R8gistgred number.. 2198970
Charlty number.. 1042523
EUROPEAN COLLEGE OF BUSINESS
AND MANAGEMENT
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2020
LU88OCK FINE LLP
Chartered Accountants
Patèrnoster House
65 St Paul's Churchyard
London EC4M 8AB

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limited By Guaranto81
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Adviser8
Trustees. Report
Independent Auditors. Report on the Financial Statements
Statement of Flnancial Actlvltles
Balance Sheet
10
Statement of Cash Flows
Notes to the Financial Statements

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limited By Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2020
Trustees
Or U Hoppe
l Redemann
Dr E Thorne
Company registered
number
2198970
Charity registered
number
1042523
Registered office
69-71 Great Eastern Street
London
EC2A 3HU
Principal Operating
Officer
R Bills
Independent auditors
Lubbock Fine LLP
Chartered Accountants
Palemosler House
65 Sl Paul's Churchyard
London
EC4M 8AB
Bankers
Barclays Bank plc
PO Box No 4578
155 Bromplon Road
London
SW3 1XD
Cornmerzbank
40300 Dusseldorf
Germany
Page 1

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limitèd By Guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
The Trustees presenl their annual report, which include5 the director's report. together with Ihe audited financial
statements ol the Charity lor the year from 1 Septembèr 2019 10 31 August 2020 The Annual Report serves the
purposes of both a Trustees, report and a directors, report under company law The Trustee5 confirm that the
Annual Report and financial Statements of the Char11y comply with the current statutory requirements, the
requirements of the Charity's governin9 document and the provisions ol the Statement of Recommended
Practice ISORPI applicable lo charitie5 preparing their accounts In accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191.
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required
of medium and large companie5 under the Companies Act 2006 Islralegic Report and Directors. Report)
Regulations 2013 has been omitted.
Trustees
The Trustees who served the charity during the year were as follows.
Dr U Hoppe
l Redemann
Dr E Thorne
Objectives and Activities
The aims and objectives for which the Charity is establishèd are the advancement of educ81ion, especially In
business studies, and training for emplDymenl This Increases employability and skills In a future environment
where such skills will be at a premiLJm
The Charity, when pursuing ils objectives, also aims to support Individuals who, out of lack of financial means or
other reasons. potentially might not be able lo benefit from the educational activities provided
The 51rategies for achieving the college'5 aim5 and objectives are lo develop programmes of education and
Vocational training and deliver them in a way that enables them to participate al the same time as gaining
experience at work or In further study elsewhere.
Through ils connections with the Brokerage and employers such as Comrnerzbank, Newton Asset Management,
Ruffer LLP and Slate Street Bank the Charity operates the Higher Education Vocational Traineeship scheme.
For the forthcoming year the nurnber ol young people recruited on lo this programme has been 31 students In
years one and two ol the prograrnme and 11 continuing onto their top-up Bachelor. This continues the record ol
healthy recruitment on the programme lor this type of programme in recent years, and the scheme is going from
strength lo strength. This long standing prograrllme opens up the possibility of a career in the financial Services
secloi lo local people who otherwise would not necessarily have considered such an option land Increasingly do
not have the financial means lo embark Dn a higher education course). It also provides a strong boost to diversity
in backgroun(J of recruilmefjl al the College. Local people, and ethnically diverse staff, are evidently under-
represenled In the financial services industry In the City Df London and this activity aims to address this
imbalance. Tuition has been maintained on these progiammes during the pandemic IhrDugh a mixture ol on-line
and in person 5essiOnS.
The Charity also piovide5 sub5id15ed education for 51udenls who take part in short course5 which ellhance their
understanding of cross-cullural issues, which is of growing Importance lor the country as we seek lo display an
outward-facing image to the World and provide young people with the skills lo compete globally Numbers 8re
down on the previous year for short courses IPDP5 IProfe5siorial Development Programmesl as they are
lermedl with activity buoyant until the Covid pandemic in January 2020, bul no activity since then Ljnlil the end ol
the Iinancial year, due to the situation that has affected the entire economy. The Charity continues to offer free
short courses for the Brokerage, for more than 20 local School pupils, bul again this ha5 been held In suspension
due lo the effects of the pandemic These are young people who might otherwise not go into careers In the City
and are from local, diverse and underprivileged backgrounds
In selling the objeGlive5 and planning the activities of the Charity, the Trustees have givèn careful consideratio
lo the Charity Commission's general guidance on public benefit
Page 2

