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" Infor￿18t10￿
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<igemeiil and a ￿K￿J01 Europ¢4211 Higher EduLaiion inslilulion. ESCP Eiirope ivas foiinded it) P£iris iii
1819 and sijiee then has educated 8enernlions of leadeTS. Contributing to the fine reputatioii it enjoys today. Six
Lampuses in Berlin, London. Madtid. P*ins, Torino and Ilftatsaiv are the 5teppillg stones that alloiv studentsto exi)erience
Iliis Europe8n approi2ch lo rnanageinent. Oi'er the pasi 200 years. ¥enerations of enlrepreneurs and inanagers lTrai'e been
Irained iji ihe firn) belief Ihat the bu5llle5s ￿'or1d can ieed inio s￿relY in a Positive ivay. This cotii'iction and ESCP s
Imlues - exe¢ll¢nce, singiE11￿ fiiy. cieatiyity and plur4?lit} guide (he School's missioii and biiild ils ped£igogical i'ision
oil ll daily bosis.
Eacl) year. ESCP iyelcomcs ovcr 8,000 studenis and 5,000 executives from 122 different nationalitics. Its 5tiengih lies
in irs many biisiness tiaiiiing programmes. both general and S￿claI1$ed {Ba¢helor, Masicr, MBA. Executive MBA, PhD
aiid Executive Education), all of ivhicli iiiclude a multi-cainpus expericnce_
ESCP BIisjIic55 School is mulii-accrediied, Iviih AACSB, EQUIS, EFNID JKqBA, EFMD EMBA, and file European
Higl)er Ediication 3ccreditalioJis_ The School goes through numerous ac¢rediiaiions PTOC¢Sses eacli year, gilatanteeiiig
tIIc quillity of its programmes and supporting rts Cgmmitmeni io contillii(>1￿ iniprovcment.
In 2019, Ihc Cliaiity bccanic succcssfully regisiered as a Higher Education proi'ider Mryth tlic iieKI"ly lornied Office for
Students {OÉEI, as part of the neil- rcginie for higher education nianageniejtt and regiilaiiott iii tlic UK. Tlie Cliaiily ha5
been folloiiinu t1￿ Ofs AcCou￿tS Dircclion since ihen.
Ill 2020, the Cli¢iriiy applied io the DAP { De¥ree Aivard PoiirTs'? ￿"1th a iTreii' to 5Eek recognition of its 10¢41 Masiers
in the UK L2iid to be gianied the siaius of unii-er5iiJ iTh iht UK at l*r staue. In 2022. it Teceii'ed the QAA assessors
oil seveiiil occasions iiiih an initial positii'e feedback tecci%'ed from Ihe QAA earl) February 2023.
Diiring Ilie yeaj", the Londoii Canipus ¥onsolidHied ihe scope and priority acltons of its Social In)paci aiid SiiildiJiabilii}
IESG} Cominiiiee,.2pplying to Ihree progyammes at]d entolled oil all ofihem_' Tlie CaiiKleTh Climaie Cliajige Alliance -
thc pledoe, Bugincss Siistain&biliiy Challcngcand ihe BellLr Fiitures pr0grdiiiii￿. Tlie Business Siisiainc1bility Cliallenge
,iiid the Beitcr Fuiiires programme arc fiindcd by the MLiyor of Londoii. Ilie Cliarity thiis joinints London-wide
organis14 tion5. nuiiily SfvIEs in supportintr Ihe capiltil iii its palh to net zero.
The portfolio of ¢diicaiioniil ofteting in¢liide5 the folloiving PTogrninmcs=
Mastcr in Maiiagement {M4M}
Si?ecialised Masieis {tnlLliiple fiLII-liinc prograttini&sl
MBA in IntcriiatioJTral Mlc Iiagei)Kni
EMBA Prograniiii¢ (Exccutii'c NqBA)
B1￿he10[ IBSC.) in Maiia¥enieni
ESCP Eiiropc is th150 coimiiiiiied to proi'idingcxeculJi"e education alongsidedcgroe options. Custom and opcn eiirolmciit
prograinimes ai"e offered annii2L Ily across ESCP Lainpiises.
The qU1c liiv of ESCP B1151ne55 School'5 Iiighei eiluc41tion is recognised annually in (he proiiiiiient iiilejmarional biisiiiess
gcliool raiik-iiigs. This includes FiiianciL21 Tijiiei Busitiess Edu¥atton rankintts. Ivhere ESCP'S flcTrosliii) Mi sler iii
lanageniti)I Plutsriininic i5 coThsislenil}' iaJ)ked iji Ilic lop len N'orldivide, Ic rMI the Scliool is rankeJ in ihe 101) fil'e
biisiiiesi sLliool% iiiihitl i15 51.X cl￿ mpus coiintries.. F￿d￿e. tiernMny.- lthl%¥. Pol.MKI. Spir iji: wid Unittd KingdLIiii.

