Compani. Registra¢ion No. 1876779 Charitv Regwistration Iyo. 293027 ESCP BUSINISS SCHOOL ESCP Europe Business School Annu81 Report and FinaneiAI Statements -31 Deceniber 2022
ESCP Europe Business School Contents Introdiiction Compuni" Infor18t10 Ti'iistce5' 1-¢port iiicorporating tho Directors, Report Trustees, re$ponsibilities 5tatemenl 16 llldependent #llditor's report 17 Con501idgted statemonl of finallei*l #etii'ilie5 21 Balthnce sheets 22 Consolidilted cash t]ov" statenient 23 Note lo the financial statcnients 24
ESCP Europe Business School
Introdiiction
This repori and financial statenieiits rcfleci ihe atlii'itic.s of ESCP Europe Busin¥Si School. tlic Lvndon Cainpus of
ESLP Europe. ESCP Eiirope Business School legally refers 10 the company registere<l at Compaiiies H0115e undtr
¢oJnpany niilliber 1876779 and name "ESCP Euiope-Buqiness Schi)ol" The coinmer¢ial name Of ihe entily is rsc.p
Business Scliool Since late 2019.
Tlie London CaIiipus (ur the -"Ch3rily-) is a part of E.SCP Eiirope (Ihe "SLhool'?. ii'hicli is both leadÈJig scho¢)l of
inieimalional niaTl
ESCP Europe Business School Introdiiction {conlinued) Thc 2022 iankijigs of ESCP Biisiness School piogiammes Tra$]dre into ijvjpressii'e UK market posilionii)8. FT Rankings for the EMBA" AMIF and MIM plaee ESCP Europe u'iihin the top 3 in t]ie LK for each PTograiyinie category. ror ilie FT'S European Bu5iiie55 Schools Rank'iiig. ESCP has Inoi'ed Ironi 14th to 3rd place. L4)ndon-originaied Masters iii Marketing and Cieativity {MMK) ivas alio ianked by QS Sih worldivide. Tlie Econoinist raiiked Ihe Mter 111 MaJiiigen)enl PTogramTne 7th 'or1d}I.ide in June ?O?l {1 sl for employabilil}' aniongsl di%'etse r¢cNiiers, iariely of Jigii£lges on offer aTrd access lo oi'erseas exchange progrnmnies). ESCP 5 QS i%oildw'ide rankings ii'ere.. 4tli for Msc in Big Data and Bii%ine55 An11¢s. 5th for Msc in Marketing atKJ CreatLVltyand 7ih for MasteT in Maiiagemeiit. The School has 145 11 cademic alliat]ces rn Europe and IJJ ihe ii'orld. in 48 coui)ITies. ESCP is mulii-accredited iviih 5 Iiiropean Higher Ediicalion slandards.. AACSLI. EQLTIS, EFMD hlBA and EFMD EMBA. Th¢ ESCP (iroiip is nkide lip of 90(M)+ students in degree prograinmes Tepresenling 12 D£i1ionaliiies. S0 Execulii'e Education parii¢ipants, 180 reseaich-gL ¢tive faciilt), and 801h practltioners expcrts_ TIKre arc in excess of 60.000 alllmDi aclii'c in over 170 coiinlries. RcsEarch is a n)ajor priority at ESCP ELiropc. The team ofiniernational Facultj menibers ar¢ consiantl!. strii'ing for Ilie c110 of Jieiv kiiotvledge. Tlje aim is to bring ncii. insigliL$ 10 ihe global acadcriiic COE]]UnLtY as u'cll as providijig iiiiiovative content (tsi teachijig and bu5ines5 praciice. Uiitil 31 Dccclnber 2017. ESCP Eiiropc Ma5 part of Ihe Chambre of CoiiirDeice at)d d'Indittle of Pails Regioii Ile-dc- France. (Ihc CCIR). Froin Janiwi. 2018, the uliiinaie parent cornpony aTKI solc nmber of thc Charitv is ilie EESC ESCP Eiirope. ESCP Eiirtkpe (located ai 2, nie Armand Moisant 75015 - Pails- FrdJice}. is an instilutioji ii"1111 a spccific legal status and lorm iiclIiKd EESC {Eiablisscmeni d'Ensei¥t]cment SupéTieiLr CoJisiilair¢l sincc Ilie I st of January, 2018. EESC ESCP Euri)pe 15 a Frei)ch autvnomous non-profit legal pciiot4 subsidiary of the CCIR i%'hich is its shL2rehol(lei at 99.999/0 diid ivliich controls the majority of the i'oting rights t EESC ESCP Eiirope's Board. The CCIR is a French adininistratii'e publi¢ body. or011VEr1 tipilttre The London Cainpiis Inanaged to delivet in person teaching to the gr¢atesi benefit of its studeiils Jiid staff ihroiighoiit 2022. Thi5 11.as inade Poisible durijjg Ilie ivinier through Ille proi-ision olmalldatory on¥iie le51ing frtsni Ji¢ nuai"y 2022 Iijilil M£lrLI7 2022 supported by enh£?nced cleiL ning pro1OIS ii'hich are still in place oil an on-going basis. Froji) Scpren)bci 2022, Ilic C1¢ inpus issued all staff and siudenis ii'ith indii'iduill testing kits to enable at-lioii)¢ lesiiiig lo tniniinise Ihc risk of ali oiiibteak. Tli¥ niiniber of c¢s remainLd loi%" siknc¢ tlien, alloiiing face-to-face tcacliiiig to
ESCP Europe Business School Report and financial statements 2022 Company infol'mation Trustee5 ThL -I"rusiees ii'ho hL?i'e seried in vifjce during ihe year, L2nd up io ihe dale vfthis report unle*s viheni'ise stdted, re.. Loril Gold (Chairinan) {') Friink BoiEriJois Ire%i¥ned 28 F¢bry 2023) RoJn¢y Ea5tiiood Laurent Fcniou Valerie Ileiiriol I I Lei)11 Laiilusa1&1ppvintcd 28 Nlar¢li 2023) JOLIIL Lellouch¢ LaiiTLllLL) Ilil$t¢d I") Duiiiicji Sai'ari. {14 ppoinicd 28 Jiinc 20221 Annc-(iabri¢llL I'erdier {appoitiied 28 Junc 2022. rcsigned 4 April 20231 {,) fvIcEnbcr of th¢ Audit &. Risk Commiiiee Thc Eicihliiseiiieiil Il'Epi.%É'igiivppic7pii Sripei"ieiiT Cupi.fiilairE ESCP Ellipe Iii EESC. ESCP Europe F>1 is (he solc niciiiber of tlii ('.IIJEiI!. Mi enibcr%liip 1% ¢¥plainL an note 14 10 Ihc accoujiis. R¢Eistered offi¢e". 527 Fiiichlcy Road, Hampslcad, LonJun NIV3 7BCJ Il'ebsite". www.esc .eu Prii)¢ipal professional adi-iscr5 Baiikers 13)ri1l1 ys IIL2iik Plc. Oitoid City Offi¢¥, PO Rlox 333, Oxford O.XI 3HS Solicitors "'ILIILrofi LLP, I(10 FcllLr Lanc, London EC4A IBN, ZiiriLli imiinicipal. ZuTieli Hoiisc. 2 Gladiaior Ivay. Fatnborough. Ilampshire GU14 CIGB Indei)endetit aiidiiors PI"iCLllillLIlioL15eCoopirs LLP. l EmblnkcnI Place: London. IIIC2N' 6RH
ESCP Europe Business School Trustees, Report incorporating Strategic Report Tlic TTUSICCS presciit their annual rcport, it)corporaiitJg a siraiegi¢ repon. a Inle¢S, teport and a directois. repott. for thc ycai cnded 31 DecenibLr 2022 iogltlicr iviih (he audited finaTla1 statements of the group for Ilie yLar. Tliis report h14 % been PTepared in Liccordance ivith the proi-i%ions applicable 10 compaiiies eniitled to the small companies. exeinptioii. Refereiice 2nd Jdmitiistratl%'e 5nfOrlatIO The Cliilrily.. a company liiniled by giiarl£ r)te¢. ilas foutmled in 1985 and is registered ivith Ihe Charily Cotniiiission in England and Wales under Charitv iiiimber 293027. The Tntstee5 and address ofthe Chdrity ale as listed oli page 3. Pl£ rticiilats of the Charity's prof¢ssion&l Jdi'isers are also gii'en on pi¥e 3. The Ch£2rily s esiablished in Ihe UK iviih the SUPPOTI of ihe CCIR in pursuit of ils mission of proi'iding eduLalioti tniiiing in Busiiieii Man¢igemeni. It is Ihe London Canipus ora Six-campus school 1111 Ilie oiher cejitres being El¢rliii, fvladrid. Pari5, Torino 1¢ nd W<irsaii'. The EESC ESC"P Europe comniits 10 5UPPOrt fJnRncially tliL Charity ili case thc Cliarity CcTrl)not Ineet lis short-ILrn) obligairons. Thi5 girantee is proi'idtd in the form of a l¢ttcr of filncl(lI siipporl from the EESC 10 ¢lie Chari(s-. ThL EESC also PTovidts renl-free facilittC5 to tlie Charits, Sinc¢ 2 January 2018, tli¢ inimediate pareni company and solc mcmbcr of thc Charitv is the EESC ESCP Eiiropc. oivjicd by thc Cliaiils's ultitnaic pareni company. Ihe Chambrc dc Conimercc et d'lndustrie Paris Rcgtoji Ile-dc-Frdncc (tlic"CCIR"}. Structure. goi'eiTrance and management This sc¢tioii of the TtU51¢es' report. along Miih the responsibiliry siaiement on page 16 incorporates the reqiiiicnieiiis of the staletnents of corporatc g(TrvernatKc and ijiiemal conirols required by ihc Ofs Account% Dircclion. Tlii.% Ihe period coi'cred by thc financial stateniejils ajid the period up io tlic date of appioi'al of tlie audited finaiicial 51aleinents. Goi'eriiing Document The Chaiity is goiemed by its Memorandun) atKi Articles of Associatio. GoTr'ei'iJinu Bodi. The Chority 15 ¥oI-etned by it5 TnLslees. Rccruitment of Trustces The Chariiy's Tnistees aru ¢lPPOItLtud follom-ints a Tn]stccs' recn]itn)eni policy {) defiTrcd by t1 CliJrily's Goi'ciiianLc CL)Inniittcc Tnislees cire selecied on ihe basis of iheir Lnowlcdge in a specifjc field aJ)d tlie Tnistec skill rcBjsILr is r¢vieived on a regular basis. Laie 2012, Ihe Charity piodiiced a neiv Tru51ee recruilmeJ)I brief as "¢11 £15 iiifvI I111n I lid indiiclioi) l¢kS 42iining ai guir¥tn¢eeing the besi possible ejigageinent from Tn]stees. ( ) IhE Triisiées, FecruilRFiciiCpolEc}, h¢Ts berpi appYo)'ed bl. Ihe Cliaril) s Gotr'eiTrunce Ci)i&iifftiiiiee e(7rlJ'JrtJi.23 Ik'ill bg rtppi'ovgilh)" iJic Ballrd of Tii.flee.f in Jiily 23. OrgJni$ational INlthnaRetnellt The TTllStee% of the Cliaiil). are legally rcsponsible for thc ovcrdll ma1et]Ient and conirol of ihe Charit).. The Ti'usiees hold Boi1rd% of TnIslecs foiir tiincs a year as ii.ell a5 an Ajijiihal Gejieral Meeiiiig io approi'e the annual ieptsrt and riii&n¢idl 5t47tcrneiit8. ESCP ELIIOPL Co4M)raic Scr%iccs Limited (rhe"Trading") liolds Slyaraie Boards of DiEt¢tois lEe¢ tiiiie5 11 yeill. The Aiidii Risk Conimittce mccis at Icasl liiice pcr year to Tei"iew' Ihe annual Yert and fii)aiicial st£lt¢in¢Jil8. tlic ,Iccouniii)g sysiems, rhe intctnal contro15 anil audit ihcrcof and oihcr significant issllcs. The Reivar(l and Rtniiineraiion Coininittee Ineets once a year to rei'ieii. Ilie franieii"ork. foi Ihe teinuiieTalioi) and leiins nd conLlilioiis of cniplovinent of the k¥y management tKrsonncl of ihc Cliarity. li ci)5IITe5 Ihal ilie Teivai-d policy of tlie Charity is appropriate to &ttract and moiii-aie those indii'i<luals io Khieie iht IDn¢y-tenii taige15 ofihe Ch<irity. l-he Govemance Ctsmniille¢ iiieets tilice a year lo di5CU5s any goieniai)ce-relal¢d Inairer and to ensure Board The ChEi1ily is siibjtLI io Ihe xiaiioiiiE I (UK) fni)ieiiork for li1glr educ11 11011 pr(14'ision. Piiiji to 2019, regulalorv coliti1 has been exeriistd by nalioiial Q1111Y NsiirJiice agen¢y.- ilie QA.4. Tlie Chcirily saiislied all Q.4A rtqLijieiiitiitS l< S.111
ESCP Europe Business School Trustees, Report incorporating Strategie Report aliernativelpriiiatc proi'idcr prior to 2019 atld succcssfully registered a5 all HE pioK'i(Icr ii.itli tlie iieii"l} fornicd Office foi" Stiidcnls {015) in 2019, as part of the lleii. iegime for higher e(lueatii>n maiiagcnient and ieuulatioj) iii thc UK_ IIi 2021, the ChArity succSlI1Y ¢oniplei¢d the f115t sieps of rhe DAP I"Degree AIvthTdiEI8 Poii'ers") iei'iew ii'ith filial &ssessn)ents carried oiil in •Q22 by the QAA and ati iniiial Posiiive response on the applicL11ion early 2023. The 015 ii'oiild be considering QAA'S iecommendations and proi'ide their final response about the gL ppItC?L tioji by the end of S¢pt¢mbeT 2023. The Loiidon Campus h11 s a School Managenli1 Board ("SMB" led by Ilie Canwus Dean) proi-idiiis straiegic and Opel.lI0nUI control of the busille5s and administratioji side of the Canipus Illthin the parameters of the EESC governanLe Inodel. SMB is siipported by a number olsubsidiary Cominillees ancl IoLal goi'ernaiicc mecljanisins, SOTne ofivhich tsr¢ sitbsidiary commiiiees to federal orgaDs. Vith rcsp¢ct lo supervisorycontiol and goirrnance, thc London Boaid ofTTUSleeS Iii'iili EESC representation} opcrates 'iih tlic add¢t)diim of a CotporHtc Services Board, an Audii & Risk Comniiltee, a Roii'8rd &. RemuneTatioii Comniittee and a Gov¢rncince Con)millCC {sce abo&'e). RisK- hlanagement internal CODtrol The Trustees rcceive and consider TCPOrts from rhe OIS as thcy affeil the Chariry's busincss. And moniloi adheiencc lo the reguljiory rcqiiirejnents ii'liich incliiiles ¢ompliaJice tliL 015's ongoing conditions of registration. The Trustees of the Charity arc responsible for ihc naoenieiil of the risks faced by ihe Charily. Detailed consid¢r¢i110115 of ii5k arc delcgated to the Audit and Risk Conirniiiee, "hO arc assi%lcit by senior lllanatseiiicni. Risks are ideiitified aTLd asscsscd, 4Liid conirols are rci'icu'cd Ihroughout thc ycar. A foriijal rei'ieiv of the Cliaiily's Tisks and Ih¢ii mitl81l1ion i5 ILnilcrtakeJi on a iernily basis ai the Tnistee rneelings alld in a t)wre deiailed maniicr, 114.icc a year, al Ihe Aiidil and Risk Committee nieetings. Through Ihc risk managtmetit processes esiablished ltri tlle Charity, tho Trustees orE S1(15rIed that the nujor risks ideniified hai"e been adequately lniiig1ed ivheie necessary. It is recognised Ihat 5ysf¢m5 can only proi'ide reasonable but noi absoliite a5suiaJice ihat njOr rjsks hak.e been adequaiely maiiao Aniongst the Inajor ii5k5 and uncertainties ii'hieh the T[te$ seek to mitigate at all times, the Tnisieth. tty to ensi£ tha¢: busiiiess conlinuity is ensLired iliiough appropTiale lei'els of actii'iis, recruitment, and ¢oinmer¢ial perforii)at]ce- siatiitory obligations are met nd compliance il¢lions underLiken' at fili1)7cl&2I plans 4?nd iargeis Are suitably frqmed and execuied iiw)n. The Board of Tnistees is Lilso conc¢rncd th1 1-. the Cliari(y COl)linucs io rccThiit ai)d relain high quii lil). academics in ordEr fo achie1 it) research aims And teaching nliiniiges realisiicalli. lis eJ)rolrneni iargeus- dcliv'ers Ilic COLirses lo ivhich it is PLibliclv cominitied and ai an 4ppropriale s(alldaid- and Inaintaiiis its Cslale and facilitics suitabl).. COJLsiderin4) imniediiltC.ICtioi)s ejislli'ing coini)1142llte ii-iih all regLill< tory HeL)Irli 1< nd Safel!, ILqIIIILinetiis as ii'ell as ilie furure cxpallgion needs in ihc liglii of I1* 41111icipi4 led -0}I-ll7 ofthe Student coliorts mcdiwii aiid loi)g ierni. fvliÉigatiot] ofthese risk'.4 i.% through regular Inanaoement leani Ineeijnus and iermly Ttustees, iiieetijigs i)pified by repon on.. student eIricn¢¢ c111d slu(Ic]it salisfaction.. $$CSed at peri¢xlic inienal% thTOILgh Iminuteil JiiLclirig% il'iih Sliideiiis. I'epresenliilii'es aii(l i1iipleti1l1atioI1 and ajialy.sis of studenis. saiisfaciion suTh'eNs,' studeiii recruiin)ent'. iiioi)ilortil on a monthly basis by Ihe Adini55ion5' teat]i feeding Imck re]x)rtin(F 10 the School Iocill and fe(Itnl Iiiani£ gejneni ijd 1107).1n lil'¢ iii)date5 of all fjnancial forecasis,. stiltfiii£ Jequir¢n)eni>.' fiilly apprehended Ihrou. oh lernily Professional Resoiii"¢es Cominitiees I'"PRC's"I reportiji to ilie SMB,.
