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2021 Annual Financial Statements

Consolidated balance sheet as at 31 December 2021 after appropriation of the result

in M€   2021 2020
1. ASSETS    
       
  Fixed assets    
1.1 Intangible fixed assets 4,6 6,3
1.2 Tangible fixed assets 270,6 255,1
1.3 Financial fixed assets 0,4 0,5
       
  Total fixed assets 275,6 261,9
       
       
  Current assets    
1.4 Inventories - 0,1
1.5 Receivables 31,3 29,0
1.6 Cash and cash equivalents 110,5 115,1
       
  Total current assets 141,8 144,2
       
  Total assets 417,4 406,1
       
       
2. LIABILITIES    
       
2.1 Equity 219,1 221,8
       
2.2 Provisions 23,6 21,7
2.3 Non-current debt 7,8 8,2
2.4 Current debt 166,9 154,4
       
  Total liabilities 417,4 406,1

2021 Consolidated income statement

in M€   Result
2021
Budget Plan
2021
Result
2020
3. INCOME      
3.1 State contributions 369,2 344,3 325,8
3.2 Tuition, course, lecture and examination fees 63,1 71,1 66,7
3.3 Income from work commissioned by third parties 205,9 201,2 190,4
3.4 Other income 113,8 115,3 103,3
         
  Total income 752,0 731,9 686,2
         
         
4. EXPENSES      
4.1 Personnel expenses 524,1 515,8 496,6
4.2 Depreciation 39,2 42,4 40,9
4.3 Property costs 29,0 33,8 36,1
4.4 Other expenditure 150,0 168,6 139,2
         
  Total expenses 742,3 760,7 712,8
         
         
  Netted balance of income and expenses 9,7 -28,8 -26,6
         
         
5. Financial income and expenses 3,8 - -0,3
6. Taxes -0,1 - -0,1
         
  Result 13,4 -28,8 -27,0
         
7. Result third-party share 16,0 2,0 -6,6
         
  Net result -2,6 -30,8 -20,4

Consolidated 2021 cash flow statement

in M€ 2021   2020  
Cash flow from operations        
Result from operations   9,7   -26,6
         
Adjustments for reconciliation of operating result        
Adjustments for depreciation  22,1     21,2   
Increase (decrease) in provisions 1,9   0,4   
Other adjustments for reconciliation to operating result -16,0   6,6  
    8,0   28,2
Movement in working capital        
Increase (decrease) in current receivables -2,3    5,3   
Increase (decrease) in current debt 12,5   -2,1  
    10,2   3,2
Cash flow from operating activities   27,9    4,7 
         
Interest received    4,6     0,1 
Interest paid    0,1     0,1 
Movements in other financial non-current assets   -0,7    -0,3
Payments of Income Taxes   -0,1   -0,1
Total cash flow from operating activities   31,8    4,5 
         
Cash flows from investment activities        
Acquisition of intangible fixed assets  0,2     2,9   
Acquisition of tangible fixed assets  35,8     14,0   
Investments in participations and partnerships 0,2   -0,1   
Increase (decrease) in loans to OCW and EZ -0,4   -0,6  
Total cash flow from operating activities   35,8    16,2 
         
Cash flow from financing activities        
Increase (decrease) in non-current debt -0,4   -0,4  
Amounts received or paid on non-current debt -0,2   -0,1  
Total cash flows from financing activities   -0,6   -0,5
         
Increase (decrease) in cash and cash equivalents   -4,6   -12,2
         
Opening balance of cash and cash equivalents   115,1   127,3
Position cash and cash equivalents as at 31 December   110,5   115,1
Movements in cash and cash equivalents   -4,6   -12,2

General notes

EUR (Erasmus University Rotterdam) is located at the address Burgemeester Oudlaan 50, 3062 PA Rotterdam in the Netherlands and registered with the Chamber of Commerce under number 24495550 0000. It is a legal entity under public law pursuant to the Higher Education and Scientific Research Act. EUR consists of the university and subsidiaries: the EUR Holding BV with its operating companies, Erasmus Enterprise BV, Rotterdam School of Management BV, Stichting Erasmus Sportaccommodaties foundation and Stichting Erasmus Sport foundation. The activities of EUR and its group companies consist mainly of organising and realising initial and non-initial education as well as socially relevant research activities.

Applied standards

The financial statements have been prepared in accordance with the legal requirements set out in Title 9, Book 2, of the Dutch Civil Code and the authoritative statements of the Dutch Accounting Standards issued by the RvJ, the Dutch Accounting Standards Board. These provisions apply pursuant to the Annual Reporting on Education Regulations. In the financial statements, the amounts are stated in millions of euros (unless otherwise indicated).

Reporting period

These financial statements cover the 2021 financial year and the balance sheet date is 31 December 2021.

Continuity

These annual financial statements have been prepared on a going concern basis.

Accounting policies for consolidation

The consolidation includes the financial data of the institution and its group companies. Group companies are legal entities in which the institution can directly or indirectly exercise a controlling interest by holding the majority of the voting rights, or in any other way can control the financial and operating activities. Newly acquired investees are recognised in the consolidation from the point in time when policy control can be exerted. Divested interests are included in the consolidation until the point in time where such control can no longer be exerted.

The assets and liabilities, as well as the income and expenses of group companies, are fully consolidated. The shares of third parties in the group’s equity and result are separately stated.

Pursuant to Article 2:407, paragraph 1 of the Dutch Civil Code, group companies may in some cases be excluded from the consolidated financial statements. The obligation to consolidate does not apply to data from companies to be consolidated whose combined significance is negligible on the whole. Intercompany transactions, intercompany profits and mutual receivables and payables between group companies and other consolidated legal entities are eliminated. All of these intercompany transactions were entered into at arm’s length.

Accounting policies of group companies have been adjusted where necessary to align with the accounting policies applicable in the group.

All group companies as well as the investees are classed as related parties.

Erasmus MC

All income from Education and Research (E&R funds) of Erasmus MC, the attributable expenses of the faculty tasks and the income and expenses of the E&R satellite organisations of the medical cluster to be consolidated have been included in the consolidated financial statements in accordance with the Annual Financial Reporting in Education Regulation. There is responsibility for the E&R activities based on the Higher Education and Scientific Research Act (HRA) and the resulting GUO and for this reason the costs and revenues from E&R activities have been consolidated. In view of the covenant agreed with Erasmus MC to this end, the balance sheet data have not been incorporated into this annual report. This is in accordance with letter RvB/MM/MS/ef/0059750/223.222 of 12 December 2002, approved by OCW by letter WO/F/2003/4057 date 3 February 2003. This is consistent with previous years.

The financial statements of E&R Erasmus MC as set out in the EUR consolidated financial statements include the following legal entities:

• Erasmus MC O&O Holding BV

• Thoraxcentrum Research BV

• ViroNovative BV

• Eurza Arbo BV

• Neurasmus BV

• Erasmus MC Diabetesstation BV

• MI&EUR Implementation and Exploitation BV

Cash flow statement

The cash flow statement is prepared on the basis of the indirect method. The funds in the cash flow statement consist of the cash and cash equivalents Interest and dividends received and paid are recognised in cash flow from operating activities. Investments in group companies are measured at acquisition cost less cash present in the acquired company.

Use of accounting estimates

The preparation of the annual financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported value of assets and liabilities, and of income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Adjusted accounting estimates are recognised in the period in which the estimate is revised and in future periods affected by the revision.

Transactions in foreign currencies

Transactions conducted in foreign currencies are translated to the relevant operational currency of the group companies at the exchange rates as applicable on the date of the transaction. As at balance sheet date, any monetary assets and liabilities denominated in foreign currencies are translated to the operational currency at the foreign exchange rate that applies at that date. Currency exchange rate differences arising on the settlement of monetary items or on translating monetary items into foreign currencies are recognised in the income statement in the period in which these arise.

Financial instruments

Financial instruments include investments in shares and bonds, trade and other receivables, cash, loans and other financing obligations, trade payables and other payables. Financial instruments are included at fair value on initial recognition. Upon subsequent recognition, financial instruments that are not part of the trading portfolio are measured at amortised cost using the effective interest method, less impairment losses.

EUR exclusively applies primary financial instruments that serve to finance its operating activities or that arise directly from its activities, such as (non-current) receivables and payables. EUR does not use any derivatives or any other form of active hedging to mitigate financial risks.

Due to the absence of issued and withdrawn loans to third parties, the EUR is not exposed to interest rate risk. Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. There is also no cash flow risk. That is, the risk that future cash flows associated with a monetary financial instrument will fluctuate in size is absent.

Due to EUR's robust liquidity position, we consider liquidity risk to be virtually excluded. Liquidity risk is the risk that the legal entity will not be able to obtain the financial resources needed to meet its obligations.

Given the characteristics of the parties with whom EUR trades, in particular the government, public bodies and the EU, there is limited credit risk on receivables. Credit risk is the risk that one contracting party of a financial instrument will not meet its obligations, resulting in a financial loss to the legal entity.

