Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..20..$6GMT (UTC +0> D IM P 1n8 Registered number: 09784093 Charity number: 1168303 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..20..57GMT (UTC +0> D IM P2fJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) CONTENTS Page Roference and administralive details of tho Charity. its Trusteos and advisers Trustaes. report 3-12 Independent auditor's Teport on the financial slatsrnents 13-16 Statement of financial activities 17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20-35
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..20..$8GMT (UTC +0> D IM P2rJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Trustees Mrs M Broyé-Engelkes Mr S Damart (appointed 17 February 2021 } Pr R Dorandeu {resigned 4 February 20211 Mrs D Gallois-cochet (appointed 17 February 2021 } Mr F Georgel Pr S Mage-Bertomeu (resigned 8 February 2021) MrYLPNaud Company registered number 09784093 Charity ragistored number 1168303 Registered office 46-52 Pentonville Road London N1 9HF Websiie https=IAondon.dauphine.frl Senior management team Mrs Cécile Sansalone, Managing Director Ms Caroline Gautier, Dean of Studies {resigned July 2021) Ms Julie Bailly-maitre, Programmes Adminislralion Manager Ms Rachel Mclfjnney, Finance Officer Independent auditor James Cowper Kreslon Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers HSBC 39 Tottenham Court Road London W1T2AR Page 1
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..20..$9GMT (UTC +0> D IM P4rJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Solicitors EBL Miller Rosenfalck 17-18 Ae$bury St Clerkenwell London EC1R ODB Page 2
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21tX)GMT (UTC +0> D IM PVJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trustees present their annual report together wth the audited financial statements of the Paris-Dauphine Intemational for the 1 August 2020 to 31 July 2021. The annual report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the annual report and financial statements of the Charitable company eomply wth the current statutory requirements, the requirements of the charitsble companrfs goveming document and the provisi(ms of the Statement of Recommended Practice (SORP) appliGable to Gharitie5 preparing their aGGounts in aGG0rdan with the FinaTrGial Reporknng Standard applicable in the UK and Republic of Ireland {FRS1021 {effeclive 1 January 2019). Since the Charity qualffie5 as small under section 382 of the Companies Act 2006. the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. The company also operates under the name Dauphine London, Universrté Paris-Dauphine London campus and PDI. The Trustees are also Directors of Paris Dauphine Intemati¢aI for the purposes of company law. The Trustees present their Annual Report, that evidence the Value for Money the Charity delivers. for both the public and its students benefft. COVID-19 PANDEMIC Since the outbreak of the virus in early 2020, we have been monitoring developments very closely. The safety and wellbeing of all our students and staff has been our priority. The pandemic has severely impacted our activities in 2020-21. We have closely monitored the situation and regulady updated our Covid-19 risk assessment. A blended study plan and rigorous health and safety protocols were implemented throughoLrt the entire academic year, in line Mqth both the Université Paris Dauphine - PSL guidelines and the UK govemment. DfES and Ofs guidelines. Objectives and activities Strategies and priorities The Charity's objectives, as set out in its Memorandum of Association, are the advancement of education for the public benefit, particularly by.. Attracting the best and brighlesl talent regardless of their soctoéconomic background, their age. their gender, or their ethnicity. We believe that divèrsity is a strong asset to any organisation. and we are ojnscious of the range of barrier5 to aCssing higher education. Providing course5 of education that lead to awards from Université ParÈs Dauphine - PSL whi15t meeting both French and English quality standards for Higher Education provision. Prorrting research for the public benefit in all aspects and to publish the useful results. The principal aim of Paris Dauphine Inlemational lor Yhe School. andlor Yhe London campus. andlor the "Charity, andlor"Université Paris Dauphine- PSL, London campus°} is to educate students in the city of London in accordance Mqth the standards of the Université Paris Dauphine - PSL and the Quality Assurance Agency {QAAI. The best ofParis education in tha haart ofLondon is our motto. Page 3
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21Q1 GMT (UTC +0> D IM P PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Objectives and activities (continued) Dauphine London priorities are as follows= ensuring that each student is enabled to fulfil his or her potential and to achieve the best possible academic results- constantly improving our student satisfaction and offerTrng them the best global experience which wll enrich their lives and career prospects; continuing to grow and to develop innovats've programmes that combine individual and personal guidance. strong crossullural input and creativity for the public benefrt. having a positive impact on local and intemalional communities For the 2019-2021 pericl, three strategic objectives were set out by the Board of Directors.. Mitigate the Brexit risk of entry conditions lo UK for our students (see risk management section below). Further enhan the quality of our student experien. Pursue gro and develop new programmes. The mits"gab"on of the pandemic impacts on our organisation imposed itself de facto as an ongoing priorty throughout the 2020-21 academic year, in the contex of a dyssynchrony of the sanitary situation betrween France and the United Kingdom. The 2021-2023 priorities remain to mitigate the impacts of both the Brexit and the pandemic. and to pursue growth and development of new programmes- for executive audiences in particular. Activities undertaken to achieve objective5 Dauphine London's main activities of the 202Tr21 year were as follows: Delivery of our Bachelor's in Economics and Management programme The three years of this undergraduate course were delivered to a totsl of 210 students184 Year-1 students, 101 year-2 students and 26 year-3 students). This programme leads lo the award of the 'DiplOme de Grand Etabliss&mant Licenc6 Sthences des Organisations" from the Universilé Paris Dauphine - PSL. Thanks lo a cooperation agreement wqth University College London, our undergraduate students have access to UCL student facilities. sports and societies. Our undergraduate sbjdents also study foreign language5 at the UCL Centre for Languages and International Education. Multilingualism is one of the aims of this programme. The programme a150 includes a wde range of extracurricular activities such as seminars, local trips, sport and social events. This year, the delivery of the programme was significantw impacted by the pandemic. The programme was delniered on a blended mode throughout the first semester (September - December 20201.. around 50% of asses on-campus in small "bubble groups" enablirg a 1.5m+ socsal distancing in all the dassrooms. and the rest online in bubble or bigger groups. The second semester was impacted by the Winter lockdown which applied to all the UK from earfy January 2021. In line wth the academic guidelines of the Universilé Paris Dauphine PSL. most of the BEM final exams scheduled in January were postponed to the first practicable date. which occurred to be in April 2021. Some final written exams were converted to oral online exams. enabling students lo lake them in January. All classes were fully held online. In line with the govemment regulations, the campus reopened ils doors in April. under a very strict Covid-19 protocol. Substitution exam sessions were organised. in additional to the usual iesit exams session which takes place in late June. Several meetings were held with student repTe5entatives and Sdent ambassadors to listen lo the student voice and define adequate adjustment5 and support. Page 4
