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2020-12-31-accounts

Registered Charity No. 1121995

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

CONTENTS

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Page Trustees report Independent Examiners’ report Statement of Financial Activities Balance Sheet Notes 9 - 15

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees: Rémi Bourrette
Jacques Garaialde
Jean-Pierre Mustier
Paul-André Rabate
Carmen Chevalier-Firescu
Romain Deleforge
Thomas Mulhaupt
Guillaume Cassou
Jean Paul Cottet (appointed 23 April 2020)
Chairman: Guillaume Cassou
Trust Administrator: Thomas Mulhaupt
Registered Charity Number: 1121995
Registered Office: 8thFloor
Dashwood House
69 Old Broad Street
London
EC2M 1QS
Independent Examiner: Richard Vass
Price Bailey LLP
8thFloor
Dashwood House
69 Old Broad Street
London
EC2M 1QS
Bankers: HSBC
69 Pall Mall
St James’s
London
SW1Y 5EY
Solicitors: Taylor Vinters
Merlin Place
Cambridge
CB4 0DP

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees submit their annual report and the audited statements for the year ended 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and governing document

The Ecole Polytechnique Charitable Trust was created in September 2007. The objects of the charity are set out in the Trust Deed. Its primary charitable purpose is the advancement of education and the advancement of knowledge in the fields of scientific education and research.

Governance

The Trustees have agreed to delegate the day to day management of the affairs of the Ecole Polytechnique Charitable Trust to the Campaign Director, who acts as Trust Administrator, and is on free secondment from Fondation Ecole Polytechnique, a charity based in France which has the same objectives. Jacques Garaialde and Jean-Paul Cottet, two Trustees, are also members of the Fondation de l’École Polytechnique board.

The Trust Administrator works 2 days per week, for approximately 30 weeks of the year. The value of his work has been estimated at € 267 per day, for a total value of € 16,000.

The Board of the Ecole Polytechnique Charitable Trust meets at least two times per annum. In addition to full Board meetings the Chairman, and any other Trustees who are available, may meet, when needed, by telephone conference call with the Director of Development and the Head of Donor Relations to review the activities of the Trust.

The Trustees would look for an individual with an interest in the aims and objectives of the charity. A new Trustee would have the terms of the Trust explained to them and have a meeting with the existing Trustees to explain the aims and objectives of the Trust. There are no specific induction arrangements.

Risk management statement

The major risks, to which The Ecole Polytechnique Charitable Trust is exposed, as identified by the Trustees and others, have been reviewed and control systems established to mitigate those risks. These risks are reviewed and monitored on an ongoing basis.

OBJECTS, AIMS AND ACTIVITIES

The primary charitable purpose for which the Ecole Polytechnique Charitable Trust was established is the advancement of education. Consistent with that purpose the Trustees intend that the Trust should provide a focal point for the activities of the Ecole Polytechnique Campaign in the United Kingdom.

The Campaign’s three principal objectives are:

� HIGHER EDUCATION AND RESEARCH

Some examples of projects:

Gaspard Monge Visiting Professors Program : to strengthen the international reputation of l’X and develop new international research partnerships through a short program of internationally renowned academics. Because of the COVID 19 situation and associated travel restrictions, some professor visits planned in 2020 had to be cancelled or postponed.

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Smart environments, nanosensors and nanofiability : to conceive key technologies for sustainable development of sensors to optimize tomorrow’s urban life.

Bachelor and Graduate Degree Programs : to develop new training programs and attract high-potential international students to l’X, increasing its outreach.

�

ENTREPRENEURSHIP AND INNOVATION

Some examples of projects:

Prototyping equipment: to create, at the heart of the "Drahi - X Novation Center", a space for prototyping innovative objects with high entrepreneurial potential, and combine high-tech and complementary equipment (mechanics, electronics, software and 3D printing). This space will is open to all project promoters, whether they are students, PhD candidates, entrepreneurs from X-Up (École Polytechnique accelerator) or from X-Tech, its incubator.

