Registered number: 2198970
Charlty number: 1042523
EUROPEAN COLLEGE OF BUSINESS
AND MANAGEMENT
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
LUBBOCK FINE LLP
Chartered Accountants
Paternoster House
65 St Paul's Churchyard
London EC4M 8AB

EUROPEAN COLLEGE OF BUSINESS AND MANAGEME￿[
{A company limited by Guarantee
CONTENTS
Page
ReferenGc and Administrative Details of the Charlty. Its Tru8tee8 and Adviaera
Trustees. Report
Independent Auditors. Report on the Financlal Statemenls
ststement of Financial Activities
10
Balance Sheet
11
statement of Cash Flows
12
Notes to the Financial Statements
13-24

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2024
Trustees
Dr U Hoppe
l Rgdomann
Dr E Thome
Company registered
number
2198970
Charity registered
number
1042523
Registered office
69-71 Great Easiem Street
London
EC24 3HU
Principal Operating
Officer
R Bills {Resigned on 15th October 2024)
C Heming (Appointed 15th October 2024)
Independent auditors
Lubblxk Fine LLP
Chartered Accountants
Paternostef House
65 St Paul's CNurcnyar(I
London
EC4M 8AB
Bankers
Bardays Bank plc
PO Box No 4578
155 Brompton Road
London
SW3 1XD
Commeobank
40300 Dusseldorf
Germany
Page 1

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company limited by Guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report, which indudes the direGtorfs report. together with the audited financial
slatem@.nts nf thp. e.h2rify for the year from 1 September 2023 to 31 August 2024. The Annual Report setves the
purposes of both a Trustees. report and a ¢Jirectors' retKrt under company law. The Truslees confirm that the
Annual Report and financial statements of the Charity comply wth the current stalutory requirements, the
requirements of the Charitys goveming document and the provisions of the Statement of Recommended
Practice (SORP) applicable to charitses preparing their accounts in accordan￿ wÉth the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required
of medium and large companies under the Companies Aci 2￿6 (Strategic Report and D1￿CtOrS, 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 Activitles
The aims and objectives for which the Chanty is estsblished remain unchanged, are the adVan￿rnent of
education. especially in business studies. and training for employment This increases employability and skills in
a future environment where such skills wi51 be at a premium.
The Charity, when pursuing its objective5, also aims to support individuals who. out of lack of financial means or
other reasons. potentially might not be able to benefit from the educational activib'es provided. The strategies ft)r
achieving Ihe college's aims and objectives are to develop programmes of education and vocational training and
deliver them in a way that enables them to participate at the same time as gaining experience at work or in
further study elsewhere.
Through its connections Wth employers such as CommerLbank. Bank of New York and Newton Asset
Management. the Charity operates the Higher Educatson Vocational Traineeship scheme. For the year in
question, the number of young people recruited on to this programme was 26 students in years one and ￿ of
the programme (again higher than in Ihe previou5 year). 7 conb'nued onto their top-up Bachelor. For the coming
academic year, there will be fewer recruits to the programme and therefore fewer on programme overa51 (16
students) but almost a 100% increase in those going on to the BA Top-up phase (13 students). This continues
the fecord of healthy numbers on the programme in re￿nt years, and the scheme rernains in a stsble condition.
This programme opens up the possibility of a career in the financial serVi￿S sector to local people who
otherwise would not ne￿sSarilY have considered such an Option (and increasingly do not have the financial
means to embark on a higher education course)- It also provides a strong boost to diversity in background of
rectuitment at the College. Local people. and ethnically diverse staff, are evidently under-represented in the
finanual services industry in the City of London atKI this activity aims to address this imbalance.
The Charity also provides subsidised education for students vtho tske part in short courses which enhance their
understanding of cross-cultural issues. which is of growing Importan￿ for Ihe country as we seek to display an
ouiward facing image to Ihe world, providing young people wth the skills to compete globally. The Charity
continues to offer this opportunity through our official branth in Dublin. There a￿ viable viable numbers for these
courses and we are hoping for an inuease in recruiiment in the coming academic and financial year.
In setting the objectives and planning the adlvrties of the Charity, the Trustees have given careful consideration
to the Charity Commission's general guidan￿ on public benefit.
Page 2

