| Company | Information | |||||
|---|---|---|---|---|---|---|
| Trustees' | Report (incorporating | the Strategic and Director's Reports) | 2-9 | |||
| Independent Examiner's |
Report | to the Members | 10-11 | |||
| Statement | of Financial | Activities | (Including | Income and Expenditure | account) | 12 |
| Statement | of Financial | Position | 13-15 | |||
| Notes to the Financial Statements | 16-27 |
| Directors/Trustees | Directors/Trustees | Members | ||||
|---|---|---|---|---|---|---|
| Professor | S Caselli | 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 | CSerrano-Archimi | IAE —Aix Graduate School of Management, |
France | ||
| Professor | SSingh | Indian School of Business, India |
||||
| Professor | STerence | Tsai | China Europe International Business School |
(CEIBS), | ||
| China | ||||||
| Professor | M Yaziji | IMD, Switzerland |
| Notes | General Funds | Oeslgnated | Funds | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2021 | ||||
| Income from: | |||||||
| Charitable activities |
342,185 | 342,185 | 933,275 | ||||
| Programme delivery |
|||||||
| Investment Income |
7.372 | 7,372 | 2,621 | ||||
| Total Income | 349.557 | 349,557 | 935,896 | ||||
| Expenditure on: |
|||||||
| Raising funds | 21,956 | 21,956 | 29,078 | ||||
| Charitable activities |
|||||||
| Programme delivery |
372,439 | 46,630 | 419,069 | 657,524 | |||
| Total expenditure | 394,395 | 46,630 | 441,025 | 686,602 | |||
| Net (loss)/gain on Investments |
12 | (9,447) | (9,447) | 13,442 | |||
| Net Income/ | |||||||
| (expenditure) before transfers |
(54,285) | (46,630) | (100,915) | 262,736 | |||
| Transfer between | funds | 15/16 | (100,000) | 100,000 | |||
| Net movement in |
funds | (154,285) | 53,370 | (100,915) | 262,736 | ||
| Fund balances at | 15/16 | 613,627 | 69,463 | 683,090 | 420,354 | ||
| 1August 2021 | |||||||
| Fund balances at 31luly 2022 |
15/16 | 459,342 | 122,833 | 582,175 | 683,090 |
| Notes | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|
| Current assets | |||||||
| Investments | 12 | 221,189 | 95,636 | ||||
| Debtors | 13 | 137,527 | |||||
| Cash at bank | and in hand | 824,192 | 630,063 | ||||
| 1,045,381 | 863,226 | ||||||
| Creditors | |||||||
| Amounts falling due within |
one year | 14 | (463,206) | f180,136) | |||
| Net current assets | 582,175 | 683,090 | |||||
| Total net assets | 582,175 | 683,090 | |||||
| The funds of | the charitable | company: | |||||
| Unrestricted | funds: | ||||||
| Designated fund |
15 | 122,833 | 69,463 | ||||
| General fund |
16 | 459,342 | 613,627 | ||||
| 17 | 582,175 | 683,627 |
| STATEMENT OF | CASH FLOWS FOR | THE YEA | R ENDED | 31JUL |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Notes | f | f | ||
| Cash flows from operating | activities. ' | |||
| Net cash inflow from operating activities |
A | 321,757 | 227,625 | |
| Cash flows from investing | activities: | |||
| Investment income and interest received |
7,372 | 2,621 | ||
| Proceeds from the disposal | of investments | |||
| Purchase of investments | (135,000) | |||
| Net cash provided by Investing activities |
(127,628) | 2,621 | ||
| Change in cash and cash equivalents in the year |
194,129 | 230,246 | ||
| Cash and cash equivalents | at 1August 2021 | 8 | 630,063 | 399,817 |
| Cash and cash equivalents | at 31July 2022 | B | 824,192 | 630,063 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| f | E | ||||||
| Net movement in funds (as per |
the statement | offinancial | activities) | (100,915) | 262,736 | ||
| Ad)ustments | for: | ||||||
| Losses (gains) on Investments | 9,447 | (13,442) | |||||
| Investment | income | and Interest | receivable | (7,372) | (2,621) | ||
| Decrease / | (Increase) in debtors |
137,527 | (137,527) | ||||
| (Decrease) | increase | in creditors | 283,070 | 118,479 | |||
| Net cash inflow from operating | activities | 321,757 | 227,625 | ||||
| Analysis of | changes | In net debt | |||||
| 2021 | Cash flows | 2022 | |||||
| 6 | f | E | |||||
| Cash at bank and in | hand | 630,063 | 194,129 | 824,192 | |||
| Cash held by investment managers |
|||||||
| Total cash | and cash | equivalents | 630,063 | 194,129 | 824,192 |
| General | Fund | Designated | Fund | 2022 Total | 2021Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Programme | 342,185 | 342,185 | 933,275 | |||