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limitèd By GuarantÈel
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Performance
Demand for the Charily's prograrnrnes IHNDICMLIDMLIBachelor programmes and DSMLIMBA programme51
has been very good with the Vocational Trainee scheme continuing to achieve good numbers In partlCLJlar.
However, due lo the pandemic PDPS have had lo be suspended. This Is the issue leading to much of the loss In
income lor the past financial year Brexit continues lo cast a shadow Df Ljncertainly across business
edLJcalion. bul there has not been a signilicanl effect on income. As reported In previou5 statements, because of
the bellelils of a lower poundleuro exchange rale. there has actually been a posltive financial effe¢l This is only
a short term advantage, because the situation between the EU and the UK with regards lo Brexit is still
developing. To reslale what was known before - the College Is prepared for sub51anlial shocks and has had to
cope with such an event In the past financial year. Expenditure continues lo be monitored and controlled and
reserves maintained as a prudent response to this shock The Charity has undergone an unforeseen loss due to
the pandemic especially. bul continues lo be well placed lo rebound when conditions Improve and can survive
the current conditions due lo 115 very good Iinancial managemenl
Financial Review
The Charity recorded a deficit 01 £319,886 In the financial year ending 31 August 2020, a5 opposed to a SLJrplus
01 £144,055 ￿￿ 2019. The losses were In major part due lo the pandemic and the suspension of all professional
development short courses after January 2020. As these courses are at least 400/0 ol our usual income, the
effect has been 5ubslanlial.
Total funds held by the Charity as of 31 August 2020 are £1,849,43712019 - £2.169.3231. The charity doe5 not
hold any reslricled funds.
As mentioned in Ihe previous section and in last year's slalements, the exit of Ihe UK from the European Union
presents ¢ha11enges which still canllol be lully seen. bul al the rnomenl the immediate effect of IDwering the
slerlingleuro exchange rate has continued to be of benefit lo the Charity.
The Charily's reserves policy Is lo build up lover the next 5 years) reserves which are equivalent lo the value
Ihisloric costs) of ils premises plus half the annual turnover This will be used If the charity encounters financial
difficulties In Ihe future.
Plans for Future Periods
The outlook for 2020121 is one where the Charity will continue to report a Ireducedl loss bul maintain Ils financial
slabilily. The Charity remains Confident that It Can weather the storms affecting all sectors al the moment The
effects of Brexit and the pandemi¢ especi8lly will be fell in the coming year as well and the Charity again will
expect a loss, thoLJgh a smaller one than the present reported figLJres We do have the intention lo maintain a
sound financial position in the coming financial year, as the balance sheet and bank balance are expected to
remain in a healthy position. The overall aim Is ID ensure that the services ol the Charity continue to be relevant
and serve the needs of Ils beneficiaries
The UK left the European Union In January 2020, and il remains the case that this will adversely affecl the ability
of the Charity to allract numbers on PDP courses la mainstay of the College's activities) It Is for this reason that
the Charity needs lo hold a sizeable bank balance as the prospects of a 'hard Brexit, could be fundamentally
damaging to the Charity in the future
In order lo ensure the future running ol the PDP courses post-Brexit, a separate bul similar organisation IECBM
CLGI has been established In the Republic of Ireland Thi5 require(S the use of lime by staff employed by the
Charity, and since this new organisation has similar aiffls lo the Charity, these activities were carried out pro
bono.
Page 3

