##
#
##
|Company|Information|||||
|---|---|---|---|---|---|
|Trustees'|Report (incorporating|the Strategic and Director's Reports)|||2-10|
|Independent
Examiner's
Report||to the Members|||11-12|
|Statement|of Financial Activities|(including|Income and Expenditure|account)|13|
|Statement|of Financial Position||||14-1S|
|Statement|of Cash Flows||||16|
|Notes tothe Financial-Statements|||||17-27|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Directors/Trustees|Directors/Trustees|||Members|||
|---|---|---|---|---|---|---|
|Professor|P Batteau|(resigned||IAE —Aix Graduate
School of Management,||France|
|13.03.21)|||||||
|Professor|SCaselli|||SDA Bocconi School of Management,|Italy||
|Professor|E Cornuel|||European
Foundation
for Management|||
|||||Development
(EFMD Global), Belgium|||
|Professor|M Debruyne|||Vlerick Business School, Belgium|||
|Professor|K de Valck|||HEC Paris, France|||
|Professor|R Deo|||NYU Stern School of Business,
USA|||
|Emeritus|Professor|G Dyas||INSEAD, France|||
|Professor|L Krishnamurthi|||Kellogg School of Management,|||
|||||Northwestern
University,
USA|||
|Professor|P Martensson||(Chair)|Stockholm
School of Economics, Sweden|||
|Professor|J Mullins|||London
Business School, UK|||
|Associate|Professor|C Serrano-Archimi||IAE —Aix Graduate
School of Management,||France|
|(appointed
13.03.21)|||||||
|Professor|S Singh|||Indian School of Business,
India|||
|Professor|STerence Tsai|China Europe International|Business School (CEIBS),|
|---|---|---|---|
|||China||
|Professor|M Yaziji|IMD, Switzerland||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
#
|||Notes|General ponds|Oeslgnated|Funds|Total Funds|Total Funds|
|---|---|---|---|---|---|---|---|
||||2021|2021||2021|2020|
|Income fram:||||||||
|Charitable
activities|||933,275|||933,275||
|Programme
delivery
Investment
Income|||2,621|||2,621|3,986|
|Total Income|||935,896|||935,896|3,986|
|Expenditure
on;||||||||
|Raising funds|||29,078|||29,078|7,786|
|Charitable
activities||||||||
|Programme
delivery|||587,569|69,955||657,524|63,578|
|Total expenditure|||616,647|69,955||686,602|71,364|
|Net (loss)/gain
on
investments||12|13,442|||13,442|(492)|
|Net Income/||||||||
|(expenditure)
before
transfers|||332,691|(69,955)||262,736|(67,870)|
|Transfer between|funds|15/16|(60,000)|60,000||||
|Net movement
in|funds||272,691|l9,955)||262,736|(67,870)|
|Fund balances at||15/16|340,936|79,418||420,354|488,224|
|1August 2020||||||||
|Fund balances at
31(uly 2021||15/16|613,627|69,463||683,090|420,354|
##
|Registered|Nu|mber:
12|93553||||||
|---|---|---|---|---|---|---|---|---|
|||||Notes|2021||2020||
|Current assets|||||||||
|Investments||||12|95,636||82,194||
|Debtors||||13|137,527||||
|Cash at bank|and|in hand|||630,063||399,817||
||||||863,226||482,011||
|Creditors|||||||||
|Amounts
falling||due within|one year|14|(180,136)||(61,657 l||
|Net current|assets|||||683,090||420,354|
|Total net assets||||||683,090||420,354|
|The funds ofthe||charitable|company:||||||
|Unrestricted|funds:||||||||
|Designated|fund|||15||69,463||79,418|
|General
fund||||16||613,627||340,936|
|||||17||683,090||420,354|
##
|STATEMENT OF CASH FLOWS FOR|THE YEAR|ENDED|31JULY 2021|
|---|---|---|---|
|||2021|2020|
||Notes|f|f|
|Cash flows from operating
activities:||||
|Net cash inflow from operating
activities|A|227,625|80,427|
|Cash flows from investing
activities:||||
|Investment
income and interest received||2,621|3,986|
|Proceeds from the disposal ofinvestments|||80,000|
|Purchase of investments||||
