Reg18tered number: 2198970
Charlty number: 1042523
EUROPEAN COLLEGE OF BUSINESS
AND MANAGEMENT
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2022
LUBBOCK FINE LLP
Chart•red Accountants
Pat8most•r Hous•
65 St Paul's Churchyard
London EC4M 8AB

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Llffllted By Guarantee)
CONTENT8
Page
Refernnce and Adrnlnl¥tratlvo D•tsll• of the c￿rIty, Its TN•t••• and AdvlMr•
Tru•tM•' R•port
Ind•p•nd•nt Audltorn. R•port on lh• Flnanclal Stat•m•nt•
8tatsm•nt of Flnancw Actlvltl
10
B•l•n￿ Sh••t
11
8t•l•m•nt ol Cuh Flo
12
Nol•• to th• Flnanclal 8tst•m•nt•
13-22

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Llmlted By Guarnntee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES ANO ADVI3ER8
FOR THE YEAR ENDED 31 AUGUST 2022
Trust•
Dr U Hoppe
l R8demann
Dr E Thorne
Company regl•tsrod
number
2198970
Charlty r•gl•t•rod
numb•r
1042523
Regl•twed offl
89-71 Greot Ea8tem Streat
London
EC2A 3HU
Prlnclpal OperAtlnq
Offl￿r
R 81118
Ind•p•nd•nt •udltorn
Lubbod( Flne LLP
Chartered Accountant
Patemoster House
85 Sl Paul's Churchyard
London
EC4M BAB
B•nk•r•
Barclay8 8ank plc
PO Box No 4578
155 Brompton Road
London
SV13 1XD
Commerzbank
40300 Du68eldorf
Gomany
Page 1

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Gompany Llmited By Guorantee
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees present their annual report. which Includes the dlrectorfs report. together vAlh Ihe audited ffinancial
statements of the Charity for the year from 1 September 202110 31 August 2022. The Annual Rgport serves the
purposes of bolh a Truslees. report and a directors. report undar company law. The Twstees confirm that the
Annual Report and financial slalemenls of the Charity Comply with the current slatulory requlremonts. the
requirements of the Charitys govemlng document and the provlslon5 of Ihe Slatement of Recommended
Practice ISORPI 8pplicable lo charities preparing their aGGounls In accordance wth the Flnandal Reporllng
Standard applicable in the UK and Republic of Ireland {FRS102) leffecllve l January 2019).
Slnce the Charity qu81ifi88 as small under section 382 of the Companies Act 2006, Ihe Strategic Report required
of medlum and large companies under the Companies Act 2006 (Strategic R8POrt and Directors, Report)
Regulations 2013 has been omlttad.
Trustee
Th8 Trustees who served the ch8rSty durfng the year were as follow8:
Dr U Hoppe
l Redemann
Dr E Thorn8
ObJoctlv•• •nd Actlvltlos
The alms and oblectlves for whlch th8 Charfty Is eslabllshed are the advancement of educatlon, 8sp8clally In
business studies, and tralnSng for employment. This increases employdbility and ski118 in a future environment
whero Such 8kill8 wlll be at o premlum.
Th8 Charity, whan pursulng ils objective6, 8180 alms to 8UPPOrt Indlvldua18 who, out of lack of flnanclal me8n8 or
other reasons, pol8nlially might not be able to benefit from th8 educational activiti88 provlded. The 8tralegies for
achi8ving the college's aims and obl￿tIVeS are to develop programme8 of education and vocaUonal training and
d81iver them in e way Ihal enables them to parti¢ipate al the 8amè ￿rne as galnlng 8xpert8nce at work or In
further study elsewhere.
Through 116 connections wth employers such 88 Commerzb8nk, Bank of Ntrw York and NeI￿on Assel
Managemant the Charlty operates the Higher Education Vocational Traineeship scheme. For the lortheoming
year the number of young people Tecruiled on to this programme has been 22 students in years One and two of
the programme Ihlgher than in the previous year). 10 ere continuing onlo their lop-up Bachelor. This continue8
the record of healthy racrultrnenl on the progremrne for this type of programme in recent years, and the Scheme
remains in a stablè conditlon. Thls long Blanding programme opens up the posslbility of a c8re8r in the financial
services sector to local peopla vtho olherwse would not necessarily have ¢onsider8d such an option 18nd
increasingly do not have the financial mean5 lo embark on a higher education ttiutsel- It 81$0 provide$ 8 strong
boost to diversty in background of recruitment al the College. Local people, and ethni￿llY diverse Stsff, a
evidenuy under-represented in the financial seNGe5 industy in the City of London and this aGtivty aims to
address thi8 imbalance.
The Charity also provid88 8ub8idised education for students take part in short courses which enhance their
underslanding of rross ¢uttural issues, which is of growng importance for the country as we seek to display an
outAvard facing irnage to the world post Bre￿1 and provide young people wtth the skills to compete globally. The
funding these students receive is ¢onne¢led to the Erasmus Plus proiect, and this is still available in future.
notsvilhslanding the UK'S departure from the European Union, through our official branch in Dublin. Student
numbers have continued lo be affected by the pan4emi¢, and the inabllty of w)ung people lo travel to the
College. This has been the key reason ft)r the ￿cording of 8 defidl In the financial year lo 31 August 2022.
though there is still 'pent up, demand for these cour¥es and we began lo yee ¥ retum of students to the College
in the summer of 2022. These restrictions were predicted in Ihe forets$l budgets last year. and the College does
expect sludenl numbers for short courses to grow in this wming year. The Charlty would normally also provide
free short courses for the Brokerage, for more than 20 IrKal school pupils each year. These are young people
who might otherwise not go into careers in the City, and are from local, d￿erse and UnderprI￿leged
backgrounds. Athough, once again, the pandemlc has taus&4 a suspenslon of thls offer, the Charlty VAII
continue lo explore ways to reactivate that connection In the fvture.
Page 2

