Association of MBAS and Business Graduates Association AMBA & BGA Accounts & financial statements For the year ended 30 September 20251 Company number 9217021 Charity number 313412 LEGAL AND ADMINISTRATIVE INFORMATION Contents Legal and administrative information Company nurnber Registered in England and Wales 921702 Members of the International Management Board Chairs report Charity number 313412 The year in review Prlncipal addre88 and registered office Top Floor, 3 Dorset Ris8. London EC4Y 8EN www.amba-bga.com AMBA schools accreditation overview BGA schools activity overview AMBA & BGA student & graduate membership overview 10 Events: AMBA & BGA Excellence Awards & Gala Dinner 12 CEO Andrew Main Wilson Events: Conferences 14 Research activity 16 Company Becretary Louise Park Editorial overview- Ambition 18 Auditor Moore Kingston Smith LLP 9 Appold Street. London EC2A 2AP Editorial overview: Business Impact Commercial activity Marketing overview 20 24 Solicitor Osborne Clark 2 Temple Back EasL Temple Quay Bristol 8S16EG Press & PR activity 26 Report of the board of trustees 28 Principal banker NatW*st Bank ple St James & Piccadil￿ Branch PO Box 2 OG. 208 Piccadilly London WIA 2DG *AMBA•B￿ANNuAL REPORT 2024125 Members of the International Management Board (also directors and trustees) B••tri¢•Avoli• Alrt¢hl Dean of Faculty. CENTRUM PUCP, Peru Appointed 26 March 2025 Sloph•n Bach Executive Dean. King's Business School. UK Appolntod 14 October 2024 B￿￿karch#kr*b￿rtl Ae8demic Dean. Indian Institute of Management Colcutta, India Appolnted 2 Augu8t 2024 F•ngruo Chen Dean. Antai College ol Economics and Management. China Appolnied 25 May 2019 Jo•ep Franch Bulllch Dean of Exeeutive Edueation, ESADE Buslness School, Spaln Appointgd September 2019 Appolnted 16 November 2019 Appointed a8 Chair 1 October 2023 Professor of Organisational Behaviour and former Dean. University of Edinburgh Business School, UK Emmanu•l Métals Dean. EDHEC Business School. France Appointed 22 September 2020 Morr1$ Mthomb•nl Dean. Gordon In8titute of Busine$8 Science IGIBSI. South Africa Appolnied 2 August 2024 Oary Narun•ky Group Chiat Financlal Officar, Global UnlvorsSty Sysiams Appointed 15 June 2017 K•r¢n Spon• President, Bl Norwegian Business School. Norway Appolni•d 31 May 2021 sl￿f van d•Vold• Former dean, Rotterdam School ol Management. Erasmu5 University. the Nothedands., Chair ol thè International Aecrèditation Advisory Board Appolnted 6 March 2018 CHAIR'S REPORT Wendy A Loretto > A year of unwavering resilience cannot believe it is already time for my second chair's report as head of the Iniernational Management Board IIMBI for AMBA & BGA,. looking back, I would have to say that it has been quite a year. The challenges that business schools 8re lacing have intensified, while the v81ues our cornmunity 88eks to uphold have been und8r attack as never belore. Geopolitical instability has intensified and we would like to extend our sympathies to all ¢olleague$ who are continuing to deliver excellent business education in climates of hate ènd violence. Your resilience and bravery are breathtaking. Even those ol u5 fortunate enough not to be operating in such extreme environments have baèn party to prèssuras on the global businass school community to dilute comfftitments to upholding equality. divèrsity and inclusion. l am proud that AMBA & BGA are not wavering in their focLJS- we remain guided by our core values, aiming to be inclusive, trusted. responsible, resilient and innovative in 811 that we do. These values are illustrated by the vibrant programme of activities and events throughout 2024125. Over the past year we have welcomed nine new schools into AMBA accreditation and conducted 59 re-accreditations. Meanwhile. BGA continues to flourish and grow, with 330 members and 66 8GA-accredited 5choo15. The AMBA & BGA team h05t¢d another successful Global Deans & Directors Conference in Berlin in May, with delegates from more than 60 countrie8. The conference 8Cted as the laun¢hpad lor the new MBA Directors. Club to capitalise on the rich links across AMBA-accredited schools and extend networking opportuniiies. We also facilitated a session with deans ol member schools. again enabling members to highlight and discuss issues that are important and relevant to them. The global conference wa5 complemented by the Dean5 & Directors conference5 in A$18 Pacific and Laiin Amèric8, Wlth accr8dit8tion and programme excellence events, as well as BGA capacity-building seminars. Our annual Gala Dinner and Excellence Awards ceremony. held in January in London, saw r￿ord numbers of award entries. These awards are 8 very visible way of highlighting the impressive array and quality of 66 Th• ¢hall•ngé8 that bu$lnoss schools are facing have intensif led. while the values our community soeks to uphold hav6 been under attack as never before efforts and 8¢hievernent5 acros5 the communily. I would like to say a huge congratulations to everyone who entered. The IMB has had a busy year.. we have given serious and sustained thought io the size and shape of our AMBA & BGA communitles. As result of consultation and a serie5 of discussions. we have decided to remove the 300 cap on AMBA schools to open up the possibility of including 8 few more schools globally. More det8118 will b8 forthcoming in 2026. but r88t a&$ured we remain committed to supporting high quality and continuous improvement in busines$ education. We have extended our IMB membership lo improve global covera9e,. I would like io thank all members for their commitment and enthusiasm for guiding and supporting the continued succes5e5 of AMBA & BGA. The IM8 doe5 not operate in isolation. We are ably 8$si5ted by the International Accr8dStation Advlsory Board and the LatAm Regional Council. Of course, we would not be able to operate without the considerable efforts 8nd talents ol peer review volunteers and AMBA & BGA staff. It is an impressive collective- my heartfelt thanks go to all those who make this such a welcoming and progressive community. AMBA&BQAANNUAL REPORT 2024125 THE YEAR IN REVIEW Andrew Main Wilson. CEO, AMBA & BGA am very pleased to report another year of posiiivo growth and innovation. despite the ever-increasin9 9lobal geopolitical and econornic pres5ure5 that have been impacting member5 of our business school network worldwide. We accredited nine new AMBA schoo15 during the Iin8ncial year and the AMBA-accredited portfolio now compri888 311 schools globally. We have made a board-level decision to remove the previou$ 300 cap and 8￿redit a few more schools. the details ol which will be announced early in the new year. BGA schtx>ls' membership grew by 50 new 5choo15 during the year and the portfolio now comprises 330 schools. Some 66 8GA sehools havè achiaved aecredit8tion, with BGAS emph8SiS on continuou5 impact, respon5ibl8 management and lilalong lèarning proving highly rèlevant and attractive to schools. Consequently. BGA has now established itself a5 the fourth major accreditation brand. alongside AMBA, AACS8 and EQUIS. Our Global Deans & Dir￿tOrS Conference took place in May in Berlin and attracted a record number of delegates- almost a filth more than we saw at our Global Conference in Budapesi the previous ye21. Our Asia Pacific Deans & Director5 Conference took place in November in Kuala Lumpur. Malaysia and also attracted a record number of delegates. The Latin America Deans & Directors Conference wa8 held in August in Vina del Mar in Chile and w8$ attended by the dean$ and directors of almost all the leading Latin American schools in the AMBA & BGA network. Our annual Accreditation Conference took place in Krakow. Poland and also resulted in our highesi-ever delegate attendance. Alongside the usual events. Ihis year marked the launch of a brand-new one, the Progr8mme Excellence Conference, which is designed to champlon snd debate the key issues facing 58nioi prograrnme staff. This was also held in Krakow. At a time when online communications and networking continues to grow, our conferences highlighted the strength of our AMBA & BGA Community and the power ol face-to-face meetings. As onlln• eommunleatlons and networking continues to grow. our conferences highlighted the strèngth of our community and tho power of faoe-to-f•¢e meetings 66 We continued to strengthet) our range of Beyond A¢¢reditation $ervi¢es, with the launch of our new MBA Directors, Club. The inaugural meeting was held during our Global Conlerence in Berlin and has been very well received by our network of MBA directors. The publication frequency of our two thought leadership magazine5. AMBA'S Ambition and 8GA'5 Busines5 Imp8Ct increased to 12 issues a year, comprising the most innovative ideas and industry view3 of our 520 member schools. 2024125 h8$ been another highly su¢ce$8ful year, made possible by the dedication and excellence of our staft. the wise Counsel and support ol our Iniernational Management Board trustees and the maintenance ol our quality standards. overseen by our Iniernational Accreditation & Advisory 8oard. I would also like to thank our accreditation panellist5, who accredited or re&ceredited 82 AMBA & BGA schoo15 during the year. Onc8 again. it is a pleasure to be able to report that AMBA & BGA is in its strongest-ever position. both financially and in terms of growth. Since its formation in 1967. 1 look forward, together with the tearn. to another exciting and fulfilling year of further growth and innovation in 2025126. AMBA schools accreditation overview AMBA'S focus on graduate attributes. impact and the diversty of stsff and students continuos to be well received n 2024125. nine new institutions joined the AMBA farnily, while three existing business schools were not r8-accr8dited. The total number of business schools in the AMBA-accredi(ed Thetwork is now 311,. of these, 301 institutions hold AMBA accr8ditation for their MBA portfolio. Some $9 business schools across the globe underwent a re-accreditation assessment by AMBA a¢¢reditation panels. The reassessmenr of programme quality and the enhancement of standards undertaken by a peer review visit at least every live years are GruGial elements of AMBA'5 rigorous and developrnenlal accreditation proces5. Face-to-face assessments are the norm at rnost schools. In some markets, flight capacity has not yet returned to pre-covid leve18. pushing up the cost of accreditstion 888es8or travel significantly.. something thar has caused concern for a number of insritutions. In addition, some business schools h3ve raised the issue of long-haul travel for rhe iwo-day peer ieview team site visits ntst re¢on¢iling with their Commitment to the UN'$ $u$tainable development goals. The sc¢reditstion team has reiained a ¢ustomer-fo¢used Hexible approach. accommodating online assessments where appropriate, to alleviate these ¢on¢erns. AMBA accredltation provide5 schoo15 Wlth holistSc, detailed analy515 01 the quality of the institution.. it5 strategy. mission and re50urces.- teaching standards and research contribution.. programme administration.. career and 81umni services-, cohort SI￿ and quality,. curriculum content and 888essm8nt standards,. programme mode and duration,. and learning outcomes. AMBA'S focus on gr8duate attributes. imp8Ct and ihe diversity of staff and siudents contlnues to be wdl re¢elved. The AM8A Intgrnational Accreditation Advi50ry Board IIAABI. comprising highly experienced deans. remains crucial to our accreditation activit18s. The IAAB is the delegated authority lor accreditation decisions and has reswjnsibility for the safeguarding and currency of the AMBA accredit8tpon criteria. As part of our objective to signifieantly Increase AMBA accreditstion aw8reness and build relarionship& with new schoolg, siaff from the a¢¢reditation team regularly attend industry events. AMBA is already the ac¢reditation market leader In a range of Gountrie5. inGluding the UK. France. China. India. South Africa and Latin America. AMBAS unique history in supporting and prornoting the MBA means It is positioned as the18ading 8xpert in postgraduate management education. AMBA'S focus on the MBA. pre-experience master's programmes and DBA qualifications is a key strength when business schools chc￿ls￿ an external 8ccreditation body. S￿d0￿ qu#lty AMBA believe$ that the MBA 1$ uniquely di$tin¢tive rhanks to its fo¢us on g peer-to-peer learning 8XP8rience. Appropriate 5tudgnt quality. diversity and class size are paramount for this rea50n. AMBA is the only accreditation body to r8quire MBA enirantS to have work experience and lor prograrnrnes to have a minimum cohort size. This is key strength for gr8duat88 from AMBA-accredited MBA programmes. as is the free membership service provided to students and graduates from AMBA-ac¢redited s¢hools. Experlenced peer revlew team AMBA a¢¢￿di￿rI0￿ a$$essors have a wealih of experience. with a si9nilicant nurnbpr having sat on more than 50 assessment pane15. This experience brings considerable value to the AMBA accreditation process. D•dI￿l•d AMBAstaff AMBA is the only accreditstion body to require MBA entrants to have work experience and for programmes to have a minimum cohortsize AMBA care8 about the business school accreditation experience. Every panel includes an experienced member of the accreditation team who ensLJres consistency ol standards and offers L￿Spoke advice io those undergoing the a¢¢reditaiion pro¢e$$. AMBA&BQAANNUAL REPORT 2024125 Tlm•ly d•¢l•lon• & tMn4>&*n¢y AMBA assessment panels provide schools with verbal feedback, including detailed recommendations, on the day of an as$e$$ment visit. Endorsement by a ¢ommittee of AMBA'8 IAAB 1$ swift, with ￿￿ditatIOn usu&lly finalised within three weeks of the 51te visr(. and areas of exFertise, as well as local and regional environment and legislative set-up. This