R•gl4torod numb•r: 2198970 Charlty numbor: 1042523 EUROPEAN COLLEGE OF BUSINES3 AND MANAGEMENT FINANCIAL 8TATEMENT8 YEAR ENDED 31 AUGUST 2025 LUBBOCK FINE LLP Chart•r•d Accounthnts Pat•¥no8t•r Hou8e 85 St Paul'# Churchyard London EC4M 8AB
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlt•d by Guarant••l CONTENTS Page Reffrr•nc• and Admlnlstratlvo D•tallo ol the Charlty. Trtee8 and Athl8•r¥ Tru•t•os' R•port lrtdop•ndonl Audltor•' Repgrt on th• Fln•n¢lJl Statsrnènts 7-10 Slat•ment of Flnanclal A¢tlvltl•• 11 8alanc• Sh••t 12 Stal•m•nt of Cash Flow8 13 Not•¥ to th• Flnanclal 8tstgm•ni• 14-24
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmltad by Guaranto01 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARtTY. IrJ TRUSTEES AND ADVISERS FOR THEYEAR ENOED 31 AUGUST 2025 Tru8tso8 Dr U Hopp8 l Redemann Dr E Thome Company T•gl8t•r•d number 2198970 Charfty r•gl#t•rnd numb•r 1042523 R?gl•t•r•d offlc• 89-71 Gre81 Ea8t8m Street London EC2A 3HU Prln¢lpal Op•rntlnq Offlc•r R 81118 IRe81gned on 15th October 20241 C Hemlng (Appointed 15th Octobar 20241 Ind•p•nd•nt •udltor• Lubbock FSno LLP Chortored A¢ntants P81$rnosler House 65 Sl Paul'B Churchyard Lendon ECAM 8AB Bank•r• Barclay8 Bank plc PO Box No 4578 155 Bromplon Road London SW3 1XD Comm&bank 40300 DLMs8ldorf Gerniany Poge 1
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT {A company Ilmltod by Guaranto•1 TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees pres8nt thair annual report, whlch includes th8 directoffs report. together th the auditod flnanclal statements ol the Charity for the year frorn 1 September 2024 to 31 Augusl 2025. The Annual R8POrt S8rves the purposes of both a Trustees, report 8nd a direclors, repori under company law. The TNstees confimi that Ihe Annual R8POrt and financial slalements of the Charity comply with the current Statutory requirernents, the requirements of the Charilrfs governing document and th8 provisions of the Statement ol Recommended Practice ISORPI applicable lo charllies prgparing Ih8lr 8ccounls in accordance bmth the Flnancial Reporting Slandard applicable in the UK and Republic of Ir818nd IFRS102} leffeclive l January 20191. Sinco tha Charlty quallfies as small under section 382 01 the Companies A¢1 2006, the Strategic Report required ol medlum and large companies under tha Companles Act 2006 IStr8legic Report and Directors, Report) Regulation8 2013 has been omitted. Trustees Thè Truslg98 who served the charity during the year w9rg as folk¢w5'. Dr U Hoppe l Redemann Dr E Thorno Oblectlv•• and Actlvltlo• The Charity's roundin9 aims Bnd objectives remain unchanged, and are the adv8ncgmgnl of bu6ine53 8duc81ion Ilnk8d to tralning for gmployment, Thls increases employability and the developmenl of fulure skills as required by thè chan9ing buBlness and economSc landscap8. Thg Charity, ha8 three cor8 v81u8s'. Value, Equily & Inclusion and Impact, 11 aims to support tho prole58ional and person81 devglopmant of individuals who 8eek lo impfove thelr edu¢otlon and higher 8kllls lev818 in businoss, whllst working. 11 ollers flexible. vocalional and higher education prograrnmes 88 W811 as a corporate vocational training programme. The slr8tegieB lor achieving the Ch8rlty's aims and objectives includes dgvoloping educ8tion and vocational programmgs that anable Individu81s lo study whllsl continuing In thelr caraers andlor g8lning expedence at work. The Charfty provldes life-long leaming opportunities through lis buslness vo¢8lion81 Iralning and Hlgher Edu¢811on Bachelor uridergraduate programmes Ilevel$ 4.5 and 61 and offers p81hways lo further study al M8sler5 and Doctoral levels, Furthermore, il develops and delivèrs cu81omised Irainlng lor non. traditional students 8lroady, worklng to support Ihelr 1è8der8hip development. A core element ol the Charity's 8tralegy is Inclusion and it is committèd lo providing financial scholarships to ensuro students ore not disadvantaged out ol IBck oi fin8ncial means or other feasons, which mighl olhgrw¥e prevent them from benefitin9 from th& oducalion818ctivi118s provided. Wllh 8n induslry-led approach ond long-slBnding re18tionships with employers such as Commorzbank, B8nk of New York and Newion Asset Man8g&mtrnt. the Charlly operates the Higher Educollon Voc8tion81 Traineeship scheme. In 2024-25 the number of young people r8crulled on to this progr8mme was 16 sludenls in year6 one and two of the progr8mme, 13 continued onlo thelr Bachelor (Top Upl. For the 2025-2026 acad¥mic yèat, th8r8 will be fewer recruits to th6 programm& and thergfore fewer on programme overall 111 sludenlsl bul almost a 100Yo increase in those going on to the 88chelor Topup phase 112 slud9nlsl. This evidences a continued healthy racord of studént numbers on the programme in rocenl years, and the scheme remains a stable offerin9. Thi5 prograrnme open5 UP the possibility ol a career In the financial services sector to people who would nol necessarily have considered such an option land incr685ingly do not have the financial moans to pursue a full lime, highgr educatSon degreè). 11 also provides a way lo increase EqL1y. Diversity and Inclusion into the finance sector as it provides learning 8nd training opportunities lor local P60pI8, and elhnically diverse s(aff, who are ovidendy unrler-repre8ented in the financial setvices industry in the Cty of Lorbdon. This progommè activity aims to 8ddr9s5 this imbalance. Page 2
