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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<br>activities|||||
|Student fees|4|8,903,690|8,903,690|7,071,609|
|Other educational<br>tncome|5.a|1,327,144|1,327,144|1,887,451|
|Investment<br>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<br>in funds||1,079,530|1,079,530|6,424|
|Reconciliation<br>offunds|||||
|Total funds brought fomard||197,172|197,172|190,748|
|Net movement<br>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<br>Investments||8<br>9|742,035|665,848|742,035<br>I|665,848<br>I|
|Current<br>assets|||742 035|665 848|742 036|665 849|
|Debtors<br>Cash at bank and in|hand|10|3,821,876<br>2,096,945|2,703,316<br>1,226,556|3,939,156<br>1,846,511|2,569,534<br>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<br>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:<br>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<br>funds:|||||||
|-General<br>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,<br>plant|and equipment|||||(340,201)|(393,126)|
|Cash|floivs|from financing|activities|||||||
|EESC financing<br>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|





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





## 

## 

||||2020|2019(a)|
|---|---|---|---|---|
|Expenses recharged|to cltents||48,882|9,390|
|Reimbursement<br>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<br>loss<br>Information<br>technology<br>Governance<br>costs||||15,936<br>217,142<br>186,957|47,990<br>174,720<br>78,212|
|||||420,035|300,922|
|Governance<br>costs includes:||||||
|||||2020|2019|
|Legal and professional|fees|||48,915|16,258|
|Statutory<br>fees (UCAS,|QAA and CLA)|||138,042|61,954|
|||||186,957|78,212|
|Included<br>in expenditure|are the following:|||||
|||||2020|2019|
|Fees payable<br>to the company's<br>audttor||for the audit ofthe company's|accounts (inc.|33,840|28,800|
|VAT)||||||
|Non-audit<br>fees paid to the company's<br>Fees payable<br>to the company's<br>tntdttor<br>VAT)||auditors (inc. VAT)<br>for the audit ofthe subsidiary's|accounts (inc.|3,000<br>3,780|3,646<br>3,600|
|Depreciation||||264,014|199,158|
|Operating<br>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<br>fees|invoiced||||521,801|534,615|
|Temporary<br>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<br>recharged||by ESCP|EUROPE Paris||6,176|33,180|
|Total staff costs|||||6,190,299|6,209,759|
|The average<br>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<br>Pension contributions<br>Perfonnance-related<br>pay and other bonuses<br>Other taxable benefits|144,471<br>30,483<br>14,400|135,119<br>26,431<br>10,728|
|Subsidised<br>accommodation<br>Non-taxable<br>benefits|10,187|10,415|
|Ltving accomtnodation|2,368|2,842|
||201,909|185,535|





## 

## 

## 



## 

## 

## 

|8.<br>Tangible fixed assets<br>Group and Company|||||
|---|---|---|---|---|
||||Office||
||Freehold||furniture||
||Improve-|IT|alla||
||ments|equipment|cquipmcnt|Total|
|Cost|||||
|At 1 January 2020<br>Additions<br>Disposals|624,787<br>111,178|423,639<br>189,333<br>(117,417)|67,887<br>39,690<br>(2,614)|1,116,313<br>340,201<br>(120,031)|
|At 31 December 2020|735,965|495,555|104,963|1,336,483|
|Accumulated<br>depreciation|||||
|At<br>1 January 2020<br>Charge for year<br>Disposals|201,152<br>127,570|220,792<br>120,037<br>(117,417)|28,521<br>16,407<br>(2,614)|450,465<br>264,014<br>(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.<br>Investments<br>(continued)<br>The subsidiary<br>had the following<br>results<br>m the year:|||
|---|---|---|
||2020|2019|
|Tillllovcl|414,322|709,029|
|Expenditure|(339,883)|(591,718)|
|Profit before gift aid to the parent company<br>Gih aid|74,439<br>(74,439)|117,311<br>(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<br>due|from|subsidiary||undertaking|||150,598||153,567|
|Donation<br>gift-aided<br>by <br>CCIR debtor (pension|||subsidiary<br>undertaking<br>liability commitnient)|||1,261,409|74,439<br>1,261,409|1,261,409|117,311<br>1,261,409|
|||||||3,821,876|3,939,156|2,703,316|2,569,534|





