C E T Management UK Limited - Limited company accounts 25.1

REGISTERED NUMBER: 03423974 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR

C E T MANAGEMENT UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

B D Bengtsson

K A R Ljungdahl

REGISTERED OFFICE:

12 Ashfield House Ashfield Road

Cheadle

Cheshire

SK8 1BB

REGISTERED NUMBER:

03423974 (England and Wales)

AUDITORS:

Wallwork Nelson & Johnson

Chartered Accountants & Statutory Auditors

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

The directors present their strategic report for the year ended 31 August 2025.

REVIEW OF BUSINESS

Trading performance and financial position results for the year ended 31 August 2025 are disclosed in the annexed financial statements and summarised below, alongside other KPIs:

Key Performance
Indicator

2025

2024

Variance

Revenue

$29.7m

$27.3m

+9.0%

Gross Profit Margin

17.5%

24.8%

-7.3%

Profit Before Tax

$133k

$410k

-67.5%

2025 saw an increase in revenues of 9% which was the result of an increase in participant volumes and pricing for certain programs. CET Management now works with two principal suppliers of Exchange programs in the USA; CETUSA and Greenheart. Discretionary compensation to CET Management's partners were paid in 2025 and is the main attributable factor in the reduction of the Gross Profit Margin and Profit Before Tax as noted above.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company manages its financial instruments in order to finance its operations and to mitigate its exposure to the principal risks and uncertainties facing the Company's activities, being, in no particular order:

Market Risk

There is always a risk of competition offering better prices or services leading to lower revenues for CET Management. With the agreement with Greenheart however this risk has been somewhat mitigated as CET Management now has a wider offer, with diverse program offerings to approach the market with.

As all of CET Managements business is focused exchanges in the USA there is an external risk that the rules around these programs in the USA can be changed. This risk is highlighted now with the current administration in the USA. CET Management is in dialogue with CETUSA and Greenheart who are continuously monitoring the situation and are part of organisations that promote and advocate for the exchange programs in Washington DC, such as the Alliance for International Exchange. To date, under the current administration, any perceived governmental threats to the exchange programs have been resolved and the US has approved budgeting for these programs, ensuring they continue.

Liquidity Risk

The Directors consider the liquidity risks facing the Company to be low, with the Company being part of a group cash structure within Educatius Group AB.

FUTURE DEVELOPMENTS

There is some uncertainty in what the US administration will entail but historically the high school exchange program in the US has been very resilient and seen as an important diplomatic tool for the US to build strong international relationships. Further, with the expansion of business with Greenheart, the program offerings now include work programs which have been repeatedly acknowledged as key economic drivers for the US. Building on the agreement with Greenheart CET Management looks forward to continued revenue growth and stable profits under the group transfer pricing policy.

ON BEHALF OF THE BOARD:

B D Bengtsson - Director

20 February 2026

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of marketing and travel services.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTORS

K A R Ljungdahl has held office during the whole of the period from 1 September 2024 to the date of this report.

Other changes in directors holding office are as follows:

B D Bengtsson - appointed 1 September 2024

STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has been done in respect of :

- business review

- future developments

- financial risk management objectives and policies (see principal risks and uncertainties)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent; and

- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Wallwork Nelson and Johnson, will be proposed for re-appointment in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

B D Bengtsson - Director

20 February 2026

Opinion

We have audited the financial statements of C E T Management UK Limited (the 'company') for the year ended 31 August 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Directors' report

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management about any known or suspected instances of fraud and about any actual or potential litigation and claims.

Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.

Enquiry of entity staff to identify any instances of non-compliance with laws and regulation.

Reviewing financial statement disclosures and testing against both supporting and, where applicable, contradictory documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including reviewing journals entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Assessing accounting estimates which have a material impact on the financial statements for indications of management bias.

Substantive sample testing on all material revenue streams, reviewing consistency with revenue recognition accounting policies and vouching to third party audit evidence to ensure income has been recognised completely and in the correct financial year.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Johnson (Senior Statutory Auditor)

for and on behalf of Wallwork Nelson & Johnson

Chartered Accountants & Statutory Auditors

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

20 February 2026

TURNOVER

3

29,739,686

27,287,091

Cost of sales

24,534,359

20,525,841

GROSS PROFIT

5,205,327

6,761,250

Administrative expenses

5,447,731

6,469,930

(242,404

)

291,320

Other operating income

22,024

42,407

OPERATING (LOSS)/PROFIT

5

(220,380

)