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21Q2GMT (UTC +0> D IM P 7rJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Objectives and activities (continued) Despite this challenging context, our student surveys have remained satisfactory.. 87.5% of the first-semester modules and 75Qh of the second-semester modules received a student average grade comprised beeen 4 and 515. On each of the followng items, students were invited to give a score from 1 to 5: Did you feel you leamt a lot from thi5 module? Were you stimulated by the class intellectuall Were the on4ine class sessions well prepared? Were the on campus class sessions well prepared? Were the texts, readings, class notes, important lo your understanding of the subiect? Were the criteria fcsr grading deady explained? Did the quizlmidtemi testsloral presentation fairfy assess the knovAedge that you acquired? Was the lecturer fair in hislher dealing with Students? Was Ihere a positive and arni¢ atmosphere in the dass? Woukl you like to take another course with this lecture Delivery of a new semester programme: the LSO 2 Law track semester In cooperation with the Licenc61 Sciences des Organisalions - Filièr61 Droit {Bachelor's in Organisation sciences Law Irackl, we have developed a one-semesler programme open to the second-year students of the Licence Sciences des OrganIsatnS- Filière Droit. This study abroad programme lakes place from January to May and enables students bè fully immersè in thé London campus student body. It is an opportunity for thèm to enhance their English language and communication skills, to experience the British approach of Higher Education, enjoy the London campus extracurricular and co-curriculai activities and immerse in the vibrant and cross-cultural life in London. The curriculum is similar to the one of the Bachelor's in Economics and Management year 2- second semester and in addition includes specific advanced Law modules, consislenl with the kncence Scienc8s des Organisations- FilièTr Droit requirements. In 20-21, a total of 22 students joined the LSO Law track semester. Continuation of the efforts to meet the Ofs and QAA criteria of an English HEP In line wth the Office for Students requirements. we have continued to fomialise, review and strengthen our Quality policies, processes and procedures, based on the recommendations QAA lQuality Assurance Agency for Higher Educationl provided us wqth in 2019. We have benefited from the advice of external consultants, professionals and ex*ernal examiners_ We have aligned most of our general student surveys on the National student Survey INSS) and have increased our efforts to meet the core practices and standards of the HE Quality Code. We have also clarified further our academic goverrnCe. Our Board of Directors has decided to establish one Course Board for each course leading lo the award rf academic credits from the Université Paris Dauphine - PSL. and the temis of reference of our Board of Directors and Academic Board have been updated. In June 2021. the Ofs confimied that they had asked the QA4 to undertake a Quality Stsndards Review {QSR}. which stsrted taking place in September 2021 and included a visit, which was conducted online in November 2021. In January 2022, QAA finalised their QSR repDrt, which conclude5 that we meet the Core practices of the UK Quality Code for Higher Education {the Quality Code). QAA sent their report to the offi for Student5, who is expected to provide us with an update on the registration process shorlly. Delivery of the Summer schools In June and July 2021, we delivered two summer school prc4rammes'. The Intemational Summer School12 and >weeks programme) The Finance Summer School (3 to 6-week programmel Page 5
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21Q3GMT (UTC +0> D IM P8rJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Objectives and activities (continued) Our immersive summer schools are suitable for current universty students, recent graduates, and those at the start of their careers. In the context of the pandemic, we offered bwo options.. on-campus and fLtrlly online summer schools. A total of 33 students, from nine nationalities, attended our 2021 summer schools. Two students came from Université Paris Dauphine- PSL'S partner Universidad del Salvador (Argentinal. Delivery of a summer carnp for secondary school students This 3-day summer camp was designed for 16 years old+ secondary school students who have the desire to leam Economics andlor Management. with the objective to give them a glimpse of what it is like to study in a higher education setting. Through carefully planned workshops, activities and lectures, participants will be able to develop a business thinking mindset. gain new knowledge and discover Economics and Management theories that they can use at a university level. Executive study trip5 We have designed and ensured the smooth delivery of a one-week study trip for the students of the Université Paris Dauphine - PSL Executive MBA. Initially planned lo be held in-person, this study trip was fijlly delivered remotely in Apnl 2021. Start-ups Incubator During the 2020-21 academic year, the London campus start-ups incubator welcomed a total of five start-ups: Protect My Pet Reachx Yayzy Finteum Supercharger Ventures In the context of the pandemic, the Incubator has designed an online service offering. which includes workshops. coaching, online netwo1ng events and one-to-one guidance. Consulting seThicas In 2020-21, we finalised the delivery of a pre51ation for the European Bank of Reconstruction and Development {EBRDI regarding the design of a financAal market index. Strengthening links with external organisations In the year of account, the School partnered wqth University College London, the KTr0edge Quarter, the Cty and Islington College, the Islington Sustainabilty Energy Partnership and the French Chamber of Commerce in Great Britain. Main activities undertaken lo further the Charitys purposes for the public benefit The Trustees have considered the guidance on public benefft published by the Charity Ccmmission and desire to maintain the advancement of education as the main purpose of the company by increasing skills and knowledge of Paris Dauphine Intemalional students. The Trustees share the belief that improving the skills and knowledge of Paris Dauphine International students does provide public benefit in itself as ils dissemination wll contribute to better Society as a whole. It is noted that our non-conlinuation rates are low. as per the table below= Page 6
