## **case centre** **Annual report 2021** ## **The Case Centre Limited** A Company Limited by Guarantee & Not Having a Share Capital Trustees’ Report and Financial Statements for the year ended 31 March 2021 The Case Centre is the independent home of the case method. We are dedicated to advancing the case method worldwide, sharing knowledge, wisdom and experience to inspire and transform business education across the globe. We are not affiliated with any university or commercial case provider and we serve the whole case community. Company Registration Number 1129396 (England and Wales) Charity Number 267516 ## **Contents** - **3** Highlights from 2020/21 - **4** Hear from the Chair and Director - **5** Case method training - **6** Case scholarships - **7** The case collection - **8** Recognition and impact - **9** #WorldCaseTeachingDay - **10** Publications - **11** Structure, governance and management - **12** The Case Centre’s Executive Committee - **13** The Case Centre Team - **14** Financial and strategic review - **15** Financial statements 2020/21 - **18** Notes to the financial statements - **25** Statement of Trustees’ responsibilities - **26** Independent auditor’s report 2 **Highlights from 2020/21** As COVID hit in early 2020, and we began scoping our response to the pandemic, we made a commitment that any response should also deliver long term benefit to our members. I hope you agree that our highlights show that we are growing the range and scope of our activities for the future. Curating an accessible and supportive community of practice, embracing online delivery, extending our scholarships programme, and engagement with DEI issues, are lasting legacies, while our awards and #WorldCaseTeachingDay continue to recognise and celebrate the achievements of case practitioners and the transformational impact of the case method. **Awards and Competitions** The 2021 winners were more diverse than ever and showcased the impact of case teachers and authors worldwide. _**Case Focus**_ **journal** _Case Focus_ provided an important outlet for cases written about and in the Middle East and Africa. **Community engagement** We engaged with the business and management education community by participating at a range of online conferences. **Diversity, Equity and Inclusion** We worked with the Center for Equity, Gender & Leadership at UC Berkeley’s Haas School of Business to highlight DEI issues in cases. **Growing case collection** Our case collection grew and became more diverse with the addition of new collections and cases from individual authors. **Information hub** We supported case teachers and writers by sharing best practice and providing easy access to knowledge and resources. **Online case training** Our case workshops and PDWs moved online, providing a coherent, integrated online programme with our webinars. **Scholarship programme** We extended our successful scholarships programme to include scholarships for new case teachers. **#WorldCaseTeachingDay** As part of our advocacy for the case method we curated the third annual #WorldCaseTeachingDay on behalf of the case community. 3 **Hear from the Chair and Director** ## **Message from the Chair** Our mission at The Case Centre is to advance the case method worldwide. During the past year, as education establishments urgently moved their delivery online, I am proud to say that we did just that. Our staff met the personal challenges of working from home, and they quickly and enthusiastically put together a large repository of material to help our global case community handle the change. This received excellent and much-deserved feedback from our stakeholders, and we on the Board really appreciate their efforts. I used the phrase ‘case community’ because we provide a service to the whole infrastructure. For the case method to work successfully we need case writers and teachers; systems to help people publish and find cases; a pipeline of new talent; and a recognition of excellence in practice. This last year has seen the continued success of our Case Writing scholarships, and our launch of Case Teaching scholarships. Entries to our case competitions were strong, and although our global awards were delivered online rather than in-person, the calibre of people we acknowledged was outstanding. The work of the Board moved online, and whereas Zoom was not an ideal substitute for our hoped-for meeting at a member university, much useful work was done. My thanks to my fellow trustees for their time and effort, and their excellent contributions to our strategy and governance. Ruth Bender Chair of The Case Centre’s Executive Committee ## **Message from the Director** I would like to share with you the results of our work in 2020 and express my thanks for your contribution to our achievements in a challenging year. Our mission is to foster the growth and a better understanding of the case method in business and management education around the