ESCP Europe Business School
Introdiiction {conlinued)
Thc 2022 iankijigs of ESCP Biisiness School piogiammes Tra￿$]dre into ijvjpressii'e UK market posilionii)8. FT
Rankings for the EMBA" AMIF and MIM plaee ESCP Europe u'iihin the top 3 in t]ie LK for each PTograiyinie category.
ror ilie FT'S European Bu5iiie55 Schools Rank'iiig. ESCP has Inoi'ed Ironi 14th to 3rd place. L4)ndon-originaied Masters
iii Marketing and Cieativity {MMK) ivas alio ianked by QS Sih worldivide. Tlie Econoinist raiiked Ihe M￿￿￿ter 111
MaJiiigen)enl PTogramTne 7th ￿'or1d}I.ide in June ?O?l {1 sl for employabilil}' aniongsl di%'etse r¢cNiiers, iariely of
Jigii£lges on offer aTrd access lo oi'erseas exchange progrnmnies). ESCP 5 QS i%oildw'ide rankings ii'ere.. 4tli for Msc
in Big Data and Bii%ine55 An￿1￿1¢s. 5th for Msc in Marketing atKJ CreatLVltyand 7ih for MasteT in Maiiagemeiit.
The School has 145 11 cademic alliat]ces rn Europe and IJJ ihe ii'orld. in 48 coui)ITies. ESCP is mulii-accredited iviih 5
Iiiropean Higher Ediicalion slandards.. AACSLI. EQLTIS, EFMD hlBA and EFMD EMBA. Th¢ ESCP (iroiip is nkide
lip of 90(M)+ students in degree prograinmes Tepresenling 12
D£i1ionaliiies. S￿0 Execulii'e Education parii¢ipants, 180
reseaich-gL ¢tive faciilt), and 801h practltioners expcrts_ TIKre arc in excess of 60.000 alllmDi aclii'c in over 170
coiinlries.
RcsEarch is a n)ajor priority at ESCP ELiropc. The team ofiniernational Facultj menibers ar¢ consiantl!. strii'ing for Ilie
c￿￿110￿ of Jieiv kiiotvledge. Tlje aim is to bring ncii. insigliL$ 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'Indi￿ttle of Pails Regioii Ile-dc-
France. (Ihc CCIR). Froin Janiwi. 2018, the uliiinaie parent cornpony aTKI solc n￿mber 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.
or011￿VEr1￿ 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 pro1￿OIS 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¢b￿￿ry 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 Elli￿pe 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 Emb￿lnk￿cnI 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 In￿le¢S, teport and a directois. repott. for
thc ycai cnded 31 DecenibLr 2022 iogltlicr iviih (he audited finaT￿la1 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 5nfOr￿latIO
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 gi￿rantee is proi'idtd in the form of a l¢ttcr of fil￿ncl(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 I￿111￿n
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 ma1￿￿et]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 lE￿e¢
tiiiie5 11 yeill.
The Aiidii Risk Conimittce mccis at Icasl liiice pcr year to Tei"iew' Ihe annual Ye￿rt 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 li1gl￿r educ11 11011 pr(14'ision. Piiiji to 2019, regulalorv coliti￿1
has been exeriistd by nalioiial Q1￿111Y 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 succ￿S￿lI1Y ¢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 Managen￿li1 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 S￿1(15rIed that the nujor risks ideniified hai"e been adequately lniiig￿1ed ivheie necessary. It is recognised
Ihat 5ysf¢m5 can only proi'ide reasonable but noi absoliite a5suiaJice ihat n￿jOr 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
fili￿1)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 eI￿ricn¢¢ c111d slu(Ic]it salisfaction.. ￿$$C￿Sed at peri¢xlic inienal% thTOILgh Iminuteil JiiLclirig% il'iih Sliideiiis.
I'epresenliilii'es aii(l i1iipleti￿1l1atioI1 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 ￿11￿07).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 n￿Tragemen1.
Svstem of Internal control #nd financial st#temeRts
In accordancc ￿.1111 the Sclieinc of Rc5eTh'ed and Dcl¢gatcd maiters. ili¢ Board is respo1￿1b]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 rna1￿8e 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 ￿l￿age1)ient in a Eiiropeajj conttxl. The Chaijly seeks ¢0 proi'i(le edii¢ation
I lid t'e%e1< fLh in profe%sioncil n￿rta￿e￿ent 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 C￿￿nIpuS 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￿]11￿enr￿. 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 Stra￿gY 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]n￿S 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<1￿C￿li￿
During 2022. the provision of Execuiifv'e Nlasicrs pan-lime degrce cdii¢aiion continued to be driven by the ENqBA
pro8raJnii)e ai)d bej￿rited 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 li￿kS
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 fi￿dI71U 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&tiOJ￿I cliaiity and acadeniic ittstitulion. rhc Londoii Can)pus cnd¢avouts to publish book4 £i¢cideinie
rliiles ciiid cas¢ siiJdi¢s i1￿t 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 o￿lce. ii'hich M￿l￿ageS 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 SIl￿ents 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<lbl¢ dieiii to share thc acqiiir¥'d knoii'ledgc externally. In ¢1ddition: 12 of thc Londoii Cainpiis professional servi¢e5
aiid faciilty meinb¢rs compleled both the ivorkshop faciliiaioi training during the slimmer ro support Ihc SclJool'5
SITXlegte effotts th'iih climate ch&Jige education.
