## IESE Foundation UK 

## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

31 August 2025 

Charity Registration No. 1177922 

Company Limited by Guarantee No 11287347 



## IESE Foundation UK FINANCIAL STATEMENTS for the year ended 31 August 2025 

||**INDEX**||
|---|---|---|
|||Pages|
|Officers and Advisors||1|
|Trustees’ Report||2|
|Trustees’ Responsibilities||3|
|Independent Examiner’s Report||4|
|Statement of Financial Activities||5|
|Balance Sheet||6|
|Statement of Cash Flows||7|
|Notes to the Financial Statements||8|





## IESE Foundation UK 

## OFFICERS AND ADVISORS 

ADDRESS: Office 4 12a Finsbury Square London EC2A 1AN 

TRUSTEES 

Prof. Jordi Canals Margalef (chairman) Mr Jaime Alonso Stuyck Ms Eleanor Leonard Mr James M Mirabal Mr Mark R Paviour Mr David C Stead 

Secretary: Mr James M Mirabal 

INDEPENDENT EXAMINER Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD 

BANKERS CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ 

LAWYERS Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE 



TRUSTEES’ REPORT _Page 2_ 

## IESE Foundation UK 

The trustees, who are also the company directors, submit their report and the financial statements of IESE Foundation UK for the year ended 31 August 2025.   The Trustees remained unchanged at the date the accounts were signed. 

## THE CHARITY’S PRINCIPAL OBJECTS 

The objects of the Charity are to advance education for the public benefit by in particular, but not limited to: promoting research and the useful results of research; cooperating with universities, business schools, and other organisations and individuals; and providing and assisting in the provision of scholarships and bursaries. 

## ORGANISATION 

The day-to-day organisation is looked after principally by one of the trustees who monitors the running of the Charity in accordance with the agreed aims and need of any particular year. The annual accounts, reports and policy are agreed by the Trustees. The work is carried out entirely on a voluntary basis and no salaries are paid. 

## RESERVES POLICY 

The Charity owns no property, and its assets are only the bank balance, and it has no further reserves. It allocates the income received from donors to support different ventures in keeping with its principal objects, the amount depending on the level of donations obtained in any one year. Each year the income received is expended in furthering the Charity’s objectives and it has no further investments. It has no specific forward commitments or contractual requirements to fulfil financial obligations, and as such there are no risks involved. The Charity does not expend more than it has available and thus does not go into deficit. 

## RISK MANAGEMENT 

The trustees have examined the major strategic and operational risks which the Charity faces and confirm that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. 

## CURRENT YEAR 

In the period to 31st August 2025, the Trustees and others have raised a total of £356,996 (2024 £ 248,940). £304,007 (2024 £198,794) of the current year’s donations were put to restricted funds for specific projects within the objectives of the Charity. The Trustees agreed to make grants totalling £322,500 (2024 £200,000) for these objectives.  Out of unrestricted funds the Trustees authorised a grant of £50,000 (2024 £50,000) to the _Fundación Internacional IESE_ , the charitable arm of the IESE Business School in Barcelona. There are no commitments outstanding, and no fixed assets. 

## PUBLIC BENEFIT 

The Trustees confirm that in accordance with section 4 of the Charities Act 2006 they have due regard to public benefit guidance published by the Charity Commission. They confirm that the activities of the Charity are for the benefit of the public in general. The level of donations in any one year dictates the possibilities for grant-aid. 

## GOING CONCERN 

The Trustees consider that there are no material uncertainties as to the Charity’s ability to continue as a going concern. 



TRUSTEES’ RESPONSIBILTIES _Page 3_ 

## IESE Foundation UK 

The Trustees acknowledge that it is their responsibility to prepare statements of account for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:- 

- Select suitable accounting policies and then apply them consistently. 

- Make judgements and estimates that are reasonable and prudent. 

- Prepare the financial statements in accordance with the methods and principles set out in the Statement of Recommended Practice Accounting and Reporting by Charities and to state whether or not the accounts have been prepared in accordance with that statement and applicable accounting standards. 

- Prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation, 

The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity’s transactions and to disclose with reasonable accuracy at any time the financial position of the Foundation, and to enable them to ensure that any statements of account comply with the requirements of the Charity Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees believe the Financial Statements for the year ended 31 August 2025 have been prepared in accordance with the above responsibilities. 

Signed on behalf of the Trustees: 

## **D Stead** 

Trustee: Date 24 February 2026 



## IESE Foundation UK 

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF IESE FOUNDATION UK _Page 4_ 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. 

## **Independent examiner’s statement** 

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Chartered Accountants, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Signed: 

## **Sheila Parry** 

Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD 

Date: 1 April 2026 



## IESE Foundation UK STATEMENT OF FINANCIAL ACTIVITIES 

for the year ended 31 August 2025 _Page_ 5 

|_Note_<br>INCOME<br>2<br>Donations<br>Other income<br>TOTAL INCOME<br>EXPENDITURE<br>Grants<br>Bank charges<br>Administration and Publicity<br>3<br>TOTAL EXPENDITURE<br>NET INCOME<br>Transfer between funds<br>8<br>Fund balances brought<br>forward at September 2024<br>FUND BALANCES<br>CARRIED FORWARD AT<br>31 August 2024<br>8|_Unrestricted_<br>_Fund_<br>_£_<br>_Restricted_<br>_Fund_<br>_£_<br>_Total 2025_<br>_£_<br>_Total 2024_<br>_£_<br>52,989<br>304,007<br>356,996<br>248,940<br>263<br>-<br>263<br>185|
|---|---|
||53,252<br>304,007<br>357,259<br>249,125|
||50,000<br>322,500<br>372,500<br>250,000<br>60<br>75<br>135<br>117<br>3,209<br>100<br>3,309<br>500|
||53,269<br>322,675<br>375,944<br>250,617|
||(17)<br>(18,668)<br>(18,685)<br>(1,492)<br>-<br>-<br>-<br>-|
||218<br>45,806<br>46,024<br>47,516|
||201<br>27,138<br>27,339<br>46,024|



Statement of Financial Activities including Income and Expenditure Account 



## IESE Foundation UK BALANCE SHEET 

for the year ended 31 August 2025 _Page 6_ 

|_Notes_<br>CURRENT ASSETS<br>Debtors<br>4<br>Cash at bank and in hand<br>CURRENT LIABILITIES<br>Other creditors<br>5<br>NET ASSETS<br>ACCUMULATED FUND<br>INCOME FUND<br>Unrestricted funds<br>Restricted funds<br>8|2025<br>£<br>-<br>27,839<br>27,839<br>(500)<br>27,339<br>201<br>27,138<br>27,339|2024<br>£<br>-<br>46,999|
|---|---|---|
|||46,999|
|||(975)|
|||46,024|
|||218<br>45,806|
|||46,024|



For the year ended 31 August 2024, IESE Foundation UK was entitled to exemption form audit under Section 477 of the Companies Act 2006 relating to small companies. 

## The trustees’ responsibilities: 

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476; and 

- The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. 

Approved by the Trustees on 24 February 2026 

**D Stead                                           James Mirabal** 

__________ __________ Trustee Trustee 



## IESE Foundation UK STATEMENT OF CASH FLOW for the year ended 31 August 2025 _Page 7_ 

|**CASH FLOWS FROM OPERATING ACTIVITIES**<br>NET INCOME/(EXPENDITURE)<br>**_Changes in_**<br>Trade and other debtors<br>Trade and other creditors<br>Cash generated from operations<br>**_Net increase/(decrease) in cash and cash equivalents_**<br>**_Cash and cash equivalents at the beginning of year_**<br>**_Cash and cash equivalents at the end of year_**|2025<br>£<br>(18,685)<br>-<br>(475)<br>(19,160)<br>(19,160)<br>46,999<br>**27,839**|2024<br>£<br>(1,492)<br>500|
|---|---|---|
|||(992)|
|||(992)<br>47,991|
|||**46,999**|





IESE Foundation UK NOTES TO THE ACCOUNTS for the year ended 31 August 2025 _Page 8_ 

## **1 STATEMENT OF COMPLIANCE** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011 

## **2 ACCOUNTING POLICIES** 

The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2019) and applicable accounting standards. The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements. 