�

NOTORIETY AND OUTREACH

Some examples of projects:

International cooperation : to deploy a proactive policy developing high-level international cooperation with strategic partners across the 5 continents (MIT, Lausanne and Zürich Polytechnics, Technion, Tsinghua and Beida universities, etc.) through Double Degree agreements, joint research projects or scientific collaborations.

Scholarships of Excellence : to implement a financial support policy adapted to each program to encourage outstanding students inbound and outbound mobility.

Support the Diversity programs : to actively participate in the access and dissemination of knowledge for all through actions and grants, in favour of equal opportunities, gender equality and disability.

The aim of the campaign is to raise funds that will be spent on the projects listed above plus other projects listed in the Campaign Business Plan; the intention is that the bulk of the monies collected will be disbursed. At the same time the intention is also to encourage gifts that will go towards the creation of an endowment fund for the school.

Given that the campaign is seeking to raise both permanently endowed funds and current funds, and given that there are three defined campaign objectives (see above), gifts received by the Ecole Polytechnique Charitable Trust are expected to be capable of being categorized accordingly. Unrestricted gifts, either to the endowment or current funds, can also be made.

THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENTS AND PERFORMANCE

Since 2007, date of creation of the Trust, income and expenditure is as follows:

Incoming resources
Gifts collected from donors
Gift aid received
Investment income
Gifts in kind
Resources expended
Funds transferred to the school
Operating costs		 Year ended
31/12/2020
€
150,640
13,844
26
16,000
180,510
191,153
2,308
193,461		 Since 2007
€
3,438,534
418,736
100,700
206,000
4,163,970
3,646,008
387,286
4,033,294

Donations have been received from former students of École Polytechnique who are currently resident in the UK. The majority of the funds were raised in the form of major gifts, i.e. gifts following pledges of € 25,000+. (€ 50,000+ since 2015). The remaining amount was raised through the Annual Fund.

During the FY 2020, funds paid to “Fondation de l’École Polytechnique” for disbursement to the School were €191,153. The Trustees designation of the payments was as follows:

The first grant of 25 K€ aims at supporting international students who apply to Ecole Polytechnique new program designed for students with a strong interest in Mathematics and Science. This highly selective and multidisciplinary program is taught entirely in English.

The second grant of 20 K€ aims at supporting Ecole Polytechnique international students.

The third grant of 25 K€ allocated to EP Graduate Degrees programme funded scholarships for students who apply to one out of the 8 Masters in Science and Technology of Ecole Polytechnique. These students want to play a key role in leading technology and business organizations throughout the world.

The fourth grant of 120 K€ allocated to BayeScale project helped professor Eric Moulines to fund PhD student and organize various workshops in 2020.

Context of 2020

Due to the 2020 health crisis, both the donor meetings and the gala event (which was foreseen in 2019) could not take place; this is the reason why, for the most part, the donation amounts have decreased compared to 2019. The number of donors has been stable, reaching 30 donors at the end of FY20 including 7 major donors (15 major donors in 2019).

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

INVESTMENT POLICY

  1. Recognising their responsibility for ensuring that funds raised by the Trust are used in accordance with the organisation’s charitable purposes, and that any money under their control is properly invested, the Trustees have given due consideration to a suitable investment policy which meets the Trust objectives, to be available when required, but also safeguarding, maximizing and growth of funds held in reserve.

  2. The charity consolidates all of the endowment funds which have been raised into an account owned and managed by the Ecole Polytechnique Charitable Trust with Société Générale in France to ensure maximum returns for gifts received in endowment. The particular factors are:

Investment of the funds held by the Ecole Polytechnique Charitable Trust is the responsibility of the Trust exclusively. A Finance Committee, specially created, monitors and advises on best investment returns. Mr. Guillaume Cassou (Chairman of the Ecole Polytechnique Charitable Trust) is a member of the committee. He represents the Trust’s interests and reports back to the Board of trustees on a regular basis.