ESCP Europe Business School Trustees, Report incorporating Strategic Report prligrcss against financi21 Dbjectives". subjECt a moiithl} exhaustiii Icporting submittEd to ihc federal centrc assessing peTforman¢e against biidgei and calnpus sei rarge15,' and estate ern¢rgen¢y and maintenanle plan.. rei'iewed ihroiigh Tegular diseussion% held ii'iih tlie Freehold¢r to illoiv ihe Canipiis lo coinmunicate and addTeS5 the needs of Ihe studenl populaiioTh and the deielopinejit of its esraie. Tl)e key elements of the Cliartl} s systen) ofti5L ideJ]lificaiion management ittclude." the integration of plannin& risk. KPls aiid other peilottnaAce indicatorstts pioi'ides ali efficient reportiiig an([ control mecliaiiisin., the mtinÉ?geinenl of risk at stialegtc leN"el to ensur¢ that a lull picMre of risks is ai'ailable and thar si¥nifJcant risks are escalaied to tlje appropriale lel'el. biisiness continiiity and emeigency mthDagemenl. ensuring plans are in place ii.hich QUId address any dis¢1Sler aiid cillergency silualion,. ensiiring th?L l all risks have appropriatc oi%'ner5hip so tliar risks ean be controlled appropriat¢ly." and reporting at least tivicc a y¥ar 10 the Audit and Risk Commiiicc which as%Lires Ihc Board orl the cff¢ciiveiiess of arrii nocmcnls of internal control and risk nTragemen1. Svstem of Internal control #nd financial st#temeRts In accordancc .1111 the Sclieinc of Rc5eTh'ed and Dcl¢gatcd maiters. ili¢ Board is respo11b]e for thc adniiiiisiratioll 2nd nianagcTTrent of Ihc Cliaiily, including eijsuring an e(fcciive systeni of intcmal control. and adopling audited fiiiancial statemciits for each fiiiancial year. Tlic Bo4lrd is rcspoJ15ible for kceping propcT a¢¢ouJiling record% iithicli dÈsclosc iviih reasonable accuraey at any time ilie Cliarily's financial position ajid enablc it lo ensiire that the fiRaiicial Slatcnients are pTeplL rcd in a¢cordanc¢ w'ith rclevant accounttng 51aiidards. The systeni of inteTnal iontrol i5 based on an QTLgoing piocess designed 10 ideiilify ihe principal business, operational. ¢omplii?nce and financi1£ l risks.. lo ei'thluate the nature and exlent of ih05e risks" and lo Iiianage them efficiejiily li n(1 effectii'ely. Thiq pioc¢ss li'a5 in place for the year ended 31 Dec¢mber ?0?? and up to the date of the apiiroizl of ihe financial statements, and c1ccords iiith Of5 gutdance and Iheie ivere no signifi¢ant control Meak]iessLS thilt slioul(I be disclosed. Tlie key elemenls of ihe Charity's system ofiiilemal Control in¢lude". sliort-lerin and mediiim-lcrin pl( ning processcs, supplenienied by deiaild anniLLiI incoiiie, extKndiiurL. capilal and cash floiv budgeis.. regular rei"ieit's orrinancial resulis ini-oli'ing iariance reporting and iipdales of forecast oul-tun)s." Il)c aiiend&nce of the Ch£2rjiy's exlcrnal xudiiors ai cach ine¢iing OF tlic Aiidil and Ri5L Coii)IniiieL'. 'here tliroiigh (Iieir ivork, tliey sliar¢ Ilieir vieii-s on areas for improienicnis in inicrnal conirol; dLfined and formalised reqiiirtmejils for approN'al and control of cxpeiiditute. i¥'ith iniicsljncnt dccisioiis involi'ing capiial or rtvcniie LxpendIlu being subjcci 10 3pprni&il and rei'ieii. a¢coidiii? ro cipproial liillits set by ilie Board. and an int¢iiial fijiancial control manual updaied cvefj- year. detsiling financidl contro15 atid procedure5. Anv systcm of intcrnal control or rAsk managenient is dcsiuned io rna18e Taihcr Than elirnjnaie the ri%k of failuic to achicie biLsincs% objccliies and can only proi-ide reasonablc, but noi absolittc as5urai)¢c against i)iaterial inissl&ilei)Icnt ol. loss. H1¢ viiTr¥ rei'ieiic(l all available ei-i(lence, thc TIusiLYS hair saii.sfied tliem%¢lirs ii'ith ihc adequacy of inlerJTral cviitrols for Ihe periud I" January 2022 10 Ilie (tate of Signing of ihe accounis. Cl)&i'itabl¢ Objects The C-hiiriiy'.8 Objec15, as sei out in J15 Nqeinoraiidutl) 11 n(1 Arti¢ltr of Association. ale tl)e adiwicemenl Df eillicariuii i the science aiid i)nctiie of professionii l lage1)ient in a Eiiropeajj conttxl. The Chaijly seeks ¢0 proi'i(le edii¢ation I lid t'e%e1< fLh in profe%sioncil nrtaeent nd related siibjecis ii nd io publi>h ihe useful results of siiLh a¢iii-ilv for piiblic beiiefil. Th¢ Clill lily ii'holly oii"n5 ESCP Eiirope Co]v(Fraie Sen'iies Liii)iied. lh¢ objecis of ivhiili are to rrs, 011
ESCP Europe Business School Trustees, Report incorporaling Strategic Report busiiicss as proi'iders of cxeculii'e educaiion and training- The perfomian¢¢ of the subsidiary foi 2022 is uil'eii in iiul¢ 9 to Ilie accounts. Strthteg). Early 2022, a neil- 2022-2025 SiniegiclBusiness Plan ivas impleinented ai Federal level. focusing lh¢ dei'elopinent of III E.SCP sislej. cillllPLises around Ihe Ihejijes Of Choices and Experiences. a boiiorn-up APPToach having been taken ini'olvii]u the tnliTe ESCP ¢oinmuJiity an(1 M'iih a i'ieii, to pTepaTe fhe nexi responsible leader5 of the fiiiiire. Thi5 Ivould alloiv SiLMlents' aece55 lo a greater lange of digiial and Campi inlenTrational experieiices as well as iiicreased eX>sLl[£ lo LoiTripanies. A ¢leJi angle ain)ing at shortening Ihe programn*5' courses is also a keycomponenl of this new stnteby. Iviih Ilie ambilion lo support ihe Federal Siialegic/Busint55 Plan s defined aboTr'e, Ihe London CnIpuS ii'oiked ii) 2022 ahd ivtll eonliniie lo do so fmm ?023 onw7rdi. on the folloiving priorilies." Slabilisa¢ion M'ith groi¥1h. Iniegralion into th¢ UK biisiness ccosysiem and creation of social and environmenial imp&i. Siobilisiilitsii i¥'iih ¥robvili The 5tabilisaiion ii'ith groivth inclitd¢s (deniifying and n)easuriiig key siiccess factors in diftcieni aspcc(s of Ilie biisiness. in particulclr, on niarket positioning as ivell as tslciit aiitaction, retention and dcvelopmciit niarkct p05ilioiiiiig. This strategy r¢quiics studeni numbers io grow. steadili. ii.hile thc qualiiy of educatioi) is Inainiaincd alid irnpioi'ed. Th¢ key fcatiirc of this slraiesy is lo InoiE beyond educational cxperien¢c atld en]nCe the lifctim¢ int¢ractioiTr beii4een stiideiiiQaluinni and tlie School. InlegFatioFi inlo Élle UK Biisipiess ErosJ¥ieiii Th¢ straicgy aims to esiabliqh the ESCP brand ii'ithin the UK academic and business eni.1]11enr. The ai)plicatioii for tk"gre¢ Aii'aiding Poivci is onc ofthe key prioriiics UtKier this Siraicgy. Funh¢r iTnportant tniiiaiii'cs include a) Ihc establishnient of a UK Visit routc in local and Federal progranimes lo ctiable sits(lent5 to apply for ilie GraLliiale Visa nd iVL)rk in the UK after gradualiun" b) tlie addiiion of Year 3 Blfvl stud¢nis io Loiidon Campus.. c) furthei. Int¢gralioii into ihe local rcinkinos," clnd the eTthancenieni of the Execulii'e Educalion, Cotpotate Relations and Career Senice dii'isiDns ii'hich vill thiin to biiildlstrengthen P¢iiineiships w'iih UK-bas¢d businesses. Cretttlo ofSoci(El fiitrd Eiiiironnieipiiil lTripftct The StragY includes a rlnge of iniliaiives ihat cteaie aiid develop ideas atid solutions thai hai'e a positive InipiL Ct on SOCl¢il Ai)d cni'irontnentL21 Susiic inability. Thr Charity's Sustainabiliiy Comniittee ii'ill identify SllSl<lTnability opportlinities and challengcs. Other iniiiaiii'cs )i'ill scek to inspire and edii¢ate Cuturo leadcrs iji line i¥'ith ESCP'S first priorily on taking part iji ihc Expcricrbce of our 215t c¢ntury ¢hllllcnges. Thes¢ ivill incllide a) piillingsiisiainabilityand ESG ai ihe heart ofoijrCampu% In(Trdel byensuiing sustainability literacy for all Iprofessors, siiideiits. Staft) b#sed on gi¢nce. dci"cloping dcdi&iied compeiencies for iiiitigarion Ireductionl and ttdiTrPtaiioii and being ai thc vangiiilrd of ESG. incliiding Gr¢en Finanec and Accoiinting {e.g. reportlllB. C4irbon 155eSsincn¢, inccijiives 10 capital rcallocalion elc.l- b) drii'ing rcsearcm schol¢?Tships and eiilreprenelirsliip foi. soeiclal jtIlPLlCt- and c} rcfraining ESCP oii'n piocesscs and SCIÉing up a dcdiraled stakeholdcreouncil sucli as Grc¢ii fkal taigets Isclting 1& iaigei of 55 /0 C02 rcduciiijn b1- 2030. bascd on an CXLcnial carboli asscssmeiiil, F2ciliiy InLliiagcnicnt & (ireen IT, Green Trai'el & purchasing policy and staff traiiiing ol) ESG rnattcrs. and di social dti'ersily. Specicilistsisoii Iviiliiti the conrext of the ESCP Europc s)st¢m ol. campuses. aii'aTd5 and srrtialisaiions, Ihe Loiidon Cainpus ii'ill cotjtiiiue to offer spe¢iali5atioiis in.. Mli tketing & Crc1< livity- Digital Trai)sfuiTriatiot),' BÉltikiiig. Fi111{ nc¢ &- Ini'e5tineni.' Energy In(liibtries & Seciirii}': and Consiiltancy &. Professional Sen-iLts.
ESCP Europe Business School Trustees, Report incorporating Strategic Report Prlnelpal ¥lCtiTr'rties of the >'ear Ftill Tiiii¢ Degi'LJe Editt'aiioii ID 2022, the Loijdon Cainpus %ucce5sfully deliiered face-to-face a¢hIng Io P£lrt of12 dtffereni firll-linie degree aivards lo-1,400 s(udeiils. The progran]nS included.. - tlie MBA, BSC, and Mim (as Federal rota¢ional progiiiTnmes>' Ihe fvliMK, MEM aiid fvIDT (as local NISC prouramme5 I%'lth one tertn or seii)esler on a sisier campus):. and the AMIF. MLIM, 41nd BIOP. p1115 Ihree addrlional I'lSLting Masiers. Pori Tinie Degree E<1Cli During 2022. the provision of Execuiifv'e Nlasicrs pan-lime degrce cdii¢aiion continued to be driven by the ENqBA pro8raJnii)e ai)d bejrited from the b0051 gencraied by ihc successful launch of the Londoi) hybrid loiilinelblcjidedl Exe¢uliYe Master iii the Futiiie of Energies {'"EMFE") in April 2022. The introduction of this iiem" prograiiimc coiiiplejncnted Ihe EXecUti.e EdLication offer of rhe Londoii Campus in an innovalii'e fashion. 111 llddilion to Ihc Cliarity'.R degree-based education. tlic Charit}. and its Trndints sub5idiarv responded to a iiujnbcr or RFP5 issued by previoL15 clients an(1 pursuc<l the ofyer of %hort niodular courses, Ina5ter-classes. ajid conipiiriy con5ulian¢y piojects. E.rlgrpilll likS In tht yeai 2022. the School has been an aitii"e meinber of the UK'5 Chartered Association vf Busiiiess ScliuDIs (CABS),. the French Chainber of CotnnierLe in Great Briiarn ICCFGB) and the Italian Chainber of Cominerce aiiil Industry for the UK {ICCIUK). Loiidon is als() Iiome to iii'o biisiness-faLin¥ researLli Cenlres insiiliiie5 ieceii'iiig exienial $14)port aad fidI71U fron) Loijipaiiies ineludin¥ L'orécil and GleTr¢ore. Tlie5e are.- Ilie Crealik'iiy Marketing Cenlre {CMC) Lind ihe Energy fvlani2gemcnl Ccnlre {EMC). ReJeaJ¢li A5 L211 edLli&tiOJI cliaiity and acadeniic ittstitulion. rhc Londoii Can)pus cnd¢avouts to publish book4 £i¢cideinie rliiles ciiid cas¢ siiJdi¢s i1t receii'c attcniion frotn academics, pra¢litiOne and tli¢ general public. Highlights for 2022 Piiblications iri lislcd Peer-Rcvieii'cd-Jouinal5- 6 publications in ALPHA and A lei'el PRJ journ31s,' 18 arii¢le5 jtl legory B PIU journals- 5 arli¢les iii categoETr C and D la.cl journals-, S¢ver<il arricles in professioiial and academi¢ niagaziijes le.g.. The Choice, The fii)aiice Derii'aliie. IITorld Econoniic Fonini, The Coni'et5arion, LSE Business Rei'iew, HR Neii"s). Addittoiially, in e.xces5 of 44 conference and th"orkshiJps prcsenfations from London faculty illciiibcrs took place iii 2022 at JlcTrlional aiid interncltioiial acadeniic coiifetence%. Other I'e5ear¢h-ielated outpiits ineliide- 2 book Lhaptei publicalions., 3 inipact P£2pers", Guesi edilorsliips and posiiions on edilorial boards,"
ESCP Europe Business School
Trustees, Report incorporating Strategic Report
Rei'icii"s atid sen'icc to scicnlific communitics.,
Mole than 23 appcardnctys in mcdia. p051s in blogs and social media. aj
Best rei'ieii'er ail'ard.