333,727

Interest receivable and similar income

6

377,361

201,134

156,981

534,861

Interest payable and similar expenses

7

23,828

124,990

PROFIT BEFORE TAXATION

133,153

409,871

Tax on profit

8

33,225

102,249

PROFIT FOR THE FINANCIAL YEAR

99,928

307,622

PROFIT FOR THE YEAR

99,928

307,622

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

99,928

307,622

FIXED ASSETS

Tangible assets

9

656

1,373

CURRENT ASSETS

Debtors

10

6,475,715

4,872,370

Cash at bank

9,979,735

5,429,798

16,455,450

10,302,168

CREDITORS

Amounts falling due within one year

11

12,204,120

6,151,483

NET CURRENT ASSETS

4,251,330

4,150,685

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,251,986

4,152,058

CAPITAL AND RESERVES

Called up share capital

12

8

Retained earnings

13

4,251,978

4,152,050

SHAREHOLDERS' FUNDS

4,251,986

4,152,058

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2026 and were signed on its behalf by:

B D Bengtsson - Director

Called up

share

Retained

Total

capital

earnings

equity

$

Balance at 1 September 2023

8

3,844,428

3,844,436

Changes in equity

Total comprehensive income

-

307,622

Balance at 31 August 2024

8

4,152,050

4,152,058

Changes in equity

Total comprehensive income

-

99,928

Balance at 31 August 2025

8

4,251,978

4,251,986

1.	STATUTORY INFORMATION

C E T Management UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

Monetary amounts in these financial statements are rounded to the nearest $.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's immediate parent undertaking, Educatius Group AB, includes the company in its consolidated financial statements.

The consolidated financial statements of Educatius Group AB are prepared in accordance with Swedish GAAP and are available to the public and may be obtained from the address given in the notes to the financial statements.

In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the below disclosures.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Revenue and profit recognition

Turnover and associated costs are recognised in full, in line with the students placement dates. At the balance sheet date, management undertake an assessment to ensure that cut-off procedures have been applied to ensure that revenue and profitability, within the accounting period, is an accurate reflection of the activity in the same period.

Transfer pricing arrangement

During 2024, following advice from external consultants, the company's immediate parent company, Educatius Group AB, changed its transfer pricing arrangements with the company in order to more accurately compensate both companies for services performed and risk assumed in relation to ownership and use of the group's Intangible Assets.

For the year ended 31 August 2025, the company was charged management fees totalling $2,400,000 (2024: $4,463,284) by Educatius Group AB during the year, in relation to these arrangements.

Turnover

Turnover represents net invoiced sales of services, net of discounts, rebates, Value Added Tax and other sales taxes.

Revenue from the provision of services, is recognised by reference to the the dates students are placed on study programs, provided that the value can be assessed with reasonable certainty and where it is probable that the economic benefits associated with the transaction will flow to the company.

Turnover and associated costs are recognised for the full term of the program, from the date of placement.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following basis;

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery - 25% on cost

Fixtures and fittings - 25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Profit and Loss and Other Comprehensive Income.

The Directors consider that Plant and machinery and Fixtures and fittings assets should be depreciated at a rate of 25% on cost, as opposed to 20% reducing balance. This change of accounting estimate was effected prospectively on 1 September 2024 by the directors in order to more accurately reflect the useful economic life of such assets and align the rates of depreciation used by the company with its immediate parent group. The effect of this change is trivial, increasing the depreciation charge of such assets in the financial statements for the year ended 31 August 2025 by $441. Without the change of accounting estimate, the net book value of Plant and machinery and Fixtures and fittings assets would be $903 and $194 respectively .

Taxation

Tax is recognised in the Statement of Profit and Loss and Other Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Profit and Loss and Other Comprehensive Income except where deferred in Other Comprehensive Income as qualifying cash flow hedges.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Profit and Loss and Other Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Going concern

The Directors, having reviewed the forecast results and financial position of the Company, are satisfied that the Company has sufficient financial support and resources to continue in operation for the foreseeable future, Therefore they continue to adopt the going concern basis of accounting in preparing the financial statements.

