HND and BA (Hons) Hospitality Management, HND Business Marketing, BA (Hons) Business Management, and IMBA programmes. Academic Excellence and Volunteer Appreciation Awards were also presented to outstanding achievers. The ceremony was a proud celebration of academic success, perseverance,

and the vibrant community spirit.

Campuses

Mont Rose College of Management and Sciences Limited operates from two campuses: Mont Rose House and Shakespeare House. Mont Rose House, the College’s flagship campus, opened in 2018 in Gants Hill. Located within a 2-minute walk from Gants Hill underground station, the campus provides convenient access for students commuting from various London boroughs and beyond.This seven-storey building features modern classrooms equipped with state-of-the-art IT tools and ergonomic furniture, ensuring comfort for all students, including those with specific health needs.The campus includes spacious seminar rooms for group learning, hosting seminars and events, a wellstocked library with over 1400 books, a fully equipped IT lab which supports the student’s learning in

a modern digital world, a well-appointed cafeteria with recreational facilities such as indoor games and exercise equipment, and generous outdoor areas for staff and students to enjoy in warmer months and the various social events held throughout the year.

A distinctive feature of Mont Rose House is its commitment to sustainability and wellbeing. The campus boasts a beautifully maintained garden, carefully tended by students and faculty, which serves as both a relaxation space and a centre for environmental education. This initiative reflects the College’s dedication to promoting environmental stewardship and fostering a connection to nature among students, as well as outreach to local communities.

Shakespeare House, dedicated to Health and Social Care courses, is situated in a vibrant area of Ilford. This five-storey campus is well-connected to National Rail and Transport for London services, with Ilford town centre and historic parks nearby. Classrooms are equipped with smart TV screens, projectors, and ergonomic chairs, and the campus library houses over 500 Health and Social Carespecific books, complemented by access to an extensive online library. Additionally, the on-campus Health and Social Care laboratory provides essential learning tools, including mannequins, skeleton models, and medical instruments, to support hands-on learning and assessments. A fully equipped ITlab further aids students in developing technical skills.

Both campuses have CCTV monitoring in all public areas, including the car park area, ensuring the safety and well-being of all members of Mont Rose Community.Together, these campuses illustrate Mont Rose College of Management and Sciences Limited's commitment to delivering high-quality education and facilities, fostering a strong sense of community, and nurturing a responsibility towards wellbeing and sustainability, essential values in today’s world.

National Student Survey (NSS)

The 2025 National Student Survey (NSS) results highlight Mont Rose College of Management and Sciences Limited's outstanding performance, placing it well above the national averages across all key measures. With 95.3% of students satisfied with their teaching (compared to 86.9% nationally), the College continues to demonstrate its strength in delivering high-quality education. Staff were rated particularly high, with 97.5% praised for explaining things clearly and 95.2% for making subjects engaging, both exceeding national benchmarks.

Students also recognised the College’s strong course design, effective feedback, and excellent organisation. 98.30% students confirmed that their courses were built on prior learning, and 97.9% agreed that assessments allowed them to demonstrate their knowledge. The College students also rated support services and well-being provision highly, with 94.5% acknowledging clear communication about mental health. Above all, 97.4% of students felt free to express their ideas and beliefs, underscoring the College’s commitment to creating an inclusive, supportive, and inspiring learning environment.

NSS 2025

MRC %

England %

The teaching on my course. T1

95.30

86.90

Staff are good at explaining things. Q1

97.50

92.60

Staff have made the subject engaging. Q2

95.20

82.80

The course is intellectually stimulating. Q3

95.20

85.40

My course introduces subjects and skills in a way that builds on what youhave already learned. Q6

98.30

87.00

The assessments allowed me to demonstrate what you have learned. Q12

97.90

84.60

How often does feedback help you to improve your work? Q14

95.80

75.70

Teaching staff supported my learning. Q16

97.50

88.10

How well organised is your course?Q17

97.20

77.60

How well were any changes to teaching on your course communicated?Q18

97.50

79.50

How well have the IT resources and facilities supported your learning?Q19

96.00

86.30

How clear is it that students' feedback on the course is acted on? Q24

95.10

68.30

The communication and information about my College's mentalwellbeing support services. Q 26