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limited By GuarantÈel
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDEO 31 AUGUST 2020
Structure, Governance and Management
The European College ol Business and Management InGorporaled as a company limited by guarantee on 26
November 1987 and registered as a charity on 1 December 1994.
11 Is governed by ils memorandum and articles of association There Is a strong bond between the charity and
the German British Chamber of Industry and Cornmerce. The Chamber Is one ol the main supporters of the
Charity and has common board members.
The appointment ol Iru51ee5 15 regulated by the Charity'5 Memorandurn and Articles of Association. The power of
appointment ol new trustees lies with the members and existing Board of Trustees. New trustees are recruited
based on their allribules and the reqLJiretnenls of the Charity. and are familiarised with the work that the Charity
undertakes through meetings and discussions with the Board Df Trustees and other employees of the Charily
The Board of TrLJslees meet5 regLJlzrly during the year bul delegates the day-to-day running and management of
the Charily to the Principal Operating Officer (who Is the Director and CEO), who rneels with the Chairman of the
Board every month. Arrangements for setting pay and remuneration of key management personnel are decided
upon by the Chairman and the Principal Operating Officer, and general policy Is lo increase staff remuneration lo
compensate for Inflation plLJS a small Incentive Increase across the board.
The Board of Trustee5 regularly conducts a full review of the major risks lo which the Charily is exposed and has
established appropriate systems to mitigate these risks. These risks and the related systems are reviewed
regularly by the Board of Trustees. alongside any new risks to which the Charity Is exposed.
Statement of Trustees, Responsibilities
The Trustees (who are also the director5 of the Charity for the purpose5 of Gompany lawl are responsible IDr
preparing the Trustees, Report and the financial slalemen15 in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
Company law requires the Trustees to prepare financial slalemenls for each financial year. Under company law
the Trustees must not approve the financial statements unless they are satisfied that they give a true and lair
view ol the stale of affair5 01 the Charity and ol ils incotning resouice5 and application ol resources, InclLJding Its
income and expenditure, for that period In preparing these financial slalemenls, the Trustees are required lo
select suitable accoLJnting policies and then apply them conslslently.,
observe the methods and principles ol the Charities SORP IFRS 1021"
rnake judgments and a¢¢ourtling eslimales that are reasonable and prudent.,
slate whether applicable UK Accounting Standards IFRS 1021 have been IDllowed. subject to any
rnaterial parture5 disclosed and explained In the financial statements,
prepare the financial 51alemenls on the going concern basis unless Il Is Inappropriate to presLJme that
the Charity will continue In business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose with reasonable accuracy al any 11me the financial p0511ion of the Charity
and enable them to ensure thal the Iinancial statements comply with the Companie5 Act 2006. They are also
responsible lor safeguarding the asse15 01 the Charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Page 4

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company Limited By Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Disclosure of Information to Auditors
Each of the persons who are Trustees al the time when this Tivslees. Report is approved has CDnfirmed that.
so far as that TIu51ee is aware, there 15 no relevant audit information of which the chanty's audf(ors are
unaware, and
that Trustee has taken all the steps that ought lo have been taken as a Truslee in order ID be aware of
any relevant audit Information and lo establish that the charity's aLJditDrs are aware of that information.
In preparing this report. the Trustees have taken advantage of the small companies, exemption provided by
section 415A ol the Companies Act 2006.
Approved by
der
th
members of the board ol Trustees and signed on their behalf by..
Dr U Hoppe
Trustee
Dale:
Page 5