| delivery | ||||||
| 2022 Total Funds | 342,185 | 342,185 | 933,275 | |||
| 2021Total Funds | 933,275 | 933,275 | ||||
| Investment | income | |||||
| General | Fund | Designated | Fund | 2022 Total | 2021Total | |
| Funcls | Funds | |||||
| Bank interest | 7,372 | 7,372 | 2,621 | |||
| 2022 Total Funds | 7,372 | 7,372 | 2,621 | |||
| 2021Total Funds | 2,621 | 2,621 |
| General | Fund | Designated | Fund | 2022Total | 2021Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Marketing | 21,956 | 21,956 | 29,078 | |||
| including printing |
||||||
| and stationery | ||||||
| 2022 Total Funds | 21,956 | 21,956 | 29,078 | |||
| 2021Total Funds | 29,078 | 29,078 |
| General | Fund | General | 2022 | Total | 2021 | Total | ||
|---|---|---|---|---|---|---|---|---|
| Courses | Designated | Fund | Funds | Funds | ||||
| delivery | Funds | Governance | ||||||
| Costs directly allocated | ||||||||
| to activities | ||||||||
| Academic | 159,161 | 159,161 | 229,206 | |||||
| Travel, accommodation | ||||||||
| and catering | 47,664 | 47,664 | 78,060 | |||||
| Programme administration |
117,244 | 117,244 | 246,510 | |||||
| Rsro/ | 5,736 | 5,736 | 1,500 | |||||
| Alumni development |
||||||||
| Foreign Exchange | 5,782 | 5,782 | 6,681 | |||||
| Bank charges | 540 | 540 | 357 | |||||
| Independentexaminer fee |
1,740 | 1,740 | 1,662 | |||||
| Legal and professional |
24,238 | 24,238 | 20,638 | |||||
| Travel, accommodation and subsistence |
9,491 | 9,491 | 361 | |||||
| Information technology |
843 | 2,594 | ||||||
| Scholarships | 46,630 | 46,630 | 69,955 | |||||
| 2022 Total Funds | 329,851 | 46,630 | 42,588 | 419,069 | 657,524 | |||
| 2021 Total Funds | 560,457 | 69,955 | 27 112 | 657,524 |
| he net moveme | nt in funds f |
or the financial yea | r is stated after charg | ing/(creditin |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Amounts payable |
to independent | examiner: | ||
| Independent | examination | 1,740 | 1,662 | |
| Registered | office service | 300 | ||
| Training session | ||||
| Interest received | (7,372) | (2,621) |
| haritable | company for servi | ces related t | o the delivery | of ITP: | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| John Mullins | Teaching | and Travel | 381 | 41,811 | |
| Carolina | Serrano-Archimi | Teaching | and Travel | 6,137 | 22,955 |
| Par Mkrtensson | Teaching | and Travel | 5,542 | 18,460 | |
| Kristine | de Valck | Teaching | and Travel | 16,224 | |
| Michael | yaziji | Teaching | and Travel | 1,016 | |
| Marion | Debruyne | Teaching | and Travel | 762 |
| 2. Investments |
||
|---|---|---|
| Units | Value | |
| Brought Forward at 1August 2021 | 4,886 | 95,636 |
| Additions | 6,540 | 135,000 |
| Revaluation | (9,447) | |
| Carried Forward at 31July 2022 |
11,426 | 221,189 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| London | Business | School | 116,527 | |
| Other | Debtors | 21,000 | ||
| 137,527 |
| Balance | at | Transfer of | Incoming | Outgoing | Net loss on | Balance at | ||
|---|---|---|---|---|---|---|---|---|
| 1August | funds | resources | resources | Investment | 31July | |||
| 2021 | 2022 | |||||||
| General | fund | 613,627 | (100,000) | 349,557 | (394,395) | (9,447) | 459,342 |
| General fund | Designated | fund | Total funds | ||
|---|---|---|---|---|---|
| Current | assets | 922,548 | 122,833 | 1,045,381 | |
| Current | liabilities | (463,206) | (463,206) | ||
| 459,342 | 122,833 | 582,175 |
| Transactions during the year with Lon |
don Business School were | as follows: |
|---|---|---|
| 2022 | 2021 | |
| Course fee income | (23,896) | 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 | (23,896) | 193,055 |
| 2022 | 2021 | |
|---|---|---|
| Course fee income | 311,256 | 332,070 |
| Teaching costs | (170,344) | (88,195) |
| Travel and accommodation | (34,706) | (3,001) |
| Marketing/Alumni costs Programme Administration |
(13,296) (93,535) |
(17,620) |
| (98,369) | ||
| Net total for the year | (625) | 124,895 |
| Travel and accommodation | (1,774) |
|---|---|
| Marketing | (8,660) |
| Programme Development |
(22,669) |
| Net total for the year | (33,103) |
| Ifet movement | In funds | 272,691 | (9966) | 262,736 |
|---|---|---|---|---|
| Fund balances 1August 2021 |
at | 340,936 | 79,419 | 420,354 |
| Fund balances 31July 2022 |
at | 613,627 | 69,463 | 633,090 |