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlt•d by Guarant••} TRUSTEES. REPORT (CONTINUED) FOR THE Y&4R ENDED 31 AUGUST 2025 The Chafity also provides subsidisad Intamatkjnal busln8$6 education lor slud8nt$ who take part In short courses, Professional Development ProgrJrnmes, which enhance their understanding of cr055-cullur81 issues. English language Skills and increas98 their international business knowledge and skills, which is of growing irnportance for the country in these econornically challenging limes. The Charity seeks, through ils programmes. lo develop wKler cultural and business knowledge ond awareness by provlding young people. and talent withSn buslnèss, wllh tha aducalion and skllls to ¢omp&le 91ob8lly. The Charity Continuas lo (>flei this opportunily through its offici81 branch in Dublin. Thèr8 18 Incr883ed d8rnand for these courses and we ar8 hoping lor onllnued Incre858 in recruilmenl in the cornlng ac8demlc and finanaal year. 2024-25 Total Grou 23 Tot81 Students 464 8w Cll8nts.' Furst8nf8ldbru¢k114 students) and Miihldorf112 sludenlsl 2023-24 19 426 In Betting the objectives and planning tha aclivi1188 01 tha Ch8rily, tho Tru81¢09 havo glven c8reful conslderallon ID the Charlty Commls$ion's gèner81 guidance on publlc benefit. P•rlorman¢• Oernand lor the Charitls programm85 IHNDICMLIBachelorl Postgraduate progrBmmes, and PDPS IProfesslonal Dev8lopment Programmesll has 618bilised, wllh number8 of new students in¢reaslng Sn comparison to the previou5 ye8r12023-241, Growth 18 m051 notable with the P051graduate programmes. wh8re 11 ha8 Increased by 20% from the previous year. The undergraduate programmes have also seen a mo(J*sl increase ol 8%, whilsl the founrlation level has Been B decraas8 0119¥0 du6 lo IBW8r r9¢riJit¥, frotn the corpor8le3, on the HND progr8Fnmes lor 2024-25. 2024-25 35 studènts 78 students 2023-24 43 students 72 sludenl Foundatlon ro rammès CMLIHND Bachelors Ilnc. Cofpofale employer 8rtn8rg Post r8tluales 30 students 25 studen15 The Charity has increased its tuition fees for the Bachelors progrommes from Sprfng 2025 lo re118Ct UK unNersily lee level increases. ScholBrships are now wid81y awardèd to provide acc889 to th8 programm8s. The Charity has introduced Iwo new cour6e8 10 5trenglh8n 115 academic provision and meet th8 ngeds of new demand from students for online learning. A new foundalion-level course, online IHN Flex) has been introduced in Spring 2025, following the dlsconlinualion ol the CML prograrnme. to allow more students to progress lo the Undergraduate courses. In addition, a lully onlit)tr Ba¢h¢lors programm¢ h8$ b¢trn inlrodu¢ed lo in¢rea$e accessiblllty 8niJ tap into new 8tudgnl In8rke18, P8rticularly those 88eklng flexible learning options. These ini1181iv98 ali9n with the Charity 8 values and objectives. There have been higher costs due to Inflatson and extèrnal rent, ènij thls Is still reflected In tho financlal flourtss. Howev&r, the Charity remains In a solvenl and viable position. The Ch8rily had complele¢J the Sale of its London prerni5es, releasing capit81 to support the continued, fulure viability and sustainable expansion ol the Charity's servic85. The Charity now benefits from a strong rg8ervp a¥ a r83uII ol Ihe 3819 of the building and il now looks lo con8olid8t8 It5 Posltion. During the year. the Charity incurred several one-off costs Ilnked to str8leglc Inltlatlves. These Included a Cctmprehensive rebranding campaign, a targeted re¢rullmeni drive and Invesiments in technological inlraslructure lincluding the upgrade of digit81 le8min9 platforms, website redeveloprnent and new 8yStems such as Xero and PlpèDriv81- Page 3
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmitfyd by Guarant991 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2025 Slalflng adjustments were made to align resourees wlth programme delivery needs. A new rnanagement position was filled to oversee our Professional Development Programm85 in Dublin. Conversely, one leaching position was made redundant following a roview of leaching requirernents and student demand in London. These changes reflect the Charity's ongoing commitment lo operational elfld8ncy whllst malntainln9 hi9h sl8ndard8 of academic dellvery. Finaneipl Review The Charity recorded a deficit of £334,418 In th8 fin8nd81 year ending 31 August 202512024 - surplus ol E2,483,2051. Total funds held by the Charlty as 0131 AugL5sI 2025 are £3,325,85612024 £3.660,2741. The eherlly does not hold any restrfcted funds and conl5nu88 to be 801v8nt. In the pr&pandèmic èr8, th9 Charity's re58rv85 pollcy was lo build up r9serv88 9qUiV31enl lo Ihe value Ihislortc costs) ol prgmisgs plus haw the annual turnov8r. Thls has bèen 8n irnportAnl policy, 8s Il has enabled th8 Charlly lo rn8lntain its operation5 dudng the financlal dirfi¢ullie$ caused by the pandemic. After the Sale of the prop&rty in the 8Utumn 012024, the cash res6rv85 have b8en replenlghed. Tht reserv policy 5s curranlly bolng reviewed as the opgrational model of the ECBM is b&lng adjust9d over the cour80 ol the next 24 months. On cornplelion of this process the SerVeS policy wlll be amended in lighl ol the future operaling modBI and depending on the future requirern•nts In lèms ol prèmisè8. The separate entlly operating In Dublin IECBM CLGI has flnalised Ihe Iiquidalion process in August 2025, and Its funds have been dlstrlbuled lo European College of Buslness and Management (lot81 £48,2fj61. Pl•no for futuro perlods The outlook for 2025126 is thel Ih&108se8 01 the last financial y88r should be redu¢ed an¢J wg are aiming ltsr 8n improved posilion, although 81111 predicting 8n operating deficit. Thè ovèrall aim rèm8lns lo ènsure that the services ol the Charity continue lo be relevant an¢J sarva tha nèèds ol its b8nelici8ri85, and we are conlldent thal we can 8uc¢essfully do so. As part of ils ongoing $lr8legi¢ review, the Charity will discontinue a sm811 number ol undèrptsrforming cournesllocotlons due lo declining demand in these courseslloc8tions. Thes8 changes 8W 8imed 81 streamlining op¢r8lions and 811ClIon ol resources lo Breas ol hSgher growth potenti81. DiBconlinued coursasAe&ching location8 are a3 follows.. CML and its subsequent Top-up ¢ourse$ In Spring18A LondonlBA Garmanyl, AML, BA Munich, BA Berlin, and MA Foshion. In par8llel. the College has Introduced a under9r8duale degree prograrnrne the Bsc Inlernatlonal Buslness & Management with Liverpool John M¢)or•s, as well a5 new leaching location lor the undefgradua18 prograrnme 18Sc Hamburg). The Charity plan3 to reintroduce the DSMIM8A due to increased demand. The DSM programme will now run two courses lone in Autumn. ano one In Spring) io increase intakes, 8nd the subsequent MBA programme will start in Autumn 2026-27. Furthermore, thè Chailly is looking lo develop and integrata Leadershlp Bnd MBt)agèm8nt 8du&4tion courses (currently l•vel 71 lo support leadership training progr8mm85 deliv8r8d in-house by corporate5 Such as Bosch and BMW. TD Bank Group has alsD Indlcaled Ihgif inl8re51 in joining the Higher Education vocats.onal Traineeship scheme in 2026-2027. As menuoned. the Charity has disposed of Ils property In Gr8at EBst8m Stregt and is now leasing th8 premises. Page 4