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A company Llmlted By Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
In setllng the oblecllves and planning the gclNities of the Charity. the Trustees have given careful consideration
to the Chorlly c￿mIsSIon,$ general guidance on public benefit.
Porfomianco
Demand for the Charitys programrnes {HNDICMLIDMLIBachelor programme8. DSMLIMBA programmes and
PDPS IProfessional Development Programmesll has contlnued to be affected by the restrlctions Imposed due to
the pandemic, and the Increased 108888 reflecl the withdraw81 of govemment support that Cushloned this Impacl
during the lockdown p8riod of 2020-21. The financlal p8rfomiance for the year lo 31 August 2022. 18, however,
'low water mark, and the Ch8rfty18 confident that the 81tuation wlll be Improved In the nexl yaady annual finan￿al
8t8tements.
Th1$ 19 because the Charltvs actlon8 to mitlgate the Impact of Brexlt and recover Its p08itlon follo￿n9 the
pandoml¢ ara going to bear fruit now that travel reslrlctbons have been lifted and recrullment on professlonal
devolopmant programme8 h85 re8urned. These courses had already 81arted to resume in the 8ummer of 2022,
and wlll contlnue to recover. There wlll be much hl9her c08ts due lo inflatlon and éxtemal rent In futur&, It must
b8 not6d. 8011 ￿11 b8 a struogle to gchleve 8n Immedlale relum to Ihe $urplus86 of pravSou8 ye8r8.
The Vocallonal Tralnee 8chem8 saw a reductlcffi In numb6r8 recrulted In tho year to 31 Auoust 2022, but thbs
Was a lernporary reductSon es employers odlusted to the Some extemal Ma￿et forces. In the followlng flnancial
y88r the Charlly has already di)ubled the number8 of Ilrst year recTuIts. Brexlt contlnue8 to be a negallve fsctor
whlch ￿￿11 oulla8t the effects of tha pandemlc, bul ther6 remalns a dear demand for the Charws course8. The
Charlty conllnues to benefft from a strong level ol reserve8 bullt up In prevlou8 years. and th18 once again att8819
io an excellent record of prudent financial rnanagement. The Charty contlnu&8 lo be well placed to ￿bOUnd from
1ts1088es a8 Wa 886 8 gradual but clear recovery.
FlnanGSal Rqvlow
The CharSty recordad a deflclt of £293.736 In the financlal year ondlno 31 Augu8t 202212021- £136,929). The
Charfly conllnu8s lo be prudently m8nageé.
Total funds held by the Charfty as of 31 Augu8t 2022 are £1,382,905 (2021 - £1,676,641). The Charfty does not
hold any ostrlcted fund8.
In the pre-pandernlc era, the Charitys reserves pollcy wa8 to bulld up reserves equlvalent to tho value (h181orl¢
costs) of Its premlse9 plus haw the annual tumover. Th1$ w8s been an Important pollcy, as It ha5 enabled the
Charity lo malntsin It8 opera￿On9 durlng the fin•n¢ial dlfficultle¥ caused by the pandemlc. Currently. and going
forward, the general alm of the Charity will be to rebuild its reserves in the medium temi.
Plans for Futur• P•rfod•
The outlook for 2022123 18 one where the Charity will aim to ￿port a reduction in the defiul and work toward¥
breakeven, malntaining its finanual stability- The ￿¢0very has been slower than at first predicted, bul the figure5
reported in Ih88e annual statements are, as noted above, predicted to b8 the bottom of the curve leading to a
much improved position In the next finoncial year.
The reason for thls optimism is due to the Charitls actions to restructure during the period of the pandemic, with
reduction In the number of staff. the retum of professional development programmes whi¢h has hlslori¢8lly
a¢¢ounled for over 40% of the Chariws annual income land wthich had been re(luced to zero a¢tivlty during Ihe
p8ndemicl and the continued optimisation of use of the Chariws physical assets. There will be an inc￿0$1llg
of Ihe Charivs delivery of short courses through the branch in Out￿1n. The Chadty aims to work towards
break even, but the situation will doubdegs be much improved in the next yearfy financlal statements. The overall
aim remains to ensure that the services of the Charity continue to be relevant and serve the need$ of its
beneficiarie¥.
Page 3