world, and to support your work in delivering excellence in the classroom. Thank you for your support, encouragement, and dedication. As the impact of COVID-19 became clear in early 2020, our priorities changed to offering you the best possible service for case teachers and schools moving their teaching online. Thanks to your willingness to share the lessons learned, and the hard work of staff at The Case Centre, we launched the largest and most diverse repository of materials on teaching with cases in the emerging online classroom. The repository was widely used and many of you responded to say how much it eased your transition to the new online environment. We also rolled out a cohesive programme of online workshops, webinars, and conference-specific professional development workshops. We will continue to expand these and integrate them with our longestablished face-to-face workshops programme, making it even easier to access professional development in writing and teaching cases. Finally, in this year of challenge we learned that participative, case-based learning can indeed be taught successfully online. Richard McCracken Director of The Case Centre 4 ## **Case method training** Intensive, practical and hands-on, our case training is ideal for teachers, writers and students. Participants enjoy a safe, practical and stimulating learning experience, plus the chance to network with colleagues and share skills, insights and knowledge. ## **Open workshops** Our open workshops deliver our flagship development programme for faculty acquiring skills in case writing and teaching. This year we responded to the enormous demands placed on faculty switching their teaching online in response to the circumstances of COVID. We created and delivered at speed an online workshops programme of 15 open workshops training and supporting 299 academic participants. ## **Customised workshops** Our customised faculty development programmes supported schools in France, Ghana, Italy, Russia and Spain in adopting or growing their commitment to the case method. Online delivery allowed for ‘super-customised’ delivery and increased tutor contact time. We provided extended tutorial support in taking the organisation from the initial case idea through to publication and the practicalities of setting up a case collection. ## **Webinars** We created a webinar programme providing fast, accessible support for case teachers as they met the challenge of moving their teaching online. We received a hugely positive response and had over 2,000 registrations across the ten webinars in the programme. The webinars were recorded and added to our resource bank where they continue to provide support and shared experience. ## **Professional development workshops** We exhibited and participated at 12 conferences throughout the year. We ran eight short personal development workshops for faculty in case writing or teaching, enhancing the experience of 236 conference delegates, supporting their personal development and improving the learning experience of their students. This is central to our advocacy work on behalf of the case method in raising standards of business education. _“Just to convey once more my absolute gratitude that you have pulled this fantastic workshop through despite all the setbacks this year. My case will be incomparably better for it! Thank you!”_ Vera Scepanovic, Leiden University 5 **Case scholarships** We are dedicated to renewing and refreshing the community of case method practitioners by supporting new adopters of the case method in taking their first steps in the classroom and in their own case writing. ## **Case teaching scholarships** In February 2021 we launched a new scholarships programme for faculty wishing to adopt case teaching for the first time. The scholarship programme offers recipients the opportunity to workshop techniques and approaches, and mentoring opportunities with an experienced case teacher. This is a welcome extension to our support for newcomers to the case method and coordinates with our existing scholarship programme for new case authors. The initiative was warmly received by both experienced faculty and those developing skills in case teaching for the first time. We are delighted by the number of applications received in the short time the scheme has been running. _“I would like to thank The Case Centre for their help during the whole process. They were very responsive and helpful with any query and gave excellent advice.”