EUR is exposed to limited currency risk because most transactions are completed in euros.

Accounting policies for the measurement of assets and liabilities

General

An asset is recognised in the balance sheet when it is probable that future economic benefits will flow to the educational institution and its value can be reliably measured. A liability is recognised in the balance sheet when it is probable that its settlement will be accompanied by an outflow of resources embodying economic benefits, the amount of which can be measured reliably.

Assets and liabilities (excluding group equity) are measured at the acquisition or manufacturing cost or (lower) current value. If no specific basis of measurement is stated, the item is measured at the acquisition cost or nominal value. References are included in the balance sheet, income statement and cash flow statement. For these references, please refer to the notes. Foreign currency items are measured at closing rates. Translation differences are recognised directly in the result.

A recognised asset or liability remains on the balance sheet if a transaction (involving the asset or liability) does not result in a significant change in economic reality with respect to the asset or liability.

If a transaction involves transferring all or virtually all future economic benefits and all or virtually all risks relating to an asset or liability to a third party, the asset or liability will no longer be recognised in the financial statements. Furthermore, an asset or liability will no longer be recognised in the balance sheet if it no longer fulfils the conditions of probable future economic benefits and/or reliability of determining their value.

Impairment of fixed assets

On each balance sheet date, the group assesses if there are any indications that an asset may be subject to impairment. If such indications are present, the recoverable amount of the asset is determined. If it is not possible to determine the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined. An impairment exists when the carrying amount of an asset exceeds its recoverable amount; the recoverable amount is the higher of net realisable value or value in use.

Intangible fixed assets

The cost of acquiring and implementing university administrative systems/software applications is capitalised as intangible fixed assets.

Intangible fixed assets are measured at acquisition or manufacturing cost. Time-proportional depreciation is applied over the expected useful life. The expected useful life depends on the type of investment and ranges from 5 to 9 years. Intangible fixed assets not yet completed are not subject to amortisation.

The amortisation terms in years are as follows:

1. Licences 5 year  
2. Software 5 / 9 years  

Tangible fixed assets

Buildings and land are measured at acquisition cost plus additional costs or manufacturing cost, less straight-line depreciation over the estimated useful life. Land is not subject to depreciation. The impairment expected on the balance sheet date is taken into account. Items of property, plant and equipment under construction are not subject to depreciation. Depreciation is applied as from the time of completion. Except for the EUC building, there are no restrictions on ownership of tangible fixed assets.

Landand buildings

Depreciation is applied in accordance with the component method based on the following components:

1. Shell 60 years  
2. Finishing 36 years  
3. Integrated in the building 10 / 18 years  
4. Technical installations 5 / 9 / 18 years  
5. Temporary space 5 / 10 years  
6. Landscaping, outdoor furnishing 10 / 20 years  
7 Building EUC 40 years  

Accelerated depreciation is applied on assets of buildings scheduled for renovation or demolition.

Other tangible fixed assets are measured at the acquisition or manufacturing cost including directly attributable costs, less straight-line depreciation during the expected future useful life, or lower value in use.

The manufacturing cost consists of the acquisition costs of raw materials and consumables and costs directly attributable to manufacturing, including installation costs.

Inventory,equipment (incl. initial furnishings)

EUR applies a capitalisation limit for a movable asset with an acquisition cost of more than k€ 15.0. Depreciation terms in years depend on the type of investment and range from 3 to 15 years.

If there is a planned bulk acquisition >= k€ 200.0 from a single quotation/order, then these are capitalised and depreciated in accordance with the appropriate asset class based on the economic life.

The manufacturing cost consists of the acquisition costs of raw materials and consumables and costs directly attributable to manufacturing, including installation costs.

Subsidies on investments are deducted from the acquisition or manufacturing cost of the assets to which the subsidies relate.

Financial fixed assets

Investees in which significant influence can be exercised are measured using the net equity value method. When determining whether the organisation exercises significant influence over the business and financial policies of an investee, the totality of factual circumstances and contractual relationships (including any potential voting rights) are considered.

Investees in which EUR exercises joint control with other parties (joint ventures) are measured using the same method.

The net equity value is calculated in accordance with the accounting policies applicable to these financial statements; for investees for which insufficient data is available for adjustment according to these principles, the accounting policies of the respective investee are used. If the measurement of an investee is negative based on the net equity value, it is measured at nil. If and to the extent that EUR in this situation guarantees some or all of the debts of the investee, or has an actual obligation to enable the investee to pay its debts, a provision is made amounting to the investee’s estimated payment total. The provision is primarily charged to receivables from the investee and is otherwise presented in Provisions.

The initial recognition of acquired investees is based on the fair value of the identifiable assets and liabilities at the moment of acquisition. For subsequent measurements, based on the values upon the initial recognition, the accounting policies applicable to these financial statements are applied. Investees in which no significant influence is exercised are measured at acquisition cost or lower recoverable amount. If there is a definite intention to divest, measurement is based on the expected sale price if lower. The write-down is charged to the income statement.

The receivables from and loans to (non-consolidated) investees included in financial fixed assets are initially measured at the fair value of the amount provided, usually the nominal value, less any provisions deemed necessary. Subsequently, such receivables are carried at amortised cost, less any provisions deemed necessary.

The Other Securities presented in Financial fixed assets mainly concern investments in funds within the framework of knowledge valorisation. These investments, which are not part of a trading portfolio, are measured (per fund) at fair value, with value adjustments recognised directly in the income statement.

Inventories

The accounting policy for inventories is on a FIFO basis at cost or lower net realisable value.

Receivables

General

Current receivables are stated at the fair value of the consideration, generally at their nominal value. Provisions for bad debts are deducted from the book value of the relevant receivable. The position of the provision is determined statistically.

Receivables OCW

Current receivables also include a cash rebate on the State contribution applied by the Ministry of Education, Culture and Science. This concerns the portion of the State contribution that will not be paid until the following calendar year.

In 2009 and 2010, the Ministry of Education, Culture and Science provided compensation for the introduction of the bachelor-master structure in the period 2003-2008. This compensation will be paid in the period 2011-2021 through the state contribution. This pay-out is classified as a non-current receivable.

Projects in progress commissioned by third parties

The measurement of projects in progress concerns the amounts received less direct material and labour costs, plus a mark-up for indirect fixed and variable costs relating to the provision of services, plus a mark-up for indirect costs relating mainly to accommodation, administration and general management.

The allocation of revenues, costs and profit on projects in progress is done in proportion to the work performed ('percentage of completion' method) as at the balance sheet date, based on the project costs incurred up to the balance sheet date in relation to the estimated total project costs. Expenditures related to project costs that lead to deliverables after the balance sheet date are recognised as assets if it is probable that they will result in revenue in a subsequent period. Expected losses on projects in progress are immediately recognised as an expense in the income statement.

In the balance sheet, depending on the netted balance, a project in progress is included under ‘Measurement of projects in progress' (assets) or 'Instalments invoiced or received in advance from projects' (liabilities).

"Expected losses on projects in progress are recognised immediately in the period in which a project is found to be making a loss. In the event of EUR contributing to a project based on a State contribution (co-financing), this is not considered a loss."

Marketable securities

Securities recognised in current assets, insofar as these relate to the trading portfolio or to equity instruments outside the trading portfolio, are measured at fair value. All other financial instruments recognised in the balance sheet are carried at (amortised) cost. Value adjustments are directly recognised in the income statement.

EUR has an approved treasury statute. In terms of public funds, this is in full compliance with the 2016 OCW Investing, Borrowing and Derivatives Regulations. Investments are made with at least a principal guarantee. EUR invests its public funds only with institutions with at least an A rating.

As part of knowledge valorisation, investments will be made in various funds (commercial and non-commercial) starting in 2021. These investments are made from the recently established investee Erasmus Enterprise BV. Despite the fact that this concerns carrying out one of the core tasks of a university, these investments are funded entirely from EUR’s available private capital.

Cash and cash equivalents

Cash and cash equivalents consist of cash, bank balances and demand deposits with maturities of less than twelve months. These items are measured at their nominal value.

Equity

Equity consists of general reserves and earmarked reserves and/or funds. These items are segmented by public and private funds. Earmarked reserves are reserves with a more limited spending option, which has been allocated by the Board.

Earmarked funds are reserves with more limited spending options, which have been allocated by third parties.

Provisions

General

Provisions include employee benefits and provisions for environmental liabilities and risks.

Provisions are created for legally enforceable or constructive obligations and losses existing at the balance sheet date, the amount of which is uncertain but can be reliably estimated and it is probable that an outflow of resources will be required to settle the obligation. Provisions are stated at the nominal value of the expected expenses required to fulfil the payment obligations and settle the losses, unless where stated otherwise.

Employee provisions

EUR complies with the annual reporting guideline with regard to creating a provision for employee benefits measured at the present value.

EUR creates provisions for obligations arising from restructuring on which the competent authority has made and communicated a decision before the balance sheet date. The liabilities consist of future redundancy costs that may arise as a result of the restructuring, as well as the costs of social plans and other arrangements aimed at preventing compulsory redundancies on the one hand and reducing benefit costs on the other, as well as costs pursuant to personnel who are exempted from performance obligations.