The Finance Committee is responsible for and will determine the detailed investment policy for the global funds : the Fondation de l’Ecole Polytechnique, The Ecole Polytechnique Charitable Trust and Friends of Ecole Polytechnique Inc. After a contest among five reputable international fund managers, the Finance Committee has appointed Société Générale. Each of the three above entities has a separate account open with Société Générale. However, Société Générale is viewing the three independent accounts as a single global customer.

  1. Recognising the different uses to which the money raised will be put and in order to ensure that disbursements can be made in an optimal fashion, the Finance Committee takes a variety of factors into account. Endowed funds will clearly need to be treated differently from expendable restricted funds that are expected to be transferred to the school and spent.

  2. Ownership of the funds transferred for investment purposes remains with the Trust

In 2020, there was no transfer from the HSBC account to the Charitable Trust endowment account at Société Générale in France. This endowment account generated an income of €6.48 for the year ended 31 December 2020.

BENEFIT STATEMENT

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objects and in planning future activities and setting policy for the year.

RESERVES POLICY

The Trustees have decided that all monies received by the Ecole Polytechnique Charitable Trust be systematically converted in euros except for £10,000. The Trustees have agreed that a reserve of £10,000 is sufficient to ensure the day to day operational management of the Trust. The Trustees are aware of the legal duty to apply charitable funds within a reasonable time of receiving donations. It does not intend to keep funds in excess of its requirements. Whilst our restricted funds are in deficit our fixed costs are so low that any immediate need for funds could be funded out of endowment funds.

GOING CONCERN

The Trustees have assessed the impact of Covid-19 on the charity’s finances and operations for the coming year. Cash flow forecast and budget projections have been reviewed and the Board of Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Board of Trustees

Guillaume Cassou Chairman

Date: May 4, 2022

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

______________

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 7 to 15.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Richard Vass FCA

For and on behalf of Price Bailey LLP 8[th] Floor Dashwood House 69 Old Broad Street London EC2M 1QS

Date: 4 May 2022

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Notes|Total|Total| |Restricted|Endowment|31 Dec|31 Dec| |Funds|Funds|2020|2019| |€|€|€|€| |Income| |Income and Endowments from:| |Donations and legacies:|3|180,484|-|180,484|240,271| |Investments|26|-|26|22| |───────|─────── ─────── ───────| |Total income|180,510|-|180,510|240,293| |═══════|═══════ ═══════ ═══════| |Expenditure| |Charitable activities|(215,200) - (215,200) (296,863)| |Other|(4,487)|-|(4,487) (2,403)| |───────|─────── ────── ─────| |Total expenditure|4|(219,687)|(219,687) (299,266)| |═══════|═══════ ═══════ ═══════| |Net (expenditure)/income|(39,177)|-|(39,177)|(58,973)| |Transfers between funds|-|-|-|-| |───────|─────── ─────── ───────| |Net movement in funds|(39,177)|-|(39,177)|(58,973)| |Reconciliation of funds| |Total funds brought forward (29,745) 184,465 154,720 213,693| |───────|─────── ─────── ───────| |Total funds carried forward (68,922) 184,465 115,543 154,720| |═══════|═══════ ═══════ ═══════|

----- End of picture text -----

The notes on pages 9 to 15 form part of these accounts.

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020

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Notes 2020 2019
31 December 31 December
€ € € €
Fixed Assets
Investments 5 6,101 6,339
Current assets
Debtors 6 20,892 6,597
Cash at bank and in hand 96,598 152,171
─────── ───────
117,490 158,768
Liabilities: amounts falling
due within one year 7 8,048 10,387
─────── ───────
Net current assets 109,442 148,381
─────── ───────
Net assets 115,543 154,720
═══════ ═══════
Funds
Restricted funds 8 (68,922) (29,745)
Endowment funds 9 184,465 184,465
─────── ───────
115,543 154,720
═══════ ═══════

Approved by the trustees and signed on their behalf by:

Guillaume Cassou (Chairman) Trustee

Date: May 4, 2022

The notes on pages 9 to 15 from part of these accounts.