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21..04 GMT (UTC +0> D IM PgrJ8 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Objectives and activities (continued) Nonwcontinuation rates of the Bachelorfs in Economics and Management students following year of entry: full-time first-degree entrants Year of withdrawals 4.80 Anal Change of studies area not available at Dauphine London (Medicine- sis 2015-16 Relocation to France Chan e of studies area not available at Dau hine London Biol Relocation to France exce tional and ersonal circumstances Personal circumstances. Change of studies area not available at Dauphine London (Foreign languages, Physiotherapy. Architecture. Law 2016-17 2017-18 2018-19 2019-20 0.6% 8.6& PersoTral circumstance5. Change of studies area not available at the London campus IArts, P5ycholoxJy, Law, Politcal Science) Personal circumstance5. 2020-21 6% To ensure on-going public benefit the Charity also provides significant financial support for students from all backgrounds in funding thèir scholarship and their eost of living in London for those who would otherwse not able to afford it. Application for bursaries scholarships is available to all who meet the general entry requirements of the Schwl and are made on the basis of means and academic merits, by a Bursary and Scholarship Committee. The availability of bursaries and scholarships is advertised on our website. In 2020-21, we have allocated additional funds to help students lo deal with the Covid-19 situation (help to fund Covid-19 tests. required for them to travel back home for Instan). Free tuition fees °kn of the student bod 8.2010 11% 9.2• 7.60 Additional fundin Number of Totsl spent beneficiaries £k 13 63 12 47.6 31 53 33 60 67 81.8 Total Total spent £k 147.6 198 194 210.4 289.9 Number of beneficiaries Total spent £k 2016-17 2017-18 2018-19 2019-20 2020-21 16 15 16 25 150.4 141 150.4 208.1 Followng the temis of the engagement strategy agreed wth the Counryl of Islington in 2018 which aims to raise the aspirations of young students through higher education. targeting in particular the schools that perfom below the nation21 average of GCSE or A Level andlor suffer from SOO-eConoMiC disadvantage, the Charity stsrted providing free French and Mathematics classes to year 12 and 13 local pupils from February 2019. In 2020-21: Six workshops about maths for business and )Inance from an experienced lecturer in statistics and mathematics were delivered to year 12 and 13 pupils. Sixly-three hours of French sessions were given by competent students to pupils of City and Islington College ICANDII to help in preparing for their oral examination a5 part of the French A- level. Page 7
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21U5GMT (UTC +0> D IM P 10128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Objectives and activities (continued) During this period, the School also offered several seminars, open to the public and free, contributtng to the education for the public benefrt= 25 November 2020- Marketing in the pandemic era 21 January 2021= Wellbeing and Stress management education webinar 11 February 2021= Britain post-Brexil relations wlh the EU 31 March 2021= Digital Economy- Understanding the British Supreme Court °Uberf' 29 April 2021.. How did the pandemic change China? Paris Dauphine Intemational is an equal opportunity organisalion committed to creating an environment which is free from any form of discrimination based on race, ethnicity, religion. sex, sexual orientation, philosophical beliefs. age or disability. We are committed to safeguarding the welfare of our students and staff al all times and will make reasonable adjustments to meet the needs of staff or students who are or become disabled. Further details are available in our Equality of Opportunities policy and our Student Welfare and Wellbeing policies. Achievernents and performance Key performance indicators The total income of the School for the period ended 31 of July 2021 was £2,333k wth net income of £105k. Reserves at the end of the year were £714k of which £693k are unrestricted. Full scholarships were provided to 25 students totalling £208k. An additional £82k was awarded to 67 students to support their cost of living in the UK. Investment policy and perfomiance Followng the extensive refrtting out of the campus completed in 2018, no subslanlial investments was made in 2019-20. In line with the Covid-19 Taskforce guiding principles. further investment aiming at improving our online and hybrid leaching provision capacity is planned in 2020-21. This includes, but is not limited to, WiFi coverage and purchase of electronie equipmenl. Environmental and sustainability policies Dauphine London recognises that it has a responsibilrty to help to protect the environment and encourage more sustainable environment beyond strict compliance with all relevant regulations and legislations. Thus, the mpus daily implements an ambitious e¢ologi¢al & sustainability policy.. Raising the awareness of students and staff about a more sustainable world Systematically encouraging. °Reduce, recycle, reuse" activrties in all areas of Dauphine London Incorporating sustainability issues in all our curricula Launching extra-curricular projects to raise students, awareness Managing our building. offices and classrooms in the most sustainable manner Constantly working al reducing our carbon footprint Sustainable waste management Sustainable stationery and printing practice In 2018. we joined the Islington Sustainable Energy Partnership (ISEPI. Page 8
