Charity registration number 1168303 Company reglstratlon numb&r 09784093 IEngland and Wales) PARIS DAUPHINE INTERNATIONAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
PARIS DAUPHINE INTERNATIONAL LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrYLPNaud Mrs D Gallois-cochel Mr S Damart Mr S J Cannon (Appointed 11 July 20231 Charty number 1168303 Company number 09784093 Registered office Université Paris DaLJphine- PSL London Campus 46-52 Penlonville Road London N1 gHF Website https".Illondon.dauphine.frl Senior management team DrA11 Mesnard Mrs Cécile Sansalone Mr Neil Logan Chair DfAcademic Board Managing Director General Manager (resigned February 20231 'oined July 20231 Audltor Alliotts LLP Manfield House 1 Soulhamplon Street London VVC2R OLR Bankers HSBC 39 Tottenham Court Road London W1T2AR Solicitors EBL Miller Resnfalck 17-18 Aylebury Sl Clerkenwell London EC1R ODB
PARIS DAUPHINE INTERNATIONAL CONTENTS Page Trustees, Report report Independent auditorfs report 10-13 statement of financial activities 14 Balance sheet Stslemenl of cash flows 16 Notes lo the financial statements 17-31
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY2023 The trustees present their annual report and financial statements for the year ended 31 July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply wlh the company's memorandum of association, the Companies Act 2006 and 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 IFRS 1021 leffeclive 1 January 20191. SEVERE VISA ISSUES During the academic year 22-23, Paris Dauphine London Campus experience a wave of difficulties with the application for and delivery of, visas from UKVI. This led to a significant number of students unable to obtsin visas in time lo start the year as well as having to reapply for the correct visa during the academic year for many students. Provisions were made ID deliver programme content in Paris and students were able lo come lo London when the visas were in place. However, the issue highlighted a gap in the experience and knOedge of the team. These gaps were rectified by a combination of legal advice and expert Consultancy support. The visa issue impacted the profitability of the organisation throughout the Financial Year. NEW MANAGEMENT In the course of 2022-23 the Managing director Ms Cecile Sansalone left her post in February 2023. Mr Neil Logan was appointed as General Manager in July 2023, with a view lo restructuring the organi5ation, growing the number of non-French students iecruiled onlo the Bachelor Programme and ènsuring a return lo profilabilily in 2024-25. REGISTRATION WITH THE OFFICE FOR STUDENTS AS AN ENGLISH HIGHER EDUCATION PROVIDER Being Registered with the Ofs significantly reduces uncertainty regarding the conditions of entry into the UK of Paris. It also provides a regulatory framework around which the policies and procedures of the organisation can be structured. STRATEGY 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 tslenl regardless of their socio-economic background, their age, their gender, or their elhnicily. We believe that diversity is a strong asset lo any organisation, and we are conscious of the range of barriers lo accessing higher education. Providing courses of education that lead lo awards from Universilé Paris Dauphine - PSL whilst meeting both French and English quality standards for Higher Education provision. Promoting research for the public benefit in all aspects and lo publish the useful results. The principal aim of Paris Dauphine International lor "the School. and/or"the London campus. andlor the "Charity" andlor 'Universilé Paris Dauphine PSL, London campus l is lo educate students in the city of London in accordance with the standards of the Université Paris Dauphine PSL. the Office for Students IOfSI and the Quality Assurance Agency IQAAI. The best of Paris education in the heart of London is our motto. Universilè Paris Dauphine- PSL, London campus priorities continue to be as follows.. ensuring that each sludenl is enabled lo fulfil his 01 her potential and to achieve the best possible academic results",
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 constantly improving our sludenl satisfaction and offering them the best global experience which wll enrich their lives and career piospects", continuing lo grow and to develop innovative programmes that combine individual and personal guidance, strong cross-cuttural input and Creativity for the public benefit. having a positive impact on local and inlemalional communities For the 2022-2023 period, key priorities were set out by the Board of Directors., Continue lo monitor and mitigate any negative impact of visa regulations post Brexit, as evidenced by the issues encountered in 2022 Broaden the services offered by the London campus to include new Masters degrees and an new Undergraduate programme. c.Broaden the international sources of student recruilmenl to intemalionalise the cohorts. RISK MANAGEMENT The Trustees of the Charity are responsible for the management of risks potentially facing the Charity. Risks are identified and assessed, and the risk register is reviewed al each Board of Directors meeting. The major risks and uncertainties which the Trustees seek lo mitigate at all times are as follows. Student recruitment could fall below target. Forecasts for recruitment figures are always considered cautiously. Accidents and damages lo the building is a risk that is mitigated by insurances. Risks and insurance assessments The School continues to hire and retain high quality staff to continue to improve the quality of the programmes. Staff are encouraged to identify their own development needs and engage in continuing professional development. An appropriate induction is provided for all new staff, and this is followed by ongoing mentoring support, such as staff development aclivilies, observations and opportunities for reflective practice. Ensure the stsff have appropriate levels of experience lo deal with the key functions of Finance, quality and compliance. Staff ¥MII be hired and or trained in key areas lo ensure key business operations are managed successftjlly ACTIVITIES FOR ACHIEVING OBJECTIVES The main activities of the 2022-23 year were as follows.. Delivery of our Bachelor's ITn EconomiTCS andmanagement programme The three years of this undergraduate course were delivered lo a total of 171 students FTE183 Year-1 students, 62 year-2 slud&nts and 26 year-3 sludenlsl. This programme, entirely delivered in English, leads lo the award of the 'DiplOme de grand élablissement conféranl le grade de LinCe Mention Geslion. from the Universilé Paris Dauphine PSL. Our bachelor's students benefit from our partnership with UCL (University College London) established in 2015. The delivery of the PTogramme was significantly impacted by the thè change in visa application status of thè students and this had an impact on the cost of delivery as well as the numbers recruited.