2020-12-31-accounts - Escp Europe - Business School

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		Unrestricted	Total funds	Total funds
		Funds		(*)
		2020	2020	2019
	Note
Income
Donations	3	615,000	615,000	1,061,054
Charitable activities
Student fees	4	8,903,690	8,903,690	7,071,609
Other educational tncome	5.a	1,327,144	1,327,144	1,887,451
Investment income		329,398	329,398	32,923
Other rucome	5.b	191,150	191,150	768,276
Total income		11,366,381	11,366,381	10,821,313
Expenditure
	6	(10,286,852)	(10,286,852)	(10,814,889)
Total expenditure		(10,286,852)	(10,286,852)	(10,814,889)
Net income for the year		1,079,530	1,079,530	6,424
Net ntovement in funds		1,079,530	1,079,530	6,424
Reconciliation offunds
Total funds brought fomard		197,172	197,172	190,748
Net movement rn funds for the year		1,079,530	1,079,530	6,424
Total funds carried fomvard	16	1,276,702	1,276,702	197,172

			Gronp	Gronp	Company	Company
			2020	2019	2020	2019
		Note
Fixed assets
Tangible assets Investments		8 9	742,035	665,848	742,035 I	665,848 I
Current assets			742 035	665 848	742 036	665 849
Debtors Cash at bank and in	hand	10	3,821,876 2,096,945	2,703,316 1,226,556	3,939,156 1,846,511	2,569,534 1,083,903
			5,918,821	3,929,872	5,785,667	3,653,437
Creditors: amounts	falling due within one year	11	(3,791,907)	(2,897,495)	(3,658,755)	(2,621,061)
Net current assets			2,126,914	1,032,377	2,126,912	1,032,376
Total assets less current liabilities			2,868,949	1,698,225	2,868,948	1,698,225
Provision for pension scheme liability		12.a	(1,402,615)	(1,261,409)	(1,402,615)	(1,261,409)
Creditors: amounts	falling due after one year	12.b	(189,632)	(239,645)	(189,632)	(239,645)
Net assets			1,276,702	197,172	1,276,701	197,171
Funds
Unrestricted funds:
-General fund			1,276,702	197,172	1,276,701	197,171
Total funds		16	1,276,702	197,172	1,276,701	197,171

								Total	Total
								funds	funds
								2020	2019
							Note
Nct cash tlovvs generated			from/(used	in)	operating	activities	18	1,260,603	244,400
Cash	floivs	from investing	activities
Purchase of		property, plant	and equipment					(340,201)	(393,126)
Cash	floivs	from financing	activities
EESC financing loan								(50,013)	239,645
Net increase		/ (decrease) in cash and		cash equivalents				870,389	90,919
Cash	an&1 cash equivalents		at beginning		ofthe year			1,226,556	1,135,637
Cash	and cash equivalents		at the end	of	the year			2,096,945	1,226,556

3. Donations
			2020	2019
Rent-free donation for the year EESCnet funding ol'the pension	fund inovement	for the year	615,000	500,000 561,054
			615,000	1,061,054
4.a Student fees
			2020	2019
Masters' qualifications Bachelor in Management (BIM) Application fees			6,104,094 2,710,421 89,175	4,894,573 2,107,042 69,994
			8,903,690	7,071,609
4.b Details offee income
			2020	2019
Fee income for taught awards (exclusive ofVAT) Fee income for research awarrls (exclusive ofVAT) Fee income from non-qualifying courses (exclusive ofVAT)			9,451,790 171,974 303,576	8,023,978 222,368 514,905
Total fee income			9,927,340	8,761,251
S.a Other educational income
			2020	2019
Income from funded research Executive education income Seminars and conferences Job Retention Scheme / Furlough Other educational income	income		171,974 788,496 48,158 82,077 236,439	222,368 1,400,970 55,508 208,605
			1,327,144	1,887,451

			2020	2019(a)
Expenses recharged	to cltents		48,882	9,390
Reimbursement of	Freeholder's	costs	85,464	668,836
Other misccllancous	income		56,804	90,050
			191,150	768,276