94.50

82.90

During your studies, how free did you feel to express your ideas,opinions, and beliefs? Q 27

97.40

88.30

MRC Employability

Mont Rose College of Management and Sciences Limited is proud to highlight another year of progress in preparing students for career success. In FY 2024-25, the Employability Department delivered an expanded programme of career fairs, employer-led workshops, mentoring opportunities, and entrepreneurial initiatives, all designed to give students the skills and confidence to thrive in the job market. In FY 2024-25, 85.3% of students engaged with employability services-a substantial increase from 26.9% in the previous year! 17 industry events and new mentoring opportunities connected students directly with employers and professionals. Communications on job search resources reached 100% of the student body. Looking forward, the Employability Department will focus on scaling up placement partnerships, formalising mentorship schemes, and embedding employability more deeply into the academic curriculum to meet strategic objectives and KPIs. By continuing to integrate employability throughout the student journey, Mont Rose College of Management and Sciences Limited reaffirms its commitment to enhancing student progression and career success.

MRC Student Welfare

In FY 2024-25, the College continued to prioritise student wellbeing through a number of new initiatives and enhancements, creating an environment where every student feels safe, supported, and empowered to flourish with flair and commitment. The Welfare Department expanded its student counselling provision by increasing the number of on-site sessions available each week morning and evening, launched a coffee morning hub to further promote a sense of community and inclusion, and enhanced awareness about crisis management, helping students to build resilience and confidence.

Regular wellbeing events, including mindfulness reflection days: Mindful Mondays and Wellbeing Wednesdays, were integrated into the Welfare calendar to help students manage stress and stay connected. Alongside this, students received a mandatory training on Harassment and Sexual Misconduct and were made aware of related College policies and procedures.

MRC Staff Welfare

Mont Rose College of Management and Sciences Limited continues to invest in professional growth through initiatives such as our Career Fairs to encourage internal mobility, the formation of the MRC Research Committee to support academic Continuous Professional Development, and funding for teaching staff pursuing Senior Fellowship of the Higher Education Academy (SFHEA). Additionally, several staff members recently completed First Aid and Fire Marshal training, further strengthening campus safety and emergency preparedness.

Supporting staff well-being remains a priority, with initiatives such as yoga sessions promoting stress relief and mental clarity, alongside HR-led wellbeing outreach through informal check-ins to offer emotional support, and celebrating cultural events. These efforts have helped reduce absenteeism, boost morale, and build trust and belonging within the College community.

The College also introduced flexible working hours to support work-life balance, and a bereavement leave policy granting up to five days of paid leave following the loss of a dependent, reflecting our commitment to empathy and care. These policies, along with expanded professional development opportunities, have increased staff motivation, lowered turnover, and deepened loyalty to the College.

On the sustainability front, we remain dedicated to reducing our environmental impact with initiatives like our Environmental Day focused on plastic reduction, raising awareness and encouraging ecofriendly practices across campus. These efforts support our long-term resilience and reflect our core institutional values.

Community Engagement

During FY 2025, Mont Rose College of Management and Sciences Limited advanced a series of initiatives aligned with its Access and Participation Plan (APP), community engagement objectives, and employability strategies. Most notable:

- welcoming Business Improvement District (BID) Manager, who shared with the students practical marketing insights from global brands and local businesses. This visit reflected the College’s aim to equip students with real-world knowledge and to bridge the gap between theory and practice.

- arranging three Macmillan Coffee Mornings across its two campuses, engaging staff and students in meaningful community fundraising.

- hosting Annual Christmas Fair, where 450 guests attended. The event featured 25 stalls by local businesses and students. Under the Strive to Inspire banner, the College showcased its sustainability stall, raising £500 for the Sycamore Trust.

- attending Redbridge Business Award Ceremony in December 2024, where the College received the Redbridge Business of the Year Award, reaching this recognition for the second consecutive year, acknowledging the College's achievements in education, business development, and its positive impact on the community.

- visiting Caterham High School Careers Fair, where College staff engaged with students from Years 7 to 12.