ESCP Biisiness School ra￿ Ilie firsi school-ii'ide caiboti fooiprtnt exercise and tlie report should be dclivcred for eic Ily
2023. In Novembcr 2022, ESCP London Camp115 applied and ii?s accepted io tii'Q s￿laInabilIty-te1a(td prograniines
funded by Ihe Mayoi of Londoii. Thesc PTogr&niy]ies proi-ided nccessary siipport and adi'ice to nieasure ajid TCPOJt on
cart>on foolpiiiit. bul also guideij the can)pus Jrt implemeniing changes to achiei'e largeied ca￿017 reduction.
Thc Bctter F¢itiires+ programme offcred thc Scliool..
Eiiergy crisis ii"ork'shop5
ii'l)ere enero
etnissiviis.
y c.xperts pioi'ide pra¢iical stcps io reduc¢ your cnergy iLse. bills: aiid
In-person Sile i"isirs iviih an energy Lonsuliaiit (hat can caTry vul an energy audit in your busiiiess early 2023.
Potential lo apply for 1'.2".1 cotJsuliaD¢y illth a wcialist eni'ironmenLII 10115ulianl.
Inleraclive. Loll&borntive HEbinars and ivorkshops that provided adi'ice rdlluiiig fro¥n hoiv lo reduLe }'our
eElliSSIOI￿ to hoiv to pioiiiole ivhat you're doing 10 Ii"In customer5.
The ESCP London Cntnpus lias alstr been signed up for a fiec membctshrp io Climatc Essentials. a carboii caltulalor
Ilic2t alloi%"5 measiwintr ilie s¢liool's carbon fi)Olprint, io irack reducc Ihe ¢ini5SlOnS.
Tlie Second progranime joined li.as ihe Business Cliniaie Challenge- The Londoji Cainpus appli¢d ihroiigh the Cai)Iden
CliIniilc Cl)Ic nge Alliance: m.ho Pcinncied ￿1th Ihe Grtaicr London Auiliority lo deli%'er 111¢ 2022 fvla)'or's Biisiness
Clin)cTrie Challeiigc IBCC). Tlie BCC is a voluntary cnergy ¢ffLcien¢y progtattLn)e deK'elop¢d to siipporl biisinesscs in
redii¢iiig their eiierg). consiimption, costs and C￿￿rbon ¢ini55ion5. to a¢¢clerale building decarboni5atioii efforts in
London. Participaliiig biisincsses releii'ed trLe Customistd icclinical advice10 help Jnake their w'orkplic ces Tnorc energs.
¢￿iCie11t.
Stiideiits froni LighihoLL%¢ and GEA societies hai'e b¢eii ini-oli'cd 10 laiincli ihc ii'astc nI￿)a￿clntnt Lai￿paI￿n al thc
L£Trnipus and 10 rolleLI Lind reLord the data for the ¢arl)tsii nieasurcineni plaiform.
Local resource support
Sijict 2004, Ilie OPCTalioiis fif Ihc London Cainpiis ale ¢oncenirniid un a sile locatcd in Notili Ivesr Loiidoii providiiig
-4,500 s4 i￿, Ihe EESC ESCP Europe being tlje Freeholder of the biiildin£. The CLirttiJi site has had tiY"o prei'ioiis
cxIc115ionq and is due to ¢1 sei offii'c iieii. lecliite Ihcakes by Sepletnbcr 2075 to ajilicipale ilic in¢rcased i)rcssiii'es
of iieiv.%tudeni cohorts teqiie51iii¥ Londoii as a desiintstion of choice for a ierm (degree pro8rainJnesl 01 lip lo a vear
IBIM). 11 is ii)deed anlicip<il¢d tli2i I Ihe Londoij Cainpiis ivill hosi ali addirional 400+ Siudeiils b). Sepieinber 2025.
Theie lias been progre$5i%'e exi)Ic nsion in the hill￿￿￿ resowce IY41se of the C]k'iiily io reflecl and >UPPOrt its gi.0￿tIl. At
the eiid of 202? full-linie f<iciiliy niimbtrs are ¢1125, providinL* the core ofaLadeniic siippon 10 51Lideiils. Tl)IS L7roup is
siippleinenied by oi'er 90 atrili?L ie c1nd i-isiling faciiliy. Nlore deirfjil on sllL rring increases is proi'ided li) Note 7.

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, (1￿17 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 fIr￿ne1￿] 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$10n deficit notc fiiJtlJer domqj in tlie
accoLllIts.