					Direct	Support
			Staff costs	Depreciation	costs (a)	costs	Total
2020
Charitable	activities	(*)	6,190,299	264,014	3,412,504	420,035	10,286,852
2019
Charitable	activities	(")	6,209,759	199,158	4,105,050	300,922	10,814,889

			2020	2019(a)
Personnel	recharged		800,177	1,375,691
Premises			1,063,171	1,270,988
Adnunistration		ofthe School	387,653	360,439
Marketing	and	recruiting	899,938	952,906
Other			261,565	145,026
			3,412,504	4,105,050

				2020	2019
Finance —foreign exchange loss Information technology Governance costs				15,936 217,142 186,957	47,990 174,720 78,212
				420,035	300,922
Governance costs includes:
				2020	2019
Legal and professional	fees			48,915	16,258
Statutory fees (UCAS,	QAA and CLA)			138,042	61,954
				186,957	78,212
Included in expenditure	are the following:
				2020	2019
Fees payable to the company's audttor		for the audit ofthe company's	accounts (inc.	33,840	28,800
VAT)
Non-audit fees paid to the company's Fees payable to the company's tntdttor VAT)		auditors (inc. VAT) for the audit ofthe subsidiary's	accounts (inc.	3,000 3,780	3,646 3,600
Depreciation				264,014	199,158
Operating lease rentals:	plant &equipment			61,773	78,951

					2020	2019
XVages and salaries					4,012,920	3,692,619
Social security costs					497,533	461,747
Pension costs					594,859	466,389
USS pension	deficit	adjustment			141,206	561,054
					5,246,518	5,181,809
Teaching fees	invoiced				521,801	534,615
Temporary administration					212,751	207,456
Staff welfare	costs				151,806	105,627
Recruitment	and staff training		costs		51,247	147,072
					6,184,123	6,176,579
Personnel recharged		by ESCP	EUROPE Paris		6,176	33,180
Total staff costs					6,190,299	6,209,759
The average monthly		number ofemployees		during	the year was 121(2019:128)made up as fol(ows:
					2020	2019
					No.	No.
Teaching					56	57
Administration					57	49
Student ivorkers					8	22
					121	128

2020	2019
No.	No.

	2020	2019
Basic salary Pension contributions Perfonnance-related pay and other bonuses Other taxable benefits	144,471 30,483 14,400	135,119 26,431 10,728
Subsidised accommodation Non-taxable benefits	10,187	10,415
Ltving accomtnodation	2,368	2,842
	201,909	185,535

8. Tangible fixed assets Group and Company
			Office
	Freehold		furniture
	Improve-	IT	alla
	ments	equipment	cquipmcnt	Total
Cost
At 1 January 2020 Additions Disposals	624,787 111,178	423,639 189,333 (117,417)	67,887 39,690 (2,614)	1,116,313 340,201 (120,031)
At 31 December 2020	735,965	495,555	104,963	1,336,483
Accumulated depreciation
At 1 January 2020 Charge for year Disposals	201,152 127,570	220,792 120,037 (117,417)	28,521 16,407 (2,614)	450,465 264,014 (120,031)
At 31 December 2020	328,722	223,412	42,314	594,448
Net book value
At 31 December 2020	407,243	272,143	62,649	742,035
At 31 Dec&unber 2019	423,635	202,847	39,366	665,848

9. Investments (continued) The subsidiary had the following results m the year:
	2020	2019
Tillllovcl	414,322	709,029
Expenditure	(339,883)	(591,718)
Profit before gift aid to the parent company Gih aid	74,439 (74,439)	117,311 (117,311)
Profit after gift aid to the parent company
Assets	358,190	478,477
Liabilities	(358,190)	(478,477)

					2020		2019
					Group	Company	Group	Company
Trade debtors					2,049,252	1,892,002	973,724	501,021
Prepayments	and accrued income				460,515	538,319	303,918	480,437
Other debtors					50,700	22,389	164,265	55,789
Amounts due	from	subsidiary		undertaking		150,598		153,567
Donation gift-aided by CCIR debtor (pension			subsidiary undertaking liability commitnient)		1,261,409	74,439 1,261,409	1,261,409	117,311 1,261,409
					3,821,876	3,939,156	2,703,316	2,569,534