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Llmlted By Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Stru¢ture, Governance and Management
The European College of Business and M8n8gement Incorporaled as a company limited by guaranlee on 26
November 1987 and regi81ered 88 8 charity on 1 December 1994.
11 is govemed by its memorandum and artlcles of assoclBtion. TheTr Is 8 Strong bond betsve8n the charity and
the German Br6ll$h Chamber of Industy and Commerc8. The Chamber18 one of the maln supporters of the
Charity 8nd has common board member8.
The appoSntment of trustees Is regulated by the Charity8 Memorandum and Artldo8 of A660cl8tlon. The power of
appointment of new Iruslees lie8 wllh the member8 and existing Board of TnJ8lees. New tru$lees are re¢ruiled
based on thelT attrlbules and the requirements of the Charity, and are famillarlsed Nwth th6 work that the Charlty
unéert8ke8 through meetlngs and dlscusslons wlth the Boaril of Trustee8 and olher employee5 of the Charlty-
The Board of Trustees ffleets regularty durlng th8 year but delegates the day-to-day runnlno and management of
the Charity lo the Prlnclpal Operating Offlcer (who Is the Dlrector and CEO). who meets wth the Chairrnan of the
Board every month. Arrangernenls for Setting pay and remuner8tlon of key menagemenl personnel are declded
upon by the Ch8imian 2nd the Prlnclp81 Operallng Officer, arKI general pdl¢y18 to Increase slaff remuneratlon to
compensate for inflation plus a Small Incentlve Increase acAO8$ the board.
The 8oard of Tru8tees regularty conduct8 a full le￿•W of tho molor rl8k8 to whl¢h the Charlty t8 exposed and ha8
e81ablished approprlate sy3tems to mitlgale thes0 r18ks. These rSsk$ and the related 8yBlem8 are rev58wed
rogularly by the Board of Tru8te88, alongside any n8w d8ks to whlch the Ghoflty 1$ exposed.
Stat•m•nt of Tru•l•••' R•fjponalblllti
The Trusl8e8 (who aro also the dlrectors of the Charlty for tha wrposes of company law) are r88ponslble lor
preparing the TnJstee8' Report and the financlal stalernents In accordance wllh 8pplic8ble law and Unlted
Klngdom ACCOUn￿ng Slandard¥ Iunlted Kingdom Generally Accepted Accountlng Practice).
Company law requlres tho Trust8e$ to prepare fln8ncl818talem8nts for each finandal ye8r. Under company law
th8 Trustee8 must not approve the fln8nclal 8latem8nts unless they are satisfied that they glve o true and falr
view of the slate of affairs of the Ch8rhy and of It$ Incomlng re80urce8 and 8ppIic8tlon of re80urce¥, Indudlng It8
Inwme and expendllure, for that period. In preparlng the88 flnanclal 8talements. the TN8tee8 are requlred lo..
select 8uilabl8 accounting policies and then apply them consi8tenUy'
observe the methods 8nd pdncipl83 of the Charilles SORP IFRS 102);
make judgments and accounting esllmates th8t are reagonabl8 and prudent-
Stale vthether Bpplicable UK Accountlng Stand8rd8 (FRS 102) have been followed, 8ublect to ony
material departures dlsdosed and explalned In the flnancial statemenl8'
prepare the finanrial staternents on the going concem basis unless11 is Inappropriate to presume that
the Charfty wlll ccmlnue In busSn886.
The Trustees are responslble for keeping 8dequate accountlng record8 that are sufflclent to Show and explaln
the Chariws transactions and disclose with reasonable accuracy at any tlme the financial position of the Charlty
and enable them to ensu￿ that the finanryal ststemenl$ ¢omply vlth the Companles Act 2006. They are also
responsible for safeguarding the assets of the Charity and hen¢e for taklng reasonable steps for the pyevention
and detection of fraud and other irregularitie8.
Page 4

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A company Lirnitsd By Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Dixlosure of Inforniation to Auditorn
Each ol the persons who are Trustee8 at the time when this Tru$l¢e$' Report is approved has confirmed that..
so far as thot Trustee Is aware, there Is no relevant audlt Infom)atlon of whlch the ¢harW8 audttors are
unaware, and
that Trustee has taken all the steps that ought to have baen taken 88 8 Trustee in order to be aware of
any relevanl audit Inforfflatkjn and lo establish that Ihe Charltys audllors are aware of that Informallon.
In pr6padng thls report, th8 Tru8tees h8ve token 8dvanl8ge of the small componle8' exemplon prov(ded by
8eGtion 415A of the Companle8 Act 2006.
f the member8 of the l)oard of Trusteos and 81gneLI ￿ their behalf by..
Dr U Hopp•
Trustee
Dale:
Page 5

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company LSmlted by Guarnntefr)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
Oplnlon
Wa have audiled the financial statements of Europ8an College of Bu5ine55 and Management Ilhe 'ch8rrVI for
the year ended 31 August 2022 which comprise the Stal8ment of Financial Activities, the Balance Sheet, the
Slalement of Cash Flows and the relaled notes, induding a summary of significant accounting Oicies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
AG¢ounling Standards, including Financial Reporting Standard 102 'Th8 Financial Roporting Standard applicable
In the UK and Rèpublic of Ireland, {United Kingdom Generally Accepted Accounts'ng Practice).
In our oplnlon th8 finan¢S0l stat8mants'.
give a true and fair view of the state of Ihe charft8ble compan¥s affalr5 as at 31 Augujl 2022 end of It8
incomlng resources and appllcation of resourGes. InGlu¢Jlng Its Income and expendllure for the year then
8nded',
have been properfy pr6par8d In accordance wlth Unlted iangdom Generally Accepted Accounting
PraGtice', and
have been prepared In 8c¢ordanca wlth the requlr8m8nt8 of th8 Comp8nles Act 2006.
B••ls for oplnlon
We conducted our audlt in accordance with Intemallon81 Sl8nd8rd8 on Auditlng (UK) IIW {UK)) and 8ppllc8ble
law. Our regponsibillties under those 8tandards are further (leJcrlbed In the Auditors, responslbilitle8 for tha audll
of the financial glalement8 section of our report. We are independent of the charitable company in accoré#n¢e
th the elhlcal requSrement9 that are relevant to our audlt of the flnandal staternents in the UnSled Klngdom,
Includlng the Flnanclal Reporting Council'8 Elhlcal Standard, and we have fulfilled our other ethical
responsibilltias In 8ccordance wllh these requlremenls. We believe that the audK 8￿dence we have obtalned18
ufficionl and approprfale lo provlde a ba818 for our opinlon.
Conclu•lon• r•latlng to golng cOn￿M
In auditing tho flnanclal s1olem6nts, we have conclu¢Jed that the Trustees. u8e of the golng ¢on¢em ba818 of
accounting in the preparation of the financial ¥latements i¥ oppropdate.
Based on the work we have perfonned, w• have nol Identlfied any materlal uncertalnlles r61allng to events or
¢ondition$ that, individually or collects'vely, may cast significant doubt on the charitable companl8 abllity to
continue as a going concern for 8 period of at 188St twelv8 month8 from the flnan￿81 Jlatements are
authorisod for issue.
Our respon5ibilikne¥ and the respon$ibllitles of the Trustees vlth respect to golng concem are described In the
relevant 5eGlions of this report.
Page 6