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company LimitÈd by Guarantèel
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT
FOR THE YEAR ENDED 31 AUGUST 2020
Opinion
We have aLJdited the financial slalemenls of European College of BLJsiness and Management Ilhe 'charity'l for
the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the
Slalemenl of Cash Flows and the related notes, including a sumrnary Df 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 Praclicel.
In our opinion the financial statements..
give a true and fair view of the slate of the charitable company's affairs as al 31 August 2020 and ol Ils
incoming resources and application ol resources, Including Its Income and expenditure for the year then
ended.
have been properly prepared in accordance with United Kingdom Generally Accepled Accounling
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 ALJditing IUKI IISAS IUKII and applicable
law Our responsibilities under those standards are further described In the Auditors. responsibilitie5 lor the audit
ol the financial stalements secliDn of our report We are Independent of the charitable company In accordance
with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom,
including the Financial Reporting Council's Ethical Standard. and we have lullilled our other ethical
responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate lo provitje a basis for our opinion
Conclusions Telaling to going concern
We have nothing lo report in respect of the following mallers in relation lo which the ISAS IUKI require us lo
report lo you where..
the Truslee5' use of the going concern basis of aceounling in the preparation of the financial slalemenls is
not appropriate, or
the Trustee5 have not disclosed in the financial slalement5 any identified material uncertaintie5 that may
cast 51gnilicanl doubl about the charitable company'5 ability lo continue lo adopt the going concern basi5
of accounting lor a period of at least twelve months from the dale when the financ¢al statements are
authorised for Issue.
Page 6

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Gompany Limited by Guarantee)
INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Other information
The Trustees are ￿sponsible for the other information The other information comprises the information included
In the Annual Report. other than the financial slalemenls and our Auditors, Report Ihereon. Our opinion on the
financial slalemenls does nDt cover the other Information and, except to the extent otherwise explicitly slated in
our report. we do not express any form ol assurance conclusion Ihereon
In Gonneclion with our audit of the financial slalemenls, our responsibility Is lo read the other Information and. In
doing 50, consider whether the other Information Is materially Inconsistent with the financial slalemenls or our
knowledge oblained In the aLJdit or olhepwise appears lo be materially misslaled. If we idenlfy such material
inconsistencie5 or apparent material mis51atements, we are required lo determine whether there is a material
mis51alemenl In the financial 51atemen15 or a material misstatement ol the other Information. If, based on the
work we have performed, we conclude th21 there Is a material misstatement of this other information, we ale
required lo report that fact
We have nothing lo report in this regard.
Opinion on other matters prescribed by the Companiès Act 2006
In our opinion, b85ed on the work undertaken in the cOu￿e of the audit.
the Information given in the Tiustees. Report for the financial year lor which the financial slaternents are
prepared 15 corisislenl with the financial statements.
the Trustees, Report ttas been prepared In accordance with applicable legal reqLJiremenls
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and ils environment Dbtained in the
course of the audit. we have not identified material tnisslalernen15 in the Trustees, Report
Vve have nothing lo report In respect of the following matters in relation lo which Companies Acl 2006 requires
us lo report lo you if, In our opinion..
adequate accoLJnling records have not been kept, or returns adequale lor our audit have not been
receivèd from branches not visitèd by u$.. or
the linan¢i81 slalemenls are not in agreement with the accounting records and returns". or
certain disclosures of Trustees. remuneration Specified by law are not made, or
we have not received all the Information and explanations we require lor our audit, Dr
the Tru51ees were not enlilled lo prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and
from the requirement lo prepare a Slralegi¢ Report.
Page 7