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Delivery of the LSO 2 Law track semester In cooperation wrth the Licence Sciences des Organisations - Filière Droit (Bachelor's in Organisalion sciences Law trackl, we have delivered for the Third lime a one-semester programme open lo the se¢ond-year students of the Licen¢e Scien$ des Organisations- Filière Droit. This study abroad programme lakes place from January lo May and enables students be fully immerse in the London campus sludenl body. 11 is an opportunity for them lo enhance their English language and communication skills, to experience the British approach of Higher Education, enjoy the London campus extracurricular and cTrcurricular 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 addrtion includes specific advanced Law modules, con515lenl with the Licence Sciences des Organisalions- Filière Droit requirements. In 22-23, 8 lotsl of 20 students joined the LSO Law Ira¢k semèster. Continuation of the efforts to enhance our Quality management System, in line WiTth the Ofs and QAA requirements In line with the Office for Students requirements, we have continued to formalise, review and strengthen our Quality policies. processes and procedures, based on the recommendations QAA (Quality AssLJrance Agency for Higher Education) provided us with in 2019. We have benefited from the advice of external consultants, professionals and external examiners. Since March 2022, we are included on the Ofs providers Register, ackno¥Medging that we meet the Office requirements for course quality, academic standards, student support, sludenl protection, management. Development of new offerings for executive students In line with the 2021-24 priorities sel out by the Board, we have worked on the design and delivery of new programmes this year., A Master's in Business Administration was launched in September 2022. Delivered on a blended mode 170°/o of classes online and 30°/0 in person primarily on the London campus) this programme has been crafted for professionals with al least five years of management experience looking lo challenge their business mindset, leadership, and management skills. 11 was launched with only 8 students and thè recruitment will be moniloied for 2023-24 to ensure they meet required tsrgels. We have also launched an Executive Masters in Digitsl Auditing, Advisory and Cybersecurty, which will welcome V(s first students in Spring of 2024. Paris Dauphine also announced plans for a joint Masters Degree, with Cty U, London in Pea Studies and Conflict Resolub'on. It will be a unique programme in the UK. Delivery of the Summer schools In July 2022, we delivered two summer school programmes {3 to &weeks programmesl The International Management Summers School The Finance Summer School Our immersive summer schools are suitsble for current university students, recent graduates, and those al the start of their careers. A total of 41 students, from eight nalionalilies, allended our 2023 summer schools. Overall, student feedback was very good. 11 has also been agreed lo launch a third Summer School in Artificial Intelligen in 2024.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Delivery ofPre-UniT camps forsecondary school students This 3-day summer camp is designed for 16 years old+ secondary school students who have the desire lo learn Economics andlor Management. with the objective to give them a glimpse of what il is like lo study in a higher education setting. Through carefully planned workshops, activities and lectures. participants will be able lo develop a business thinking mindset, gain new knowledge and discover E¢onomi¢s and Management theories that they can use at a university level. We hosted only one camps this year, attracting nine students. Membership of London Higher Networking Group In The summer of 2022, Paris Dauphine London Campus applied to join the London Higher Networking Group, which is a membership body which represents the views and interests of all London based universities including 'satellile" campuses such as Paris Dauphine. The membership includes UCL, Kings College, Imperial and most other Universities in London. Paris Dauphine will become the first non-British member of the group.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT The Trustees have considered the guidance on public benefit published by the Charity Commission and desire to maintain the advancement of education as the main purpose of the company by increasing skills and knowledge of Paris Dauphine International students. The Trustees share the belief that improving the skills and knowledge of Paris Dauphine International students does provide publi¢ benefit in itself as its dissemination will contribute lo a better society as a whole. 11 is noted that our non-continuation rates are low, as per the table below.. Nonwcontinuation rates of the Bachelor's in Economics and Management students following year of entry- ear 0/0 ofwlhdrawals nalysls 017-18 Relocation lo France lexceplional and personal circumstances Personal circumstances Change of studies area not available at th London campus (Foreign languages, Physiotherapy, Architecture, Law...) Personal cir¢umslan¢es Change of studies area not available at th London campus IIArts, Psychology, Law, Political Science) Personal circumstances Change of studies area not available at th London campus Personal reasons 022-23 .9DA Personal reasons, exam failure. To ensure on-going public benefit the Charity also provides significant financial support for students from all backgrounds In funding their scholarship and their cost of living In London for those who would otherwise not be able to afford it. Application for bursaries scholarships is available to all who meet the general entry requirements of the School and are made on the basis of means and academic meri(s, by a Bursary and Scholarship Committee. 