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmlted by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BU81NESS AND
MANAGEMENT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
Other infonnatlon
The other infonnation comprises the infomiauon Included In the Annual Report other than th6 flnanrial
statements and our Auditors. Report thareon. The Trustees are responsible for the olher Infom)aUon conlainad
within the Annual Report. Our opinK)n on the financlal statements does not cover the other Information and.
except lo the extent othenvise &xpli¢ltiy slated in our report, we do not express any fonn of assurance concluslon
thereon. Our responsibillty is to read the other Information and, In dolng so, Gonslder wheth8r the other
infomiation is materially in¢onsistsnt wth the flnancial statements or our knowledge obtalned In the course of the
audll, or olhemse appears to be materially misstatad. If w& Idenllfy suth rnaterial Incon8iStend8s or apparent
materlal mlsstatements, we are required lo determin8 whother thls giv8s rise lo a malerlal mlsstatement In th8
flnanclal statements themselves. If, ba8ed on the work we have perforned, we conclude that there18 a malerlal
mlsstatemonl of this other inf0m1a￿Qn, wo ara raqulred to report that fact.
Wa have nothing to report In th18 regard.
Oplnlon on oth•r m•tt•r• pr••¢rlb•d by th• Companloi Act 2006
In our opinlon, based on the work undertak8n in the course ol the audlt..
the informallon glven In the Trust888' Report for the financlal ￿ar for whlch the financlal 8tatoments are
prapared Is consistent h￿th the flnanclal 818lemenl8.
the Tru8tees' Report has been prepared In accordance wllh applicable legal raqulrements.
Matter• on whlch w• •r• r•qulr•d to r•port by •xcoPtlon
In the Ilght of our knowlodgè and understanding of the ch8fltable company and 6t8 envlronment obtalned In tho
course of the audll. w• havè not Idenlfled malerlal ml88tslem6nts in the Trustees, Report.
W6 hav? nothlng to report tn respect of the followlng m8tters In relatlon to Comp8nl88 Act 2006 requlre8
U8 to report to you K, In our oplnlon..
adequata accounlng records have not been kept, or relums adequate for our audlt have not been
received from branches not visited by us., or
the finanGial 5talement8 are not In agreement wlth the 8ccounJng record8 and retum8,' or
certaln dlsdosuTe8 of Trust8es' remuneration spe¢Mled by law are not made; or
we have not received all the infomiation and axplanations we require for our audS1: or
the Trustees were not entitled to prepare the finan¢ial $tslemerrts in accordance wth the sm811 ¢ompanloS
ime and lake advantage of the small ¢ompanies' exemptions in preparlng the Trust888' Report and
from the requirement to prepare a Str8t8glc Report.
Rosponslbllltlas of trusts08
As explalned more fully In th8 Trusl885' R8sponslbllltles Stslement, Ihe Trustees (who are also the dlrectors of
th8 charitable ￿MpanY f(Y the purposes of company lawl are responsible for the weparallon of the flnanGi81
Statements and for being Sa￿sTIed that they glve a true and fair ￿ew, and for such internal control 09 the
Trustaes deterynine is necessary to enable the preparation of financial statements that are frèe from m8terial
misstatoment, whether due to Iraud or error.
In preparing the fin8na81 statements, the Trustees are rosponslble for 8ssesslng the charltable companvs 8bility
lo continue as a going concem, discloslng. as applicable. matters related to going concem and using the going
oncem basis of accounting unless the Trustees elther irrtend to liquidate the charitable company or to cease
operalions, or have no realistic altemauve bul to do so.
Page 7

