Kofi Annan Business Schools Foundation Kortenaerkade AX The Hague. Chamber of Commerce number: ANNUAL ACCOUNTS 2014
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1 Kofi Annan Business Schools Foundation Kortenaerkade AX The Hague Chamber of Commerce number: ANNUAL ACCOUNTS 2014
2 Table of contents ANNUAL ACCOUNTS 2014 Report of the board Introduction FINANCIAL STATEMENTS Balance sheet Statement of income and expenses Cash flow statement Disclosure to the annual financial report OTHER INFORMATION
3 Report of the board With great pleasure we present the Annual Report 2014 of the Kofi Annan Business Schools Foundation. In 2014 the Foundation was succesful in its efforts to stepwise increase the number of participating business schools and overseas partners. It also worked hard to broaden its platform of knowledge in its fields of activity. In 2014 the number of Kofi Annan Fellows that finished their Bachelor or Master degree studies increased to 56. The participating schools admitted 8 new Fellows (6 at ESMT, 1 at NOVA, 1 at BSL). A sound financial basis for the operations of the KABS Foundation was realized. The Board The board of 2014 was formed by: Prof. Dr. J.A. van Ginkel Chair Drs. G.T.C. Bonhof - van der Waals Secretary Prof. Dr. Ph. Haspeslagh Until October 2014: Treasurer Prof. Dr. W. Plinke From October 2014: Treasurer Dr. K. Muff Member of the Board Prof. Catía Batista Member of the Board In April 2014 Ms Burcak Cullu from KOC University joined the Board as a member. Executive secretary: Mrs. drs. M.J. van Breene Honorary patrons: Dr. Bernard Bot Viscount Etienne Davignon Baron Paul de Keersmaeker Honorary advisor: R. Praaning Prawira Adiningrat - 1 -
4 Introduction The Kofi Annan Business Schools Foundation (KABS) was established, in accordance with the certificate dated June 21, 2007, as a joint initiative of Vlerick Leuven Gent Management School (Belgium), Hogeschool Utrecht (HU University of Applied Sciences), Utrecht (The Netherlands), and Public Advice International Foundation (PA International Foundation). The company has been registered with the Chamber of Commerce at The Hague under file number Objective The objective of Kofi Annan Business Schools Foundation is defined in article 2 of the statutes as follows: To contribute to the sustainable improvement of livelihoods among poor communities in less-developed countries, it will do so by establishing global knowledge-based partnerships for development focused on local economic development. In particular the Foundation aims to: 1. Provide scholarships and tailor-made Bachelor of Business Administration and Master of Business Administration programs to young and bright students and upcoming professionals from universities and local business support and policy development organizations, that do not belong to a privileged class and cannot pay for business education in the European Union or the United States of America, with the purpose of allowing them to establish and/or manage successfully smaller or larger enterprises in their country of origin. 2. Provide a state-of the-art and tailor-made research database containing global knowledge on lessons-learned and bestpractices of supporting local Small and Medium-sized Enterprises (SME). 3. Establish sustainable linkages with and enhance outreach capacity of local partner universities in the South, with the purpose of building a network of regional knowledge institutes responsible for initiating, coordinating and supporting local Small and Medium-sized Enterprises (SME) development initiatives, among others through an elaborate alumni program that also stimulates alumni to contribute to the development of their local economy. Participating schools The number of participating schools has been increasing stepwise. In June 2010 the European School of Management and Technology, Berlin (Germany) joined KABS. In 2012 Business School Lausanne (Switzerland) joined, and in 2013 NOVA Lisbon (Portugal) joined the Board. In April 2014 the Letter of Intent was signed between KOC University Istanbul (Turkey) and KABS Foundation. Financial basis The revenues of the Foundation include donations and contributions of business partners, foundations and authorities, as well as of the partners in the KABS network themselves. KABS' careful strategy to strengthen stepwise growth has been successful and looks promising, also, for the future. The Foundation has a lean but solid functioning base and infrastructure. The Board has been actively engaged in the expansion of the network of business schools and the elaboration of the platform of knowledge. The groundwork has been laid for the further expansion of participating business schools in Europe and in the Global South. Attracting donors to support Kofi Annan Fellows in the schools, is getting more easy as the name of the KABS Foundation is becoming known more widely. The year 2014 has shown an amount of euros on the balance sheet. Fellows In the year 2014 the business schools took engagements towards funding of 8 new fellows, next to the 11 fellows completing their studies at HU, ESMT and BSL. Hogeschool Utrecht University of Applied Sciences In the academic year , 5 fellows from Kenya (2x), Zambia (2x) and Nicaragua (1x) participated in the 1-year Double Degree