S1151ciEiiohility
The Londoii Campus conlinues niaking improieTneritS lyithin this area iillih Ihe strong si¥porl of Social Inipac( and
SuslAinability (ESGI Coniinittet meinbers and lis deliiery bod).. the ESCP LonLlon Green olce. ii'hich MlageS the
api)roi'ed projects across the cainpus. In 2022, ESCP London Campus supJy)rted the Scliool's climate chaiige educalion
by14111nchin&i Ilie Climale Fresk iyorkshop5. During ihe Sepiember atm4 October iDduciion weeks, 203 SIlents of ilie
M1( Ster in Manageniejil 2nd MBA in Iniemational fvlani£ gemeni prograninies coiiiplcted the ii'orksl)op. A fiirtlier 17
Sludcnls, iilio compleied ihe ii'orksliop on anoiher ESC'P campiis. look ihc follow-up Cliinate Frcsk facilillllor Iraining
to ell
ESCP Europe Business School Trustees, Report incorporating Strategic Report Just over 83 pitsfc5sional sLr¥'ices stliff inembc¥s proiide rcsour¢e support and leadLrship iIi %uch arLas as.. financc. HR: mitrkeiing, (117 planning, IT. gru(lent seri'i¢es. cvmtnunications and ei'enr5. Vith respect to its financial resoilrces, the Charity 8enei?led in 2022 antiual consolidated reNrnues of ¢. £11.8111 (2021.. £12.6m). ii'ithoiit ajiy anniial operaling subsidy received from ihe IISC (excluding renl-fiee subsidy). In 2022. (lit Charity self-furlded ils operations. rel}ing on the existence of a leiier of fIrne1] suppvrl issued by the EESC for the EESC to addre55 an) shortlall LTE ¢&sh as 1] as to coyer the fijll deflcir oli USS slioijld il cryslalli5e. The Lh<lTity geneialed a ctrjisolidaled loss of £1.7m {2021". 11)&s of £1.9m) at the end of the yei?r, ii'ith a Inatching reduction of the USS pension provision and EESC debior assei of £0.4m (nil effect a¢ P&L lei'el). At ye#r end, die Ch1£ lily closes Ille year iyiih con501ida(ed neghtii'e funds £2.3111 {2021.' negative (unds at £0.6111). More infom]alion is proyidcd in the going concern siaiement gnd in the USS N$10n deficit notc fiiJtlJer domqj in tlie accoLllIts. Public benefit 5tgleinent The Trusrees have coi)sidcred the guidance on public beiiefit published by the Charity Coniiiii55ton. The TNstCCb believe that incrc(1sinit the sLills, knoivlcdgi and undcr5tanding of good buginess n]ai?agennl pracliccs provides public benefit since Ilic subjcct itsclf is of ediirJtional merli and it5 disscininalion Ilirough the sÈiidcnt body iiill ihen enhaiice socieiy as a v.hole. The Tnistees hai'c considered ensuting ihat ongoiiig public bencfii is a part olthe ivoik of the Cliariiy Ic l)d recognis thai scholarsliip aM7ids are iinportant in lielping io cijsure thai 5tudenis li, li.ould otljcni'ise not bc ablc ro afford Ilie fec5 cai) acceks ihe eilucdtion offered b) the Charily. Siu(Icnt appliuiivns for Scholarship aii'ards re available to cl11 those ivlio niccl the gcner2L l eniry rcquiiemcnts of tlie Sehool and are on thc basis of means. Thc t2I'ailability of scho11L rships is adi'trtised on Ihe School s ii-ebsiie_ Tlie greai majorlly of Scholarships are offer¢d to the studeiits at Gioup lei'tl. Those in the Charity's accounis as a scholatship expendjliite are for tliose %¢holarships graiiled by lh¢ London elllity {2022.. £142k 120?1.- £166k). Siiice the beginnii)g of the pajidemir, Ihe Londoii Cainpus deployed a tiunibei of access opporiiinily 5rlicklarsliips cls irell as varjous financi£il discoLintS. P11 ymenl plans and oihei COlllTtiercial i1eni1Ve$ alloiving siudents lo acLess higlier cdiTialioJi at lower cost and to spt¢ad ihL paymkni of Iheir Iiiition fecs in exceptiot]al cILin)51al1Ce5. In 2022, the donic lion from Ihc EESC to the Cliarity ivas limited to the piovi5ion of reni-frcc faciliiies, alloiling the ChLirily io proi.ide educaiitrft ai a loiver cosl ilian iiyjiild otheniise be I&s]ble. This has been shom'n as a donaiioii and dclailed in ttoic 3. Thc Charity ivclcoines stud¢nts from all brickgroiinds. Enitance int¢TY1es ale undertakcii lo ensure that sludcnts can copc ivith Ilic olleiL rning and bciicfil from IILL I[1¢allon proN"ided_ An indiTridual's gcndlf. et]uiicitJ', race, Irligion or dis<ibilii)' do not foini part of tlie rccruitnicnt piocesscs. The Charil) acts as equal opportutiiij. orgaiiisation and is coiknniitted lo a ,rking eni'ironment that is free from £lny lorni of diserimin4ltion on thc gTounds of colour, race. eihnicity, religioii, Eex. sexual orientation or disabiliiy. Loiidon Campus s[uder5 iegularls. ei)gage ii'iih local ¢liaritics Ind busiiiess io siipporl varioiLS callS (cjii-ironnnia1I)._[1]¢ndlY sustaiiwbility actions, provisioi) ofclothing ld food ID loc&1 hoiiiclcs8.%h¢liers) seeking to increase rhe impaci of the Charity on its iieighbouriiig cominuiiity. Thc Charity ivill make rcasoiiable adjiL%ITnenls lo Ineet t1 needs of 5taft.or Siudents ii.hts are or bc¢onK (li5abled. Tlie Chai'ily if coiniiiilted 10 safctsuarding aiid promoling ihc iirlfare of its 51udciJts and excl% all sraft to sliare this ¢ornmitTneiit. Publ1¢ Ei'ents 111 20?? ESCP Londoji CainpiLS orgyani5ed and participaled in a rJnLTe of high-calibre eienis. op¢ii to rhe Scl)001'5 st41dent). Ic luinni ionimuniry and exttmal giie5ts. Tlie5e inc[ed.. 10
SCP Europe Business School Trustees, Report incorporating Strategic Report IO0* ei'eiils oigaJiis¢d vnliiie and in tKrson by botli Ihc School di its studcnl societies. iJicliidin¥ bui Tlot limited 10 Big D71 Club. BJzTech, Finance Banktjig Trek, Alumnights. Lurmloii Univerbilies Sports L£agues (LUSL). CrK)(o Socieiy F.I'eiir. book clubs. dance, and cheis loijniaiiieiiis.. EMC Ini"iled Talk Seiie5; Aliimni i%ebinars, InteiLampiis Eiiireprene1115hip Fe51ii'al (Nui'ember). i¥hicli gaiheted iTh>ie 200 participants. SlLidenls. professionals and aliimni. larioiis student chL?Ilenges 2nd tompetilions. L'oreal Big Picture. #GeiActive BUCS Brit15h Unrversitieb College Spori4. and Inore. Encrgy Management Cenire Inviled T471ks setics. London CAnipiis Stiidejil Aiiirds 2022.. Mindfiilncss and Rcsilience M'orksliops- and First £1fier Covid-19 capUS-baSed Carcers Fail. Thenied iij-person pailics ivere organis¥7d by Silldeni Societies. includtn8 I'atiOU5 Ivelcoiiie eiffeiits in September 2022 on can)piis for n¢iv Siiidcnis. Coopei'alion ii.ith e%tern#l org4nisati•ns In 2022. ESCP Ltsndo Campus continue5 10 parttlcr il'iih a niimber of recognised bodics, includin¥'. City Uiiii'e15ll}" Tlie Industry and Parliament TnLSt- The Chartercd Association of B115inc&s S¢huols: Tlie Frcnch Chamber of Commcrce iij Great Britain,. The Freiich ljisiiiute. The Franco-Brifish Coiincil. and Tlie Italian Chamber of co1merce. Rclat¢d P<2f(les Rclaled P1< rli¢S includ¢ ESCP Europc Corpoiatc Services Limiied (Ihe "Trading"). thL" EESC ESCP Eiiropc. 42nd tlie oihei. ESCP Europe L£iinpiises_ In 2022, Ihe Charily P14 id ¢_ £0.3m in costs pertaining 10 tli¢ Federdl Execiiiive I'ic¢-Ptesidciii I'EVP'I for Corporalc Rcl%iitsns &- Eieciitive Ediication {2021.. £O.fjm from June 20?1 to Deceinber 2021 I. T]Ics¢ costs i2re inicgrated in ilie COIIIP4llly'S SOFA and ark not r¥¢liaigtd to ¢hc EESC. each of ESCP 51St¢r C¢lmpLlSCS (cx¢liidiiig Paris), beciring tlicir shtsre of Federal cosis lor anN)Iint rangitiTT fion) £0.2m to £0.7m Cach (1 year. 1114iddiiion to ihe rclaied parties mcntinned aboi-c. Ihere ale tivo fiirthcr related parties. ESCP Eiir(ppe Fvitniliitioit The ESCP Eiiropc Foundatioii il'as Created by ESCP Alumni in 2005 is a French registcr¢d cliariiy. Thc FoiiTidation siipports ESCP Eijrope iii Sll%t41111iiig its academic ¢.xccllencc an(1 Icadcr511ip. iii particiilai ii) rhc ke}. Strat¥Ic aTcas such a8 pfornoTiOli of social dii'ersil)., dei'eloptjieijt uf PTojecis ain)intr al inLieasin£ LUJpe[i(i1e[l¢sS aiid iiJiJoi-l< tioii iii F1'aie iiid ibroad and ijiiplcnientli tion of ittiiovatii-e Icaching nitiho(Is. To acliieve ils ainbitions aTkil financial targets, the Fouiidaiioii seek5 to raise colllrlbutions frotl) Lotpvrare soiii'c¢s aiiil Alujnni i'la sei'eral fiinilrai5111¥ Ciimpaigns. In 2022. the Foundalion raised oi.er £136k l?0?1-. £36k) through the Charity on beh(11f of oiher ¢iTrnipiises. All %lltt15 nol slificall .Iltribiiied tts ihe Loiidon c.12111pi ii'ei"e pii(I b1< ck. ro Ili¢ Fvun(IdlioJi l£iie Decemtier 2022.
ESCP Europe Business School Trustees, Report incorporating Strategic Report TIR£ ESCP Eiii-ope Altip)11 Associulioji The ESCP Europe Alumni Associatlojl 15 a 5epard¢e legal entiiy froni the Busii)tr5 School iiself. It 15 iiidep¢ndeiit of Ilie Charity an£1 Iheiefore is not consolidaled into these fiiiancial Slateinejits. Froni a global populatioii tsf r. 60,0(K> aliimni in 200+ COiLntries. there are some 2.600+ aliimni iii the UK. The London C.aiMpus engages '1th thein rEgul4iTIy through receplions, ¢onfeienccs, ini'italioDS Lo lalk to sludenis aiid to sw)]x)rt students iii finding intttnships and ctsn)pany projttis. Perforjnance of the Chariti, The qualiiy of ESCP Business School's higher education is r¢cognised annually in lh¢ Financial Times Biisiness Ediication Rai)kings, ESCP s flagship fvlim PTograinJne ranking 5, Ivorldiiide in 2022, in PT4)gression of 2 places (2021.. Capitlilising on the improved rankings of ESCP in Europe during tl)e ycar. th¢ Charity coiisolidated its groi¥ih in leim5 of acad¢ini¢ and finaniial performance. London r¥maininE one of the favour¢d deslin411ion caii)puscs of ESCP Sliidenls. The Eiiropean Bachclor in Managemcnl ivas taughi on Canjpus from the beginning of the ncii, academi¢ yeaT Ivltli a neiv record niiwnber of stiidents l)illing oiii grounds. on a full-time bas>s, early Scptetnber 2022 ivith 344 stiidenls (2021.. 321 %liid¢iitsl. all being tautshi to face-lo-face. u'iih Combiiied rei'enues of £2.6ni. Execiilive MISr$ aiid Besp)k¢ Execulii'e Education. much affected by the COn&equcnces of clients cancelling or pn%tponiJig their contracts in 20?1. brought iheir combined annual income 10 £1. Im 12021.. £0.9ni} folltsii'ing the positioning of Ihe ponfolio of Exccillive Masters relauiiched in 202? and Ihc re-lhinkiiig of ihe delii'cry melliodolo¥y for executll'L masters, sii'itching from one ycar-long piogramme- on a pan-tinie basi%- to sia¢kable micro.credcnlials Conibitb1e iipon demand and Iclg ulti¥nately to a degree iiith the School. The Chaiily s Trading subsidiary, ESCP Eiirope cOrkrate Servjces Limited, pTodu¢ed ali operating 511rplus foT tlie J'ear of £149k12021." £105k) before a gifi ai(kd donalion tsfthe safty amount to the Chaiit), at )'ear end. Soii)e busJn¢55 opportunities iieie deferred from 20? I to 2029 and neiv contraeis arose late 202? lib a coiiple of large corpciate entitie5 after siiccessfiil RFP'S. Having c0115ideied the con501idJled financial loss deni-ed by Ihe Chari(y of £1.7ni (?021-. £1.9nil and the on-going negative eqiiily oF£2.3m {2021.. £0_6) ai the end of tlie year. the Tnlslees ii.ill iely on ilie leiier or rin14 Elcliil suppori Irom tlie EESC io uoncliide thai ihc clrilY is a goints conccrn for ihc period of l? to 114 iivjnihs after ilic dale ofsigning of the &ccoiints. Tlie siipport ivill incliide the cOmTllitin( rtOEn th¢ Federal Centre to coi'er any fiitiite USS liabiliiy and increctse of Ilic clrity'S pension deficit. The TnLStees reinaiii satisfied iviih the results ofihe Charily in 2022 in ihai coiilexl and upon consideialion ofilie leiiels of frcc ecry511 floivs as of end of Dccciiiber ?0?2 as ii.ell as the on-going possibilitv for Ille Cliic lity lo a¢ce5s fiiiancing fioin tlic Fcdiii11 C¢ntre io ett its li2bililics oi'er the tTrext l ? 10 18 nionths should Ihc need aTiSe. Dei'elopillent objectii'es In line ii'iih its stiategic priorities os de5ciibcd abovc, thc Chariiy ii'ill continue lo dei'elop and execuic ils acadcniic aiid busiiiess pl¢Trns. Sigiiiflcanl dci-elopnient objcciives for 2023 iyill include= Tlie stiriigtliening of thc specia115alions oli ihc hip Nlim. The dei'clcipnicnt of near- aiid lono_ieim digital dclii'ery str<iiegies furall aii'ards= Tlic di. (yiti£ li%aiion of stu(lent learniiig and eiperienc¢ u.iih foc on curricula: pcdagogy, and servicc oficrts:. The strengilieiiing of execiilii"e education and corpornie atl jliity, petiaining to Ilie Charity IExe¢ii¢ii"e Ma%t¢rsl 11 nd IIS Indiiig ejiiily., and Tlie nioder]iiwtion <ind e.xten5iOt] of Campu5 faciliiie%. alon¥%ide significanl e%iaie niaintejithiice aclii-ili¢s las oninii55ioned by Ihe ElSC}.