_ Virginie de Barnier, IAE Aix-Marseille Graduate School of Management ## **Case writing scholarships** Our successful case writing scholarships programme continued to support new and developing case writers by providing advice, editorial support, case writing training, case reviews and financial assistance. We received 47 applications during the year and awarded ten scholarships, filling capacity. Six scholarship teams graduated from the programme having completed their cases and accompanying teaching notes. - Alexander Deshkovski, SKEMA Business School - Fabien Pecot, The York Management School and Virginie de Barnier, IAE Aix-Marseille Graduate School of Management - Maria Alejandra Pineda Escobar, Politecnico Grancolombiano - Sarah Turnbull, University of Portsmouth - Sergey Portyanko and Patrick Reinmoeller, Cranfield School of Management - Susan Smith, University of Sussex Business School. The quality of the programme can be seen by the number of scholarship cases featuring in global awards, competitions, and bestselling case lists. 6 **The case collection** Our diverse collection of management cases, articles, book chapters and their accompanying materials continues to grow, providing educators, students and individuals with quick and easy access to a wide range of teaching materials. ## **Growing the collection** We continued growing the size, diversity, representation, and relevance of our collection by adding three new school collections: - Braun Ink - Case Alliance Turkey - Stockholm School of Economics. ## **Tools for case authors** We developed our proof-reading support for individual authors submitting cases through our online case submission process. The launch of our first online simulation, developed by Hult International Business School, presents opportunities for authors and schools developing content using the Forio epicenter technology. ## **Focus on quality** In addition to our focus on quality in case writing workshops, webinars and conference sessions, we hosted two networking days for case collection managers coming together to share experience and mutual support in growing the quality of case writing and the successful integration of new media technologies. Case publishing professionals from over 20 schools across Europe and India attended. _**“** It has been such a positive experience dealing with you all at The Case Centre, from your responsiveness to your efficient support. It really lessens the stress for authors. Many journals need to learn from you! A big thank you._ _**”**_ Yuen Kay Chung, NUS Business School ## **Accessing the collection** We improved the profile and accessibility of cases which focus on Diversity, Equity, and Inclusion (DEI). We did this by incorporating work undertaken with the Center for Equity, Gender and Leadership at Berkeley Haas School of Management. Because of its discussion-based approach, the case method has potential to greatly impact this area, and we are working hard to support case writers seeking to feature greater diversity and inclusion in their cases, and teachers addressing DEI issues in their class discussions. We improved accessibility by upgrading device-based media content to accessible digital formats, increasing accessibility by 5%. 7 ## **Recognition and impact** Through a wide-range of activities The Case Centre recognises outstanding case writers and teachers from across the globe. ## **The Case Centre Awards and Competitions** Our awards and competitions celebrate worldwide excellence in case writing and teaching and are considered the case method community's annual 'Oscars’. Through them we recognise the impact made by case writers and teachers in raising standards in classrooms everywhere. Our awards this year reflected a particularly diverse and inclusive group of authors, topics, and sectors. A record 30 individuals won their first Award or Competition, consolidating a three-year, rising trend: 2020: 22; 2019: 18. Faculty from over 70 schools and organisations in 24 countries entered our case writing competitions. Nominations for Outstanding Contribution to the Case Method came from ten countries, and Outstanding Case Teacher attracted entries from schools in nine countries. _“We are very pleased that so many of our fellow case instructors found the case study suitable for their needs. This recognition certainly motivates us to develop more cases in the future.”_ Ciaran Heavey and Dorota Piaskowska, UCD Michael Smurfit Graduate Business School ## **Top 40 Bestselling Case Authors** The 2019/20 list was announced in October 2020 and featured seven new author entries. The geographical spread spanned the globe with 18 schools in 10 countries represented. 