Obligations arising from non-restructuring are recognised in the provision for social policy, reorganisation and legal position. This provision is stated at its present value. The interest rate was determined based on participation in borrowing capacity based on treasury banking with a 0.1% mark-up.

Environmental liabilities and risks

The provision for environmental liabilities and risks is stated at nominal value.

Non-current debt

Liabilities with a remaining term of more than one year are referred to as non-current. The current year's repayment amount is included in current liabilities.

Non-current debt is initially recognised at fair value and subsequently measured at amortised cost. Upon initial recognition, the measurement consists of the amount received, taking into account premiums or discounts and deducting transaction fees.

"The difference between the determined carrying amount and the ultimate repayment value, together with the interest payable, is determined in such a way that the effective interest rate is recognised in the income statement over the term of the debt."

Current debt

Current liabilities are initially recognised at fair value and subsequently measured at amortised cost.

Accounting policies for determination of the result

General

Income and expenses are allocated to the financial year to which they relate. Profits are only recognised to the extent that they have been realised at the balance sheet date. Losses and risks originating before the end of the reporting year are taken into account if they became known before the adoption of the financial statements.

Revenue recognition

State contributions, other government contributions and grants

The State contribution (lump sum) is recognised in income at fair value based on the annual allocation. 

Tuition and course fees

Tuition fees are recorded in income at fair value and allocated to the year to which they relate, assuming that regular education tasks are spread evenly throughout the college year.

Provision of services

Revenue from the provision of services is recognised in income at fair value and in proportion to the work completed. The amount recognised is based on the services performed up to the balance sheet date, in relation to the total services to be performed.

Project revenues and project costs

For projects in progress, the results of which can be reliably determined, project revenue is recognised at fair value as income from work performed at the instructions of third parties. Project costs are recognised in the income statement, in proportion to the work completed as at the balance sheet date (in accordance with the Percentage of Completion method, or PoC method).

The progress of the work carried out is determined on the basis of the project costs incurred up to the balance sheet date in relation to the estimated total project costs. If the result cannot (yet) be reliably estimated, revenue is recognised as income from work performed at the instructions of third parties in the income statement up to the amount of the project costs incurred that is likely to be recovered; the project costs are recognised in the income statement in the period in which they were incurred. As soon as the result can be reliably determined, revenue is recognised according to the PoC method in proportion to the work completed as at the balance sheet date.

The result is determined as the difference between the project revenues and project costs. Project revenues are the contractually agreed amounts including contract deviations and fees, to the extent that they are likely to be realised and can be reliably determined. Project costs are the direct, indirect and allocated costs related to the activities that are contractually attributable to the client.

As soon as the total construction contract costs are likely to exceed total project revenue, the expected loss is recognised immediately in the netted balance of projects in progress in the income statement.

Other income

Other income consists of income from leases, staff secondments, donations, sponsorships, participant contributions, student contributions and other income. This is recognised in Income at fair value.

Central government subsidies

Operating grants are recognised as income in the income statement in the year in which the subsidised costs were incurred or revenues were lost, or when a subsidised operating deficit was incurred. Income is recognised at fair value if it is probable that it will be received and the institution can demonstrate fulfilment of the conditions for entitlement.

Grants related to investments in tangible fixed assets are deducted from the related asset.

Depreciation

Intangible and tangible fixed assets are depreciated on a time-proportional and straight-line basis. Buildings in Tangible fixed assets are depreciated on a straight-line basis over the expected future useful life of the asset from the hand-over date. Land is not subject to depreciation. Tangible fixed assets are depreciated from the date of first use. If there is a change in the estimate of the useful life, then future depreciation is adjusted accordingly.

Gains and losses on the sale of tangible fixed assets are recognised in Depreciation costs.

Employee benefits

Employee benefits

Wages, salaries and social insurance are recognised in the income statement pursuant to the employment contract to the extent these are payable to employees. Allocation is made on the basis of performance delivered. To the extent not yet paid, employee benefits are recognised as a liability on the balance sheet. If the amounts already paid exceed the benefits due, the excess is recognised as an accrued asset to the extent that the amount will be repaid by an employee or settled with future payments by EUR.

Other personnel expenses

Other personnel expenses, accrued leave time and service anniversaries, etc., are recognised or accrued from the time the obligation arises.

Pensions

"Pension premiums are recognised as personnel expenses when due. Prepaid premiums are recognised as accrued assets if it results in a refund or a reduction of future payments.

EUR has a pension plan with the ABP pension fund, which qualifies as a defined benefit plan. Pursuant to the pension administration agreement with this fund and the pension agreement with the employees, EUR has, in principle, no obligation other than the payment of the annual pension contributions due. If the funding ratio drops below a certain limit, ABP pension fund may charge a supplement on the premium, among other things. The actual funding ratio as at the balance sheet date was 110.2%. The average funding ratio for 2021 was 102.7%."

Financial income and expenses

Interest received and interest payable

Interest received and interest payable is recognised proportionally over time, taking into account the effective interest rate of the assets and liabilities in question. When accounting for interest, transaction fees on loans are taken into account. In addition, interest obligations on current loans and lease obligations are recognised in financial income and expenses.

Value adjustments to financial fixed assets and securities

Movements in the value of securities in the trading portfolio are recognised directly in financial income and expenses.

Finance lease

The leased asset (and the related liability) is recognised in the balance sheet at the start date of the lease term at the lower of the fair value of the leased asset and the present value of the minimum lease payments. Both values are determined at the time the lease contract is signed. The interest rate applied in the calculation of the present value is the implicit interest rate. If this interest rate is practically impossible to determine, the marginal interest rate is used. Initial direct costs are included in the initial measurement of the lease asset.

Lease payments are split between interest payable and repayment of the due lease liability. Interest expense is allocated to each period during the lease term to result in a constant periodic rate of interest on the remaining net liability relating to the finance lease. Contingent lease payments are recognised as an expense in the period in which the conditions for payment are met.

Share in earnings of non-consolidated investees

The result of investees in which significant influence is exercised on the business and financial policy is recognised as the institution's share in the result of these investees. This result is determined on the basis of the accounting policies for measurement and determination of the result applied at EUR. In the case of investees in which no significant influence is exercised on business and financial policy, the dividend is classified as income. This is recognised in financial income and expenses.

Notes to the consolidated balance sheet

Fixed assets

1.1 Intangible fixed assets

M€ 4.6 - (2020: M€ 6.3)

  Development
costs
Concession Fees & rights Intell. Property Prepayments Total
Purchase price 0,3 13,0  0,4  13,7
Accumulated depreciation and impairments -0,2 -7,2 - -7,4
Carrying amount as at 1 January 2021  0,1  5,8 0,4 6,3
         
Investments -  0,1   0,1   0,2 
Divestments -0,1 -0,1 - -0,2 
Movement - - - -
Depreciation -0,1 -1,9 - -2,0 
Depreciation on disposals  0,1   0,2  -  0,3 
         
Purchase price  0,2   13,0   0,5   13,7 
Accumulated depreciation and impairments -0,2 -8,9 - -9,1
Book value 31 December 2021 -  4,1   0,5   4,6 

1.2 Tangible fixed assets

M€ 270.6 - (2020: M€ 255.1)

  Land and buildings Contents, eqpm (incl. initial furnishings) In progress and advance payments Total
Purchase price  411,2   40,9   13,2   465,3 
Accumulated depreciation and impairments -186,0  -24,2  - -210,2 
Book value as at 1 January 2021  225,2   16,7   13,2   255,1 
         
Investments  0,1  2,5  33,2   35,8 
Divestments -11,8 -1,7 - -13,5 
Movement  1,9   0,2  -2,1 -
Depreciation -15,2 -5,1 - -20,3 
Depreciation on disposals  11,8   1,7  -  13,5 
         
Purchase price  401,4   41,9   44,3   487,6 
Accumulated depreciation and impairments -189,4  -27,6  0,0  -217,0 
Book value 31 December 2021  212,0   14,3   44,3   270,6 

The book value at the closing date of 2021 of MVA in progress and prepayments on MVA includes M€ 11.8 regarding the sports complex under construction at Woudestein campus. The funds invested in this item in 2021 amount to M€ 9.3. The completion of this sports complex is scheduled for the third quarter of 2022.

In 2014, EUR entered into a financial lease with the City of Rotterdam for an educational building with a term of 40 years. The net investment as recognised in the item Buildings and land amounted to M€ 9.5 in 2014. This property is not legally owned by EUR.

