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|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|
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|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|||
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|||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|
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|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|
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||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||
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|||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||
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||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||
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||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||
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|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|
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|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|
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|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)|
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|||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|