Interest income

Interest income is recognised in the Statement of Profit and Loss and Other Comprehensive Income using the effective interest method.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31/8/25

31/8/24

$

Sale of services

29,739,686

27,287,091

29,739,686

27,287,091

4.	EMPLOYEES AND DIRECTORS

31/8/25

31/8/24

$

Wages and salaries

47,097

458,502

Social security costs

-

35,918

Other pension costs

11,730

53,799

58,827

548,219

The average number of employees during the year was as follows:

31/8/25

31/8/24

Administrative

4

31/8/25

31/8/24

$

Directors' remuneration

-

296,072

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

31/8/25

31/8/24

$

Other operating leases

10,517

10,092

Depreciation - owned assets

717

307

Auditors' remuneration

17,337

15,224

Foreign exchange differences

97,561

73,126

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

31/8/25

31/8/24

$

Deposit account interest

180,188

47,469

Other interest

175,826

153,665

HMRC interest

21,347

-

377,361

201,134

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/8/25

31/8/24

$

Bank interest

-

36,222

Loan interest

23,828

47,325

HMRC Interest

-

41,443

23,828

124,990

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/8/25

31/8/24

$

Current tax:

UK corporation tax

33,225

102,249

Tax on profit

33,225

102,249

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/8/25

31/8/24

$

Profit before tax

133,153

409,871

Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

33,288

102,468

Effects of:

Capital allowances in excess of depreciation

(63

)

(219

)

Total tax charge

33,225

102,249

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

$

COST

At 1 September 2024

and 31 August 2025

2,396

467

2,863

DEPRECIATION

At 1 September 2024

1,267

223

1,490

Charge for year

599

118

717

At 31 August 2025

1,866

341

2,207

NET BOOK VALUE

At 31 August 2025

530

126

656

At 31 August 2024

1,129

244

1,373

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/25

31/8/24

$

Trade debtors

1,253,485

604,623

Amounts owed by group undertakings

4,847,447

3,880,918

Tax

374,783

386,661

Prepayments and accrued income

-

168

6,475,715

4,872,370

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/25

31/8/24

$

Trade creditors

6,572,503

3,339,999

Amounts owed to group undertakings

804,433

796,156

Accrued expenses

4,827,184

2,015,328

12,204,120

6,151,483

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/8/25

31/8/24

value:

$

8

Ordinary

$1

8

Ordinary Shares are non-redeemable and hold full rights in respect of voting, dividends and entitle the holder to full participation in the event of a winding up of the company.

13.

RESERVES

Retained

earnings

$

At 1 September 2024

4,152,050

Profit for the year

99,928

At 31 August 2025

4,251,978

14.	PENSION COMMITMENTS

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension charge represents contributions payable by the entity to the fund and amounted to $11,730 (2024: $53,799). No contributions were payable to the fund at the reporting date.

15.	RELATED PARTY DISCLOSURES

JEV Langues (charitable entity not included in group)

During the year, the Company provided services to JEV Langues to the amount of $1,590,186 (2024: $1,194,678), amounts received from JEV Langues during the year were $1,578,835 (2024: $1,197,978) which left a balance at the year end of $11,351 (2024: $Nil ).

During the year, the amounts incurred by the Company from JEV were $12,324 (2024: $NIL) amounts paid during the year were $NIL (2024: $NIL) which left a balance owing at the year end of $12,324 (2024: $NIL).

Council for Educational Travel (charitable entity not included in group)

During the year, the amounts incurred by the Company from Council for Educational Travel were $8,120,363 (2024: $6,988,828), amounts paid to Council for Educational Travel during the year were $7,338,872 (2024: $6,606,770) which left a balance owing at the year end of $2,114,523 (2024: $1,333,032).

Greenheart (charitable entity not included in group)

During the year, the amounts incurred by the Company from Greenheart were $14,672,139 (2024: $12,480,706), amounts paid to Greenheart during the year were $12,853,360 (2024: $11,691,896) which left a balance owing at the year end of $2,755,158 (2024: $936,379).

The amounts owed under trade debtors is $318,953 (2024: $155,841)

Student Exchange Australia NFP (charitable entity not included in group)

During the year, the amounts incurred by the Company from Student Exchange Australia were $98,150 (2024: $NIL), amounts paid to Student Exchange Australia NFP during the year were $97,900 (2024: $NIL) which left a balance owing at the year end of $250 (2024: $NIL).

16.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Educatius Group AB, a Swedish limited liability company with registration number 556721-0819.

The company's ultimate parent and controlling party is Trill Invest AB, a Swedish limited liability company with registration number 556759-3123.

The smallest group in which the results of the company were consolidated is that headed by Educatius Group AB. The consolidated financial statements of the group are available to the public and may be obtained from Kaserntorget 6, 411 18 Gothenburg, Sweden.

The largest group in which the results of the company were consolidated is that headed by Trill Invest AB. The consolidated financial statements of the group are available to the public and may be obtained from Sveavagen 17, 111 57 Stockholm, Sweden.