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
Responsibilitie5 of trustees
As explained more fLJlly in the Trustees, Responsibilities Statement the Trustees (who are also the directors of
the charitable company for the purpose5 of cotnpany lawl are responsible for the preparation of the financial
statements and lor being satisfied that they give a true and lair view and for such internal control as the
TrLJStees determine is necessary to enable the preparation Df financia5 statements that are free from material
misslalemenl, whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability
lo continue a5 a going cOn￿rn, disclosing. as applicable, matters related to going concern and using the going
concern basis of accounting unless Ihe Trustees either Intend lo liquidate the charitable company Dr to cease
operations, or have no realistic allernalive bul lo do 50.
Auditors. responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance aboLJt whether the financial statements as a whole are free
from material mis51alement. whether due lo fraud or error, and lo Issue an ALJditors' Report that in¢ludes our
opinion Reasonable assurance Is a high level of assurance, bul Is not a guarantee that an audit conducted i
accordance with ISAS IUKI will always delect a material misstatement when il exists. Misslalements can arise
from fraud or error and are considered material If, individually or In the aggregate, they could reasonably be
expected lo Influence the economic decisions of users taken on the bas15 of these financial slalemenls.
A further description of our responsibilities lor the audit of the financial slatements is located on the Financial
Reporting Council's website at" w4w.frc.o
.ukJaudilofSfes
onsibililies This description forms part of our
Auditors, Report.
Use ofour report
This report is made Solely ID the charitable companys mernbers. a5 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 stale to the charitable
company's members those mallers we are rèquired lo slate lo them In an Auditors, Report and for no other
purpose. To the fLillesl extent permitted by law. we do not accept or assume respon5ibilily lo anyone other than
the charitable company and 115 members, as a body, lor our audit work, lor this report, or for the opinions we
have formed.
David Chandra (Senior Statutory Auditor)
for and on Dehalf of
Lubbock Fine LLP
Chartered AccoLJntanls
Palernosler House
65 St Paul's Churchyard
London
EC4M 8A8
Date.. 24 May 2021
P8ge 8

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2020
Total
fund$
2020
Total
funds
2019
Note
INCOME
Tuition lees and education contracts
Investment Income
1,304,594
1.878
2.030,444
2,879
TOTAL INCOME
EXPENDITURE
Charitable activities
Staff Costs
Other operating expenses
Depreciation
Interest and Other finance costs
1,306,472
2.033,323
791,801
767,108
43.767
23.682
765.489
1,077.585
43,556
2,638
TOTAL EXPENDITURE
1,626,358
1,889,268
DEFICITIISURPLUS FOR THE YEAR
RECONCILIATION OF RESERVES:
Total reserves brought forward
Net movement In reserves
1319.8861
144,055
2,169,323
1319,8861
2.025,268
144,055
TOTAL RESERVES CARRIED FORWARO
1,849,437
2.169,323
The Slalemenl of Comprehensive Income includes all gains and losses reclwnised in the year.
All income and expenditure In 2020 and 2019 related to Ljnrestricted reserves
All item5 of incorne and expenditure related lo conlinuling aclivilies.
The notes on pages 12 10 21 forrn p8rt of these financial statements
Page 9

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
REGISTERED NUMBER: 2198970
BALANCE SHEET
FOR THE YEAR ENOED 31 AUGUST 2020
2020
2019
Note
NON-CURRENT ASSETS
Tangible fixed assets
CURRENT ASSETS
1,091.010
1,132,408
Trade and other receivables
410,556
1,183090
575,023
1,407,719
Cash and cash equivalents
1,593.646
1,982,742
Creditors". amounts falling due within one
year
10
1832.0391
1945,1071
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
761.607
1.037,635
1,852.617
2.170,043
Creditors. amounts falling due after more
than one year
13,1801
17201
NET ASSETS
1,849.437
2,169,323
CHARITY RESERVES
Unreslricled reserves
14
1,849.437
2.169,323
TOTAL RESERVES
1,849,437
2,169 323
The financial statements have been prepared in accordance with the provisions applicable lo enlilies subject lo
the small cornpanies regime.
The
nanc
I slalernenls were approved and aulhorised for Issue b
eTru
ees
signed on their behalf by..
l Redemann
Tru¥lee
Dr U Hoppe
Trustee
Dale-
(L[oc Iii
The notes on pages 12 to 21 form part of these financial statements.
Page 10

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2019
Note
Cash flows from operating activities
Nel cash (used inllproduced by operating activities
17
1222,2591
292,266
Cash flows from invèsting activities
Purchase of tangible fixed assets
12,370}
122,0061
Nel cash used in investing activities
12,3701
122,0061
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
1224.6291
1.407.719
270.260
1.137.459
Cash and cash equivalents at the end of the year
1,183.090
1.407,719
The notes on pages 12 10 21 form part of these financial slalemenls
Page 11