- visiting ATAM Academy’s first Careers Fair, where the College guided students from Year 9 to 12 on higher education and career pathways.

- supporting wellbeing, the College introduced its first yoga class in January 2025, followed by a Zumba classes in February 2025, both designed to promote mental health, stress relief, and physical wellbeing.

- celebrating International Women’s Day, the College honoured women leaders, students, and guests across education, business, and community service.

- attending London Chamber of Commerce and Industry (LCCI) event in February 2025, where the College received the Gold Award for Business of the Year (More than 50 Employees) at the SME London Chamber of Commerce Awards 2025, held at the Leonardo Royal Hotel,Tower Bridge.

- participating in a sustainability initiative launched by Redbridge Borough and Our Streets, adopting two tree pits on Clarence Avenue and planting wildflowers to support biodiversity and wellbeing.

- delivering Primary Futures sessions in partnership with AccessHE to more than 300 Year 5 and Year 6 pupils across Drapers’ schools and Bonner Primary School. These initiatives encouraged young learners to aspire to higher education early on.

- marking Autism Awareness Day with speeches from DL Mike Brace, Steve Dixon, and representatives from the Sycamore Trust.

- hosting Annual Career Fair, connecting over 160 students and residents with employers and organisations, including the Royal Air Force, London Metropolitan Police, and Guide Dogs UK. Local councillors also attended, recognising the event’s importance for employability and community development.

- celebrating Multicultural Day, where staff and students enjoyed traditional performances, music, and clothing, showcasing the richness of cultures within the College community.

- delivering Environment Day Programme across Mont Rose House and Shakespeare House campuses, featuring sustainability-focused speeches, a Green Pledge to reduce plastic waste, and student-led litter-picking drives.

- participating in the Free Community Planting Day supported by Redbridge’s Our Streets initiative.

- participating in the Ilford Green Action Day Project, where staff and students planted greenery to support sustainability and the local environment.

- visiting Cumberland High School as part of the “Empowering Young Minds” initiative. The program featured interactive, subject-based sessions designed to engage participants and provide insights into higher education opportunities.

- sponsoring the Robert Clack School cricket team, supporting youth participation in sports.

- arranging MRC Research Conference 2025 in collaboration with Buckinghamshire New University, under the theme Future-Proofing Leadership for a Resilient, Sustainable World.

- The conference brought together academics, policymakers, industry experts, and students for forward-thinking discussions on leadership, technology, and wellbeing arranging Angel Competition 2025, celebrating student entrepreneurship with a record seven finalists.

- delivering a CV and Cover Letter Workshops at Chadwell Heath Academy, supporting Year 10 and Year 13 students with career readiness skills.

- sponsoring the Disability Festival in Wanstead, offering hardship funds for students with disabilities and reinforcing the institution’s commitment to accessible, inclusive education.

Hardship Funds 2024-25

Mont Rose College of Management and Sciences Limited continuously informs students about the support that is available from Hardship Fund through various channels, including email updates, orientation sessions, classroom visits, and website announcements. A recent survey in September 2025 showed that 93.44% of students found that receiving financial support helped them to concentrate on their studies without worrying about finances.

The College is dedicated to supporting student achievement and academic progress, as outlined in our 2020-25 Access and Participation Plan. By fostering a nurturing, supportive and approachable environment, we encourage students to access the Hardship Fund whenever necessary. In FY 2025, the College allocated £125,837 (£121,912 FY 2024) in hardship funding to students.

Value for Money (VfM)

Mont Rose College of Management and Sciences Limited assesses value for money (VfM) by considering a blend of quality, cost-effectiveness, resource utilisation, sustainability, fitness for purpose, and convenience to ensure benefits for both students and taxpayers.

The College integrates VfM into strategic planning and decision-making processes. All staff are informed of the importance of VfM, with specific responsibilities assigned to promote ongoing improvement. The College actively pursues opportunities to enhance economy, efficiency, and effectiveness across activities and adopts recognised best practices where applicable. To achieve its Access and Participation Plan (APP) targets, the College continually evaluates data to identify areas for improving student access, success, and progression.