ESCP Europe Business School Trustees, Report ineorporating Strategic Report The Charity continucs to aim to". strengthen recwilmeni for ils full programtne suiie- build up a first-cla FacLilty and affiliate Faci?It)'; consolidale the Londoii Canipus areas of research expertise- eii¢outage i)eii' aTeas of enquiry linked Closely to lis degreelspecialisaiioti offer," aNi i)ronKiie and adi'ance teaching exc¢ll¢nc¢ in alignmen( Iviih ihe lec2rning goals and mi55ion of ESCP Euiope. Re5crve5 polir}- Since tht end of 201 i. th¢ Choriiy does not hold any rcstricted fuiids in ils accounts. Tot41 iinreslricied funds at the end of Il)e ¢urreni year iieie negatiN'e -£9 293k (2021.. _£590k), the Chaiit}' sloii'iiig recoverii)g frtsn) the impaci of the USS 20?1 pension defiLii adjustmeiit of £2.7ni ajid gciicrating a financial Ios5 or £1,703k {2021.. loss of £1.886k). As of 31 Deceniber 2022, the leh'el of donation from the EESC rcTnains Itmiied 10 ihe proi'ision of tlie frec-rent facilitj. of £615k consistent w'ith the rateable N'aluc of ihe site. Le¢te15 01 financial 5uppoII .1[ conlinue lo be rereived from Ihc EESC ESCP Europc, Ilie EESC ESCP Euroiie cotlfiitning it ii.ould gil'e the ChaTiI)" fin4incial supporl in the case ora ieiwK)r2ry Cash rcquircinenl for a duration of al l¢a51 18 Inonihs fiDm Ihc date ofsignalute of the fiiiancial slatetnenls. In 2022, tlie EESC ESCP Euro confirnied thal it ii'ould proi'idc thi5 SUPPOtt again in a conlext of oIi-going iicgti%'c equity and finai)cial loss. Fiinher assurance thai ihe Chority is d going coiKern iva5 proi'ided to the Boi1rLI of Trustee8 in the forii) of a 10-year plc1n1202_203?) providing a longiiudijial i'iei%' of the expecteLI cash floiv5 diiiiiig Ihp periu(I, assiiniiiig a sigyiificant headcoun¢ increase froni 2025 to 2026 follou'ing the extension of the current pieinise5 and Ilie Iddition of three neiv degree masters io the portfolio of the London campus. Ke!. gc¥rieiit 'lortne1 2nd remuneration polici. The SMB constitiit¢s the groiiping of key nnagement per50Dnel of ihc LOTOn Caiiipus. This groiip coi)sisis of ihe Dean of Caiiipu& Direciors. Aswcial¢ Di[10r5 and Heads of prolessio1l seTI'iCC5 and a senior faciilty rcpiesciitatiyc. The niiniber of wple inLI(Ided ii'iihin key Iiwnagcin¢ni in 2022 ivas 7 (2021.. 12). ViihElI tliis grthiip. Dircclors and Associi2te r)irectors are subject to pa), rcvicw via the C1141rity's Rei4'ard and Rcniuneralion Conimittee IRRC). A niinibcT of criteri1( are iised lor seiiing or iei'isino compensalioti siicli L2S, biii not limited to, the natiire of ilie rtsle and resw)115ibilitie5 oFeach individiial. airrage salaries lorcomparable positlOJ15 across the sector, Jld the Ireiid iti pay in recent years. Annual pcrfoTnMn¢e revieiis may rcsuli in il)e au'ard ol-perforniance- based bojiuses, salary iiicremeiits, and.'or gradc nKlficat[0l. Noic 7 provides deiails ofthe reinuiieraiioii ¢oniponenl% f tlie UK Dean. The 5enioT faculi). rcpre5enlillL%"e5 aL"¢ 511bjecl lo the faculty perfon)wncc cvaluations applicable to all faculty M'ith the ¢xceplion of thc Canipus Deaji. Thi5 Proce i5 goiemed locall). b!. Ihc Canipijs Faciiliy Adi'isoiy Comniilteu {CFAC}. F5naiieial rei"ieii" and results for the l'ear Oil cl Lun5vlidaled bc1515, the Ivlal Itiertues of the CIMriiJ' in 2022 decreased from £12.6IM in 2021 to £1 1.8111 in 2022. Tlie iiicviiie gtiieraled by Ilie Exeiii(IVt E(IIicc1tlOll (i¥li%'iiies iijcreased by £O.?i]I, I'eachiiig £1. ITlI 111 ?022 {2021-. £0.9inl, biil thi5 gtoi%1h i%zs off5el by the Tediiclioii in incoine liotn Ihe EESC on sl%)red Federal progiainimes. In nei term5, the ¥liidenl feeb itLcoine dropped frvn) £ lQ_3in 111 2021 tv £9.5m in 2012 iiryih Lg I'ariaiion of -£0.6ill on Paris Federcil pi.ogniiinits.
ESCP Europe Business School Trustees, Report incorporating Strategic Report The lei'el of operational donation from the EESC. cxcliiding rent. ainounlcd to £nil in ?022 (2021.. £nil). The proi'ision of reiit-free premiscs frorn thc EES('. is rccogni¥ed as a gift in kLn(l of £615k (2021.. £61 fk)- The evolution of ihe EESC subsidjes iriii.etn 2022 and 2021 are repDned in the Stareineni of Fiiiancial Aciii'ilies aiid in nu(e 3 to the accounls. Tlie expenditure for ihe year toialled £13.5n) for 20?? 12021- £14.4m). Consideiing ihe fact Ili¢i12021 £14.4in total e.xp¢nditiiie ii'ere inclusi1¢ of a £2.7rn USS pethsion defieii additional liabiliiy w5ted Jtr the siaff costs section of Ihe finaiKial slaletiiertis and thai a USS pensioii defiLil proi'isioii release of £0.4m took place in )022 uiider Ihe saiiie section, the tot2L l expenditure Con1pablc, excluding LTSS ptiision deficit proi'ision adjustmeiil, are £13.gm in 2022 con)PL?red io £11.7Tn in 2021 (vanil llce of £2_2111). The key drivers of iliis increase aTe a cornbinalion of a) addiiioIial sIL1ff iravel. in-peJEon ei'enls and grewei use of ihe Campus facilitie5 folloiving the retiiin lo iionnalil}' for neil. stiident cohorts and stalTpost pandcmic, bl lagging posi-pandcmic enccis. a numbci. of professional s¢rviccs slaff choosing io cliange lifesiylc and leavc ihe London Canipiis being replaced by Inore cxpensii'c staff in n inflÉltlOllL2ry context, c) conscqueiices of the professionalislc ¢iotL of ilie Chi¢ rily's IYOTkfoFce '1th the Tecruiiincnl of a Thuibber of k¢y posiiions as ivell as replacenient of d¢parliircs by 51aff ivith more ex¢15¢, and dl impact of the 2021 profil-sliaring boniis allocated to all staff in 20?2 for £0.3m12021." £nil) ¢ombincd TrIh an ac¢Jual. itt the samc }'car. of the 2022-ielaicd profit-shATing foi £0.4m diie lo bc paÈd in 2023. Th¢sc acti.711c5 11.ill sirengthcn IlTrc Londoji campus's p05ilion to support higher student iiunibers going forn'aid. Tho nci consolidaied resiilt for Ilie ycar is a nci loss of £1.703k {?021.. lois of £1.886kl afier Ir7Sfer of thc gift-aided donation from ESCP Europe Corpornle Serviccs Limited 10 ihe C1tY for £148k12021.. £105k). Going coneern The Board has cl reftilly c1&%essed % heiheT the Chariiy is a goin¥ c¢)ncetn in refcreijce to Lls fillancial positioii aiid peiforniance as outline<l ill the fjijancial iei'ieH". Pani¢iJlai note been takcn to eJtsur¢ Ilie asscssnieni is pioportionatl io tlie sizt and l¢i'el of financial risk and complexjty of the orgatiisaiion. In additivn to the al]y515 of the currejii liiiancial posilioii, Ihe Charit}. prepared a 10-year plan {20??_2032) highlighting ihe PTogies5iie rewm to positivt equity, I15ing retLlistic heidcoiint nd ini'estrneni assumptions for ihe peri(xt. As of 31 December 2022, Ilie Cliarily h&s nei consoltdated cutreiil ass¢is of £0.6m12021." £2.7rn), a positiie b711 iice of cash of £3.2m120?1.. £2_9in) and L2 sinall leiel ofe.xlemal bortoiving of £O.Im. LoTrg-leriii liabilities of£3.7zii1£2021.. £4.2in) rolare io Ilie USS petL5ion dcficii provision 'hICh is not ¢Tpeci¢d to cryslallise in ilic ncar fiilure (noii-ca5h Sources of income for Ilie year ahead ii'ill be sttured ihrough 11 a groii.ing of Siiideiils recruiled at Federnl lei'el and scni to Ilic LondL)n Canipiis. 21 41 SIISlaincd rccruiltnenl of siiidenls lor (h¢ I masicrs," aiid 31 An illCTeiE s¢d 12Ctii'iiy of tlic excciiliv¢ ediicaiion. On rhai basis thc casli floiv forecas1 foi the next 18 nionths reNfals i)osilii'e casl) balai)ces throiighoiit ili¢ period. Tlie siatemcnt of Ili¢ AoaFd rcsponsibililies. tht dcscripiion of the organisaiion managcnicNt'. and the review of interj1 ¢Othli"ols suininarise the atran8cnieThts lh¢ Charii), has in place foi the idenlificalion an(1 nilf nagenieIit of risk. kii)g tlic 47kni'e inio ttccount, the TtU5tces hai'e a rell50nable cXClaiitsn ihai adcqiiate iesoiirccs exisi t(Tr coJ)tiiiue vi?eration5 for the foresceable 1[ir¢ and the going ¢oncer]i basis coniinues io bc appropriatc for preparing the aiinu11 finan¢i&l stateinents. 14
ESCP Europe Business School Trustees, Report incorporating Strategic Report Iiid¢i)endent kluditors E1c Lh of the persorts ivho is a tte¢ al Ihe date of approial ofihi5 repori coiifjmi ihai.. 50 fc?r ?L % the ¢rus¢ee is a.are, Ihere is no releiint audit infomialion of ivhicli Ihe chariiable conipany's audiiors are unaivLirL', and Ihe IrustLe ha$ 142Len all the 5tep5 Ihat helshe ought io haie lak'en as <1 Ituslee in older to J?Mk'e him%eif,Th¢rself aiiL2re of Jny relei-L?ni audit inf(>r[nlIln and to ebiablish thai ilie eluriiJble Lump(illy'5 auditor% are aii'are ol tlTrli 1 infL)miiilion. This confiTiiiaiion is gii'en and should be inierpreicd in acLordan¢e "11h the proi'isions of $41¥ ofilie Coii)p?L nics Acl 2006. Approi'Ld by th¥ Board of Ttusiees on 28 Nlarch 2023 and sigt)¢d on behaifof thc Board. David Cjold Chairman of thc Board of TnLsices 14th April 2023
ESCP Europe Business School Trustees, responsibilities statement TlicTrustces (iiho nrc alsodircctors of ESCP EILfOPC-Bu5inc5s School forihe purposes of company lam.) are rebpoiisiblc for prtpaiin& Ihe Tnistees, Report (including the Strnlegic Report) the firncl sialetnents in accorilJnce ivith applicable lam. and regulaiion. Coinpaiiy Idll. requires the Tnistees 10 prepare financial sfateinents. for each finanLial year. Under rhat l&iv the Trustees hai'e prepared Ihe fintsncial slaieinents in accordance ivith Lnited Kingdoin Ac£ounling Standards. coinprising FRS 102 "Tlie Fin2& ncial Reporting Slandard pplicable in the UK ar]d Republic of Ireliind" and applicable laKI, (Ujiiled Kingdom Generall J. Accepttd Accounting Praciice). Lliid¢r companj laii, Ihe TnLSlee5 Inust nor appi.ove the fijiancial siatemeiith itiiless ihey are satisfied that they gii'e a true atid fair i'iei%- of the sraie of ihe affairs ofthe cliaittable company 2nd the gruup and of the incoming resources and ic pplication oftesources, incliiding the income and expenditiire, of the ch£inli1ble groiip for tliat period. In preparing ihese finaiicial siaieinents, Ihe T¢us¢S required io= select suitable a¢¢oiinting policies and then apply them consis¢enily- obscrve tlie n)ethods and principl¢s in Ihe Staiemeni of Recoiiinicnded Practicc.- Accoiinling and Reporting by Charities {!019 I'erston)- make jiid8meJits and estimalcs thai are r¢asonable aTKI pnMlctJt: siaic ithetlier applic14 bl¢ UK Accounting Startdards, Comprising FRS 102, have bttii followcd, siibjecl to anv maierial departures disclosed and cxplained iii Ihe financial s¢at¢rnenls.' and PTeparc tlie financial sialcmenls 01) the going concern basis unlc55 it li inappmpriale (o presiime Ihat Ilie charitable company ivill coniinuc in busines5. The TrLlStee5 are restKynsible for kecping ade01te accouniing records that are sU1c]ent to sho. and eyplain ihe ¢h4l1ilable compai)y'5 trlS&¢110nS and disc105e ii-ith iedsonablc accura¢y ai an). time tlie fiiiancial positioIi of Ihc ¢haril4ible conipanv aiid thc 8roiip and enable theni to c1re Ihai thc financial staien)ents coJi)ply ivith tl)e Coiyipanie5 Act 2006. They are 1150 rtsponsiblc for safegiiarding tlie asseis of the eharitablc cop)Y at)d rhe gtoiip aiid lieiire for loikijig reasonablc steps for the prei'cntion and deteetion vf fraud and oiher irrcwlaritics. The Triistees are respojisible foi th¢ Inciinier]ance and integrily of ihe ¢hantable cojnpany's ii'ebsile. Legislation in tlie Untted Kingdom goi'¢min¥ ihe preparation and disseniinaiion of financial slateinents n)ay differ fronJ leg151alion in olhei'jiirisdiciions. Iii accoi.dic n¢e iviih Seclion 418. diic¢iors' reporls shall include a staleme]JL in Ihe ¢ast ofcach dircclor in office ai th dare ihL dire¢tOTS' report is approicd. rhal.. (R) so as ilie lStee is aiiatt: there is no ielei?nl audil infointhiioji of 'hich Ihe COmP£?ny's ciudilors al'e iinaii"are' and Ib} l)e lias iakcn all thi sieps that lie oiight to haTr¢ iaken AS th tn]siee in oidci lo Jake hin)sclf aivari of any rilci'ani aiidit infor11tiOn and to esiablish Ihat ilic coiiipttny's alldiiors arc aii'aie of that information.
