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 knO￿edge 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 Li￿nCe 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 p￿SIdent, 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 b￿0 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 kno￿edge 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 pro￿ureS 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 prO￿dureS 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 de￿rIptIOn 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 re￿iVed
{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 transa￿lon 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 inCur￿d 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 rec￿niSed 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 be￿een
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 re￿iVed 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 justifi￿110n.
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
Defer￿d 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
R9Sou￿9S
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
Be￿een 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