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlt•d by Guarant•el TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 structure. Govemance and Manag•m•nt Tha Europ&an Cdlage ol Business and M8nagernenl incorporated as a cornpany limiled by guarantee on 26 November 1987 and regist8r8d Bs a charity on 1 Decembor 1994. 11 is gov8rned by its Memorandum and Articles ol Assoclalion. Thare is a strong ralaUonshlp batwaon Ihg charfty and the German British Chamb&r ol Industry and Commerce. The Chambèr is one of th& main supportgrs of the Charity and has common board membors. The appointment ¢1 truslèeB is regulated by the Charitl5 Memorandum and Articles of Association. The power of 8ppointtnent ol new Iru5tees lies wllh the members and existing Board ol Trusleas. Naw trustees ara recruitad based on their allributes and lh& requirements ol th¥ Charily, and are laml11aris wllh the work that th¥ Charity undertake8 through meetings 8nd discusslons wllh the Bo8rd ol Trustees 8nd other employee8 01 the Charity. The Board of Truste88 meets regularly during the year bul delegates the dalo.daY running and rnanag8rn8nt of Ihg Ch8rily to the Prlnclpal Operallng Offlcor (who is the Director and CEO), who meets th tha Chalrman af the Board every month. Arrangements for selllng pay and remuneration of key management pgrsonnel are decided upon by the Chairman and the Principal Operating Officer, 8nd general p¢li¢y18 to Increase 8laff remuneration lo ¢ompensale lor Infiallon plv5 a 8m811 incenlivo incroaso across tho board. The Board ol Tru81ee8 regularly conducts o review of thé major r19ks to whlch tha Charlty Is axposad And ha8 established appropriate systems lo miligale these risks. Statom•nt of Tru•to••' Re8pon8lbllltle• The Tru31ees (who are also the d1Clor3 of tha Charity lor the purposes ol Company lawl are responsiblg for preparing the Trustees. Report and Ihg linBncial slolemgnls In accordance wlh applicabl& law and Unile¢J Kingdom Accounting Standards IUnit8d KngdoM Gener8lly AcGepled Aruting Pr8clicel. Company law r8quir98 the Tru51e86 to prepare financial statements for each financial y&ar. Und8r company law the Trustees musl not approve the financial statements unless they are satisfied that they ge a true and lalr view of the stale ol affairs ol the Charlty an(J of Ils Incoming resoureèg 8nd 8ppIIc8tion ol r8sourc8s. Includlng Its income and expenditure, lor that period. In prepAring these financial statÈmènls, the Trustees are required to., select suitable aceountino pollclès and then 8pply thÉm consistently., observe the methods and prlnciples of th8 Charities SORP IFRS 1021; make judgrnents Bnd accounting 8stlma1&5 that 8r8 re850n8bl8 8nd prud8nt., slate whether applicable UK Accounting Stand8rds IFRS 1021 have been followed, subject lo any material departures disclosed and explalned In the lin8ncial stalemenls., prepare the linanclal statements on the golno con¢¢m basls unless 11 Is Inapproprtate lo presume that the Charlly wlll continue in buslness. The Trustees ara responsible for keeping 8d8qualè 8ceounllng recordg that arè Sufficient lo show ané exp18in the Ch8ritys transactions 8nd disclose with reasonable accuracy al any lirne the financial position of the Charrty 8nd enablo them lo enBure thal the financial stalernents comply with the Companies Act 2006. They are also responsible for safaguarding the assets ol the Charity and henco for taking r¥8son8ble slgps lor thg prgvenlion and detectlon ol fraud and othgr irr8gularilies. Page 5
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmltsd by Guarantsel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Dl8¢108ur• of Infonnatlon to Audltors Eath of the per80ns who ar& TftJste88 at thè tlme when Ihls Trusteas. Report is approved has confirmed Ihal.. o far as that TrLtst88 Is aware. thare Is no relgV8nl audll Information ol whlch the chariVB auditors are unaware, and that Tru81ee has taken all the Steps that ought to hav8 baèn taken a5 8 Trustee in order to be awar8 of any relevant audR infomiation and lo establSsh that the charfty's audhors Bre aware of that inforrnauon. In preparfng thls rgport. the Tru8teO8 h8V8 taken advantBg8 of the 8rnall compAn186' axgmptbn provldgd ty section 415A of the Cnpanth Act 2008. Appl edb or of lh8 mombers ol th& board of Tru818es and $4gned on Ihelr behalf by.. Dr U Hoppe Trusle Dgtg.. ?G ILO)12tr2 6 Page 6