## 

## 

## 

|11.<br>Creditor|s: amounts<br>f|alli|ng due w|ithin<br>one year|||||
|---|---|---|---|---|---|---|---|---|
||||||2020||2019||
||||||Group|Company|Group|Company|
|Trade creditors<br>Taxation and social security<br>Other creditors<br>Accruals and deferred income<br>EESCcurrent account|||||402,905<br>152,393<br>125,189<br>3,111,420|271,315<br>152,393<br>125,189<br>3,109,858|820,091<br>157,711<br>337,211<br>1,418,088<br>164,394|504,138<br>157,711<br>337,211<br>1,457,607<br>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<br>Amount<br>released <br>Amount<br>deferred|forward<br> to SOFA during<br> during<br>the year||the year||1,272,148<br>(1,272,148)<br>2,900,285|1,135,148<br>(1,135,148)<br>2,820,920|936,101<br>(936,101)<br>1,272,148|936,101<br>(936,101)<br>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<br>imprtrrem|eats to|mmtality|CMI 2017withasniueihingpammeterul85»ndaloagiermfmpruventenlrateofi,<br>ritates and 1,65' 9a.fei knisles|||asap». for|
||||2018<br>2017||||
||||valuation<br>valuation||||
|Males ruirently|aged 65|hte»rs)|2&.6||||
|Females currently<br>aged 65iyears)|||25,9<br>26.1||||
|)gales ni r rent ly|aged 45|(yea is)|2&,5<br>26.6||||
|Fentales rutreulty|||27,7<br>27,9||||
|aged 65iyears)|||||||



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



|eficit. The sensitivity|eficit. The sensitivity|ofthe principal<br>assumptions<br>used to|ofthe principal<br>assumptions<br>used to|measure<br>the USS deficit provis|measure<br>the USS deficit provis|measure<br>the USS deficit provis|ion<br>are s|
|---|---|---|---|---|---|---|---|
|I liliiigi' lii assiiiiiptlorrs||iitiI»i llccefiiber 202(I||Approgintnte<br>impact on<br>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|<br>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<br>ofthe|char|ge<br>/ (credit) niade through<br>the SOFA|||
|---|---|---|---|---|
||||2020|2019|
|Payments<br>niade during|the|year|(56,469)|(98,015)|
|Univinding<br>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<br>the year|(principal)|(50,013)|(10,419)|
|Interests|due at year end|||||
|Balance|at|the end ofthc|year|||
|Total charged<br>to SOFA (interests)||||9,586|2,084|



## 

||||2020|
|---|---|---|---|
|Net debt|opening balance - I January|2020|1,046,509|
|Movement<br>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<br>f|dr hr||||||||
|Cash and cash|equivalents|||||2,096,945|1,226,556||
|Borrowings:<br>amount||falling duc within||one|year||||
|Unsecured<br>loans||||||(50,012)|(50,012)||
|Borrowings:<br>amount||falling due after more|||than one year||||
|Unsecured<br>loans<br>Net debt||||||(139,621)<br>1,907,312|(189,633)<br>986,911||
|12.d<br>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<br>liabilities|||||Group|Company|Group|Company|
||||||2020|2020|2019|2019|
|Financial<br>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.|Islet|assets|ofthe|charity||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||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<br>aml|fees were re|ceived from the EESCESCP Europe during<br>the y|ear as folloivs:||
|---|---|---|---|---|
||||2020|2019|
|Provision of|rent-free premises||615,000|500,000|
|Additional<br>fiuiding ofthc||pension<br>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<br>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 <br>ESCP <br>ESCP <br>ESCP <br>ESCP|ESCP EUROPE<br> EUROPE Berlin<br> EUROPE Madrid<br> EUROPE Torino<br> EUROPE Corporate Services Ltd|197,316<br>7,513<br>741<br>69,000|294,528<br>42,109<br>47,212<br>9,034<br>88,000|23,889|225,842<br>5,222<br>29,837|



## 

|16.1<br>Move|mcnts<br>on funds|||||
|---|---|---|---|---|---|
|||At|||At|
|||1January|||31Dccenibcr|
|||2020|income|Expenditure|2020|
|Unrestricted|funds|||||
|General<br>fund<br>Pension<br>funding||197,171|10,952,060|(9,731,324)<br>(141,206)|1,417,907<br>(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<br>fund|||190,747|9,551,229|(9,544,805)||197,171|
|Pension<br>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<br>minimum<br>lease payments<br>under non-cancella|ble<br>operating<br>leases:||
|---|---|---|---|
|||2020|2019|
|||IT|IT|
|||equipment|equipment|
|Group <br>- within|and Charity<br>one year|38,876|39,562|
|—betiveen one and five years||148,810|101,492|
|||187,686|141,054|





## 

## 

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



##