Registered Charity No. 1121995 THE ECOLE POLYTECHNIQUE CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST CONTENTS Page Trustees report Independent Examiners, report Statement of Financial Activities Balan Sheet Notes 9-15
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees: Rémi Bourrette Iresigned 3 May 20221 Jacques Garaialde Jean-Pierre Mustier Paul-André Rabate Camen Chevalier-Firescu Romain Deleforge Guillaume Cassou Jean Paul Cottet Marie Caillal (appointed 3rd May 20221 Pierre Laffille (appointed 28th October 20221 Chairman- Guillaume Cassou Trust Administrator: Marie Caillat Registered Charity Number.. 1121995 Registered Office: 8th Floor Dashwood House 69 Old Broad Street London EC2M 1QS Independent Examiner: Richard Vass Price Bailey LLP 8th Floor Dashwood House 69 Old Broad Street London EC2M 1QS Bankers: HSBC 69 Pall Mall st James's London SW1Y SEY Sollcltors: Taylor Vinters Merfin Place Cambridge CB4 ODP
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees submit their annual report and the audited statements for the year ended 31 December 2022. STRUCTURE, GOVERNANCEAND 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 ddegale the day to day management of the affairs of the Ecole Polytechnique Charitable Trust lo the Campaign Director, Mtho acts as Trust Administrator, and is on free secondment from Fondalion de I'Ecde Polytechnique, a charity based in France which has the same objectives. Jacques Garaialde and Jean-Paul Collet, two Trustees, are also members of the Fondation de I'Éccle 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 É 267 per day, for a total value of É 16,000. The Board of the EccAe Polytechnique Charitable Trust meets at least times per annum. In addition lo full Board meetings the Chairman, and any other Trustees who are availatAe, may meet, when needed, by telephone Conferen call wth the Campaign Director orland her team, to review the activities of the Trust. The Trustees would look for an individual wlh an interest in the aims and objectives of the charity. A new Trustee would have the terms of the Trust exF4ained lo them and have a meeting wlh the existing Trustees to explain the aims and objectives of the Trust. There are no specific induction arrangements. Risk management statement The major risks, lo which the Ecole Polytechnique Charitable Trust is exposed, as identified by the Trustees and others, have been reviewed and control systems established lo miligale those risks. These risks are reviewed and monitored on an ongoing basis. OBJECTS, PJMS ACTIVITIES The primary charitable purpose for which the Ecole Polytechnique Charitable Trust was established is the advancement of education. Consistent wth that purpose the Trustees intend that the Trust should provide a focal point for the activities of the Fondalion de I'Ecole Polytechnique new fundraising Campaign in the United Kingdom. The Fondation de I'Ecole Polytechnique achieved ils second campaign in 2021, and began the silent phase of ils third campaign in 2022. The main thematics of this new campaign will be." EDUCATION Some examples of projects.. Bachelor and Graduate Degree Programs.. lo support neY established programs and attract high- potential international students to the Ecole Polytechnique, increasing ils outreach. Scholarships for Ingenieur Polytechnicien Bachelor and Graduate Programs. lo support oulslanding and deserving students. Scholarships for PhD and post4oc students ." to SLJPPOrt outstanding slLJdents, in particular whose research has lo do wlh sustainable development.