018-19 019-20 0.60 8.60 020-21 021-22 3Q The availability of bursaries and scholarships is advertised on our website. ear Free Tuition Fees Number Beneficiaries dditional Funds Number Beneficiaries of Studen Body otal spen otal spen otal spen £K 01&17 84.6 147.6 017-18 16 11% 150.4 198 018-19 15 .20 141 194 019-20 16 .60 150.4 210.4 020-21 25 10.3¢ 08.1 £289.9 021-22 30 150/0 69.2 £298.6 022-23 32 16.8Q/o 70.1 50.3 £320.4 Following the temis of the engagement strategy agreed with the Council of Islington in 2018 which aims to raise the aspirations of young students through higher education. targeting in particular the schools that perform below the national average of GCSE or A Level andlor suffer from socio-economic disadvantage, the Charity started providing free French and Mathematics dasses lo year 12 and 13 local pupils from February 2019. During this period, the School also offered several webinars and seminars on campus, open to the public and free, conlribuling lo the education for the public benefit. 63 47.4 53 60 81.8 12 31 19
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 Paris Dauphine Intemalional is an equal opportunity organisalion committed to creating an environment which is free from any fom of discrimination based on race, elhnicily, rèligion, sex, sexual orientation, philosophical beliefs, age or disability. We are committed lo safeguarding the welfare of our students and stsff at all times and wll make reasonable adjustments lo meet the needs of stsff or students who are or become disabled. Further detsils are available in our Equality of Opportunities policy and our Sludenl Welfare and Wellbeing policies. ENVIRONMENTAL AND SUSTAINABILITY POLICIES As per our Ecology and Sustainability policy, we recognise that we have a responsibility to help to protect the environment and encourage a more sustsinable environment beyond strict compliance with all relevant regulations and legislations. Thus, the campus daily implements an ambitious ecological & sustainability poIIcy". Raising the awareness of students and staff about a more sustainable world Systematically encouraging, 'Reduce, recycle, reuse" activities in all areas of the campus Incorporating sustainability issues in all our curricula.. hence, the curriculum of the Bachelor's year 2 module Global Contemporary Issues. includes climate change and CSR Issues, and year 1 mandatory module." Ecological challenges for the 21 sl Century. To pass this module, students are required to complete a group project that conlribules lo raise awareness about ecological issues. Launching extra-curricular projects lo 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 slalionery and printing practice We have been member of the Islington Sustainable Energy Partnership IISEPI since 2018 KEY FINANCIAL PERFORMANCE INDICATORS The total revenue of the School for the period ended 31 of July 2023 Is of £1,973,097. The nel deficit is £296,821. Reserves at the end of the year were £450,675, including £429,052 of unreslricled reserves. Total revenue included a £271 k reduction on the tuition fees to provide full bursaries scholarships to 30 students. An additional £50.3k was awarded lo 36 students to support their cost of living in London. STRUCTURE, GOVERNANCE 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 constituted 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 particularly by providing courses of education that lead lo awards of the Universilé Pari5-Dauphine and promoting research for the public benefit.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 The trustees, who are also the directors for the purpose of company law, and who served during the year and up lo thè dale of signature of the financial stslemenls were". MrYLPNaud Mrs M Broy&Engelkes Mrs D Gallois-cochel Mr S Damart Mr S J Cannon (Resigned 16 June 20231 (Appointed 11 July 20231 METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The overall management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. POLICIESADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Trustees are selected on the basis of their knowledge 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 external professionals hired or retained by Paris Dauphine International, inclLJding but not limited to accountsnts, payroll service provider, consultants or lawyers. PAY POLICY FOR SENIOR STAFF The level of pay for the senior staff al Paris Dauphine International is decided by the Board of Trustees.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 ORGANISATIONAL STRUCTURE AND DECISION MAKING Strategic decisions are made by Paris Dauphine International Board of Directors. The role of the Board is to oversee the stewardship. accounlabilily and leadership of Paris Dauphine Intemalional providing clear sighted counsel on ils strategic direction and alignment lo its Vision, Values and Purpose. The Board of Directors considers the following key areas. Strategy and Development Academic and Programmes Quality Sludenl Experience Quality Risks Management Financial Sustainability Organisation and Human Resources Partnerships The Board of Directors comprises the five Trustees of Paris Dauphine Inlernalional. The Board of Directors meets three to four times per year and is the body with ultimate decision-making powers. 11 usually welcomes guests, such as the President of Université Paris Dauphine- PSL, the Managing Director of Universilé Paris-Dauphine- PSL and the Vice-Presidenl in charge of Inlemalional Affairs so that consistency and alignment with the Universilé's standards regarding quality are ensured. The Board of Directors is organised by the Managing Director of Paris Dauphine Inleinalional and the Chair of the Academic Board also attends the Board of Directors. The Dauphinè London Sludenl Union IDLSUI pSIdent, elected by the entire student body for an annual mandate, is also Invited to attend part of the Board meetings as a student represenlalive. The sludenl Union has four main aims and objectives.. Advance the education of the students of Universilé 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, Clubs, sports, social and cultural activities wthin the campus Academic qualty and academic freedom are core values of Paris Dauphine Inlernalional. The Board of Directors delegates the responsibility to ensure the highest standards of academic provision across all programmes to the Academic Board. The Academic Board maintains oversight of academic policies, establishes and promotes innovative quality enhancement initiatives in leaching and leaming, and ensures a robust and rigorous quality assurance framework to support academic excellence across Paris Dauphine International. 