bachelor program at HU University of Applied Sciences Utrecht, and after having passed all their exams successfully, all 5 fellows graduated in Augusts These fellows received a full scholarship for the academic year The Gaia Foundation provided euros for the cost of living of 3 students, and the KF Hein Foundation provided another euros for the cost of living of 2 students. In September new fellows (2 from Kenya, 2 from Zambia, 1 from Nicaragua and 1 from Indonesia) started their 1- year Double Degree bachelor program at HU University of Applied Sciences Utrecht, and after having passed all their exams succesfully, 5 fellows gradutated in Augusts 2014 and 1 fellow graduated in October In the academic year no fellows were awarded a scholarship within HU University of Applied Sciences Utrecht due to a change in rules and regulations for admission
5 Vlerick Business School At Vlerick University no students started in September European School of Management and Technology At ESMT, 3 Fellows successfully graduated in December In 2014, 3 more fellows (from Guatemala, Tajikistan and South Africa) started the full-time MBA program and graduated in December The tuition and living expenses are fully covered by the school thanks to the generous support of Allianz SE and individual members of the Gesellschaft der Freunde und Förderer der ESMT e.v. Business School Lausanne BSL currently has two KABS fellows, one coming from South Africa and Zimbabwe. The fellow from South Africa started in September 2013 for the Master of Science in International Finance and has just finished in February He has obtained an excellent internship position at Ernst & Young before moving back to South Africa to apply what he has learned. In September 2014, BSL received its third scholarship fellow, 25-year old very talented young man from Zimbabwe in our bachelor program. The scholarship covers full-tuition, including books. Living and accommodation are covered by sponsors. NOVA School of Business and Economics At NOVA SBE, one fellow is currently enrolled in the Master in Finance and will graduate in May NOVA SBE has been promoting the fellowship, in Portuguese Speaking African countries in particular, and has several potential applicants interested and requesting information on how to apply for the KABS Foundation scholarship. KOC University KOC University Graduate School of Business (GSB) joined the KABS Foundation in In 2014/2015 Academic Year, one fellow from Syria admitted to Master's in International Management Programme for two years. The fellow is expected to graduate in The tuition is fully covered by the Graduate School of Business. Looking forward In 2013 KOC University decided to join and in April 2014 Ms. Burcak Cullu was welcomed to participate in the Board meeting as a new member. This further increased the outreach of the initiative by providing even more opportunities for talented students from developing areas. We will continue with great enthusiasm to look for new partner universities, business schools and talented young people. During 2014 some new contacts have been made with several candidates, which we will continue this year. This will help to further increase the number of fellows and the impact of KABS and its graduates. Utmost attention was and will be given to the further development and strengthening of the programs of KABS in particular to make these fit even better the needs and capabilities of the fellows. In October 2014 the board met in Lisbon where NOVA gave a very impressive presentation about their activities in, for instance, Africa. In 2009 it has found an extremely succesful business school in Africa, the NOVA Angola Business School and implemented executive education programs for instance in Mozambique. NOVA further offers a MSc in Finance in Brazil. Also, not only bringing their knowlegde abroad, the first fellow started at NOVA in At last, but not certainly no least, we are proud to announce that in the first months of 2015 an extensive report about the first years of KABS will be published
6 FINANCIAL STATEMENTS - 4 -
7 Balance sheet (after result appropration) Current assets Receivables Accounts receivable Liquid assets ASSETS
8 Balance sheet (after result appropration) Equity Other reserves Current liabilities Accounts payable Accrued liabilities and other payables LIABILITIES
9 Statement of income and expenses Gross operating result Revenues Gross operating result Costs Cost of revenues Personnel costs Office costs Selling costs General costs Total operating costs Operating result Interest and similar expenditure Result
10 Cash flow statement The cash flow statement has been prepared according to the indirect method Net operating result Change in short-term receivables Change in short-term liabilities Change in net working capital Cashflow from operations Interest paid Other operational activities Cashflow from operational activities Payments by owners 0 1 Cashflow from financial activities 0 1 Net change in cash and cash equivalents Notes to the cash resources Score by January 1st Movement in cash Score by December 31st