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A company limited by Guarantee)
TRUSTEES. REPORT (CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2024
Performance
Demand for the Charitys programmes {HNDICMUAMUBachelrx programmes. DSMIMBA programmes and
PDPS (Professional Developmenl Programmesl) has stabilised, though numbers of new students was reduced in
comparison lo the previous year_ Despite this. due to the revaluation of the propety owned by the college.which
has been reclassified as an investment property due to its pending sale, a Surplus was achieved during the year.
There have been higher (￿sts due to inflakn.on and extemal rent. and this is Still reflected in the financial figures.
However. the College still remains in a solvent and viable positr.on_ The College is in the final stages of
completin9 the Sale of its London premises in order to release capital.. for the future viability and indeed
expansion of the services provided.
The Charity continues to benefft from a strong level of reserve5 buiit up in previous years. and noiwlhstanding
the pressures of the pandemic and Brexit, these extemal shocks have been able to be managed due to prudent
financial management_ The Charity will gain a considerable boost to its In(￿rne once the premises are sold, and
will be in a very good position to improve and recover its finanaal posib"on.
Financial Review
The Charity recorded a surplus of £2.483,205 in the finanaal year ending 31 August 2024 {2023 - Deficit of
£205,836). The Charity continues to be pmdenlly managed.
Total funds held by the Charity as of 31 August 2024 are £3.660.274 (2023 - £1,177,069). The charity does not
hold any restricted funds.
In the pre-pandemic era. the Charitls reseives policy vras to build up reserves equivalent to the value {historic
costs) of its premises plus half the annual tumover. This has been an importarrt policy, as it has enabled Ihe
Charity to maintain its operations dunng the fjnancial difficulkn.es caused by the pandemic. Currently. and going
forward. the general aim of the Charity will be to rebuild its reserves in the medium temi when it is in a position to
do so. notably through the sale of the premises ¢)wned as freehold in the coming financial year, and the
leaseback of suitable space in order to continue ils OFerations.
Plans for Future Periods
The outlook for 2024125 is one where the losses of the last finanual year should be stabilised and we are aiming
for an irllproved position. though predicting an operabng deficit The overall aim remains to ensure that the
services of the Charity conb'nue to be relevant and setve the needs of its benefi￿aries, and we have no doubt
that we can successfully do so.
The College, as noted above has disposing of its property in Great Eastem Street in order to leaseback and
eventually move to smaller premises and free up capital. This is to ensure that the College remains a going
concem for the foreseeable fLrture.
Page 3

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
structure, Governance and Management
The European College of Business and Management incorwrated as a company limited by guarantee on 26
November 1987 and registered as a charity on 1 December 1994.
11 is govemed by tts memorandurn and articles of ass(Kiation. There is a strong bond belween the charity and
the German British Chamber of Industry and Commer￿. The Chamber is one of the main supporters of the
Charity and has climmon board members.
The appointment of trustees is regulated by the Charitvs Memorandum and Arbcles of Association. The power of
appoinlment of new trustees lies wth the members and existing Board of Trustee5. New trustees are recruited
based on their attributes and the requirements of the Charbty, and are familiarised wth the work that the Charity
undertakes through meetings and discussions with the Board of Trustees and other employees of the Chartty.
The Board of Tnjstees meets regulady during the year but delegates the day-to-day running and management of
the Charity to the Principal Operating Officer (who is the Director and CEO), who meets with the Chairman of the
Board every month. Arrangernents for setting pay and remuneration of key management perscnnel a￿ decided
pon by the Chairman and the Principal Operating Officer, and general policy is lo increase staff remuneration to
cornpensate for inflation plus a small incentive increase across the board.
The Board of Trustees ￿gUlarlY conducts a full review of the major risks to which the Charity is exposed and has
established appropriate systems to mits.gate these risks. These risks and the related 5y5tems 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 purposes of company lawl are responsible for
preparing the Trustees. Report and the financial statements in accofdance wtth applicable law and United
Kingdom Acwunting Standards {United lfjngdom Generally A￿pted Accounting Practice).
Company law requires the Trustees to prepare financtal statements for each financial year. Under company law
the Trustees must not approve the finanaal statements unless they are sat15fied that they give a true and fair
view of the state of affairs of the Charity and of rts incoming resources and application of resources, induding its
income and expenditure, for that period. In preparing these financsal statements. the Trustees are required to.
select suitable accounting policies and then apply them consistenlly.
observe the methods and principles of the Chantse5 SORP {FRS 1021:
make judgments an(i accounting estimales that are reasonable and prudent:
state whether applicable UK Accounkn'ng Standards (FRS 102) have been followed, subject to any
material departures disclosed and explained in the financtal statements-
prepare the finanaal statements on the going concern basis unless il is inappropriate to presume that
the Charity will continue in business.
The Truslees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disdose wth ￿asonable atturacy at any time the financial positson of the Charity
and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Page 4