## INCOME 

General donations are brought into account when received and are grossed up to include the tax recoverable. 

## UNRESTRICTED FUNDS 

These funds are available for projects of the charity, to be spent at the discretion of the trustees. 

## RESTRICTED FUNDS 

These funds are available only for projects specified by the donor(s). 

## **3 EXPENDITURE** 

|Independent Examiner’s Fee<br>Website etc<br>Total<br>**4 DEBTORS**<br>HM Revenue and Customs<br>**5 LIABILITIES**<br>Independent Examiner’s Fee for year<br>Independent Examiner’s Fee for previous year|2025<br>£<br>500<br>2,809<br>3,309<br>2025<br>£<br>-<br>-<br>2025<br>£<br>500<br>-<br>500||2024<br>£<br>500<br>-|
|---|---|---|---|
||||500|
||||2024<br>£<br>-|
||||-|
||||2024<br>£<br>500<br>475|
||||975|





## IESE Foundation UK 

NOTES TO THE ACCOUNTS (continued) for the year ended 31 August 2025 _Page 9_ 

## **6 TRUSTEES AND RELATED PARTIES** 

No Trustees or other related parties received any remuneration or benefit from the Charity during the year to 31 August 2025 (2024: nil) 

## **7 PREVIOUS YEAR COMPARATIVE STATEMENT OF FINANCIAL POSITION** 

|_Note_<br>INCOME<br>2<br>Donations<br>Other income<br>TOTAL INCOME<br>EXPENDITURE<br>Grants<br>Bank charges<br>Legal & Accountancy<br>3<br>TOTAL EXPENDITURE<br>NET INCOME<br>Transfer between funds<br>8<br>Fund balances<br>brought forward at<br>1 September 2023<br>FUND BALANCES<br>CARRIED FORWARD AT<br>31 August 2024<br>8|_Unrestricted_<br>_Fund_<br>_£_<br>_Restricted_<br>_Fund_<br>_£_<br>_Total 2024_<br>_£_<br>50,146<br>198,794<br>248,940<br>185<br>-<br>-<br>185|
|---|---|
||50,331<br>198,794<br>249,125|
||50,000<br>200,000<br>250,000<br>61<br>56<br>117<br>400<br>-<br>100<br>500|
||50,461<br>200,156<br>250,617|
||(130)<br>(1,362)<br>(1,492)<br>-<br>-<br>-|
||348<br>47,168<br>47,516|
|||
||218<br>45,806<br>46,024|



## **8 MOVEMENT ON FUNDS** 

|Unrestricted funds<br>– General fund<br>Restricted funds<br>* INTENT HQ<br>* CIF Project<br>**Total Funds**|_Fund_<br>_Balances as_<br>_at_<br>_1 Sep 2024_<br>_£_<br>_Income_<br>_£_<br>_Expenditure_<br>_£_<br>_Transfers_<br>_£_<br>_Gains/_<br>_(Losses) on_<br>_Investments_<br>_£_<br>_Fund_<br>_Balances as_<br>_at_<br>_31 Aug 2025_<br>_£_<br>218<br>53,252<br>(53,269)<br>-<br>-<br>201<br>45,181   304,007<br>(322,675)<br>-<br>-<br>26,513<br>625<br>-<br>-<br>-<br>-<br>625|
|---|---|
||46,024<br>357,259<br>(375,944)<br>-<br>-<br>27,339|



The INTENT HQ Fund supports the INTENT HQ Endowed Chair in Changing Consumer Behaviour; and the CIF Project Fund supports the IESE Center for International Finance research project. Both are based at the IESE Business School in Barcelona.