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2025-07-31-accounts
| Company Information |
1 |
| Trustees' Report (incorporatingthe Strategicand Director's Reports) |
2-8 |
| Independent Examiner's Report tothe Members |
9-10 |
| Statement of Financial Activities (including Income and Expenditure account) |
11 |
| Statement of Financial Position |
12-13 |
| Statement ofCash Flows |
14 |
| Notes to the Financial Statements |
15-24 |
| Directors/Trustees |
Members |
| Professor S Caselli |
SDA Bocconi School of Management, Italy |
| ProfessorJ Cohen |
MITSloan School of Management, USA |
| 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 |
| Adjunct ProfessorT Hellwig |
INSEAD, France |
| Professor L Krishnamurthi |
Kellogg School of Management, |
|
Northwestern University, USA |
| Professor P Martensson (Chair) |
Stockholm School of Economics, Sweden |
| ProfessorJ Mullins |
London Business School, UK |
| Associate Professor C Serrano-Archimi |
IAE - Aix Graduate School of Management, France |
| Professor S Singh |
Indian School of Business, India |
| Professor S Terence Tsai |
China Europe International Business School (CEIBS) |
| Professor M Yaziji |
IMD, Switzerland |
18/03/2026
|
Notes |
General Funds |
Designated Funds |
Total Funds |
Total Funds |
|
|
2025 |
2025 |
2025 |
2024 |
|
|
£ |
£ |
£ |
£ |
| Income from: |
|
|
|
|
|
| Charitable activities |
4 |
534,163 |
|
534,163 |
585,483 |
| Programme delivery |
|
|
|
|
|
| investment income |
S |
25,363 |
|
25,363 |
7,826 |
| Total income |
|
559,526 |
|
559,526 |
593,309 |
| Expenditure on: |
|
|
|
|
|
| Raising funds |
6 |
36,570 |
|
36,570 |
13,975 |
| Charitable activities |
|
|
|
|
|
| Programme delivery |
7 |
340,609 |
80,415 |
421,024 |
544,768 |
| Total expenditure |
|
377,179 |
80,415 |
457,594 |
558,743 |
Net (loss)/gain on
investments |
12 |
(7,367) |
|
(7,367) |
18,698 |
| Net income/ |
|
174,980 |
(80.415) |
94,565 |
53,264 |
| (expenditure) before |
|
|
|
|
|
| transfers |
|
|
|
|
|
| Transfer between funds |
15/16 |
(85,000) |
85,000 |
|
|
| Net movement in funds |
|
89,980 |
4,585 |
94,565 |
53,264 |
| Fund balances at |
15/16 |
617,950 |
84,675 |
702,625 |
649,361 |
| 1 August 2024 |
|
|
|
|
|
| Fund balances at |
|
|
|
|
|
| 31July2025 |
15/16 |
707,930 |
89,260 |
797,190 |
702,625 |
|
Notes |
2025 |
|
2024 |
|
|
|
f |
£ |
£ |
£ |
| Current assets |
|
|
|
|
|
| Investments |
12 |
452,540 |
|
359,907 |
|
| Debtors |
13 |
|
|
13,468 |
|
| Cash at bank and in hand |
|
719,577 |
|
991,719 |
|
|
|
1,172,117 |
|
1,365,094 |
|
| Creditors |
|
|
|
|
|
| Amounts falling due within one year |
14 |
(374,927) |
|
(662,469) |
|
| Net current assets |
|
|
797,190 |
|
702,625 |
| Total net assets |
|
|
797,190 |
|
702,625 |
| The funds ofthe charitable company: |
|
|
|
|
|
| Unrestricted funds: |
|
|
|
|
|
| Designated fund |
15 |
|
89,260 |
|
84,675 |
| General fund |
16 |
|
707,930 |
|
617,950 |
|
17 |
|
797,190 |
|
702,625 |
| STATEMENT OF CASH FLOWS FOR |
THEYEA |
R ENDED |
31JUL |
|
|
2025 |
2024 |
|
Notes |
£ |
£ |
| Cash flowsfrom operatingactivities: |
|
|
|
| Net cash inflow from operating activities |
A |
(197,505) |
113,286 |
| Cash flowsfrom investingactivities: |
|
|
|
| Investment income and interest received |
|
25,363 |
7,826 |
| Proceeds from the disposal of investments |
|
|
|
| Purchase of investments |
|
(100,000) |
(125,000) |
| Net cash provided byinvestingactivities |
|