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

1 General information

The Ecole Polytechnique Charitable Trust is a charity limited by guarantee, registered in England and Wales. The registered address is given on the first page of these financial statements.

The Trust’s principal activity is the collection of donations within the UK for the Ecole Polytechnique in France.

2 Accounting policies

Accounting convention and standards

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Ecole Polytechnique Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Following the World Health Organisation’s declaration of COVID-19 as an international pandemic in March 2020, the charity has been largely unaffected given the nature of its operations and so continues to prepare its accounts on the going concern basis.

The Charity’s functional and presentational currency is Euros.

Income

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Pledges received are not treated as income until they are honoured or the pledge becomes an irrevocable commitment to the Trust.

Expenditure

Expenses are treated on an accruals basis and have been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Charitable activities are those costs incurred directly in support of expenditure on the objects of the charity.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Taxation

The Trust, being a charity, is not liable for income tax or corporation tax. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses.

Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The expendable endowment and additions thereto are to be invested and the income used for any charitable purpose at the discretion of the Trustees. The expendable endowment may also be spent at the

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

absolute discretion of the trustees. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

Gifts in kind

Where services are provided to the charity as a donation, the contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into Euros using the average rate for the quarter in which the transaction was undertaken.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Trade and other debtors are recognised at the settlement value before any trade discounts due. Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts.

Debtors

Trade and other debtors recognised at the settlement amount due after any trade discount offered. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Cash at bank and in hand

Cast at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar bond.

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

3 Donations and legacies

Donations and legacies
Total Total
Restricted Endowment 31 December 31 December
funds funds 2020 2019
€ € € €
Donations
Sundry donations 164,484 - 164,484 224,271
─────── ─────── ─────── ───────
Gifts in kind
Total administration 16,000 - 16,000 16,000
─────── ─────── ─────── ───────
180,484 - 180,484 240,271
═══════ ═══════ ═══════ ═══════
Donations and legacies – prior year
Total Total
Restricted Endowment 31 December 31 December
funds funds 2019 2018
€ € € €
Donations
Sundry donations 224,271 - 224,271 229,880
─────── ─────── ─────── ───────
Gifts in kind
Total administration 16,000 - 16,000 16,000
─────── ─────── ─────── ───────
240,271 - 240,271 245,880
═══════ ═══════ ═══════ ═══════

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

4 Total Expenditure

Costs of Total
charitable Other 31 Dec
Apportionment activities Costs 2020
€ € €
Accountancy and audit Direct 8,047 - 8,047
Other costs Direct - 2,943 2,943
Administration Direct 16,000 - 16,000
Exchange rate variance Direct - 1,544 1,544
Events Direct 1,153 - 1,153
International Scholarships Direct 20,000 - 20,000
Bayescale project Direct 120,000 - 120,000
Graduate Degrees Programme
Direct		 25,000 - 25,000
Bachelors Scholarships Programme
Direct		 25,000 - 25,000
─────── ────── ──────
215,200 4,487 219,687
═══════ ══════ ══════

The total cost of charitable activities represents grants made to Fondation Ecole Polytechnique. Included within governance cost is €16,000 (2019: €16,000) relating to the cost element of the gifts in kind income (see note 3). During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses (2019: £NIL).