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarante•)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Disclosu￿ of Infonnation to Auditors
Each of the persons who are Trustccs at th¢ tim¢ when this Trustees, Report IS approved h83 Gonfirmed that..
so far as that Trustee is aware. there is no relevant audit infonnabon of which the charitys auditors are
unawarè, and
Ilidt Trustee has taken all the steps thai ought to have Deen taKen as a Trustee in order to be aware of
any relevant audit infomation and to establish that the chariWs auditors are awarp. nf thAt infnrmAtion
In preparing this report, the Trustees have taken advanta9¢ of the small companies. exeiiiplioii p1uv1tj￿d by
seaion 41 SA ot Ihe Lompanies Act 2006.
App
rd
of the members of the board of Trustees and signed on their behalf by:
Dr U Hoppe
Trustee
Date..
6 L(_ Iolr
Page 5

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
Opinion
We have au¢Jited Ihe finanaal statements of European College of Business and Management (the 'charity') for
the year ended 31 August 2024 which comprlse the Statemenl of Financial Activities, the Balan￿ Sheet, the
statement of Cash Flows and the related notes, including a 5umrnary of significant accounb'ng policies. The
financial reporting frarnework Ihat has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Finanual Reporting Standard 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland, (United Kingdom Generally A￿pted Accounting Practi￿}
In our opinion the finanaal statement5=
give a true and fair view of the state of the charitable companls affairs as at 31 August 2024 and of its
incoming resources and application of resour￿. induding tts in(￿me and expenditure for the year then
have been properfy prepared in aC￿rdarKe with Untied lfjngdom Generally Accepted Accounting
Practi￿., and
have been prepared in accordan￿ with the requirements of the C(Nnpanies Acl 2006.
Basls for opinion
We conducted our audit in accordan￿ with Inlemats'onal Standards on Auditing (UK) {ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for Ihe audit
of the financial statements section of our ￿pOrl We are independent of Ihe charitable company in accordance
wth the ethical requirements that are relevant to our audit of the financsal statements in the United Kingdom,
induding the Finallcial Reporting Council's Ethical Standard. and we have fulfilled OLtr other ethical
responsibilities in accordan￿ wth Ihese requirements. We believe that the audit evidence we have obtained is
suffiaent and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financtal statements, we have conduded that the Trustees, 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
condib.ons that, individually or collecb"vely, may cast significant doubt on the tharitable companls ability to
continue as a going cOn￿M for a penod of at least Iwelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibil￿.eS of Ihe Trustees vlth respect to going Con￿r￿ are described in the
relevant sections of this report.
Page 6

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA company limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEfiiBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Other Infom?atlon
The other information comprises the information induded in the Annual Report other than the financial
statements and our Auditors, Report thereon_ The Trustees are responsible for the other information contained
within Ihe Annual Report. Our opinion on the finanual statements does not ￿Ver the other information and,
except to the extent othewse expliciuy stated in our report, we do not express any form of assuran￿ conclusion
thereon. Our responsibility is to read Ihe other information and, in doing so. consider whether the olher
information is materially inconsistent wth the financial statements or our knowfedge obtained in the course of the
audit, or otherwise appears to be materially rnisstated. If we identify such material inconsistenaes or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the
finanaal statements themselves. If, based on the work we have perfomed. we condude that there is a material
misstatement of this other information. we are required to report that fad.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on Ihe work undertaken in the course of the audiL
the informab'on given in the Trustees, Report for the finanu21 year for which IhÈ finanr.i31 statp.mont£ Arp.
prepared is consistent with the finanaal statements.
the Trustees. Report has been prepared in accordan￿ with app1[￿ble legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in Ihe
course of the audi{ we have not identified material misstatements in the Tru5tees' Report.
We have nothing to report in respect ol the fdlobmng matters in relation to which Companies Act 201b requires
us to report to you if, in our opinion:
adequate accounbng records have not been kept. or retums adequate for our audit have not been
re￿iVed from branches not visited by us-, or
the finanaal statements are not in agreement with the accounting record5 and retums,. or
certain disclosures of Tru5tees' remuneration specified by law are not made.. or
we have not re￿iVed all the information and explanations we require for our audit- or
the Trustees were not entiued to prepare the financial statements in accordan￿ with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and
from the requirement to prepare a Strategic Report.
Page 7