45% of authors were based in North America, 45% in Europe and 10% in Asia. The announcement received widespread coverage from schools, authors, and the business education and popular press, delivering our mission to support and disseminate awareness and uptake of the case method as one of the most impactful approaches to management education. ## **Bestselling and classic cases** In January 2021 we announced our list of 2020 bestselling and classic cases. The listing promoted and recognised the success of 328 authors drawn from 40 schools in 13 countries. This year we introduced digital certificates for all authors to recognise their achievement and the impact of their cases as they are adopted and taught by other management educators in classrooms around the world. The certificates stimulated a strong response and we will build on this next year. 8 ## **#WorldCaseTeachingDay** **#WorldCaseTeachingDay** celebrates the contribution that the case method makes to the lives and careers of students and educators worldwide. It was introduced in 2019 and is curated annually by The Case Centre on the first Wednesday in February. ## **Engagement in 2021** We hosted and curated another vibrant #WorldCaseTeachingDay generating huge engagement from members and the wider case community across Twitter, Facebook, LinkedIn and Instagram. The variety of content and activities posted reflected the diversity of our members and included case insights, tips and practical guidance, case method articles, case competitions, webinars and case updates. ## **Online case teaching survey** As part of #WorldCaseTeachingDay 2021 we asked educators to share their experiences of moving case teaching online during the COVID-19 pandemic. The case community were generous with their time and there was a fantastic response to the survey. The report covers: - survey demographics - teaching formats and delivery - frequency of case use - technology and course design - moving case teaching online - techniques used for teaching cases online - increasing the use of cases online - challenges of case teaching online - opportunities of case teaching online - online case teaching tips - the future. The full report can be viewed and downloaded at www.thecasecentre.org/survey2021 9 ## **Publications** The Case Centre’s publications support case authors and teachers and provide access to a range of quality resources designed to develop case writing and teaching skills. ## _**Case Focus**_ **journal** To support our mission in expanding the quality, reach, adoption and delivery of the case method, we launched our first journal, _Case Focus_ . The journal is double-blind peerreviewed and offers faculty in the Middle East and Africa a muchneeded publishing outlet for cases written in and about the region. We supported the development of quality cases and teaching notes by offering dedicated editorial support to authors submitting to the journal. The first edition was well received by individual faculty, schools, and the MENA region advisory committee of AACSB – the world’s largest business education alliance. Building on that success, the second edition of _Case Focus,_ to be published in 2021, has almost doubled in size. _“Thank you for all your efforts and the help you gave me during the publishing process. I wish to express my pride and honour to be part of this work.”_ Thouraya Derouich Karoui, Institut Supérieur des Etudes Technologiques de Rades -Tunisie _Author from Issue 1 of Case Focus_ ## _**Connect**_ **newsletter** We published six editions of our newsletter _Connect_ . Each edition was distributed free to an average of 48,800 subscribers. We showcased the diversity and strength of case writing by featuring 35 cases from authors at 32 schools. In-depth articles in line with our dedication to supporting case writers, teachers, and diversity and inclusion in cases, were included on Nurturing Excellent Cases; Getting Case Teaching Online Quickly; How Schools Stimulate, Support and Sustain Case Development; The Berkeley Haas DEI focused Case Compendium and Diversity in Cases: Part 1 - Context. 10 **Structure, governance and management** The Case Centre is a registered charity that is governed by its Memorandum and Articles of Association. It is managed by an Executive Committee and operated by salaried employees from its base at Cranfield University. ## **Membership** The charity is a company limited by guarantee with no share capital. The liability of members is limited. Each member of the charity undertakes to contribute to the assets of the charity in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the charity contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories themselves, such amounts as may be required, not exceeding £1. The company is a registered charity No. 267516 whose purpose is the education of the public in business and commercial matters through research, the maintenance of a library of related educational material; and the distribution of that material for the purpose of management education and training. It is, effectively, an association comprising associations and bodies of persons engaged in research into or teaching of management and associated fields of study. At 31 March 2021 there were 357 member institutions. ## **Governance and operations** The charity is governed by its Memorandum and Articles of Association and is managed by an Executive Committee comprising a maximum of 14 trustee directors elected from representatives of the association members. It is operated by salaried employees. All of the directors offered themselves for re-election and were duly re-elected. Nominations were received for Professor N Craig Smith (INSEAD Chair in Ethics and Social Responsibility at INSEAD) to join The Case Centre Executive Committee and this was agreed. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The charity is managed on a day-to-day basis by Mr Richard McCracken. The trustees take decisions on the general strategic direction of the charity, with operational and administrative matters delegated to Mr McCracken. The major risks to the charity have been identified and reviewed by the trustees during the year, and procedures have been implemented to manage these risks. There are procedures in place for the induction of trustee directors. No dividends were paid. The directors do not recommend payment of a final dividend. The directors are authorised by the Memorandum and Articles of Association to make and hold investments using the general funds of the charity although at present no such investments are held. The charity is also the sole member of The Case Centre USA Limited, a non-profit, tax-exempt company registered in the State of Massachusetts, USA. This company carries out a sales and customer relationship management function in North America for the case study materials held by the charity. 11 **The Case Centre’s Executive Committee** The Executive Committee (the trustees), who are also the directors for the purpose of company law, and who served during the year and/or up to the date of signature of the financial statements were: ## Chair ## Ruth Bender Emeritus Professor of Corporate Financial Strategy, Cranfield University School of Management, UK ## Rosa Chun Chair in Global Leadership, Reputation & Responsibility, UCD Michael Smurfit Graduate Business School, Ireland Sam Hariharan Senior Lecturer in Management, Babson College, US ## Rachida Justo Associate Professor of Entrepreneurial Management and Social Entrepreneurship, IE Business School, Spain Anand Narasimhan Professor of Organizational Behavior, Institute for Management Development (IMD), Switzerland N. Craig Smith INSEAD Chair in Ethics and Social Responsibility, INSEAD, France _Appointed September 2020._ ## Josep Valor Professor of Information Systems, IESE Business School, Spain ## Thomas Buergi Professor of Organisational Behaviour Edinburgh Business School, Heriot-Watt University, UK ## Mark Fenton-O’Creevy Professor of Organisational Behaviour and Associate Dean External Engagement, The Open University Business School, UK ## Dominic Houlder Adjunct Professor of Strategy and Entrepreneurship, London Business School, UK ## Martin Kupp Associate Professor for Entrepreneurship, ESCP Europe, Paris, France ## Jamie Rundle Doctoral Associate in Strategy, Sheffield University Management School, UK ## John Thompson Emeritus Professor of Entrepreneurship, University of Huddersfield Business School, UK ## Douglas Webber Emeritus Professor of Political Science, INSEAD, France _Resigned September 2020._ 12 ## **The Case Centre Team** The Case Centre Team serves the case community from its headquarters at Cranfield University in the UK. **----- Start of picture text -----**
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## **Directors** > 1 Richard McCracken Director - 2 Vicky Lester Deputy Director ## **Content Acquisition Management** - 3 Fran Baylis Content Acquisition and Rights Manager - 4 Nadia Buttice Content Acquisition Management Assistant - 5 Gemma Dougan Content Acquisition Management Assistant - 6 Kerry Thornton Content Acquisition Management Assistant ## **Customer Services** - 7 Lucy Baldwin Customer Services Manager - 8 Abbie Furr Customer Services Officer > 9 Cara Williams Customer Services Officer - 10 Lucy Goodridge Finance Administrator ## **Events** > 11 Kate Cook Training and Events Manager - 12 Hazel Walker External Relations Manager - 13 Hannah Blythin Training and Events Developer - 14 Elizabeth Thorne Conference & Events Assistant ## **Media and Systems** > 15 Antoinette Mills Media and Systems Development Manager - 16 Farrah Baig Media and Content Designer - 17 Paddy Day Media and Content Developer - 18 Michael Horne Senior Systems Analyst and Developer - 19 Andy Barber Systems Analyst and Developer - 20 Peter Bennett Systems Analyst and Developer - 21 Jon Venables Systems Administrator 13 **Financial and strategic review** ## **Financial performance** Our core trading income of £2.5m was about 13% lower than the corresponding figure for 2020 (£2.9m). In March 2020 we had prepared revised budgets which assumed a significant reduction in trading income due to the expected impact of the pandemic. We were pleased that the outcome for the year was better than any of the financial scenarios we considered. Royalty costs as a percentage of case sales income fell to 41% compared to 46% in 2020. This resulted from a more even spread of sales across collections, and changes in USD exchange rates. Expenditure was substantially reduced with no travel possible due to the pandemic. Salaries represent a higher percentage of our total