| Company | Information | |||||
|---|---|---|---|---|---|---|
| Trustees' | Report (incorporating | the Strategic and Director's Reports) | 2-8 | |||
| Independent Examiner's |
Report | to the Members | 9-10 | |||
| Statement | of Financial | Activities | (Including | Income and Expenditure | account) | |
| Statement | of Financial | Position | 12-14 | |||
| Notes to the Financial Statements | 15-25 |
| Directors/Trustees | Directors/Trustees | Members | ||||
|---|---|---|---|---|---|---|
| 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 | Kde Valck | HEC Paris, France | ||||
| Professor | R Deo (resigned 19.04.23) | NYU Stern School of Business, USA |
||||
| Emeritus | Professor | G Dyas (resigned | INSEAD, France | |||
| 14.10.23) | ||||||
| Adjunct Professor T |
Hellwig | INSEAD, France | ||||
| (appointed | 14.10.23) | |||||
| 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 | ||
| Professor | SSingh | Indian School of Business, India | ||||
| Professor | STerence | Tsai | China Europe International Business School |
(CEIBS) | ||
| Professor | M Yaziji | IMD, Switzerland |
| Notes | General Funds | DesIgnated | Funds | Tote(Funds | Total Funds | ||
|---|---|---|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2022 | ||||
| Income fram: | |||||||
| Charitable activities |
466,482 | 466,482 | 342,185 | ||||
| Programme delivery |
|||||||
| Investment income |
7,711 | 7,711 | 7,372 | ||||
| Total Income | 474,193 | 474,193 | 349,557 | ||||
| Expenditure on: |
|||||||
| Raising funds | 19,052 | 19,052 | 21,956 | ||||
| Charitable activities |
|||||||
| Programme delivery |
336,695 | 46,280 | 382,975 | 419,069 | |||
| Total expenditure | 355,747 | 46,280 | 402,027 | 441,025 | |||
| Net (loss)/gain on Investments |
12 | (4,980) | (4,980) | (9,447) | |||
| Net Income/ | (46,280) | ||||||
| (expenditure) before |
113,466 | 67,186 | (100,915l | ||||
| transfers | |||||||
| Transfer between | funds | 15/16 | (8,447) | 8,447 | |||
| Net movement In |
funds | 105,019 | (3'7,833) | 67,186 | ltoo,91sl | ||
| Fund balances at | 15/16 | 459,342 | 122,833 | 582,175 | 683,090 | ||
| 1August 2022 | |||||||
| Fund balances at 31July 2023 |
15/16 | 564,361 | 85,000 | 649,361 | 582,175 |
| STATEMENT OF | CASH FLOWS FOR | THE YEA | R ENDED | 31JUL |
|---|---|---|---|---|
| 2023 | 2022 | |||
| Notes | E | E | ||
| Cash flows from operating | activities: | |||
| Net cash inflow from operating activities |
A | 163,704 | 321,757 | |
| Cash flows from Investing | activities: | |||
| Investment Income and Interest received |
7,711 | 7,372 | ||
| Proceeds from the disposal | of investments | |||
| Purchase ofinvestments | (135,000) | |||
| Net cash provided by investing activities |
7,711 | (127,628) | ||
| Change in cash and cash equivalents in the year |
171,415 | 194,129 | ||
| Cash and cash equivalents | at 1August 2022 | 824,192 | 630,063 | |
| Cash and cash equivalents | at 31July 2023 | 995,607 | 824,192 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| f | E | ||||
| Net movement In funds (as per |
the statement | offinancial activities) | 67,186 | (100,915) | |
| Adjustments for: |
|||||
| Losses (gains) on investments | 4,980 | 9,447 | |||
| Investment Income |
and Interest | receivable | (7,711) | (7,372) | |
| Decrease / (Increase) in debtors |
137,527 | ||||
| (Decrease) Increase | in creditors | 99,249 | 283,070 | ||
| Net cash inflow from operating | activities | 163,704 | 321,757 | ||
| Analysis ofchanges | In net debt | ||||
| 2022 | Cash flows | 2023 | |||
| E | E | E | |||
| Cash at bank and in | hand | 824,192 | 171,415 | 995,607 | |
| Cash held by investment managers |
|||||
| Total cash and cash | equivalents | 824,192 | 171,415 | 995,607 |
| General | Fund | Designated | Fund | 2023Total | 2022 Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Programme | 466,482 | 466,482 | 342,185 | |||
| delivery | ||||||
| 2023Total Funds | 466,482 | 466,482 | 342,185 | |||
| 2022 Total Funds | 342,185 | 342,185 |
| General Fund | Designated | Fund | 2023 Total | 2022 Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Bank | interest | 7,711 | 7,711 | 7,372 | ||
| 2023 | Total Funds | 7,711 | 7,711 | 7,372 | ||
| 2022 | Total Funds | 7,372 | 7,372 |
| General | Fund | Designated | Fund | 2023 Total | 2022 Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Marketing | 19,052 | 19,052 | 21,956 | |||
| including printing |
||||||
| and stationery | ||||||
| 2023 Total Funds | 19,052 | 19,052 | 21,956 | |||
