Look. LCCM is insolvent.
And I don't just make this comment flippantly, I cite published UK Government financial statements which are readily available, so do your own due diligence. The balance sheet clearly show current net liabilities way exceeding current assets. As at May 31, 2024, it was £7,745,319 (2023: £8,250,746).
Your college is almost 8 million in debt. You think they're gonna cut corners with your 'education' ?
The UK Government watchdog Office for Students (OfS ) specify that all UK undergraduates must pay a flat tuition fee - currently about £9,535 per year) Private institutions cannot just bump up this figure to UK students. that means LCCMs fixed income remains the same, whilst it's expenses go up. staff pay rises, inflation, equipment repair and depreciation, and that ever increasing massive building lease.
Furthermore, the OfS put restrictions on private companies allowing international students to enrol. so LCCM cannot bump up its income by enrolling international students from China and charging them £20,000 per year for some 'online' course. UK Student Body nipped that loophole in the body.
The QAA standards organisation does not recognise this private institutions' teaching, and so LCCM does not have powers to award its own degrees. It has to relay on 'partners' and seek ratification from University of Creative Arts who award LCCM degrees. But even then, UCA might remove this partnership obligation at anytime, leaving your degree up sh*t creek.
This already happened when the Open University used to award LCCM's degrees, but withdraw this immediately when it was found out that LCM was fudging / polishing / f*cking up it's student marks a few years ago. Open University abandoned LCCM. Then LCCM then went to Falmouth University to award degrees, which they did for a year, but then withdrew support as there were questions found on the colleges teaching and attendance (how someone with no attendance record, or record of turning up to exam suddenly gets a first???).
Speaking of firsts, they do let anyone in (they need the money). and getting a 1.0 is extremely easy as the barrier in teaching is low. In fact, getting a 3.0 is incredibly hard unless you are immensely incompetent.
Despite the company's insolvent balance sheet position, the financial statements have been prepared on a going concern basis. This is because the company is reliant on the support of other group companies, and Global University Systems Holding B.V. (GUS) A non-uk private education provider (I think based int he Netherlands, formed by a Russian owner.).
That is who is subsidising your college fees.
The company is reliant on the support of other group companies due to the way the group is financed.
The ultimate parent, Global University Systems Holding B.V., has provided a 'letter of support', undertaking to continue financial and other support for at least one year from the date of the audit report to enable the company to continue to trade.
The Directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future, based on this support.
The company's reliance on this letter of support is what allows the directors to continue to use the going concern basis of accounting despite the net liabilities of £7,750,462.
But if the financial support from the group company, Global University Systems Holding B.V., were withdrawn, LCCM AU UK Ltd would likely cease to be a going concern and could face immediate insolvency and potential cessation of trading - leaving your degree, again, up **** creek.
Put that in your saxophone and blow it ...