income due to sales being impacted by COVID-19. Our operating surplus for the year was £125k (2020: £97k). ## **Management and processes** The Case Centre financial and management processes have operated well during the period. Due to the UK leaving the EU, the UK MOSS (Mini One Stop Shop) service has been withdrawn and we are now registered to use the Ireland Revenue Service to report our B2C sales in the EU. ## **Funds and risk management** The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. It is our policy that unrestricted funds, which have not been designated for a specific use, should be maintained at a level equivalent to six months’ operating expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. The balance of our cash reserves account remains as it was on 31 March 2020: £803k. We have also built up a substantial balance on our normal cash account. Having this money available facilitated our progress through the pandemic, exchange rate movements and the UK leaving the EU. However, having come through these challenges so far, we intend gradually to progress the investment plans approved by the Executive Committee in 2020 in order to develop our activities; this will maintain our cash reserve but reduce our other cash balances. 14 ## **Financial statements 2020/21** ## **Statement of financial activities** |**Note**
**Operating revenue**
Membership fees
4
Charitable activities
5
Investments
6
**Total operating revenue**
**Operating expenses**
Charitable activities
7
**Operating result**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**GBP**
unrestricted funds
unrestricted funds
**31 March 2021**
**31 March 2020**
81,037
80,728
2,553,787
2,935,305
209
326
**2,635,033**
**3,016,359**
2,509,953
2,919,828
**125,080**
**96,531**
825,617
729,086
125,080
96,531
**950,697**
**825,617**| |---|---| _The Statement of financial activities includes all gains and losses recognised in the year._ _The notes on pages 18 to 24 form part of these financial statements._ _All funds are unrestricted_ . 15 ## **Financial statements 2020/21** ## **Balance sheet** |**Note**
**Fixed assets**
Tangible assets
10
**Current assets**
Stocks
11
Debtors
12
Cash at bank in hand
**Total assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
13
**Total liabilities**
**Net assets**
**Total unrestricted charity funds**|**31 March 2021**
10,012
3,220
247,240
1,334,872
**1,585,332**
**1,595,344**
**644,647**|**GBP**
**31 March 2021**
12,229
3,252
301,868
1,361,613
**1,666,733**
**1,678,962**
**853,345**
**853,345**
**825,617**
**825,617**| |---|---|---| ||**644,647**|| |||| ||**950,697**|| |||| ||**950,697**|| The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 22 September 2021 and signed by: Emeritus Professor R F Bender (Chair of Trustees) _The notes on pages 18 to 24 form part of these financial statements._ _All funds are unrestricted._ 16 ## **Financial statements 2020/21** ## **Statement of cash flows** |**Note**
**Cash flows from operating activities**
**Net cash used in operating activities**
17
**Cash flows from investing activities**
Dividends and interest from investments
Investment in tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financial activities**
**Net cash provided by financial activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**GBP**
**31 March 2021**
**31 March 2020**
**(18,294)**
**199,738**
209
326
(8,655)
(7,162)
**(8,446)**
**(6,836)**
**-**
**-**
**-**
**-**
**(26,740)**
**192,902**
1,361,613
1,168,711
**1,334,873**
**1,361,613**| |---|---| _The notes on pages 18 to 24 form part of these financial statements._ _All funds are unrestricted._ 17 **Notes to the financial statements** ## The notes to the financial statements are for the year ended 31 March 2021. ## **1. General information** The Case Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Cranfield University, Wharley End, Cranfield, MK43 0JR. ## **2. Accounting policies** ## 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Case Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 2.2 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 18 **Notes to the financial statements** ## 2.5 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of financial activities. ## 2.6 Tangible fixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Fixtures and fittings 10% straight line Computer equipment 33% straight line ## 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. ## 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax 19 **Notes to the financial statements** discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## 2.11 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. See also note 14. ## 2.12 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. ## 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Critical accounting estimates and areas of judgment** Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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 future periods where the revision affects both current and future periods. |**4.**
**5.**
**6.**
**Operating revenue from membership fees**
Membership fees