includes programmes ihat are delivered wholly online. or in a blended lormai. Conwh•tlvo••1oMmwt The AMBA approach to accreditation is holistic and ftseused on both quality enhancernent and quality irnprovernent. AMBA ensures th8t busine55 schty)ls receive consultative and developm8ntal advice during the 8ccreditation process and, in so doing, strives to enhance postgraduate rnan8g8m8nt education. Portlolla Appr(*aeh Th& AMBA accreditstion criteria require that the entire portfolio of MBA programmes offered by a business school be subject io assessment. Business s¢hools only ￿Ceive ac¢reditation if all the MBA programmes they deliver meet the AMBA asses$ment criteria. This provides clarity for the MBA consurner in keeping with AMBA'S history as a membership organisation. Slreamllnad xcr•dltat5on proco88 The st8PS taken to secure AMBA accreditation ar8 straightforward. transparent and cost.8ffici8nt. Business schools new to the process can secure 8ccreditation promptly, providing they meet the AMBA 88S8ssment criteri8, and they are not required to attend 8v8nt8 or pay unn8c8ssary addition81 fee8. Flexlble¢rlterla The AMBA a¢¢reditation ¢rr(eria do not seek io bring uniformity to posrgraduaie managemenr education or stifle bu5ine55 school innovation. Instead. the criteria allow AMBA to accredit a range ol business chool¥, each with their own difFering Pr￿￿tieS usiness 8¢hools awarded AMBA accreditation in the financial year 2024125 College of Management, Mahidol University > Bangkok > Th8i18nd ESCA É¢ole de Management > Ca$ablan¢a > Moro¢¢o Escola Brasileira de Administra￿0 Publica e de Empres88. Funda¢80 Cetulio Vargas IFGV EBAPEI > Rio de Janeiro Faculty of Economics, Llniver51ty of Coimbra > Coirnbra > Portugal Jonkoping International Busin888 School > Jonkciping > Sweden KFUPM Business School. King Fahd Univer51ty ot Petroleum and Minerals IKFUPMI > Dhahran > Saudi Arabia School ol Business. Jiangnan University > Wuxi ) China School ol Business and Economics, Univ8rsf(i Putr8 Malaysia > S8rdang > Malaysia ZHAW School ol Management and Law. Zurich University of Applied Sciences IZHAW) > Winterthur > Swirzerland BGA schools activity overview he fin8nci81 year of 2024125 started off $trong with two ¢apa¢ity-building wtsrk$hops, whi¢h ¢ompri$ed ihe very first workshop in the Middle East. held in Abu Dhabi, plus workshop in Barcelona for our Spanish institutions. These workshops, which focused on building international partnerships nd aligning with su8tain8bility principle respeciively, were highly attended by both members and non-members. Workshops in the UK, China, and Latin America Ivirtuall followed, all aimed at Supporting business schools with ¢apa¢ity building. Following iwo years of $u¢¢essful road$how$ in India, BGA hts$ted three workshtsp$ in the Gitie5 of Delhi. 8engaluru and Goa in March 2025. inviting both member and non-mernber institutions to di5CUSS the use ol Al in classrooms and redesigning rnanagement prograrnmes to bè rnor8 8XP8riential. BGA also ran its very first workshop in Uzbekistan. airned at supporting the developing higher education market with quality assurance processe8 and impa¢t measurement. As a whole, these work$hop$ have enabled BGA io re¢ruit a staggering SO new business $¢hool$ a¢ro$$ the world in just one ye8r, bringing the total to 330. These SO in$titution$ include Abu Dhabi Universiiy IUAEI. Strathmore University IKenyal and the University tsf San Diego IUSI. We're thrilled to see a tremendou$lv dlverse group ol quality Sn5tltution$ join BGA and look forward to seeing many accredited over the next few years. BGA also continued its transition to the new membership platform, allowing members to access presentations, guideline8, photos and more from the workshops host8d during the year. We have prioritised the ability for members to connect and network with each other virtually following our workshops in order to provide a smooth experience from in-person event5 to P05t-event networking. In conclusion. 8GA ha5 had a tremendou5 year ol developrnent and growth- we look lorward to continuing the succe55ful trajectory in the financial ye8r 2025126. BGA'S capacity-building workshops have enabled it to recruit 50 new schools AMBA&BQAANNUAL REPORT 2024125 Capacity-building workshops 2024125 BGA schools accred ited in 2024125 Beijing Technology 8Nd Business Univer51ty. China l October2024- Abu D￿bI Maintaining and developing effective business school partnerships College ol Management, Ocean University of China p October2024: Barcelona Sustainabiliiy and responsible management.. essential pra¢ti¢e$ for business school students Graduate SC￿)01 of Business Leadership University of South Africa Indian Institute of Management Jammu, India l N¢)vernber 2024.. L¢ed5 How UK bu$ine$$ s¢hool$ are leveraging Al technologies in tea¢hing and administration International Schod of 8usine$g, Beijing Foreign Studies University. China • DeGernber2024.. L•tAm {virtuol) Advancing Latin American business school impact on society Olave School of 8u$ine$$ Universidad Privada Bolivian8, Boliwa School of Business Administration- Jiangxi Univer51ty ol Finance and Economics, China i February2025: Delhi Creating an ESG-fo¢used learning environment School of E¢onornic$ and Mana9emenL Changan Universiry, Xian, China i March 202&. Bengaluru Curriculum design for thè futurè School of Economics and ManagemenL Dongguan Univar5ity ol Tgchnolo9y. China i March 2025.. Goa Elevating Indian academia through èffective mea5ur¢monts School of LogistlC5 and E-Comm8rce. Zhejiang Wanli Universiiy, Ningbo, China r March 2025: London Strategies for lasting student and alumni engagement School of Management, Guangdong Ocean University, Zhanjiang, China School of Manag8m8nt ol Shanghèi University, China • Aprll 2025: Tashkent Unlocking the potential of management education in Centr81 Asia Schc¢)l of Management, Zhqiang Univer of Finance and Economics. Chlna l Aptll 2025: L•tAm Ivlrtu•ll Quantifying and measuring your business school's impact The Silesian Universityof Technology i Poland under¥%ent a successful re-valtd8tio 11 AMBA& BGA student & graduate membership overview MBA & BGA ofters $tudentS and accredited business schools a suite r)f servi¢es designed to suppori ¢areer advancement, skills development and networking. Since the introduction ol the new membership platform in Septetnber 2024. students and graduates have for the very first time been Bble to enjoy inter8Ctions with each other through online forums, virtual events and mentorship. The latter allows students to receive dlrect mentorship support from successful gradLJates of both AMBA and BGA-ac¢redited institutions. This ha$ been parti¢ularly ¢onvenienr for members who are looking for a career change, or who 8re moving to a new country and arè seeking to expand their network. Thls year also saw ihe Introductlon of business $¢hool alumni urtsup$ on the metnbership platform. allowing sGhoo15 to manage aspects of their alumni directly on the platform. This ha5 enabled student members to both receive exclusive services from their schools and also enjoy networking with students from other institutions, all on the same pl8tform. The membership platform also connects Students to previous benefits, in¢luding the Career Development Centre ICDCI, a hub where members Can improve their ¢urrent 10 AMBA&BQAANNUAL REPORT 2024125 Thè network is divided into 3,390 students currently gnrolled on an AMBA-accredited MBA, MBM or DBA programrne, plu5 61,928 graduates. AMBA student and graduate membership is 8 free service provided to 811 students 8nd gr8du8tes who ar8 Studying. or who have pr8viously completed. an AMBA-accredited MBA programme. In the financial year 2024R5. the BGA student and graduate network grew to 8.9n rllembers- showing steady growth year on year of 790 new members. As of September 30th 2025, sorne 2,518 were students studwng on a undergraduate or postgraduat8 business programme, while 6,453 were graduates. BGA student and graduat8 membership is a free service provided to all siudents and graduate8 who are currently studying at è BGA member business school. CV, conduct practice interviews, identify skill gaps, search jobs, lake short courses for professional development and much more be$ide$. In 8ddilion, a series of tailored webinars is offered to mernber5 giving bu51ness leaders and a¢a4Jemi¢s the tspportunity to share their r8cornm8ndation5. thought5 and advice on how to progress in one's career. The58 W8binar5 are availab18 to student and graduate members ol both AMBA and BGA,. more than 20 such online serninars were org8nis8d during thi8 fin8n¢i81 year. During the financial year 2024125. Ihe AMBA student and graduate network grew by 745 members to reach a toial of 65,318 members. Following lasi years effort of ¢leaning out legacy members and duplicate data. the team ensured the mernber list 15 lully accurate and compliant with GDPR rules. A series of tailored webinars gives business leaders and academics the opportunity to share advice on how to progress in one's career 11 l¥ EVENTS: AWARDS AMBA & BGA Excellence Awards 2025 & Gala Dinner he AMBA & BGA Excellence Awards & Gal8 Dinner 2025 took place on 24 January at the Royal Garden Hotel in Kensington, Londtrn and attracted 210 delegates Irom 18 different countrie5. Representing students. graduates and business school leaders frorn members of the AMBA and 8GA ne￿orkS around the world, Ès well 8$ members of the media, thosè in attendance enjoyèd an evÈnin9 of networking and fine dining as thè inners of the AMBA & BGA Excellence Award5 2025 in 12 diflerent categories were revealed. a5 detailed below. > The Winners CSR and SustalnabSllty Inltlailvo. In assoclatlon wlth Ce•lm Buslness SlmulAtlon¥ WSnn•r: Zhongnan University ol Economi¢$ and Law, China for Compassionate Futures NeKu$ ICFNI- a strategic decision to unire five exisring CSR projects at school to amplify their impact and demonstrate a ¢onilnued ¢ommiiment to working toward$ achieving the United Nations Sustainable Development Goal5. 8881 LSfolong Laarnlng Inlilatlv• nnw: Kent Business School. University ol Kent, UK for Alumni Summer School- an initl8tive that strengthens community connections while harnessing the joy ol learning and developing parti¢iP8nt$' $kill$. Bwi Dlgli•l Tr•n$form•tlon Aw•rd. in as$￿1?11￿n with k¢redinator- Business School Accreditation Software Wlnnw: Warwick Business Schod. University ol Warwick. UK for SmartStsge- an immersive and interactwe environment that enables dynamic content delivery in online MBA and master's-level courses, freeing up time for deeper learning and better discussion&. Best Culture. Diversity and Incluslon Inltl•tlve wtnnar: Fortune Institute of International Business IFIIBI. India for Women in Leadership- a roster of progressive initiatives and policies to chaMp￿n women in leadership and foster an inclusive environment. ￿$￿Iling in strong female representation across the $¢hool. Bèst Innovatlon Str*t•gy Award, in •$$oci•tion with QED Wlnntrr: Berlin S¢htsol ol Busines$ and Innovation IBS811, Germany for Btstsbi- 12 PAMBA&BOAANNUAL REPORT 2024125 BGA AWARDS an Al-powered robot used to enhance learning with present8tion8 and demonstrations in support of the school's aim to deliver interactive and transformative experiences for students. BGA Student of the Year Wlnnw. Jan Jasinski, Ad8m Smith Busin888 School, Univer8ity ol Glasgow, UK- motivated, values-driven student whose business school experience encompassed menroring 40 Ljndergraduates, co-authoring an academi¢ paper and winning a su$iainabiliiy Competition, alongside 8¢ademic excellence on his programme of study. B¢st Bu¥inoM S¢hool Partnership Award inn•r: University of Edinburgh Business S¢h¢)ol, UK wrch Natwest Group- for a Igarning and dev81opment collaboration on the Subject of climate change that reached 99.9 p8r cent ol Natwest Gioup starf. helping to create a positive change culture that delivers on the UK bank's ambitions. Po8t9rnduate Loadershlp Award Wlnnev. Maryangel Garcia-Rgmos Guadiana, Egade Business School. Tecnologico de Monierrey, Mexico- the founder ol an NGO that has charnpioned reform to secure equ81 protection lor women with di8abilitie8. She has since been appointed executive director at Women Enabled International. BGA Busin•ss Sehaol Impact AwArd Winn•r:Centrum PUCP, Pontificia Universidad Catcilica del Peru for Cre¢em¢ Juntos con Cet)rrum (We Grow Together with Centruml- a iraining programme tailored to small busine$s owners In the food industry that has had a strong impact on ltscal Gommunitie5. luelling 5UStainable growth. Start-up of Yoar Award Wlnntr. Karl Baz, University of Bradford School of Management, UK for Deep Blue- an Al system that prtsvideg real-time monitoring arKI rapid response Gapabilities to avert potential drowning incidents. AMBA Student of the Year. In ssoclatlon wlth GMAC Wlnnw:Wael Abdin, C8rdiff B￿SInesS School, Cardiff University, Wal&s- 8n executive MBA student and blind individual who inspired improvement in course delivery and greatly enr￿hed ¢la$$ discussion$ wr(h his unique per$pe¢tive and unwavering determination and re$ilien¢e. Entrepreneurofthe Ye•r Award. In assocl8tlon wlth Bluasky Educatlon Wlnnet: Marco Farina, Polimi Graduateschool of Management, Italy for Logol - the developer of Elle, legal tech sofiware that has successfully navigated regulatory obstacles and s¢ept￿lSrn to apply ¢loud and Al-based $oluiion$ io the legal industry. 