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company limlt•d by Guarant••l INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT FOR THE YEAR ENDED 31 AUGUST 202S Opinion We have audited the Ilnanelal statements ol European College of Business and Management Ilhe 'ehariWI for the year ended 31 August 2025 which Comprise the Slalemenl ol Financial Aclivlties, the Balance Sheèt, th8 s&tament ol Cash How8 and the related notes. including a summary of 819nilicanl aGcounUng potiCi08, The rinart¢ial r8POrting frarnework that has been applied in thèir prèparation is 8pplicable 18W 8nd United Kingdorn Accounting Standards, including Financi81 Reportlng St8nd8rd 102 Yhe FinanciBI Reporting Standard applicable in the UK and Republic of Iraland. IUnlt8d Klngdom Generally Acceplad Accounting Pracbcel. In our oplnlon the financlal st8lem&nlg.' glve a true and fail vlew of the stste of the charitable companls affairs as at 31 August 2025 8nLI of its Incomlng r8sourc&s And Bppllcolion of resource5, Includlng its income and expendiiure lor the y&or thgn ended.. have been property proporgd In aceord8nce wlth Unlled Klngdom Genorally Accepted Accounllng Pr8cbce,' and have b88n prepared In accordance th th8 rgquiramants of the Companle8 Act 2006. B•$l• lor oplnlon We conducted our audit In accordance with Internation81 Sl8nd8rds on Auditing IUKI IISAS IUKII and applicable law. Our responsibillties under those st8ndArds ar8 furthèr d8s¢rlbed In the AuditOT8' responsibllities lor the audit ol the financial slalèmènls sèction ol our report. We are independent ol the charliable company in a¢¢or¢ance wlth th8 alhl¢al r¢quiremenl8 th81 are relevant lo our audit of the financial $lalemenls in Ihe United Kingdom, including the Financial Reporting Councll's Ethical Standard, anij we have fullllled our other eth5cal rg8pon3ibililies in accordance with these requir8m8TIt5. We beliwe that Ihtr audit evid8ncè we have obtained is sufficient and appropriate lo provid8 B b8sls for otsr opinion. Conclu8lons r•latlno to golng concèrn In auditing the financial statements, we h8Vg concluded that the Tru51ees' uso of the going concern basls of accounting in the prep8rallon ol the Ilnanci81 stalernenls15 appropriate. Based on the work we have p8rformgd. we have not identified any matèrial uncgrtainuos ralaling to ev¢nls Qr conditions thAI. individually or colleclivdy, may cast signillcanl doubl on Ihg ¢harit8b19 ¢omp8nls ability lo eonllnue 8$ 8 going concern for a poriod ol at least twelv& monlh5 from when the linanci81518lemenls are 8ulhor15ed for issue. Our responsibililles and the responsibi111185 of the Tru8tpe$ with respect lo) going concern are descrtb8d In lh& relevant section8 01 this report. Page 7
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company IlmSted by Guarant891 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT ICONTINUEDI FOR THEYEAR ENDED 31 AUGUST 2025 Other Informatlon The oiher Inlomatlon comprlsas th¥ Information included In the Annual Report other than the linancAal statements and our Auditors, RÈport thereon. The Trustees are responsible lor the other information contained wilhln th& Annual Report. Our opinion on the financial statements does nol Cover the other information and. except to the extenl otherwise explicitly staled in our report, Wg do not 8xpr8SS any form of assurancg Conclusion thereon. Our responsibility is to read the other Information and, in doing so, consider whether the other inlormation is materially inconsistent with the financial slalemenls or our knovledge obtained in the course ol the audit. or olheTr4ise Appears lo be mJlgrially misslal8d. 11 we identify such rnalerial inconsistencies or apparenl m818rial miss181ernent5. we 8re requlred to datermine whether this gives rise to 8 material missl818mgnl in the fin8ncial slaternenls themselves. 11, based on the wk we have p8rforrn¢d. we Condude that there Is a materfal mi6Statement ol this other infomalion, we are rèqulred lo report Ihat lacl. We have nothing lo report in this ragard. Oplnlon on othor malt•r8 pr8scrlb•d by th• Comp•nl•$ Acl 2006 In our opinion, basad on th8 work und8rtaken in the course ol th8 audit-. the Inlomiallon glven In thg Tru8l¢e8' Report for the fln8n¢i81 ygar lor which thè financlal 8lalemenl8 are prepared is consislenl w5th the Ilnan¢lal 6ts1omgnl8. the Trustees. Report has been prepared In accordance with appllcable legal requlremenls. Matt•rs on whlch w• ar• r•qulr•d to r•port by •x¢•ptlon In th8 light of our knoodge and und8r8lAndlng ol the charitable company and118 environment obtalned In the coursg tsf th¥ oudil, wo havg not idènlifiad material rni6slatemenls in the Trustees, Report. We have nothing to raport in iespeci ol the followlng matters In relauon to whlch Cornpanies Act 2006 r8qulre8 us to report lo you il, in our opinion.. dequale accounting records have not been kept, or relums adequalg for our audll hav& not been received Irom branches not visited by us.. or the financial slalernents 8ro Dol in agreement wlth the aceounting record$ and rolurns., Of etsin disclosures ol Tru5tees' romuneration specified by law are not made., or wè have not recelved all the information and gxplanalitrns we requim for our audlt., oi the Trustees were not enlilled to prepare the financial slatamants in accordanca with the small companlès regim8 and t8ke 8dv8nlage of the Small companies, exemptions in pr&paring tha Trust8¥5' Rèport and from thg requlrernenl lo prep8re 8 Strategic Report. Page 8
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT (A company Ilmlted by Guarnnt•o} INDEPENDENT AUDITORS. REPORTTOTHE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 R8sponslbllltSès of tru$taè$ As explalnad more fully In the Trustees, Responsibillb'es Statement, ihe Trustees (who are also the dlwlors ol the charitablè ¢trmpany for the purposes ol company lawl are spOnSible ltsr the preparation of the financial slalem8n18 and lor being satisfied that Ih&y giv$ a true and fair view, and lor 8uch intern81 control as the Trustees determine is necessary to 8n8blg th& Pp8ratIon ol fin8ndal stal8monts that ar8 free from materSal mis8tat8menl, whèlhar iJu¢ lo fraud or error. In preparing the linancial slatèm&nls, the Tru$tee5 are responsible for assessing the charitable companls abllity to continu8 as 8 going concern. disclosing, as aPICable, matters related lo going concern and using the golng ¢oncem basis ol accounting unless the Trustees ellher Intend lo Ilquidat6 tha charit8bl¢ company or