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 Universilè Paris Dauphine- PSL which meets once lo twce a year.. 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 homogeneity between the London campus and the Parisian programme. The oversight of the day-to-day management of Paris Dauphine Inlernalion81 is the responsibility of the Managing Director. By decision of the Board of Directors in June 2021. the Extra-curricular activities Committee begun the Student Life Committee, now co-chaired by the President of the Dauphine London Sludent Union IDLSUI and the Dean of student Life. This new design followed numerous discussions with the students, the Student Life team and the Management, and includes the creation of two sub-committees, managed by DLSU Officers.. Entertainment, Societies and Club Committee Welfare and Wellbeing Committee The Bursary and Scholarship Committee meets to three times per year lo decide the allocation of student bursaries and scholarships. 11 indudes one to b0 Trustees, the Managing Director and the Finance Officer.
PARIS DAUPHINE INTERNATIONAL TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 PLANS FOR FUTURE PERIODS In line with our charitable objectives, we will continue lo invest in its faculty and ils physical and online learning environment with the aim of making a positive contribution lo the international strategy of Universilé Paris Dauphine PSL. We also aim at developing new programmes as of 2024, at both the undergraduate and graduate levels. ststement of Trustees. report responsibilities The Iruslees, who are also the directors of Paris Dauphine International for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slalements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the company and of the incoming resources and appli¢ation of resources, induding the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP", make judgements and eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that Alliotts LLP be reappointed as auditor of the company will be pul at a General Meeting. The Trustees, report was approved by the Board of Trustees. MrYLPNaud Trustee Mr N Logan General Manager Date.. 2510112024 Dale.. 2610112024
PARIS DAUPHINE INTERNATIONAL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PARIS DAUPHINE INTERNATIONAL Opinion We have audited the financial statements of Paris Dauphine International (the 'company'l for the year ended 31 July 2023 which comprise the stslemenl of financial activities, the balance sheet. the stslemenl of cash flows and notes to the financial slatemenls, in¢luding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting SlandaKI applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give a true and fail view of the slate of the charitable company's affairs as al 31 July 2023 and of ils incoming resources and application of resources, 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 requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the finanoial statements section of our report. We are independent of the wmpany in acwrdan¢e with the ethi¢al requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the Trustees, report use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least Melve rnonlhs from ¥Nhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect lo going concern are described in the relevant sections of this report. other inforniation The other information comprises the information included in the annual report other than the financial $18lements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial stslemenls does not cover the other infomialion and we do not express any fomi of assurance conclusion thereon. 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 knoedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course ol our audit.. the Information given in the Trustees, report for the financial year for which the financial slalements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial slalemenls", and the directors, report included within the Trustees. report has been prepared in accordance with applicable legal requirements. Opinion on oth&r matters prescribgd by thg Officg for Students. Accounts Dlrg¢tlon In our opinion, in all material respects.. 10-
PARIS DAUPHINE INTERNATIONAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARIS DAUPHINE INTERNATIONAL funds from whatever source administered by the college for specific purposes have been properly applied lo those purposes and managed in accordance with relevant legislation," funds provided by the offi for Students. UK Research and Innovation lin¢luding Research England), the Education and Skills Funding Agency and Department for Education have been applied in accDrdan¢e with the relevant terms and conditions., and the requirements of the Office for Students, accounts direction for the relevant year's financial stslemenls have been mel. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities IAm)unts and Reports) Regulations 2008 require us to report to you if, in our opinion.. sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records", or we have not received all the information and explanations we require for our audit. We have nothing to report in respect of the following matters where the Office for Students, accounts direction requires us to report to you if.. the Charity's grant and fee income, as disdosed in the note lo the accounts, has been materially misstated. Responsibilities of trustees As explained more fully in the statement of Trustees, report responsibilities, the trustees, who are also the directors of the company for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charf(able company or to cease operations, or have no realistic altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oulined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our proureS are capable of delecling irregularities, including fraud, is detailed below.