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial slalewellls have been prepared In accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities Slalemenl of RecowTnended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK end Republic ol Ireland IFRS 1021, the Statement ol Recommended Practice
Accounting for Further and Higher Education leffeclive 1 January 20191 IFEIHE SORP 20191 and the
Companies Act 2006. Where differences arise between the Charitie5 SORP IFRS 1021 and the
FEIHE SORP 2019 the FEIHE SORP takes precedence.
European College ol Business and Management meets the definition of a public benefit entity Ljnder
FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless
otherwise slated In the relevant accounting policy.
1.2 Company status
The Charity is a company lirlliled by guarantee The Members of the charitable company 8re the
Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the
guarantee Is limited to £10 per member of the Charity
The registered office address and principal place of business is 69-71 Great Eastern Street. London,
EC2A 3HU.
1.3 Reserves accounting
General fLJnds are Ljnreslricted funds which are 8vailable for use al the discretion of the TrLJslees in
furtherance ol the general objectives of the Charity and which have not been designated for other
purposes.
Investment incorne, gains and losse5 are allocated lo the appropriale fund.
1.4 Income
All income 15 recognised once the Charity has enlillemenl lo the income. Il Is probable that the
income will be received and the amount of income receivable can be measured reliably.
Course fees and related income, nel of dirèct costs, are recognised In the period in which the course
lakes place.
1.5 Interest receivable
Interest on funds held on deposit Is included when receivable and the amount can be measured
reliably by the Charity-, thi5 Is normally upon nolilicalion of Ihe interest paid or payable by the
in51itution with whom the funds are deposited.
1.6 Expenditure
Expenditure 15 recognised once there Is a legal or constructive obligation lo transfer economic benefit
lo a third party. It is probable that a transfer ol economic benefits will be required In settlemenl and
the amount of the obligation can be measured reliably.
Charitable activity costs Incurred on the Charrty's educational operations, Including support costs and
costs relating to the governance of the Charity apportioned lo charitable activities.
Page 12

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limitèd by Guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES ICONTINUEDI
1.6 Expenditure ICONTINUEDI
All expenditure Is Inclusive ol Irrecoverable VAT.
Other operating expense5 represent those costs incurred directly in support of expenditure on the
objects Of the Charity and Include project management and costs Incurred In connection with
adminislralion of the Charity ancj compliance w11h constilulional and slalutory requirements
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are carried al cost, net of depreciation and any provision for impairment.
Depreciation Is not Charged on freehold Iznd. Depreciation is provided al rates calculated lo write off
the cost ol fixed assets, less their estimated rè$idu81 value. over their expected useful lives on the
following basis..
Depr￿latIOn is provided on the following bases.
FreehDld property
Equipment
Property Improvements
20/0 straight line
20 /ll130 /0 redLJcing balance1200/¢ 51raight line
5°/0 straight line
1.8 Trade and other receSvables
Trade and other debtors are recognised al the settlement amount after any trade discount offered
Prepayments are valued at the arnounl prepaid nel ol any trade discounts due
1.9 Cash and cash equivalents
Cash and cash equivalen15 includes cash and short-term highly liquid investments with a short
malurily of three months or less from the dale of acquis11ion or opening of the deposit or similar
account.
1.10 Liabilitie5 and provisions
Liabilities are recognised when there Is an obligation al the Balance Sheet dale as a result ol a pasl
event. 1t 15 probable that a transfer of economic benefit will be required In Settlement. and the amount
of the selllemenl Gan be eslimaled reliably Liabilities are recognised at the arnounl that the Charity
anlicipales Il will pay lo sellle the debt or the amounl it has received a5 advanced payments for the
goods or services it mLJSt provide
1.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and subsèquently
measured at their settlement value with the exception ol bank loans which are subsequenlly
measured al arllortlsed cost using the effective Inte￿st method
1.12 Pensions
The Charity operates a defined conlribLJlion pension scheme and the pension charge represents the
amounts payable by the Charity to the fund in respect Df the year.
Page 13