WOZ value (property tax base) and insured value of buildings / land, business equipment / inventory and books / media collection (in M€):

  WOZ value (property tax base) Reference date Sum insured Reference date
Land and buildings 341,3 2018/2020 608,0 2021
Operating equipment and inventory     165,0 2021
Books and media collection     20,2 2021

1.3 Financial fixed assets

M€ 0.4 - (2020: M€ 0.5)

  Book value as at 1 Jan 2021 Investm, loans provided Divestm, loans taken Carrying amount
Receivables from other investees1 -  0,2  - 31.dec.2021
Receivables from OCW2 0,4 - -0,4 -
Other receivables3 0,1 - -  0,1 
Other securities4 -  0,1  - 0,1
  0,5  0,3  -0,4 0,4

Current assets

1.4 Inventories

M€ 0 - (2020: M€ 0,1)

  2021 2020
Consumer Goods -  0,1 

1.5 Receivables

M€ 31.3 - (2020: M€29) The following items are recognised in receivables:

  2021   2020  
Accounts receivable 11,1   7,3  
OCW1 0,3   0,7  
Municipal authorities and GRs  0,1    -  
Students / participants / course participants 0,9   1,1  
Measurement of Projects in progress 5,9   5,2  
Other receivables 0,3   0,4  
Provisions for bad debts -1,4   -1,2  
    17,2   13,5
Prepayments 6,6   6,8  
Advances provided  0,1    0,1  
Other Prepayments and accrued income 7,4   8,6  
    14,1   15,5
    31,3   29,0

2.1 Shareholders' equity

Equity consists of the general reserve and earmarked reserves and funds (divided into public and private).

M€ 219.1 - (2020: M€ 221.8)

  Opening position as at 1 Jan 2021 Movement Result Balance as of 31 Dec 2021
General reserve  78,2   65,7  -4,3  139,6 
Earmarked reserve (public)        
Strategic reserve1  13,0   3,8  -  16,8 
Funds due to sector consultations  2,1  - -0,1  2,0 
Reserve for equity from property2  72,9  -72,9 - -
Investment reserve  1,8  - -  1,8 
Other3  19,0  -4,2  0,1   14,9 
   108,8  -73,3 -  35,5 
Earmarked reserve (private)        
University reserve -  8,2  -  8,2 
EUR Holding BV  22,6  -0,6  0,6   22,6 
Rotterdam School of Management BV  10,9  -  0,7   11,6 
Erasmus Enterprise BV -  0,1   0,2   0,3 
   33,5   7,7   1,4   42,7 
Earmarked fund (private)        
Tinbergen Institute  0,4  -0,4  0,2   0,2 
         
Other statutory reserves        
EUR Holding BV -  0,1  -  0,1 
Erasmus Enterprise BV -  0,1   0,1   0,2 
Erasmus Sports Center  0,9  - -  0,9 
Erasmus Sports Facilities - - - -
   0,9   0,2   0,1   1,2 
         
   221,8  -0,1 -2,6  219,1 

The capital base is equal to the equity capital.

The amounts in the Movement column largely relate to:

  • Release of earmarked reserve from property equity M€ 72.9;
  • Adjustment earmarked strategic reserve M€ 3.8;
  • As part of the implementation of the new policy rules on investments with public funds in private activities, we have made a distinction between public and private assets within EUR’s general reserves. Based on an internal system, we have determined that the size of the private University assets as at 31 December 2021 is M€ 8.2. In the statement of changes in equity, we have treated this as another change.

1.6 Cash and cash equivalents

M€ 110.5 - (2020: M€115.1) The netted cash balance is structured as follows:

  2021 2020
Balances in bank accounts 54,5 58,4
Treasury Banking 56,0 56,7
  110,5 115,1

Reconciliation of consolidated equity with separate equity

Consolidated equity differs from equity in the separate financial statements. This deviation is outlined in the table below.

  Opening position as at 1 Jan 2021 Movement Result Closing position as at 31 Dec 2021
Separate equity  220,9  - 0,1  -2,7 218,1
Erasmus Sports Center  0,9  - -  0,9 
Erasmus Sports Facilities - - - -
         
Consolidated equity 221,8 - 0,1  -2,6 219,1

2.2 Provisions

The movement in provisions is as follows:

M€ 23,6 - (2020: M€ 21,7)

  Personnel provisions Environmental provision Other provisions Total
Opening balance as at 1 January 2021  13,1  8,1  0,5   21,7 
         
Funds added  8,9  - 0,1  9,0 
Change in discount rate/operations -  0,4  -  0,4 
Release -1,5 - -0,2 -1,7
Withdrawals -5,8 - - -5,8
Closing balance as at 31 December 2021 14,7 8,5 0,4 23,6
         
Curent part < 1 year  5,1  -  0,4   5,5 
Non-current part >1 year  9,6  8,5 -  18,1 

Personnel provisions

The personnel provisions are broken down as follows:

  Opening position as at 1 Jan 2021 Funds added Change disc. rate/Comp interest Release Funds withdrawn Closing position as at 31 Dec 2021 Current part <1 year Non-current part > 1 year
Unemployment contributions  1,6   1,5  - - -1,4 1,7  0,9   0,8 
Soc. policy, restructuring and  0,9   2,7  - -0,2 -1,4 2,0  0,7   1,3 
legal position  4,7   1,3  - -0,2 -0,8 5,0  1,3   3,7 
Leave savings and sabbatical leave  4,0   0,5  - -0,5 -0,3 3,7  0,4   3,3 
Provision for service anniversary  1,2   0,4  - -0,4 -0,4 0,8  0,4   0,4 
Transition payment  0,7   2,5  - -0,2 -1,5 1,5  1,4   0,1 
  13,1  8,9  - -1,5 -5,8 14,7  5,1   9,6 

2.3 Non-current debt

M€ 7,8 - (2020: M€ 8,2)

  Lease obligations to municipal authorities Other Total
Opening balance as at 1 January 2021 7,7 0,5 8,2
Movement -0,2 -0,2 -0,4
Non-current as at 31 December 2021 7,5 0,3 7,8
       
Term > 5 jaar 6,7 0,3  7,0 

Repayment obligations within 12 months of the end of the financial year amounting to M€ 0.2 are not recognised in the above amounts, but are included in current liabilities.

Lease obligations

In 2014, EUR entered into a financial lease with the City of Rotterdam for a property with a term of 40 years.

Other non-current debt

Tinbergen Institute

The non-current liability recognised for the Tinbergen Institute amounts to M€ 0.3 at the closing date of 2021. The partnership agreement between the participating parties (EUR, VU, UVA) sets out the distribution of surpluses and/or deficits.

2.4 Current liabilities

These liabilities can be broken down as follows:

M€ 166,9 - (2020: M€ 154,4)

  2021   2020  
Accounts payable 14,5   9,0  
Municipal authorities and GRs  0,3    0,3  
Amounts payable to group companies1 -   0,3  
Instalments invoiced or received in advance from projects2 39,2   32,0  
Taxes and social insurance premiums 14,8   12,5  
Liabilities in respect of pensions 3,5   3,0  
Other current liabilities 0,2   0,2  
    72,5   57,3
Prepaid tuition and fees 44,8   54,2  
Income received in advance 1,8   2,4  
Prepaid sector funds3 6,1   7,2  
Advance non-normative Government contribution received4 4,5   -  
Grants received in advance5 4,8    1,2   
Holiday allowance and holiday time 23,5   19,4  
Accrued expenses 8,9   12,7  
    94,4   97,1
    166,9   154,4

Off-balance sheet rights and commitments

Guarantees

  • RSM BV has provided a bank guarantee where RSM BV guarantees the costs resulting from unpaid course fees by participants in the RSM MBA programme. The total guarantee amounts to M€ 0.2.
  • The 20% investee YES!Delft BV has provided a bank guarantee where YES!Delft BV is the guarantor for the costs as a result of unpaid lease charges. The total guarantee amounts to M€ 0.1.
  • On 8 September 2020, Stichting Erasmus Sport foundation offered to guarantee the annual interest and repayment obligation of the loan of the Rotterdam Student Football Association Antibari to the City of Rotterdam. Signed in 2011 and 2020. Erasmus Sport guarantees a sum of € 180,000. The term of the loan (and guarantee) is 15 years, from 2020 to 2035. Erasmus Sport Foundation also provides Antibari with a guarantee subsidy of up to € 20,000 for the costs incurred in 2020 for the renovation of the club building, on the condition of demonstrating that this will cause an unforeseen shortfall in the remodeling. € 10,000 of this amount has been recognised in the 2020 result.

Liabilities

Other off-balance sheet commitments

  • For the design of the new building, Erasmus Sport Foundation entered into an agreement with Janssen- Fritsen BV. The contract sum is € 470,000 excluding VAT.
  • Erasmus Enterprise BV made a commitment of € 1 million to the Graduate Entrepreneur Fund Coöperatief U.A. This is an investment in the context of knowledge valorisation. The resources available in the fund are mainly used to help start-ups and scale-ups of Rotterdam and Delft students and alumni. At the closing date of 2021, the (remaining) investment commitment is € 0.9 million.

Tax group

EUR Holding BV, Erasmus Enterprise BV and RSM BV are in the tax group for corporate and value added tax with Erasmus University Rotterdam. Under the Collection Act, the Company is jointly and severally liable for the taxes payable by the combination.