11. Creditor	s: amounts f	alli	ng due w	ithin one year
					2020		2019
					Group	Company	Group	Company
Trade creditors Taxation and social security Other creditors Accruals and deferred income EESCcurrent account					402,905 152,393 125,189 3,111,420	271,315 152,393 125,189 3,109,858	820,091 157,711 337,211 1,418,088 164,394	504,138 157,711 337,211 1,457,607 164,394
					3,791,907	3,658,755	2,897,495	2,621,061
					2020		2019
					Group	Company	Group	Company
Reconciliation	ofmovement	in	deferred	income
Balance brought Amount released Amount deferred	forward to SOFA during during the year		the year		1,272,148 (1,272,148) 2,900,285	1,135,148 (1,135,148) 2,820,920	936,101 (936,101) 1,272,148	936,101 (936,101) 1,135,148
Balance carried	fomvard				2,900,285	2,820,920	1,272,148	1,135,148

			2018valuatloh
Merialiiy base	table		Pre-rekiremeiit:
			71'vsofhMC00(duration	0)Iormali sand 1 tgv~efAFCDD(dur»ilo»0)	lmfemales
			Pest renreme»t:
			97.6th of56PS51NMA	"ifghV' for males and 108706ot RFV00 Ier I'emaies
Future imprtrrem	eats to	mmtality	CMI 2017withasniueihingpammeterul85»ndaloagiermfmpruventenlrateofi, ritates and 1,65' 9a.fei knisles			asap». for
			2018 2017
			valuation valuation
Males ruirently	aged 65	hte»rs)	2&.6
Females currently aged 65iyears)			25,9 26.1
)gales ni r rent ly	aged 45	(yea is)	2&,5 26.6
Fentales rutreulty			27,7 27,9
aged 65iyears)

				2020	2019
aisruuis	rate			o,u!m	tint%
Pa»ale»able		salary	gruivth	i I)

eficit. The sensitivity	eficit. The sensitivity	ofthe principal assumptions used to	ofthe principal assumptions used to	measure the USS deficit provis	measure the USS deficit provis	ion are s
I liliiigi' lii assiiiiiptlorrs		iitiI»i llccefiiber 202(I		Approgintnte impact on deficit ofEt.dnt		Inaiici
					t' tIN)
0 2rS'ye pa deCreaae	in	dlSCounl rale			Iii	llicreasc
0,25'/e pa inCreaae	In	Salary Inflatiori	OVer duration		18	Inr.nsiir
0,25'4 pa increase	In	salary lnflatiori	yenr 1 only		3	lucre.we
0,25'7, Incroaao in	Staf)Change&@Ver		duration		IF	Inrriase
025'/. Increase In	staff changesyear		1only			Incre isa
1'/e Increase in deficit		cuntrlhutinns				liii.itiw

at a balance off.l,261	k	, ,
		2020	2019
Group and company
At I January		1,261,409	700,354
Charged/(Released)	to the SOFA	141,206	561,055
At 31December		1,402,615	1,261,409

Reconciliation ofthe	char	ge / (credit) niade through the SOFA
			2020	2019
Payments niade during	the	year	(56,469)	(98,015)
Univinding ofdiscount			7,190	9,594
Adjustments			190,485	649,476
Total charged /(credited)		to SOFA	141,206	561,055

				2020	2019
Balance	at	the beginning	ofthe year
Repayment		during the year	(principal)	(50,013)	(10,419)
Interests	due at year end
Balance	at	the end ofthc	year
Total charged to SOFA (interests)				9,586	2,084

			2020
Net debt	opening balance - I January	2020	1,046,509
Movement in cash and cash equivalent			870,389
Interests	on borrowings		(9,586)
Net debt	closing balance - 31 December 2020		1,907,312
Change	in net debt		860)803