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Lirnited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES ICONTINUEDI
1.13 Foreign currències
Monetary assets and liabilitie5 denominated in foreign currencies are translated into sterling at rates
of exchange ruling al the balance sheet dale
TransaclioT15 In foreign currencies are translated Into sterling at the rate ruling on the date of the
transaction.
Exchange gaias and105ses are recognised In the Slalement ol Comprehensive Income
ANALYSIS OF TUITION FEES AND EDUCATION CONTRACTS
2020
2019
Course fees and related Income
Discounts allowed
1.254.715
13,0321
1.050
51,861
1,979,730
11.4671
710
Olhei fee5
Other Income
51.471
1,304,594
2.030,444
INVESTMENT INCOME
2020
2019
B8nk interest receivable
1,878
2,879
1,878
2,879
STAFF COSTS
2020
2019
Wages and Salaries
Social security costs
Contribution lo defined contribution pen510n 5cheme5
703.183
69,794
18.824
678,464
70.509
16,516
791,801
765.489
Page 14

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
STAFF COSTS (CONTINUED}
The average number of persons employed by the Charity during the year was as follows".
2020
2019
No.
Number ol Lecturers
Number adminislralive staff
The number ol employees whose employee benefits (excluding employer pension costs) exceeded
£6D.000 waB".
2020
No.
2019
In the band £90.001- £100,000
None of the Trustees rèceived any remuneration, benefits In kind or reimbLJrsemenl ol expenses during
the year12019 - £nill.
Total ￿muneration paid lo key management personnel was £113,791 12019 £111,0991
Page 15

EUROPEAN COLLEGE OF 8USINESS AND MANAGEMENT
IA Company Lirnited by Guaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
OTHER OPERATING EXPENSES
2020
2019
Advertising
Computer costs
Accomodalion
External rent, rates and water
Cleaning
Repairs and maintenance
Insurance
General expenses
Travel
101,574
16.152
129,259
49.921
24,597
20.297
17.533
6.136
72.785
7.501
193,829
10.530
63,436
14,270
5,412
5,250
4,789
13,568
10,270
85,233
15,479
386,325
58,176
26,623
21,527
16,023
7,828
97,112
8,700
216,692
6,504
56,622
ALJdilors remuneration
Consultancy
Telephone
Exam lees and associated costs
Printing, PDStage and slalionery
Light and heal
Bad debts
Staff training
Legal and professional fee5
Accountancy
8,649
13,224
7.978
15.252
10,408
767,109
1.077.585
INTEREST AND OTHER FINANCE COSTS
2020
2019
Bank charges
Foreign currency loss I Igainl
6,816
16,867
11.214
18.5761
23,683
2,638
Page 16

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
NET INCOMING RESOURCESIIRESOURCES EXPENDEDI
2020
2019
Deprec181ion of tangible fixed assets." owned by the charity
Auditors. remuneration Audit
43.765
6,000
1.500
18,824
16,867
43,556
7,200
1,500
16,516
18,5761
Auditors. remuneration Other
Staff pension conlfibulions
Exchange Igainl I loss
TANGIBLE FIXED ASSETS
Freehold
Property
property Equipment improvements
Total
COST OR VALUATION
Al 1 September 2019
Additions
1 ,302,872
124.099
2,367
401,485
1,828456
2.367
Al 31 August 2020
1.302,872
126,466
401,485
1,830,823
DEPRECIATION
Al 1 September 2019
Chafge for the year
382,607
20.057
110,166
3,634
203,275
20,074
S96,048
43,765
At 31 August 2020
402,864
113,800
223,349
739,813
NET BOOK VALUE
At 31 August 2020
900,208
12,666
178,136
1,091,01D
Al 31 August 2019
920,265
13,933
198,210
1,132,408
Freehold property includes land with a cost of £300,000 12019 - £300,000) on which depreciation is not
provided
Page 17