13 EVENTS= CONFERENCES Asia Pacific Deans & Directors Confer•ne• 24.27 NOVEMBER 2024, KUALA LUMPUR, MALAYSIA Held in ihe Malaysian ¢apiral, Ihi$ ¢onference aiira¢ted around 140 delegate$ from 16 nations across the region. Speaker$ in¢luded Bhaskar Chakrabarti. academi¢ dean at the Indian Institute of Management in Calcutta, who talked delegates thiough the critical juncture at which the country's business education landscape finds itself. Meanwhile. Yvonne Lim Ai Lian, associ8te deputy vice-chancellor 8t Universiti M818y8, noted that the country expects to expand enrolment to reach Some 250.000 intern8tion81 $tudeni$ by the Ènd of 2025. Delegaies were treated to networking dinner$ at two delighrfully contrasting venues.. the Malaysian Petroleurr Club. perched atop the IGoniG Petrona5 Tower5. boasting panorarniG view5 01 the city skyline. and Old Malaya. a charming heritage venue created from t85tefully converted colonial homes, which blends the OSS8nce of a bygone lirne with modern comfort. Berlin, attended by 8 record-breaking 451 delegares from more than 60 countries around the world. Arrendees p8rticipated in sessions on Enriching Experiential Learning wirh Generative Al, Shifting Dynami¢$ in Student K4obility and The Future of Business School Branding & Marketing. Panel ses$ion$ included Owning Disruption and Unlocking Deep Tech. In the evenings. attendees had the opportunity to enjoy two amazing venue5.. first up wa5 The Oran9erie at Charlottenburg. set in the grounds ol the city's185t remaining palace. This was followed by a night at Axica, situated by the18mous Brandenburg Gate and featuring a stunning Frank Gehry-designed lounge. Latln Arnerlca Deans & Dlrectors Conference 24-26 AUGUST 2025. VINA DEL MAR, CHILE Some 86 delegates joined the proceedings in Chile. hailing from 17 different countrie5 8or055 L8tin AmericB. H05t schools included Pontificia Universidad Catolica, UAI Business School, th8 Universid8d del Desarrollo and FEN Uchile. Topics covered included Reimagining Curricula in the Age of Al, Bridging the SkTIIs Gap with Digital Credentials and Redesigning Ihe MBA for a Changing World. The Castillo del Mar played host to the group on the first evening, situated close to Olobal Deans & Directors Conferenc• 18-21 MAY 2025. BERLIN, GERMANY The latest iteration of AM8A & 8GA'$ global ¢onleren¢e took place at the Intercontirnental 14 PAMBA&BOAANNUAL REPORT 2024125 i• the ¢onferen¢e hotel. the Sheraton Miramar. A well.known landmark in Viha del Mar, thi$ imposing 19th-century castle 15 r8nowned lor its spectacu13r ocean view5 and fine cuisinè, providing an 8nchanting backdrop for mernorable evening. development manager at Rotterdam School of Management. A networking dinner wa5 held at th¢ Tramwajowa restaurant, part of a histori¢ tram depot ¢omplex. A¢cr￿ltatIOn Confernnea 22-23 SEPTEM8ER 2025. KRAKOW. POLAND Previously held sequentially, this ye8r for the first time the Accr8ditation Conference ran CO￿urrentlY with the Programme Excellence Ctsnference. Aimed at business school accreditaiion professionals seeking AMBA andlor BGA a¢¢red*ation or re-a¢¢rediiaikin. the event succeeded in attracting almost 100 delegates frorn just under 30 Gountrie5. Keynotes Govered the accreditstion process. sile visit expectstion5, insights from asse590rs. beyt practices from triple crown schools, common challenges and strategie8 to maximise accreditation through marketing. Delegates also received updates on AMBA'S revised MBA criieiia and explored BGA'S Continuous Impa¢t Model ICIMI for responsible management edu¢ation and coniinuous improvement. Programm• EX￿lIanC6 Confernne• 22-23 SEPTEMBER 2025. KRAKOW, POLAND New for 2025, the Programme Excellence Conference offered a siep-by-step guide to creating future-ready, high-rmpact learnln experienees in hiuher and management education. AttraGting more than 80 delegate5 from around 20 different countries. se55iOnS included Rediscovering Your School's Core Identity, Attracting the Ideal Student and Tapping into External Trends & Successful Models from Leading Institutions. Among rhe speakers were Cristina Sambrook, head of recruitment and student mobility at Birmingham Business S¢hool, Milenko Andrié. deputy CEO & partner at Mokrogorska Bu$ine$$ School and Monika Ladosz, ¢areer 15 Research activity informing delegaies about the latest insights and developments from our ongoing studies. D(Jring these events, the team makes use of inter8¢tive polling $ofiw8re to engage the audience in real time. gathering thoir views and experiences to see how they ¢ompare with those ol the wider AMBA & BGA ¢ommunity. Thi5 year, the re￿r¢h has also been used more strategically to $upport schools in benchmarking thernselves within their respective region5. For each regional event. the lindiws Irorn the applications and enrolrnents report are broken down at a regional level, allowing del8gat88 to exdore how different countries within the same area compare and contrast with one another. This approach highlights common ¢hallenges and shared opportuniries, provKling valuable talking Fxjints for deeper d￿u$$￿)n throughtsut the ¢onleren¢es. In addition, AMBA & BGA staff undertakitvJ school w51t5 are increasingly equipO with tailored dats from the 8pplication5 and enrolrnents report. This enab18S thgrn to provide more tsrgeted insights and help each school better understand it5 individual market position wiihin both the regional and global cont8Xt. A SthyXQ4 AMBAappll¢atlon&•nrolmmrnport2ty24 AMBA & BGA rele8sed its highly aniicipated 8pplication and enrolment reporr 2024. olFering ex¢lusive insight$ inro the trends shaping the global MBA markel. Despite ongoing challenges in the higher education sector. the ￿port highlights a rise In both MBA applicalSons and enrolments per business school between 2022 and 2023. ￿InforCIng the enduring demand lor high-quality management education. Based on data from 268 AMBA-accredited business schools, it provides the most comprehensiv8 year-on-year analysis to date. Globally, the average number of MBA applications per business school rose by three per cent, with the strongest grovAh seen in Afri¢a, Europe and India. Enrolments also increased by five per cent. reflecting sustained interest and confidence in MBA programmes. The part-tiwe MBA remained the tnosl popular study ltsrmat, representing 62 per ¢&nt of 811 MBA & BGA'S Resear¢h and Insight Centre deliv8rs and communicate5 world-leading analysis and cornrnentary lor the busine55 education community. The cenire creat88 original research to seNe the rnanagement education arena, producing information that informs business school profession81s. stwlents, graduates and the wider business sector. Below 1$ an outline of those re$ear¢h report$ published In financial year 2024125. aongside some key findings from each publl¢ation. As well as ils publi$hed research, the centre runs regular NPS surveys and produGe5 unique segmented reports to inform decision-making in the organi5ation. The research is a150 5howca5ed at AMBA & BGA conference5, where it plays a key role in The research has been used strategically tosupport schools in benchmarking themselves within their respective regions 16 AMBA&BQAANNUAL REPORT 2024125 These findings underline the resilience of AMBA-accredited schools and thecontinued global relevance of the MBA qualification progr8mmo$. while mcKlular MBAS accountod lor 16 per cent, underlining the importarnca of fl8xiL4e study option5 lor professionals b81ancing work and study commitments. Div8rsity trends pres8nted a mixed p￿ure. The proportion ol women enrolliThJ in MBA program￿*sdIpp8d sligh￿v to 40 per cenL while international enrolments 8aw a small d￿line despite a rise in intemational applications. Togetker, Ihese hndings underline the regilence ofAMBA-&¢redit￿l s¢hods and the ¢ontinued obal relevanceof rhe MBA qualificat￿Th. (75 por Cefitl rèkx)rted improved produ¢tivity. with 91 pei cent oxpressing 58t15f8Ction with their experiences. However. concern5 per51St.. respondents cited issues such as academic integrity. d8t8 privacy, bi85 and traThsparency as significant ethic81 challenges. While 67 per c8nt of schoo18 permit stud8nts to use ChatGPT. opinions remain divided on whether r(s use should be disclosed in assignments. Encouragingly, 53 per cent of leaders believe ChatGPT enhances the quality of $iudents' work. Lwking ahead, 60 per ¢ent expe¢t Al tts drive majtsr changes In curriculum design and a55e55ment within live years. Yet only 24 per cent of schools have formal Al policie5 in place- highlighting an urgent need lor clear guidance and structured implementation. Al Sumy2024-th•rlMotl•rg• l•TrJu•g•mod•h In•￿C•ll￿n AMBA & BGA released its Al Survey2024- the rise of larg8 langu8ge models in education, capturing insightsfrom over 140 senior leaders at global bu8iness schools on the adoption, use and erhical implications of Al tools such as ChatGPT. The findings reveal widespre8d iniegration of Al across both personal and profe$sional ¢onrexr$. alongside growing awareness of the need for responsible and ethical use. The survey found thai n per ¢ent of business $¢hool leaders us* ChatGPT personally, while 78 per ¢ent use it professionally for activities sueh a5 idea generation. cla$5room Support. translation and copywriting. A strong majority AMBA•ppllcathn&enrolmentr•pori2¢Y The next application & enrolment report will fo¢u$ tsn those AMBA bu$ine$$ s¢hool$ ihat submitted their data in 2024. The ieport will examine the average appli¢aiion and enrdtnent in different regions. the tnethod5 ol delivery and demographic variations. The study will 8150 provide a dir8Ct compari50n beiween ihose who submitted their MBA pplication and enrolment data in 2023 against that 8ubmitted in 2024. Llf•long l••rnlry Y•p•rt This survey will fir$dy identify the key modules and courses that students and graduates believe to be the most important for their Current or future ¢areer$. Secondly, li wlll look at their relationships with lifelong learning and their willingnes5 to engage with busine55 schoo15 to achieve learning goals alter their origin81 course. This survey will give a regional breakdown of the challenges impacting business schools. From a list of the rop 10 global challenge$ fa¢ing s¢hools today, leaders will then be surveyed on whi¢h are the mo$t pressing for their institutions and will be asked to deline these challenges. 17 Ambiti EDITORIAL OVERVIEW Ambition MBA & BGA'S editorial team creates thought le8der8hip content on th8 big issues affe¢ting the gbbal m8n8gement education sector. Flagship title Ambiri¢)n offers dedicared ¢overage of the assooiation's 311 AMBA-ac¢redited schools. During the financial year 2024125. Arnbition featured expert cotnmentary from. and Interviews with, noted business school leaders across the globe. The publication also provided insights into origin81 research from AMBA & BGA. as well a8 highlights of the organisation's conferences and events. New thi$ year was In Focu$, series ol video profiles created by media compony BlaGkRook and featuring a number of key ' Sustsina ythc corc 'l' Ambition offers dedicated coverage of the association's 311 AMBA-accredited schools Internatitsnal business sehotsls, $howSng how they're shaping the future of business education and leadership. As of January, the magazine also entered a bimonthly format to ena￿e Business Impect to grow from four to six issues a year. Here* a look back at some memorable features from the past 12 month$. ethical organisational cultures and curb a lack of public trust No%w￿2024. Athlotlc adv•nta9oA study by EDHEC'S NewGen Talent Centre spotlighted the surprising link betw&en the $port$ that student$ pra¢tise and the professional roles they aspire to take on. Highlights In¢luded the findlnu ihat indlvidual sports, espeeially thtsse that are timed tsr 5Gored. are more likely to shape a womans personality. while men are more often influenced by one-on-one or team yport5. Ocb)bqr2024: T•¢kllng ih• •X•Gulibw oxi¥l•nti•lcri•i• Lancaster University Management School's Neil Ralph advocated lor the int8gr8tion ol existentialism into MBA programmes. He 8xpound8d on how studying Jean-Paul Sartre and other philosophers could help lomorrow's leaders develop the Se￿-aw8rene8S and authentieAty needod to fostsr South Africa success story of I￿81n•#•AaIIo University's Parrick Furu wrote about how he has been at the forefront of integrating live jazz performances into exe¢utive edu¢ation se$$ions. 18 AMBA&BQAANNUAL REPORT 2024125 He ¢laims thai ihis unique pedaoogical approa¢h offers business professionals a real-time, eKperiential understanding of tradition81 managernent concepts thèt thèy tstharwisè might find unnecessarily abstract. Tackling executive 1g•w 12025: Voyag•otDIKovwy Manchester Metropolitan University Business School MBA director Anastssia Kynighou talked readers through the design and development of a brand new programme in what wa$ an arduous yei rewarding journey. EXISTENTIALCR151S l•*u•2202& D•y•MI ih•botto lin•Sa5in School of Management's Vasu Srivibha elaborated on how traditional metrics such as research paper8 and rankings no longer &uffice in management education, noting that todays bLJsiness schools must aspire to be judged by their real impact on so¢iety. Polirni's Antonella Moretto. as she explained how the pr8Ctice provides opportunities lor vitsl personal and professional growth beyond the mere course content. senior role5. Programme director Gregory Richards revealed how the18t8St rasults challenged long-held assumptions about what skills are truly valued in the modern workplace. ¢wn¢knTo ensu￿ its ¢urri¢ulum remains relevant, Teller School of ManagemenY$ exe¢utive MBA programme ¢ondu¢ts annual surveys with business leaders to identify the m05t cruelal eotnpetencies for DIBh•l•uuxn Ambition publishes regular online ¢ontent for its audien¢e (>f bu$iness $¢hod pra¢titioners, as well as student and graduate members. ty)pular M8A Success Story series conlinued. profiling graduates of the business schools at the University of Sussex, Mannheim and Corvinus University. plu$ WU Execuiive Academy. Online content hub highlights from the past year included