PARIS DAUPHINE INTERNATIONAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARIS DAUPHINE INTERNATIONAL Extent to which the audit was considered capable of detecting irregularities, including fraud Our approach lo identifying and assessing the risks of material misslalement in resped of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the college through discussions wth governors and other management, and from our commercial knowledge and experience of the sector", we focused on specific laws and regulations which we Considered may have a direct material effect on the financial statements or the operations of the college, including Keeping Children Safe in Education under the Education Act 2002, Ofsted, ESFA and Ofs regulatory requirements, data protecty'on, anli-bribery, employment, environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal Corresponden,. and identified laws and regulations were Communicated within the audit team regularly and the team remained alert to instsnces of non-compliance throughout the audit. We assessed the susceplibilily of the college's financial statements lo material misststemenl. including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, Suspected and alleged fraud, and considering the intemal controls in place to miligale risks of fraud and non-compliance with laws and regulations. Audit response to risks identified To address Ihe risk of fraud through management bias and override of controls, we.. perfomied analytical procedures lo identify any unusual or unexpected relationships., reviewed all transactions Iisled., assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potential bias-, and investigated the rationale behind significant or unLJsual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to". agreeing financial slalement disclosures to undedying supporting documenlalion,. and enquiring of management as to actual and potential liligalion and daims There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit prOdureS required lo identify non-complian with laws and regulations lo enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder lo delect than those that arise from error as they may involve deliberate concealment or collusion. 12-
PARIS DAUPHINE INTERNATIONAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARIS DAUPHINE INTERNATIONAL A further description of our responsibilities is available on the Financial Reporting Council's websrf(e al.. https'.11 www.frc.org.uklaudilorsresponsibilities. This derIptIOn forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to slate lo them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomed. Christopher Mantel Isenior Statutory Audltorl for and on behalf of Alliotts LLP 3110112024 Chartered Accountants Statutory Auditor Manfield House 1 Soulhamplon Street London WC2R OLR Alliotts LLP is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13-
PARIS DAUPHINE INTERNATIONAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrlcted Restrlcted funds fund$ 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments 8,263 1,942,596 8,229 14,009 8,263 1,942,596 8,229 14,009 8,950 1,985,444 9,582 50 8,950 1,985,444 9,582 50 Totsl Income 1,973,097 1,973.097 2,004.026 2,004,026 Charitable activities 2,269,918 2,269,918 1,970,836 1,970,836 Net incomellexpenditurel and movement in funds 1296,8211 1296,8211 33,190 33,190 Reconciliation of funds- Fund balances al 1 August 2022 725,873 21,623 747.496 692.683 21,823 714,306 Fund balances at 31 July 2023 429,052 21,623 450.675 725.873 21,623 747,496 The statement of financial activities includes all gains and losses recognised in the year. Al income and expenditure derive from continuing activities. 14-
PARIS DAUPHINE INTERNATIONAL BALANCE SHEET ASAT31 JULY2023 2023 2022 Notes Fixed assets Tangible assets 13 154,568 156,541 Current assets Debtors Cash at bank and in hand 14 1,603,696 901,271 1,800,556 1,184,883 2,504,967 2.985,439 CreditoTr: amounts falling due within one year 15 2,208,860 2,394,484 Net current assets 296,107 590,955 Total assets less current liabilitios 450,875 747,496 The funds of the company Restricted income funds Unrestricted funds 17 21,623 429,052 21,623 725,873 450,675 747,496 The company is entiued to the exemption from the audit requirement wntsined in secb'on 477 of the Companies Act 2006, for the year ended 31 July 2023, although an audit has been carried out under section 144 of the Charities Act2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparab'on of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the CompaniesAd 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on . 2510112024 MrYLPNaud Trustee Company registration number 09784093 (England and Wales) 15-
