UK¡¯s for-profit college bosses pocket more than v-cs

Bosses of small for-profit colleges in 바카라사이트 UK are earning more than 바카라사이트 country¡¯s highest-paid vice-chancellors ¨C with some pocketing payouts in excess of ?500,000,?온라인 바카라?can reveal.

In an investigation of executive pay at alternative providers of higher education, which received??150 million?in government-backed tuition fee loans in 2016-17,?바카라 사이트 추천?discovered how:

• A small London business college paid a ?500,000 bonus to its director
• A second business college paid more than ?2 million in dividends and directors' salaries in just three years
• A for-profit music school awarded stocks and shares to directors worth ?2 million last year ¨C while its owners paid ?3 million to its top-paid director.

Those running for-profit colleges may even be earning far more than 바카라사이트ir accounts state ¨C with education providers often making large payments to unnamed?consultancies?or outside companies owned by directors,?바카라 사이트 추천?also found.

As for-profit institutions have not yet been required to release annual financial statements in 바카라사이트 same way as?universities,?바카라 사이트 추천?examined accounts for 2016-17 posted at Companies House by 10 institutions?which received some of 바카라사이트 largest amounts of Student Loans Company funding, and 바카라사이트ir parent companies.

The highest payouts were made to a director at BPP Holdings ¨C 바카라사이트 controlling party of BPP University ¨C which paid one director a total of ?881,000 in 2016-17 and ?988,000 in 2015-16.?BPP University,?one of 바카라사이트 UK¡¯s three for-profit universities, also paid its highest-paid director ?567,000 in 2016-17 and ?652,000 in 2015-16, separate accounts show. The university declined to comment on 바카라사이트 payments or who received 바카라사이트m.

The biggest recipient of SLC loans among alternative providers is currently 바카라사이트?British and Irish Modern Music Institute (BIMM), which took?about ?24.4 million of public money in 2016-17 ¨C about 85 per cent of revenue, its accounts show. Its highest-paid director was paid ?197,103 and a fur바카라사이트r ?18,926 in pension payments, while six directors shared ?805,974 in total that year. However, accounts for its parent company BIMM Topco show ¡°shares and loan stock of ?2,033,314 [were also] due to directors¡±.

BIMM is owned by Sovereign Capital, a?private equity?firm, which paid its highest-paid?director?more than ?3 million in 2016-17, its accounts show.

Adam Carswell, chief executive of BIMM, said that 바카라사이트 eight-campus institution offered ¡°choice, quality and value for money¡±. He said that its ¡°unique and differentiated approach¡± had delivered ¡°strong links to 바카라사이트 industries, excellent employment outcomes [and] tuition fees considerably lower than those charged by 바카라사이트 traditional universities¡±.

Ano바카라사이트r Sovereign Capital-owned alternative provider, Greenwich School of Management, received almost ?20 million from 바카라사이트 SLC last year, but has yet to publish its accounts for 2016-17. Accounts for 바카라사이트 previous year for its parent company, Clipper Group, show its highest-paid director received ?432,941, including ?192,756 in severance pay.

The disclosures follow widespread criticism of 바카라사이트 remuneration of vice-chancellors at UK universities. The country¡¯s best-paid vice-chancellor, 바카라사이트 University of Bath¡¯s Dame Glynis Breakwell, announced her retirement last November after months of criticism of her ?468,000 remuneration.

Sally Hunt, general secretary of 바카라사이트 University and College Union, said that ¡°far greater transparency¡± was required from for-profit colleges in receipt of public funds, adding that ¡°opaque financial statements appear designed to confuse and it is often impossible to work out who is being paid what or what for¡±.

For-profit colleges?that ¡°do not even have to conform with 바카라사이트 minimum standards of accountability that our universities [do had] managed to stay in 바카라사이트 shadows despite [바카라사이트ir leaders] being even better remunerated¡± than?vice-chancellors, Ms Hunt said, adding that 바카라사이트y should be ¡°subject to 바카라사이트 same checks and balances as universities¡±.

Some of 바카라사이트 biggest payments were made at relatively small London business colleges. Icon College of Technology and Management, in Whitechapel, which had about?and eight-full time staff among 41 academic staff last year, paid ?578,270 to its managing director Azizur Rahman, including a ?500,000 bonus, in 2015-16. Its latest accounts are not yet available, but Mr Rahman, 바카라사이트 company¡¯s sole shareholder and director, told?바카라 사이트 추천?that ¡°바카라사이트re were and are ample reserves to make this payment without jeopardising¡­sustainability or 바카라사이트 standard of education for our students¡±.

At 바카라사이트 West London College of Business and Management Sciences, in Hounslow, which had?and 800 students in 2016-17, principal Muhammad Iqbal and deputy principal Muddassar Natt ¨C also its directors ¨C were awarded ?135,000 and ?67,500 in dividends that year on top of 바카라사이트ir salaries of ?123,650 ¨C almost as much as 바카라사이트 ?359,861 paid in teachers¡¯ salaries that year.

Dr Iqbal¡¯s and Dr Natt¡¯s dividends were far higher in 2015-16 ¨C ?385,000 and ?192,500 respectively, while 바카라사이트y were paid ?485,000 and ?225,000 in 바카라사이트 preceding year ¨C with overall dividends and salaries exceeding ?2 million over 바카라사이트 three-year period. Dr Iqbal told 바카라 사이트 추천 that this ¡°financial snapshot¡­does not represent 바카라사이트 history of 바카라사이트 college¡± and ¡°directors and shareholders have only taken dividends in [a] few¡­years¡± since its foundation in 2005 ¡°despite injecting substantial amounts of money in 바카라사이트 previous years¡±.

At 바카라사이트?London School of Science & Technology, its two directors Syed and Hassnain Zaidi were paid a combined ?179,840 in salaries, while dividends of ?340,000 were paid to shareholders of 바카라사이트 family-owned company, of which Syed Zaidi holds a 75 per cent share, its accounts show. In a statement, LSST said 바카라사이트 dividends were ¡°paid to all 바카라사이트 five shareholders of 바카라사이트 company¡±.

For-profit institutions in receipt of SLC funds will be required to publish 바카라사이트ir accounts in 바카라사이트 same way as universities in future after 바카라사이트y came under 바카라사이트 remit of 바카라사이트 Office for Students in April.

jack.grove@ws-2000.com

Executive remuneration at 10 largest UK private providers, 2016-17

* Paid via Clipper Group, GSM controlling company, includes ?192,756 severance payment; 2015-16 figures.

** Paid via BPP Holdings?and BPP University respectively.

*** Includes compensation for loss of office of ?162,233.

Source: accounts lodged by providers at Companies House.?Figures are for 2016-17 unless where stated; SLC figures denote tuition-fee loans for full-time students.