(74,637) |
(117,174) |
| Change in cash and cash equivalents in the year |
|
(272,142) |
(3,888) |
| Cash and cash equivalents at 1August 2024 |
B |
991,719 |
995,607 |
| Cash and cash equivalents at31July 2025 |
B |
719,577 |
991,719 |
|
2025 |
2024 |
|
£ |
f |
| Net movement in funds (as perthestatementoffinancial activities) |
94,565 |
53,264 |
| Adjustments for: |
|
|
| Losses (gains) on investments |
7,367 |
(18,698) |
| Investment income and interest receivable |
(25,363) |
(7,826) |
| Decrease/ (Increase) in debtors |
13,468 |
(13,468) |
| (Decrease) increase in creditors |
(287,542) |
100,014 |
| Netcash inflowfrom operatingactivities |
(197,505) |
113,286 |
|
|
2024 |
Cash flows |
2025 |
|
|
£ |
£ |
£ |
| Cash |
at bank and in hand |
991,719 |
(272,142) |
719,577 |
| Cash |
held by investment managers |
|
|
|
| Total |
cash and cash equivalents |
991,719 |
(272,142) |
719,577 |
|
|
General Fund |
Designated Fund |
2025 Total |
2024 Total |
|
|
|
|
Funds |
Funds |
|
|
£ |
f |
£ |
£ |
|
Programme |
534,163 |
|
534,163 |
585,483 |
|
delivery |
|
|
|
|
|
2025 Total Funds |
534,163 |
|
534,163 |
585,483 |
|
2024 Total Funds |
585,483 |
|
585,483 |
|
|
Investment |
income |
|
|
|
|
|
General Fund |
Designated Fund |
2025 Total |
2024 Total |
|
|
|
|
Funds |
Funds |
|
|
£ |
£ |
£ |
£ |
|
Bank interest |
25,363 |
|
25,363 |
7,826 |
|
2025 Total Funds |
25,363 |
|
25,363 |
7,826 |
|
2024 Total Funds |
7,826 |
|
7,826 |
|
|
General Fund |
Designated Fund |
2025 Total |
2024 Total |
|
|
|
Funds |
Funds |
|
£ |
£ |
£ |
f |
| Marketing |
36,570 |
|
36,570 |
13,975 |
| including printing |
|
|
|
|
| and stationery |
|
|
|
|
| 2025 Total Funds |
36,570 |
|
36,570 |
13,975 |
| 2024 Total Funds |
13,975 |
|
13,975 |
|
|
General
Courses
delivery |
Fund |
Designated
Funds |
General
Fund
Governance |
2025 Total
Funds |
2024Total
Funds |
|
|
£ |
£ |
£ |
£ |
£ |
| Costs directly allocated |
|
|
|
|
|
|
| to activities |
|
|
|
|
|
|
| Academic |
|
241,295 |
|
|
241,295 |
214,717 |
| Travel, accommodation |
|
|
|
|
|
|
| and catering |
|
57,647 |
|
|
57,647 |
142,405 |
administration
Programme |
|
5,229 |
|
|
5,229 |
84,469 |
| R&D/ |
|
|
|
509 |
509 |
3,580 |
| Alumni development |
|
|
|
|
|
|
| Foreign Exchange |
|
(340) |
|
|
(340) |
8,925 |
| Bank charges |
|
|
|
540 |
540 |
1,058 |
Independent examiner
fee |
|
|
|
2,220 |
2,220 |
2,190 |
| Legal and professional |
|
|
|
28,836 |
28,836 |
23,463 |
Travel, accommodation
and subsistence |
|
|
|
4,347 |
4,347 |
11,916 |
| Information technology |
|
|
|
326 |
326 |
1,720 |
| Scholarships |
|
|
80,415 |
|
80,415 |
50,325 |
| 2025 Total Funds |
|
303,831 |
80,415 |
36,778 |
421,024 |
544,768 |
| 2024 Total Funds |
|
450,516 |
50,325 |
43,927 |
544,768 |
|
|
2025 |
2024 |
|
£ |
£ |
| Amounts payable to independent examiner: |
|
|
| Independent examination |
2,220 |
2,190 |
| Registered office service |
300 |
300 |
| Interest received |
(25,363) |
(7,826) |
| rogrammes or reimbursem |
ent of charitable complianc |
e expenses: |
|
|
|
2025 |
2024 |
| Stefano Caselli |
Teaching and Travel |
1,699 |
|
| Thomas Hellwig |
Teaching and Travel |
5,490 |
13,037 |
| John Mullins |
Teaching and Travel |
2,899 |
10,390 |
| Carolina Serrano-Archimi |
Teaching and Travel |
6,328 |
5,399 |
| Par Martensson |
Teaching and Travel |
11,873 |
8,911 |
| Kristine de Valck |
Teaching and Travel |
3,301 |
3,555 |
| Lakshman Krishnamurthi |
Travel |
|
108 |
2.