lo cea80 OPgralion8, or have no realistic allemalivp bul lo do 8Q. Audltorg. TeBpon8lbllltl•s for thg audlt ol th• flnancl818tat•m•nt• Our objectives are to obtain reasonablè assurancg abc*ul whether th& financial slatemonlB as a whole are free from material rnisstatemenl, whether ¢Jue lo fr8ud or grror, and lo issue 8n Auditors, Report thal includes our opinion. Roasonable assurance is a high level ol 8ssur8nce. but 16 not a guarante8 that an audit conducted in accordance with ISAS IUKI will alway5 detect a material mi5slalement when it exists. MisstBtemènts can arlsè from fraud or errol 8nd 8re considered materlal if, IndivlduBlly or In the aggreg8te, they could r&8son8bly be expected 1¢ influenc8 the economic declslons of us8r8 takèn on the b861s of Ihese fi'nancial statements. Irragularitles. including fr&ud, ore inglanc8s of non-compliance wilh laws and regulauons. We design procedures In Ilne wilh our responsibililles. ouuined 8bove, lo delecl rnalerial mis518lernenls in respect of irregularities, Inclu(Jlng fraud. Th9 exlgni lo whlch our procedures are capable ol detecting irr8gularltles. including fraud Is dglalled below.. In Idenlif'ng and assessing risks ol material mis6ts1emenl in respect ol IrreguladlS85, Includlng fraud and non compli8nc• with law8 and re9ul8lions, we considered the following". Enqulries ol management, inGluding obtalnlng arKI revlewing supporting documentatlon. concemlng the company's pollciès and procedure8 relating lo.. Idonlilying, èvBluallng and complying wlh law8 and regulatlons and whelhef they Wer8 aw8r8 of any insiances ol non-compliAn¢ detecting and responding lo the risk8 of fraud and whether they have knovledge ol any actual, Buspecied or alleged fraud,. 8nd the inlernal conlrols 9$181$h8 lo milig81g ri8k8 r8lateiJ lo fraud or non-compliance of laws and regulations., and Discussions among the engaggm&nt tgam rogarding hE)w and where fraud might occur in the finanrAal slalemenls and any potential Indicators of fraud. The engagement team in¢lude5 audit staff who have extensive experience of working Wth èntlties in similar $¢ctors, and thi$ 8xp8rience was rdevanl lo the discussion about where fraud risks may arise. W6 also obtained an understanding ol the legal and regulatory IrBmework that tha charity oparatas in. locusing on provisions of Ih05e laws and regulation5 thBt had direct 8ffect on the determin8ts.un ol rnaleri818rn0unts and di5closure5 in the financial statgmtnls. Th8 key18ws and ragu181ions we conSere in this context induded FRS 102, the Companies Act. the UK charib.es Act, Charits'e5 SORP 2019 and the Higher Education SORP 2019. In addition, we considered provisions ol other laws and regulations th81 do rK)t have 8 dirèct affect on the rinanci81 slalements bul compliance with which may be fundamenl81 to the company5 ability lo operale or to avoid a matelial penalty. Thes8 Included h881th and $8fèty regulations, employrnent law and environmental regulations. Pagè 9
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmltod by Guarant••l INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 As a result of these procedures, we considered the pBrticular areas that were susceptible to mi5Stat8ment due to fraud WO in resped of revenug rewgnillon and fflanag8menl overTid8. Our procedur08 lo respond to risks identified included the Idlowng.. r8viewing thé fin8ncS81 slalement disclosures and testing to supporting documgnlation to assgss complianc8 wlth provisions of relev8nl18ws and regulations described as having a direct ellect on the linancial stat8m8nts', enquirin9 01 manag8rn8nt conc8rnin9 aclu81 and potenti81 liti981ion 8nd cJ8ims' performing analylical procedur8s la idenlify any unusu81 or un8xp8Cted r8lalion8hipB that ni8y indic818 risks of material misslatemènl due to IrAud'. reading minutas ol mè61in9s ol those charged with gov8rnance', performing proof in total to form an expectation of incomè kn¢J compAring to gclual incomo and vouching a sample ol Btudenls frorn intakè lists to thè ganèral18dgèr lo vèrily complètèness ol incoma., in addr858ing th8 risk of fraud through man8gement ov•rrida of controls., assèssing wh8thèr the ludgemenls mad8 in making accounting estimales are indicative ol a pol&nlial bias,. and 8valualing th& rationale ol any signilicant Iransacknns that ar8 unusual or outside the nrnal cours8 ol the chgrill8 operations. BecAug8 of the Inhèrent limitat>8 ol an audlt, Ih8r818 a rlsk that We 11 not delecl all irregul8rf1ies. inclLsding thosè lèading to a material misstalemenl in the linancial slalements or non-compliance with ragulalion. This risk Inue8se5 the rnore that compliance with a law or regulatitsn is removed from the events and trans8clion$ reflected In the financlal stalemanls, os wa will bè less Ilkely to becomè 8W8re of Instancès of non-compliance. The risk is also grèatèr regarding irregularities occurring due lo Ir3ud rather than error, as fraud involve5 Inl8ntlong1 conc88lmenl, forgery. colluslon, oml851on or mIsrepsenlaI1On. A further d&scriplion ol our re8pon8ibililles for the audit ol the financial slalemenls 15 locat8d on th& Financial R9POrting Council's webslle al.. www.f klau Thls descrlptlon forms part ol our Auditors. Report. U8• of our roport Thls report Is made solely to the charltabl& comp8nVs mèmbèrs, As 8 body, In accordance wilh Chapter 3 of Part 16 01 th6 Companlas Act 2006. Our audil work has been undertaken 30 that we might Stale lo the charitable comp8nVs membors Ih08e matters we a required lo slate to them in an Audllors. Report and for no oth9r purpose. To the fullest exlenl permSlled by law, we do nol accepl or assume responsibllity lo Anyone othèr Ittan the charilable company and ils members, as a body, lor our Budit work, lur this r8POrt, or lor the opinions we have formed. Prf¥d Hazra Patel (Senlor Sta10ry Audllor} lor Bnd on behalf ol Lubbock Fin* LLP Chartered Accountants Palern05ter Hous8 65 St Paul's Churchyard London EC4M 8AB Oate.. 17 April 2026 Page 10
