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|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|
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|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|||
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|||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|
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||||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|
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|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|
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||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||
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||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||
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||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)|
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|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||
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|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|
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||||2022|2021|
|---|---|---|---|---|
|London|Business|School||116,527|
|Other|Debtors|||21,000|
|||||137,527|
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|||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|
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|||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|
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|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)|
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|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|