IÉSEG rewamping its grand@ écol8 programme and adding new ¢ross-dis¢iplinary degrees,. a study Irtsm Carringtoncrisp that showed an inGreased interest Ill 5peiialist M8A5. drwen by the rise ol Al and related technologie5," the cre8tion of a Geopolitics & Business Strat8gy Chair at EDHEC to co-directed by the school's head of management education,. and an illuminating inierview with a retired AMBA accreditation assessor. l••u• 32025i¢ll¢kto ¢onn• Networkin9 is ¢ru¢ial in any master's pro9ramme. including those offeod online. contended Click Toeonneet 19 BU51NE5S EDITORIAL OVERVIEW IMPrd¢ACT Business Impact n 2024f25, Business Imp&ct magazine underwent a series of change8 to better serve the audi8nc8 attached to BGAS growing number of member, validated and accrediied business $¢hools a¢ross rhe world. Most notable was the swit¢h from Quarterly tts bimonthly frequency at the turn of 2025. with this rise in the number ol issues accompanied by increasing opportunities to angage with BGA schools and generate momentum lor the magazine. Two new regulars were also launched.. Perspectives showc8se8 mernbers, views on topi¢$ aligned with BGA'$ vision of furthering the integration of po$itive impa¢t, responsible management and lifelon9 learning lrntts 9ltsbal management education. Dara points. meanwhile. offeis a deep (JL't )I'L'II dive into a key finding frotn AMBA & 8GA's latest original research into trend5 and challen9es iri the sector. However, the magazine's overriding goal remairis to provide a ¢ollaborative plarform for schools to sha￿ insights and learn from the experien¢es of other member$ of ihe global 8GA network, as the fdlowng examples illustrate. Lg•dlng Ihrouyh lom. l•w•1.202 Business Impact began the calendar year 012025 and its new bimonthly frequency with a special focus on wellbeing. In one of the issue's two cover fearure$, University C8n8d8 Wesi's R8fi'8 Faiz makes the case lor incorporating grief literacy into bu$ine$s edu¢arion. Faiz explain$ that leaders who fail to recognise grief a$ a fundamental aspect of the human condition rlsk undermlnlng the eohesiveness and effectiveness of their organi5ations. She then explores way5 in which student5 can be equipped to address such emotion5 in the workplace. jolnln9lov￿t•I*f•1mrl￿tyl• l••ug4 2024 Thi5 article Iocu5e5 on the mechanics and achievements ol the Sustainable Business Roundtable ISBRTI at ESMT Berlin, since its found8tion in 2011. Joanna R8deke and Keerthana Shekhar of the ESMT Institute for Sustainable Transformation detail how the $B￿ brings companies togeiher tWiGe a year to exGhange ideas. di5CU55 challenges and explore solutions to SU5tsin8bility issue5 in non-competitive enmronrnent. They 8180 underline how the roundtable emphasi5es the importance ol implementing the ideas generated ènd measuring their impact, as well as how its 8essions provide v8lu8ble le8rning opportuniti9$ for ESMT faculty. IMPt2r exactly that rea50n and Valérie Chavez outlines its aims and oducaiional offorings In this article. In IL Chavez highlights the need for tomorrow's leaders to und8rstand the risks surrounding the various impacts of climate change, whilealso emph8sising the value ol adopting interdisciplinary A,£JrL ener tuture 20 AMBA&BQAANNUAL REPORT 2024125 8pproaches when working towards innovative solutions to the world, rnost pressing problems. Pushin¥ progress FOR openforbmln￿8, IMuo2, 2025 Emlyon Business School18unched a new campus at the ¢entre ol Lyon at the $t8rt of the 2024125 a¢ademi¢ year. In this interview, (Jean Isabelle Huauli reveals the strategy behind its move frorn thè Suburbs and the sehool'5 plans to broker stronger connections with business and society. Huault also elaborates on how Ernlyon is 8dapting to èn evolving business world and changing m8rk8t in its programme offerings. while seekn'ng to diversify its student Ixjdy and attract more leading a¢ademi¢ talent. erntrepreneurship and innovation available at the school. for example, is designed to ensure -that language is not an obstacle to a¢quiring essential entrepreneurial skills,- Sobh advises. and experiences ol expert5 from BGA members across the globe, including the Institute of Business Management in Pakistan. Stdlenbosch Business School in Souih Africa, Hulr International 8u$ine$$ S¢hool in the US, Gisma University of Applied S¢ien¢es in Germany and King'$ 8u5iness School in the UK. By highlighting busines5 schools, activities and areas ol locus around sus18inability and climate change. a5 well as how they seek ro inform industry practice8. the 8rticle underlines why managèment education matters when it comes to addre$$ing these global concerns. Pu*hlnglor progr• l¥¥u• 3. 2025 Female leadership was the focu5 018usine5s ImpscV8 third issue of 2025. leading with two intelviews with wornen at the helm of their business schools. In one. Qatar Universiry College of Business and Economics dean Rana Sobh discusses the couniry's progre$$ on gender equality, her pa$$ion for pursuing meaningful ¢h8nge and how her s¢hool 1$ ¢ireumnavigatin9 ac¢ess barri&r$ to drive economic innovation In the MENA reglon. An Arable- language microcredential in P•r¥p•ctivwork.. Su•tain•bility Is•u•4. 202 Following on frorn in-depth exploration5 into th8 topics of positive impaci, lifelong learning nd diversity. equity and inclusion IDEII, the fourth iteration of the PerS￿tiveS series tsckled sustainability and climate change in thi$ cover feature. To offer valuable Insights into htsw these topics are approached in different parts ol the world. it draw5 on the views Dlgltal•u Business Impact Continued to publish regular Gontent online in 2024125 in the Insights Section of the AMBA & BGA website. Highlights Irorn the past year have included.. Sébastien Tran. d88n at Audencia Busine55 School, explaining how negotiating multiple Al tools can boost your a¢ademi¢ out¢omes.. IMD'S Alfredo De Ma$$i$ and the Free Univer$iry of Btszen-Bolzano's Emanuela Rondi on breaking gla55 ceilin95 and inje¢ting inclusivity into fomi busSnesses.. Allisn¢e M4rnchester 8u5iness School's Robert Phillips on the concept of "entrepreneurial alertn8ss" and HEC Lau5anne's Patrick Haack describing the link between f8ke news and corporate r8PUt8tion. Perspectii'es on 21 Commercial activity > Sponsored webinars 2024125 24 October 2024: MBA & 8GA worked with 38 sponsors, including eight partn8rs. during the fi'nancial year 2024125 on 8 variety ol activities such as in-person events, thought leadership opportunities 8nd marketing initiatives. Partners ineluded GMAC, Bluesky Education, Cesim Bu$ines$ Simulations. READY Education, BlackRook Media, A¢¢redinator (H2 Software}. QED and POK Proof ol Knowledge. In addiilon. the tearn agreed sponsorship dea15 Wlth the following cotnpanie5 and organisations.. Kortext, Perlego, Inspera, Explorance, Advent Group, Austral Group, Media Minds, Edunakho, Studyportals, Turnitin. Busines& Test Methods. Accredibl8. Cappfinity, Peregrine, Edumundo, CVIA. CompanyGame, Universiti Utar8 Malaysia, Abu Dhabi School of ManagemenL Universr(i Malaya Faculry How business schools boost student engagement through enhanced course evaluatlOnS 7 November 2024: How busiTiess schools are p￿paring for the future. H discussion o intgrn3tion3lis3tion and suslain8bility 12 November 2024: The state of credentialling.. Survey report ffindin￿ & insights 11 Deeember 2024.. AMBA & BGA ￿portIng Standards 2025- introduction and software support 11 S•pt•mb•r 2025: Artificial intelligentr in higher education.. hopeful, harrnlul OTlUSt hype? of Business and Economics, MasterCAS, Full Fabric. Uniquest. House ol Education, Altissia. Capsim, 8u5ines5 Science Institute, QinecL Wooclap, Mentimeter, uPlanner, Curriculum Advances, Berlin School of Business & Innovation, Waterstons, Cour8era, HEADway Advisory, Hardcastle & Associates and Careersorter. Meeting the moment Roundtabl89 Two spon$ored roundiables were ¢onver during the financial year 2024125. The first took place in association with PR Gompany Bluesky Education.. hdd in March 2025. it Saw representatives from leading intemational busin888 schools such as Manchester The Global Conference for Deans & Directors, held in Berlin in May. attracted six partners and nofewer than 23 sponsors AMBA&BQAANNUAL REPORT 2024125 U810USINESS5CHOOL Metropdiian University Business School. Emlyon Business School Michael Srnurfit Graduate 8usine$$ S¢hool and Corvinu$ University discuss how m8n8gement edu¢ation must prioriti$e the development of $oh $kills. The$e are ¢ru¢ial for navigating ¢tsmplex otganisational $tru¢tures and fosterin9 ¢ollabtsrative busin¢ss ernvirtsnmernt$. The se¢ond event was sponsored by Carwas. which offers an extensible ecosystetn that allows institutions to bu1￿ digital learning environments that meet their unique challenges. At this roundtable. held at the end of September, r8pre8ent8tives from schools including POLIMI Gradu8te School of Man8gemenL GBSB Global Business School. Instituto Universi(ario de Lisboa, E$ade and Universidad Carlo$111 de Madrid gathered to discuss the ways in which management education is changing to prepare exe¢utive$ for the future world of work. fewer than 23 sponsors, while at the Latin America conference in the chI￿an capital of Santiago, the headline sponsors were uPlanner and Imentor and partners in¢luded Ce$im, POK, Alti$$ia, Business test methods and Peregrine Global Services. Next up was the Programme Ex¢ellen¢e COnfe￿nce in Krakow, sponsored by Full Fabri¢. Commer¢ial partners also wpwrted several ¢apa¢ty-buildin9 workshops that look place in a number of international destinations. including Qatar and Romania. Edltorial ¢ovorago In terms ol sponsored editorial content in AMBA & BGAS two thought leadership titles. Ambitton for AMBA ￿h0O1$ and 8usine&s Impèct for BGA members. the aSS(￿latIon partnered with do¢umentary video content provider Bla¢kRook Medla on do¢useries Leading Furure, profiling rnember schools around the world. The first in the series to appear was the Brusse15-ba5ed UBI Bu5ines5 Schwl. followed by Switzerland'5 St Gallen. Two 8dvertorials ran in Arnbition during the last financial year.. the clients were student recruitment specialist Edun8kho and GMAC. a provider of products and setvices ro connect prospective students vmth graduate management education progr8mmes. E-textbook provider Kortext 81so partne￿d with the magaane on a serie$ of arti¢le$ about the ¢hallenge$ educators face when teaching the Gen Z ¢ohtsrt. Events Commercial activities during this period spanned AMBA & BGA'S APAC Conference, which took place in Kuala Lumpur in November 2024, where Cesim Busin8ss Simulat￿ns w88 th8 official evant Partner. The rvèxt event on the calendar was the Excellence Awards & Gala Dinner, held in London, where Cesim was again a partner, alongside Bluesky Education. GMAC, Accredinator and QED. The Global Conference lor Deans & Directors, held in Berlin in May. attracted six partners and no 23 Marketing overview he past year has been another dynamic and productive one for the AMBA & BGA mark8ting t88rn, rnarked by diverse range of campaigns supporting the association, ever-popular porttolio of 8v8nt8. products and services. The team's rnulti-ehannel strategy has centred on driving engagement through targeted email campaigns, impactlul so¢ial media a¢tivity, event promotion and strategi paid advert15ing across search and display platforms. based on a mu¢h improved user experien¢e, updated ¢ontent and access to Snformatlon in a more streamlined manner. We are now a little over a year down the line follo￿n9 launch and continue in our efforts to online reputation via specialist 888rch engl￿ optimisation ISEOI activity. as well as the use of careful analytics-driven activity to improve user journeys on key pages. The results speak for themselves wilh in¢redibly en¢ouraging engagement a¢ross key metrics: IMFIK'CT Tot*lvl•w4: 367a19 an increase 01770% Act1￿U50T￿. 83,968 up by 648% Segslon•..154.765 rise 01746% EventcounL. 941,158 up by 349% ma￿tIngTo￿lktt11U￿ehod We launched a brand new iniiiative for AMBA & BGA schools at the end of the fina￿181 year.. a Marketing Toolkit designed io help member s¢hool$ make the mo$r tsf their a¢¢reditation and membership through branding, marketing and campus presen¢e. It's a practical 9uide that outlines how to showcase accreditation log05 a$ werful quality 5igna15 and trust builders. thereby setting individual schools apart in a competitive market. The Toolkit provides guidelines, value ststements 8nd inspiration on where to showc888 logos. a branding checklist and best pra¢rice examples to inspire a s¢hool'$ own Campaign. We look forward to seeing the impact this ha5 over the Goming year. Emam comrn￿leI1loTr We continue to rely on email communication as the m08t eftective way to contact our network, wilh announcements for v8riou$ audien¢e$ including newsletters, eveni round-up$. thoughi leadership ¢onteM and mueh more. Amliiti,:: n Hlghllght• Our locus in the past year has remained on improvement ol the pr88ence and consistency ol both our br8nds. vi8 collateral and materials and also via our online presen¢e. Here 8re some key statistics that demonstraie the success of these pieces of work. BGA'S bu$lness $¢h(x)l emall campaigns have achieved their highe5t-ever results across all major email marketing KPIS with an average open rate of 38 per cent lup 13 per cent year on yearl and clickthrough rat8 of 12.6 per cent lup 88 per cent year on yearl. The 8GA Student and graduates email carnp8ign8 have also seen poSit￿e changes in metric$, with cli¢k-through rates improving by 77 per ¢ent. Dlglt•lch•nn•l We launched a brand new joint AMBA & BGA website in rnid-2024 to support our ambitions to grow the BGA brand and present consistent brand experience to all our stakeholders. The feedb8ck $0 far on this joint glob81 site ha$ been incredibly positive. Our top-perfoming ¢ategorie$ Inolude Ctrntent from AMBA. BGA. thought leadership Irorn our two publications. Afflbition and Busine55 Impact. 