Public benefit 5tgleinent
The Trusrees have coi)sidcred the guidance on public beiiefit published by the Charity Coniiiii55ton. The TNstCCb
believe that incrc(1sinit the sLills, knoivlcdgi and undcr5tanding of good buginess n]ai?agen￿nl pracliccs provides public
benefit since Ilic subjcct itsclf is of ediirJtional merli and it5 disscininalion Ilirough the sÈiidcnt body iiill ihen enhaiice
socieiy as a v.hole.
The Tnistees hai'c considered ensuting ihat ongoiiig public bencfii is a part olthe ivoik of the Cliariiy Ic l)d recognis
thai scholarsliip aM7ids are iinportant in lielping io cijsure thai 5tudenis li,￿ li.ould otljcni'ise not bc ablc ro afford Ilie
fec5 cai) acceks ihe eilucdtion offered b) the Charily. Siu(Icnt appliuiivns for Scholarship aii'ards re available to cl11
those ivlio niccl the gcner2L l eniry rcquiiemcnts of tlie Sehool and are on thc basis of means. Thc t2I'ailability of
scho11L rships is adi'trtised on Ihe School s ii-ebsiie_ Tlie greai majorlly of Scholarships are offer¢d to the studeiits at
Gioup lei'tl. Those in the Charity's accounis as a scholatship expendjliite are for tliose %¢holarships graiiled by lh¢
London elllity {2022.. £142k 120?1.- £166k).
Siiice the beginnii)g of the pajidemir, Ihe Londoii Cainpus deployed a tiunibei of access opporiiinily 5rlicklarsliips cls
irell as varjous financi£il discoLintS. P11 ymenl plans and oihei COlllTtiercial i1￿eni1Ve$ alloiving siudents lo acLess higlier
cdiTialioJi at lower cost and to spt¢ad ihL paymkni of Iheir Iiiition fecs in exceptiot]al cI￿Lin)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¢TY1e￿s 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[ude￿r5 iegularls. ei)gage ii'iih local ¢liaritics
Ind busiiiess io siipporl varioiLS call￿S (cjii-ironn￿nia1I)._[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 ex￿cl% 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 D￿71￿ 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 ca￿pUS-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 co1￿merce.
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£ LUJ￿pe[i(i1e[l¢sS aiid iiJiJoi-l< tioii iii F1'ai￿e
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 s￿lificall￿ .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 MIS￿r$ 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
Conibit￿b1e iipon demand and Ic￿l￿g ulti¥nately to a degree iiith the School.
The Chaiily s Trading subsidiary, ESCP Eiirope cOrk￿rate 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 cl￿rilY is a goints conccrn for ihc period of l? to 114 iivjnihs after ilic dale ofsigning
of the &ccoiints. Tlie siipport ivill incliide the cOmTlliti￿n( rtOEn th¢ Federal Centre to coi'er any fiitiite USS liabiliiy
and increctse of Ilic cl￿rity'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 iicg*ti%'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 ￿'l￿ortne1 2nd remuneration polici.
The SMB constitiit¢s the groiiping of key n￿nagement per50Dnel of ihc LOT￿On Caiiipus.
This groiip coi)sisis of ihe Dean of Caiiipu& Direciors. Aswcial¢ Di[￿10r5 and Heads of prolessio1￿l 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 nK￿lficat[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 ￿J￿tr 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 Con1p￿ablc, 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 Ir￿7Sfer of thc gift-aided
donation from ESCP Europe Corpornle Serviccs Limited 10 ihe C1￿￿tY 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 b￿711￿ 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 interj￿1
¢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 cX￿Claiitsn 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 t￿￿te¢ 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[n￿lIl￿n 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 fir￿ncl￿ 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 ade01￿te accouniing records that are sU￿1c]ent to sho￿. and eyplain ihe
¢h4l1ilable compai)y'5 tr￿lS&¢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 c1￿￿re Ihai thc financial staien)ents coJi)ply ivith tl)e Coiyipanie5
Act 2006. They are 1150 rtsponsiblc for safegiiarding tlie asseis of the eharitablc co￿p￿)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 J￿ake hin)sclf aivari of any
rilci'ani aiidit infor11￿tiOn 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&ltL¥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 Get￿rallY 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<liied Ihc financial 51aicmcrhls: included ii-iihtii the Annual Report and Fijiancial Sialemejils (the 'AntlUgL I
Rcporl"), uhich con)Pli5e-. thc Balilncc shccls as at_l l Dcccmbcr20?2; IhcCDnsolidatcd.%talcnktit of fijiaiicial a¢iii'itie%
litlLluding ¢onsolidaic(l incon)c and cipciiditlLlC account), and thc C'onsolidated casl) floii. stalcniciii for ilie J'ear Ilicji
eiiilcil. and Ilic noies to Ihe financial sialenicnts, ii-hich includc a suminary of %igtiifi¢anl accouniiiig policies.