Independent auditoi's, report to the members of ESCP
Europe Business School
Report on the audit of the financial statements
Opinion
In oiii op2nion, ESCP Europe Business School's gyoup financial slatements and company financial staiemenls Ith
'riii4inLial sli4 lenienis")..
gile a irue and fair vieii. of the slate of the group's and of ihe company's affoir% as ai 31 December 2022 and
of iht ¥iuiip's incon)ing resources and lgpplieaiton ofresourLes, including its income and exi)endiiure, gaing
,Ind Iu55es, ch<L¥ts iii resents and of the group's ¢25h floii's. fvr the )'ear tlien ended.
liave been properly prepared in accordance ii'iih United Kingdoin GetrallY Accepied Accoiiiiting Pracliee
(UnitLd Kingdoiii ALcoiinlinu Siatldards, coniprising FRS 102 "Thc Fiiiancial Rcportin£ Stand4grd L2pplicabl¢
in the UK and Republic of Iteland" and applicable laiv),.
hav¢ bL<Jl proplrly prLpared in accordance iiryih the tequiremcnts of Ihc Office loi Siudciils. Accouiit5
Dir¢cltoti IOtS 2019.411. and
have bccn prcparcd in ae¢ordance '11h Ihe requirements of ihc Companies A¢1 21N)6.
Vc have au
In LiiiinLLlioti '7(h our aiidit of the linancial Statements. our rcsponsibiliiy is to read the other infornihtion and, ii) doiji
50, LoJi%idcr ii'heihcr the othcr infornialion is rnatcrialls. inconsisleiii ii'iih ihc finan¢ial 5taicJiicnls 01 our kiioii ILd¥L
obiaiii¢(l in thL li1li, or oiheThvisc dppcar% 10 be nMtcrially niissiated. If li'e idciitify 1pparen1 millcTial iij¢oiisistcii¢N'
or tnalLric11 mis%iaienicni. li'e ¢Lie r¢qiiiTcd to rrO proccdurcs io coiiclude ii-hcili¢r Ihcic ]% a niaicrial iiiissldlcinciii
of Ilie Iinilncial slatemenis ora maieric11 Ini.%%lalcnicni uf Ihc other information. If. based uji thc ii'ork- iie112L I'c pLifvriii¥(I,
Ivc concliidc ilial tIILre is a nTralerial nii55taletnciit of this otliir infoimaiion: i%'c arc rLquiied to repvrt tljai fa. ci. 11 c liai'c
nothing to report based on these responstbililies.
Base(l on th¢ responsibililits JebLtibed aboie atid uur ii.ork undertaken in the course of the audii. ISA5 (UK) require lis
1511 to rLI)Vrt certLlin opini0114 and mAiiers as dLs¢ribed beloii".
Strategic Report and Trnstee5' Report
In oiir opinion, base<[ on the ivork ujidertaken in ihe course of (he audit the information gii'en in the TtU51ees' Repvrt,
incliidijig ihe StrategiL Report. fur the finc1ncial yeor for iYhiLh the fjnancial siaienienls are preplL red is consisieni ii'iih
Ilie IItiL?tl¢l¢i15t1lLn)e[l1s,. nd ihe Sirale¥ic Repofl and Ihe Trustees, Rew)rt has bttn piepared in aLcoidaJJce ii'iih
applicL?ble le¥al requiieiiienli.
In addiiion. iti light of the knoiYl¢dge 1¢ Ejd underslanding of th¢ gioup and comparky atml iheir cni'iiojinicni obiaincd in
Ilic coursl of IhL Jiidil, ii'i are ieqiiirL.d to ILP)n if ii'c I1.¢ idcntificd any n[erIal misslaietnenls in ihc StrLgt¢gi¢ Rci)orl
1nd thl TrustLLs Report. Il'e h£21'L noihiilo to repon in ihis rcspLYI.
Responslblllties for the fingnclal 5tAtement$ and the audlt
Responslbilitles of the trustee5 for the financlal $tatemtnts
As cxplainld Imorc full). in ihe Ttustces responsibililics siaicnicnt: Ihe truslccs (ii'ho are also 11)¢ (li[ecto of Ihc
¢haiilablc LompL?nv lor Ihc purp05cs ofconipaiiy laii) arc responsibl¢ for Ihe pr¢paTalion ofihc fiJianLial slatcti)Liils ili
a¢coidati¢e w.ith the applicablL franicii'ork aiid for bcin£ saiisficd ihJi Ihry gii'c rft ttuc and fair i'iciii
Tlic tni_sieLs arc
al%0 rLsponsiblc for511ch ini¢rnal conirol (75 thc!. (l¢i¢nwii¢ is neccssarn. lo enablc thc prepaTalioi) of financial slaieiiieJii%
that arL free from material mis5talcni¢nt. ii'heihcr duc to fraud or e¥ror.
In prLpariiig ihc fiiianLiiil 5talLtnL'nls. the iTU5tecs are rLspoiisible for assessing ihe group's and coiiipany's abiliiv lo
continue as a ¥oing itsnLein: di%LlosiJie as applicable. InallLfb related io going LUllLeTn and iisinLT Ilie gViJlLT Cl)nLeT]i
bJ5Es uf c2CCITrLlI)tiiig unless thi tn15tets either tnltnd Iii liqutdai¢ the ?r(>vp and coinpani. or tts Lease opei<ltions, or hai"e
no ietili8tiC (Iliemaiii'e bill lo so.
Audltor$' respon5ibilitles for the audil of¢be finanelal 5tgtcmeDts
Oiii objLCIiI-LS r¢ li) obiL7in r141SOJTrL2bli ssuranci aboul ii.11Liher Ilic financial siaicinitlls iihole ail friL fioiii
maiLrial 11)ISSlatLJiILnl, ii'hLilicr dili to fraud or Lrtor. and ¢0 issu¢ an audiiors Icport 111411 iJi¢liidL5 oiir opiiiiun.
',150llL?blL <t5siiraniL is high Ili-cl of ¢1S5urancc. bill is iioi a guaraiiice that an aiidil condiicicd in l¢Cordailll iviili
ISA5 (UK) ii'ill ?L lii',i}'s dLleci 41 mc1tcri1£ I missiatemenl ii'lien it exisls. NIi5512i l¢nienl5 caji aiise froin Ii
-
Challenging assumptions and judgements made by management in significant account estimates, including the USS pension accounting.
-
Testing unusual or unexpected journal entries, particularly those impacting revenue.
There arc inherent limitations in the audit procedures described above. We are less likely to become a\rnre of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.fr c.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report
This report, including the opinions, has been prepared for and only for the charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Opinions on other matters prescribed in the Office for Students' Accounts Direction (OfS 2019.41)
In our opinion, in all material respects:
- funds from \·hatever source administered by the company for spcci fie purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation.
Under the Office for Students' Accounts Direction, we are required to report to you ifwe have anything to report in respect of the following matter:
-
The company's fee income, as disclosed in note 4b to the financial statements, has been materially misstated.
-
We hm·e no matters to report arising from this responsibility.
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
-
we have not obtained all the information and explanations \'e require for our audit; or
-
adequate accounting records have not been kept by the company or returns adequate for our audit have not been received from branches not visited by us; or
-
certain disclosures of trustees' remuneration specified by law arc not made; or
-
the company financial statements arc not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
David Wildey (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 141h J\pril 2023
19
ESCP Europe Business School Consolidated statement of financial activities (includiiig consolidated income and expenditure account) Year ended 31 December 2022 Unre5trict¢d Total funds Total fllnds FndS 2022 2022 2021 Nole Incomt Doniions 615,IKKI 615.(K)O 615,000 SriideTrl frc5 Oihcr cdii£atJonal itLeome Investment inron]e Oilier income 9.533,71M) .5S9,520 17.435 $4,811 9.533,700 .5S9.520 17.435 10.265.331 1,532,899 140,200 Total infome 11.810.466 I 1.810.466 12.i59.241 Eipenditure 6 (13.S13.9241 113.513,9241 {14.425,469} 'rotal txpendittsre {13,SlJ.9241 113,513,924) (14,425,469) Net outcome (or ¢ht }tur 11.703,458} {1,703,458) 11.866,228) Net moTrement in fullds 11.703,4581 (1.703.458) {1.866.2281 Rttonciliation or funds Total fuiiits broughr foTri"ard Nei mol'emeni in fund% for Ihe >rar (589.5261 (1.703.458) (589.5?61 1,276.702 11.703,458) 11.866,228) Total funds ¢thrrled lorard 16 12,292,984} {2.292,984} 1589,5261 There ivere no other reLOOtiised g1( ins or lo55es other Ihan Ihose lisied abo1¢ and ihe iiei iiicoine f4)r the year. All income and CXPCllditLirc dLrii'c froih conlinuiiig acti¥i(ies. ?0
ESCP Europe Business School
Balance sheets as at 31 December 2022
| Group | Group | Company | Company | ||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||
| Note | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 8 | 812,094 | 891,053 | 812,094 | 891,053 |
| Investments | 9 | I | I | ||
| 812.094 | 891,053 | 812,095 | 891,054 | ||
| Current assets | |||||
| Debtors | 10 | 2,523,562 | 3,102,762 | 2,714,499 | 3,197,717 |
| Cash at bank and in hand | 3,543,625 | 3,180,503 | 3,199,952 | 2,917,360 | |
| 6,067,187 | 6,283,265 | 5,914,451 | 6,115,077 | ||
| Creditors:amounts falling due within one year | 11 | (5,432, I 05) | (3,545,804) | (5,279,371) | (3,377,618) |
| Net current assets | 635,082 | 2,737,461 | 635,080 | 2,737,459 | |
| Total assets less current liabilities | 1,447,176 | 3,628,514 | 1,447,175 | 3,628,513 | |
| Provision for pension scheme liability | 12.a | (3,650,554) | (4,078,421) | (3,650,554) | (4,078,421) |
| Creditors:amounts falling due after one year | 12.b | (89,606) | (139,619) | (89,606) | (139,619) |
| Net liabilities | (2,292,984) | (589,526) | (2,292,985) | (589,527) | |
| Funds | |||||
| Unrestricted funds: | |||||
| - General fund | (2,292,984) | (589,526) | (2,292,985) | (589,527) | |
| Total funds | 16 | (2,292,984) | (589,526) | (2,292,985) | (589,527) |
The net result of the parent Charity for the year for Companies Act purposes is a loss of£ 1,703k in 2022 (2021: loss of £ I ,886k). As permitted by section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented in respect of the parent Charity.
The notes on pages 24 to 44 form an integral part of these financial statements.
The financial statements of ESCP Europe Business School, registered number I 876779, \·ere approved and authorised for issue by the Directors on 28[th ] March 2023.
Signed on behal fof the Board of Directors
Trustee/Director David Gold 14[th ] April 2023
Trustee/Director 14[t][h ] April 2023
21
ESCP Europe Business School Consolidated cash floiv statement Year ended 31 December 2022 Total fuiids 2021 2022 Note Net cash tlo)Ys generated froni operatlno thftii'ities 18 611.241 1.575,978 Cash floiis from ini'esting A¢liYities Piirchase ofi)roperty, pl42ltt and equipmcnl (198.105} 1442,408) Cash floivs fron) finan¢ing a¢tli'ilios EESC fiiiincing loaji {50,014) 150,012} Net increase in cash and tash equiialeDt$ 363,122 1,083,558 Cash thnd Cash eqllTI.AIeI5 At begiMning of the l'ear 3.180,503 2,096,945 Ch and eash equii-alenls at Ihe end of the )'ear 3,543,62i 3,180,503 Casli and ¢11 sh equii'alcnls rotnpiise of cash at bank. cash in hanil ld Ici'aluation adjLiStn)eJii of Ihc Eiiros donomiiiated accounts at year end.
ESCP Europe Business School
Notes to Ihe financial statements
Year ended 31 December 2022
A¢countiii¥ policies
Basis of account5 preparalio
The fiJicltifl(il slatements hai'¢ been prepared linder the historical cost coni'et]tion in accordance iiith the St
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 Accounting policie5 (continued) Eipc'iiditurc ExpeiKiiture is aecouniecl ftsr oil an acctLk41'5 basis. Suppon cosis. ii'hich are oi'erliead vther costs iiot dii"ectly atlribiitELble lo paiiicul£ir fun¢tivDal ac¢ii-i(y categories. ar¢ appontoned tsi'er lhe relei'#nt C¢ltegories 011 the b<iSiS of n)llnagement estimates of the Jmounl alliibutable to thal actii'ity in ihe year. eitl)er b!, refeTeiifft to staff time or space OCLLipicd, as appropiiaie. The irrecoveiablc elemeiii of IIAI" is inLluded iviih the Liem tsf expeiise lo whTcli it ielates. Govemi?n¢e cosis compiise Ilie cosls associated ii'itli consliiuiional slatulory re9uiretnenls alid include exlerrjiil udit fccs and any leg411l &dvice for thc Trustees. Foreign ciirreJ)¢y IrJns4ction5 Foreign currencyexchange eonversion is madc ai thc rdte rulingal thc limcof th¢ transaction, or for balance sheei items t the average rate of the prclious month using HMRC'S M'ebsile. Fuiid #ccollnting Uiiresli'icigdfiinds these ate funds available to be used in accordance ii.ith the Cljarily's charitable obj¢cls <11 the dis¢r¢lion of tlic TrLLStccs Tangible fixed assets The freehold of the premises occupicd by Iht Charity is oii.ncd b). thc EESC-ESCP Europe. Tangible fixed asK15 lire staled al c05t les5 depre¢iaiton. The raies of deprecitsiiotl Ot capilal a55et5 ale as follows.. OITice fijri1ilu and equipjnent siraigh¢-line betiveen thiee lo flir )ears IT eqiiipnieiit Slraitsht_line 0s.er ihret years FIEehold improiejiieiits Slraiuhi_line betiveen fil'e and ien year% fvr geneTal upgtade SlniDhi litje over fifieeri years for slnicluial up8rJde {ioofs. facades) Peiisioii scheme The Cliaiity participates in the Unl.tr51lle5 Supeiannualion Scheine. Illiih effeci from l October 2016. the scheme changed froln a defined benefjt only pensioii sclieine lo a hybrid pension scheiiie, proiiiding defined benefits (for all Iiicinbcrs), as ivell as dcfincd conlribulion bejiefirs. Mi¢ asscts of the schtnie 2L re hcld in a sepanie Irusiee-adniinis¢ered fulld. Beckuse of the miitllcTrl natur¢ of tlie scheiiie. tli¢ asyets are not altTibuted to indii'idilal i11)11n5 and a sLhcme.Wlide contribution ralc is sei. Tli¢ Cliiirity is IlieT¢fore cxposcd lo aclu14 iial risks asso¥iat¢d orhei insiiiiitions. employecs an(1 is uiiable lo idcijtify its sliaie of the underlyiiig a55ets and liabililics of the scl)enie on a ¢onsisicnt and reasTrnablc basis. A5 Tequiied by Scctioii 28 of FRS 102 :Employcc bcnefits" the Chariiy ihtteforc account for the lIeTne 47S ifit il'crc defined contribiition sclieiiie. As a result, Ihe allioiint charged ioihe profirajid lo%¥accouJit reprc5ciI15 Ilie CDntribulioJi% yablc to tlle scl)emL. Since Ihc Chilltty entcrcd inio ali agreemejii (t[ Recoi-et). Plan) that dcletniiiics ho. ea¢li ejllploycr ii'itliin (he scheme iiill flind thc oi-erall defici4 Ihc Charity rccogn15es a liabLlit)' for thc coiilributiojis payabl¢ that ilrise fi'otii Ilie agreemeni Iro the LXtLrit ihat tlTrey relaie 10 the dLfieit) ii-iih Tclatcd e.¥pet15es being ILcogniscd IlliLi¥ll the profil aiid loss accoiini. The laiesi 4lCtiiarial i-aluation IN'L?s earricd vill in Nlarch 2020 aJi(I conipleled iti Ociuber 2021 for Ilie scheme uii(Icr the scheme-speLifJc fiiiiditig regiine inirLxluce(I by the Pen5Lolls Art 2004, iithich r¢quire.% scheines io a(Iopi <1 Statiitory tutJ(liii? objectii"e, Ivhi¢h is to hai-e suftiLient ai)d appropriate 355el5 to coi.er their technical provisions. The neit Iiiennial ialiiLilion ivould slart 31 Nfarch 2023 Il'iih results announced in 204.