PARIS DAUPHINE INTERNATIONAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash absorbed by operalions 23 1266,3521 1176,7791 Invgstlng actlvltl&s Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income reiVed {31,2691 14,6601 2,495 50 14,009 Net cash used In Investlng actlvltl&s 117,2601 12,1151 Net cash used In flnanclng actlvltles Net decrease in cash and cash equivalents 1283,6121 1178,8941 Cash and cash equivalents at beginning of year 1,184,883 1,363,777 Cash and cash equivalents at end of year 901,271 1,184,883 16-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2023 Accounting policies Charity inforniation Paris Dauphine Intemalional is a private company limited by guarantee incorporated in England and Wales. The registered office is Université Paris Dauphine - PSL, London Campus, 46-52 Penlonville Road, London, N1 9HF. 1.1 Accountlng conventlon The financial statements have been prepared in accordance ¥Mth the company's memorandum of associab'on, the Companies Act 2006, FRS 102 °The Finanaal Reporting Standard applicable in the UK and Republic of Ireland" l°FRS 102.1 and the Charities SORP 'Accounling 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 IFRS 1021" leffeclive 1 January 20191. Paris Dauphine International meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transalon value unless otherwse slated in the relevant accounting policy. The financial slalements are prepared in sterfing. which is the functional currency of the company. Monetary amounts in these financial ststemenls are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The Trustees have considered the impact of Brexit and the associated visa issues on the ability of the charitable company to continue lo operate for the foreseeable future. The charitable company also faced Brexit impacts, spècifically relating to ability lo sponsor visas for foreign students, which comprise a material portion of our enrolmenl. Since Maich 2022, UK Visas and Immigration IUKVII granted that our visa sponsor status became an HEP land not Overseas HEI any morel. This license enables us lo sponsor student visas for the whole duration of our courses le.g., 3 years sludenl visa for our ba¢helorfs course which lasls 3 years). There were errors made however these have been identified and largely rectified for future intakes. Subsequent management changes ensure a more robust process going forward. Al the lime of approving the financial stalemenls, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational exi5ten¢e for the foresèeable future. Thus the Iruslees continue to adopt the going concem basis of accounting in preparing the financial stslemenls. 1.3 Charltable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slalements. 1.4 Income l income is recognised once the company has enlillement lo the income, il is probable that the Income will be received and the amount of income receivables can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. 17-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The c051s of each activity are made up of the lolal of direct cost5 and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated dire¢lly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Support costs are those inCurd directly in support of expènditure on the objects of the charity. Govemancè costs are those incurred in connection with adminislralion of the charity and compliance with conslilulional and slalutory requirements. Charitable activities and governance ¢osls are costs incurred on the charity's educational operations, induding support costs relating to the governance of the charity apportioned to charitable activities. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreaation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold improvements Office equipment Computer equipment Other fixed assets 1 Ooh slraighl line 33Q/o Straight line 330A slraighl line 330/0 slraighl line The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the company reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo determine the extent of the impaimient loss lif any). 1.8 Cash an(1 cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 18-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Accountlng pollcles Icontlnuedl 1.9 Flnanclal Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils finanaal inslrumenls. Financial Instruments are recognised in the company's balance sheet when the company becomes paty lo the contractual provisions of the instrument. Financial assets and liabilities are offset, wf(h the net amounts presented in the financial slatemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to sellle on a nel basis or to realise the asset and setue the liability simLJltaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Ir8nsaclion, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrLJment is measured at the present value of the fijture payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequendy carrieLI al amortised cost, using the effective Interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequendy measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. Termination benefits are recniSed immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Foreign exchange Transactions in ¢urrencies other than pounds slèrfing are recorded al the rates of exchange prevailing al thè dales of the Iransaclions. Al each reporting end dale, monetary assets and liabilities that are denominated in foreign currencies are retranslated al the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. 19-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Critical accounting estimates and judgements In the application of the company's accounting policies, the Iruslees are required to make judgements. eslimales and assumptions about the carrying amount of assets and Iiabilrties that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be ielevanl. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and ftjture periods where the revision affects both current and future periods. Kgy $ourcos of estlmallon uncortalnty Useful economic life of fixed assets Tangible fixed assets, other than freehold land, are depreciated on a slraighl line basis over their estimated useful economic life. The eslimaled useful economic life is the expected period of lime during which an asset is considered useable. Income from donatlons and legacles Unrestricted Unrestricted funds funds 2023 2022 Donations and ghls 8,263 8,950 -20-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Charitable activitie5 Unrestrfcted Unrestricted funds funds 2023 2022 Executive education fees Tuition fees 124,320 71.200 1,818,276 1,914,244 1,942,596 1,985,444 2023 2022 Tuition fees (excluding summer school) Less scholarships and bursaries 1,748,702 1,717,112 1357,7291 1299,2251 1,390,973 1,477,887 Total grant and fee income Unrestricted Unrestricted funds funds 2023 2022 Grant income from the Ofs Grant income from other bodies Total grants Fee inwme for tsught awards (exclusive of VATI Fee income for research awards lexclusive of VAT) Fee income from non-qualifying courses (exclusive of VATI 1,942,596 1,985,444 Total tuition fees and education contracts 1,942,596 1,985,444 1,942,596 1,985,444 21
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Income from other trading activities Unrestricted Unrestricted funds funds 2023 2022 Letting income Sundry income 2,674 5,555 7,984 1,598 Other trading activities 8,229 9,582 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 14,009 50 Analysls of expendlture by actlvltles Actlvltles Actlvltles undertaken undertaken dlrectly dlrectly 2023 2022 Staff costs Direct costs 839,472 1,103,262 798,566 998,575 1,942,734 1,797,141 Support costs Governance costs 312,794 14,390 158,482 15,213 2,269,918 1,970,836 -22-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Support costs Support Governanco Costs Costs 2023 Support Governance costs Costs 2022 Depreciation Exchange gains Board expenses Audit and accountancy Entertainment Office and postage Advertising and matkeling Subscriptions Charges and Interest Legal costs Miscellaneous expenditure Student employability Sanitary expenditure Incubator expenditure Consultancy Technology costs 33,242 14131 33,242 14131 390 32,866 7,442 33,838 31,985 11,6041 31,985 11,6041 1,713 14,609 7,769 27,252 390 14,000 1,713 13,500 18,866 7,442 33,838 1,109 7,769 27,252 13,458 5,414 1,759 112,763 13,458 5,414 1,759 112,763 16,924 3.463 1,468 7,286 16,924 3.463 1,468 7,286 11,997 1,780 11,997 1,780 1,120 2,356 51 24,000 35,413 11101 1,120 2,356 51 24,000 35,413 11101 6,171 61,963 4,514 6,171 61,963 4,514 312,794 14,390 327,184 158,482 15,213 173,695 Analysed beeen Chari(able activities 312,794 14,390 327,184 158,482 15,213 173,695 Audltor's remuneratlon Fees payable lo the charity's auditor and associates.. 2023 2022 For audit services Audit of the financial stslemenls of the charity 16,295 13,500 10 Trustees During the year ended 31 July 2023. expenses tolalling £590 were reimbursed or paid directly lo 4 trustees 12022 - £1,256 to 4 Trustees) for meeting costs. During the year, no Trustees reiVed any remuneration or other benefits12022- £NILI -23-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 11 Employees The average monthly number of ernployees during the year was.. Headcount 2023 Number 2022 Number 35 34 Full time equivalent 2023 2022 Number Number 12 16 Employm&nt ¢o$ts 2023 2022 INages and salaries Social security costs Other pension costs 750,380 64,283 24.809 713,509 59,432 25,625 839,472 798,568 K&y management personnel Key management personnel comprise the Iruslees and senior management team. The total employment benefits ofthe key management personnel for the period under review were £104,31312022.' £93,616>. The monthly average full lime equivalent employee numbers are 1212022.. 161 -24-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 11 Employees Icontlnuedl Emoluments of key management personnel and other hlgher pald staff There were no employees whose annual remuneration was more than £60,000 in the year. 12022". No employees annual remuneration was more than £100,000) The number of employees whose annual remuneration, excluding pension contributions and employer's national insurance was more than £60,000 is as follows". Key management personnel 2023 2022 Number Number In the band £70,001- £80,000 Other staff 2023 Number 2022 Number In the band £60,001- £70,000 -25-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 11 Employees Icontlnuedl Head of provider remuneration The above compensation inclLJdes amounts payable to the Principal and ¥Nho is also the highest paid rnember of staff. Their pay and remuneration is as follows. 