8vents and capacity-building workshops, demon8trating strong intere$t and engag8rnont a¢ro$s our ¢ore area8. 24 AMBA&BQAANNUAL REPORT 2024125 We￿8 also seen impressive results for BGA on Linkedln. with a 36 per cent increase in followers and a 44 per cent ri8e in KX)$t impressions. On X Ifomerly Twitter), our po$t eng8gement h8$ grown by 67 per Cent, Significantly enhan¢in9 8GA's brand awarene96 cross social media. Alongsido our work on BGA communications. we've also been very focused on irnproving the 8ffectiven855 01 our AMBA business school email campaigns 8nd the resLJlts are proving that the effort w88 wonh it. Open rates for AMBA txjsiness school newsletter campaigns have Seen a +43 per cent improvement, past year reflects th8locused resource on that medium as the rno&t effective channel ft)r both our brands. We are looking forward to Celebrating 25,000 Linkedln followers for AMBA in rhe very near fuiure. Over411. the $oci81 media strategy has consisted ol posting daily content from Ambitio magazine and Business Impact. together with maxirni5ing presence via on-brand relev8nt 8W8ren8ss days and events. In addition to this, target8d acknowledgments to accredited business school professionals ha& been posted throughout the year. Finally, we use all our channels to keep our various audienoes up to Speed on what'5 happening with our varied calendar ol conferences and 8V8nts throughout thg year. including both live updates and P05t-ev8nt cont8nt from the conferences thems81ves. indicating an excellent level of interest. In addition, Linkedln followers for AMBA in¢reased by a substantial 15.6 per Cent. showing strong prole55ional interest and network growth. GLOBAI CONFE*eN¢E SoElal m•dl•round.up The aforernentioned growth in audienc8 numbers 59en on both of our Linkedln accounis ITh the We look forward to celebrating 25.000 Linkedln followers for AMBA in the very near future AMBA BGA m•d1•wdl•n￿. •od•l m•dl• wdlw 24,937 16.9K 8,928 578 {+15.6%) (-2.3%) (+36.3%) (-2.5%) 7,500 187,511 358 VIEWS %) {+29%) 25 FGV EAESP ren*ws Intgrn•tSon•l accrÈdltatlons •nd malrttalns Its Trlple CT¢wn MBA.. ESG MIK*d UPB achieves world-class accreditation BGA: it is the only Bolivian university with this recognition lori¢: U.And•s' F•¢ulty ol Manggwn•Trt ccrodlt•d for tho fourth conagCUtlv¢ 111 iP.A4¥ , pinK-. Al 'lifeguard' earns prlze for Bradford studenl 11.Nl ts Sth Amtbn% All 21 IIMS Th GrtII¥o 26 AMBA&BQAANNUAL REPORT 2024125 JJ) Press & PR activityfk uring th8 fin8nci81 year 2024125, AMBA & BCA was mentioned some 8.62k times in the global press. The advertising value equivalent l$hould the a$$o¢iation have invested in bought media instead of se¢urin9 editorial covera961 amtsunted io approximately £82 million. The top country in term5 of press citations over the past 12 month8 W8S the United State8, followed by Indi8, main18nd China. the UK and Canada. The main ¢ontent of AMBA & BCAS preGS coverage is the ¢¢￿dIt0t1on. rea¢creditation and validation of bu$lness schools in the network. AS part of the Beyond AGcreditation offering. each school beneh'ts frorn a cornplirnentary pre55 release service. This includes 8 tailored pr8ss rele88e, which 15 added to the association's websites, shared on social rnedia channels and disseminated to the international press. AMBA & BGA often ¢o-ordinate$ on rhe launch ol a¢creditaritsn and A major media event for the organisation is the AMBA & BGA Excellence Awards, where each individual finalist and school is offered help to create a press kit rèac¢reditation announcemènts. with institutions iaroetin9 lo¢al media outle15 and AMBA & BGA leveragin9 Its global media list. Several schoo15 have received international media attentio from their accreditations in this way. For exarnp18, the news of IÉSEC School of Management receiving AMBA reaccreditation was mentioned in the following publications= Meilleurs Mastsrs IFran¢el and Studyrama Grandes E¢oles lal$o Fran¢el. ESCA Ecole de Managernent was a150 mentioned in Le Matin, Part89e Max. Journ81 Eco, EcoAGtu (all Morocco) and many More. Another major media event for the org8nisation is the annual AMBA & BGA Excellence Awards. The fin8li$t$ in ea¢h category at the awards are announced in pr855 re18ase. E8ch individual finalist and School 15 also offered help to creat8 th8ir own press kits. Award winners are announced at gala dinner hdd to celebrate the awards and member8 ol the press are invited to attend each year. AMBA & BGA produces tailored pre$$ release for each award winner, targÈting their home region, 8$ well as relevant global medla. This year. the winners were mentioned in the global pre55 in outlets such as Easy Shiksha. The Education Time5. Hello Kotpad. Business Matter5. Content Media Solution and EDU-News (all India). Other significani pres8 mentions secured by AMBA & BGA during 2024125 have included coverage relating to a¢credited business $¢hools that are going through key changes. 27 Report of the Board of Trustees of The Association of MBAS and Business Graduates Association The Board of Trustees of the Association of MBAS and Business Graduates Association IAMBA & BGAI submits ils annual report and group financial statements for the year ended 30 September 2025. CHARITABLEOBJECTIVE The As$0¢iation of MBAS and Business Graduates Association's objective is to advance business education at a postgraduate level. THE BOARD OFTRUSTEES AMBA & BGA is governed by a Board of Trustees I'Board'l, which comprises a Chair, Treasurer and tjp to twelve other board members. The day to day affairs ol AMBA & BGA are managed by the Chief Exe¢utive and the operational team. All members of the Board are elected by AMBA & BGA members. They serve initially for one year and are eligible for appointment for live further consecutive years. On appointment, Trustees are required to complete a declaration of interest8 and are given a Truste8 Handbook that includes the Memor8ndum and Articles of Association and poli¢ie$ 8nd procedure$ on issues 8u¢h as diversity. equal opportunities. levels and delegation of authority. and other guidance. There is also a formal induction process and Trusiees may undertake relevant training where appropriate. There are three formal Board committees Finance and Risk Committee. Iniernational Accreditation Advisory Board, and Human Resource5 and Nominatlons Comrnitte8 IHRNC). The Board has approved the Terms ol Refereneè for all Board Committee8. All Trustees are non-executive and work for AMBA & BGA in a voluntary ¢8pa¢ity. The Current Chair of the Board and all Trustees are listed on page 3. THE ORGANISATION The Association ol M8Ag and Business Graduates Association also known as AMBA & BGA. is a body incorporated under the Companie5 Act 2006 as company limited by guarantee and does not have share capital. The governing documents are th8 Memorandum and Article5 of Association a$ approved by the members. It 18 also registered 85 charity with the Charity Commission (registered number 3134121. AMBA & BGA has three wholly owned subsidiaries.. AMBA Commercial Limited, which handles non-primary purpose trading and rwo non-trading entities. 8GA Commercial Limited and The Association of Masters in Business Administration. 28 AMBA&BQAANNUAL REPORT 2024125 PRINCIPAL AcTIV￿y The Board is responsible lor the overall governance and strategic direction of AMBA & BGA. It rneets regularly during the year to consider, determine snd reviaw AMBA & BGAS strstègits and ptsliciès. and to receive reF)ort5 from the CEO and th8 opèrational taams. The strategy and activitl8s of AMBA & BGA are based on the charitable objective to advance postgraduate business education. This is done by delivering a world class 8c¢reditation service and ¢onne¢ting a global network of MBA students and 9raduates through member$hip. In shaping the activities for this financial year. the Board has considered 1he Charity Commission's guidance on public benefit. including the guidance on public benefit and fee charging. AMBA relies on income from busines5 school fees and charges made to our student and graduate member5. In Setting the level ol f8es, charges and concession3, th8 B08rd gives careful consideration to the a¢ce8sibility of AMBA & BGA for those experiencing financial hardship. ol programmes undertaken and the number ol members and business schools who benefit from our aotions. 2. The main charitable obleetive is to advancè businèss éducation At 8 P05tgraduat• lèvel 3. The people who benefit from AMBA & BGA$ service$ do 80 8ccording to criteria set out in the ¢harity's objectives. Wherever possible. the views and opinions ol mernber$ and business schools. as well as other relevant stskeholders are taken into a¢¢ount. This approach helps to ensure thai pro9rammes are targeted to the relevant audience and takes into account their assessment of their own needs. The Trustees are Lherefore Gonfident that AM8A & BGA rneets the public benefit requirements, and they confirm that they have taken into account the guidance contained in the Charity Cornmi5sions general guidance on PLJblic benefit where applicable. AMBA & BGA continues to ¢oniribute io the advancement ol postgraduate rnanagement education and offers a public benefit with its impartial advice and information. and its services that assist those wishing to study for an MBA. OBA or M8M. It assists in the advancement of postgraduate management educ8tion by setting standards for aecrediting MBA, DBA and MBM progratnmes, investing ill research and lobbylng governments where necessary to raise the proli18 of the value ol the MBA. AMBA & BGA offers benefit to its accredited busine8$ $¢hool$ and MBA 8tudent and alumni PUBLIC BENEFIT Under rhe Charities A¢i 2011. AMBA & BGA'S Trustees have a duty to include and report on the Charitys public benefit remit in the Trustees. Annual Report. They have a duty to demonstr8te that: There is clarity of purpose surrounding thè activities of AMBA & BGA and report such activity in the Annu81 Report and Financial Staternents. This report therefore describes in some detail the activities carried out within AMBA & BGAS Charitable objectives. the types 29 members by providing educ8tion81 activities and services designed to 8SS15t members in managing their c8r8ers. It organis85 conferences and forum& that initiate ideas and debate to assist in the advancement of postgraduate management edu¢ation. Its servioes include research. policy. newsletiers. magazines. online information. events and AMBA'S general contribution to the awareness of the se￿or. RESERVES POLICY The Board of Truste88 are of the opinion that reserves Should be at least at a lev81 to ensure the ch8rity can run efficiently and meet the needs of the beneficiaries 8nd sustain its development. It is AMBA'S stated long-term objective to retain sufficient accumulated reserves ro cover its running costs and other contingencies. The proposed use of AM8A & BGA'S designated funds are sat out mtsra clèarly in notè 12. It is thè Trustees. intention to utili58 these funds as part of our Strat￿le planning and thus enhanca our sèrvicè delivery to members and busin855 schools alike. FUNDRAISING REGULATION STATEMENT DISCLOSURE UNDER S162A The Association had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. The charity does not engage in fundraising activities and no donations are sought from the publi¢. We do not Use third partie$ to assist with fundraising and the charity received no complaints in the year regarding its fundraising practices. AMBA & BGA follows a policy to retain General funds to cover its overheads. Due to the Contractual nature ol lee income, the Trustees feel this policy is adequate. The value ol the General Fund at 30 September 2025 was £3,220,26912024.. £2,969.2231, which represented 10 months of fixed overhead expendirure. Free resetves at the year- end are £3,070,13412024.. £2,737,609). RESULTS FOR THE YEAR The results of the group for the year ended 30 September 2025 are Set out in the attached financial ststements. A surplus of £251.046 was added to the accumulated fund. FLJrther review of the groups activitie$ for the period 18 given in the Year in Review. The target range for General funds 1$ 6 months of fixed overhead expenditure of between £1.600k-£1.900k and therefore reserves are currently above this target. It is the Trustees, belief that these above target reserves should be held to maintsin Core activities during periods of less favourable financial or economic conditions in order to lullil our obligations to our members and schools. REVIEW OF THE FINANCIAL POSITION The financial siatements include the results of AMBA & BGA and its subsidiary, AMBA Commercial Ltd for the year ending 30 September 2025. T￿al income grew by 3% to £5.Om, with expenditure increasing by 4% to £4.7m. The nei surplus beftsre transfers and investments was £251,046 12024 surplus.. £270.5621. A part of the Reserves are treated as Designated Funds and Bre set aside for specific purposes in the near future (Deslgnated funds consist the Development Fund). In addition, cash and readily available funds are maintained at a level to at lea8t meet all predicted expenditure. FIXED ASSETS Det8il$ of changes in fixed assets are given in note 8 to the financial Statements. The reserves policy currently in place is reviewed annually by The Finance and Risk Committee. 