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMEP
{A company limited by Guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Respon51bllltle5 Df trustee5
As explained more fully in the Trustees. ResponSi￿.11￿.eS Statement, the Trustees {who are also the directors of
the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. and for such intemal control as the
Trustees detemiine is ne￿SSary to enable the preparab'on of financial stalement5 that are free frorn material
misstatement. whether due to fraud or error.
In preparing the finanoal statements, the Trustees are responsible for assessing the charitable companVs ability
to continue as a going concem. dI￿lOSIng. as appli12ble. matters related to going concern and using the going
concern basis of accounting unless the Trustses either intend to liquidate the charitable company or to cease
operations. or have no realistic alternative bul lo do so.
Auditors, responsibilities for the audit of the financial statements
Our objective5 are to obtain reasonable assurnnce aboui whether Ihe financial statements as a whole are free
from material misstaternent, whether due to fraud or error. and lo issue an Auditors, Report that includes our
opinion. Reasonable assuran￿ is a high level of assuran￿. bLrt is not a guarantee Ihat an audrt conducted in
accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements can arise
from frau¢J or error anu are considerea mater1ai if, Indlvtaually or In the aggregate, Ihey Gould reasonatsly Oe
expected to influence the economic decisions of users tsken on the basis of these finanaal statements.
Irregularities, induding fraud, are InStan￿S of non-ts)mpliance with laws and regulations. We design procedures
in line with our responsibilits"es. outlined above, to detect material misststements in respect of irregularttres,
including fraud.
In identifying and assessing risks of malerial misslatement in respect of irregularities. induding fraud and non-
compliance with laws and regulations. we cOn￿dered the following"
Enquiries of management, induding obtaining and revil￿1ng supporbng documentation. concerning the
charity's policies and Pro￿dureS relatFng to=
identifying. evaluating and complying wth laws and regulations and whether they were aware of any
instan￿$ of non-complian￿.
detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud- and
the intemal controls established to mikn.gate risks retated to fraud or non-compliance of laws and
gulations., and
Discussions among the engagement team regarding how and where fraud might occur in the financial
statements and any potenlial indicators of fraud. The engagement team indudes staff who have extensive
experien￿ of working with charities in similar sectors and this experience was relevant to the discussion
about where fraud risks might anse.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing
on provisions of those laws and regulations that had dired effect on the detemiination of material amounts and
disclosures in the financial statements. The key laws and regulalions we considered in this context induded FRS
102. the Companies Act. the UK Charib'es Act. Charities SORP 2019 and the Higher Edutstion SORP 2019.
In addition, we considered provisit)ns of other laws and regulatsons that do not have a direct effect on the
rinancial statements but Complian￿ with which may be fundamenlal to the charitys ability to operate or to avoid
a material penalty.
Page 8

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Ilmited by Guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND
MANAGEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
As a result of these pmrp.diirA.s. we crinsidered the partiajlar areas that were sugceptible to misstaternont due to
irregularities. including fraud were in respect of revenue recognition and management override. OLtr procedures
to respond to risks identsfied induded the followng=
Reviewing Ihe financial stalement disdosures and testing to supporting documentation to assess complian
th provisions of relevant laws and regulations described as hawng a direct effect on the financial
statements.,
Enquiring of management Gon￿Ming actual and potentr.al lib'gation and claims-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud-
Reading minutes of meetings of those charged ￿[h governan￿.
Performing proof in total lo fomi an expectab.on of income and comparing to actual income and vouching a
sample of students from intake lists to the general ledger to venfy completeness of income..
In addressing the risk of fraud through management override of controls.. assessing whether the judgements
made in making accounting estimates are indicative of a potenb.al bias.- and evaluating the rationale of any
significant transactions that are unusua or outside the nomial course of the charity's operations.
Because of the inherent limitations of an audit. there is a nsk Ihat we wtll not detect all irregularitie5, induding
those leading to a material misststement in the financtal statement5 or non-complian￿ wth regulabon. This risk
increases the rn0￿ that compliancc with 8 law or regulation 13 removed from the even15 and Iransaclioiis
reflected in the financial statements, as we will be less likely to become aware of instances of non-complian￿.
The risk is also greater regarding irregularities ocojrring due to fraud rather than error. as fraud involves
intentional COn￿alment, forgery, collusion. omission or m¢s￿preSenta￿"0n.
A further descrtption of our responsibilities for the audit of the ffinancial statements 15 located on the Financial
Reporting Counal's website at". www.trc.o
.uklauditorsres
Auditors, Report.
nsibilities. This description forms part of our
Use of OUT report
This report is made solely to the charitable companys members. as a body. in accordan￿ wth Chapter 3 of Part
76 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
companls members those matters we are required to state to them in an Auditors. Report and for no other
purpose. To the tullest extent pennitted by law. Y￿ do not accept or assume responsibility to anyone other than
the charitable company and its members. as a body, for our audit work, for this feport. or for the opinions we
have formed.
Hazra Patel (Senior Ststutory Auditor)
for and on behalf of
Lubbock Flne LLP
Chartered Acojuntants
Paternoster House
85 St Paul's Churchyard
London
EC4M 8AB
11 March 2025
Date.
Page 9