| 2022 Total Funds | 21,956 | 21,956 |
| General | Fund | General | 2023 | Total | 2022 | Total | ||
|---|---|---|---|---|---|---|---|---|
| Courses delivery |
Designated Funds |
Fund Governance |
Funds | Funds | ||||
| Costs directly allocated | ||||||||
| to activities | ||||||||
| Academic | 156,259 | 156,259 | 159,161 | |||||
| Travel, accommodation | ||||||||
| and catering | 101,664 | 101,664 | 47,664 | |||||
| programme administration |
38,786 | 38,786 | 117,244 | |||||
| 8&O/ | 2,334 | 2,334 | 5,736 | |||||
| Alumni development |
||||||||
| Foreign Exchange | (115) | (115) | 5,782 | |||||
| sank charges | 169 | 169 | 540 | |||||
| independent examiner fee |
1,830 | 1,830 | 1,740 | |||||
| Legal and professional | 21313 | 21313 | 24,238 | |||||
| Travel, accommodation and subsistence |
13,225 | 13,225 | 9,491 | |||||
| Information technology |
1,230 | 1,230 | ||||||
| scholarships | 46,280 | 46,280 | 46,630 | |||||
| 2023Total Funds | 296,594 | 46,280 | 40,101 | 382,975 | 419,069 | |||
| 2022 Total Funds | 329,851 | 46,630 | 42,588 | 419,069 |
| he net movement in funds |
for the financial yea |
r is stated after charg | ing/(creditin |
|---|---|---|---|
| 2023 | 2022 | ||
| Amounts payable to independent |
examiner: | ||
| Independent examination |
1,830 | 1,740 | |
| Registered offic service | 300 | 300 | |
| Training session | |||
| Interest received | (7,711) | (7,372) |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| John Mullins | Teaching | and | Travel | 381 | |
| Carolina Serrano-Archimi | Teaching | and | Travel | 4,938 | 6,137 |
| Par Martensson | Teaching | and | Travel | 5,628 | 5,542 |
| Kristine de Valck | Teaching | and | Travel | 2,271 | |
| Michael Yaziji | Teaching | and | Travel | 92 | 1,016 |
| Marion Debruyne | Teaching | and | Travel | 762 | |
| Terence Tsai | Teaching | and | Travel | 175 |
| 2. Investments |
||
|---|---|---|
| Units | Value | |
| Brought Forward at 1August 2022 | 11,426 | 221,189 |
| Additions | ||
| Revaluation | (4,980) | |
| Carried Forward at 31July 2023 |
'11,426 | 216,209 |
| 14. C |
redit | ors: amo | unt falling d |
ue within one yea | r |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Accruals and deferred income |
246,959 | 120,749 | |||
| IN 5E AD | 309,354 | ||||
| VLERICK | 315,496 | 33,103 | |||
| 562,455 | 463,206 | ||||
| Movement | on deferred income |
Is as follows: | |||
| Deferred Income | at 1August 2022 | 115,235 | 81,965 | ||
| Amounts | deferred | during the year | 240,929 | 115,235 | |
| Amounts | released | In the year | (115,235) | (81,965) | |
| Deferred | income | at 31July 2023 | 240,929 | 115,235 |
| 6. G |
ener | al Fund |
|||||
|---|---|---|---|---|---|---|---|
| Balance at | Transfer of | Incoming | Outgoing | Net loss on | Balance at | ||
| 1August | funds | resources | resources | Investment | 31July | ||
| 2022 | 2023 | ||||||
| General | fund | 459,342 | (8,447) | 474,193 | (355,747) | (4,980) | 564,361 |
| General fund |
Designated | fund | Total funds | ||
|---|---|---|---|---|---|
| Current | assets | 1,126,816 | 85,000 | 1,211,816 | |
| Current | liabilities | (562,455) | (562,455) | ||
| 564,361 | 85,000 | 649,361 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Course fee | income | 466,482 | ||
| Teaching costs | (156,259) | |||
| Travel and | accommodation | (101,664) | (1,774) | |
| Marketing/Alumni | costs | (18,124) | (8,660) | |
| Programme | administration | (39,423) | (22,669) | |
| ITSupport | (26) | |||
| Scholarship | Awards | (46,280) | ||
| Net total for the year | 104,706 | (33,103) |
| General Funds | Designated | Funds | Total Funds | ||
|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | |||
| Income from: | |||||
| Charitable activities |
342,185 | 342,185 | |||
| Programme degvery |
|||||
| Investment Income |
7,372 | 7,372 | |||
| Total Income | 349,557 | 349,557 | |||
| Expenditure on: |
|||||
| Raising funds | 21,956 | 21,956 | |||
| Charitable activities |
|||||
| Programme delivery |
372,439 | 46,630 | 419,069 | ||
| Total expenditure | 394,395 | 46,630 | 441,025 | ||
| Net (loss)/gain on |
Investments | ||||
| (9,447) | (9,447) | ||||
| Net (expenditure)/Income | |||||
| before transfers | |||||
| (54,285) | (46,630) | (100,915) | |||
| Transfer between | funds | (100,0DD) | 10D,DDD | ||
| Net movement In |
funds | (154,285) | 53,370 | (100,915) | |
| Fund balances at 1August 2021 |
613,627 | 69,463 | 683,090 | ||
| Fund balances at 31July 2022 |
459,342 | 122,833 | 582,175 |