Total Expenditure – prior year

Costs of Total
charitable Other 31 Dec
Apportionment activities Costs 2019
€ € €
Insurance Direct - 1,630 1,630
Accountancy and audit Direct 10,380 - 10,380
Other costs Direct - 4,002 4,002
Administration Direct 16,000 - 16,000
Exchange rate variance Direct - (3,229) (3,229)
Events Direct 5,483 - 5,483
Visiting professors program Direct 41,000 - 41,000
Bayescale project Direct 90,000 - 90,000
Graduate Degree Programme Direct 38,000 - 38,000
PHD Tracks Programme Direct 75,000 - 75,000
Bachelors Scholarships Programme
Direct		 21,000 - 21,000
─────── ────── ──────
296,863 2,403 299,266
═══════ ══════ ══════

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

5 Fixed Asset Investments

Fixed Asset Investments
Societe Generale
€
Cost or Valuation
At 1 January 2020 6,339
Movements (238)
───────
At 31 December 2020 6,101
═══════

6 Debtors

Amounts falling due within one year 2020 2019
31 December 31 December
€ €
Gift aid recoverable 4,711 6,597
Accrued income 16,181 -
─────── ───────
20,892 6,597
═══════ ═══════
7 Liabilities
Amounts falling due within one year 2020 2019
31 December 31 December
€ €
Accruals 8,048 10,387
─────── ───────
8,048 10,387
═══════ ═══════

8 Restricted funds

Balances Balances
brought Incoming Outgoing carried
forward resources resources Transfers forward
€ € € € €
International fellowship fund (41,949) - - - (41,949)
The Ecole Polytechnique fund 12,204 180,510 (219,687) - (26,973)
─────── ─────── ─────── ─────── ───────
(29,745) 180,510 (219,687) - (68,922)
═══════ ═══════ ═══════ ═══════ ═══════

International fellowship fund: this fund represents donations for the development of international fellowships. The income is generated from the endowment. The negative restricted fund will be negated via future income relating to this fund.

The Ecole Polytechnique fund : this fund was established to contribute to the advancement of education and knowledge in the fields of scientific research at the Ecole Polytechnique.

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

Restricted funds – prior year

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balances|Balances| |brought|Incoming|Outgoing|carried| |forward|resources|resources|Transfers|forward| |€|€|€|€|€| |International fellowship fund|(41,949)|-|-|-|(41,949)| |The Ecole Polytechnique fund|71,177|240,293|(299,266)|-|12,204| |───────|───────|───────|─────── ───────| |29,228|240,293|(299,266)|-|(29,745 )|

----- End of picture text -----

International fellowship fund: this fund represents donations for the development of international fellowships. The income is generated from the endowment. The negative restricted fund will be negated via future income relating to this fund.

The Ecole Polytechnique Fund : this fund was established to contribute to the advancement of education and knowledge in the fields of scientific research at the Ecole Polytechnique. The negative restricted fund will be negated via future income relating to this fund.

9 Endowment funds

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balances|Balances| |brought|Incoming|Outgoing|carried| |forward|resources|resources|Transfers|forward| |€|€|€|€|€| |Garaialde-Oppetit-Rabate fund|184,465|-|-|-|184,465| |───────|───────|───────|─────── ───────| |184,465|-|-|-|184,465| |═══════|═══════|═══════|═══════ ═══════|

----- End of picture text -----

The Garaialde-Oppetit-Rabate fund is used annually for excellence scholarships for international students, covering tuition expenses for 3 to 4 academic years.

10 Related party transactions

During the year grants of €190,000 (2019: €268,000) were made to Fondation Ecole Polytechnique of which Trustee Jacques Garaialde is a board member. At the year-end €NIL (2019: €NIL) was owing to Fondation Ecole Polytechnique.

There are no other related party transactions to note.

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THE ECOLE POLYTECHNIQUE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

_______________

11 Analysis of net assets between funds

Total
Current 31 December
Assets Liabilities 2020
€ € €
Restricted funds (60,874) (8,048) (68,922)
Endowment funds 184,465 - 184,465
─────── ─────── ───────
123,591 (8,048) 115,543
═══════ ═══════ ═══════
Analysis of net assets between funds – prior year
Total
Current 31 December
Assets Liabilities 2019
€ € €
Restricted funds (19,358) (10,387) (29,745)
Endowment funds 184,465 - 184,465
─────── ─────── ───────
165,107 (10,387) 154,720
═══════ ═══════ ═══════

12 Control

The charity is controlled by its Trustees.

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