  Shorter than 1 year Between 1 and 5 years Longer than 5 years Total 31 Dec 2021
Rights  1,7   1,0  -  2,7 
Guarantees  0,5   0,8   0,1   1,4 
         
Obligations not recognised        
Building lease  0,7   2,2   0,9   3,8 
Software Licenses  2,2   2,8  -  5,0 
Publisher Licenses  2,2   2,9  -  5,1 
Investments  21,6  - -  21,6 
Claims  7,2  - -  7,2 
Other off-balance sheet commitments  20,1   40,7   16,7   77,5 
Total liabilities  54,0   48,6   17,6   120,2 

Notes to the consolidated income statement

3.1 State contributions

M€ 369,2 - (2020: M€ 325,8)

  2021 2020
State contribution OCW 471,5 420,5
Less: income transfer from state contributions -102,3 -94,7
  369,2 325,8

3.2 Tuition, course, lecture and examination fees

M€ 63,1 - (2020: M€ 66,7)

  2021 2020
Tuition fees 63,1 66,7

3.3 Income from work commissioned by third parties

Under 'Income from work commissioned by third parties' all income from service projects is recognised in proportion to expenditure.

M€ 205,9 - (2020: M€ 190,4)

  2021   2020  
Contract Education   43,3   41,0
Contract Research        
Other non-profit organisations 36,1   36,1  
Companies and other 29,5   33,2  
National governments 23,3   16,4  
International Organisations 33,9   28,8  
NWO (excl. ZonMw) 33,8   29,8  
    156,6   144,3
Other   6,0   5,1
    205,9   190,4

3.4 Other income

These revenues can be classified as follows:

M€ 113,8 - (2020: M€ 103,3)

  2021 2020
Lease 2,5 2,5
Secondment of personnel 23,9 23,1
Donation 0,8 1,2
Sponsorship 0,4 0,3
Participant contributions 0,6 0,6
Student contributions 2,1 1,8
Catering  0,1  -
Other 83,4 73,8
  113,8 103,3
Specification of other income - other 2021 2020
Pro-rated VAT 1,5 1,0
Contributions by third parties1 63,7 57,3
Revenue from services 16,9 13,6
Other 1,3 1,9
  83,4 73,8

4.1 Personnel expenses

Personnel expenses can be broken down as follows:

M€ 524,1 - (2020: M€ 496,6)

  2021   2020  
Wages and salaries 363,0   346,3  
Social insurance 46,0   42,5  
Pension liabilities 57,0   50,6  
    466,0   439,4
Allocation of personnel provisions1 8,8   6,6  
Personnel not on payroll 31,3   30,3  
Other 21,9   23,1  
Other personnel expenses   62,0   60,0
Less: benefits   -3,9   -2,8
    524,1   496,6

Workforce composition

Average number of FTEs 2021 2020
EUR sec 2.807 2.677
EUR Holding BV 230 250
RSM BV 102 105
Erasmus Sports Center 25 17
Erasmus Sports Facilities - -
Erasmus Enterprise BV  6  -
Erasmus MC (not employed by EUR) 2.557 2.510
Total 5.727 5.559

The reporting on the employees of Erasmus MC including its consolidated BVs is included in the financial statements of Erasmus MC.

4.2 Depreciation

M€ 39,2 - (2020: M€ 40,9)

  2021 2020
Intangible fixed assets 1,8 1,5
Tangible fixed assets1 37,4 39,4
  39,2 40,9

4.3 Building costs

M€ 29,0 - (2020: M€ 36,1)

  2021 2020
Lease 2,4 3,4
Insurance 0,4 0,4
Maintenance 10,2 8,8
Energy, water 6,9 6,9
Cleaning costs 4,1 4,1
Taxes and levies 3,2 3,4
Other 1,8 9,1
  29,0 36,1
Specification of building costs - other 2021 2020
Environmental obligations and risks1 -0,8 6,3
Surveillance and security 2,2 2,1
Other 0,4 0,7
  1,8 9,1

4.4 Other expenses

M€ 150,0 - (2020: M€ 139,2)

  2021 2020
Administrative and management costs 1,0 1,2
Inventory and equipment1 28,6 23,3
Allocation of other provisions2 -0,1 0,5
Other3 120,5 114,2
  150,0 139,2
Specification of other expenses - other 2021 2020
Supplies and consumables 22,1 18,1
Grants/subsidies 22,2 20,6
Travel and lodging costs 6,2 7,5
Outsourced work 29,7 26,1
Overheads 11,9 12,4
Books, magazines, etc. 8,0 8,4
Organisational and legal advice 1,2 1,5
Representation expenses 2,8 2,4
Other 16,4 17,1
  120,5 114,2

Auditor's fee

Amounts in k€

  Fee Deloitte, main accountant (basic activities) Fee Deloitte, main accountant (network *1) Fee for other accn. organisations (for network-plus approach) Total in 2021
Auditing of the annual financial statements  484,2  -  51,7   535,9 
Other audit assignments  115,3  - -  115,3 
Advisory services with regard to taxes -  12,4   1,3   13,7 
Other non-audit services -  75,4   208,8   284,2 
Total  599,5   87,8   261,8   949,1 

Amounts in k€

  Honorarium huisaccountant Deloitte
(Basis activiteiten)
Honorarium huisaccountant Deloitte (Netwerk *1) Honorarium overige acc. organisaties (tbv netwerkplus benadering) Totaal 2020
Auditing of the annual financial statements  533,5  -  30,5   564,0 
Other audit assignments  151,6  -  2,4   154,0 
Advisory services with regard to taxes -  25,4   2,1   27,5 
Other non-audit services  2,4   583,9   343,6   929,9 
Total  687,5   609,3   378,6   1.675,4 

5 Financial income and expenses

M€ 3,8 - (2020: M€ -0,3)

  2021 2020
Interest received  4,6   0,1 
Value adjustments to financial fixed assets and securities -0,7 -0,3
Interest expense -0,1 -0,1
  3,8 -0,3

6 Taxes

M€ -0,1 – (2020: M€ -0,1)

  2021 2020
Taxes -0,1 -0,1

7 Result third-party share

M€ 16,0- (2020: M€ -6,6)

  2021 2020
Erasmus MC 16,0 -6,6

Subsequent events

On 10 February 2022, the Build to Grow BV entity was established. Erasmus Enterprise BV obtained 20% ownership of the shares in Build to Grow BV at the time of its incorporation and paid up these shares at nominal value.

Consolidated parties

Name Legal form Statutory seat Percentage of share Code * Activities Equity 31 Dec 2021 Result 2021 Sales 2021 Art 2:403 Dutch Civil Code Consolidation
EUR Holding B.V. B.V. Rotterdam 100 3  22,7   0,6   31,4  No Yes
Consolidated parties of EUR Holding BV;                  
Corporate Communication Centre (CCC) BV B.V. Rotterdam 100 1,2  0,9   0,1   0,8  No Yes
Erasmus Marketing Institute (EMI) BV B.V. Rotterdam 100 1 - - - No Yes
Institute SMO BV B.V. Den Haag 100 2 - - - No Yes
Fiscaal Economisch Instituut (FEI) BV B.V. Rotterdam 100 1  1,1  -  1,1  No Yes
Erasmus Academy BV B.V. Rotterdam 100 1,2  0,3  -0,4  2,2  No Yes
Erasmus University Rotterdam Accountancy, Auditing and Controlling (EURAC) BV B.V. Rotterdam 100 1,2  4,4   0,3   9,6  No Yes
RISBO Contractresearch BV B.V. Rotterdam 100 2  2,0  -  2,6  No Yes
Sociaal-Economisch Onderzoek Rotterdam (SEOR) BV B.V. Rotterdam 100 2  0,5  -  1,1  No Yes
Institute for Housing and Urban Development Studies (IHS) BV B.V. Rotterdam 100 1,2  5,5   0,5   7,3  No Yes
Erasmus Centre for Urban, Port and Transport Economics (EUPT) BV B.V. Rotterdam 100 1,2  1,2   0,1   2,4  No Yes
Erasmus SmartPort Rotterdam (ESPR) BV B.V. Rotterdam 100 1,2  0,7   0,1   1,2  No Yes
Erasmus Centre for Care Governance BV (ECZ BV) B.V. Rotterdam 100 1  2,2   0,2   2,6  No Yes
Institute for Medical Technology Assessment (iMTA) BV B.V. Rotterdam 100 2  1,5  -  2,0  No Yes
Dutch Research Institute for Transitions (DRIFT) BV B.V. Rotterdam 100 1,2  0,4  -  2,6  No Yes
Erasmus Institute for Business Economics (EIBE) BV B.V. Rotterdam 100 2  0,9  - 0,8   0,2  No Yes
EURFlex BV B.V. Rotterdam 100 3  0,6   0,2   5,9  No Yes
EQI BV B.V. Rotterdam 100 2 -0,1 -0,1 1,2 No Yes
ESLExEd BV B.V. Rotterdam 100 1 -  0,1   0,3  No Yes
Erasmus Enterprise BV B.V. Rotterdam 100 3  0,4   0,2   3,9  No Yes
Consolidated parties of Erasmus Enterprise BV;               No Yes
Erasmus Centre for Entrepreneurship BV (ECE) B.V. Rotterdam 100 1,2  0,1   0,1   1,5  No Yes
Erasmus University Centre for Contract Research and Business Support (ERBS) BV B.V. Rotterdam 100 2  0,1  -  0,3  No Yes
RSM B.V. B.V. Rotterdam 100 1,2  11,6   0,6   17,8  No Yes
Consolidated party of RSM BV; RSM Executive Education BV B.V. Rotterdam 100 1  0,4  -  0,4  No Yes
Erasmus MC E&R Holding BV B.V. Rotterdam 100 2  16,3  - 0,6  - No Yes
Consolidated parties of Erasmus MC E&R Holding BV;               No Yes
Thoraxcentrum Research BV B.V. Rotterdam 100 2  4,2  - 0,1   3,6  No Yes
ViroNovative BV B.V. Rotterdam 100 3  1,7   0,1   2,0  No Yes
Eurza Arbo BV B.V. Rotterdam 100 3 - - - No Yes
Neurasmus BV B.V. Rotterdam 100 2  0,1  - 0,1   0,1  No Yes
Erasmus MC Diabetes Station BV B.V. Rotterdam 78 3 - - - No Yes
MI&EUR Implementation and Exploitation BV B.V. Rotterdam 100 2  1,3   0,2   0,3  No Yes
Erasmus Sports Center Stichting Rotterdam - 3  0,9  -  2,3  No Yes
Erasmus Sports Facilities Stichting Rotterdam - 3 -  0,1  - No Yes
University Heritage Foundation of Erasmus University Stichting Rotterdam - 3 - - - No Yes