ESCP Europe Business School
Notes to the financial statements
Year ended 31 December 2022
Aceouiiting poli¢ic5 (contiiiucd)
Peiisloil schenie {roThtlDued)
Furtlier iTrforinalion aboul the I71eSt dLtuatial i'aluaiion of the Scheine is provided in ntsle 12.a lo th¢ accounts.
To ¢al¢ulale Ilie p¢n5ion deficit liabilily al th¢ end of each year, Il)e Charily. as other participatiiig instittiiion5, iises a
d¢fi¢ii InodellLr pioduced by USS iii collaboTaiion ivith ilie Briiisli Univcrsitics Financc Directors Groiip {"BUFDG")
vith spccific assutJ)plions to the Cliarit}' siirh as discoiinl rale, variation pcwcntages of ernplo)-¢¢s iivoiic USS el al.
The Charity's pension deficii liability ai Ihe cnd of 2022 is bascd on ihe USS repaymciit plan pcrtaining 10 tlie latcst
March 20?0 actuarial valii411ion {ct)mpleted in OciobeT 2021) and rcfeis to the preJil I'aluc of deficit fiinding
coiiiribiltions that are committed ro linder ihe ghedule of coniribuiions ad rccovery plan.
At 31 Deceinber 2022, the value of the deficit as shoii-n in ihe accounts Is £3,65 Ik (2Q21'. £4,078k) {see Iioie 12). A
discoiinr rate of 3.490/.12()21.. 1.070/ts) and a salary inflttiion of 3.oo/y in 2022 {2021.. 2.3/fj) aiid ?0
froni 2n24 until the
end of the rcpiiynient plan ii"¢re actuarial factors used in (he calculation of ihe teviscd pension dcficii of ihc Charity end
of 2022 iviili bss contribiilions paid by the Charits tOL111ing £706,589 (2021= £6_18,266) a b&llan¢e sheei liabilily
of £105.687 {2021.. £6,470) al ycar end COTtesponding tv Ihe Dccembcr 2022 contribiilions ii.hich ii'ere paid to USS in
11112ry 2023.
At 31 D¢ceiiibeT 2022 tlie Charity had 90 aetiir instiluiional nmbers participaiiiig in the scheffle {2021. 78). The
contribiirion ntc payable by ihe in5tituiion lias an ai'¢rage 21.5 /47 of p¢iisionable salari¢s.
Operthiing leascs
Renlals appliccible io op¢r21ino leiise5 %¥liere subsianlially all Ilie benefits and risks ofoiynership remain iviili ihe le550r
Ic chargcd 10 the sil tciiieni of financial aciiiijijes oil a slraighi-line basis. See noic 17.
As regisiered eliLiiily, tlie Clicillty is exempi from corporaiion lax under ihe Corpordtion Tax Aci 2010 or Seciion 2)6
ol the Taxaiion for Chargeablc ins Act 199?
lo tli¢ e.xieni SLI4)liiscs ate applied io lis cliaritEible purposes. No
¢OTporation chargc lias fiicri in Ih¢ Cliltiiy'S subsidiary duc to its abilily lo off-set its liability agaiiist prL'ViOiiS yeL2T
losses (2021= £Jiil).
Finaneial insfruiiients
Financial assets and tinan¢ial liabIlitics are reiognised ii'hctj Ilie Cliarity be¢on5 a pari). to Ilie cunii'aitual pioi'151011S
of tlie iiiginiment. All finan¢ial asscts and liabilities arc ij)Itll4 Ily Incasured at Iransaciioii price (including iiaiisaclioi)
coslsl. Tlie conipan! only ha5 finai)cial assets and fjnancial liabiliries of a Lind tliat qualify. as basic fjiiancial
instrunieiils. Bisic fiiiancial inst[unntS are initially recognised al tratlsaciion value atid subsequcntly measiiTed al tlicir
settlcnieni i'aluc.
Trade and otlier debiors are recognise(l the s¢ttleiiicTht amoiint due after a]iy Ili%count offered and net of the bad debt
provi5juii. Prepayi)ients are i'lllued at the amount prepaid net of an5. tiade discviEnlS due. Crediiors and proi'i%ions are
re¢o8iiised iilicre iht COlllPLiliy h
ESCP Europe Business School
Notes to the financial statements
Year ended 31 December 2022
Critic1 accounting judgement5 aiid kej. sources of ¢slimation uuccrtaint). {continued)
trrom other SOUTces. The e51inii£ res and assoeiaied assumptions are based orl historical experieiKY aiiLI other f£l¢tors ihat
considered to be releYat]t. A¢iual results inay diffe¥ froTtL these esiimtttes.
The estimiltes and underlying liMP(lon$ are r¢i'iei%rd on an on¥oing basis. Rcvisions io accoutitiIig estimiltes are
recognised in the period in ii'hich the estllllale is reviied if the revision atTeLiS only thai period. or in llie petiod of tlie
revision 41nd fi]Ire peri$ ofihe re1510 altecls boih cUtl and fulure pxriods.
CrilicaloccoiinlAIEgjiidgciFieiiis npplying ike Giotip s occ0MIl)i¥Pol1Cl
The folloiwng are thc erittcal jud8etn¢nr& apart frotn iIK>SC involving estiJiTratiotts. Ihc Tnjstccs have Jnade in the proccss
of applying thc GroLlP'S ac¢ounting policics and thai have the most sigJiifJuni eftcct 011 tlie aTnounts recogjiised in tlie
financial statcinenis. Key managcm¢nt judgctllent Is applied in ihe processing of accoutiiiiig jounia15. picp&ration (hf
Ihc i?¢¢oiinliiig cstimatcs and accounttng for 518nificant or unusual transaclions. Maiia8tiiJen¢ enSLires Ihai tliere is a
liniiied 1.isk of overridc of contiols through the iniplemeiitation and careful monrloi.iiig of IIil¢mal financial conirols,
clear segiegalioii of diiiies and qualiiaiive explanatiuns proi'idcd to support the business iaiionale ivhere significanl
tMi%actions are of n iinusual nature.
AccoEirtliiigjtidgffiiEVIt
The Tr115tees gcknoM'l¢dge that tlie Charil)- deriics the grcai n)ajoriry of ils income froin stiideiil (ee5 for courses aiid
from Ilic donation from the EESC. In doing so. the main judgemcnt surrounding iiicome recognilton Is relating to ihc
cui-off date, specifically for 8tudenL% Iihose programmes span across ralendar yvdrs. In Tnaking illi5 jiidgenieni,
tiianagenieni the stiideni course timetable 10 allocate rei-enues io the approptiate accounting period.
A¢coiiMliiig asiiiii&te5
V4ilrialioii o
doiiated relit-
ree
Iviili reglTd$ lo ilie i'aliialion of the donated in kind perlaining to Ihe Teni of Ilje sile. the TTLiSttes use reference io
tlie rale¢iblL valiic of the slte defined by ilie CanKien Borough as ihe esiimate of ii,Iiai IhLy ii.ould bc ivilling to
pay for ihe use of ihe 5jt¢. This cstimaic. due to its i'ariable natiirc. can ¢liange ihe i'alii¢ recogniscd in iiid oiil of tlie
finaiicil< I Slatemen15 eacli year.
uss
"ijsioii de
iokisioir
FRS 102 nLTrkcs ihe distinetion betii'een a groiipplan ¢1nd R mulii•cmploycrschert. A groiip plan co1151$ of a collection
ofeiitilies linder ioJnnTron covlrol typicall}, 14.ith a spon50ring employer. A J))ylii-employer s¢lieme isa s¢heiMe forLntilies
not uiider comrtion control and represenis11}picallj} an iiiduslry-.lde SCI)e sii¢li as Universili¢s Supcraiiiiuatioii
Schenic. The accouiiting for a niulii-emplu}'cr Sihcine ii"liere ihe eniployer has eE)tered iiito an agreeinent ii'ith ihc
8cliei)Ic Iliilt dei¢tIi)ine511oii' tlie eii)ployer ii'ill fund a deficil results in the rccognition af a liabilily for tlie coiitributioJTrs
payable Ilial arise frtsni Ihc cigteen]eni (io the exiciii Ihal ihey relatc lo thc deficit) 14.itli tlic resultiiig expensc chargc(I
IhroiiEh the pi'ofii or loss account in accordance ii'iih Section 28 of FRS IO) The dirt0[8 arc 5atisficd ihat Ullier$itIes
Supei'
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 Critical accounting judgement5 and ke)- sour¢es of estini#tion un¢erlkiIt). l¢ontiiiued) ccounts by £427k. The Charity a150 reditced for tlie same amount the i'aliie of ihe EESC matching 42sset, thus iieutr£ilisiii&y Ilie effect of such lldjiLSiinenl on the net equily of ihe Charity. Note 12.a lo Ihe accounis proi'ideb Inoiy Llelails ¢11)out Ihe actuarial assuiw)tion% taken foT ihe purpose of ihe adjustment of ihe pension deficit in 2022. Year-eiid Federal ro It-sliort For Ihe fisi lime in 2022, th¢ Cliarity paid £0.3m of Group profii-shaiing bonuses lo all sialTin a permaiieni eii)ployrneni foT Inore tlian 3 11)onih5 i eiid of 2021. Tlicse sums ii.eie p.iid lo all staff as part of their Deceinber 2022 salary. Tlie principle5 of tlii5 payniciit ivcrc dctcrmined al Fedeial lei'el includiiig the paiameiers of ihe calculation of the btsiiiis. The 2021- 'Federal" Ix>iJus anK)UIitLd to s."0 ol(he i'alue olone-moiith salary of eacli peinianent cinpl(Tr>'ce. As part of Ihc 2022 closing, the Federal tcani also illslrneied ihe Charity to prottss a 2022-relaied profii-sliarii)g ¢l¢CTual based oti 1150/0 ol a monthly salary of cach pCrnncnt eniployee at tlie end of 2022 11'iih n)ore tl)an 3 niontlis of eiiiploytncnt iih the Chariiy. The valuc of the 2022 accrual at year end anxTruDted io £0.4m.
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 2022 2021 Rent-fiee doiialioji for Ilie year 615.000 615.0(M) 615.0 615,000 Student fr¢s 2022 2021 (") astcrs. qualificatlolls (fiill-limc d¢gr¢cs) Bachclor iji Managcnicnt (fiill-tin)c degree) 6.890.969 2,642.731 7.504.761 2.760,570 9,513.7 10.265.331 (*) From 2022, application fcc% are no longcr rechaiged by thc Chailty to the Federal entily and are an integral part of the incoinc rci'ctsal% reccivcd fron) tlie Federal entit).. The i."alue of Ihe 2021 application fees hal'e thei'efoie bccii integraied io thc income rci-eisals lider the ielei'ant piogtammc calcgory fDr the purposc of thc comparalii'cs bctw'ccn 2021 aiid 2022. Details of fee Incfjnie 2022 2021 Fee in¢orn¢ for taught aivard> lexclusiie of IIAT) Fee iiiiorn¢ for researcli aii-ards {excliisi%'e ol VAT) Fec incoi)i¢ from non.qualifying coiirses (cxcliL8i%'C ofi'AT) 9,870,018 10,929.301 113.036 143.400 504,229 371.983 Tolil I fee inooEnC 10.487,983 11,444.684 Otl)Lir ¢du£Alioiial Inconit 2022 2021 Iiicoine fron) tunded research Excciitive ediicaiion in¢omc (parl-tin dcgrccs) Scniiniirs and conference Jub Retention Scheme i Furlough incomc Other ediicatioi)al incomc 13,036 143,400 950,207 70,920 19,544 348.828 71,765 299,?08 1,589,520 ,532,899
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 5.b Other income 2022 2021 Exp¢iis¢s re¢liarged lo clients Reimbiirseii)¢Jit of Freeholder's cost5 Other miscellaiieoiis ill¢Qtne 48,608 70,027 52,306 17,867 6,203 54,811 140,200 EKpeJiditure Charitable expenditure Dlrect eostS Supp4>rt ¢051s Staff eosts Depreeititsn Total 2022 Ch£lfi(ioble iclii'jlies 7.557.478 277.064 5.IlJ.616 S65,766 13,513,924 2021 Charirable actii'ities 9.153,159 293.390 4,156,993 ¥21,927 14,425,469 Dffii-eet ¢o$ts Direci cosis consist or.. 2022 2021 Persoiiiicl recliarged Pretniscs Adniiiiislnlioii oftlie Chaiily Ikcliiig aiid recrLiiling Relc<75e ofEESC pensioii debtor foT Ihe Seal Oiher 1,091,247 I,OS6,990 1,017,459 1,024.200 47,867 465,853 769,525 1.073,582 717,491 1,096,107 40,181 460,107 5,113,616 4,156,993 29
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 An&li"sis of total expenditure (contAnued) Support ¢ost$ Support costs C0115i5t of.. 2022 2021 FiJiL2ncc- for¢ign exchange loss Inforniation tLYhiiology Govcrnance costs 70.139 224,311 271.316 289,654 262.672 269,601 565,766 821.927 CFOI'enJc111tc costg includes.. 2022 2021 Lcgal aiid PJDlessional fees Stalulory fces {UCAS. QAA and CLA) 67,581 203,735 51.926 217.67) 271,316 269,601 Incliided tn expendiiiiTe are the folloiving-. 2022 2021 Fecs payable lo ilic company's audiiors for thty &iudil of ihc company's accounts (i1. VAT) Non-audii fces paid 10 ili¢ conipaiiy's al110rS {in¢. VAT) Fccs payL?blc lo the Cojnpany's uditors for ihe ludit of ihc subsidiary's a¢couiits {inc. VAT) il,792 51.792 7.200 3.908 3,968 DLpieci2£ rion Opcraling le<iSC rcIiials= plani & eqiiipmcnt 277,064 62.662 293,390 64.511 io
ESCP Europe Business School Noles to the financial statements Year ended 31 December 2022 Anal)'sis of staff co$ls 2022 2021 Ivages and S<ilarie5 Social seciirily costs Pension cost5 Net USS pellsion defiLil Jdjuslmenl 5.434.229 4,251,365 657.891 540,684 706.589 638,266 1427.867) 2,675,806 6.370.842 8,106.121 Teachiiig fces inN'oi¢¢d Teniporary admiiiistralion staff Staff ii'clfarc costs Recruiinient aiid stafftraining Costs 737,037 156.770 114,623 131,930 598.839 173.503 149,266 67.071 7,511,202 46.276 9,094,800 58,359 Pcrsoiinel recharged by ESCP EUROPE Pari5 Total stafTeo.%tS 7,557.478 9,153,159 Thc averarye monihl). nun)ber of employees diiring ihe ycar 141 {2021= 128) made Lip a5 folloivs." 2022 2021 Teacliiiig Adininistralttsll Siudent 14'orketS 63 78 62 58 141 128 Thc Tnisiees did nol recLlI'e 1¢ ny rLinun¢r4?lion diiring the ycai (20*1.. £nill. One Tnig(e¢ 12021= iioiit) rercii'cd a i¥iiiibiirsement of £1.541.46 lor attending an ESCP,'kPNIG Confcr¢nce in Plc ris Iii June 2012.
