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Registration number: 02868027

The College Of Integrated Chinese Medicine
Financial Statements
for the Year Ended 30 November 2025

The College Of Integrated Chinese Medicine

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

The College Of Integrated Chinese Medicine

Company Information

Directors | P J N Mole P Martin J M Rochford S J Lacey

Registered office | 19 Castle Street Reading RG1 7SB

Auditors | Vale & West Accountancy Services Limited Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

The College Of Integrated Chinese Medicine

(Registration number: 02868027)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 852,041 | 854,932
Current assets |  |  |
Debtors | 5 | 531,147 | 570,494
Cash at bank and in hand |  | 253,411 | 384,816
|  | 784,558 | 955,310
Creditors: Amounts falling due within one year | 6 | (959,538) | (1,025,591)
Net current liabilities |  | (174,980) | (70,281)
Net assets |  | 677,061 | 784,651
Capital and reserves |  |  |
Retained earnings |  | 677,061 | 784,651
Shareholders' funds |  | 677,061 | 784,651

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 April 2026 and signed on its behalf by:

P Martin Director
J M Rochford Director

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025

1 | General information

The College Of Integrated Chinese Medicine is a private company, limited by guarantee, registered in England and Wales.

The address of its registered office is:
19 Castle Street
Reading
RG1 7SB

2 | Accounting policies

Basis of preparation

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

Management have assessed the college’s ability to continue as a going concern. In carrying out this assessment, management considered the college’s recent financial performance, which has included cashflow deficits over the past two years and a corresponding reduction in cash reserves, along with observations received from the regulatory body.
While financial forecasts show an upward trajectory, supported by improving student fee income from recent and upcoming cohorts, management acknowledge that the college’s long‑term sustainability is significantly dependent on the outcome of ongoing merger discussions. These discussions remain in progress at the date of approval of the financial statements. However, management are confident that the merger should proceed, based on the current status of negotiations and the strategic alignment of both parties.
Management therefore consider that, the college has a reasonable expectation of being able to meet its liabilities as they fall due for the foreseeable future and operate sustainably. On this basis, management believe that the going concern basis of preparation remains appropriate.

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2 | Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. We draw attention to the assessment of Principal Business Threats in the Directors’ report, and the going concern note to the financial statements, where management set out the events and conditions which indicate that a material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 21 April 2026 was Lee Gardner FCA, who signed for and on behalf of Vale & West Accountancy Services Limited.

.........................................

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of courses is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing the teaching days provided to date as a proportion of total teaching days. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Rental income

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2 | Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery - 33% on reducing balance and 20% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2 | Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3 | Staff numbers

The average number of persons employed by the company during the year, was 27 (2024 - 23).
The average Full Time Equivalent number of employees during the year was 15 (2024: 13)

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

4 | Tangible assets

| Land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 December 2024 | 1,112,604 | 168,373 | 1,280,977
Additions | 14,880 | - | 14,880
At 30 November 2025 | 1,127,484 | 168,373 | 1,295,857
Depreciation
At 1 December 2024 | 270,239 | 155,806 | 426,045
Charge for the year | 13,050 | 4,721 | 17,771
At 30 November 2025 | 283,289 | 160,527 | 443,816
Carrying amount
At 30 November 2025 | 844,195 | 7,846 | 852,041
At 30 November 2024 | 842,365 | 12,567 | 854,932

5 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 469,480 | 510,012
Other debtors | 61,667 | 60,482
| 531,147 | 570,494

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

6 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 94,675 | 127,783
Taxation and social security | 13,260 | 7,655
Accruals and deferred income | 847,469 | 887,751
Other creditors | 4,134 | 2,402
| 959,538 | 1,025,591

7 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 3,563 | 2,610
Later than one year and not later than five years | 9,857 | 5,261
| 13,420 | 7,871

8 | Limited by guarantee

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.

The College Of Integrated Chinese Medicine

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

9 | Subsequent Events

Subsequent to the year end, Health Sciences University (HSU) and the College of Integrated Chinese Medicine (CICM) have confirmed that they have begun discussions about a merger. HSU and CICM already have an established academic relationship, with HSU currently validating CICM’s degree provision.
CICM continues to operate independently while these discussions take place, and there are no immediate changes for students or staff at either institution.

10 | Critical Accounting Judgements and Key Sources of Estimation

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.