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA Company Llmit•d by Guaranta81 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025 Total funds 2025 Totsl funds 2024 Not• INCOME Tuition f68s and educallon contr8Ct5 1.000,172 893,531 Inv8slmenl Income 100,447 75,563 Donatlons and legacies 48,266 2,173 TOTAL INCOME 1,148,865 971,267 EXPENDITURE Cttarit8ble a¢llvllle8'. Staff cc818 608,412 580,285 Olher operating expenses 875,727 679,304 Depreciation 2.808 13,725 Inleresl and other flnance coslg 14,4311 9,655 Loss on dlsposal ol flxed assets 987 1,579 TOTAL EXPENDITURE 1,483,303 1,284,548 NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED ILOSSESIIGAINS: 1334.41BI 1313,2811 OTHER RECOGNISED GAINSIILOSSESI Gains on rev8lualion c>1 investment property 2,796,486 IDEFICITIISURPLUS FOR THE YEAR 1334.4181 2,4e3,205 RECONCILIATION OF RESERVES.. Total ros8rvos brought forward 3,660,274 1,177,069 Nel movam8nt in 8rves 1334,4181 2,483,205 TOTAL RESERVES CARRIED FORWARD 3,325,856 3,660,274 Th8 Slalemenl of Compreh8nsive Income iricludes all gains and losses recognised in the year. All incom8 and expendlture In 2024 and 2025 related to unrestrlctgd rosarves. All items ol Income and expenditure ielated to continuing activltlgs. The notes on pages 14 to 24 fom part ol lttese fin8ncial slatern8nts. Page11
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmltod by Guarant••l REGISTERED NUMBER: 2198970 8ALANCE SHEET AS AT 31 AUGUST 2025 2025 21124 Notè NON-CURRENT ASSETS Tangible fixed assets Investment property 8,958 12.093 3,800.000 10 8,958 3,812.093 CURRENT ASSETS Tr8de and other recewables Invgstments CB5h and cHsh equivalents 378,416 2.750,000 1,066,968 304,775 12 244,889 4,195,382 549,644 CURRENT LIABILITIES Creditors.. amounts 18lling du8 wlthln onè year 13 1878,4641 1701,4631 NET CURRENT ASSETS I LIA81LITES TOTAL ASSETS LESS CURRENT LIABILITIES 3,316,898 1151.8191 3.325,856 3,660.274 NET ASSETS 3.325,858 3,660,274 CHARITh RESERVE8 unStriCt•d reserves 17 3,325,856 3,660,274 TOTAL RESERVES 3,325,856 3,660.274 Th8 financial 8tat8fflenls havg be8n prepared In accordance wlth the provisions applicable lo enlilies subj8cl to the small companies regime. The finan ale ants werg approved and aulhoiised for is8Uè IheT $l¢es and signèd on their bèhall by.. Dr U Hoppe Trustee l Redomann Truste8 D8te'. 26 [05126 The notes on pages 14 to 24 lomi part ol these Ilnanclal stalemenls. Page 12
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT (A company Ilm5tgd by Guar8nt••) STATEMENT OF CASH FLOYIS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Not• Caih flaws from operatlng actlvltl•• Nel cash lused inyprovided by operats'ng o¢tfvStie8 19 1252,0051 1381,4391 C&#h flo Irom Inv•stlng •ctlvltl•• Inv8Stm8nt Income r8ceivable Purchase ol tangibl& fixed 88$gts Proceeds from s818 of inv981fflenl properly 24,562 14601 3,800,000 75.563 110.5581 N•t ¢••h pro¥ld•d by Invostlng actlvltl•• 3,824.102 65.007 Ch*n91 In ¢a•h and cash •qulvJl•nt8 In th• y•ar Cash and ¢88h equiv8lent8 al the beginning ol the year 3,572,097 {316,4321 561.301 244.869 C••h •o)d c••h •qulval•nt• it th• ond of th• ymr 20 3,816,966 244.869 The note8 on pages 14 10 24 fomi part of Ihes• flnandal 8talements Page 13
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlt•d by Guarant8•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES 1.1 Bas1$ of pr•paratlon of flnanclal 8tstements The financial stalemanls have been prèpared In 8ccord8nce with the Charities SORP IFRS 1021- Accounllng and RoP42rting by Charilies." Slalement of Recowmended PraclSce applicable to charilles preparing their accounts in 8ccordance with the Financial Reporting Standard applicable in tha UK ond Republic of Ireland IFRS 1021 leffecliv8 1 January 20191, thè Finanual RBPOrtlng S18ndard apFAicable in th8 UK and Republic ol Ireland IFRS 1021, the Statèm8nt of Racommgnded Practice Accounting lor Further and Higher Education leNeclbve 1 January 20191 IFeiHE SORP 20191 and the Companies Act 2006. Where dolfenCets 8rlse between the Charlties SORP IFRS 1021 and the FEIHE SORP 2019 tho FEIHE SORP takes precedgnce. European College ol Business and Management maats the d8llnltlon of 8 publ1¢ benefll enllly under FRS 102. A55els and liabilities arè initlally recognis¢d al hi31orical cost or Iran58clion value unless otherwise slatod in th8 relavanl accounting pdicy. 1.2 Comp•ny •t•lu• The Charity is a company Ilmitad by guaranteè. Thè membors of Ihe charflable company are the Trustees named on page l. In the event ol the Charity being wound up, the liability in respect of the guaranlee Is Ilmited lo £10 per rn8rnber ol the Charlly. The regl8lpred office 8ddre55 end princlpol placa of business is 671 Great Eag18m Slreel, London, EC2A 3HU. 1.3 Ro8•TV•• accounllng Gene181 lund8 are unreslrlcled funds whlch are avallgble lor et Ihe digcrelion of Ihe Trustees in lurtherance ol the general oblactlvgs of the Chgrlty and thich have not beèn designated lor other purposes. Investmgnt income. g81ns and losses are allocated to Iho appropriate fund. 1.4 Incom• All Incom8 Is recognised once the Charity has enlillemant lo th¥ Incom8, it 1$ probable that the Income will be received and the amount ol income rècelvable can bg rnoasurtsd rellably. Course fees and relaled Incom&, npl of diTeGI costs, are recognised in the period In which th• coursg lakes place. 1.5 Int¢reBt recelvable Interest on funds hEld on deposit 13 included when receivable and the amount cgn ba maasur8d reliably by the Ch8rity', Ihis is normally upon nOlICall0n of the intere$l p8lU or p8yable by the nslilulion with whom the funds are d6posited. 1.6 Expendltura Expenditurè is recognised once there is a legal or constructive obliyatitsn lo transfer economic benefit lo a third pariy, il is probable that a transfer ol bellefrts will be required in settlement and Ihe amount of the obligation cBn b8 me85ured reliably. Page 14