Investments |
|
|
|
Units |
Value |
|
|
£ |
| Brought Forward at 1 August 2024 |
17,640 |
359,907 |
| Additions |
4,900 |
100,000 |
| Revaluation |
|
(7,367) |
| Carried Forward at 31July 2025 |
22,540 |
452,540 |
14.
Creditors: amountfalling |
duewithin |
one ye |
ar |
|
|
2025 |
2024 |
|
|
£ |
£ |
| Accruals and deferred income |
200,669 |
|
269,256 |
| Stockholm School of Economics |
174,258 |
|
|
| VLERICK |
|
|
393,213 |
|
374,927 |
|
662,469 |
| Movement on deferred income is as follows: |
|
|
|
| Deferred income at 1 August 2024 |
261,290 |
|
240,929 |
| Amounts deferred during the year |
175,121 |
|
248,293 |
| Amounts released in the year |
(248,242) |
|
(227,932) |
| Deferred income at 31July 2025 |
188,169 |
|
261,290 |
|
|
Balance at |
Transferof |
Incoming |
Outgoing |
Balance at |
Balance at |
|
|
1 August |
funds |
resources |
resources |
31 |
July 2025 |
|
|
2024 |
|
|
|
|
|
|
|
£ |
£ |
£ |
£ |
f |
|
| Designated |
fund |
84,675 |
85,000 |
|
(80,415) |
|
89,260 |
6.
G |
ene |
ral Fund |
|
|
|
|
|
|
|
Balanceat |
Transferof |
Incoming |
Outgoing |
Net loss on |
Balance at |
|
|
1 August |
funds |
resources |
resources |
investment |
31July |
|
|
2024 |
|
|
|
|
2025 |
|
|
£ |
£ |
f |
£ |
f |
f |
| General |
fund |
617,950 |
(85,000) |
559,526 |
(377,179) |
(7,367) |
707,930 |
|
|
General fund |
Designated fund |
Total funds |
|
|
£ |
f |
£ |
| Current |
assets |
1,082,857 |
89,260 |
1,172,117 |
| Current |
liabilities |
(374,927) |
|
(374,927) |
|
|
707,930 |
89,260 |
797,150 |
| Transactions during the yearwith Stoc |
kholm SSE (2024 with Vle |
rick) were as foll |
|
2025 |
2024 |
|
£ |
£ |
| Course fee income |
523,797 |
575,694 |
| Teaching costs |
(78,991) |
(167,151) |
| Travel and accommodation |
(57,648) |
(142,405) |
| Marketing/Alumni costs |
(23,651) |
(6,975) |
| Programme administration |
(3,648) |
(83,211) |
| Legal and Professional |
(4,374) |
|
| Scholarship Awards |
(80,415) |
(50,325) |
| Net total for the year |
275,070 |
125,627 |
|
General Funds |
Designated Funds |
Total Funds |
|
2024 |
2024 |
2024 |
|
£ |
£ |
£ |
| Income from: |
|
|
|
| Charitable activities |
585,483 |
|
585,483 |
| Programme delivery |
|
|
|
| Investment income |
7,826 |
|
7,826 |
| Total income |
593,309 |
|
593,309 |
| Expenditure on: |
|
|
|
| Raising funds |
13,975 |
|
13,975 |
| Charitable activities |
|
|
|
| Programme delivery |
494,443 |
50,325 |
544,768 |
| Total expenditure |
508,418 |
50,325 |
558,743 |
| Net (loss)/gain on investments |
18,698 |
|
18,698 |
| Net {expenditure)/income |
|
|
|
| before transfers |
|
|
|
|
103,589 |
(50,325) |
53,264 |
| Transfer between funds |
(50,000) |
50,000 |
|
| Net movement in funds |
53,589 |
(324) |
53,264 |
Fund balances at
1 August 2023 |
564,361 |
85,000 |
649,361 |
| Fund balances at |
|
|
|
| 31July 2024 |
617,950 |
84,675 |
702,625 |