|Net cash provided
by investing
activities||2,621|83,986|
|Change
in cash and cash equivalents
In the year||230,246|164,413|
|Cash and cash equivalents
at 1August 2020||399,817|235,404|
|Cash and cash equivalents
at 31July 2021|8|630,063|399,817|
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||f|f|
|Net movement
In funds (as per|the statement|offinancial|activities)|262,736|(67,870)|
|Ad)ustments
for:||||||
|Losses (gains) on investments||||(13,442)|492|
|Investment
income and interest|receivable|||(2,621)|(3,986)|
|Decrease /(Increase)
in debtors||||(137,527)|94,466|
|(Decrease) increase
in creditors||||118,479|57,325|
|Net cash Inflow from operating|activities|||227,625|80,427|
|Analysis of changes
in ne|t debt||||
|---|---|---|---|---|
|||2020|Cash flows|2021|
|||f|E|f|
|Cash at bank and in hand||399,817|230,246|630,063|
|Cash held by investment|managers||||
|Total cash and cash equivalents||399,817|230,246|630,063|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Income|from ch|aritabl|e
activiti|es||||
|---|---|---|---|---|---|---|---|
||General|Fund|Designated|Fund|2021Tota|I|2020 Total|
||||||Funds||Funds|
|Programme|933,275||||933,275|||
|delivery||||||||
|2021Total Funds|933,275||||933,275|||
|2020 Total Funds||||||||
|. Investment|income|||||||
||General|Fund|Designated|Fund|2021Tota I||2020 Total|
||||||Funds||Funds|
|Bankinterest|2,621||||2,621||3,986|
|2021Total Funds|2,621||||2,621||3,986|
|2020 Total Funds|3,986||||3,986|||
##
##
|ERNATIONAL
SCHOOLS OF BUS
company
limited
by guarantee)
Expenditure
on|ERNATIONAL
SCHOOLS OF BUS
company
limited
by guarantee)
Expenditure
on|INESS MA
raising|NAGEMENT
funds|NAGEMENT
funds|||(||
|---|---|---|---|---|---|---|---|---|
|General||Fund|Designated||Fund|2021Total|2020 Total||
|||||||Funds|Funds||
|Marketing
29,078||||||29,078|7,786||
|Including
printing|||||||||
|and stationery|||||||||
|2021Total Funds|29,078|||||29,078|7,786||
|2020 Total Funds|7,786|||||7,786|||
|.
Expenditure|on|charitable||activities|||||
|General||Fund|||General|2021|Total
2020Total||
|Courses|||Designated||Fund|Funds|Funds||
|delivery|||Funds||Governance||||
|Costs directly allocated|||||||||
|to activities|||||||||
|||229,206|||||229306||
|Academic|||||||||
|Travel, accommodation
and catering||78,060|||||78,060||
|Programme||246,510|||||246,510|32,349|
|administration|||||||||
|8gr0/||||||1,500|1,500|3,846|
|Alumni
development|||||||||
|Foreign Exchange||6,681|||||6,681|895|
|Bank charges||||||357|357|142|
|Independentexaminer||||||1,662|1,662|1,614|
|fee|||||||||
|Legal and professional||||||20,638|20,638|16481|
|travel, accommodation||||||361|361|7,578|
|and subsistence|||||||||
|Information
technology||||||2,594|2,594|573|
|Scholarships||||69,955|||69,955||
|2021 Tote I Funds||560,457||69,955||27,112|657,524|63,578|
|2020 Total Funds||33,244||||30,334|63,578||
##
##
|he net movement
in funds f|or the financial yea|r is stated after charg|ing/(crediting|
|---|---|---|---|
|||2021|2020|
|Amounts
payable to independent|examiner:|||
|Independent
examination||1,662|1,614|
|Registered office service||300|300|
|Training session|||275|
|Interest received||(2,621)|(3,986)|
##
|NSEAD which was charged t
TP:|o the charitable
company fo|r services related|to the deli|
|---|---|---|---|
|||2021|2020|
|John Mullins|Programme
Director/
Development|41,811||
|Carolina
Serrano-Archimi|Teaching and Travel|22,955||
|Par MArtensson|Teaching and Travel|18,460||
|Kristine de Valck|Teaching and Travel|16,224||
##
##
##
|2.