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21U5GMT (UTC +0> D IM P 11138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going conrn basis in preparing the financial statements. Further details regarding the adoption of the going COnM basis can be found in the a¢countsng P)lle$. Reserves policy The policy of the Charity is to hold sufficient funds in reserye in order to enable courses to be completed in the event of incomes level falling unexpectedly and to be able lo pay all of its committed obligations. Risk managernent The Trustees of the Charity are responsible for the rnanagement of risks potentially facing the Charity- Risks are identified and assessed, and the risk register is reviewed at each Board of Directors meeting. The major risks and uncertainties which the Trustees seek to mitigate at all times are as follows- student recruitment could fall below target. F0caSts for recruitment figures a always considered caub'ously. Brexit still creates uncertainty specthcally regarding the condibons of enty into the UK of Paris Dauphine Intemational's full-time EU students. In May 2021, we obtained a Student Visa licence from the UKVI based on a status of 'Overseas Higher Education Instittjtion" This has enabled us to sponsor student visas for the 2021-22 intake. However, the status of 'Overseas HEI" requires the London campus to deliver no more than 500kn of the length of any course. We hoFe we Mqll finalise our registration with the Office for Students IOfSI as °English Higher Education Providerf in 2022 to be able lo extend our student visa to 1000kn of the lenoh of their courses. The registration process Mqth the Ofs, engaged in November 2019 is still ongoing at the time of printing this report. Should the registration with the Ofs not be completed on time for the 2022-23 enrolment, the contingency plans we have defined in 2021 will be implemented. Student visas for Europeans do not concern our short prcurammes (less than 6 month51. The School continues to hire and retain high quality academic staff to continue to improve the quality of the programmes. Staff are encouraged lo identify their own development needs and engage in continuing professional development. An appropriate indLtction is provided for all new staff. and this is followed by ongoing mentoring support, such as staff development aclivib"es, observations and opportunities for refteclive practice. AJI academic staff are supported to apply for Advance HE IHEAI or Senior Advance HE ISHEAI Fellowship. In July 2021, we recruited a new Chair to our Academic Board, Pr. Alice Mesnard. an eXperIend Reader in Economics al City, University London who also has the status of Full Professor in France. Pr. Mesnard brings a weatth of expertise and skills to our academic team_ The Covid-19 pandemic could have an impact on the School's recruitment targets and our ability to operate. This risk is carefully monitored by the senior management team. In 21>21, we have invested in online teaching resources and our key academic staff have developed online teaching expertise. Accidents and damages lo the building is a risk that is mitigated by insurances. Risks and insurance assessments are carried out annually. These risks were assessed, monitored, reviewed and mitigated throughout the year by the Managing Director and by the Board of Directors. The Trustees are satisfied that the identified Ma1 risks have been adequately mitigated. Page 9
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 I8..21¢T (UTC +0> D IM P 12128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Structure, govemance and management Constitution The company is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 18 September 2015. The company is conslituled under a Memorandum of Association dated 18 September 2015 and is a registered charity number 1168303. The principal object of the company is to provide education for the public benefit particularty by providing courses of education that lead to awards of the Université Paris-Dauphine and promoting research for the public benefit. Methods of appointmom or election of Trusiees The overall management of the company is the responsibility of the Trustees who are elected and cLpIed under the terms of the Article5 of Association. Organisational structure and decision-making policies strategic decisions are made by Paris Dauphine International Board of Directors. The role of the Board is to oversee the stewardship, accountability and leadership of Paris Dauphine International providing clear sighted counsel on its strategic direction and alignment to its Vision. Values and PutFM)se. The Board of Directors considers the followng key areas= strategy and Development Academic and Programmes Quality student Experience Quality Risks Management Financial Sustainability Organisation and Human Resources Partnerships The Board of Directors comprise5 the five Trustees of Paris Dauphine Intemational. The Board of Directors meets three to four limes per year and is the body wth ultimate decision-making powers. It usually welcomes guests, such as the President of Université Paris Dauphine - PSL, the Managing Director of Université Paris- Dauphine - PSL and the VICPresIdent in charge of International Affairs so that consistency and alignment with the Université's standards regarding quality are ensured. The Board of Directors is organised by the Managing Director of Paris Dauphine International and the Chair of the Academic Board also attends the Board of Directors. The Dauphine London Student Union IDLSUI President, elected by the entire student body for an annual mandate, is also invited to attend part of the Board meetings as a student representative. The student Union has four main aims and objectives.. Advance the education of the students of Université Paris Dauphine- PSL, London. Promote and protect the welfare of all students who are members of the DLSU. Represent the interests of the students and act as a channel of communication. Promote students, societies, dubs. sports. social and cultural activities within the campus. Academic quality and academic freedom are core vaues of Pari5 Dauphine International. The Board of Directors delegates the responsibility to ensure the highest stsndards of academic provision across all programme5 to the Academic Board. The Academic Board maintains oversight of academic poliaes, establishes and promotes innovative qualty enhancement initiatives in teaching and leaming, and ensures a robust and rigorous quality assurance framework to support academic excellence across Paris Dauphine Intemalional. The Academic Board meets al least three times per year. Furthermore, there is one Course Board per Course leading to the award of academic credits I degree by Universilé Paris Dauphine- PSL which meets On to trNice a year. Page 10
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21rf)7GMT (UTC +0> D IM P 13138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Structure, govemance and management {continuedl The Bachelor's in Economics and Management Course Board The Summer programmes Course Board The L2 LSO Law track Course Board The Course Board guarantee the honwjgeneity betsveen the London campus and the Parisian programme. The oversight of the da*tO-day management of Paris Dauphine International is the responsibility of the Managing Director. By decision of the Board of Directors in June 2021, the Extra-curricular activities Committee began the Student Life Committee. now co-chaired by the President of the Dauphine London Student Union IDLSU) and the Dean of Student Life. This new design followed numerous discussions wth the students. the Student Lrfe team and the Management. and includes the creation of sutrTrts)mmittees. managed by DLSU Officers". Entertainment, Societies and Club Committee Weware and Wellbeing Committee The Bursary and Scholarship Committee meets trNo to three times per year to decide the allocatson of student bursaries and scholarships. It indudes one lo bNO Trustees, the Managing Director and the Finance Officer. Policies adopted for the induction and training of Trustees Trustees are