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 RESEARCH Some examples of projects.. 8ayeScale project ". The project aims to learn from data in order to predict, classify and make decisions. As ils name suggests, il focuses on Bayesian inference, lch makes it possible to evaluate the uncertainty in the decision. The SIRTA Atmospheric Research Observatory.. is one of few sites in Europe offering the inslrumentalion and the facilities lo study atmospheric physicoachemical processes from the surface to the upper troposphere through the boundary layer. ENTREPRENEURSHIP AND INNOVATION Some examples of projects.. Prototyping equipment.. to create, at the heart of the Drahi X Novation Center" a space for prololyping innovatDie objects with high entrepreneurial polenlial, and comkn'ne high-tech and comFlemenlary equipment (mechanics, electronics, sofbmare and 3D printing). This space will is open to all project promoters, whether they are students, PhD candidates, entrepreneurs from X-up (Ècole Polytechnique acceleralorl or from X-Tech, its incubator. INTERNATIONAL COOPERATION Some examples of projects.. Partnership programmes lo deploy a proactive pdicy developing high4evd International cooperation with strategic partners across the 5 conb'nenls IMIT, Lausanne and Zi)rich Pclytechnics, Technion, Tsinghua and Beida universities, etol through Double Degree agreements, joint research projects or scientific collaborations. X- Lebanon Emergency Fund.. the fund was created to provide emergency assistance lo Lebanon students of Ecole Polylechnique who are confronted to the crisis affecting their home country and facing a lack of resources. DIVERSITY AND EQUAL OPPORTUNMES An example of this project.. Support the Diversity programs.. to actively participate in the awess and dissemination of knedge for all through actions and grants, in favour of equal opportunities and gender equality. CAMPUS Some example of projects.. Support the refurbishment programme of the Ecole Polylechnique ". laboratories, entry hall, conference cenlers, stadium, elc. Provide funding to the construction programme at the Palaiseau Campus". Faculty Club, Math Building,
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The aim of the campaign is lo raise funds that wll be spent on specific project, included but not limited to those listed above. The intention is that the proceeds of the monies collected will be disbursed. Given that the campaign is seeking lo raise both permanently endowed funds and current funds, and given that there are defined campaign thematics (see above), gifts received by the Ecole Polytechnique Charitsble Trust are expected lo be capable of being categorized accordingly. Unrestricted gifts can also be made. ACHIEVEMENTS AND PERFORMANCE Since 2007, dale of creab.on of the Trust, income and expenditure Is as follows.. Incoming resources Year ended 3111212022 Restated Since 2007 Gifts collected from donors 263,152 3,994,584 429,900 100,732 238,000 4,763,216 Gift aid received 3,624 32 Investment income Gifts in kind 16,000 282,808 Resources expended Funds transferred to the Fondalion de I'Ecole polytechnique 326,510 4,067,410 Operating costs 6,175 396,612 332,685 4,464,022 Donations have been received from Alumni of of the Ecole Polylechnique who are currently resident in the UK The majority of the gifts were raised through the Annual Fund. In 2021, SquarePoint, pledged a major gift of 576,000 É to support Fondalion de I'École Polytechnique scholarships for the Ingénieur Polytechnicien program. The transfer payment of 192,000 É corresponds to the second inslalmenl of this gift, received in 2022. During the FY 2022, grants to Fondation de I'É¢ole Polytechnique were all(Thted lo the following projects". 192,000 É Itwo instalments tolalling É384,000 from SquarePoint to dale) to support Fondation de I'École Polytechnique scholarships for the Ingénieur Polytechnicien program 11x1,000 É for the purpose of funding EP Bachelor Programme Context of 2022 Due to the vacancy of the Campaign Director position, no large event took place in the UK in 2022. However, the Chairman and the Campaign Director invited few Alumni for an afterwork event in October 2022, to reconnect with the community. The Campaign Director also mel with major donors to discuss the new Campaign objectives.
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The EPCT also worked wth Lagotto Se1 to conduct prospect research in order to enrich its prospect list for the third campaign. INVESTMENT POLICY 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, lo be available when required, but also safeguarding, maximizing and growth of funds held in reserve. The charity consolidates all of the endowment funds which have been raised into an account owned and managed by the Ecole Polylechnique Charitable Trust with Sociélé Générale in Fran to ensure maximum retums for gift5 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 I'Ecole Polytechnique, The Ecole Polylechnique Charitable Trust and Friends of Ecole Polytechnique Inc. After a conlesl among five reputable international fund managers, the Finance Committee has appointed Société Générale. Each of the three aiKJve enlilies has a separate account open wth Société Générale. However, Sociélé Générale is viewng the three independent accounts as a single global customer. 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 lakes a variety of factors into account. Endowed funds will clearly need to be Irealed differently from expendable restricted funds that are expected lo be transferred to the school and spent. Ownership of the funds transferred for investment purposes remains with the Trust. In 2022, there was no transfer from the HSBC account to the Charitable Trust endowment account at Société Générale in France. This endowment account generated no income for the year ended 31 December 2022. BENEFIT STATEMENT The Trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefit when reviewng the charity's aims and objects and In planning future activities and selling 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 opeffitional management of the Trust. The Trustees are aware of the legal duly to apply charitable funds within a asOnable lime of receiving donations. It does not intend to keep funds in excess of its requirements.