						2020	2019
A~li f	dr hr
Cash and cash	equivalents					2,096,945	1,226,556
Borrowings: amount		falling duc within		one	year
Unsecured loans						(50,012)	(50,012)
Borrowings: amount		falling due after more			than one year
Unsecured loans Net debt						(139,621) 1,907,312	(189,633) 986,911
12.d Financial	instruments
Financial assets					Group	Company	Group	Company
					2020	2020	2019	2019
Cash and cash equivalent					2,096,945	1,846,511	1,226,556	1,083,903
Trade debtors					2,049,252	1,892,002	973,724	501,021
Financial liabilities					Group	Company	Group	Company
					2020	2020	2019	2019
Financial liabilities		measnrcd	at amortisctl		cost
Loans					189,633	189,633	239,645	239,645
Trade creditors					402,905	271,315	820,090	504,138
Other creditors					277,583	277,583	494,922	494,922

13.	assets
			et
		Fixed assets/	current	Loan	Provision	Fund
		Investmcnts	assets		s	balances
2020
Unrestricted	funds	742 036	2 126912	~189632	~1402615	1,276,701
2019
Unrestricted	funds	665 848	1 032377	~23964	~1261409	197 171

Donation aml	fees were re	ceived from the EESCESCP Europe during the y	ear as folloivs:
			2020	2019
Provision of	rent-free premises		615,000	500,000
Additional fiuiding ofthc		pension deficit by the EESC		561,055
Undergraduate	programme	fee income	2,710,421	2,107,042
Postgraduate	programmes	—Full-time Masters fee income	4,242,534	3,326,585

The fol	loiving income and rccharges ofcosts ivere al	so made in the year:	so made in the year:
		Income/recharges		Debtor at 31	December
		2020	2019	2020	2019
EESC	ESCP EUROPE	7,565,755	6,605,902	361,438	121,378
ESCP	EUROPE Madrid	35,982	64,769	22,902	25,472
ESCP	EUROPE Berlin	123,689	130,737	11,833	24,208
ESCP	EUROPE Turin	22,307	7,831	15,052
ESCP	EUROPE Foundation	40,307	62,910		1,880
ESCP	EUROPE Corporate Services Ltd	233,832	372,239	225,037	270,878


		Costs		Creditor at	31
				December
		2020	2019	2020	2019
EESC ESCP ESCP ESCP ESCP	ESCP EUROPE EUROPE Berlin EUROPE Madrid EUROPE Torino EUROPE Corporate Services Ltd	197,316 7,513 741 69,000	294,528 42,109 47,212 9,034 88,000	23,889	225,842 5,222 29,837

16.1 Move	mcnts on funds
		At			At
		1January			31Dccenibcr
		2020	income	Expenditure	2020
Unrestricted	funds
General fund Pension funding		197,171	10,952,060	(9,731,324) (141,206)	1,417,907 (141,206)
Unrestricted	funds total	197,171	10,952,060	(9,872,530)	1,276,701
Total charity	funds	197,171	10,952,060	(9,872,530)	1,276,701
Unrestricted	funds
ESCP Europe	CS Ltd	1	414,322	(414,322)
Total group	funds	197,172	11,366,382	(10,286,852)	1,276,702

							At
			At				31December
		I	January 2019	Income (*)	Expenditure	(*)	2019
Unrestricted	funds
General fund			190,747	9,551,229	(9,544,805)		197,171
Pension funding				561,055	(561,055)
Unrestricted	funds total		190,747	10,112,284	(10,105,860)		197,171
Total charity	funds		190,747	10,112,284	(10,105,860)		197,171
Unrestricted	funds
ESCP Europe	CS Ltd			709,029	(709,029)
Total group	funds		190,748	10,821,313	(10,814,889)		197,172

The tota	l future minimum lease payments under non-cancella	ble operating leases:
		2020	2019
		IT	IT
		equipment	equipment
Group - within	and Charity one year	38,876	39,562
—betiveen one and five years		148,810	101,492
		187,686	141,054

Reconciliation ofnet incom	e to cash ge	nerated by/	(used in) operations:
				2020	2019
Net income for the year Adjustments for:				1,079,530	6,424
Depreciation charges				264,014	199,158
Operating cash flow before	niovement	in ivorking	capital	1,343,544	205,582
Increase in debtors Increase in creditors Increase / (decrease) in provisions				(1,118,560) 894,413 141,206	(581,710) 59,473 561,055
Cash generated by/(used	in) operating	activities		1,260,603	244,400