30 AMBA&BQAANNUAL REPORT 2024125 AMBA & BGA is comrnitted to using its reserves in pursuit ol its ch8rit8ble objectives. It is also committed. to maintain a level ol available funds to enable it to.. al meet ongoing liabilitie$ bl ensure thai all service delivery commitrnents can be met and to protect the long-term future of the operation5 cl ensure the gvailability of sufficient short-term working capital commiimant$ to mèèt oblig8tions as they fall duè dl enable furthèr invastment in tha dévèltspmant of the organisation el to provide capacity to manage unexpected 103ses ol income or in¢rea8e in ¢ostS to ensure that services Can be m8intsined. exposed and put mitigation plans into place in order to minimiz8 POtentl81 risk. The FRC meets on a quarterly basis to analyse serious busin88S risks that could impact on the charity, to set out the measures that staff must take to m8nage those risks, and to assess progress in implementing the risk management measures. The FRC considers the likelihood end imp8Ci of each potential risk. This allows Trustees and the Executive to identify16vels of risk within the organisation and assists in the prioritisation. rnanagement. and mitigation of all known risk. THE RISK REVIEW COVERS THREE KEY AREAS.. External environmental factors- such as MBA rnarket demand, potential consolidation of Accreditation Organisations, and Government policy ¢han9es. Internal facrors- such as. going concern, revenue rnix, and balan¢in9 future growth with cash and resource limitations. Management and reporting infrastructures- covers disaster recovery plans, key staff retention and rranagement succession. and governance. AMBA & BGA resolves therefore to maintain a level ol reserves equal to six months. fixed overhead eypendiiure. Fixed overhead expenditure is delined as èll overhead and staff costs not specifically covered by restricted funds and costs not affected by revenue levels. Reserves are defined a5 unrestricted funds which are fre8ly available lor our g8ner81 purpo888 and do not include the Development Fund. or Proporty Fund. and excludes funds tied up in fixed assets. Truste85 are aware ol their re5F￿nsibIlIty to 8nsurè that the major risks to which the charity is exposed are identified and to estsblish systems to manage those risks. In order to fLJlfil these duties effectively, the Trustees have divided rhe risk review into the three key areas, as noted. PAY POLICY FOR KEY MANAGEMENT PERSONNEL The pay of key managernenr personnel is reviewed periodically by the HRNC Committee. The Committee will look at benchmarked salary information and set pay levels based on a mix ol market rate and afrordability. The Trustees review the Risk Management Policy bi annually and at interim intervals if there is perception thai a major risk is idenrili8d that requiras management attention. KEY RISKS AND UNCERTAINTIES Th8 Finance and Risk Committee of the Board (the FRC'I review and maintain the risk register in ¢onjun¢tion with AMBA & BGA¥ operational team. This process ensures that the Trustees have assessed the risks to which AMBA & BGA 18 AMBA & BGA rtgularly review the key perforrnancè indicators to ensure that the operational team has more $trategi¢ focus. Thi$ proces8 will assist the Tru8tee5 in the manogement of identified risk. 31 INVESTMENTS AMBA & BGA seeks io maximise the return on assers while not making invesrments rhat could pui AMBA & 8GA at significant risk. AMBA & BGA5 Investment Policy is to hold cash on deposit snd on readily realisable investments. duè to tho organisations requiremènt to rèleasè Cash frorn the 08signated Fund5 to meet forthcoming expenditurè. and grow the BGA student membership & schools membership,. offering more virtual networking and workshop opportunities to our membership networks. Continue to build senior relatitsnyhips with commèrcial partners. levèraging our unique schoo15 and members n8twork5. FINANCIALOUTLOOK AMBA & BGA will continue to develop ways of promoting the benefits ol postgraduate bu8ine88 education. Inc￿991ng quality accreditation internationally and providing a r8nge of relevant services to its members. The current financial plan is considered rèalistic and prudent by the Trustees, in view of the continuing challenging economlc environment. In the budget for the ctsming year. we are forecasting a surplu5, this budget a150 include5 the investment needed to continue to grow our revenue5 in both the MBA & whole school accreditation markets. KEY ACHIEVEMENTS Number ol AMBA accredited busines8 8¢htx>Is increased to 311 schools globally, increasing our market share in Europe, India & APAC, and underlining our continued quest to raise educational standards globally. . The 8GA Membership Network has grown to 330 schools of which 208 are solus BGA schools. 66 of which have now achieved BGA accreditation. AMBA student & graduate rnember5hip grew to 65,318. increasing our global reach and offering student and graduate members a range of membership benefits such as o C8reer development platform. thought leader$hip articles, virtual & face to face networking opportunities. All benefits are offered free of Charge and help the member in their studies and chosen careers. GOINGCQNCERN The Board confirm5 that, after m8king appropriete enq(Jiries, it has a reasonable expectation that AMBA & BGA has adequate resources to ¢oniinue in operarional exisrence lor the foreseeable future and has assets to fulfil all c*bligations. For this reason. it continues to adopt the going ooncern basis in preparing these financial statements. FUTURE PLANS Our key Strategic objectives in 2026 are.. Continua to grow th8'wholè School, accreditation product- BGA. BGA seeks to improve all Exéc Ed qualifications offeréd by eligible schools and focLJses on sustainability and responsible management with a'leaders never stop le8rning' ethos. Greater engagement with our members STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS Cornpany law requires the Trustees to prepare fi'nancial statements for each financial year. Under that law the TrLJStees have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom AMBA&BQAANNUAL REPORT 2024125 Generally Accepted Accounting Practicel. The financial statements are required by law to give a true and fair view ol the state ol affairs of the group and AMBA & BGA. and of the surplus or deficit of the group for thai period. In preparing thos8 financial stBtèments. the frusteès Br& required to.. A's Trusiees as set out on page 3, confi'rm the following.. so lar as each Trusiee is aware. there is no relevant information needed by AMBA & BGA'5 auditors in eonnection with preparing their report of which AMBA & BGA'S suditors are un8wara è8ch of th8 Trustees h85 t8k8n all the step5 that thèy ought to have taken as Truste8s in order to make th8mselv8s aware ol any re18vant inlorrnation needed by AMBA & BGA'S auditors in connection with preparing their repc•rt and to establish that AMBA & BGA'S auditors are aware of that inforrnation. select suitable accounting policie5 and then apply them consistently rnake judgemenls and estirnates that are reasonable and prudent prep8re the financial ststements on the going concem basis unless it is inappropriate to presume that AMBA & BGA will continue in business. AUDITORS Moore Kingsion Smith LLP were re.appointed as auditors during the year. The Tru51ees are responsible lor keeFMng adequate accounting records that di5c105e with reasonable ¢Cura￿ at any time the financial position of AMBA & BGA and enable them to ensure that the financial Statements comply with th8 Cornpani8s Act 2006. They are also responsible for safeguarding the assets of AMBA & BGA and hence lor taking reasonable step$ lor the prevention and detection ol fraud and other irregularities. SMALL COMPANY PROVISIONS This report has been prepared in a￿OrdanCe with the special provi3ions lor Small companies under Part 15 ol the Companies Act 2006. By order ol the Board of Trustees. The Trusiees are responsible lor ensuring thai the report of the Board of Trustees and tsther information included in the Annual Report is prepared in accordance with applieable18w and United Kingdom G8nerally Accepted Accounting Practice. The Trustees are responsible for the maintenance and integrity of the corporate and financial information on AMBA & BGAS website. Louim hrlK Company Secretarv January 2026 DISCLOSURE OF IMFORMATION TO AUDITORS At the date of making this repcsrt, each of AMBA & 33 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncluding income and expenditure a¢¢ounil forihe yearended 30 September2025 Tot•1 Tffjol Fund Fund 2025 2025 2024 INCOME FROM: Ch•rh•bl•A￿lvl1l•I Membership activities and services MBA accreditation 31al 31b) 2.410.991 2.410.991 2.159.061 1,230.750 1.230,750 1,368,229 ¢XhgrTrAdlngActlvftl Conferences and forums 1.242.754 1,242,754 1,205,113 Investment ineomt 101.828 101,828 97,405 Totsl Incom• 4.986.323 4.986.323 4.829.808 EXPENDITURE ON: R•lBlng Fund• Conferences and lorums 738,237 736.237 665,099 Ch*h•bl• A¢il¥lil•• Membership activities and sèrvicès 318) 1.844.701 1,844.701 1.885,182 MBA aecrediiation 31b) 1.215.916 1,215,916 1,088.490 Other- MBA awareness 31c} 936.423 936.423 920,475 Totsl Charltablo Actlvhl 1997.040 1997.040 3.894.147 Totsl Expmdhw• 4735.277 4.735.277 4.559.246 Nol In¢orne1{Ex￿ndI￿r0) 251.046 251,046 270,562 T•x onoydth•ry•￿1WftI N•1 IncoM•l{Exp•ndlwY•)*ft•v 251.046 251,046 270,562 Tolal Funds BIFwd ai l O¢tob•r2024 1969,223 19.333 1988,556 2.717,994 Total Funds CIFwd ai 30 Sepi•mber 2025 3.220.269 19.333 3.239.602 2.988.556 All operations detailed above are continuing ar￿ there have been no r￿OgnIS￿l931￿S or k)5se5 Otherthan those included above. Tht notes on pages 41 to 53 form part of th** Finan¢ko1 siatements. 38 AAIBAABOAANNUAL REPORT 2024125 BALANCE SHEETS A5 at 30 September 2025 Charltv 25 2025 2024 Intangible Assets Tangible Fixed Assets 77.383 108.335 77.383 108.335 21h1&8 72.752 123.279 72.752 123,279 Invesrments 65 65 Totsl Flx•d A••et• 150300 231,679 Debiors 1.262.872 1,577.117 1.386.556 1,640.042 Short term investments Z220,000 1120,OQ) 2,220.000 2,120.000 Cash at bank and in hand 1.919,597 1.445,930 1.822.805 1,350,290 Total Curr•nl A•••t• 1x047 429Jel OA32 er•dltor••nd D•l•rr•d In¢¢MM Amounts falling due within one year 10 12.313.002) 12.386.105) 12.766.759) 12,774.3441 N•icurr•Tht AM•ts 408gA67 1756.942 wi802 I335.￿8 Total M•tA••• 32Ae02 Z•MS86 1811802 1667.687 12 General Fund 3,220.269 2.969.223 2.793,469 2.548.334 Designaied Funds 19,333 19,333 19,333 19,333 TotAI R*￿r￿$ Z9MS06 Z811802 Z067.667 No separate SOFA ha5 been presented forthe charity alofi& asperrnitted by &￿tIon 408 of the Cornpanies Act 2006. The charity's surplus for the year was £245.13512024.. r25&2431 Approved ènd authorised for issue by the Boèrd of Trustees on 23 January2026 and signed on their behalf by.. Wendy Lor8tt0 Chair 23 January 2026 39 CONSOLIDATED STATEMENT OF CASH FLOWS A5 at 30 September 2025 2024 CMhllowslromoper*tlng•cllvlfl•&' N•1 ￿•h provldad byl(¥••d In) oporatlngactlvltl 13 471A 1503mO) C••hfl*)w•lrom In¥•thIng•￿1¥0￿•• Purchase of investments {ioo.0001 101.828 12.120,0001 97,405 Dividends and interest received IPurchasel/Disposal ol properly. plant, equipment & software 349 1128,0811 N•1 ￿•h provld•d byl(u••d In} Imia•tlng act5vltl•• {2.IBO.876) Chong•lnu•h•nd¢•th •qulv•l•nts In 473M7 12.741746) C••h•nd¢••h •qul¥•l•nl••l l•1 oct¢￿ 2024 4.189.678 C••h•nd¢••h •qul¥•l•nts 30th S8Pt8rnber 2025 IA45.930 Analys18 of net cash As•t As•1 1 Octobw Ca6hfl¢>wB 30 soptembor Cash at bank and in hand 1.445.930 473.667 1.919.597 Total ¢ash I￿7&597 40 AAIBAABOAANNUAL REPORT 2024125 NOTES TO THE FINANCIAL STATEMENTS 1. Oryanl$•ilon The Association ol MBA8 and Business Graduates Association I'AMBA & 8GAI is incorporated under the Companies Act 2006 as a company limited by guarantee and not having a Share capital. Under th¢ terms tsl the guarantee AMBA'S members may be liable to pay a sum nor exceeding £1 each in ihe eveni ol winding up. There were 11 Individual members at 30 September 2025 and 311 AMBA-accredited business schools. Act 2006. During rhe year there were recharges ol £169.92012024.. £52.8531. between the Charity & its trading subsidiary related to recharoes and payments from commercial partners received by the Charity, with £489.446 owing to AMBA Commercial Ltd at year end. d) Mombernhlp wb8¢rlwlon8 Business School and Corporate Membership subscriptions are dealt with on a receivable basis the unexpired ponion remaining at the period- ènd. in both case5, 15 carried forward to the next accounting period. 