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarnntee)
INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINE88 AND
MANAGEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
Audltors. rgsponslbilities for the audit of tho financial gtalements
Our objedves are lo obtain reasonable assurance abjut whether the financial slalemenls a¥ a vtho18 ar8 fre&
from material misstatement, wttelher du8 to fraud or error, And lo 18sue an Audilcys, Report that In¢ludeg our
opinion. Reasonable assurance is a high level of assurancè, bul Is not a guarantee that an audit conducted In
accordance with ISAS IUKI wlll always delecl a materi81 misstatement when it exists. Misstatements can arf8e
from fraud or error and are considered materi81 if. individually or In the aggregate. they could rea80nably be
expected lo influence the ec£￿0Mle d6clslons of users t8ken on the basls of those financial 8talemenls.
Irregulxr11188, Indudlng fr8ud, are instancès ol non-compliance vmth laws and regulatlong. We de81gn procedure8
in line with our responsibililios, outlined above, lo delect material mls8tatemenl8 In re8pect of Irregularitles.
Including fraud.
In identifying and a$s8$81ng ri8k8 of material mlsstatement in re8pect of Irregularhle8, Indudlng fraud 2nd
noncomplian¢e wlth laws and regulation8, we con8ldered th8 followlng:
The nature of the sector and the Impact of Covid-19 on nnanaal and opeiallng perforrnan¢e and policies,.
Enquiri65 of management, Including obtsinlng and revlewlng supportlng document•llon, con¢8mlng the
charity's policies and procedure8 relating to..
SdentIf￿ng, evaluatlno arKI complylng wllh la*B and regulaUon8 and whether they were Bware of any
Instances of non-compli8nca',
detectlng and re8ponding lo the r48k8 of fraud and vthethor Ihey have knowledge of any actual.
Suspected or all8g8d fraud., and
the Sntemal controls 88tabllshed to mltlg8te rfsk8 ralatad to fraud or non-compllance of 18w8 and
regulation8; and
D18CU8slon8 among the engaoemenl 18am regardlng how and where fraud mSghl occur in the finanoal
8talements and any poténtl81 indlcators of fraud. The engggemenl team Includes audit partner8 and staff
who have oxtensive experience of worklng vMlh charitie8 in 8imllar 8aCtor8 and thi8 experience w88 relevarrt
lo the d18cusslon Bbout where Iraud dsks might arlse.
Wo 8180 oblalned an und8rslandlng of the 18g81 and regulatory frBmewofk that the chartty operal88 In, focusing
on provisions of those laws and regulations that had dlrect effect on the detemilnalion of material amounts and
dlsclosure8 In the financlal 8talem8nts. The kay laws and r8gul2tlons we con81dered in this conlext Included FRS
102, the Companie$ Act, the UK Charitie8 Act, Charftles SORP 2019 and the Higher Education SORP 2019.
In addition. w8 considèred provlsions of other laws and regulations that do not hav8 a direct effect on the
financ181 ststements bul ¢omp118nce which may be fundamental lo the charftys ability to operate or to avold
a malarfal penalty.
As 8 ￿$￿It of these procedure8, we consldered th8 particular ar8a5 that were 5us¢eptlbl8 to m188t8tement due to
ITregulaTlties, includlng fraud were In respecl of management overrfde. Ckjr procedure8 to respond lo risks
identified included the following..
Rgviewing the financial statement di$¢losures and te8ting lo supporting documentauon to assess compliance
th provlsion8 of relevant laws and regulations described as hawng a direct effect on the financial
$tstements',
Enquiring of man8gement conceming actual and potential liligalion and daims.,
Performlng analytical procedurès to Identlfy any unusual or unexpeGtsd relationships that may indicate risks
of material misstatement due to fraud.,
Reading minutes of meetings of those charged wth goveman¢e',
In addressing the risk of fraud through management override of controls.. assessing whether the judgements
made in making accounting estimates are indiGative of a potential bias: and evaluatsng the rationale of ary
significant transadions that are unusual or outside the nomial course of the charity's operatlons.
Page 8

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Limitod by Guarant•e)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINE88 AND
IANAGEMENT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2022
Because of the inh8r&nl limi18tion$ of an audit, there is a risk that we will not detect 811 irregularllle9. Including
those leading lo a material misstatement in the financial statements or non-compli8n¢e wllh regulatlon. This risk
incr8as8s the more that compliance y￿th a law or regulation is removed from the events and tran$acllon8
reflected in the finan¢ial 5tatemenls. as we V￿11 be less likely to becom8 aware of instsn¢as of non4cKnpllanrA.
Th8 risk is also greater regarding irregularities occurring due to fraud rather than error. a8 fraud Involves
Intentional ¢onGtsalment. lorgory. colluslon. om188ion or misr8presenl8tlon.
A further description of our r88pon8lbllltle8 for the audlt of the finandal statements 18 located on the FSnancS81
Reporting Council's webslte at..
.frc.o
.ukJauditorsres
onslbllllles. Thls de8crfpllon fornis part of our
Auditors. Report.
Us• of our report
Thls report18 mada 8016ly to tha charltabl8 compan18 m8mber8, a8 a body, In accordance vlth Chapter 3 of Part
16 of tha Compani65 Act 2006. Our 8udll work has been undertaken 80 that we mlght stale lo the charftablo
companls members thos8 matters wo are requlr8d to 8ts1e to them in an Audltors, Report 8nd for no other
purpo80. To tho fullest extent pemiltted by law, we do not •¢cepl or assume responslbllKy lo anyone other than
the charitab18 company and Ks members, a8 a body, for audll work, for th18 report. or for tha oplnlon8 We
have formed.
Davld Ch•ndrn (S•nlor 8latutory Audltor)
for and on behalf of
Lubbock Fln• LLP
Chartered Accountants
Paternoster House
65 St Paul'8 Churchyard
London
EC4M 8AB
Da18.. 16 February 2023
Page 9

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Cornpany Limited by Guarnnte•)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022
Tot•1
fvnd•
2022
Totsl
funds
2021
Nota
INCOME
Tuition fees and education contracts
Investment income
817.977
109
937.299
277
TOTAL INCOME
818,086
937.576
EXPENDITURE
Charllable actlvltle5:
Staff cogts
Other oper8tlng expen888
Depreciation
Interest and other flnance costs
Loss on d18PO801 of flxed 888ets
809,880
449,952
46.642
5.348
696,054
328,136
43,406
8,162
747
TOTAL EXPENDITURE
1,111,822
1,074.505
(DEFICIrySURPLU8 FOR THE YEAR
<293,736)
(136,9291
RECONCILIATION OF RESERVES:
Total ragerve8 brought foThYard
Nel mov8menl in re$ep488
1.678.641
(293,736)
1.813,570
(136,929)
TOTAL RESERVES CARRIED FORWARD
1.382.905
1,876,641
The Statement of Comprehen81ve Income Includes 811 galns 8nd108885 recognised in the year.
All Income and expendltur8 In 2021 and 2022 related to unre8trbcted r88eNe8.
All Items of Income and expenditur8 ralat8d to continulng actlvltles.
The nole8 on pages 1310 22 fomi part of these financlal slatements.
Page 10