In FY 2025, the College achieved several goals that increased value for money for students and taxpayers:

received the Access and Participation Plan 2025-29 approval from the OfS allowing greater investment in initiatives to support equitable access to, success in, and progression from higher education.

held the 2026 Research Conference, engaging students as speakers and presenters.

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The College provided research opportunities by encouraging students to publish their work in the College’s Journal of Academic Reviews.

It issued £125,837 in student hardship funds to support students in need.

Held the Annual Angel Competition, promoting student engagement in business plan development.

The College also celebrated the 2025 Annual Graduation Ceremony

Invested in theatre-style seating at Mont Rose House and Shakespeare House campuses in response to student feedback.

Staff development was supported through sponsored CPD courses to improve the quality of services offered to students.

The College held 21 community engagement events, including Christmas Fair, Macmillan coffee mornings, Litter picking, Careers Fair, and Redbridge Chamber of Commerce networking events.

In addition, 4 sustainability events were organised, including Environment Day, adopting trees, and planting activities with RHS.

The College organised 6 diversity and inclusion events, such as Multicultural Day, Autism Awareness Day, Diwali, Christmas, and Iftar Dinner.

Furthermore, 17 industry events and new mentoring opportunities arranged by the employability department connected students directly with employers and professionals.

While communications on job search resources reached 100% of the student body.

Regular wellbeing events were arranged, including mindfulness reflection days such as “Mindful Mondays” and “Wellbeing Wednesdays,” to support student wellbeing.

The Student Engagement Department was expanded, organising 30 student events, including visits from 11 motivational speakers to Mont Rose College and the Angel Competition.

The College provided case studies from the Research Department to support student learning

Offered extracurricular hospitality skills workshops to enhance employability in the hospitality industry, covering skills such as table setting, cocktail mixing, drink knowledge, and basic chef’s skills.

Comprehensive academic support, career counselling, mentoring, and welfare services were delivered to ensure student success.

The College also implemented regular feedback and quality review mechanisms to ensure consistently high educational standards.

REVIEW OF BUSINESS

Financial Review

The Financial Statements relate to the year ended 31 August 2025. The principal activity of the College is the provision of higher education. The College course portfolio extends across undergraduate, postgraduate and research activities.

The College Financial Strategy has the main objectives of growing and diversifying income, ensuring financial stability, and promoting long-term financial sustainability. The strategy incorporates challenging objectives to support plans. The College reported an improving financial position during the year following changes in marketing and ost-saving strategy and an increase in the course portfolio.

Income

The College achieved £12.9 million in revenue in FY 2025 (10 million in FY 2024). The income from tuition fees has increased by £2.8 million, mainly due to the increase in student numbers following the change of marketing strategies, an increase in tuition fees and improved student retention.

Mont Rose College of Management and Sciences Limited is registered with the Office for Students (OFS) in the Approved (fee cap) category, which allows charging tuition fees up to the level of £9,535 for undergraduate courses, subject to having an approved Access and Participation Plan (APP) and TEF award. The College had an approved APP and a TEF award for FY 2025. For courses starting in FY 2025, the tuition fees for HND courses were set at £8,950 and £9,250 for subcontracted provision.

The OFS Grant income increased by £27k in FY 2025 (£6k increase in FY2024). Income from other sources reduced by £20k in FY 2025 (£82k increase in FY 2024), mainly due to a reduction in interest income from short-term investments. The total income are forecasted to increase by 6% in FY 2026. The College uses scenario planning and sensitivity analysis to understand how variables may affect financial forecasts.

Capital Investment

Mont Rose College of Management and Sciences Limited did not receive OfS Capital Grant in FY 2025 (£50k received and utilised in FY 2024).

Mont Rose College invested £143k in theatre-style seating furniture this year in Montrose House and Shakespeare Campuses after receiving a positive feedback from the students, who used the new furniture installed in one of the Mont Rose House campus floors in FY 2024.

The College will be receiving £327k Capital Grant for FY 2026 following the successful bidding to improve digital technologies and healthcare teaching facilities with modern equipment. Total budgeted capital investment for FY 2026 is £465k.