**Operating revenue from charitable activities**
Sales within charitable activities
_This comprises our revenue from providing case study materials and training services._
**Investment income**
Interest receivable|**GBP**
**31 March 2021**
**31 March 2020**| |---|---| ||**81,037**
**80,728**| ||| ||**2,553,787**
**2,935,305**| ||| ||**209**
**326**| 20 **Notes to the financial statements** ## **7. Analysis of expenditure on charitable accounts** |**Summary of expenditure**
Direct expenditure on activities
Support costs
Fees payable to the charity’s auditor:
- for the audit of the charity’s annual accounts
- in respect of: all non-audit services not included above
**Total expenditure**
**Analysis of direct expenditure**
_This comprises the costs of running the charity. We do nothing that is outside our_
_charitable activities, all of our costs contribute to furthering our aims & purposes._
Royalties
Conferences & awards
Marketing & advertising
Other direct expenditure
**Analysis of support costs**
Staff costs
Depreciation
Exchange losses
Operating lease charges
Other support costs
Governance costs
**Staff costs**
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
The average number of employees during the year|**GBP**
**31 March 2021**
**31 March 2020**
1,099,452
1,498,581
1,405,406
1,414,469
4,400
4,300
695
2,478
**2,509,953**
**2,919,828**
**GBP**
**Activities 2021**
**Activities 2020**
1,041,184
1,363,525
23,850
64,804
23,772
34,755
10,646
35,497
**1,099,452**
**1,498,581**
**GBP**
**Activities 2021**
**Activities 2020**
1,050,135
1,009,341
10,873
8,214
36,817
12,884
63,274
63,029
227,385
299,365
16,922
21,636
**1,405,406**
**1,414,469**
**GBP**
**31 March 2021**
**31 March 2020**
865,538
830,615
98,970
94,683
85,627
84,043
**1,050,135**
**1,009,341**
**2021**
**2020**
21
22| |---|---| ## **8. Staff costs** 21 **Notes to the financial statements** The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: - In the band £80,001 - £90,000 - In the band £100,001 - £110,000 ||1|1| |---|---|---| ||1|1| The remuneration of key management personnel during the year was £434,047 (2020: £409,638). ## **9. Trustees’ remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2020: £NIL). During the year ended 31 March 2021, no Trustee expenses have been incurred (2020: £NIL) ## **10. Tangible fixed assets** |**Cost or valuation**
At 1 April 2020
Additions
Disposals
**At 31 March 2021**
**Depreciation**
At 1 April 2020
Disposals
Charge for the year
**At 31 March 2021**
**Net book value**
At 31 March 2020
**At 31 March 2021**
Raw materials and consumables
**Debtors**
**Stocks**
**Due within one year**
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
Other debtors|**GBP**
**Fixtures & fittings Computer equipment**
**Total**
157,616
90,569
248,185
1,335
7,320
8,655
(99,901)
(61,695)
(161,596)| |---|---| ||**59,050**
**36,194**
**95,244**| ||153,971
81,985
235,956
(99,901)
(61,695)
(161,596)
896
9,977
10,873| ||**54,966**
**30,267**
**85,232**| ||3,645
8,584
12,229| ||**4,084**
**5,928**
**10,012**| ||**GBP**
**31 March 2021 31 March 2020**
**3,220**
**3,252**
**GBP**
**31 March 2021 31 March 2020**
181,588
222,123
29,103
35,685
20,928
44,060
15,621
0
**247,240**
**301,868**| ## **11. Stocks** Raw materials and consumables ## **12. Debtors** 22 **Notes to the financial statements** ## **13. Creditors** |**Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure
_The financial assets comprise trade and other debtors._
**Financial liabilities**
Other financial liabilities measures at fair value through income and expenditure
_The financial liabilities comprise trade creditors, other creditors and taxation._
**Statement of funds**
At 1st April
Income for the year
Expenditure for the year
At 31st March
_All funds are unrestricted (none are restricted for a particular purpose)._
**Analysis of net assets between funds**
Tangible fixed assets
Current assets
Creditors due within one year|**GBP**
**31 March 2021**
**31 March 2020**
522,176
651,029
27,397
120,507
16,444
16,344
78,631
65,465| |---|---| ||**644,647**
**853,345**| ||**GBP**
**31 March 2021**
**31 March 2020**| ||**210,691**
**257,808**| ||| ||**550,395**
**787,880**| ||**GBP**
**Current year**
**Prior year**
825,617
729,086
2,635,033
3,016,359
(2,509,953)
(2,919,828)| ||**950,697**
**825,617**| ||**GBP**
**31 March 2021 31 March 2020**
10,012
12,229
1,585,332
1,666,733
(644,647)
(853,345)| ||**950,697**
**825,617**| ## **14. Financial instruments** ## **15. Statement of funds** ## **16. Analysis of net assets between funds** 23 **Notes to the financial statements** ## **17. Reconciliation of net movement in funds to net cash flow from operating activities** |**18.**
Operating result for the period (as per Statement of financial activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
Cash in hand|**GBP**
