| 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 |