Expenditure

Staff costs rose to £4.7 million in FY 2025 (£4.2 million in FY 2024). The academic department staff costs increased by 6.6% in FY 2025 (17% FY 2024), and administrative staff costs increased by 18% in FY 2025 (8.4% FY 2024).

Other operating expenses reached £5.9 million in FY 2025 (£3.9 million in FY 2024), representing a 51% increase (30% increase in FY 2024). The increase comprised of:

- The academic department operating expenses increased by £506k in FY 2025 (£337k increase in FY 2024). The increase in academic department costs is mainly due to an increase in initiatives development to support student outcomes, as well as extra costs associated with teaching an increased number of students.

- Administrative department operating expenses increased by £986k in FY 2025 (reduced by £145k in FY 2024). This year we had many events, developed and delivered short courses and workshops organised for school kids and the local community, which increased our admin costs but contributed towards better publicity, increased reputation and new enrolments.

- Premises management increased by £483k in FY 2025 (reduced by £37k FY 2024).

The College prepares five-year financial forecasts annually for its strategic planning and to assure its stakeholders. While preparing the financial forecasts, the College considers projected student and staff numbers, staff costs, the planned courses for the next five years, projected income and expenditure, and any costs / investments required to meet the strategic planning. The College forecasts 14% increase in staff costs in FY 2026. Operating costs are budgeted to stay in line with FY 2025, an increase is expected by inflation only.

Profitability

The financial results show a surplus before tax of £2.2 million in FY 2025 (£1.7 million in FY 2024), which increased by £427k in FY 2025 (£97k increase in FY 2024).

Money Management and Liquidity

Mont Rose College of Management and Sciences Limited income comes mainly from the Student Loan Company and the partner institution at regular intervals. The scheduled cash inflows help the College plan and achieve reliable short-term income forecasts. The College prepares its budgets and runs variance reports quarterly. The Finance and General Committee discusses any significant variations from the budgets and, if material, reports to the Board of Governors for further discussion.

Mont Rose College of Management and Sciences Limited reviewed the cash flow forecasts and agreed that the liquidity would be sufficient to operate effectively in the foreseeable future. No new bank loans were taken. The College decided to keep the same overdraft limit of £750k in FY 2025. The College is not reliant on an overdraft, and the current facility is sufficient for the College needs.

Mont Rose College of Management and Sciences Limited, as part of risk assessment, monitors the KPIs and discusses the financial performance quarterly.

KPI

2025

2024

Turnover change from the previous year

29.6%

17%

Net Profit Margin

13.3%

13.3%

Staff costs as % of total income

36.3%

42.1%

Current Assets to Current Liability

12:1

22:1

Net liquidity days

192

150

Debt Ratio

7.8%

9.1%

PRINCIPAL RISKS AND UNCERTAINTIES

Internal Control Statement

2024-25

This statement on internal controls relates to the period covered by the financial statements for the financial year ended 2025 and up to the financial statement approval date. Mont Rose College of Management and Sciences Limited Board of Governors (BOG) is responsible for effective internal controls and adequate monitoring systems in the whole organisation to prevent and detect corruption, fraud, bribery and other irregularities. It also reviews their effectiveness, covering business, operational, compliance, and financial risks. The internal controls and comprehensive monitoring processes are embedded in all departments. The internal controls are reviewed for effectiveness and completeness by the departmental heads, Audit Committee and the BOG.