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
IA Company Limited by Guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
Total
funds
2024
Total
funds
2023
Note
INCOME
Tuition fees and educalion contracts
893,531
1.295.442
Investment Income
75,563
1,784
Donations and legaaes
2,173
TOTAL INCOME
971.287
1.297,226
EXPENOITURE
Charitable activib'es=
Staff costs
580.285
545,576
Other operab.ng expenses
679,304
897.382
Depreciation
13.725
46,335
Interest and other finance costs
9.655
11.991
Loss on disposal of fixed assets
1.579
1,778
TOTAL EXPENDITURE
1.284.548
1,503,062
NET MOVEMENT IN FUNDS BEFORE OTHER
RECOGNISED GAINSI{LOSSES):
(313,281)
{205,836)
OTHER RECOGNISED GAINSILOSSES
Gains on revaluation of investment propety
2.796,486
SURPLUSI{DEFICIT) FOR THE YEAR
2.483,205
1205,8361
RECONCILIATION OF RESERVES:
Total reserves brought forward
1.177,C69
1.382,905
Net movement in reserves
2,483,205
(205,836)
TOTAL RESERVES CARRIED FORWARD
3,660,274
1,177.069
The Statement of Comprehensive Income includes all gains and losses recognised in the year.
All income and expenditure in 2023 and 2024 related to unrestricted reserves.
All items of income and expenditure related to continuing activitses.
The notes on pages 13 to 24 form part of these financial statements.
Page 10

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A company limited by Guaranto9)
REGISTERED NUMBER: 2198970
BALANCE SHEET
AS AT 31 AUGUST 2024
2024
2023
Note
NON-CURRENT ASSETS
Tangible fixed assets
Investment propety
12.093
3.800,000
1 n?0.355
10
3,812,093
1,020,355
CURRENT ASSETS
Trade and other re￿ivableS
Cash and ￿$h equivalents
304.775
244.869
321,564
561,301
549.644
882.865
Creditors.. amounts falling due wthin ore
year
12
(701.463}
(726, 151}
NET CURRENT LIABILITIES IASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
(151.8191
156,714
3.660,274
1,177,069
NET ASSETS
3,660,274
1,177,CE9
CHARITY RESERVES
Unrestricted reserves
16
3.660.274
1.177,069
TOTAL RESERVES
3.660.274
1,177,{￿9
The financial statements have been prepared in accordan￿ wryth the provisions applicable to entities subject to
the small companies regime.
The finanaal statements wefe approved and authorised for issue
Trustees and Signed on their behalf by..
oppe
Trustee
l Redemann
Trustee
Date_.
r£.
29 2J-
The notes on pages 13 to 2
form part of these finanaal statements.
Page11

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Note
Cash flows from operating activities
Net cash (used in)Iproduced by operating activits'es
18
1381,439) 1112,509)
Cash flows from investing activities
Investment income re￿ivable
Purchase of tangible fixed assets
75,563
(10,556)
1,784
15,488)
Net cash provided byl(used inl investing activities
65,007
(3,704)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
(316,432)
{116,2131
677,514
561,301
Cash and cash equivalents at the end of the year
19
244.869
561,301
The notes on pages 13 10 24 fonn part of these ffinancial statements
Page 12

