## |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|