selected on the basis of their knovAedge in a specific field. Trustees are inducted by the Chairman of the Board with the support of the Managing Director. They benefit from regular briefings and advice from extemal professionals hired or retained by Paris Dauphine Inlemational, including bul not limited lo a¢countants, payroll service provider, cy)nsultants or lawyers. Pay policy for sonior staff The level of pay for the senior staff at Paris Dauphine Intemational is decided by the Board of Trustees. Plans for future peTiods In line with our charitable objectives. we wll continue to invest in faculty and ils physical and online learning environment with the aim of mitigating the temporary impacts of both the pandemic and the Brexit and making a positive contribution to the intemational strategy of Universilé Paris Dauphine- PSL. Developing online leaching expertise is a key obje1Ve which will support both this short and medium-temi goals. We also aim at developing graduate programme5 and short programmes. induding exeuitive education courses, COnferenS and seminars in the fijture. The launch of an Executive MBA is scheduled in 2022. Finally, we aim at registering wqth the offi for Students as earfy as possible. Ststement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 Chartty and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. Page 11
TransadiDn Ref. 8J4V-FQE0CNC 04 Mar2022 1821..08GMT (UTC 40> D 111 P 14138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Statement of Trustees. responsibilities (CONTINUED) select surtable accounb.ng policÈes and then apply them consistently,. observe the methods and principle5 of the Charitie5 SORP {FRS 1021," make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements", prepare the finanual statements on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Chartys transactions and disclose wth reasonable accuracy at any b.me the financial position of the Charity and enable them lo ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who are Trustees at the time when this Trustees. report is approved has confinned that: so far as that Trustee is aware. there is no relevant audit information of which the chariws auditor is unaware, and that Trustee has taken all the Steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditor, James Cowper Kreston. has indicated his willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the member5 of the board of Trustees and signed on their behalf by.. MrYLPNaud Trustee Dale= Mrs C Sansalone Managing Director 02 March 2022 04 March 2022 Page 12
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21Q9GMT (UTC +0> D IM P 15138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS DAUPHINE INTERNATIONAL Opinion We have audited the financial statements of Paris Dauphine Intemational {the 'chariW) for the year ended 31 July 2021 which comprise the Statement of financial activities. the balance sheet, Ihe statement of cash flows and the related notes. including a summary of signifficanl accounting policie5. The financial reporting framework that ha5 been applied in their preparation 15 appliGa14e law and United Kingdoni AGCOUtrting Standard5, inGluding Financial Repottng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdc*n Generally Accepted Accounting Practice). In our opinion the financial staternents= give a true and fair eW of the state of the charitable companys affairs as at 31 July 2021 and of rts incoming resources and application of resources, including its income and expenditure 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 requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the United lthngdom. including the Financial Reporting Counal'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 lo provide a basis for our cpinion. Conclusions relating to going concern In auditing the financial slatements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the ffinanal statements is appropriate. Based on the woth we have perfom)ed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least trNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this rewL Page 13
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21..10GMT (UTC +0> D IM P 16128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS DAUPHINE INTERNATIONAL {CONTINUED) Other information The other information comprises the infomiation induded in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information ts)ntained within the annual report. opinion on the finanGial 5tatenients doe5 not Gover the other information and. except to the extent othetwse explicilly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be malerrally misstated. If we identrfy such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude that there is a material misstatement of this other informats"on, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the wort undertaken in the course of the audit.. the infomiation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Tru5tee5' report ha5 been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and understanding of the charitable company and its environment obtained in the COUTse of the audit. we have not identified material misstatements in the Trustees. report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if. in our opinion- adequate accounting records have not been kept, or retLtrns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement wth the accounting records and retums" or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance wqth the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees. report and from the requirement to prepare a Strategic report. Responsibilities of trustee5 As explained more fully in the trustees, responsibilities statement, the Trustees {who are also the directors of the charitable company for the Purposes of company lawl are responsible for the preparats.on of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees delemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing Ihe charitable companys ability to continue as a going concem. disclosing, as applicable. matters related lo going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 14