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have teen prepared in ac£ordance V￿th the Charities SORP {FRS 1021-
Accounting and Reporting by Chanties- Statement of Recommended Practice applicable to charities
preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 102) {effecknve 1 JanLtary 2019). the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice
Accounting for Further and Higher Education (effective 1 January 20191 (FEIHE SORP 2019) and the
Companies Ad 2006. Where dIfferen￿S arise between the Charities SORP (FRS 102) and the
FEIHE SORP 2019 the FEIHE SORP tskes preceden￿.
European College of Business and Management meets the definition of a public benefit entity under
FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless
otherwise stated in the relevant aLuunttng policy.
1.2 Company status
The Charity is a L￿mpanY limited by guarantee. The members of the charitable company are the
Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the
g1fft2fAntp.e is limited to £10 mèmber of the Charity.
The registered Offi￿ address and principal pla￿ of business is 69-71 Great Eastern Street, London,
EC2A 3HU.
1.3 Reserves accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income, gains and losses are dlctated to the appropriate fund.
1.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the
income will be re￿iVed and the amount of income receivable can be measured reliably.
Course fees and related income, net of direct ￿$ts, are ￿CogniSed in the period in which the course
takes place.
1.5 Interest receivable
Interest on funds held on deposit is induded when re￿[Vable and the amount can be measured
reliably by the Charity.. this is normally upon notification of Ihe interest paid or payable by the
institution wth whom the funds are deposited.
1.6 Expenditure
Expenditure is recognised once there is a legal or construcbve obligation lo transfer e￿noMIC benefit
to a third paty, it is probable that a transfer of economic benefits wll be required in settlement and
the amount of the obligab'on can be measufed reliably.
Page 13

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES {CONTINUED)
1.6 Expenditure {continued)
Charitable activity costs incuffed on the Charitys educalional operations, including support costs and
costs relating to the governanc£ of the Charity apportioned to charitable activitses.
All expenditure is inclusive of irrecoverable VAT.
Other operating expenses represent those costs incurred directly in support of expenditure on the
objects of the Charity and indude project management and costs incurred in connection with
administration of the Charity and cnmpIian￿ wllh constitutional and statutory requirements.
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are carried at cost. net of depreciation and any provision for impaimient.
Depreaation is not charged on freehold larvj. Depreciation is provided at rates calculated to write off
the cost of fixe(i assets. less their eskn"mated residual value. over their expected useful lives on the
following basis..
Depreaation is provided on the folEowFng bases".
Freehold propety
Equipment
Propety improvemerrts
2% straight line
2￿￿/30.10 reducing balance120Wo straight line
5% straight line
1.8 Investment property
Investment propety is carried at fair value detemiined annually by the trustees and derived from Ihe
current open market, adjusted if necessary f(￿ any differen￿ in the nature, location or condition of
the specific asseL No depreciation is provided. Changes in fair value are recognised in the Statement
of Comprehensive Income.
1.9 Trade and other recelvables
Trade and other debtors a￿ recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash and cash equivalents
Cash and cash equivalents includes cash and short-term highly liquid inveslments with a short
malufity of three months or less from the date of acqui51tion or opening of the deposit or similar
account.
1.11 Liabilities and provisTons
Liabililies are recognised when the￿ is an obl￿atIon at the Balants Sheet date as a result of a past
event. it is probable that a transfer of economic benefit wll be required in setuement, and the amount
of the settlement can be estimated reliably. Liabilities are ￿COgnIsed at the amount that the Charity
antiapates it wll pay to settle the debl or the amount it has received as adVan￿d payments for the
goods or services it must provide.
Page 14

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMEP
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES {CONTINUED
1.12 Financial instruments
The Chartty only has financi81 assets and finanaal liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and subsequently
measured at their settlement value with the exception of bank loans which are sub5eqLtently
measured at amorbsed cost u&ng the effective interest method.
1.13 Pensions
The Charity operates a defined contrtbutson pension scheme and the pension charge represents the
amounts payable by the Charity to the fund in respect of the year.
1.14 Foreign CUr￿nCle$
Monetary assets and liabilities denominated in foretgn currenaes are translated into sterling at rates
of exchange ruling al the balan￿ sh￿1 date.
Transactions in foreign currencies are translated into sterfing at the rale ruling on the date of the
transaction.
Exchange gains and losses are ￿CogniSed in the Statement of Comprehensive Income.
ANALYSIS OF TUITION FEES AND EDUCATION CONTRACTS
2024
2023
Course fees and related income
Discounts allowed
Other fees
Other Income
884,091
(332)
1,155
8.617
1.238,441
12.0841
1,110
57,975
893,531
1.295,442
INVESTMENT INCOME
2024
2023
Bank interest receivable
Rental inwme
3.741
71,822
1.784
75.563
1,784
Page 15