All departments must evaluate their internal control systems, discuss them in committee meetings and report to the BOG. The risk identification, internal controls and appropriateness of risk classifications are reviewed by the Audit Committee or external auditors if requested and reported to the Board of Governors, who reviews the processes and sets improvement plans. Compliance with the College admission procedures is monitored regularly to ensure the applicants are enrolled according to Mont Rose College of Management and Sciences Limited admission requirements, consumer protection compliance with the CMA and regulatory requirements. The Academic Department has its internal controls to monitor and implement academic policies and procedures and ensure completeness and compliance. The Finance Department's policies and procedures are monitored and assessed to ensure transparency and accuracy, and that recurring and capital grant expenditure is as per the Terms and Conditions of Funding (OFS). The internal controls to deliver the Access and Participation Plan (APP) commitments are in place to ensure compliance with the A1 condition of registration by continuously evaluating the data and identifying the areas of weakness that need addressing. The robust hardship fund eligibility assessment, distribution, and monitoring processes were implemented to reduce the possibility of fraud and error and ensure that the fund is distributed according to the commitment expressed in the APP. Other internal controls include the quarterly checks of equipment purchases/ disposals records, accounting record maintenance, accounts receivable and other trade purchases review and authorisation for purchases received; data protection and the procedures, the effectiveness of information transfer; the costs and benefits of maintaining control are assessed in all departments. The controls are in place, ensuring the costs do not exceed the benefits. Managers evaluate all risks and set action plans to achieve their objectives. The internal control effectiveness and the achievement of value-for-money objectives are monitored by the Audit Committee and reported to the Board of Governors.

The Audit Committee Internal Control review meeting took part on 12 November 202. The Audit Committee reviews the internal controls in the organisation and reports any weaknesses identified to the department heads and the BOG. The BOG reviewed the Audit Committee report and agreed on recommendations to be implemented in the departments. The Audit Committee must ensure that all departments comply with the internal control requirements and confirm that sufficient segregation of duties is in place to reduce the possibility of fraud or error and ensure that no employee has complete control over one strategically important work area.

After the annual audit review, the BOG issues the departments concerned with corrective actions and recommendations to improve the systems. The departmental heads are responsible for prompt corrective action on all internal control findings and recommendations by the internal or external Audit and BOG.

The department heads must ensure that those who report to them have all the required knowledge, abilities, and skills, contributing to an effective internal control environment. They should also ensure that appropriate training is relevant to their job responsibilities. For this reason, Mont Rose College of Management and Sciences Limited recognises the importance of staff professional development. Staff developmental needs are assessed at the time of staff evaluation in April each year, and a Staff Professional Development Plan is later drafted, covering all staff training needs. The College plans and sponsors the indicated staff training.

New employees must attend the staff induction sessions, providing them with the primary information about the College and its missions, policies and procedures. This also includes training on internal controls in their respective roles. The new staff members receive staff handbooks, where all relevant policies and practices are recorded.

The authorisation procedures are implemented and monitored in each department. The Audit Committee reviews and monitors the implementation and effectiveness of processes. The safety and security of data and assets are the responsibilities of each department. The Audit Committee reviews and monitors the performances and effectiveness of safety procedures and reports to the BOG.

Risk Management

The Risk Management Strategy forms part of the Mont Rose College of Management and Sciences Limited's internal control and corporate governance arrangements. It explains the underlying risk management approach and details the Board of Governors, Finance and General Committee, and other key parties' roles and responsibilities. The strategy outlines vital aspects of the risk management process and identifies the main reporting procedures and timings.

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Responsibilities

- The Board of Governors, Principal, and departmental heads have the responsibility for overseeing risk management within the College;

- The Principal, Finance and General Committee, and departmental heads are responsible for supporting and implementing policies approved by the Board of Governors;

- The Finance and General Committee is responsible for the construction and overseeing the maintenance of the Risk Register;

- All staff members are responsible for encouraging and embedding good risk management practices within their activity area.

The College's boards and committees' meetings were arranged as per the meeting calendar during FY 2025. The meetings' agenda repeatedly incorporated Risk Register reviews, discussions about risk-mitigating actions, and new government and regulatory guidance and implementation.

The College assessed the liquidity risk and agreed that the risk is not significant as the liquidity is sufficient to ensure smooth operations and student protection.

The likelihood of a credit risk materialising because of a £0.750 million overdraft facility being withdrawn is low, and the possible impact is low as the College is not planning to draw material amounts from the overdraft available. The BOG monitors the overall borrowings and interest costs and imposes actions to remove any adverse effects.

Main Risks 2025

The College has reviewed and analysed all business risks and listed the main business risks below:

Increase in competition

The competition is increasing. The College invested more in marketing and outreach campaigns, increasing the course portfolio, working with the local borough, developing short courses, free workshops and various trainings in line with employer needs, as well as creating more opportunities for students to learn various practical skills while studying. The College aims to provide the best value for money to its students and stay a competitive and attractive local education provider.