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guaranteè)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
TRADE AND OTHER RECEIVABLES
2020
2019
Trade receivables
360.828
510,850
285
63,888
Other debtors
Prepayments and accrued income
10474
39,254
410 556
575.023
CREDITORS: Amounts falllng due within one year
2020
2019
Trade creditors
Other taxation and social security
Accruals and deferred Income
14,011
19,890
798, 138
50,973
20,261
873,873
832,039
945,107
2020
2019
Deferred Income at 1 September 2019
Resources deferred during the year
Amounts released from previoLJS periods
845,774
735,884
1845,7741
957,256
845.774
1957,2561
735 884
845.774
Deferred income relates to tuition fee income receNed In advance for courses due lo commence after 31
August 2020.
11.
CREDITORS: Amounts falling due after more than one year
2020
2019
Accruals and deferred income
3.180
720
Page 18

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limitad by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
12. PENSION COMMITMENTS
The Charity Dperates a defined contribLJtion pension scheme in respect of Its employees. The as5els of
ltte scheme are held separately from those of the Charity In a separately administered fund
The pension costs per the Statement ol Comprehensive Income represent contributions due from the
company and amounled lo £18,82412019 - £16,5161
13. OPERATING LEASE COMMITMENTS
Al 31 August 2020 the Charity had commitments lo make future minimum lease payments un¢Jer non-
Can￿lIable operating leases as IDIIows
2020
2019
Not later than 1 year
Later than 1 year 8nd not later than 5 years
2,819
7,297
2.819
10.117
10,116
12.936
The total lease paymen15 recognised as an expense were £2,81912019 - £3,5761_
14. STATEMENT OF RESERVES
STATEMENT OF RESERVES- CURRENT YEAR
Balance at 1
September
2019
Balance at
31 August
2020
Income Expenditure
Unrestricted Reserves
General Reserves
2,169,323
1,306.472
11.626,3581
1,849,437
STATEMENT OF RESERVES- PRIOR YEAR
Balance at
Balance at
31 August
2019
September
2018
Income Expenditure
Unrestricted Reservès
General Reserves
2,025.268
2,033,323 11,889.2681
2.169.323
Page 19

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantèe)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
2020
Tangible fixed assets
CLJrrent assets
1,091,010
1.593,646
1832,0391
13.1801
Creditors due within one year
Creditors due in more than one yoar
1.849,437
ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR
2019
Tangible fixed assets
Current assets
1,132.408
1.982,742
1945,1071
17201
Creditors due within one year
Creditors due in more than one year
2.169,323
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
17. ACTIVITIES
2020
2019
Nel incomelexpendilure for the period las per Slalemenl of Fsnancial
Activiliesl
1319.8861
144,055
ADJUSTMENTS FOR:
Depreciation charges
Decrease in debtors
Decrease In creditors
43.767
164,468
1110.6D81
43,556
252,074
1147.4191
NET CASH PROVIDED BYIIUSED INI OPERATING ACTIVITIES
1222.2591
292,266
Page 20

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
18. ANALYSIS OF CASH AND CASH EQUIVALENT¢
2020
2019
Cash and cash equivalents
1,183,090
1,407,719
TOTAL CASH AND CASH EQUIVALENTS
1,183,090
1.407,719
19. ANALYSIS OF CHANGES IN NET DEBT
At1
September
At31
2019 Cash flows August 2020
Cash al bank and in hand
1.407,719
1224,6291
1,183,090
1,407,719
1224,6291
1,183,090
20. RELATED PARTY TRANSACTIONS
As at 31 August 2020, an amounl of £10,474 12019 £nill was due from ECBM Company Limited By
Guarantee, a cornpany which has common directors. The amount 15 Interest free. unsecLJred and
repayable. There were no other related party IransacliDns noted dunng the year
21. OMISSION OF STATEMENT OF CHANGES IN RESERVES
Given that the only movement which would be shown on the Slalemenl of Changes In Reserves is the
total comprehensive (Deficilllsurplus shown In the Statement of Comprehensive Income, this primary
financial slalemenl has been owitted
Page 21