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmltod by Guarant•81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES ICONTINUEDI 1.6 Expendltur• Icontlnu•dl Charilable activity costs incurr8d on the Charily's educational opèrauons, Includlng support costs and costs re181ing lo the govtsmance ol the Charily apportioned to ¢hariiable activities. l expenditure Is inclusive of irreeov&rable VAT. Other op8r8tlng èxpènsas ¢8prè58nt Ih05e cost6 Incurred diracuy in support of 8xpandllur8 on th8 objeets ol the Charity and include project management and costs incurred in conn8Ction with 8dministraUon of the Charlty and compliance with constllullonal and 3talulory requlremenl8. 1.7 Tanglblo ff x•d a$$•18 and d•pr•¢iation T8ngible fixed a88el8 8r8 carried al cost, not ol deprgcialion and any provlsion lor imp8irmenl. Depreciation is not charged on freehold land. Depreclglion is provided 81 r8188 calcul818d lo wri18 off the cost ol flxed assets, less their estimated r?5Idu&l v8lu8, OV8r their expecled us81ul lives on the following basls.. D&pro¢181ion 18 provlded on the following bases.. Equlpment Propariy improv•mènts 20Q/o130% reduelng ba18nBe120% 8lraSght line 5.10 51raighl line 1.8 Inv8StFn?nt property Investment property Is cBrried at lalr valuè dèlèmlned annually by the trustees and derived from the current on markat. adlusled il ntscessary lor any diff8r8nce in the nature. localion or condltlon of the sp&¢ifl¢ asstrl. No depreciation is provided. Ch8nge5 in lalr value ore recogni$ed in the Stalgm$nl ol Comprehenslve Income. 1.9 Currr•nt A88•t Inv•8tm•nt8 Currenl asset inve51rnenls consist of deposil accounts wllh maturlty of more than 3 months bul le86 than 8 year. Currenl asset investrnenls a recognlsed al Ihelr Iransacllcn c081 less Impairment. 1.10 Trad• and oth•r roeèlvAbl•$ Trade and olher debtors are recognised al the selllement amount after any trade discount offered. Prepayments a valued at tho arnounl pr8p8id net ol any Ir8de discounts due. 1.11 Cash and ¢o$h ¥qulv•lents Cash and cash equlvalenls Includes cagh and short-tann highly Ilquid inveslmonls wllh a short maturily ol threg month5 or 1855 from the dale of acquisition or opening of the deposS1 or simllar account. 1.12 Liabilities and provlsions Liabili11è5 are recognised when there is an obligation at Ihe Balance Sheet dale as a result ol a past event. It is probable that a transfer of economic benefit will be required in settlement. and the amount of th8 settlement can be eslimaled reliably. Liabililies a r8cognigÈd at thè 8moLJnt th8t the Charity 8nts'cipales il will pay to sellle the debl or th8 amount it hys received 85 adv8nced payThents lor the goods or services il must provide. Pao& 15
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA Company limited by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES (CONTINUED) 1.13 Flnanclal instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic linanclal Inslruments. Baslc finanelal Instruments 8re inllially recognised al Irans8¢lion v8lue and subsequently m08sur&d at Ihelr selUom6nl value with the 8xception ol bank loans which are subsequently measured 818mortl8ed cost using Ihe effeciiv6 inlaresl method. 1.14 Ponslons The Charlly opèratès 8 defirt conlribuuon pension scheme and the pension charge fepre5en18 the amounts payable by the Charity to the fund in respecl of the year. 1.15 Fornlgn currèncl•8 Monètary assels and liabilities denomln8led in foreign currencieB are translated into slerfing al rale8 of exchange rulin9 al the balanc8 6heet date. Transacllons In forelgn cUrncle6 are tranglalèd Into storllng at the ralè rullng on the dalè ol the transactbn. Exchange galns and losse8 are r8cogni8ed In the Stalern8nt of Comprehenslve Incom8. ANALYSIS OF TUITION FEES AND EDUCATION CONTRACTS 2025 2024 Cours8 fees and related incom& Discounts allowed 1,000,649 14771 884,091 1332 1,155 8,617 Other fees Other Income 1.000,172 893,531 INVESTMENT INCOME 2025 2024 8ank Inleresl racelvabla Rental income 93,271 7,176 3,741 71,822 100,447 75,563 Page 16
EUROPEAN COLLEGE OF BUSINESS AND IIANAGEMENT IA ¢ompany Ilmlted by Guarnnte4) PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 INCOME FROM DONATIONS AND LECACIES 2023 2024 Don8tions and gifts In kind 48.266 2,173 STAFF COSTS 2025 2024 Wages and salarfeB Soc181 securlty co8ts Conldbuuon lo d¢flned conlrlbullon pen8lon schemeB 531,274 58,371 18,767 513,178 51,163 15,946 608,412 580,285 The average numbef of persons amploy8d by tha Charfly during the year was as follow8: 2025 No. 2024 No. Number of Locturers Number of Adrnini8traUve 8leff 15 14 The numbgr ol omployees whose empltt benefit5 lexdudlng amoYSr panslon costsl axce8ded £60,000 w88.. 2025 No. 2024 No. In the b8nd £60,001- £70.000 In th& band £90,001- £100,000 In the b8nd £100,001- £110,000 None of the Trustees recelv8d any remun&r8llon, b•neflt8 In klnd or relmbur8emenl of expenses durlng the yg8r12024- £nlll. Total remuneratlon paid to key management Porsonnel was £137,626 (2024 - £120,355). Page 17
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT (A company Ilmltsd by Guaranto•) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 OTHER OPERATING EXPENSES 2025 2024 Advertlslng Comput9r costs AccommodatSon External rent. rates and wot•r Cleanlng Repairs and rnalntenanc4 In8ur8nce General expenB8 Travel Auditors romun8r81ion Consultancy Tolephone Exam lees and as80¢i&lgd Prlntlng, postage and 8tgtlonory LkJhl and heal Bad debts Staff tralning L81 and profe88ional fee8 AcUntncY 32.658 39,664 77,531 218,914 7.951 7.234 14.7S7 6.778 54,152 14,296 206,436 10,248 41,044 9.618 1.636 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 4.222 114.026 16,362 875,727 679,304 INTEREST ANO OTHER FINANCE COSTS 2D25 2024 Bank charg08 Forolgn currency IgainyIo8B 2,494 18,9251 4,907 4,748 14.4311 9,655 Pag& 18