Student Progression

Progression remains one of the main risks. More staff were employed at the employability department, more employability-related events have been arranged, and considerably more students have been using employability services. The department looks at developing new progression data monitoring systems that will help in reliable and timely decision-making, which will also help to reduce the progression risk.

Student Retention

Student retention remains as one of the main business risks in FY 2025. Risk-mitigating actions include student support, hardship funds, developing and adopting interactive pedagogies, and personal one-to-one mentoring sessions to enhance student continuation. The College continues to focus on retention rates across all programmes. It uses data to identify students at risk of discontinuing biweekly and proactively engages with them to ensure they succeed. The College is exploring the apps and activities to make the learning more interactive, also supporting the student retention.

Student Recruitment

The main income of the business depends on the student numbers. To mitigate the risk of not meeting the projected student numbers, the College sets recruitment targets and regularly follows with the outreach and marketing teams. The College is increasing outreach programmes and initiating activities in collaboration with schools and the community. The risk management also includes monitoring that only 100% genuine students enter the education. All necessary trainings are provided to the staff to ensure there is no fraud or error.

Regulatory Compliance Risk

The regulatory burden is increasing. Meeting regulatory compliance risk is increasing; therefore, new mitigating actions were necessary to prevent the risk from materialising. The College has assigned accountabilities to individual senior management members and collected accountability reports from all assigned members as part of the assurance of E3 condition, the compliance is overseen by the Audit Committee at the regular intervals and the BOG.

Reviewed and approved by the Governing Body of Mont Rose College of Management and Sciences Limited on 21/11/2025

Risk Management Processes

The College follows the Risk Management Strategy, which explains the College's underlying approach to managing risk and details the risk identification and management roles and responsibilities of the Board of Governors, Finance and General Committee, and other key parties. The strategy outlines vital aspects of the risk management process and identifies the main reporting procedures and timings. The prime duty to oversee the maintenance of the Risk Register is set to the BOG and the Finance & General Committee.

The College has adopted a two-dimensional four-point impact/probability scale of risk.

The BOG, Senior Leadership, and departmental heads all have a joint responsibility to identify and evaluate risks, their likelihood and probability, and agree on mitigating actions.

The departmental heads must understand that each staff member is responsible for foreseeing and embedding good risk management practices to ensure adequate internal controls within their activity area. The protective and detective controls are in place to provide the necessary authorisation level and approval to avoid fraud, bribery and other irregularities. People are assigned to verify transactions before releasing payments to safeguard the funds. Data breach preventive actions are in place to ensure IT security. Financial reconciliations are completed, ensuring segregation of duties. The risk review procedures cover the whole organisation's operation, financial, business and compliance risks. The risk identification, evaluation, review processes, and effectiveness are reported to and reviewed by the BOG. This is an ongoing process to achieve the College's objectives.

The Audit Committee Opinion

The MRC Audit Committee reviewed the Risk Register, internal control policies and procedures, and the BOG reviewed and approved recommendations for FY 2025 and before the signing of the financial statements and made the following conclusions:

Robust mitigating actions have been assigned to the significant risks identified.

The Risk Register was managed quarterly, effectively addressing all departments and including comprehensive mitigating actions.

Internal controls are adequate. Recommendations for improvement were issued to all departments.

College resources are sufficient to perform internal controls effectively.

Authority and responsibility areas are clearly defined and followed.

Segregation of duties evidenced.

BOG and management receive timely and reliable reports on risks and internal control, review and monitoring.

Departmental annual self-assessment processes are adequate.

Board of Governors (BOG)

The BOG reviewed the Internal Control Statement and confirmed its validity.

The BOG acknowledges its responsibility to ensure that robust internal control and risk management systems are maintained at all times. The effectiveness of these procedures was reviewed on 12st November 2025.

ON BEHALF OF THE BOARD:

B Sheikh - Director

19 January 2026

The director presents his report with the financial statements of the company for the year ended 31 August 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTOR

B Sheikh held office during the whole of the period from 1 September 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

Total donation paid during the year Nil..