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21'.11 GMT (UTC +0> D IM P 17138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS DAUPHINE INTERNATIONAL {CONTINUED) Auditor's rosponsibilities for the audit of tha financial ststem6nis Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and to issue an auditorfs report that includes our opinion. Rea50nable assuran is a high level of a55uranGe, but 15 not a guarantee Ihat an audit conduGted in accordance ISAS {UK) will apways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually OT in Ihe aggregate, they could reasonably expected to influence the economic decisions of users taken on the basis of these financial 5ts1ements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilib"es, outlined above, to detect material misstatements in respect of irregularib"es, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management, those charged with govemance around actual and potential liligalion and daims- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations- Reviewing minutes of meetings of those charL*d with govemance., Reviewing inlemal audit reports- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of contro15. including testirHJ of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nom)al course of bUneSS and revieing acc(yJnting estimates for bias. Because of the inherent limitations of an audit, IheTe is a risk that we Mqll not detect all irregularities, induding those leading to a material mi5Stalement in the financial Statements or non-complian with regulation. This risk increases the more that compliance wqth a law OT regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complian. The risk is also greater regarding irregularities occurring due lo fraud rather than eOr, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Finanal Reporting Council's website at.. wwi This description foms part of our auditorfs report. Usa of our report This report is made solely to the charitable compan15 members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable compan15 member5 those matters we are required to state to them in an auditorfs report and for no other purpose. To the fijllest extent permitted by law. we do not accept or assume responsibilty to anyone other than the charitable company and its members, as a body. for our audit work, for this report. or for the opinions we have fomied. Page 15
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21.'12GMT (UTC +0> D IM P 18128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS DAUPHINE INTERNATIONAL {CONTINUED) Michael Farwell MA FCA DChA (senior statutory auditor) for and on behalf of James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Dale= 2110312022 Page 16
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21.'12GMT (UTC +0> D IM P 19128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021 Uniesirieted funds 2021 Restricied fun(ts 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 40,738 2.284.207 7.315 1.003 40,738 2.284,207 7,315 1,003 It5,383 1,977,397 42.615 3.139 Total income 2,333,263 2,333,263 2, 138,534 Expenditure on: Raising funds Charitable activities 35,889 1,977.031 2.227.896 2.227,896 Total expenditure 2.227,896 2,227,896 2,012,920 Not incomel lexpendituro) 105.367 105,367 725,614 Net movement in funds Reconciliation of funds: 105.367 105,367 125,614 Total funds brought fotward Net movement in funds 587.316 105.367 21.623 608,939 105,367 483,325 125.614 Total funds carried forward 692,683 21.623 714,306 608,939 The notes on pages 20 to 35 fom part of these ffinanal statements. Page 17
TransadiDn Ref. 8J4V-FQE0CNC 04 Mar2022 1821.'13GMT (UTC 40> D 111 P 20128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) REGISTERED NUMBER: 09784093 BALANCE SHEET AS AT 31 JULY 2021 2021 2020 Note Fixed assets Tangible assets Current assets 186.361 210,534 Debtors Cash at bank and in hand 12 1,675.184 1,363,777 2,001.082 t. 113. 734 3,038,901 3, Y14,816 Creditors.. amounts falling due wthin one year 13 12,511.0161 {2.7t6,411) Not current assets 527.945 398,405 Total net assets 714,306 608,939 Charity funds Reslricled funds 14 21.623 692.683 21,623 587,316 unrestll.cted funds 14 Total funds 714,306 608,939 The financial statements have been prepared in accordance wth the provisions applicable to entities subject to the small companies regime. The financial stslements were approved and authorised for issue by the Trustees and signed on their behalf by.. 182Q.S2GMrry5rc MrYLPNaud Trustee Mrs C Sansalone Managing Director Dale= 02 March 2022 04 March 2022 The notes on pages 20 to 35 fomi part of these financial statements. Page 18
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21'.14 GMT (UTC +0> D IM P21138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Noi8 Cash flows from operating activitios Nel cash used in operating activities 17 258,108 259,444 Cash flows from investing activities Purchase of tangible fixed assets Interest on investments (9,068) 1.003 {2,832J 3,139 Net cash {u5ed inllprovided by investing activitie5 (8,065) 307 Change in cash and cash equivalents in the year 250.043 259.751 Cash and cash equivalents al the beginning of the year 1.113.734 853,983 Cash and cash equivalents al the end of the year 18 1,363.777 1, 113, 734 The notes on pages 20 10 35 fom part of these financial statemenls Page 19
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21'.15GMT (UTC +0> D IM PL128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting polieies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Paris Dauphine Intemalional meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise slated in the relevant aCCntIng policy. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 1.3 Going concern The Trustees have considered the impact of the global Covid-19 pandemic and Brexit on the ability of Ihe thaiitable o)nipany lo continue operating for the foreSeeae future. The charitsble company continues to assess the ongoing impact of the Covid-19 on ils forecast business activities having regard lo the geographic spread of its student population, and the potential for reduced activity during 2022 and 2023. The charitable company also faces Brexf( impacts. specifically relating to the ability to sponsor visas for foreign students. which comprise a material portion of our enrolment. In May 2021. UK Visas and Immigration IUKVI} grar)ted us Mqth our application to become a licerFsed Sponsor under the Student route of the points-based stem. This lic?nse enables us to sponsor stLsdenl visas for the duration of up to 500kn of the length of any educational course. UKVI confimied that as soon as we wll fully qualify as 'English HEP, as per the Office for Students IOFSI our sponsor license will be converted to an 'English HEP, license, enabling us lo sponsor visas for 1000/0 of the duration of our educational courses. In January 2022, we received a positive QAA Quality and Standards Review, and therefore consider the assumption of a registration wth the Office for Students by June 2022 as likely. Should the registration be delayed fvrther, we have contingency plans Teady to be implemented. As part of the financial statements preparation process. the Trustees have considered stressed liquidity scenarios and remain confident Ihal there is no material uncertainty on ils ability to continue as a goiiig concern and therefore believe tliat the financial ststeinents have been prepared appropriately on the going concern basis. Page 20
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21'.16GMT (UTC +0> D IM PYJ138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting polieies {continuodl 1.4 Income AJI income is recognised once the company has entiuement to the income, it is probable that the inconie wll be el¥ed and the atnount of iTrGome reGeivable can be measured reliably. Grants are included in the stslement of ffinancial activitie5 on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balan sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 1.5 Government grants Govemment grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of finanaal activities as the related expenditure is incurred. Page 21