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 Anal)'sis of 5ta(fcosts letsntinuedl The niinibei of en)ployees, excluding the UK Deali. einployed b}, thc Charity (luting the year ii'hose basic Salary is boi'e £ IOOL. is- 2022 2021 (.) No. £100,000- £104,999 £105,000 - £109,999 £1 10,000 - £114,999 £115,000-£119.999 £120,000- £IY4,999 £125,000- £129,999 £130.000- £134.999 £1.15.(J]0- £139.999 £140,000- £144.999 £145,000- £149,999 £150,000- £154,999 £155.0(Tr0. £159,999 { l A reptsiting eTror in 2021 i¥'as nude ii'ith a ioial of 7 people in rhe ts¢ilaTy bands M,here 2 11-ds the corrtct Diiinber. The 2021 enlries air noiv corrected accordiijoly. accoi'dance iviih the Ofs Accoiints Direction. this daia does nol include any stsff 4)0 joii)ed jell durin¥ the year, the UK Deuii o ilie Cliuri Thc IJK Dean's coinplex sct oftesponsibililies calls for a particularcombin3tionof qiialilics including s¢rn(egic tliinking and Icadership, people managemeni. problen] soli'ing and decision-making Tbe5e detnonsirated compctences and Ilie Dear]'s effeciive maikel Yaliie as an experienced HE leader iviih U.K_ and European experieiice, are faciors iii deienninit)g Ihc LK Deall ongoing remuneialion. Thc UK Dean's perforniÉincc objectiv¢s for Ilie )tarare set by Ihe Executi%'e Prcsidenl of tlic ESCP Groiip on the advicc f the reniiinLration Loniniittee of th¢ Charil!- al the bcginnino of ihe caleiidar ye?c r. Tlie Cliair of the FIthTrTd of Tnislc¢s I Ilic Execiilii'c President of ihe ESCP Group undcrtake an anniial peifomiajice revieii, of the UK Dean agaiiisi the objcctii'cs, Ilie rcsiilts olivhi¢h are reportcd to Ilie Rcn]iit1a[10n Coniniittee. Tlic Committee iises this inforniation as the ba%15 foi asscssing progrc&s againsr agr¢ed oiilconics a( Ihe end of the year. Professor Stmoii le[cad0 scrvcd d5 the Cainpus UK Dcan irnril 7 Jujie 2021 replaced by PTofc8sor KaintatTr Raziiidoosi Details ul tlie cmvlLINlCnts of Prufessor Sinion Mercadv aiid Professor Kamran ]L1zindoost a% UK D¥aiis aTe gii-cn beloiv-.
ESCP Europe Business School Notes to the fAnancial statements Year ended 31 December 2022 èlnal}'sis ofstaff cost5 (continued) Eiiioliithiekiis ofilie UK Deaii. PYofe550r Siiiioii illercarfo {Jaii.2J- Jiijie 21) 2022 2021 Baste salttry Pensjun Lontribiitions PerforIn&in¢e-rellL ted ptty and other bonuses Oilicr taxablc beiielitS Siibsidised #¢commodaiion NoJi-(a.xable benefirs Living acconimodation 60,798 13,302 14,789 7,450 I,OR5 97,424 Tlic atnoiiiits dtsc105cd above for 2021 co%'er ihe period I" January 202110 6 Junc 2021. Salafics are stated gross, bcfore dediictioiis of pcnsioiTr conlribuijons rnadc under the Chaiity's pension plan. The UK Dean is reg1< Idcd as carying represejilaiii'c siaius and is required, iii actoidan¢e '1th his cotitracr ol. cniploynieiil, 10 lii'e Campus-proiided #ccoiJimod81ion for more e(fectii"e pcrfonnan¢e of his dutics. Thc flai previoiisly o¢Lupied b). Professor mercld0 li.as part of the legii cy of fomier ents. ttsi(lence area an(1112s ina(le lip of tivo foiiii bedro(>nis joined lip Jnd refreshed Cos1{1¢#1]Y iji 2015 before the Dean's atrtial ai the Loiidon CaJnpI. From thr5 aspect, it dS iioi repre%enl a cost lo Ilje Charitl 5 genernl fiind5. 11 is reported ai the e5tiJnaie ttniiual inioille (net of costs) li Could g¢neTate if let on ihe open mark-e¢. f ihe UK De&ii. prOfS0r krtwiiuii Rdiiiidoo.ft 202J-Dec.21 ttlid 2022 iiifsill) Z022 2021 13a5ic salary Peiisioii contributions Pcrfoiiiiiiice-related P<ly and othir bOn1¢S 96,288 20,750 19,267 136,305 11,748 6,739 73,830 The aJ]Ul11$ disclosed aboi'e fckr 2021 coK'ei Ihe pcriod 7 Junc 2021 to 31" Deccjnber 2021. Professor Kaiiitan Raziiidoosl did not occup). the forniei LIK Dean flat %incc the bcgitining of his Icnute, hcnce iio subsidised aiid liviji actomJnod<l1iot) bet]cfiis being iecoonised iii Iht table aboi'e. Salarreb are staled gross, before Ileductions of pcjision contributions Ina(Ic under ilie Charity's puisioii plan. 0/51?o)' i-¢iiios Thc Accoiiii15 Directiuti froin OIS d¥linc5 111.0 pay raiios lo be included in tlic finaiicial siaten)ents.' a basic SalTr rtilio nd a tot1 remiiiieration niio. Tlie b£l%lC Salary raliu is delined as.. Ihe Uk De11) salar)'l ihe Triedian salary of the ii-hole ii'oEk.forie. The total reiiiijneniion ralio LS (lefined 1.. (he LIK Ikatl Iolal reniunerc21ion in¢ludiIig boih tax1c ble tid non-lil.l12ble bentfilb I Ilie niedi¢1ll I reinuJiercl(iort of(h¢ ii'hole ii-oikforce. inclitdin2 IA.1£ ble benefjls. 33
ESCP Europe Business School Notes to the financial statements Year cndcd 31 December 2022 An911'sis of staff costs (continued) For bDih of Ihese ialios, tlie fJ¥ures belo. include all a¢a(lemii ai)d non-acadefflic staff aiid incliide all ernployees li.ho .Ire i'eqiiired io be included in ieal-liiiie reportinu to HMRC. This is in line with the 015 Accounts Direciion. 0]5pay rL71Eosfor tliL) UK De&*. Profus()rKamran RaJndoosi The ratio of Professor Razmd(Trost's bas'ic sala medi%in pay of (ill sta for 2022 {2021.. 2.61), Iv so defintd, io Ihai of all stAtf 15 2_25 tiiiie5 (£96.288 1 £42,769) Ilie salai'ies paid by tlie Chcirily to ils staff. er¢ the Inedian pay is calculated on ¥L fUll-tin equiiuleiit basis foi the The rdtio of Professor imdoost's lotal reii)uneiaiion, so defined, kn ihai of all slaff is 2.92 litne5 (£136,305 1 £46,738) tlie median total ren)iin¢Talion of all Sta foT 2022 {1021.. 3.30), iYher¢ ili¢ mediaii lotal remuDeralioii is calculclted on a ftill.tiinc eqiiiN'cllenl basis for tlie total rcmun¢ratiot) of all of Charily's staff. No ancillary expenditure5 iYer¢ allocated to Professor Ra7.nidoosi in thc eontexl of an}. on-site accomnTrodation. K¢y nwnaocnicni EKrsonnel reinuneration {includiiig pcnsion ¢oniributions bul ex¢liiding employel's NICI in 2022 was £1,413,241 {2021.' £1.364,597) in ielation to I1120?1.- 121.slaff l1[nbel$. Toial employer's NIC paid in rcspect of key InJJiagcnient pcr.%onncl of Ilie Chaiiiy for Ihc ycar totalled É164.353 {2021.' £152.072). No coinpcnsaiioii for l()5s of office il'as paid io any kcy rn1 nagement personnel in 2022. The key management personnel are defined on page 13. Tanglble assets Groiip Conipany Office fui-niture IT
nd
tquipnient equlpnient Freehold Iniproit- nhents Total Cost Ai l Jic ry 2022 Addilions 1.107.966 484,410 106.447 69.066 (53,7691 (110.074) 97,381 22,592 (1,7591 1,689,757 198.105 (165,602) Ai 31 Dtcember 2022 .160,644 443,402 I IS,214 1,722.260 AcLiiniulllted (lii)r£*iA¢Io At l Janiit?I'y 2022 Charge for y¢ar Disposals 405,301 344,294 145,630 110,586 (53,769) (110.0741 49,109 20,848 11.759) 798.704 277,OCA {165,6021 Al 3 1 Dccenibcr 2022 497,162 344,806 68.198 910,166 Net book i'alue At 31 DtE¢i))bcT 2022 663.482 98.596 50,016 ¥12,094 Ai 31 Delembei 2021 702,665 140.116 48,272 891,Oi3 All c155Els ale held for c1141rit<1ble piii'poses. The Trusiees carry out impaimient rti"ieii"s ii,lieD ei'eiils or clianges iii ITClllllSt4lnces inolic<1le ihe need for SiL¢h a rei'i¢ii'. 34
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 Iiii-estni¢nts 2022 2021 Ini'esiii)ent iji Iradin¥ subsidiary The Charily'5 Trndin subsidiary, ESCP F.uiope Corpoiale Sen"i¢es Limited, catries oul e.¥ecuiri'e educaiitsTb and runded sliidies. Ils eDmp4lll} nuiiiber is 07468929 wid li is incortrt)raied in ihe Vniled Kingdom. Tlie Conipany's objec15 arc". to Ty on biisine55 iii cxeilllii'c ediJGitiotL Iraining 14 nd conduciors a]Ml ¢ommissioners of researcli. to n147ke doi)ations (iyhciher by i1Y of gift aid oroiltWi5¢), andlor (o provide oiher fornis of support to ilie Clilc ILIN,. aiid to pronknie Ihc ijilerests of the Cliariiy in the global cor)rate busincss ¢JJI'ironellt. The siib5idiary had Ihc folloivtng results in ihe year.. 2022 2021 Tumover Expeiidilure 557,042 375.789 (408,450) 1270.6911 Ptt)fii before gjft id to the parent company Gifi c1id Profit after gift aid to ihe parent compans. 148,592 105,098 {148.592) (105,098) Asset5 561,469 471,903 {561.469} (471,903) io. Debtors 2022 GrDiip Conipan}' 2021 Grnup Conipaij). Tr&de debtoj. Prep<lylI)ciils and accrucd iiicomc Oiher dcbtors Anioiints diic frutn siibiidiary Liiidertakiiig Donation gifi-&iided by SLibsidiary undeTiaking EESC dcbtor Ipcii5ion li&bilii} comrniiniiril} 1.333,906 343,703 1,023,519 514.889 4.190 29,948 148,592 793,361 1,497,199 32%,586 55,749 1,204,354 440.254 28.166 198,617 105,098 1,221.228 793,361 -221.228 2,523.562 2.714.499 3.102.762 3,197.717 35
SCP Europe Business School Notes to the financial statements Year ended 31 December 2022 io. Debtors (Continued) The EESC peii%ion debtor as represented in the i?ble aExTr%"e (2022.. £793kl iiis capi)ed iii ?019 and represented the lu¢ of the pen51011 deficit as recuided in the Chai"ity's a¢¢ount5' HI the lime. The coininilment from the EESC to fund iiy addilioTlcil defJLtl arising frojn siibstqutni USS actuarial i'alualions ha5 beel) foiinalised sinLe then iii Ihe fortn of a letter of financial 8UcTrraniee iSSLied b), the EESC. to the Chariiy. Yo further adjuslttlIll 10 ihe %'alue of rlie EESC peiTrsioJi- Irlaled debtor takes place each vear oiher than tlie nei etfeLI of The reduclitsn of the asset linked to ihe deficii contribitlions Pilid dllring the year and the Un"1ndn8 uf ihe dis¢ouiit factor for ihe same yeèr12022_. £428k). Creditors: aillounts (alling due iiithin onc )'ethr 2022 Group Comp#n)- 2021 Groui) Coinpjnv Tr2de crcdilors Taxalioii and social se¢uriiJ' Oihcr crLdilOIS Accrii£11.% 1nd (Icforred ineon EESC current account 788,822 741,533 288.884 288,884 172,128 131.542 4,145,293 4.080.434 36.978 36,978 334,936 166,624 52,55( 2,627,760 363.934 182.501 166,624 52.550 2.612,009 363,934 5.432.105 5.279,371 3,545,804 3,377,618 2022 GroTiP Compan 2021 Group C'on)p%ii)' Rc£oiicili3tion of nioi'enicnl In dcferred incomc BIL ILince bioLiglil foi'ivaid Aii)oiinl rele418ed lo SOFA duFing ihe y¢*2r Aii)oiiiil dLfcrrcd diiriiig ilie year 2,077,326 2,077.326 2,900.285 2,820,920 (2.077.326) 12.077.326) (2,91K>.2851 12,820,920) 3.389.867 3.364.081 2,077.326 2.077,326 BAlaiicc carried foni'ard 3.389.867 3,3,081 2,077,326 2,077,326 12.a Peilsion liabilitv USS 2020 1'alitnltOii PLIFÉiiiieieis The latcbl ilvailable coinplerc aLiuarial i'aliialioii of Ihc Reiirement Incon)e Builder (defined beiiefir) Loiw)oiient of USS is ar 3151 ixlarcli 2020 (Ihc I'aluation datc). w.hich II7s carried oui usin¥ tl)e projc¢tcd iEnit nieiliod. Tlie 2020 1'alu411ioii lias the sixih i'alu21ion for the sclicme iitider Ihc s¢henie-5pccific fiiiidin(¥ reginie iii(roduced by thc Peiisiojis Act 2004, ii'liich reqiiirc5 sclieines liai'e sufticieni and appropriate asscts io coiier tlicii. tecl)Jiical proi i5lOIIS. At thL V£iluic tion dLlie, Ihe ii<iluc of tlie assct% of (he s¢hcni¥ ivas £6fi.5 billioIi ajid ilie i'aluc of Ilie s¢li¢ii)¢ 5 lechnical provision% il'as £80.6 billioii indicaling a %hvrtfall of £14_1 billion and a fiilldiiig ratio of 83 /0. Furtliei" to iliis i'aliiatLOtI, USS TTILsiees prep?L red a recoi'cry plan oli 30 Sepicmber 2021, to saiisly tlie TCqLiiirDieiiis ol. section 226 of Ilie Pe115ions Act 20(H: after obraiiiing Ihe advice of ihe dLtuary lo the Scheine. I'lie kej. tinanLial assumpiivn5 Llstd in tlie ?0)0 I'1( li110n re as folloii's-. CPI <lSSUlI)i)iion.' ierni (lei)endenl rales iii line '11h rhe differeiiLt 1veen tlie Fixed Interest ?L lld li)deK Liiiked yield cilri'es le55 1.1 jo Pll42. 10 2030. reducin lin¢£?rly by O. l /0 p.a. to a luiig-ieim difference ol-o. l /0 V.IL. fiunTr 2040,. !()