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Limitod by Guarnntee)
BALANCE SHEEr
REGISTERED NUMBER: 2198970
AS AT 31 AUGUST 2022
2022
2021
NON4URRENT A88ETS
Tangible fixed a88ets
CURRENT A88ET8
1,062.980
1.073.168
Trade and other rec8lvable8
Cash and cash equlvalents
303,695
677,514
300,369
946,456
981.209
1,246,825
C￿dI10￿.- amount8 falllng dua wlthln one
year
10
(661.284)
(643.352)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
319,925
603,473
1,382,905
1,676,641
NET A88ET8
1,382,905
1,676,641
CHARI￿ RE8ERVES
Unrestrlcted reserves
13
1,382,905
1,676,641
TOTAL RE8ERVE8
1,382,905
1,676.641
The finAncial 8t8t8ment8 have been prepared in acu)rdance the prov181on8 appllcable to enlltias subjoct to
the 8mall companles reglmo.
Tho financlal ststern8nts were approved and author18ed for Issue
the
ru$lee6 and signed on Ihelr behalf by..
Or U Hopp•
Tru6188
l Rod•mann
Trustaa
Date:
Ii(I I
The notes on pages 13 to 22 fomi part ol these finandal 8tat8ments.
Page 11

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A Company Llmlted by Guarnnteo)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
2022
2021
Cuh flow8 from oporatlng actlvltles
Net cash (used inyproduced by opera￿ng 8¢tlvStles
16
(232.597) (210,6021
Cuh flo￿ from Inv••llnq actlvltl••
Bank inlarnst rncelvable
PUT￿￿89 of tanglble fixed 8888ts
109
(36,454)
277
128.309)
N•1 u•h used In Inv•stlng aGtlvftl•i
{36.345)
(26,032)
Ch•ng• In ¢a•h and ca•h equlvalents In the ymr
Cash and cash gquivalent8 at the beglnnlng of Ihe year
(268,942) 1236.634)
946,456
1.183,090
Cash and ￿*h •qulval•nt• at the end ol th• y•ar
17
677,514
946,456
The not88 on poges 13 to 22 form part of th08e flnanclal 8tatemen18
Page 12

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmlted by Guaranteo)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
ACCOUNTING POUCIES
1.1 Ba818 of preparatlon of flnanclal staternentl
The fin8na81 slaternenls have been prep8red In 8¢cordance the Charlties SORP (FRS 102) -
Acciyjnting and Reporting by Charities.. Statement of Recommended Practice applicable to charllie$
preparing th8lr accoun18 In accordence with the Flnancial Reporting Stand8rd applicable In the UK
and Republic of Ireland IFRS 1021 leffeclive 1 J8nuary 20191, the Financial R6POrtlng Standard
applic4ble In th8 UK and Republlc of Ireland IFRS 102). the Statement of Recommènded Practlce
Accounllng for Further and H￿her Educatbn (effective 1 January 2019) IFEIHE SORP 2019) ané the
Companles Act 2006. Where differences arlse betsveen the Charities SORP {FRS 102) and the
FEIHE SORP 2019 the FEIHE SORP take8 precedenca.
Eurcyan Colleg8 of 8usin888 and Management meets tho definluon of a publlc benefft entity under
FRS 102. Assets and li8blllties are initially recognlsed 81 hlstorlcal cost or transaction value unl888
otherwise stated In the relevant accountlng poll¢y.
1.2 Company 8tatu•
Th8 Charlly Is a company Ilmiled by guarantee. The member8 of tha charitable Company are the
Trustees n8med on page 1. In the event ol the Charity being wound up, th8 liobllity In respecl of the
guarantee Is Ilmlted lo £10 per memb8r of the Charity.
The reglstered offlce addre88 and prindpal place of busln88818 6&71 Gr08t Eastem StreeL London,
EC2A 3HU.
1.3 R••orve• accountlng
General fund8 are unr8gtrfct8d fund8 whlth are available for u88 al th8 dl8cretion of the Twstees In
furtherance of th8 ganaral oble¢tives of the Charity and vthlch have not been d881gnated for olhar
purpose8.
Investmonl Sncom8, gains and108888 are allocated to th8 approprlate fvnd.
1A Incom•
All income 18 recognlsed once the Charity has entitlemenl to the Income. tt 18 probable that the
income wlll be recelved and tho amount of income receivable can be measurad rellably.
Course fee$ and related incorne. net of dlr8Ct C4)8ts, are racogn18ed In the period In whlch tho coursè
takes place.
1.5 Intoresl rgcolvablo
Interest on funds held on deposlt 1$ included receNabl8 and the amount can be measu
reliably by the cha￿ty. th18 1$ normally upon notification of th& Interest paid or payable by the
instituuon wlth whom the funds are deposited.
1.8 Exp8ndlluro
Expendfture Is recognised once there Is a legal or constructlve obligatlon to Iransfer econcthic benefrt
to a thlrd party, it 15 probable that a transfer of economic ben8ffts ￿11 be requiffjd in settlement and
the amount of the d)ligation can be measured reliably.
Charitable actimty costs incurred on the Charitys educational operations, Includlng 5UPPOrt costs and
costs relating to Ihe govemance of the Charity apportioned to charitable actiwtle8.
Page 13

