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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

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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

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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
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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 A￿e$bury St
Clerkenwell
London
EC1R ODB
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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 aC￿ssing 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.
Prorr￿ting 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.
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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 cross*ullural input and creativity for the public benefrt.
having a positive impact on local and intemalional communities
For the 2019-2021 peric*l, 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" enablir*g 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 S￿dent ambassadors to listen lo the student voice and
define adequate adjustment5 and support.
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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 be￿een 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 OrganIsat￿nS- 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 goverr￿nCe. 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
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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 netwo￿1ng 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 KTr0￿edge 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=
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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 SO￿O-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.
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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.
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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 con￿rn basis in preparing the financial statements. Further details regarding the adoption of the going
COn￿M basis can be found in the a¢countsng P)ll￿e$.
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. F0￿caSts 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
eXperIen￿d 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.
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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 cL￿pIed
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 VIC￿PresIdent 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.
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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 obje￿1Ve which will support both this short and medium-temi goals.
We also aim at developing graduate programme5 and short programmes. induding exeuitive education
courses, COnferen￿S 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..
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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
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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 ffinan￿al 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
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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 kno￿edge 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.
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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 bU￿neSS 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 e￿Or, 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 Finan￿al
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.
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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
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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 ffinan￿al statements.
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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.
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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
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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 aCC￿ntIng 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 foreSeea￿e 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 s￿tem. 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.
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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 ￿e￿l¥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.
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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 go￿eManCe 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.
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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 re￿iVed as advanced payment5 for the goods or servi￿5 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 reec￿niSed 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.
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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 evaluat￿4 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
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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
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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
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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
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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 CoMpan￿S
annual accounts
8.160
7.000
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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 pers￿ne] 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.
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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
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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
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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
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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
Cu￿ent 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
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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
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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