Investments|||
|---|---|---|
||Units|Value|
|Brought Forward at 1August 2020|4,886|82,194|
|Dlsposals|||
|Revaluation||13,442|
|Carried Forward at 31July 2021|4,886|95,636|
##
||||2021|2020|
|---|---|---|---|---|
|London|Business|School|116,527||
|Other|Debtors||21,000||
||||137,527||
##
|14.
C|redit|ors: amount
falling d|ue within one|year||
|---|---|---|---|---|---|
||||2021||2020|
|Accruals and deferred
income|||88,903||61,657|
|INSEAD|||91,233|||
||||180,136||61,657|
|Movement|on deferred
income is as follows:|||||
|Deferred income||at 1August 2020|18,359|||
|Amounts|deferred|during the year|81,432|18,359||
|Amounts|released|in the year|17,826|||
|Deferred|Income|at 31July 2021|81,965|18,359||
##
|5.
Des|ignate|d
Fund|||||
|---|---|---|---|---|---|---|
|||Balance at|Transfer of|Incoming|Outgoing|Balance at|
|||1August|funds|resources|resources|31July 2021|
|||2020|||||
|Designated|fund|79,418|60,000||(69,955)|69,463|
##
|6.
G|ener|al
Fund||||||
|---|---|---|---|---|---|---|---|
|||Balance at|Transfer of|Incoming|Outgoing|Net gain|Balance at|
|||1August|funds|resources|resources|on|31July|
|||2020||||investment|2021|
|General|fund|340,936|(60,000)|935,896|(616,647)|13,442|613,627|
##
|||General fund|Designated|fund|Total funds|
|---|---|---|---|---|---|
|Current|assets|793,763|69,463||863,226|
|Current|liabilities|(180,136)|||(180,136)|
|||613,627|69,463||683,090|
##
|Transactions
during the year with Lon|don
Business School were a|s follows:|
|---|---|---|
||2021|2020|
|Course fee income|531,250||
|Teaching costs|(141,011)||
|Travel and accommodation|(75,059)||
|Marketing/Alumni
costs|(18,206)||
|Programme
administration|(103,919)||
|Net total for the year|193,055||
||2021|2020|
|---|---|---|
|Course fee income|332,070||
|Teaching costs|(88,195)||
|Travel and accommodation|(3,001)||
|Marketing/Alumni
costs|(17,610)||
|Programme
Administration|(98,369)||
|Net total for the year|124,895||
##
##
|||General|Funds|Designated|Funds|Total Funds|
|---|---|---|---|---|---|---|
|||2020||2020||2020|
|Income from:|||||||
|Charitable
activities|||||||
|Programme
delivery|||||||
|Investment
Income||3,986||||3,986|
|Total Income||3,986||||3,986|
|Expenditure
on:|||||||
|Raising funds||7,786||||7,786|
|Charitable
activities|||||||
|Programme
delivery||63478||||63,378|
|Total expenditure||71,364||||71,364|
|Net (loss)/gain
on|Investments|(492)||||(492)|
|Net (expenditure)/Income|||||||
|before transfers|||||||
|||(67,870)||||(67,870)|
|Transfer between|funds|(20,000)||20,000|||
|Net movement
in|funds|(87,870)||20,000||(67,780)|
|Fund balances at
1August 2019||428,806||69,418||488,224|
|Fund balances at
31July 2020||340,936||79,418||420,354|