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21'.17GMT (UTC +0> D IM P24128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting polieies {continuodl 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it 15 probable thal a transfer of eGOllOtniG benefits will be required in 5ettletnent and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betrween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciab.on charges allocated on the porb.on of the assefs use. Support costs are those incurred directEy in support of expenditure on the objects of the tharity. Govemance costs are those incurTed in connection with administration of the charity and compliance with constitutional and statutory requirements. Charitable activities and govemance cosls are costs incurred on the chariws educational operations. including support costs relating to the goeManCe of the charity apportioned to charitable activities. 1.7 Tangible fixed a558ts and depreciation Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the oJst or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed a5set5 are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefvl lives. using the straight4ine method. Depreciation is provided on the following bases= Leasehold improvements Computer equipment Office equipment 10% straight line 33% straight line 330kn straight line 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highty liquid investments Mqlh a short malurrty of three ny)nths or less from the date of acquisition or opening of the deposit or similar account. Page 22
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21.'18GMT (UTC +0> D IM P25138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting polieies {continuodl 1.10 Liabilitias Liabilities are recognised when there is an obligation at the balance Sheet date as a result of a past evenl, it 15 probable that a Iransfer of eGonomiG benefit will be qubred in settlement, and the amount of the settlement can be estimated reliably. Liabilitie5 are recognised at the amount that the Charity anticipales it wqll pay lo settle the debt or the amount it has reiVed as advanced payment5 for the goods or servi5 it musl provide. 1.11 Financial instruments The Charrty onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments_ Basic financial instruments are initially reecniSed al transaction value and subsequenlty measured at their settlement value. 1.12 Foreign curroncies Monetary assets and liabilities denominated in foreign currencies are translated into steding at rates of exchange ruling at the repc4ling date. Transactions in foreign currencies are translated into steding at the rale ruling on the date of the transaction. Exchange gains and losses are reccgnised in the Statement of Financial Activities. 1.13 Pensions The Charrty operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company lo the fund in respect of the year. 1.14 Fund accounting General fvnds are unreslricled fvnds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds 1¢h 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 fund5 are charged again51 the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 23
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..21.'19GMT (UTC +0> D IM P26128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluat4 and are based on historical experience and other factors. including expectstions of future events that are believed to be reasonable under the Circumstances. Critical accounting estimates and assumptions.. The Charity makes estimate5 and assumptions conceming the future. The resuhing accounting estimates and assumptions will, by definition. seldom equal the related actual results. The e5timale5 and assumptions that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities wqthin the next financial year are discussed below. Critical areas of judgment: Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Income frorn donations and legacies Unrastrictod funds 2021 Total funds 2021 Total ftinds 2020 Donations 22,093 18.645 22,093 18,645 98,198 17,185 Grants 40.738 40,738 115.383 Total 2020 115.383 115,383 Page 24
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2120GMT (UTC +0> D IM P27138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Ineoma from charitable activities Unrestricted funds 2021 Total funds 2021 Total ftinds 2020 Tuition fees 2,216,360 17.847 50,000 2.216.360 17.847 50.000 1,945.149 31.898 350 Educational study Executive education fees Total 2021 2,284,207 2,284.207 1,977,397 Total 2020 1,977,397 1,977,397 2021 2020 Tuition fo8s1oxcluding summar school) Lèss scholarships and bursaries 2,150.895 (289.886) 1,952. 796 (217.868) 1,861,009 1, 734,928 Income from other trading activities Unr8strieted Restrictod funds funds 2021 2021 Total funds 2021 Total funds 2020 Lettrng income Sundiy iii(xYne Gala dinner 8.055 17401 8,055 (740} 23.777 4,608 14,232 7,315 7,315 42,615 Total 2020 33,472 9,143 42,615 Page 25
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2120GMT (UTC +0> D IM P28128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Investmenl income Unrestricied funds 2021 Total funds 2021 Total fvnds 2020 Bank interest 1.003 1.003 3.t39 Total 2020 3,139 3,139 Analysis of oxpenditure by activitias Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Total funds 2020 Direct C051s 2,031,838 196,058 2,227,896 1,977,031 Total 2020 1,834,324 142, 707 1,977,031 Page 26
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2121 GMT (UTC +0> D IM P29128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of oxponditure by activities (continued) Analysis of direct cosis Total funds 2021 Total funds 2020 Staff cost5 808.735 207.708 20.680 103,780 572,345 7,300 289.886 695, 753 182.178 10. 103 103,432 594,401 7,650 2t7,868 Royalties Other staff costs UCL fees Premises expenses Student society expenses Scholarship costs Summer school expenditure Extra curricular activities li 500 10.114 10.790 930 t6.556 5,453 PedaJogical costs 2,031.838 1,834,324 Page 27
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2122GMT (UTC +0> D IM P20128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of oxponditure by activities (continued) Analysis of support costs Total funds 2021 Total funds 2020 Depreciation Audit and accountancy Entertainment 33.241 10.802 1.607 30.052 31,977 6.902 5.003 29, 778 403 Office and postage Travel and subsistence Advertising and marketiThJ Subscriptions Bank charges and interest Legal costs Currency exchange Igainsylosses Miscellaneous expenditure student employability Sanitary expenditure Incubator expenditure Consultancy Technolcgy costs Governance costs 14,580 1.794 615 6.446 {4.431} 6.798 2.759 4.589 18.900 50,583 9,483 8.240 8,469 1,305 6.854 9,234 (942) 2,170 30,321 3,252 7,937 196.058 142.707 Auditorfs romuneration 2021 2020 Fees payable to the companls auditor for the audit of the CoMpanS annual accounts 8.160 7.000 Page 28