Separate balance sheet as at 31 December 2021 after appropriation of the result

in M€   2021 2020
1. ASSETS    
       
  Fixed assets    
1.1 Intangible fixed assets 4,5 6,2
1.2 Tangible fixed assets 255,0 248,2
1.3 Financial fixed assets 42,7 37,3
       
  Total fixed assets 302,2 291,7
       
       
  Current assets    
1.4 Inventories 0,0 -
1.5 Receivables 29,8 26,1
1.6 Cash and cash equivalents 56,2 58,5
       
  Total current assets 86,0 84,6
       
  Total assets 388,2 376,3
       
       
2. LIABILITIES    
       
2.1 Equity 218,1 220,9
       
2.2 Provisions 23,3 21,0
2.3 Non-current debt 7,8 8,2
2.4 Current debt 139,0 126,2
       
  Total liabilities 388,2 376,3

Separate income statement for 2021

in M€   Result
2021
Budget Plan
2021
Result
2020
3. INCOME      
3.1 State contributions 369,2  344,3  325,8
3.2 Tuition, course, lecture and examination fees 63,1  71,1  66,7
3.3 Income from work commissioned by third parties  34,1   37,1  31,0
3.4 Other income  24,1   30,8  23,8
         
  Total income 490,5  483,3  447,3
         
4. EXPENSES      
4.1 Personnel expenses 274,6  260,2  256,2
4.2 Depreciation 21,1  23,7  20,1
4.3 Property costs 19,7  22,2  19,2
4.4 Other expenditure  179,1   206,2  170,0
         
  Total expenses 494,5  512,3  465,5
         
  Netted balance of income and expenses -4,0 -29,0 -18,2
         
5. Financial income and expenses -0,1 -0,1 -0,1
         
6. Result on investees 1,4 -1,5 -2,1
         
  Result -2,7 -30,6 -20,4

Separate cash flow statement for 2021

in M€ 2021   2020  
Cash flow from operations        
Result from operations   -4,0   -18,2
         
Adjustments for reconciliation of operating result        
Adjustments for depreciation 21,1   20,1  
Increase (decrease) in provisions 2,3   -0,2  
    23,4   19,9
Movement in working capital        
Increase (Decrease) in Inventories -   0,1  
Increase (decrease) in current receivables -3,7   2,4  
Increase (decrease) in current debt 12,8   -1,3  
    9,1   1,2
Cash flow from operating activities   28,5   2,9
Interest paid   0,1   0,1
Total cash flow from operating activities   28,4   2,8
         
Cash flows from investment activities        
Acquisition of intangible fixed assets  0,1    2,9  
Acquisition of tangible fixed assets 26,2   11,4  
Investments in participations and partnerships -0,2   -0,4  
Increase (decrease) in loans to OCW and EZ -0,4   -0,6  
Increase (decrease) in other financial non-current assets 4,6   2,5  
Total cash flow from investment activities   -30,3   -15,8
         
Cash flow from financing activities        
Increase (decrease) in non-current debt -0,4   -0,4  
Total cash flows from financing activities   -0,4   -0,4
         
Increase (decrease) in cash and cash equivalents   -2,3   -13,4
         
Opening balance of cash and cash equivalents   58,5   71,9
Position cash and cash equivalents as at 31 December   56,2   58,5
Movements in cash and cash equivalents   -2,3   -13,4

Accounting policies for the separate financial statements

General

Accounting policies for preparing the annual financial statements

The separate financial statements have been prepared in accordance with the statutory provisions of Title 9 of Book 2 of the Dutch Civil Code and the authoritative statements set out in the Dutch Accounting Standards issued by the RvJ, the Dutch Accounting Standards Board. These provisions apply pursuant to the Annual Reporting on Education Regulations. In the financial statements, the amounts are stated in millions of euros (unless otherwise indicated).

Accounting policies for measurement and determination of results

The accounting policies for measurement and determination of the result for the separate financial statements are the same as for the consolidated financial statements. Please refer to the notes to the consolidated balance sheet and income statement for the accounting policies for measurement of assets and liabilities and determination of the result. Insofar as items from the separate balance sheet and the separate income statement are not explained below, please refer to the accounting policies for the consolidated balance sheet and the consolidated income statement.

Investees

Participations in group companies and other investees in which significant influence can be exercised are measured in accordance with the net equity value method. In any case, significant influence is assumed to be applicable if 20% or more of the voting rights can be cast.

Accounting policies for the WNT

Pursuant to the WNT (Act on the Standardisation of Top Income) both the remuneration and any severance payments are subject to maximum limits.

The statutory remuneration maximum in 2021 is € 209,000. This maximum is composed of the components remuneration, taxable fixed and variable expense allowances and provisions for remuneration payable in the future. The WNT sets out that a maximum amount of € 75,000 gross may be agreed as severance pay for an executive.

Notes to the separate balance sheet

1.1 Intangible fixed assets

M€ 4,5 - (2020: M€ 6,2)

  Development costs Concession Fees & rights Intell. Property Prepayments Total
Purchase price - 12,7 0,4 13,1
Accumulated depreciation and impairments - -6,9 - -6,9
Carrying amount as at 1 January 2021   5,8 0,4 6,2
         
Investments - - 0,1 0,1
Divestments - -0,1 - -0,1
Movement - - - 0,0
Depreciation - -1,7 - -1,7
Depreciation on disposals - 0,1 - 0,1
         
Purchase price - 12,6 0,5 13,1
Accumulated depreciation and impairments - -8,6 - -8,6
Book value 31 December 2021 - 4,0 0,5 4,5

1.2 Tangible fixed assets

M€ 255,0 - (2020: M€ 248,2)

  Land and buildings Inventory and app. (incl. initial furnishings) In progress and advance payments Total
Purchase price 402,8 36,6 10,7 450,1
Accumulated depreciation and impairments -180,6 -21,3 - -201,9
Carrying amount as at 1 January 2021 222,2 15,3 10,7 248,2
         
Investments -  2,3   23,9   26,2 
Divestments -11,6 -1,3 - -12,9
Movement  1,9   0,2  -2,1 -
Depreciation -14,9 -4,5 - -19,4
Depreciation on disposals  11,6   1,3  -  12,9 
         
Purchase price 393,1 37,8 32,5 463,4
Accumulated depreciation and impairments -183,9 -24,5 - -208,4
Book value 31 December 2021 209,2 13,3 32,5 255,0

The book value at the closing date of 2021 of MVA in progress and prepayments on MVA includes M€ 11.8 regarding the sports complex under construction at Woudestein campus. The funds invested in this item in 2021 amount to M€ 9.3. The completion of this sports complex is scheduled for the third quarter of 2022.

In 2014, EUR entered into a financial lease with the City of Rotterdam for an educational building with a term of 40 years. The net investment as recognised in the item Buildings and land amounted to M€ 9.5 in 2014. This property is not legally owned by EUR.