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMEpirs
FOR THE YEAR ENDED 31 AUGUST 2024
INCOME FROM DONATIONS AND LEGACIES
2024
2023
Gifts in kind
2,173
STAFF COSTS
2024
2023
Wages and salaries
Social security costs
Contribution to defined contribution pension sthemes
513.176
51.163
15,946
481,449
49,232
14,895
580,285
545,576
The average number of persons employed by the Charity during the year was as follows..
2024
No.
2023
No.
Number of Lecturers
Number of Administrative slaff
14
13
The number of employees whose emptoyee beneffts (exduding employer pension u)stsl ex￿eded
£60.000 was.
2024
2023
No.
In the band £60,001- £70.aoo
In the band £90,001 - £100,000
In ihe band £300,001- £110.000
None of the Trustees received any remuneratson. beneffts in kind or reimbursement of expenses during
the year (2023 - £nill.
Total remuneration paid to key management personnel VAS £120.35512023 - £113,919).
Page 16

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
OTHER OPERATING EXPENSES
2024
2023
Advertising
Computer costs
Accommodation
Exiernal rent, rates and water
Cleaning
Repairs and maintenan
Insuran
General expenses
Travel
Auditors remuneration
Consultancy
Telephone
Exam fees and assoaated costs
P¥inting, poslage and stationery
Light and heat
Bad debts
staff training
Legal and professional fees
Accountan
27,752
25.433
59.371
135,549
25.337
20,819
21,653
6,268
46.920
15,600
153,447
14,889
55.926
18,130
11,923
10.633
2,813
12,288
14,553
57,779
21,612
231.999
140,840
24,554
27,453
21,462
6,613
65,528
10.500
170,084
13,215
50,370
8,060
9.933
1,506
24.484
11,390
679,3iJ4
897.382
INTEREST AND OTHER FINANCE COSTS
2024
2023
Bank charges
Foreign currency loss
4,907
4.748
4,435
7,556
9.655
11,991
Page 17

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
NET INCOMING RESOURCESI{RESOURCES EXPENDED)
2024
2023
Auditors. remuneration - Audit
12,600
600
15,946
13,725
4,748
10,500
480
14,895
46,335
7,556
Auditors, remuneration - Other
staff pension contributions
Depreciation
Exchange loss
Page 18

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Ilmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
TANGIBLE FIXED ASSETS
Freehold
Property
property Equipment Improvements
Total
Cost or valuation
At 1 September 2023
Additions
Disposals
Transfer to investment property
1.302.872
66,813
3,327
(1.974)
(7.660}
455,208
7.229
1,824,893
10,556
(1,974)
1462,437) {1.772,9691
(1,302.872)
At 31 August 2024
60,506
60,508
Depreciation
At 1 September 2023
Charge lor the year
On diBpostsl
Transfer to investment propety
462,836
5,014
53.451
3.017
288,251
5,694
804,538
13,725
(3951
1769.4551
(467,850)
(7.660)
(293.9451
At 31 August 2024
48.413
48,413
Net book value
At 31 August 2024
12,093
12.093
At 31 August 2023
840.036
13,362
166,957
1,020,355
During the year. the Trustees made the decision to sell the freehold property at 69-71 Great Eastem
Street, London. The net book value of the freehold propety of £835.022 and propety improvement5 of
£168.492, tolalling £1,003,514 have therefore been redassified to Investment property and revalued to
it's open market value of £3.8m at the year end. The sale of the propety was completed on 18 November
2024 for consideration of £3.8m.
Page 19

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company Ilmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10. INVESTMENT PROPERTY
Investment
property
Valuation
Transfer from tangible fixed assets
Surplus on revaluation
1,003,514
2.796.486
Al 31 August 2024
3,800,000
Ouring the year, the Tnjstees made the decision to sell the freehold propety at 69-71 Great Eastem
Street. London. The net book value of the freehold propety of £835.022 and propety improvetnents of
£168.492. totalling £1.003.514 have therefore been fedassifted to Investment propety and revalued to irs
open market value of £3.8m al the year end. The sale of the propety was completed on 18 November
2024 for consideration of £3.8m.
The investment propety was valued at 31 August 2024 by the Trustees on an open market basis.
11. TRADE AND OTHER RECEIVABLES
2024
2023
Trade re￿1Vable5
Other debtors
Prepayments and accrued income
221,762
5,786
77,227
282,632
8.622
30,310
304.775
321,564
Page 20