11 Disclosure to the annual financial report Activities The activities of Kofi Annan Business Schools Foundation, having its seat at The Hague, primarily consist of: - To provide scholarships Master of Business Administration and tailor-made Bachelor of Business Administration programmes; - to provide a state-of-the-art and tailor-made research database. The actual activities are performed at Hogeschool Utrecht (the Netherlands), Vlerick Business School (Belgium), European School of Management and Technology (Germany), KOC University (Turkey), NOVA Lisbon (Portugal) and Business School Lausanne (Switzerland)
12 Disclosure to the annual financial report GENERAL This presentation of the financial statements is in accordance with Dutch Accounting Standard Board's Guideline for Annual Reporting 640 for not-for-profit organisations. Assets and liabilities are stated at face value unless a different valuation principle is mentioned. PRINCIPLES OF VALUATION OF ASSETS AND LIABILITIES Receivables Receivables are stated at face value, less any provision for doubtful accounts. These provisions are determined by individual assesment of the receivables. Cash Cash positions are stated against face value and are at free disposal unles indicated otherwise. These are directly claimable receivables on credit institutions and fund resources. Other reserves The reserves are accumulated operation results from start till Current liabilities The current liabilities concern the liabilities with a duration shorter than one year. These liabilities are stated against face value, if not indicated otherwise. PRINCIPLES FOR THE DETERMINATION OF THE RESULT General The result is stipulated as the difference between the revenues of supplied services and the costs of other charges of the report year, taking into account the mentioned accounting standard. Profits have been recognized in the year in which services have been performed. Losses with origin in the year have been taken into account for as these have been foreseeable. Revenues Revenues represent amounts invoiced for goods and services supplied during the financial year reported on, net of discounts. Financial income and expenditure The financial income and expenditure consists of interest income and expenditure (related to the report period) of floated and received loans. PRINCIPLES FOR THE PREPARATION OF THE CASH FLOW STATEMENT The cash flow statement is prepared according to the indirect method. The funds in the cash flow statement consist of cash at bank and in hand. Cash flows in foreign currency are converted at an estimated average rate. Taxes, received interest and similar income, as well as paid interest and similar expenditure, are included under the cash flow from operating activities
13 Disclosure to the balance sheet Disclosure to the balance sheet Receivables Accounts receivable Total debtors Liquid assets Liquid assets ABN Amro Bank
14 Current liabilities Accounts payable Accrued liabilities and other payables Received in advance costs of revenues BBA Programme Auditor's costs Administrative costs CONTINGENT LIABILITIES Housing costs Thanks to the continuing situation that the Kofi Annan Business Schools Foundation is still situated as a (not paying) guest in the building of the Institute of Social Studies in The Hague, KABS does not have to pay any housing costs. ISS will only charge for facilities used such as copy costs, etc, if necessary
15 Disclosure to the statement of income and expenses Disclosure to the statement of income and expenses Total revenues Sponsor Gaia Foundation 2013/ Sponsor Gaia Foundation 2012/ Sponsor K.F. Hein Fonds Studie en Individuele Noden 2013/ Sponsor K.F. Hein Fonds Studie en Individuele Noden 2012/ Sponsor DSM Membership Vierick Business School Membership Hogeschool Utrecht Membership ESMT European School of Management Membership NOVA School of Business and Economics Membership Business School Lausanne Membership Koc University Cost of revenues BBA Programme cost of living Cost of living Gaia Foundation Cost of living KF Hein Fonds Studie en Individuele Noden Cost of living DSM Personnel costs Temporary employees Travel- and subsistence expenses Other personnel costs Office costs Office supplies expenses Copy costs Automation costs Selling costs Costs of representation Website and advertisement General costs Auditor's costs Administration costs Other general expenses Interest income/expenses Interest expenditure and similar costs Banking fees
16 Signing of the annual financial report Overige toelichtingen Utrecht, April 15th, 2015 Kofi Annan Business Schools Foundation Prof. Dr. J.A. van Ginkel Drs. G.T.C. Bonhof - van der Waals Prof. Dr. W. Plinke
17 OTHER INFORMATION
18 Appropriation of the result Auditor's report The auditor's report is included in the last pages of this report. Appropration of result for the financial year 2013 The annual accounts for 2013 were adopted at the general meeting held on April 11th, 2014 in Utrecht, the Netherlands. The general meeting determined the appropriation of the result in accordance with the motion tabled for that purpose. Proposed appropriation of the result for the financial year 2014 The board of directors proposes to the general meeting that the result for the 2014 financial year, amounting to 5.052, should be transferred fully to the reserves. This proposal has already been incorporated in the annual report
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