WOZ and sum insured of buildings / land, business equipment / inventory and books / media collection (in M€):

  WOZ value (property tax base) Reference date Sum insured Reference date
Land and buildings 341,3 2018/2020 608,0 2021
Operating equipment and inventory     165,0 2021
Books and media collection     20,2 2021

1.3 Financial fixed assets

M€ 42,7 - (2020: M€ 37,3)

  Opening position as at 1 Jan 2021 Investm, loans provided Divestm, loans taken Share in result. Partn Balance as of 31 Dec 2021
Participants in group companies 33,5 - -0,2 1,4 34,7
Recvs from group companies 3,3  4,7  -0,1 - 7,9
Receivables from OCW1 0,4 - -0,4 - -
Other receivables 2  0,1  - - -  0,1 
Total 37,3 4,7 -0,7 1,4 42,7
Name Legal form Statutory seat Code activities* Equity 31 Dec 2021 Operating balance 2021 2021 sales Statement Art 2:403 Civil Code yes/no Consolidation rate Percentage of share
EUR Holding B.V. B.V. Rotterdam 1/2/3  22,7   0,6   31,4  No 100% 100%
RSM B.V. B.V. Rotterdam 1/2  11,6   0,6   17,8  No 100% 100%
Erasmus Enterprise B.V. B.V. Rotterdam 3  0,4   0,2   3,9  No 100% 100%
Total        34,7   1,4   53,1       
Name of related party Description objective Composition of Executive Board and management
EUR Holding B.V. To provide for the primary activities of the university facilities in the form of operating companies (100% subsidiaries of the EUR Holding) in which contract education and contract research may be accommodated if university units see reason to do so. ■ C.W.A.M. van Paridon (prof. dr.) / Statutory Director
Rotterdam School of Management B.V. Organising and providing (or having provided) privately funded, Erasmus University Rotterdam accredited non-initial management training courses (full-time or part-time) in the field of business administration, such in close connection with the training courses that are provided by Erasmus University Rotterdam, more specifically by the Faculty of Business Administration of EUR. ■ Ms N.S. Kleyn (prof. dr.) /Statutory Director
■ Mr R.S. Hageman MSc / Statutair Directeur
Erasmus Enterprise B.V. Erasmus Enterprise BV was established with the aim of increasing the social impact of Erasmus University Rotterdam, stimulating entrepreneurship and improving knowledge transfer from EUR to society. Erasmus Enterprise BV therefore develops and delivers educational programmes to EUR students and externals, takes shares in university spin-outs, and maintains relationships with EUR students, EUR alumni, and social partners. Specifically with regard to university spin-outs, it supports them by providing subordinated loans, share ownership or administrative and operational support. ■ Mr E.W. Hoekstra CFM / Director

Current assets

1.4 Inventories

M€ 0 (2020: M€ 0)

  2021 2020
Consumer Goods - -

1.5 Receivables

M€ 29,8 - (2020: M€ 26,1)

  2021   2020  
Accounts receivable 7,6   4,2  
OCW1 0,3   0,7  
Group companies 5,5   2,8  
Students / participants / course participants 0,9   1,1  
Measurement of Projects in progress 5,2   4,4  
Provisions for bad debts -1,1   -0,9  
    18,4   12,3
Prepayments 5,0   6,0  
Advances provided 0,1   0,1  
Other Prepayments and accrued income 6,3   7,7  
Prepayments and accrued income   11,4   13,8
    29,8   26,1

Measurement of Projects in progress:

Project costs to be invoiced 2021 2020
Realised project costs 24,8 24,1
Preliminary results -0,1 -
Billed instalments -19,5 -19,7
  5,2 4,4

The movement in the provision for bad debts is as follows:

  2021 2020
Opening balance as at 1 January -0,9 -1,1
Other movements -0,2 0,2
Closing balance as at 31 December -1,1 -0,9

1.6 Cash and cash equivalents

The cash and cash equivalents balance is as follows:

M€ 56,2 - (2020: M€ 58,5)

  2021 2020
Balances in bank accounts 0,2 1,8
Treasury Banking 56,0 56,7
  56,2 58,5

2.1 Shareholders' equity

Equity consists of the general reserve and earmarked reserves and funds (divided into public and private). The movement in the equity is as follows:

M€ 218,1 - (2020: M€ 220,9)

  Opening position as at 1 Jan 2021 Movement Result Closing position as at 31 Dec 2021
General reserve  78,2   65,7  -4,3 139,6
         
Earmarked reserve (public)        
Strategic reserve1  13,0   3,8  - 16,8
Funds due to sector consultations  2,1  - -0,1 2,0
Reserve for equity from property2  72,9  -72,9 - -
Investment reserve  1,8  - - 1,8
Other3  19,0  -4,2  0,1  14,9
  108,8 -73,3 - 35,5
Earmarked reserve (private)        
University reserve -  8,2  - 8,2
EUR Holding BV  22,6  -0,6  0,6  22,6
Rotterdam School of Management BV  10,9  -  0,7  11,6
Erasmus Enterprise BV -  0,1   0,2  0,3
  33,5 7,7 1,4 42,7
Earmarked fund (private)        
Tinbergen Institute  0,4  -0,4  0,2  0,2
         
Other statutory reserves        
EUR Holding B.V. -  0,1  -  0,1 
Erasmus Enterprise B.V. -  0,1  -  0,1 
         
  220,9 -0,1 -2,7 218,1

The capital base is equal to the equity capital.

The amounts in the Movement column largely relate to:

  • Release of earmarked reserve from property equity M€ 72.9;
  • Adjustment earmarked strategic reserve M€ 3.8;
  • As part of the implementation of the new policy rules on investments with public funds in private activities, we have made a distinction between public and private assets within EUR’s general reserves. Based on an internal system, we have determined that the size of the private University assets as at 31 December 2021 is M€ 8.2. In the statement of changes in equity, we have treated this as another change. 

Proposal for appropriation of the result

The net result for 2021 is distributed as follows:

General reserve -4,3  
Earmarked reserve (public) -  
Earmarked reserve (private)  1,4   
Earmarked fund (private)  0,2   
Other statutory reserves -  
Total -2,7  

The aforementioned net result excludes the net result of Erasmus MC.

2.2 Provisions

M€ 23,3 - (2020: M€ 21,0)

  Employee benefits Environmental provision Other provisions Total
Opening balance as at 1 January 2021 12,5 8,0  0,5  21,0
         
Funds added  8,8  - 0,1  8,9 
Change in discount rate/compound interest - 0,4 -  0,4 
Release -1,0 - -0,2 -1,2
Withdrawals -5,8 - - -5,8
Closing balance as at 31 December 2021 14,5 8,4 0,4 23,3
         
Curent part < 1 year  4,9  -  0,4   5,3 
Non-current portion> 1 year  9,6  8,4 -  18,0 

Personnelprovisions

Personnel provisions are further subdivided as follows:

  Opening position as at 1 January 2021 Funds added Change disc. rate/comp interest Release Funds withdrawn Closing position as at 31 Dec 2021 Current part <1 year Non-current part > 1 year
Unemployment contributions 1,6 1,5 - - -1,4 1,7 0,9 0,8
Soc. policy, restructuring and 0,9 2,7 - -0,2 -1,4 2,0 0,7 1,3
legal position 4,7 1,3 - -0,2 -0,8 5,0 1,3 3,7
Leave savings and sabbatical leave 3,4 0,5 - - -0,3 3,6 0,3 3,3
Provision for service anniversary 1,2 0,3 - -0,4 -0,4 0,7 0,3 0,4
Langdurig zieken 0,7 2,5 - -0,2 -1,5 1,5 1,4  0,1 
  12,5  8,8  - -1,0 -5,8 14,5  4,9   9,6 

2.3 Non-current debt

M€ 7,8 - (2020: M€ 8,2)

  Lease obligations to municipal authorities Other Total
Opening balance as at 1 January 2021 7,7 0,5 8,2
Movement -0,2 -0,2 -0,4
Non-current as at 31 December 2021 7,5 0,3 7,8
       
Term > 5 years 6,7 0,3 7,0

Repayment obligations within 12 months of the end of the financial year amounting to M€ 0.2 are not recognised in the above amounts, but are included in current liabilities.

Lease obligations

In 2014, EUR entered into a financial lease with the City of Rotterdam for a property with a term of 40 years.

Other non-current debt

Tinbergen Institute

The non-current liability recognised for the Tinbergen Institute amounts to M€ 0.3 at the closing date of 2021. The partnership agreement between the participating parties (EUR, VU, UVA) sets out the distribution of surpluses and/or deficits.