**31 March 2021**
**31 March 2020**
125,080
96,531
10,873
8,215
(209)
(326)
32
(627)
54,628
137,720
(208,698)
(41,775)
**(18,294)**
**199,738**
**GBP**
**31 March 2021**
**31 March 2020**
**1,334,872**
**1,361,613**| |---|---| ## **19. Pension commitments** The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £85,627 (2020: £84,043) that were payable to the fund at the balance sheet date and are included in creditors. ## **20. Operating lease commitments** At 31 March 2021 the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**GBP**
**31 March 2021**
**31 March 2020**
63,580
59,973
154,022
52,500
**217,602**
**112,473**| |---|---| ## **21. Related party transactions** The charitable company is the sole member of The Case Centre USA Limited, a company registered in the State of Massachusetts, USA. At the year end, there was a zero balance due from The Case Centre USA Limited (2020: £35,685). The company received royalties from The Case Centre USA Limited totalling £97,436 (2020: £121,008) during the year. 24 ## **Statement of Trustees’ responsibilities** The trustees, who are also the directors of The Case Centre Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; ## **Disclosure of information to auditors** Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity’s auditors are unaware, and - that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity’s auditors are aware of that information. ## **Auditors** - observe the methods and principles in the Charities SORP (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On 1 January 2020, our auditors Keens Shay Keens MK LLP merged with MacIntyre Hudson LLP, trading under the name of MHA MacIntyre Hudson. MHA MacIntyre Hudson has expressed their willingness to continue in office. The auditor, MHA MacIntyre Hudson, is deemed to be reappointed under section 487(2) of the Companies Act 2006. Approved by order of the members of the board of Trustees on 22 September 2021 and signed on their behalf by: Vicky Lester Company Secretary 25 **Independent auditor’s report** **Auditor’s report to the Trustees of The Case Centre Limited for the year ended 31 March 2021** ## **Opinion** We have audited the financial statements of The Case Centre Limited (the ‘charity’) for the year ended 31 March 2021, which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the notes to the financial statements, including a summary of 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its 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 Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees’ 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 charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 26 **Independent auditor’s report** Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements. - The Trustees’ report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for audit; or - the Trustees’ were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report. 27 **Independent auditor’s report** ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity 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 determine 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 charity’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 charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 (UK) 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 to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Elizabeth Newell BA (Hons) FCA (Senior Statutory Auditor) _____________________________ for and on behalf of MHA MacIntyre Hudson, Statutory Auditor Milton Keynes, UK Date: 28 ## **case centre** **The Case Centre is the independent home of the case method. We are dedicated to advancing the case method worldwide, sharing knowledge, wisdom and experience to inspire and transform business education across the globe. We are a registered charity and not-for-profit organisation.** ## We: - distribute the world’s largest collection of management cases, articles and books on behalf of all the major business schools and internationally respected authors worldwide - provide training in case method teaching, learning and writing led by globally renowned experts - run international case awards and competitions; offer case teaching and writing scholarships; and publish books and articles by eminent case method specialists - offer authors an efficient and effective worldwide case publishing and distribution service - curate the annual #WorldCaseTeachingDay. ## **Become a member** We are a registered charity and currently have over 350 member organisations from all over the world. Our members are a vital part of The Case Centre community and at the heart of everything we do. Find out more about becoming a member: **www.thecasecentre.org/join** ## **Stay in touch with us** We invite you to visit **www.thecasecentre.org** , email us at **info@thecasecentre.org** or follow us on social media: **www.linkedin.com/company/the-case-centre** **@TheCaseCentre** ## **www.facebook.com/thecasecentre**