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2123GMT (UTC +0> D IM P31138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Staff costs 2021 2020 Wages and salaries Swal security costs Contribution to defined contribution pension schemes 723,110 57.962 27.663 614,491 56. 788 24.474 808.735 695, 753 The average number of persons employed by the Charity during the year wa5 a5 follows.. 2021 2020 Employees 39 27 The number of employees whose employee benefits {excluding employer pension costs} exceeded £60.000 was.. 2021 No. 2020 No. In the band £60,001- £70,000 In the band £70.001- £80.000 Key management persne] comprise the trustees and senior management team. The total employTnent benefits of the key management personnel for the period under review were £139,87212020'. £139,730). 10. Trustees. remuneration and oxpenses During the year. no Trustees received any remuneration or other benefits (2020- £NIL). During the year ended 31 July 2021, expenses tolalling £1,300 were reimbursed or paid diredy to 1 Trustee (2020- £1,3t2 to l Trustee) for meeting costs. Page 29
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2124 GMT (UTC +0> D IM P32128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 11. Tangible fixod assets Leasehold property Office improvements equipment Computer equipment Other fixed assets Total Cost or valuation At 1 August 2020 Additions 240.197 19,937 2.413 6.711 3.938 266,845 9,068 2.717 At 31 July 2021 240,197 22,350 10,649 2.717 275,913 Depreciation At 1 August 2020 Charge for the year 41,911 24,020 9,547 7,245 4.853 1,901 56,311 33,241 75 At 31 July 2021 65,931 16,792 6,754 75 89,552 Net book valu8 At 31 July 2021 174,266 5,558 3.895 2.642 186,361 At 31 July 2020 198.286 tO,390 1.858 210.534 12. Debtors 2021 2020 Due after rnore than one year Other deblots 442.648 590, 198 442.648 590. 198 Due withiii oiie yea¥ Trade debtors 987.821 150,977 93.738 1,244,860 4,620 161,404 other debtors Prepayments and accrued income 1.675,184 2,001,082 Page 30
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2125GMT (UTC +0> D IM P138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 13. Craditors: Amounts falling due wilhin one year 2021 2020 Trade creditors Other taxation and social security Other credit$ 109,377 12.991 230.608 2.158.040 50,932 8.523 207.370 2,449,586 Accwals and deferred income 2.511.016 2.716,411 2021 2020 Deferred income at 1 August 2020 Resources deferred during the year Amounts released from previous periods 2.070.139 1,900,935 1.528,200 2,070,139 12,070,139) (1,900,935) Deferred income at 31 July 2021 1,528,200 2,070,139 Page 31
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2125GMT (UTC +0> D IM P24128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. stsiemeni of funds Staiement of funds - Current year Balance at 1 August 2020 Balance at Incomo Exponditura 31 July 2021 Unrestricted funds General Funds- all fund5 587,316 2,333,263 12.227,896} 692.683 Restricted funds Creativity 21,623 21.623 Total of funds 608,939 2,333,263 12,227,896) 714,306 Rostrictod funds Creativity- To used towards creativity at the University. Statement of funds - prior year Balance at l August 2019 Balance at Income Expenditure 31 July 2020 Unrestricted fund5 General Funds- all funds 460,202 2, 129,391 (2,002,277J 587,316 Restricted funds Gala Dinner Creativity 9,143 (10,643) 21.623 21,623 23,123 9,143 110,6431 21,623 Total of funds 483.325 2. 138,534 (2.012,920) 608.939 Page 32
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2126GMT (UTC +0> D IM P35138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 15. Summary of funds Summary of funds - current year Balance at 1 August 2020 Balance at Incomo Exponditura 31 July 2021 General fvnds Restricted funds 587,316 21,623 2.333.263 {2.227,896) 692,683 21,623 608,939 2,333.263 12.227,896} 714,306 Summary of funds - prior year Balance at t August 2019 Balance at Income Expenditura 31 July 2020 General fvnds 460,202 23,123 2,129.391 9, 143 (2,CQ2.277J (10,643) 587,316 21,623 Restricted funds 483,325 2, 138,534 (2,012,920J 608,939 16. Analysis of n81 assets between ndS Analysis of net assets between funds- current year Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Debtors due after more than one year Cuent assets 186,361 442,648 2,574,690 {2,511.016) 186.361 442,648 2,596,313 12,511.016) 21,623 Creditors due wrthin one year Total 692,683 21.623 714.306 Page 33
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2127GMT (UTC +0> D IM P26128 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 16. Analysis of nei assets between ndS Iconiinued) Analysis of net assats betwaan fun(ts - prior year Unresfricted nds 2020 Rastricfed funds 2020 Total funds 2020 Tangible fixed assets Debtors due after more than one year Current assets Creditors due thin one year 210,534 590,198 2,502,995 12.716,4111 210,534 590, 198 2,524.618 (2,716.411) 21.623 Total 587,316 21,623 608,939 17. Reeonciliation of net movement in funds to net cash flow from operating activities 2021 2020 Net income for the year las per Statement of Financial Actiwties) 105,367 125,614 Adjustments for: Depreciatson charges Interests from investments 33.241 (1.003) 325,898 (205,395) 31.976 (3. 139) (283,591) 388,584 Decreasel{increasel in deblc Increa$elldecrea$el in creditors Net cash provided by operating activities 258,108 259,444 18. Analysis of cash and cash equivalents 2021 2020 Cash at bank and in hand 1.363.777 1.113, 734 Total cash and cash equivalents 1,363,777 1, 113, 734 Page 34
Trarr&Brin Ref. &4V-FQE%XCNG 04 Mar2022 18..2128GMT (UTC +0> D IM P37138 PARIS DAUPHINE INTERNATIONAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. Analysis of changes in net debt Al 1 August 2020 Cash flows At 31 July 2021 Cash at bank and in hand 1,113,734 250,043 1,363,777 1,113,734 250.043 1.363.777 Pension commitments The company operates a defined contr11*10n pension scheme. The assets of the scheme are held separately from those of the group in an independenuy administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £27.663 12020= £24,474) Contributions lolalling £5,744 {2020'. £5,491} were payable lo the fund at the balance sheet dale and are induded in creditors. 21. Operating lease commitments At 31 July 2021 the Charity haj (xjmmitments to make future minimum lease payments under r- cancellable operating leases as follows= 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 479.536 2.213.244 1.254,172 226. 168 2,114,288 1,844,370 3,946.952 4, 184,826 Related party transactions Université Paris-Dauphine is considered to be a related party of Paris Dauphine Intemational. During the year the Université Paris-Dauphine collected tuition fees and paid operational costs on behalf of Paris Dauphine Intemational and also chafged royalty fees of £207,708 12020.. £182,178). Universitè Paris- Dauphine paid for Executive MBA online study trip of £50,00012020'. £nill. The balance due to Université Paris-Dauphine at 31 July 2021 is £221,501 12020= £201.8791. The balance due from Université Paris- Dauphine at 31 July 2021 is £50,00012020= £nill. During the year Trustees gave donations totalling £nil {2020= £nill. 23. Controlling party The charity is controlled by the Trustees. Page 35