2. A¢¢ountlng Poll¢l•• 81 Convèntlon The financi81 st8rements of the chariry are prepared in accordance with Accounling and Reporting by Charities.. Staiemeni ol Recommended Practice applicable to ch8rities preparing their a￿OUnt$ in aecordanee with ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. the Companie5 Act 2006 and (Charitie5 SORP IFRS 10211, the Financial Rewriing Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Aet 2011. They are drawn up on the historical accounting basis. The charity meets the definition ol a public benefit entity under FRS 102. The financial statement5 are prepared In sterling which is the lunciion81 Currency of the charity. Monerary anN)unis in these financial statements are rounded to the nearest wund. •) Gr•nt8 Income from government or other grants is recognised when the chaTlty has entitlement tts thè funds. any performanee conditions attached io the grani have been met, it is probable the income will be rèceived and the amount can be reliably measured. t) Expendlture Expenditure headings include an allocation ol siaff salaries and associated costs based upon an assessment of time spent. Similarly, a proportion ol establishment and facilities costs is also allocated based upon a forrnula ihai relle¢t$ the usage ol such sources by the various sectors tsf the organi5ation. Goveinance costs represent ihe allocation of staff time and associated costs spent In managin9 and administering AMBA. bl Going ¢on¢orn The Board confirms that, afrer making appropriate enquiries, it ha5 a reasonable expectation that AMBA & 8GA has adeouate resources io continue in operational existence lor the foreseeable future and hès assets to fulfil all obligations. For this rea50n. it coniinues io adopi ihe going ¢on¢ern basis in preparing these financial statements g) Intangible fix￿ as¥ets and aMorti￿tIon Intangible assets 8¢quired separately from a bLJsiness are recognised ar cost and are subsequently measured at C05t less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recogriised separately fTom goodwill at the acquisition date il the lair value can be measured reliably. Amorti5alion is recognised so as to write off the Cost or valuation of assets less their residual values over their uselul lives. Website costs are amortised over 4 years_ cl 8a8is of consolidation The group financial 5tatetnent5 consolidate the financial statements of AMBA Commercial Ltd. No Statement of Financial Activities is provided for AMBA as permitted by 5.408 of the Companies 41 h) Tangible fixed a$$81$ ond depreciation Each class ol tangible fixed asset Is included at cosi, less accumulated depreciarion. There is no minimum value below which fixed assets are not capitalised. Fixed asseis are depreciated over their estimated useful life on a straighi-line basis. Computer equipment is depreciated over 3 years 133/)% pal. Leasehold Improvements and fixtures & fittings are depreciated over the remaining life ol the premi58s18858. When the annual impairment review is undertaken and ihere is evidence ol impairment, fixed assets are then wriiten down to iheir recoverable amounis. Any such write. downs are charged to operating surplus. The estimares and underlying assumptions are reviewed on an on-going basis. Revisions to accounting esiimaies are recognised in the period in which the estimate is revised. il the revision 8Hects only that period. or in the period ol the revision and fuiure periods if the revision affects both current and future periods. In the opinion ol the Trustees. the estimates and ssumptions which have 8 significant risk of causing a material adjustment to the carrying arnount ol asset5 and liabilities are outlined below. Crlilcal Judgem•nt• U•eful e¢onomlc Ilv The annual depreciation chargt lor prtsparty, plant and equipment is sensitive io changes in the estimated useful economic lives and residual v81ue$ ol the assets. The useful economie lives and residual values are re-assessed 8nnually. They are amended when necessary to re118Ct current estirn8tes. based on technological advancement. future investments, economic uiilisarion and ihe physical condition of the asset5. See note 8 lor the carrying amount ol the property. plani and eouipment and note 2.h lor the useful economic lives for each class ol asset. 11 P&n81on eo•t8 The charity has a policy ol making contributions to a Group Personal Pension Plan for eligible employees, which are recognised in the Statement ol Financial Activities as incurred. 11 Employee ban8llts The costs ol short-term •mploy•è benèfits arè recognised as a liability and an expense. The cost ol any unused holiday entitlement is recognised In the period in which the employee's services are received. Re¢o¥erable value offeedebtors The company makes an estimate ol the recoverable value of trade and other debtors. When assessing irnpairment ol trade and other debtors, management eon5ider5 factOf5 including the current credit rating of rhe debror, the ageing profile of debtors and historical experience. See note 9 for the net carrying 8mount of the debtors and associated Impairment provision. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an ernployee or io provide termination benefiis. k} Key estimBtes and judgemonts In the applicaiion of the charitable company's accounting policies, the Trustees are required to make judgements. estimates and assumptions 8bout the carrying amount of assets and liabilities that are not readily apparent from other 50urce5. The esrimates and associated assumptions are based on historical experience and other factors that are considered to tie relevant. A¢iual results may differ from these estimaies. 11 Foraign currancy Assets and liabilities denominated in ltsieign currencv are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign curren¢ies are rranslated ar rhe ex¢hange rate ruling at the date of the transaction. All exchange gains and losses on settled iransaciions are reported as part of the surplus or delicii for the ye8r. 42 AAIBAABOAANNUAL REPORT 2024125 ml Lo8￿$ Rentals payable under operating leases are charged to the Sratement ol Financial Activilies on a siraight line basis over th8 terms of the leases. o) Memb8r$hipa¢tl¥lllo$and sorvi This incorne and expenditure relates to the membership aCiivi¢ies. evenrs and services designed to assist members Ilndividuals and schoolsl in the management tsf their careers andlor ccrediiarion path, keep up to date with profession81 developments and current rnanagement thinking and to benefit from being a part ol a lar9e membership organisaiion. This include5 tht Cost of activitie5 and events that s¢Jppoft our individual & schools membership including the publication, mailing 8ndlgr digital delivery of Ambition & Business Impact magazines, AMBA Connect neiworking events and Webinars, Capacity Building Workshops, and Research. n) Fund$ General funds are incoming resource$ received ov generated lor expenditure on the general objectives ol the Charity. Designared funds are ihose which ihe Trusiees have set aside lor particular future purF)oses. These funds form part ol the unrestricted funds and can be used at the discretion ol the trustees. ol Flnancl•l In•trumeni• The cornpany holds only basic financiel instrurnents as defined by FRS 102 and these are reeognised when the company becomes party to the contractual provisions ol the instrument. b) M8A accredltstlon This is the income and expenditure apperiainlng io ihe provision of AMBA'S quality accrediration sèrvice. Registration and pre-a55essment income is reeognised when the business school has agreed to underrake the service provided with the remainder ol the income recognised on the completion ol the assessmeni. Debtors and crediiors received or payable within one year ol the reporting date are recognised initially at théir Iransaciion price and subsequently at settlemeni value. Cash and cash equivalents include cash at bank and in hand and shori-term deposiis with a maiuriiy dale ol three months or less. Short terrn investments under current assets are cash derM)sits with a maturity date greater than three months and le&s rhan iwelve months. ¢) (Xh•r MBA aw•r•n• This income and expenditure relaies to the activities that raise awareness ol the MBA and ol AMBA and BGA'S wowk in its mission io advance postgraduate business education. It includes the webinars lor both prospective & current MBA student5 & alumni and the promotion of ihe value of management education in general. This is achieved through research. lobbying governrnent bodie5. engaging wilh ihe public and employers. plus ihe business ar￿ educational press. It also includes AMBA & BGA'S annual Excellence Awards. 3. Activity 01 the total Inc0rn8 88% relates to over58as income and the total is analysed a5 follows.. UK > 12% > £583.512 R8•t of Europe North & Souih Am•rl¢• > 1YA > 611,497 > 32% ) £1.593.412 R•st ol the World > 44% ) £2.197,902 £4.986.323 43 4. Expenditure Analy$i$ 2025 Total R*l•lnpfund• Conlerences 3nd lorurTk8 738.237 738,237 Membership acriviries & services M8A accreditation 1.336,434 302.780 205,487 1,844,701 374.324 636,105 205,487 1.215.916 Other- MBA awareness 591.200 183.352 161.871 936.423 47x277 2024 T￿•1 R•l•lryfvbxI• ConlereTices and lorury 665.099 665,099 Membership aciivities & serwces MBA accreditation 1.366.998 309.080 209.104 1.885.182 354.064 525.322 209,104 1,088.490 Other- MBA awarenèss 578.823 182.323 159.329 920.475 59246 All direci costs are attributed io the Felevant ¢05t centies on a percentage basis. apportioned based on revenue levels. S18fF cosis are aoportioned on the basis of lime spent by staff direcrly engaged in the relevant activities of a p8rticul8r cost ¢enire. AMBAABOAANNUAL REPORT 2024125 Tho breakdown of $uppon ¢ost$ is as foll￿. 2025 2024 Depreciation 81.130 58.586 op8ratlngl88￿￿. Equipment 72.120 103.350 Property 167.076 167.076 Irrecoverable VAT 176.990 146,640 Governance costs 75,529 101,885 Governonco ¢O•t• Includtr. 2024 Fees p8id to AMBAS auditor for audit le¢$ Audit- lees lor other services 23.100 27,865 1.479 4,986 Legal & Professional Costs Other Governance ¢o$ts 49,750 85,632 1.21)0 3,402 101M14 6. Flxed amet Inve•tment• Inv••im•nt•ln￿bl0dIary 65 65 45 AMBA Commercial Limited AMBA Commercial Limited is a wholly owned subsidiary of the Association of MBAS and Business Graduates Association and is incorporated in the United Kingdom. Company Number Regi5fered In England and Wales 01274955 Registered Office Top Floor. 3 Dorset Rise London EC4Y 8EN Siaiomont ofComprehen8lw IncomefortheyoarwKled 30 Sepiomber2025 Yw•nd•d Y•at•nd•d 308•pt•mb8r 2024 Turnover 1,242.754 1,205,113 Cost ol sales 1738.2371 1665.0991 Gross profil 504.517 540,014 Administration expenses 1234.2191 1275.6261 Operating prolivllossl 270,298 264,388 Tax on profit not distribuled ProfWILoMllorth•yw4r 284.388 The net assets at the balance sheer dale were £426.86412024.. nei assets of £4209541. 46 AMBAABOAANNUAL REPORT 2024125 6. Employees and trustees The average number of staff employed during the year was 3012024.. 301. Yaar•ndad Yaarandad 30September 2024 W8ge8 8nd salaries 1.916A33 1,940,924 Social Security costs 244,941 236.317 Pension costs 91.556 92,758 Medical scheme 49.028 29,886 Totsl st•ff •molurn•nt¥ Z301.958 I299￿85 The number ol employee$ paid over £60.000 during the year w8$.. 2025 2024 £60,COJ . £70,OQ) £70,COO - £80.OCKJ £80,CO) . £90,OLX) £90,Cth - £100.00) £100,IM. £110,OCK) £240,COO- £250,00) Of the total pension costs above. £57.032 relates to contributions for higher paid staft.12024.. £58,379) aThJ induction expenses. In addition. AMBA has professional indemnity insurance policy. which includes cover for the Trustees. The annual premium No trustees received remuneration duving the year 12024.. Nill. 5 Trustees received £13.250 in fees for school accreditation visit5 from the charity during th8 year. of which £l.500 remained unpaid at year end 12024.. 5 Trustees £12,250, unpaid at year end £5001. payable is £2.55312024= £5.2891. Included during the year. there were total termination payments of £11.28812024.. enill. made to 112024.. nil) employee. During the year. Ihe tot81 expenses reimbursed io 8 Trustees amounted to £11.343. of which £3.623 remained unpaid at year end12024..7 Trusiees £7.192. £0 unpaid at year endl. This primarily represents reimbursed travelling expenses incurred in attending Trustees. meetings and the Cost of meetings. training The key managemenr personnel of AMBA & BGA comprises the Chief Executive Officer. the Finance and Commercial Director and the Accreditation Directors. The total employee benefits ol the key managetnent staff of AM8A & 8GA were £751.699 12024.. E811.1221. 47 7. Taxation AMBA & BGA ha5 charitable status and is exempt frotn Corporation Tax. 8. Intanglble Assets & Tanglble Axed Assets (¢onsolldated arnl ¢h•rlty) int•nglbl• Flxluro•& Flulng• Equlpm•nt T¢>t*l Cosi as èt 01 October 2024 198.678 180.463 179.231 61.718 620.090 Additions Disposals 180.5161 169.6041 19031 1151,0231 10&627 6q816 469.067 Depreci8tTon as at 01 October 2024 90.342 121.225 130.545 46,364 388,476 Charg• fer tht year to datè 30,953 19,989 25,445 4,743 81,130 Disposals 180.5161 169.6041 15541 1150.6741 AS at 30 Sept•fflber2025 121295 50,553 318,932 M•t8ook Valuoat 30S•pf•mb•r20214 77.383 23.241 10.262 150.135 N•tBook Valu•4t 30s¢pi¢m￿r2O24 108J35 15,304 231,614 48 AMBAABOAANNUAL REPORT 2024125 9. Debtor$ Char 30Saptember 2024 2026 2025 Trade debtors 601,07F 901486 604,076 656,106 Bad debi provision 1137.9641 1137.6941 1137.9641 1137.6941 Other debtors 505.592 487,213 505,592 487,213 Prepayments 294.167 325.112 294.167 325.112 VAT 120.684 109,305 1m.1TI 1.64q042 49 10. Creditors and Deferred In¢ome Charlty 2024 Subscriptitsns in advance 677.500 627.750 677.500 627,750 Creditor5 173.313 193.122 173.313 191,592 Amounts owed to subsidiary undertaking 489,446 427.998 ruals and a'ferred income 1.351.327 1.465.239 1.317,924 1,430,378 VAT 2,286 3.368 T8x and Social Security 58.548 63.274 58,548 63,274 Provi¥ion8 50.026 33.352 50.028 33.352 I￿*002 138*10 17M76• 2.Tl4344 AMBA & 8GA had pension amounts payable at year end ol £11,39912024.. £11,294). 50 AMBAABOAANNUAL REPORT 2024125 Deferred In¢om8 Charky Deferred income brought forward 1.501.385 1,474,423 Added in y8ar 5.031,454 4,922,559 Released in year (5.080.193) 14,969,616) D•f•ff•d Incom•c•vrl•dforw•vd 1A27.386 Included in deferred income are the reaccreditaiion arid new school visits scheduled lor Ql of the new financial year bul invoiced at the year-end & annual membership lees for both the AMBA & BGA network. Also included are the remaining 2020 delegate lees rolled over from the cancelled 2020 Global Conference. these remaining lees will be set against Ihe Charity's 2026 Global Conference. & lastly, thar porrion ol the annual Commer¢i81 P8rinerships revenue which relate5 to the next financial year. 11. Operatlng l•a•o commltm•nts {charlty) At tht pèriod tnd, thè eomp8ny was eommittèd to mak• tht following payments in respect ol operating leases. L•ndand Im￿ldIn Offlc••qulpm•nt Amounts payable- Within one year 217.925 217,925 53.870 14,536 Between 2 and 5 years 187.475 405.400 147.030 22.199 Totsl 735 Rental costs in rÈspert of operating leases are tharged to the statement of financial activities on a straight-line basis over the term ol the leases. 