Basis for opinlon
Ve LondiiLled our audit in accordance iyith lnien￿tional Stsndards on Audiiing IUKI ("ISAs {VK)") aiid applicable
I7￿ Iv. Oiir responsibilitieb ilnder ISAS IUK) ari. funher d¢scribed iii th¢ Auditors, res]x)nsibililies fur Ihe Jijdil vl- the
rinclllLial slateinei)ts sectioti of our report_ Ille belie1¢ thai the audit ei'idence li'e hai-e obtained 15 bulliLietLI 4111II
1pprvpriille lo proi'ide a basis for our opinion.
Independence
Ve rciniiiiicd indcpindinl of Illi groiip and coinpany in aLLordanci Ii'iih Ihe cihical rLquifLIi)Lnis thai are ILILV41ni 10
our aiidil of tlic fiii?I llLii21 sl2( liiiiinis ID ihc UK. ii'liich iniludLS IhL FRC'S Ethical Siic ndard anLI lit liai-e fiiifilled oiii
other etliical rcsponsibililiLS ljl ¢cord&n¢e ii'iili ilicsL rLNuireiiients.
Conclusions rclatlng to golng eonctr
Ilased oli thi iiork ii'L liai'i ￿YfOrEI1L￿. II'L hth%E nol i4leniified art). material ￿￿e￿i￿lies re131inY lu ek'ents or roiidiliot]s Ihal.
iiidii'idiiall! nr colltci¢i'tli'. iikiy eail si¥nifiianl ￿￿1b1 uii ihe gTVUP'S Ihe cumpatk!- s Jbilii}' lu coniinue as a 81)in¥ conceni fur
a ii¢riaJ i)I'ai leail IIVLlI'e nionihs Irvtn the dale on Th'hich ihe finatKial 51alen￿niS are auihorised for issue
Tn aLiJiiiiio fiiiiiicii4 I Slii let￿niS. Il'i h*i-L £vncliIdi￿ ihai Ihc Injsiees, of Ihe concetn basis of a£coulliiii¥ iii Ihc
Hoivci'cr. because not all fiilure ei'enis or condilions Can be predicied: Ihis conclusion is not a guataiilcc as lo tlic
group's 1¢ nd conipJns s abiliiy io coniinue a ¥oiii¥ concern.
Oiir r¢spunsibiliiie5 and ihe resp)nsibiliiicsof ilie ¢ruN1ft￿ Il"Ith to goillo ¢0￿crn arcdcsuibcd in ih¥ rilci'ani Si¢iions olihis
ieport.
Reportlng on other informatlOD
'l-hL oilier iiilorii)ation c(>Tnprises ￿117 uf the inf(InM<ilivn in ihe Annual Rep(iri other thali Ihe financial Siaretiietits arid oiir
¢ udiiors, rei)oil Iheieon. The Inisl¢es aTe Itswnsible lur ihe viher infuiiiiJlioi). OLir 01)iiiion oii ilie fijiL111cial %lalLtii¢nt
doe.) ni)t LiiK'eT Ilie uiher infvini4ilion and. accoidinuly. li-e do nol eAp1¢5S aiidil opinioii ol., IXLiPI 11) IIIL I.XILJII
i)Ilierii'iie expliLiIIy SI1￿ led In Ihis report. any forni of assurance Ihereon.

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 ￿li1￿li, 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¢i15t￿1lLn)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 I￿1.¢ 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<iiid or erri)r aiid
,?rc CQlliidLfLd n)2L ILiial if. indii'idually (Jr in ihL atsgiLgalc. Iliey could r141sollLgbly bc c.XPiL¢ed lo inlluci)cc Illi ecoiion)ic
decisiojis of LEwfs Ill kcn ot) ihL basis of these financial siaiimeiits.
Irrlgiiliiritics, inclLiditig fr4111d, ari IllSt11 ncls olTron-coiiiplianci Ii'iih11l11'S attd regiilaiions. Ile design proLcdiiics ij) liiic
ii'iIII OUT T¢%POll5ibiliiiiS, OILiliJicd abovc, io dctcLi ti)2lL'iial niissiatcmcEils in rLSI)cLI ol irrioiilaritics: inLliidinL fraud.
Tlie c.XleJ)t tn ii-hich tsur PToccdure% re Lapable of deiciling irr¢(Fularilics. iniludiiig fraud. 1% dciailcd bcloiv.