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 12.a Pei)slon liability (continued) Pension incr¢ds¢s (sijbjecl tty a floor of /).. CPI assumpiton pliL5 0.054/vJ and Discounl Tate {foni'ard r3iesl.' Fixed inler¢si gill yield ciirv¢ plus Pre-reliremenl.. 2.7.f % p.a. and Post retiremeiit.. l.(K)% p.a. The tnain deinographic assiimplions used relate 10 the irtalitY assumptions. Tlxese ttssuinptions are base(r on ?¢ lliilysis of Ilie sclietne's expeTItilLe ¢atTied 115 part of ihe 2020 acluarial i?lulllioi). The mortalii}' as5uJw?lions used in Ihese figiires are as folloivs.. Mortality bLs¢ table.. IOl•/• ofs2PMA"light" for m1r les 2nd 95/0 of S3PFA for feinales. and Flltiire irnproyemenls to InortLl1ity- Cfvll 2019 1¥'ith a snTrDoihing paramcter of 7.5. an initial addition of 0.50/0 p.a. and a long-terni impiov¢ment rate of1.8°A pa for rnalLs and 1.6/• pa for females. Thc clieJIt life cxpeciancies on reiirenKnl at age65 are.. 2022 2021 M14 Ics currentl ed 65 { ear¥) Females ciirrcnil)'atsed 65 Males clirrenil aued 45 lyeapol Fenialcs ciinenil). a4?ed 45 { ears) 23.9 25.5 25.9 24.7 26.1 27.3 27.9 To eiisure Ihat (he siaiutory fiLTEdin8 objective is Inei and io CVTrecl the shortfall, the Employer.%' defjcii ¢onli'ibuiioi)s hai'¢ been Sel &1 6.2/0 as a peicentlc IFe of uncapped salaries oi.er the period l April 2022 uniil 31 March 2024, ai ii'hiLII point ihe rate is set to increase to 6_30/.. USS 2020 p'ttliicilioii-Fiiiiditigposiiioii Elpdtste os of31 Deceiber 3022 After rccordino i deficit of £14.1 billion at the Lnd of 1021, the scheme Iws since rccoiried aiid accordiiio io tlie Jnosl rlcent USS Tnist¢¢ ditil, holds a £l.S billion Silrplus. Uiidei. tlie pressiire fron) Ilie University and College Unton (-'LCU") earl}'2022. USS Tslee$ [eleised Iieii. infari)liiiion shoiving in October 2022 Ih<l1 the scheiiic is in siKh a Iiealihy p05i1ion tha( Ilie lost bencfits prci'iousl J. aiising fiom tlie ciits dFaii'ii lip by Universities UK (-UUK"I laic 20? IIc4irlJ. ?092. coiild be reltoactLI'ely paid bLgck (backdaicd 10 Ai)ril 2022). This ii'ould scc a pussibl¢ rctuni of around £0.5 billioii to ihc retirettient funds of Ihe 200.¢MM)-iinivcrsily Staff ciiircnily iii tlic ptiiston sLlicin¢, still leakino the scheiiie in surplus. The retroactive resloraiitrn ii'ould see die acLnLal ratc: Ihc rdte ai ivhich bciicfils biiildup oycr tin)e, eiihaiiccd. PTote¢lioii ¥ainst tnfl<l1ion ii'ould 1]sO in¢rea5e_ iiieaning thai a sclieiiie mcniber's bciicfits k¢cp better pacc y-itli iIiflalioii. USS h£15 14llOted tlie cosi for rclroactively resioiin8 1)oili thw elenicnts to ilieii ialues before tlie April 2022 cut%. Thc Iiionitorin(¥ data reports Iliat ret1047clive re.4tor411101J 11-ould cost aroiii)d £0.5bn per }'eai of restoration aIid ii'ould be tujided by a PlDpoilion of the 5clieme's %UTpllls. This amount is Icss Iliaii thc EO.57bii ctiiploycrs aiid eiiiployees ale paying C<icli yecir into thu scliemc lo clok ih¢ £14.1 bli deficit. ii-hicli iio loii¥¢r cxis15. Sepisitii'il¥' ttncilysi.f Tlic aciiia11411 assiimptioti% use(I foT ihc putpose of the calcul1¢ lions of ihc year-cnd LSS pciisioll dcficii ai"c as fDIIows a% of 3 1 Deiember 2022.. Prior vear discoui)I raie.. 1.070/0- Ciitrenl ye1L r di5Louni riile." 3.49/•' Deficii eoiilrtblllion rnie.. 6.20/. froJnOI.IH.2022 Iijilil 31.03.2024 tlieji 6.3 /0 froin 01.04.2024 Liniil 30.04.203X,. 37
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 12.a Pen$lon liability (continued) Payroll aiinLlir I Slc laTy increase Icosi Of Lii'ing)_. 2.30/• in 2022 (Year l), 3/0 in 2023 {Year 2).. 2./ fioni 2024 until 2037 {Year 3 to Year 17):" Average headcouni N'arlalion: O_75 /0 nel per y¢ar uniil 2037 {2021.. 1.54/)•) A% set out in rhe accouniiiiu policies: Ihere are soine criti¢&l estimaies rtude it) assessing the obligaiion to fund the USS delicit. The sensiiii'tiy on the aboi'e Tnain assunwiions ied to Ihe USS defLCIt pro%'ision are set out beloii.: APPTVX. impa¢1 ott d-ficit of £3 71 Chang¢ in SUMptiO$ ai 31 De¢¢mbtr 2022 Ijnpaci £'ooo 0.250/0 pa diyrease in discouni rAIt 0.25Vo IlI¢Teiise in sttlary iiiflaiiort oi'cr duraiion of Ihc tecoiEry plan from Ycai 2 0.25Q/¢ pa illcrcasc iii salary Iiiflaiion Year 2 only 0.250/0 iJicr¢ase in siattchii iigc5 OI'¢r dumiion of lh¢ rccoi'ery plan from Year 2 j)Icreasc in siaifLhangc$ Y¢ill 2 orily ?2 Ii)creas 64 Itkcfea5e 56 Pensioii protr'i.sioii Ai 31 Deceinber !021. the i.alue of Ihe proi"ision relaitd to the USS pension defiLII of the Charity li.as £4,078,421. In 202? J nei release uf £427.1167 lias In1( de against the prei'iou5 yedr provision diid again.%t the EESC debtor ai5ei. Ihiis biin?LTing the nel liability to balanie of £3,650.554 al year end. and the nel EESC (issei reducing to a b411aiice of £793,361 (2021-1,221,2281. 2022 2021 Group and eompaij). At l Janiiary Net chwged io I1 SOFA 4,07S,421 1,402.615 {427,8671 2,675.806 At 3 1 Dlceiiibtr 3.650.£54 4,078.421 18
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 12.a Penslon liabilit). IcontiMued) Reconclliation of the (inconi¢) I chArgc made througli ihe SOFA 2021 2021 PayIiients made diiriiig Ilie y¢ar Unii'indijig ofdiscoiijii Adjiistineiics (155,053) {44,108) 43,639 3,927 1316,453} 2.715,987 Totthl ¢hgrged to SOFA {427,867) 2.675.806 12.b Creditor5- amounts falliiig ilue after one )ear Louii FiiiaiiciJigAgAYeiiieiii In Scpteinber 2019. Ihc Charii}' reiiuesie(l a fii¢-year Loan FinatJ¢ing A4reenicnt froni lis par¢iii conipaiiy ilic EESC ii'iih ti viekn. to as%is111"itli thc fillaiicing ofe5s¢nlial ijiiernal refuib15hn]ents ii'hich look platc durinu Ihc siinimer 2019. The total aiiiouiil of the loan ii"a5 agreed for an aniount of £?fO,064. bcaring an iiiltrc%t o(4 /fy oi'cr tlie duiaiioii of tlie li)aii. Ai ilie end ol. the year. rLpaytiienis of £50.Oli for thc piititipal of ihc l(Nit] and of £5,585 foi the 2022 Tclatcd inltre.sis li.as i7[1t, bringing the balante of the101 n al £89.606 at jear ejid. 2022 2021 Balanc¢ at thc bcgillning of tlic )"ear Repllyiiient diiringy the year (principall Iiiier¢sts diie at yecli end Bal4nfe at the ejid of tlje }'eJr Toial LI)71¥ed io SOFA (inteies15) {50,0131 (50,013) 5,585 7.585 12.c ConsoIid#ted reconciliation of et debt 2022 Nel debt 01)eiilnts hali)nce- l Jgnu#n' 2022 3,040,882 363.122 Nqoi'cnieiil ii) cash an<1 cash cquii-alcnt Moi'einent vii loaii Nei debt closiiig b31ancÈ- 31 Decen)ber 2022 Chttiige in net debt 50,013 3,454.017 413,135
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 12.( Consolidated rcconciliation of net debt (foJhlinuiyl} 2022 2021 '$1$ of net debt Casll and ea5h equii'alents BoiYoi¥'iJigs= Iiiiwunt f1£11iiig due i¥ithin one year Uiise¢ured loans FlorroiNiiig5.' amount fallin8 du¢ after more ihan onc year Uiisecured loan5 Net debt 3,S43.62S 3,180,503 (50.013) (50,013) (39,5951 (89.608) 3.454.017 3.1140,882 12.d Financial in5trunient5 Financii?l a55ets Croup 2022 Compani. 2022 Group 2021 Conipani. 2021 Casli and cash equii'iileni 3.543.625 3.199.952 3.180.503 2.917.360 Tnde debtors 1.333.906 1,023.519 1,497.199 1.204.354 Group Group C(binpani' 2022 2022 2021 2021 FinnThcial liabilitle5 I¢SUre at gmortiscd tost 89.6(K 788,8?2 461,012 89,60() 741.533 420,426 139,619 334.9.R6 219.172 139.619 182.501 219.172 Tradc crcditors Other Lredilurs Trade and oilicr debiors aTC rccoBnised al the seltlement amollnt duc afrcr any discouni offcred and net of thc bad debt proi'isioti. PrepaylinI% I'aliied al Ihe amounl prepaid Iict of aiij. irnde discounts duc. Crc(IIlOTS And proi'isioiis iecogiiiscd Ki'licr¢ the toiiipaiiy lias a presejil obligation rcsuliiJ)g fron) a pasi ei'cni ihai ii'ill i)Tob<ibly rcsiilt iii tlie traDsfer of fiinLl% 10 Ihiid Pi4 rty and the an)ouiit due lo seiile the obligation can be Inetisiiie(l 01 estimated ieliabls.. Crc<liiors an(1 pwi'i%iuiis ate nonnall)" rccogniscd ai thcir settleJ)ieni amouni aficr alloii'inu for any trade discouiits due. 4D
ESCP Europe Business School Notes to the financial statements Year ended 31 December 2022 13. 'et assets of the charit). et current ssets Fiyed as$ets1 Ini'¢stni¢nts Lo#n Provisio Fuiid blllanecs 2022 Unrestricted funds 635 080 89.606 3 650 554 2 292 985 2021 Unrcstricled funds 273745 619 891054 LLI 4078421 589 527 14. D¥leInber5hip liabilit) In accordance M'iih Clausc {7} of the Cliarity's fvlcmora]iduii) of Association. every tncinbcr of thc Charity uiiderrakes to conlribiil¢ ro the assets of the Charitv in the ei'eiit of the sanie beiiig th-ound up ii'hilc hc, slie or it remaiiis a Inember or ii'iiliiii 12 month% afierii'ards, to pay one poiiijd Ioii"Ilrds Ihc costs af dissiTrlution and ilie liabilitie.s iiiLurred by thc Chariiy ii'l)ile hc, shc or it il-as a n1)iber. The sole Incmbcr of the Chaiily 15 the EESC ESCP EILrope ai 31 Deccmbcr 2022. 15. Related parti. transa¢tioTrs t)oiiation and fees ii'ere Le1Ved fTom the EESC ESCP Europ¢ during the year as folloil." 2022 2021 (") Provision oli¢nl-frLY pr¢ii)ises Undei8fl< du411e progTamme fee income Post¥ndiiale pJ'ogniiimes- Full-time fvliisiers fee incorne 615,000 615.OOLI 2,642,731 2.760,570 3,844,11)4 4,408,289 Fiill-liiiie Maslcts fic Iiiconje lOvL fees recLiVLd froni tlic EESC for siwIcn on shaicd progiamine5 Imtm, MBA, and otlitr visiting St¥rs). ( ) tl)¢ coinparativc for PDsigradiiat¢ progDrammes- Full-time ma$T& fec income in 2021 crroncoiisly rcported as £4,921.852 diit Io 1111 Etror in tlic 1)pin of accounts pcrtainino to Excciiiii'c Ediica(ion incoinc. Tlic cot'rccl rectified Lonipafi£ til'e f()r 2021 is £4.408.289.
ESCP Europe Business School Notes to the flnancial statements Year ended 31 December 2022 15. Relited party traJisa<llons (continued) The folloii"in¥ inLX)me and rechc11ge% of costs ii-ere also in the year.. ID¢omtlrecharges 2022 2021 Doblor St 31 Decei)Iber 21122 2021 EESC ESCP EUROPE EESC Pension Debior ESCP EUROPE Madrid ESCP EUROPE Bfrlin ESCP EUROPE Torino ESCP EUROPE Foiiiidation ESCP EUROPE Corporaic St.[Cc8 Lilliited 6,954,769 7.768.902 63.416 793.361 1,079 6,068 22,046 211,651 1,221,228 42.391 17.288 3,035 42,703 303,715 107,470 6.068 22.046 111,357 370,410 141.168 116.895 14.654 174.602 271.707 408.734 Tlic folloii'ing co4ts ivcre also incurred diiiing Ihc }'ear-. Costs Creditor at 31 Deteiiiber 2022 2021 2022 2021 EESC ESCP EUROPE EESC Pell510n Debtor ESCP EUROPE Berlitt ESCP EUROPE hqadrid ESCP EUROPE Torino ESCP EUROPE Foiindation ESCP ELROPE Corpojate SeTh"ices Lirniled 484 053 497.867 1.461 107.8(A 6,401 508,209 40.181 10,40T 12,487 3.337 615,074 414.993 1,461 55.002 ¥.971 12.487 1,896 3.000 627 EESC ESCP EUROPE. ESCP EUROPE Madrrd. ESCP EUROPE Bcrliji, ESCP EUROPE Foiind4iion. ESCP EUROPE Corponie Seri'ices Lin)ited and ESCP ELROPE Torino lre Iclated hy i'irtuc of L()Inmon diTeLlnr&rtruslces. CCIR is tlie sole meniber of eacl) ESCP Eunipe ca¥npus.
ESCP Europe Business School Notes to the financial statements Year endcd 31 December 2022 16.1 Moi'enienls on funds At l Januari. 2022 Al 31 Decettilber 2022 Income Eipendilurt Unre$ti'icted funds (iener411 fuiid Pension fiinding 2.227.48i 11.142,010 (2,817.012) 111,414 {12.956,8821 412,613 12,705.598) Unre5tri¢t¢d fuii(Is total (589,527) 11.253,424 112,956,882) {2.292,985) Total Charity funils (589,527) 11.253.474 (12,95fi:8821 (2,292.985) Unrestrieted funds ESCP Eiiropc CS Limited 557,042 {557,042) Total group funds (589,526) 11,810,466 (13,513,924) {2.292.984) 16.2 Coiiipid raiii'e nioi'enients on Cunds At 31 Dtccmbcr 2021 At l jaUan. 2021 Jncome Expen(liture Uiiresti'ict¢d funds General fiind Peiision fiittding 1.417.907 (141.206) 12.143,271 40,181 (11.333.693} 12,715.987) 2,227.485 12,817,012) Unrestriete(I fultds total 1.276,701 12.183,452 (14.049.680) 1589,5271 TolAI ¢harStv funds 1,276,701 12.183.452 (14.049.6801 {589,5271 Unrestricted fund5 ESCP Eiirope CS Lii)iitc(I 375.789 1375.789) Total groui) fild5 1.276.70 1?:559,241 {14,425,469) 1589,526) 43
ESCP Europe Business School
Notes to the financial statements
Year ended 31 December 2022
17.
Financial conimitments
Opcratiiig leasc con)niitment5
The totdl fuiuie niinllnwn Itase pa)Inethls under non