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Llmlted by Guarante•)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
ACCOUNTING POLICIES ICONTINUEDI
1.8 Expendlturo (contInu￿)
All axpendilure Is InGluslve of Irrecoverable VAT.
other opar8tlng expenses represent those costs Sncurred dlrectty in support of expenditure ijn the
objects of the Charity and Include project management and costs incurr8d In connection
adminlslration of the Charity and compliance vrith constitutional and slatutory requirem8nts.
1.7 Tanglbl• flx•d a••frt• and depr•clallon
Tangible fixed a888t6 are caffied al cost, net of depreciation and any provision for Impalmi6nl.
08pr8clalion Is not charged on freehold land. Depr8ciation is provided Bl ral08 cal￿101¢d to wrSte off
the cost of fixed 88$8ts. 1888 Ihelr e8tlmaled resldual volue, over their expected u8eful IIv68 on Ihe
followlng b3sl8'.
DepreclaUon18 provided on the followlng b88es:
Freehold property
Equipment
Property Improvements
2% 8tralght Ilne
20W30% reduclng balan¢e120% stralght line
5% Straight Ilne
1.8 Trado and oth•r r•c•lvables
Trade and other debtors are recognised at Ihe setuernent arnounl after any trade d18count offered.
Prepayments are valued at the arnount prepald nel of any trade discounis due.
1.9 Ca•h and c••h oqulv8lont•
Cash and ca8h equivalents include8 ca8h and 8hort-lerffl highly liquid inve5trn9nts with a shcrft
malurlty of Ihree months or lesB from dat8 of acquI8￿on or opening ol the deposit or $imllar
account.
1.10 Llabllltlos and provl*lon•
Llabilities are recognised there is an obligation at the Balance Sheet dale as a result of a pa8t
event.11 Is probable that a transfer of econornic benefit wll be requiffjd In $8tUament, and the amount
of Ihe $8tUement can be estlmated reliably. Liabilities are recognised at th? amount that the Charlty
anticipates 11 wll pay to Settle the debt or the amount it ha5 received as advan¢ed payTh8nls for the
goods or service$ It must prowde.
1.11 Flnanclal Instruments
The Charbty only has financial assèts and flnanclal Ilabllitles of a kind that qU81ify as basic finanryal
Instruments. Basic financial instruments are initially recognised at transacllon value and subsequenuy
measured at their setuemenl value with thè axcaptlon of bank loans whlch are sUbseqUen￿Y
me88ured at 8morlised (>Jst using the effective Intsrest mothod.
1.12 P•nslon8
The Chadty operates a defined contribution pension scheme and the pension tharge rewesents the
amounts payable by the Charity to the fund in Tesp8Gt of the year.
Page 14

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A CoM￿nY Llmited by Guaranloe)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
ACCOUNTING POUCIES {CONTINUEDI
1.13 Forelgn curr•ncie8
Monetary assets and liabilities denominated In forergn TrJrrenGl8s ara translated Into sterllno at rates
of exchange ruling at tho balanc8 sh881 date.
Transactions In foreign currancles ar6 translated Into 8terllng at the ral8 rullng on the date of the
transaction.
Exthange galns and1086e8 are recogni8ed In the Statement of Comprehen8lve Incom8
ANALY818 OF TurrioN FEES AND EDUCATION CONTRACTS
2022
2021
Course fee8 and related Income
Discounts allowed
Other1088
Other Income
790,222
(2,3471
1,080
29,022
824,654
(1.731)
1.080
113.296
817,977
937,299
INVESTMENT INCOME
2022
2021
Bank Interest r8calv8ble
109
109
2TI
STAFF COSTS
2022
2021
Wage8 and salart8$
So¢i81 seGurity ry)sts
Contribution to defined contr1trA￿on p6nslon schemes
531,712
61,846
16.322
603.083
72.219
20.753
609,880
696.055
Page 15

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmlted by Guarnntee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
8TAFF C08T81CONTINUED)
Tha averdge number of persons 8mployed ty the Charity during Iha year wa8 as follows:
2022
No.
2021
No.
Numb8r of L6Gturars
Number administrallve slaff
10
10
15
17
The number of 8mploy8es wh086 omployee b8n8fits (excludlng ernployer pen8lon c08ts1 axcaeded
£60.000 w88:
2022
2021
No.
In the baThl £90,001- £1 ¢J),000
Non& of the Trustees reca6ved any romunerallon, bonefft8 In klnd or relmbJr8ement of expen8e8 durfng
the yaar {2021- £nlll.
Total remunerauon pakl to key managemant p8r80nnel was £114,215 (2021- £113.770).
Page 16

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Llmlted by Guarantee)
NOTE8 TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
OTHER OPERATING EXPENSES
2022
2021
Advertising
Computer costs
Accommc#JalSon
External rent. rntes and water
Cleanlng
Repalrs and melntenance
Insurance
General 8xp8ns05
Travel
Audltors remunerallon
Consull8nGy
Telephone
Exam fees and as8o¢laled co#ts
Printlng. po8tage and Btatlon
Llghi and heat
Staff tralnlng
Legal and profe881onal fe
Accountancy
28,225
10,806
22.183
12,470
1,465
31,719
18,956
14.869
17,324
3,724
13,545
9,090
42,538
20.863
22.450
17.512
4.778
45,538
9.600
11
135,514
13,847
41.748
17,040
4,875
3,188
18,693
11,183
109,080
7.851
28.136
12,600
2.717
1.731
10.559
10.117
449,952
328.136
INTEREST AND OTHER FINANCE COST8
2022
2021
Bank th8rge8
Forelgn currencylosg
3.597
1.751
4,924
1,238
5.348
8,162
Page 17

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Limited by Guarnntee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
NET INCOMING RESOURCESI{RE8OURCES EXPENDED
2022
2021
Audllors, remuneration - Audit
Audilor8' r8muneratlon - (Xher
Staff pen8ion contrlbutlons
DepreCIa￿On
Exchange1058
9,600
420
16.322
46,642
1,751
8.700
390
20.753
43,406
1,238
TANGIBLE FIXED ASSETS
Frn•hold
Propgrty
property Equlpment lfflprovement•
Totsl
Co•1 or valuatlon
Al 1 September 2021
AddSllon•
1,302.872
125,461
7,257
423,311
29,197
1.851,844
38,464
Al 31 August 2022
1,302,872
132.718
452,508
1.888.098
D•pr•clatlon
At 1 September 2021
Charge for th8 year
422,719
20,059
112,333
4.393
243.424
22.19)
778.478
46,642
At 31 August 2022
442,778
116,726
265,614
825,118
Nel book valu•
At 31 Augu812022
860,094
15,992
186,894
1,062,980
Al 31 August 2021
880,153
13.128
179,887
1.073,168
Freehokj propety in¢lude& land wlth a o)st of £300,000 {2021- £300.OCQI on whith depre¢ialion is not
provkled.
Page 18