IE tsed i)Ji oiii iitidcrs141nding of thc group and indiislt), rdcniificd ihai Ihe principal risks of non-coinpliance ii'iili
IJiv5 all(1 regLilaiions r¢llL lcd io Ilie Cliariiics Aci 201 l aiid ielci-anl regulations niadc or hai-ino 211 cffect tlicreuiidcr
in¢liidiJig Thc Cliaiilics IA¢coiiiils and Rcpon%) Reqiilaiions ?OOS and ii-c considcr¢d thc exieiii lo ii-lii¢h non-
coiiipIiLincc niiglii haic a maieTial ctTcci 011 the financial siat¢mcnts_ Il'¢ a150 foll5idcrcd ihc dirLYI Inipilct oftl)e5c laii's
Trii(I rLgiJ1411iotis vn Ihc fin7￿ ncilL l siaiLlliLtiis siich as illi Con)paiiie5 Act 2(K16. 11-¢ cialuai¢d Ihe itieciiiiics aJi(I
iipportUTiili¢s li>r fraiiduleni inaaiipiilaiion of ihe linanLial SlaieJnitll% (inLliidin¥ the risk. of oi'erride (If coiiir(il%l, by ihe
Irii%ltyei <iiid Il)U5¢ TCSPOllSible for. or ini-oli'c(l in. the piep<1 iaiion vl. Ihc undcrlyiiie accLiiiniitig r¢cord% an(11111lL iicial
l%ltiiiicnt5 il1111 (ILIL TilliiiLJ Ilial Ihc principal ri%ks ii-cfi f¥laicd tlic poslin¥ of inappiopriaic jounials lu incrn'aqe TClCtIuc
aii(111ii1nauetiiei)I bias in aLiouiititJg esliniaiL%. Audit procedurts perfvtnied inlluded..
Eialiiaiin¥ mlL iiagemenl's conirol.% desi¥iied to pr¢i"ent and deieLI irregularities.
l Liking en(ILiirits iviih nunageniejil. including ronsideiation Ork[￿l￿n ur suspeLled iiislanLes of lion-
Lvinplii£ Iiie ii-iih1£11VS and regulcllions.
Is

- 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
F￿ndS
2022
2022
2021
Nole
Incomt
Don*iions
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 lor*ard
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.AIe￿I5 At begiMning of the l'ear
3.180,503
2,096,945
C￿h 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<Trlement of
ReconiineRded Pi<lLlÈce"Accouiiling and Reporlitig by CliJriiLes {SOIiP 2019 iei'ised ver>iOtIl' applic1c ble io chRTlttes
p￿parIng their accouiits in ac¢ordai)LY i%'ith Finaiieial Repollirtg Standard applicable in the UK and the Repiiblic of
Irelaiid {FRS 102), FRS102 incliiding Se¢tlOLI IA- atid the Cot¥LpaJiies Act ?006 gu]d ihe Ots AcLOiiiits Directioii.
The Charily is a piiblic ￿nefit eIilit}' as defined by FRSI 02.
The funclioiial currency of ESCP is considered 10 be pounds .s*rling because IhAi 15 the Cli￿encY of Ilie primary
economic environment in iihich ihc Company operdt¢s_ The prescniation cutrency is poiijids slcrling.
ESCP Eiirope Bii>illCSS Scliool n]eets thc definilion of a qi￿lIfying cniity under FRS102 has tli¢r¢fore takeii
adi'aniage of thL disclosiite exemplions ai'ailable to li in respect oliis scparatc fiJ)a]Kial siaien)ents, Ivl)i¢li ark pr¢seiited
aloiigsidc thc ctsnsolidalEd financial stat¢ments.
Tlie group fjnancial stateEncnts consolidare ihe financial 5taltments of the Chariiy and its. subsidiary underraking. ESCP
Europe Coiporate Serviccs Liinited draiim up to 31 December ek'ery }"eai. Ivheie necessary, adjusimenis )rc m&de lo
the fJnaiici£i1 slatenienls of the subsidiary to bring the accounting policies ￿ed in linc ii'ith tlKTrse used by thc CJroiip. All
inira-group transactions, balances. in¢oTnc ai)d expciJse$ are elimiiiaied oil consolidation.
Aftcr IiiLiking eE)qUii"iCS, tlie Triistees liai'e a reasonable cxpcclaiion that ihe Charity has adequatc rcsources to continue
ils activity for Ilic foic5eeable fuiurc. Accordingly, Ihc TnLSteei conrinue io adopt the goiiig concem basis in preparing
the financial sialemenl.%. The Trllsiees, positiun 15 relying 011 tlie existence of a letter of fjnancial guarL2Thlee proi'ided
by the EESC ai ihe time of the sigti-off of ihe 51atu(ory accoujits. Indeed. thc Charity does llOI liai'e 811￿1¢lenT cash
resei'ves to settle ils liilbililies, is loss inaking atml ha5 net liabiliiie5 as of ai 31 Deceiiiber 2022. More Iiifor]￿l)IIoft oil
the goiiig coiicern assuniptton is gii'¢n on page 14 iii the Trusiees report.
These accounts inrlude IIK results of the siibsidkaiy ESCP Europe CiJJp)rnle Services Limited. The results of this
subsidiai'y are Loiisolid471ed oil a line-by-line basis. A Sep7￿ rale 5taltmeni of financial aclii'ities hic s noi been preseilted
ror the charily altsne. For 2022. the income for Ilie Chariiy. ex¢lLiding any Uss-relaied adjuslmenl, li.as £l1.6111 {?021..
£12.4ih) aiid resLili for Ihe ytiir li'as a loss of £1.7m (1021.- loss o1£1.9m).