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 GOING CONCERN The Trustees have assessed the impact of 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 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 Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financiaj statements, the Trustees are required to". select suitable accounting pclicies and then apply them consislenlly., observe the methods and prinuples in the Charities SORP 2019 IFRS 102} make judgements and estimates that are reasonable and prudent", slate whether applicakAe accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial stslements on the going concern basis unless it is inappropriate lo presume that the charity wll continue In operation. The Trustees are responsible for keeping proper accounting records that disclo with reasonable accuracy at any time the finanryal position of the charity and enable them to ensure that the financial stslements comply wth 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 delecb'on of fraud and other irregularities. Approved on behalf of the Board of Trustees Guillaume Cassou Chairman Date Zglo•/&LS
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ECOLE POLYfECHNIQUE CHARITABLE TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 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 wth the requirements of the Charities Act 2011 {'the Act'l- 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 appliCate Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confim that no material matters have come lo my attention in connection wlh the examinats.on giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with th0 records., or the accounts do not comFly wlh the applicatAe requirements concerning the form and content of accounts sel 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 examinab"on. I have no concerns and have come across no other mallers in connection the examination to which attention should be drawn in this report in order to enable a proFEr understanding of the accounts to be reached. Richard Vass FCA For and on behalf of Price Bailey LLP 8th Floor Dashwood House 69 Old Broad Street London EC2M 1QS Date: 31 August 2023
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Noteg As Restated Total 31 Dec 2021 Total 31 Dec 2022 Restricted Endovmient Funds Funds Income Income and Endowments from.. Donations and legacies.. Investments 282,776 32 282,776 32 316,438 Total income 282,808 282,808 316,438 Expenditure Charitable activities 1320,6401 1320,6401 1289,5701 Other 112,0451 112,0451 13,1511 Total expenditure 1332,6851 1332,6851 1292,7211 Nel incomellexpenditurel 149,8771 149,8771 23,717 Transfers between funds 184,465 1184,4651 Nel movement in funds 134,588 1184,4651 149,8771 23,717 Reconciliation of funds Total funds brought forward 129,0241 184,465 155,441 115,543 Prior year adjustment 116,181) 116,1811 {45,2051 184,465 139,260 115,543 Total funds carried forward 89,383 89,383 139,260 The notes on pages 9 to 15 form part of the accounts.
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 Notes Reststed 31 December 2021 31 Docembor 2022 Fixed Assets Investments 6,470 6,438 Current assetg Debtors Cash at bank and in hand 876 91,821 1,860 334,532 92,697 336,392 Liabilities". amounts falling due within one year 9,784 203,570 Nel currenl assets 82,913 132,822 Nel assets 89,383 139,260 Funds Restricted funds Endowment funds 89,383 145,2051 184,465 10 89,383 139,260 Approved by the trustees and signed on their behalf by.. Guillaume Cassou (Chairman) Trustee Oate: g610 The notes on pages g to 15 from part of these accounts.
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1 General infomation The Eccle Pclylechnique 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 stalemenls. The Trust's principal activity is the ccllection of donations within the UK for the Ecole Pclylechnique 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 charib.es preparing their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedive 1 January 20191 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Ecole Polytechnique Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilib.es recognised al historical cost or transaction value unless otherwise stsled in the relevant accounting policy notes. The Charity's functional and presentational currency is Euros. Income All incoming resources are included in the SOFA when the charity is legally entiued to the income and the amount can be quantified wth reasonable accuracy. Pledges received are not treated as income until they are honoured or the pledge becomes an irrevocable commitment lo the Trust. Expenditure Expenses are Irealed on an accruals basis and have been classified under headings that aggregate all costs related lo the category. Where costs cannot be direcuy attributed lo particular headings they have been allocated lo activits'es on a basis consistent wth use of the resources. Charitable activities are those costs incurred direcuy in support of expenditure on the objects of the charity. Governance costs are those incurred in connection wlh administration of the charity and compliance with constitutional and slatulory requirements. Taxation The Trust, being a charity, is not liable for income lax or corFX)ration lax. 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 ()f 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 al the discretion of the Trustees. The expendable endowment may also be spent at the absolute discretion of the trustees. Reslricled funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purpose&