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 then apply them consistently;

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

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

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 him to ensure that the financial statements comply with the Companies Act 2006. He 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.

The Board of Governors (BOG), which includes the directors, is responsible for preparing the Governor's Report and the financial statements in accordance with Office for Students' Terms and Conditions of Funding for Higher Education Institutions and applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The terms and conditions of the funding further require the financial statements to be prepared according to the 2019 Statement of Recommended Practices - Accounting for Further and Higher Education, following the requirements of the Accounts Direction issued by the Office for Students.

Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its income and expenditures, gains and losses and changes in reserves for the financial year. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations or have no realistic alternative but to do so.

The Board of Governors is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy the financial position of the company at any time and ensure that the financial statements comply with the Companies Act 2006. The BOG is responsible for such internal controls as they determine necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

The Board of Governors is also responsible for ensuring that:

- Funds from whatever source administered by the company for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;

- Funds provided by the Office for Students have been applied in accordance with the terms and conditions attached to them;

- There are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and

- The economic, efficient and effective management of the company's resources and expenditure is secured.

The Board of Governors is responsible for the maintenance and integrity of the corporate and financial information included on the college's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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.

AUDITORS

The auditors, .First Assurance Services Limited will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B Sheikh - Director

19 January 2026

Opinion

We have audited the financial statements of Mont Rose College Of Management And Sciences Limited (the 'company') for the year ended 31 August 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 College's affairs as of 31 August 2025 and of the

company's income and expenditure, changes in reserves, and of the College's cash flows for the

year then ended;

.have been properly prepared in accordance with United Kingdom Generally Accepted

Accounting Practice, including Financial Reporting Standard 102;

.have been properly prepared in accordance with the requirements of the Companies Act 2006

and the Office for Students' Accounts Direction (OfS 2019.41).

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 Auditors' 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 financial statements are 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on pages sixteen and seventeen, 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 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 has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

We obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity complies with that framework. The specific laws and regulations considered included, but were not limited to, the Companies Act 2006, UK tax legislation, employment legislation, health and safety regulations, and education sector regulatory requirements, including The Office for Students (OfS) regulations and inspection frameworks.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to an enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error, as they may involve reliberate concealment or collusion.

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

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 a Report of the Auditors 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.

M T Ahmedani (Senior Statutory Auditor)

for and on behalf of First Assurance Services Limited

Chartered Accountant and Statutory Auditors

46 Wycliffe Road London SW11 5QR

19 January 2026

TURNOVER

12,804,291

9,904,941

Cost of sales

(1,667,853

)

(1,415,648

)

GROSS PROFIT

11,136,438

8,489,293

Distribution costs

(4,803,350

)

(4,317,073

)

Administrative expenses

(4,197,581

)

(2,481,149

)

OPERATING PROFIT

4

2,135,507

1,691,071

Interest receivable and similar income

120,058

68,915

PROFIT BEFORE TAXATION

2,255,565

1,759,986

Tax on profit

5

(558,134

)

(436,268

)

PROFIT FOR THE FINANCIAL YEAR

1,697,431

1,323,718

PROFIT FOR THE YEAR

1,697,431

1,323,718

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,697,431

1,323,718

FIXED ASSETS

Tangible assets

6

621,301

598,273

CURRENT ASSETS

Debtors

7

13,635,201

14,301,520

Cash at bank and in hand

4,810,546

2,562,472

18,445,747

16,863,992

CREDITORS

Amounts falling due within one year

8

1,496,891

744,152

NET CURRENT ASSETS

16,948,856

16,119,840

TOTAL ASSETS LESS CURRENT LIABILITIES

17,570,157

16,718,113

CREDITORS

Amounts falling due after more than one year

9

-

845,387

NET ASSETS

17,570,157

15,872,726

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

17,569,157

15,871,726

SHAREHOLDER FUNDS

17,570,157

15,872,726

The financial statements were approved by the director and authorised for issue on 19 January 2026 and were signed by:

B Sheikh - Director