Donatioiis
The EESC ESCP Eiirope did nol provide any operniiojjal subsidy lo the Charily io lover Ihe nel excess ofe.xpendiliire
over incoiiie diiritig iliL ye<lr.
In 2022, thc EESC doniiiion ii"a5 lijnilcd to proYidinL7 reni_free faeilities tothe Charity, rccogiiised at the Triistc¢s' bcst
I liie of such facilities. In ?02? tliis Il'as esiiiiwied ai £615k {20?1.. £615kl aiid Iccoided as a dtsnalioii
li) Ilie SOFA (Note 31, ￿'Ith a matching cxpenditur¢.
Stiideni fees 2nd other e(lucationY41 income
Fe¥S i¢cciI'able and chlL Iges for SLII'Lces and iise of premists arc accoifftied for in the period in ii'hich thc service is
provided. Incoiiie i.% d¢ferred i￿hen it is reccii'ed in adyancc for ice5 lo be i)ioi'ided ii) folloM'ji(F peri(xl5.
Other intome
111 2022, Ihe Furloilgli Scheme iiab slopped and no muntes ii'ere claimed froni Ilie goN'ertiineIii. Oilier irtLoine ieoTUIIP5
tlie ¢osis pertaiiiitiir to ihe rechaiges of funded research costs for ihe L'oreal atKI Cartier Chl£ Irs (2021.. £20k).

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 i1￿1)￿11￿n5 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 Illi￿Li¥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 20*4.

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 I￿71eSt 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 pre*Jil I'aluc of deficit fiinding
coiiiribiltions that are committed ro linder ihe ghedule of coniribuiions a￿d 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 n*mbers 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¢r*21ino 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¢ Cli*ltiiy'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¢on￿5 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[un￿ntS 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<iS a prescni ubligatioii reKILliing fioni a pas1 cienl Ihut i¥ill piobic bly rcsiili iii tlic
Ira115fer ot fiinil% to a thircl party aiid the amoiirit diie to settle ihe vbligalioIi can be li￿aSured or e5titnate(I reliably.
Cieditors and proi"isions are Iiomialli. recogni%ed al their seiileinerti ttn￿unt after alloivii)g for aiiy trade di%Lounis diie.
Ci-itical ttccountlng judgemcnt5 and ke). sourcc5 of estimation un¢¢rlaiKt)'
Iii Ilie ppli11¢ lion ol-tlie Groiip's IL ccouiiling policies, ii-l)ieli 1t re described in Noie I, the TrI￿let5 ije reqiiired lo t])Like
jiidgeiiieiils, esii11iii les and c155UEnpIioi￿ aboiii (he ¢arryino MoL￿ts Or£￿5¢1s.1nd liabtliLie> 1111141rt Iiol ieadily &PPlL rei)I
2)

ESCP Europe Business School
Notes to the financial statements
Year ended 31 December 2022
Critic*1 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]I￿re peri￿$ ofihe re￿1510￿ altecls boih cU￿t￿l and fulure pxriods.
CrilicaloccoiinlAIEgjiidgciFieiiis npplying ike Giotip s occ0￿MIl)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.
AccoEirtliiigjtidgffiiEV*It
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 reg￿lTd$ 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 co1￿151$ 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 dir￿t0[8 arc 5atisficd ihat Ulli￿er$itIes
Supei'<liiriuatioii Schen)e niee15 t1￿ definition of a miilii-employer schemc a]id has therefore recogiiised I1￿ discouiilcil
fair Vc11iic of the contractual conlribuiions und¢r th¢ recoi'cry plan in exisience ai the datc vf approi'iiig Ihcse fiiiaii¢ic11
The cal¢Lilaiion ol. Ihc pi.oi-ision for pensivn deficit fundin¥ is based Ilie pension fuiid nwdellcrs PlK>I'i(led to th
Chai'ily. L151ti¥ gssiimpiiojis tiiKen by USS Tn151ees. The Chaiily s C%tlThalL￿ relaiL lu salary itjcreases. tl)c i)LrcentagL of
ftilui'e 511* ff LhcTriiges iii the SLheine and ihe disCOUlIt raie. Seclioii 12.a of the noieb to the fiiidi)cial slaieiiieiils pioi'ides
tnore liifoiin￿Qt10n on ihe esliinares used ai 31 Ikceinber 2022.
111 2022, tlie Chaiity lised Ihe USS pension delici¢ mLidel inlegraling the aLtiiari&l clSSiiII)Plions pertaining 10 ihe Nq<2fLII
2020 aLliiariÉil i-cilLlatioii aii(I recoi'eTI' plan. Using (his n￿de1, Ilje C'hcTrriiJ rev15ed ihe £issiin)piions relaied lo ilie sal<lrv
iiicieases and discoiitil riiie and re(lu¢ed Ihe oi'etall liie oftlle peiisioi) deficil proi'isLOlI as slioivn iii Ilie sliL Iillory
?(>

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¢erlkiI￿t). 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 pCrn￿ncnt 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 li￿der 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
Depreei*titsn
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
4*7,867
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 al￿110rS {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]iit￿1a[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 merc￿ld0 li.as part of the legii cy of fomier ￿￿ents. ttsi(lence area an(1112s ina(le lip
of tivo foiii*i 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 d￿S 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. prOf￿S0r 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 Sal￿Tr rtilio
nd a tot￿￿1 remiiiieration niio.