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
{A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
12. CREDITORS: Amounts falling due Mthin one year
2024
2023
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
33,651
17,096
20.702
630.014
157.645
14,817
25,498
528,191
701,463
726,151
2024
2023
Deferred income at 1 September 2023
Resources defeTred during the year
Amounts released from prev￿US periods
511.878
474.978
1511.8781
592,993
511.878
(592.993}
474.978
511,878
Deferred income relates to tuilion fee Inc￿Me received in advan￿ for courses due to commence after 31
August 2024. Also induded in deferred income is rental income re￿iVed in advan￿ of £nil (2023
£24.2601.
13. PENSION COMMITMENTS
The Charty operates a defined contribution pension scheme in respect of its employees. The assets of
the scheme are held separately from those of the Charity in a Separately administered fund.
The pension costs per the Statement of Comprehensive Income represent contrtbutions due from the
company and amounted 10 £15.946 (2023- £14.895).
14. OPERATING LEASE COMMITMENTS
At 31 August 2024 the Charity had commitments to make future minimum lease payments under nor
cancellable operating leases as follows-.
2024
2023
Nol later than 1 year
The total lease payments recognised as an expense were £14,825 {2023- £7,502).
Page 21

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
15. OPERATING LEASE - LESSOR
As at 31 August 2024 the ti)tsl of the Charitys future minimum lease re￿iptS under non-Can￿lIab]e
operating leases ￿ds..
2024
2023
Not later than 1 year
Later than 1 year and not later than 5 years
2,199
46.228
26.083
2.199
72.311
During the year, Ihe Charity received rent from leasing out three floors of its propety. However, at the
year end only one floor ￿ma[ned with a lease obligations in pla￿.
16. STATEMENT OF RESERVES
STATEMENT OF RE3eRVES - CURRENT YEAR
Balance at I
September
2023
Balance at
Gainsl 31 August
IL05ses)
2024
Income Expenditure
Unrestricted Reserves
General Reserves
1.177.C69
971.267
{1,284,548}
2.796.486
3,660,274
STATEMENT OF RESERVES - PRIOR YEAR
Balance at 1
September
2022
Balance at
31 August
2023
Income Expenditure
Unrestrlcted Reserves
General Reserves
1,382.905
1,297.226 11.503,062)
1,177,IX9
Page 22

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT PERIOD
Unrestricted
funds
2024
Total
funds
2024
Tangible fixed assets
Investment property
Current assets
Creditors due within one year
12,093
12,093
3.800,000
3,800,000
549.644
549,644
(701,4631 (701,4631
Total
3,660,274
3.660,274
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD
Unrestrlcted
funds
2023
Total
funds
2023
Tangible fixed asset5
Cuirent assets
Creditors due within one year
1,020.355
882.865
{726,151)
1.020.355
882.865
{726, 151)
Total
1.177,069
1,177,£￿9
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
18. ACTIVITIES
2024
2023
Net expenditure for the period {as per Statement of Financial Activities)
(313,2811
(205,836)
Adjustments for:
Depreciation charges
Investment income re￿1vable
Loss on the sale of fixed assets
Decreasel(increase) in debtors
(Decreasellincrease in creditors
13,725
{75.563)
1,579
16.790
124.689)
46,335
{1,784)
1.779
{17,8701
64.867
Net cash used in operatlng activities
1381,439)
1112,509)
Page 23

EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT
(A company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
19. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024
2023
Cash and cash equivalents
244,869
561,301
Total cash and cash equivalents
244,869
561,301
20. ANALYSIS OF CHANGES IN NET DEBT
At1
September
At31
2023 Cash flows August 2024
Cash at bank and in hand
561,301
{316,432)
244,869
561.301
{316,432)
244,869
21. RELATED PARTY TRANSACTIONS
As at 31 August 2024. an amount of £11.765 (21Y23 - £13.7371 was due to ECBM Company Limited By
Guarantee, a company which has common directors. The amounl is interest free, unsecured and
repayable on demand. There were no other related party transactions noled during Ihe year.
22. OMISSION OF STATEMENT OF CHANGES IN RESERVES
Given that the only movement which would be shown on the Statement of Changes in Reserves is the
total comprehensive Deficit shown in the Statement of Comprehensive Income, this primary financial
statement has been omitted.
23. POST BALANCE SHEET EVENTS
On the 18 November 2024 the investment pyopety held by the charity was sold for £3.800,000. The
char(ty will o)ntinue to operate from the property a Sale and leasebad( arrangemenl.
Page 24