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmlted ty Guaranteè)
NOTES TO THE FINANCIAL STATEMENT8
FOR THE YEAR ENDED 31 AUGUST 2022
TRADE AND OTHER RECEIVABLES
2022
2021
Trade receivables
Other debtors
Prepayments and accrued Income
2e7.081
263,311
32.324
37,058
303,695
300,369
10. CREDITORS: Amounts falllng du• wlthln one y••r
2022
2021
Trade credllor8
Other laxatlon and sodal 88curfty
Other credltor8
Accruals and delorrad incom8
18,087
15,294
21,938
805,965
7,903
20,579
20,164
594.706
661,284
643,352
2022
2021
Deferred Incoma 811 September 2021
Resources deferred durfng the year
Amounts released from prevlous pe￿0d$
577,092
771,751
592,993
577,092
{577,092) <771,751 >
592,993
577,092
Deferred Incoma relat88 to tulllon fee Inc(￿8 recelved In advance lor courses due to commenea after 31
August 2022. A180 Included In defeffed Income Is rental In¢ome received in advanc8 of £28,29112021-
£nill.
11. PENSION COMMITMENTS
The Charity operates a deflned conlrfbubon pension scheme in respect of its employees. The 868ets of
the 6Gheme are held separately from those of the Charity in a Separately administered fund.
The penslon ￿sts per the Statement of Comprehenslve In¢ome represent contributlons due from the
ompany and amounted to £16,32212021- £20.7531.
Page 19

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmitod by Guarnnteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
12. OPERATING LEASE COMMITMENTS
At 31 August 2022 the Charfty had Gcffjmltments to make future minimum lease payments under non-
cancellable operatlng leases as follows.,
2022
2021
Not later than 1 year
Later than 1 year and not later than S yearn
7,502
1,944
12,584
9,446
9,446
22,030
The totBI18a88 payment6 reco9nlsed as an oxpense were £12,58412021- £12,641).
13. STATEMENT OF RESERVE8
STATEMENT OF ResERVE8- CURRENT YEAR
Balance at 1
8•ptsmber
2021
8alaTh￿ at
31 AuguBI
2022
InGom• Exp•ndltur•
Unr•strlded R•8•rv•i
General R88anM8
1.876,641
818.086 {1.111,822) 1,382.905
STATEMENT OF RESERVES - PRIOR YEAR
As r••tsl•d
BJ1•rt￿ at
Balance at
31 August
2021
8•pt•mb•r A• rnstated
2020
Income Expendltur•
Unrestrlctod R•8•r¥•8
General Re¥erve$
1.813.570
937.576 {1,074.5051
1.676,641
Page 20

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Llmlted by Gu•ranl•e)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET AS8ET8 BETWEEN FUNDS - CURRENT YEAR
2022
Tanolble flxed 8888ts
Current a88et8
Creditors due wlthin one year
1,062,980
981,209
(661.2841
1,382.905
15. ANALY818 OF NET ASSET8 BETWEEN FUNDS . PRIOR YEAR
2021
Tanglble flxed 888ets
Current assets
Cradilorn due wlthin ona year
1,073.168
1,246.825
1643,3521
1.676,641
RECONCILIATION OF NEf MOVEMENT IN FUND8 TO NeT CASH FLOW FROM OPERATING
16. ACTIVITIES
2022
2021
Net expendltur8 for the year (98 per Statom8nt of Finanaal ACtI￿tIes)
{293.736) (136.929)
AdJu8tm•nts for.
D8proclation charges
Bank Interest recervable
L0$5 on the sale of fixed assets
Decreaselllncr8asel in debtors
In¢reasel{deLYease) in credit
46,642
<109>
43.405
(2771
747
110,186
{227,7341
13,3291
17,935
N•t ¢uh u•ed In op•rntlng •ctrviti
1232,597) (210,602)
Page 21

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A Company Lirnitsd by Guarnnte•)
NOTES TO THE FINANCIAL STATEMENT8
FOR THE YEAR ENDED 31 AUGUST 2022
17. ANALYSIS OF CASH AND CASH EQUIVALENTS
2022
2021
Cash and cash equlvalonts
877,514
946,456
Total ¢a•h and ca•h •qufvahnts
677,514
946,456
18. ANALYSIS OF CHANGES IN NET DEBT
8•ptofflb•r
At31
2021 C••h flows August 2022
Ca8h al bank and In hand
946,456
1288.9421
677,514
946,458
(268,942)
677,514
19. RELATED PARTY TRANSACTIONS
A8 at 31 August 2022. an amount of £13,48712021- £20.164) w88 due lo ECBM Company Llmlted By
Guarantee, a Gompany whlch ha8 common dlrectors. The amount 18 Intere¥t free, unsecured and
repayable on demand. Thare were no other relaled paty transacUon8 noted during the year.
20. OMISSION OF STATEMENT OF CHANGES IN RESERVES
Given that the only movement **l¢h would be showi on tho Ststement of Chanp8 In Re8erve8 Is the
total ¢omprehenslve IDeficitllSurplu5 ghown in th8 Statement of Comprehen81ve Income. th18 pdmary
financial statament hes been omitted.
Page 22