Tlie b£l%lC Salary raliu is delined as.. Ihe Uk De￿11) 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 i1￿Y of gift aid oroil*tWi5¢), 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'iro￿nellt.
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
2*9,948
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 adjuslttl￿Ill 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￿"1nd￿n8 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( li￿110n 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 i￿rtalitY 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 cli￿eJIt 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 Decei￿ber 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 T￿slee$ [ele￿ised 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$lon liability (continued)
Payroll aiinLlir I Slc laTy increase Icosi Of Lii'ing)_. 2.30/• in 2022 (Year l), 3/0 in 2023 {Year 2).. 2.￿/ fioni 2024
until 2037 {Year 3 to Year 17):"
Average headcouni N'arlalion: O_75 /0 nel per y¢ar uniil 2037 {2021.. 1.54/)•)
A% set out in rhe accouniiiiu
policies: Ihere are soine criti¢&l estimaies rtude it) assessing the obligaiion to fund the USS
delicit. The sensiiii'tiy on the aboi'e Tnain assunwiions i￿ed to Ihe USS defLCIt pro%'ision are set out beloii.:
APPTVX.
impa¢1 ott
d-ficit of
£3 71
Chang¢ in ￿SUMptiO￿$ 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. Prepayli￿nI% 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$ets1
Ini'¢stni¢nts
Lo#n Provisio
Fuiid
blllanecs
2022
Unrestricted funds
635 080
89.606
3 650 554
2 292 985
2021
Unrcstricled funds
273745
619
891054 ￿ LLI
4078421
589 527
14.
D¥leInber5hip liabilit)
In accordance M'iih Clausc {7} of the Cliarity's fvlcmora]iduii) of Association. every tncinbcr of thc Charity uiiderrakes
to conlribiil¢ ro the assets of the Charitv in the ei'eiit of the sanie beiiig th-ound up ii'hilc hc, slie or it remaiiis a Inember
or ii'iiliiii 12 month% afierii'ards, to pay one poiiijd Ioii"Ilrds Ihc costs af dissiTrlution and ilie liabilitie.s iiiLurred by thc
Chariiy ii'l)ile hc, shc or it il-as a n￿1)iber.
The sole Incmbcr of the Chaiily 15 the EESC ESCP EILrope ai 31 Deccmbcr 2022.
15.
Related parti. transa¢tioTrs
t)oiiation and fees ii'ere ￿Le1Ved fTom the EESC ESCP Europ¢ during the year as folloil￿."
2022
2021 (")
Provision oli¢nl-frLY pr¢ii)ises
Undei8fl< du411e progTamme fee income
Post¥ndiiale pJ'ogniiimes- Full-time fvliisiers fee incorne
615,000
615.OOLI
2,642,731
2.760,570
3,844,11)4 4,408,289
Fiill-liiiie Maslcts fic Iiiconje lOvL￿ fees recLiVLd froni tlic EESC for siwIcn￿ on shaicd progiamine5 Imtm, MBA,
and otlitr visiting St¥rs).
( ) tl)¢ coinparativc for PDsigradiiat¢ progDrammes- Full-time ma$￿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 ja￿Uan. 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) fil￿d5
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<ancellable operniing leases..
2022
2021
IT
IT
equipmeijt equipmeiil
Croup and Cliaril>'
Iviiliin one yLar
betive¢n one and five years
38,739
89,853
38.433
125.828
128.592
164,261
18.
Net easli fl01s'5 Eener#ted Crom ￿perating #ctii"itie5
Reconciliaiion of Tret iiicojnc io cash generatcd by opcntions..
2022
2021
Net oiitconie for ihe year
{1,703,458) 11.866,228)
tkpreLj£ilion charges
277.064
293,390
Oper1£ linbtr C41sli floiv before Inol'ewnenl in iyorking L1¢ piial
{1,426,394) (1,572,838)
Decr¢£ise in debtors
Incre42SL I {dccreasc) in cr¢diiors
(Decrease) / li1cre￿iSe in proi'ibions
579,202
719.113
l.S86.300
1246.103)
(427.867) 2,67$ 806
Casli gcncrat£d from opcratin% actii'itics
611,241
1,575,978
19.
Ultimate parent iindertaKing
Tlic EESC ESCP Eiiiopc 1.% ihc 501e meniber of ihc Chariiy. It is ihe par¢ni undcrtakii)g of Ilic Cliariiy from this point
of i'ieii- at Ilie lime of thc sigiiing of ihe 2022 siatutary a¢¢ouniS.
Tlic regi5teicd addr¢>S ofihe EESC ESCP Eiirope is 3 tuc Annand Moisanl: Paris 75015. Francc.