2023 2022 Salaries Benefits in kind 56,692 80,000 56,692 1,898 80,000 3,575 Pension contributions Total remuneration 58,590 83,575 Severance payments lotalling £16,250 were paid lo the Head of Provider during the year. All amounts paid were contractual and are included in the total salary figure above. There were no amounts outstanding al year end. The Principal reports lo the Chair of Trustee, who undertakes sn annual review of their performance against the Charity's ovèrall objectives using both qualitslive and quanlilalive measures of perfomance. The remuneration package of the Principal is subject lo annual review by the Board using benchrnarking information survey lo provide objedive guidance and justifi110n. Relationship of Principal pay and remuneration expressed as a multiple of staff pay.. 2023 2.05 2.15 2022 1.97 2.53 Principal's basic salary as a multiple of median of all stsff Principal's lolal remuneration as a multiple of median of all staff 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -26-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 13 Tangible fixed assets Leasehold improvements Office equipment Computsr equipment Otherfixed assets Total Cost At 1 AugLJSt 2022 Additions 237.702 23,262 23,147 3,099 11.812 4,908 5,417 278.078 31,269 At 31 July 2023 260,964 26,246 16,720 5,417 309,347 Depreclatlon and Impalrment Al 1 August 2022 Depreciation charged in the year 89,701 26,484 21,307 2,255 8,722 2,698 1,806 1,806 121,536 33,243 Al 31 July 2023 116,185 23,562 11,420 3,612 154,779 Carrying amount Al 31 July 2023 144,779 2,684 5,300 1,805 154,568 Al 31 July 2022 148,001 1,838 3,091 3,611 156,541 14 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Amounts owed by fellow group undertakings Other debtors Prepayments and accrued income 911,181 105,928 450 143,488 1,166,528 71,994 436 118,950 1,161,047 1,357,908 2023 2022 Amounts falllng due aft&r more than one year: Other debtors 442,649 442,648 Totsl debtors 1.603,696 1,800,556 -27-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 15 Creditors: amounts falling due within one year 2023 2022 Notes Other tsxation and social security Deferred income Trade creditors Amounts owed lo fellow group undertakings Other creditors Accruals and deferred income 11,207 1,488,617 215,237 18,343 3,647 471,809 11,331 1,731,440 60,675 18,343 4,203 568.492 16 2,208,860 2,394,484 16 Dgfgrrod In¢ome 2023 2022 Other deferred income 1,488,617 1,731,440 Deferred income is included in the financial statements as follows.. 2023 2022 Deferd income is included within". Current liabilvcies 1,488,617 1,731,440 Movements in the year". Deferred income at 1 August 2022 Released from previous periods Resources deferred in the year 1,731,440 1,528,200 11,731,440) {1,528,2001 1,488,617 1,731,440 Deferred income al 31 July 2023 1,488,617 1,731,440 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as lo how they may be used. Movement in funds Incoming Balance at resources 1 August 2022 Movement in funds Incoming Balanc8 at resources 31 July 2023 Balance at 1 August 2021 Crealivily 21,623 21,623 21,623 Creativity - To be used towards creativity al the University. -28-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 17 Restrfcted funds Icontlnuedl 18 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 August 2022 Incoming resources Resources expended At31 July 2023 General funds General funds 725,873 1,969,810 3,287 12,272,186) 2,268 423,497 5,555 725,873 1,973,097 12,269,918) 429,052 Prgvlou$ year: At 1 Augusl 2021 Incoming rnsources R9Sou9S expandad At31 July 2022 General funds 692,683 2,004,026 11,970,836) 725,873 19 Analysis of net assets between funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fund balances at 31 July 2023 aro represented by.. Tangible assets Current assetsllliabililiesl 154,568 274,484 154,568 296,107 21,623 429,052 21,623 450,675 Unrestricted funds 2022 Restricted funds 2022 Total 2022 Fund balances at 31 July 2022 are represented by.. Tangible assets Current assetsllliabililiesl 156,541 569,332 156,541 590,955 21,623 725,873 21,623 747,496 -29-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 20 Operating lease commitments Lessee Al the reporting end dale the company had oulstsnding commitments for fLrture minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 thin one year Beeen two and five years In over five years 445,071 2,360,793 596,011 2,215,262 656,494 2,805,864 3,467,767 21 Related party tranyactions Universilé Paris-Dauphine is considered lo be a related party of Paris Dauphine International. During the year the Université Paris-Dauphine collected luilion fees and paid operational costs on behalf of Paris Dauphine Intemalional and no royally fèes were charged during the year12022 - £nill. However, a Clause of relour a meilleure fortune" posits that should PDI make a profil in the next yearlsl, the clause will be activated. Universilé Paris Dauphine issued bursaries for Course Programme in London Campus of £4,480 12022.. £71,2001. The balance dLJe to Université Paris-Dauphine at 31 July 2023 is £18,343 12022.. £18,343). The balance due from Universilè Paris-Dauphine at 31 July 2023 is £105,92812022'. £71,994). During the year Trustees gave donations tolalling £nil12022.' £nill. 22 Controlllng Party The charity is controlled by the Trustees. 23 Cash generated from operation5 2023 2022 IDeficitllsurpus for the year 1296,8211 33,190 Adiuslments for". Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets 114.0091 33,242 1501 31,985 Movements in working capital.. Decreasellincreasel in debtors Increaselldecreasel in creditors {Decreasellincrease in deferred income 196,860 57,199 1242,8231 1125,3721 1319.7721 203,240 Cash absorbed by operations 1266,3521 1176,7791 30-
PARIS DAUPHINE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 JULY2023 Anatysis of changes in net funds The company had no material debt during the year. 31