EUROPEAN COLLEGE OF BUSINESS ANO MANAGEMENT IA company Ilmltod by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 NET INCOMING RESOURCESIIRESOURCES EXPENDED) 2D25 2024 Audilor8' rèmun6ration- Audit Audltor8' romunw81ion- Other Staff penslon ¢onlrfbuVon8 D•pr8ciation Exehange1088 14.296 15,000 18,767 2,608 16,925} 15,946 13,725 4,748 TANGIBLE FIXED ASSETS EquSpm•nt Colt or v•lu•tSon Al 1 September 2024 Addlllons D1Jp0lS 60,506 114,4581 At 31 Augu81202S 46,508 0•pr•cllOn At 1 September 2024 Charg& lor th6 ar On digPO8818 48,413 2,608 113,4711 Al 31 Augus12025 37,550 N•t book valu• Al 31 Augu812026 8,958 Al 31 AuguBI 2024 12.093 Page 19
EUROPEAN COLLEGE OF 8USINE8S AND MANAGEMENT IA company 11m1t by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. INVESTMENT PROPERTY Investment propgrty Al 1 Seplembor 2024 Dlsposals 3,800,000 13,8CK),0001 At 31 August 2025 Dudng the year, the Tru5tee8 sold the Iroehold property at 871 Great Eastern Streel, London. The $819 of the property was completed on 18 Novernbor 2024 for Gonslderallon of £3.8m. 11. TRADE AND OTHER RECEIVABLES 2025 2024 Trade receivatles Other debtors Prepayment8 Bnd accrued Income 240,773 1.SOO 136.143 221,762 5,786 77,227 378.416 304,775 12. CURRENT ASSET INVESTMENTS 2025 2024 Unlisted Inve8lm8nl$ Iliquldl 2.750,000 Page 20
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlt8d by Gu•r4ntèal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. CREDITORS.. Arnounts falling due wthln on• y•ar 2025 2024 Trade ¢redllor9 Other laxallon and so¢181 secvrlly Other creditors Acuuals and deferred incom& 75,241 11,859 243 33,651 17,096 20,702 630.014 791,141 878,484 701.463 2025 2024 Delerd income at 1 Sèptembor 2024 Resource5 d8lerr6d durlng the year Amounts released Irom previous periods 474,976 619,4e4 1474,9781 511.878 474.978 1511,8781 61g,484 474,978 Defeired incomg r81alos to tulllon fea in¢omg recelved In advance lor cour3es dug lo cornrnence after 31 August 2025. 14. PENSION COMMITMENTS The Charity oper81e$ 8 definod ¢onlribulion pension scheme in respect ol Its employe8s. The ass8t$ ol thg scheme are held separ8loly from those of th8 Charfly In a separately administered fund. The pension costs per the Stal8m&nt of Compreh8n8ive Income represent contributions due from the cnmpany and 9mounl8d lo £18.76712024 - £15,946). 15. OPERATING LEASE COMMITMENTS At 31 August 2025 the Charily had commitments lo make fulure minlmum lease poyTrents under non- ancellable operating leases as follows.. 2025 2024 Not laier than 1 year 17.277 Thè lol#l1oase paymen15 recognised as an expense were £99,18212024- £14,825). Page 21
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA ¢ompany Ilmltgd by Guarant••l MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. OPERATING LEASE- LESSOR AS at 31 August 2025 the tolal of th8 Charws futur8 minlmum 108$$ r•cglpls undor non.cancellable OP8rating leases was.. 2025 2024 Nol18ter than 1 yogr 2,199 2,199 Durlng th8 y9ar. Ihe Ch8r6ly 8old Its premlses, and Iherefore 18rrnlnated all18as88. 17. 8TATEMENT OF RESERVE3 STATEMENT OF RESERVES- CURRENT YEAR Balanea at I S•pt•mbor 2024 Bal•n¢e it 31 August 2025 Incom• Exp•ndlture Unre•lrlcl•d R•s•rv•s G9n&ral Re8erv&8 3.660,274 1,148,885 11.483,3031 3,325.856 STATEMENT OF RESERVES. PRIOR YEAR Balance at 1 S•ptèmb•r 2023 Balanco at Galn81 31 August (Losses) 2024 Incom• Expendlturo Unrostrlcted R•s•rv•8 Gengral R08erye8 1,177,069 971,267 11.284,5481 2,796,486 3,660,274 Page 22
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company IlmOt•d by GuarantO81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 1& ANALYSIS OF NET ASSETS BETWEEN FUNOS ANALYSIS OF NET ASSETS BETWEEN FUNDS . CURRENT YEAR Unr•Btricted lunds 2025 Total funds 2025 Tanglble flxed 888tls Currenl a8sÉ18 Creditors due withln one yèai 8,958 8,958 4,195,382 4,195.382 1878,4841 1878,484 Tol•l 3,325,856 3,325,856 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestrlcted funds 2024 Total fund8 2024 Tangiblè fixed assels Inve$lrnenl property Cuirènl 888ets Creditors due ¥thlhln one ye8r 12,093 12,093 3,800,000 3,800,000 549.644 549,644 1701.4631 1701,4631 Total 3,660,274 3,680,274 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 19. ACTIVITIES 2025 2024 Ngt èxpènditur8 for the year las per Statoment of Flnanclal Actlvllie81 1334,4181 1313.2811 Adlu•tments for. Depreelallon Charge Inv8strnènt Incom8 r8Cglvable Loss on Iho $819 ol fix9d 8ssel8 Ilncreaselld8cr8ase In d8btors Increaselldecreasel In creditors 2,608 193,2711 987 13.725 175.5631 1.579 16,790 124.6891 14,9321 177,021 Net cash usgd in operating activities 1252,0051 1381,4391 Page 23
EUROPEAN COLLEGE OF BUSINESS AND MANAGEMENT IA company Ilmlted by Guaranto•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 AUGUST 2025 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash and cash equivalents 3.816,966 244,869 Total caBh and cash equlvalents 3,816,966 244,869 21. ANALYSIS OF CHANGES IN NET DE8T At1 S•ptomb•r At31 2024 C•$h flow• August 2025 C8sh al bank 8nd In hand Llquid inveslmenlg 244,869 822,097 2,750,000 1,066.966 2,750,000 244,869 3,572,097 3,816,968 21 RELATED PARTY TRANSACTIONS As at 31 August 2025, an amount of £nll 12024 - £11.7651 w86 due lo ECBM Company Llmiled by Guarantee, a company which hBs cornmon directors. The amouril is intere51 Iree, unsecured and rep8y8ble on demand. Durin9 the ye8r ended 31 August 2D25 an amount of £48,266 was received on the liquidalion ol ECBM Company Llmiled by Guarantee. The amount has been racognlsod a8 donatlon income. 23. OMISSION OF STATEMENT OF CHANGES IN RESERVES Given that the only movement whlch woul¢J bg shown on the Statement ol Changes in Reserves Is the total ¢omprehenslve Oeflcil shown in the Stalernent of Cornprehensive Income, thls primary linanclal $181gmenl has been omiited. Page 24