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel 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 lo the charity as a donation, the contribution is induded 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 al the balance sheet dale. Transactions In foreign currencies are translated into Euros using the average rale for the quarter in which the transaction was undertaken. Exchange gains and losses are recognised in the Statement of Financia Acts"vibes. 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 al transaction value and subsequently measured al their settlement value wth the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Trade and other debtors are cogniSed al the selllemenl 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 dale 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 selllement amount after allowing for any trade discounts. Debtors Trade and other debtors recognised al the settlement amount due after any trade discount offered. Accrued income and tax recoverable is included al 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 measLJred 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 Mfith a short malLJrity of three months or less from the dale of acquisition or opening of the deposit or similar bond. 10
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Donations and legacies As Restated Total Total Endowment 310ecember 31 December funds 2022 2021 Restricted funds Donations Sundry donations 266,776 266,776 300,438 Gifts in kind Total administration 16,000 16,000 16,000 282,776 282,776 316,438 Donations and legacie8- prior year Restated Totsl Totsl Endowment 31 December 31 December funds 2021 2020 Restricted funds Donations Sundry donations 300,438 300,438 164,484 Gifts in kind Total adminislmtion 16,000 16,000 16,000 316,438 316,438 180,484 11
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 4 Total Exponditure Costs of charitable activities Total 31 Dec 2022 Other Costs Apportionment Accountancy and audit Other Costs Administration Exchange rale varian Bachelors Programme Scholarships for Ingénieur polytechniThen programme Direct Direct Direct Direct Direct 12,640 12,640 6,175 16,000 5,870 100,000 6,175 16,000 5,870 100,000 Direct 192,000 192,000 320,640 12,045 332,685 The total cost of charitable activities represents grants made lo Fondalion Ecc4e Polylechnique. Included within governance cost is E16,00012021'. É16,0001 relating lo the cost element of the gifts in kind income Isee note 31. During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses {2021. £NILI. Total Expenditure- prior year Costs of charitsble activities Restatgd 31 Dec 2021 Other Costs Apportionment Accountancy and audit Other costs Administration Exchange rale variance X Lebanon Emergency Fund Masters in S&T Scholarships Bachelors Programme Scholarships for Ingénieur polytechniaen programme SITRA Direct Direct Direct Direct Direct Direct Direct 8,892 8,892 3,179 16,000 1281 20,000 25,000 25,000 3,179 16,000 1281 20,000 25,000 25,000 Direct Direct 192,000 2,678 192,000 2,678 289,570 3,151 292,721 The 'Bachelors Scholarships Programme, name was changed to the 'Bachelors Programme, and the 'Inlernational scholarships, name changed to 'Scholarships for Ingénieur polylechnicien programme, al the beginning of the 2021 financial year. S Prlor year adjustment A prior year adjustment has been made within the Comparative period which reprented the duplication of income due to the enb"ly. This has now been reversed which has resulted in a fall in income of É16,181 in the prior year. 12
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 6 Fixgd Asset Invostments Societo Generalo Cost or Valuab'on At 1 January 2022 Movements 6,438 32 At 31 December 2022 6,470 7 Debt075 Amounts falling due Milhin one year As Restated 31 December 31 December 2022 2021 Gift aid recoverable 876 1,860 876 1,860 8 Liabilities Amounts falling due wlhin one year Restated 31 December 31 December 2022 2021 Accruals Bank overdraft 9,748 36 203,570 9,784 203,570 9 Restricted funds Restated Balances brought forward Balances carried forward Incoming resources Outgoing resources Transfers EP Sehdarship Fund The Ecole Polytechnique fund 141,9491 13,2561 (41,9491 131,332 282,808 1332,6851 184,465 145,2051 282,808 1332,6851 184,465 89,383 The International Fellow3hip Funds name was changed wlhin the year to the EP Scholarship Fund. 13
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Rgstrictod funds- prior ygar Restated Balances carried forward Balances brought forward Incoming resources Outgoing resources Transfers EP Schdarship Fund The Ecole Polytechnique fund 141,9491 126,9731 141,9491 13,2561 316,438 1292,7211 168,9221 316,438 1292,7211 145,2051 EP Scholarship Fund." this fund represents donations for scholarships. The income is generated from the endowment. The negab.ve restricted fund will be nated via future income relating lo this fund. The Ecole PoIytechnue Funtt. this fund was established to contribute to the advancement of education and knoedge in the fields of scientific research at the Ecde Polytechnique. 10 Endowment funds Balances brought forward Balances carried forward Incoming resources Outyoing resources Transfers Garaiald&Oppèlit-Rabale fund 184,465 1184,4651 184,465 1184,4651 The Garaialde-Oppetit-Rabate fund is used annually for excellence scholarships for international students, covering tuition expenses for 3 to 4 academic years. A transfer within the year has been made to The Eccle Pdytechnique fund from the endowment fund which represents monies reimbursed to this fund. 11 Related party transactions During the year grants of £192,000 12021.. É192,0001 were made to Fondation Ecole Polylechnique of which Trustee Jacques Garaialde is a board member. Al the year-end ÉNIL 12021.. ÉNIL) was owing lo Fondation Ecole PcAytechnique. There are no other related party transactions to note. 14
THE ECOLE POLYTECHNIQUE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12 Analysis of net assots betwegn funds Total Current 31 December Liabililies 2022 Assots Restricted funds 99,167 19,7841 89,383 99,167 19,7841 89,383 Analysis of net assets between funds- prior year Restated Current 31 December Liabililies 2021 Assets Restricted funds Endovwnenl fund$ 158,385 184,465 (203,5701 145,2051 184,485 342,830 1203,5701 139,280 13 Control The charity is conlrcAled by ils Trustees. 15