51 12. Reserve• Ch•rhy Total Total Fund Fund Fund Fund Balanee at l October 2024 2,969.223 19.333 2.988.556 1548,334 19,333 2.567,667 Income 4,986.323 4.986,323 4,006.775 4.006,775 Expenditurè 14.735.271) 14.735.277) 13.761.640) 13.761.640) ao Sept•mb•r 2026 1*333 3239A12 1793.469 1&333 1812.802 The Gènèral fund rèprèsents tht Irtè funds ol thè charity & thosé tied up in fixed assets, which are noi designated lor specific purposes. Ch•rlty Totsl Bu•ln••• Fund D•¥•lopm•nt Fund Total Fund Ba18nce at 1 October 2023 2.698,661 19.333 2,n7,994 2.290,091 19.333 Z309,424 Incom¢ 4,829,808 4,829,808 3,875,324 3.875,324 Expenditura 14,559,248} 14.559.246) 13,617.0811 13,617,081) Balane•at 30 Sopf•rnlJ•r 2024 1969223 19.333 2.567.667 Deslgnated funds The Business development fund is expected to be spent over the next I to 3 years and is intended to provide for the global expansion ol educational activities in new region5 and to Cultivate and grow expanded relations with employers and in¢rea$e setvi¢es to members. 52 AMBAABOAANNUAL REPORT 2024125 13. Reconciliation of net movement in funds to net cash (uled In)Iprovlded by operating activities 2024 Ca8h flow8 from operatlng aetlvlilm.. Net income alter Tax 251,046 270,562 Adluotmont• for: Depreciation 81,130 58.586 Interest and divdends recwvoblg 1101.8281 197.4051 O•erèastlllnerèastl in dèbtors 314.245 1909.7261 Iner$as$llDeerèasèl in ertditors 173.1031 84,913 N01¢￿ lumd In)Iprovld•d by operatlng actlvltle8 4n.490 1593mO) 53 Association of MBAS and 3 Dorset Rise London EC4Y 8EN Tel: +44 20 7246 2686 www.amba-bga.com INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE ASSOCIATION OF MBAS AND BUSINESS GRADUATES ASSOCIATION OPINION We h8ve audited the financial statements ol The Association of MBAS and Business Graduates Associaiion (the 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 30 September 2025 which comprise the Group Statement ol Financial Activities, the Group Summary Income and Expenditure Account. the Group and Parent Chariiable Company Balance Sheets. the Group Cash Flow Statement and notes to the financial statements. including significant accounting policie5. The financial reporting framework that has been applied in thèir preparation is applicable law and Unired Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard Applicable in the UK and Republic ol Ireland, Iunited Kingdom Generally Accepted Accounting Practicel. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those $tandard$ 8re further dtrseribed in rhe Auditor s Responsibilities lor the audit of the linanci81 statements section ol our report. We ale independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial staternents in the UK, including the FRC s Ethical Standard. and we have fulfilled our other ethical responsibilities in aeeordance with these requirements. Wè believe that rhe audit evidence we have obtained is sufficient and 8ppropriate to provide 8 basis lor our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees. use ol the going concern basis ol accounting in the preparation ol the financial statements Is appropriate. In our opinion the linarbcial statements: give a true and fair view ol the state ol the group's and ihe parent charitable companys affairs as at 30 September 2025 and ol the group's incoming resources and application of resources. including its incorne and expenditure, lor the year then ended,- have been properly prepared in accordance with United Kingdom Generally A¢cepied Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Based on the work we have performed. we have not identified any material uncertaintie5 ielating to evenrs or conditions that. individually or collectively. may ¢a5t significant doubt on the group's and parent charitable company's ability to continue as a going concern lor a period ol at least twelve months frorn when the financial staternents are authorised for issue. AMBAABOAANNUAL REPORT 2024125 Our responsibilities and the responsibilities of the trustees with respect to going concern are described in rhe relevant sections of ihis report. We have nothing to report in respect of the following matters where the Companie5 Act 2006 and Ihe Charities Aci 2011 require us io report io you if. in our opinion.. OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial siatements and our auditor's report thereon. The trustees 8re responsible for the other informaiion contained within ihe annual report. Our opinion on the financial statements does not cover the other information and, ex¢ept to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. the parent charitable company has noi kept dequate and sufficient accounting r8cords. or retufns adequate for ¢)ur audit have not been received from branches not visited by us,. or the parent charitable company's financial statement$ are nor in agreement with ihe accounting records and return&. or certain disclosures ol trustees. remuneration specified by law are not made.. or we have not received zll the information ènd explanations we require for our audit.. or the trustees were not entitled to take adv8ntagg of the small companies exemption in preparing the Trustees. Annual Report and from preparing 8 strategic report. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemenis or our knowledge obtainèd in the course ol the audit or otherwise appears to be materi8lly misst8ted. 11 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thère 1$ a material misstatement in t financial statemenis rhemselves.11. based on the work we have performed, we conclude that there is a material misstatemeni ol this other information. we are required to report that fact. RESPONSIBILITIES OF TRUSTEES As explained more lully in the trusiees, responsibilities statement. the trustees (who are also the dire¢tor$ ol thè charitablè ¢ompany lor the purposes of company lawl are responsible for the prep8r81ion ol the financial statements and for being satislied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of linancial srarements that are free from material misstatement. whether due to fraud or error. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertsken in the course ol the audit.. In preparing the financial statements. the trustees are responsible for assessing the group and parent charitable companys ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accouniing unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, 01 have no realistic alternative bvt to do so. . the information given in the trLJStees' annual report lor the linaneial year lor which the financial siatements are prepared is consisieni wilh ihe financial statements.. and . the trustees. annual rewrt has been prepared in accordance with applicable legal requirements. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under th8 Companies Acr 2006 and section 15101 the Charities Act 2011 and report in accordance with those Acts. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified materi31 missiatements in the trustees. annual report. Our objectives are to obtain reasonable a55urance abour wherher the financial siatements as a whole 35 are free frorn material misstatement. whether due to fraud or error, and to IS51Je an auditor s report that includes our opinion. Reasonable assurance is a high18vel ol assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exi5t5. Misstatements ean arisè from fraud or error and are considered material il. individually or in aggregate, they co(Jld reasonably be expected io influence the economic decisions of useis tak¢n on the basis of these financial statements. a going ¢on¢ern. 11 we Conclude that a material uncertainty exist5. we are required to draw attention in our auditor's rewrt to the related disclosures in the financial statements or. if such disclosures are inadequate. to modify our opinion. Our conclusion5 are based on the audit evidence obtained up io the date ol our auditor's report. However, future events or conditions may cause the grtsup or parent charitable company to cease to continue as going concern. Evaluate the overall presentation, structure and content ol the financial statements. including the disclosures. and wherher the financial statements represent the underlying transactions and events in a manner ihat achieves fair presentation. As pari ol an audit in accordance with ISAS IUKI we exercise professional judgement and maintain prolé$sional sceptici$m throughoul the audit. We also.. Identify and 8ss•ss thè risks ol material missiatement ol the financial siatements. whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficienr and &ppiopriaie to provide a basis lor our opinion. The risk ol not detecting a material misstaiemeni resulting from fraud is higher than for one resulting from erior, as fraud may irivolve collusion, forgery, intentional omissions. misrepreseniations. or the override of internal control. Obtain sulfieient appropriatè audit evidencè re9arding the financial information ol the eniilies or business activities within the group to express an opinion on the consolidated financial gtatements. We are ￿sponsible lor the direction, supervision and performance ol the group audit. We remain 501ely responsible lor our audit report. We communicate with those charged with governance regarding. among other matters. the planned seope and timing ol the audit 8nd significani audit findings. including any significant deficiencies in Intern81 Control that we identify during our audit. Obtain an understanding of internal conirol relevani to the audit in order to design audit procedures thai are appiopriate in the circumstances. bui noi for the purposes of expressing an opinion on the effectiveness of the group and parent charitable Company's internal control. EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES. INCLUDING FRAUD Evaluate the appropriateness of accounting wlicies used and the reasonableness of accounting e5timate5 and related di5c105ures rnade by the rrusiees. Irregularities. including fraud. are instances of non-￿mplI8nQe with laws and regulations. We design procedures in line with our responsibilities, ovilined above. io detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable ol deieciing irregularities. including fraud Is detailed below. Conclude on the appropriatene55 of the tfU5tees' use of ihe going ¢on¢ern basis of ac¢ounting and. based on the audit evidence obtained. whether a material unceriainiy exists related to events OT conditions that may cast significant doubt on the group and parent charitable company'5 ability to continue a5 The objectives ol our audit in respect of fraud. are." to identify and assess the risks of material misstatement of the financial statemenis 36 AMBAABOAANNUAL REPORT 2024125 due to fraud.. to obtain sufficient appropriate audit evidence regarding the assessed risks of material missiaiement due to fraud. through designing and implementing appropriate responses to those assessed risks.. and to respond appropriately to instances of fraud or suspected fraud identifièd during the audit. However, the primary responsibility lor the prevention and detection of fraud rests with both management and those charged with governance ol the charitable company. become aware of instances of non-compliance with laws and regulations that are not e105ely related io evenis and transactions reflected in the financial slalements. Also, the risk ol not cjetecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, a$ fraud may involve delibèrate eoncealrnent by, for example. forgery or intentional misrepresentations. or throv9h collusion. USE OF OUR REPORT This report 15 made solely to the charitable company's members. as a body, in accordance with Chapter 3 01 Part 16 01 the Companies Act 2006 and. in respect ol the ¢onsolidated financial statements. to the charity's trustees. as a body. in accordance with Chapter 3 01 Part 8 01 the Ch8ritie3 Aci 2011. Our audit work has been undertaken so that we might state to the charitable company's members and trtJ$tees those m8tters whi¢h we are required ro siaie to them in an auditor s report and lor no other purpose. To the fullest extent permitted by law, we do not aceepi or assume responsibility to any party other than the charitable company, the ¢haritable comp8nys membèrs, as 8 body, and thè charity's trustees. as a body. for our audit work, for this report. or for the opinion we have formed. Our approach was as follows.. We obtained an underst8nding of the legal and regulatory requirements applicable to the charitable company and considered rh8r rhe most signilicani art the Compani85 Act 2006. the Charities Act 2011. the Charity SORP. and UK financial reporting standards 8$ issued by the Finan¢i81 Reporting Council We obtain8d an undarstanding ol how the eharitabl• company complies with these reouiremenis by discussions with management and those Charged with governance. We assessed the risk ol material misstatement of the financial statements. including the risk of material misstatemeni due to fraud and how it mighi occur. by holding discussion5 With management and thosè charged with governance. UP We inquired ol management and those charged with governance as to any known instances of non- compliance or Suspected non-compliance with laws and regulations. Ad•mFull•rton 3IP January 2026 (Senior Starutory Auditor) lor and on behalf of Moore Kingsion Smith LLP, Statutory Auditor Based on thi5 understanding. we designed specific appropriare audir procedures ro identify instances of non-compliance with laws and regulations. This included making enquiries of management and those ¢harged with governan¢e and obtaining additional corroborative evidence as required. 9 Appold Street London EC2A 2AP There are inherent lirnitations in the audit procedures described above. We are less likely to Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006 37