2.4 Current liabilities

M€ 139,0 - (2020: M€ 126,2)

  2021   2020  
Accounts payable 11,9   7,4  
Municipal authorities and GRs 0,3   0,3  
Amounts payable to group companies 6,1   3,1  
Instalments invoiced or received in advance from projects1 35,2   28,7  
Taxes and social insurance premiums 13,2   11,8  
Liabilities in respect of pensions 3,4   3,0  
    70,1   54,3
Prepaid tuition and fees 30,3   38,1  
Income received in advance  0,9    2,0  
Prepayment of sector funds2 6,1    7,2   
Advance non-normative state contribution received3 4,5   -  
Grants received in advance4 0,7   -  
Holiday allowance and holiday time 20,9   16,8  
Accrued expenses  5,5    7,8  
    68,9   71,9
    139,0   126,2

Instalments invoiced or received in advance from projects

Project costs invoiced in advance 2021 2020
Realised project costs -33,4 -27,2
Preliminary results -0,1 0,3
Billed instalments 68,7 55,6
  35,2 28,7

Model G Accounting for grants and subsidies

G1 Grants without offsetting clause

Description Allocation reference Allocation date Performance completed?
Subsidy scheme for Extra hands in the classroom COHO21-20024 7 october 2021 No

G2A Grants with offsetting clause (expiring EURO Amounts: x 1)

Description Allocation reference Allocation date Amount allocated Received through 2020 Expenses through 2020 Position 1 January 2021 Received in 2021 Expenses in 2021 To be settled 31 December 2021
Subsidy scheme for corona jobs COHO210029 13 April 2021  465.000  - - -  465.000   205.675   259.325 

Off-balance sheet rights and commitments

Rights

  • EUR has several lease agreements with related parties. The total entitlement amounts to M€ 7.5.
  • EUR has concluded a credit facility of M€ 25.0 with its related party Stichting Erasmus Sportaccommodaties. Of this amount, M€ 7.6 was withdrawn as at the balance sheet date.

Liabilities

  • The M€ 1.0 commitment that Erasmus Enterprise BV made to Graduate Entrepreneur Fund Coöperatief U.A. will be financed by EUR by means of capital contributions to Erasmus Enterprise BV (so-called informal capital contribution). This commitment is covered from EUR’s private capital. An informal capital contribution of M€ 0.1 was paid at the closing date of 2021. The remaining amount of M€ 0.9 is expected to be deposited in 2022.
  • EUR agreed with its 20% investee YES! Delft BV that EUR will pay an annual shareholder contribution of k€ 150 from 2020 through 2024.
  • EUR agreed with its 20% investee YES! Delft BV that EUR will pay an annual contribution of k€ 500 from 2021 through 2024 to carry out its activities.
  Shorter than 1 year Between 1 and 5 years Longer than 5 years Total 31 Dec 2021
Rights  4,1   5,3  -  9,5 
Guarantees  0,5   0,8   0,1   1,4 
         
Obligations not recognised        
Building lease  0,7   2,2   0,9   3,8 
Software Licenses  2,2   2,8  -  5,1 
Publisher Licenses  2,2   2,9  -  5,1 
Investments  21,6  - -  21,6 
Claims  7,2  - -  7,2 
Other off-balance sheet commitments  25,4   40,7   16,7   82,8 
Total liabilities  59,3   48,6   17,6   125,5 

Notes to the separate income statement

3.1 State contributions

M€ 369,2 - (2020: M€ 325,8)

  2021 2020
State contribution OCW  471,5  420,5
Less: Income Transfer of State Contributions -102,3 -94,7
  369,2 325,8

3.2 Tuition, course, lecture and examination fees

M€ 63,1 - (2020: M€ 66,7)

  2021 2020
Tuition fees 63,1 66,7

3.3 Income from work commissioned by third parties

All income from service projects is recognised in 'income from work at the instructions of third parties', pro-rated to expenditure.

M€ 34,1 - (2020: M€ 31,0)

  2021   2020  
Contract Education   4,9   5,1
Contract Research        
Other non-profit organisations 5,1   4,8  
Businesses and other 1,1   1,2  
National governments 4,0   3,6  
International Organisations 7,5   6,9  
NWO (excl. ZonMw) 8,4   6,5  
    26,1   23,0
Other   3,1   2,9
    34,1   31,0

3.4 Other income

M€ 24,1 - (2020: M€ 23,8)

  2021 2020
Lease 5,3 5,2
Secondment of personnel 4,8 4,7
Donation 0,6 0,5
Sponsorship 0,4 0,2
Participant contributions 0,3 0,1
Student contributions 1,2 0,7
Other 11,5 12,4
  24,1 23,8
Other income specification - Other 2021 2020
Pro-rated VAT 1,4 0,9
Third-party contribution 5,8 5,7
Revenue from services 3,6 4,1
Other 0,7 1,7
  11,5 12,4

4.1 Personnel expenses

M€ 274,6 - (2020: M€ 256,2)

  2021   2020  
Wages and salaries 180,6   168,1  
Social insurance 22,9   20,7  
Pension liabilities 29,7   25,7  
    233,2   214,5
         
Allocation of personnel provisions1 7,8   5,0  
Personnel not on payroll 21,7   22,6  
Other 14,4   15,5  
Other personnel expenses   43,9   43,1
Less: benefits   -2,5   -1,4
    274,6   256,2

Work force composition

Average number of FTEs 2021 2020*
WP 1.631 1.578
OBP 1.176 1.099
Total 2.807 2.677

Overview of the Dutch Executive Pay Standards Act

Pursuant to the Dutch Executive Pay Standards Act (WNT), please find below an overview of the remuneration (and position) of employees of the legal entity EUR, including the members of the Board of Trustees. The reporting on employees of Erasmus MC, including its consolidated BVs, is included in the Erasmus MC’s financial statements. The number of non-Board senior executive positions receiving remuneration above the WNT standard has declined in recent years due to active policy on remuneration in compliance with the WNT standard. Currently, a total of 10 Professors and Deans are remunerated above the WNT standard.

As of 2016, the classification of education for the purposes of the WNT is no longer based on subsectors; instead, a system of 'complexity points’ is applied. Part of the new rules is that each institution assigns complexity points in the financial reporting document according to a certain system (this is set out in the Regulations on the Remuneration of Senior Executives in the Education Sectors) in order to derive the class to be assigned for the application of the WNT. The following complexity points apply to EUR:

OCW-sector Number of complexity points
Average total income 10
Average number of funded pupils, participants or students 5
The weighted number of education types or sectors 5
Total complexity points 20

Based on 20 complexity points, the maximum score (class G) applies. The statutory remuneration maximum as of 1 January 2021 is € 209,000. Allocation of remuneration is in line with this.

WNT Senior Executives

Senior executives, whether or not on the payroll, from the 13th month of performing their position, or former senior executives.

Table 1a: Remuneration of senior executives

  Mr H. Brinksma (prof.dr.) Ms E.M.A. van Schoten Ms A.L. Bredenoord (prof.dr.) Mr F.A. van Duijn- Schouten Mr R.C.M.E. Engels
Employment Yes Yes Yes Yes Yes
Position(s) Chair Trustee Rector Magnificus Rector Magnificus Former Rector Magnificus
Start date of position 01-01 01-01 01-10 01-01 n.v.t.
End date of position 31/12 31/12 31-12 30-09 n.v.t.
Contractual working hours % FTE 1,0 1,0 1,0 0,6 1,0
Remuneration plus taxable expense allowances  185.105   184.775   35.748   93.701   142.002 
Remuneration payable in the future  23.423   23.811   5.722  -  22.277 
Total remuneration 208.528 208.586 41.470 93.701 164.279
Individual remuneration cap applicable 209.000 209.000 52.679 93.792 209.000
-/- Non-due amount paid in error and not yet refunded n/a n/a n/a n/a n/a
The amount of the overrun and the reason why the overrun is allowed or not allowed n/a n/a n/a n/a n/a
Remuneration 208.528 208.586 41.470 93.701 164.279
Explanation of the receivable for undue payment n/a n/a n/a n/a n/a
Start date of position previous reporting year 01-09 n/a n/a n/a 01-01
End date of position previous reporting year 31-12 n/a n/a n/a 31-12
Contractual working hours % FTE, previous reporting year  1,0  n/a n/a n/a  1,0 
Remuneration plus taxable expense allowances previous reporting year  59.281  n/a n/a n/a  178.400 
Remuneration payable in the future, previous reporting year  7.359  n/a n/a n/a  21.414 
Total remuneration in previous reporting year  66.640  n/a n/a n/a  199.814 
Individual applicable remuneration cap in previous reporting year  67.000  n/a n/a n/a  201.000 

Table 1c. Senior supervisory executives

  Ms J. Winter Mr C.J. van Duijn Ms. L.B.J. van Geest Mr. P.H.J.M. Visée Ms. E. Giebels
Position(s) Chair of the Supervisory Board Supervisory Board Member Supervisory Board Member Supervisory Board Member Supervisory Board Member
Start date of position 01-01 01-01 01-01 01-01 01-01
End date of position 31-12 31-12 31-12 31-12 31-12
Remuneration plus taxable expense allowances  31.350   20.900  -  20.900   20.900 
Individual remuneration cap applicable  31.350   20.900   20.900   20.900   20.900 
-/- Non-due amount paid in error and not yet refunded n/a n/a n/a n/a n/a
Remuneration  31.350   20.900  -  20.900   20.900 
The amount of the overrun and the reason why the overrun is allowed or not allowed n/a n/a n/a n/a n/a
Notes on the claim for undue payment n/a n/a n/a n/a n/a
Data previous reporting year          
Start date of position previous reporting year 01-06 01-01 01-06 01-01 01-06
End date of position previous reporting year 31-12 31-12 31-12 31-12 31-12
Position(s) previous reporting year Chair of the Supervisory Board Supervisory Board Member Supervisory Board Member Supervisory Board Member Supervisory Board Member
Remuneration in previous reporting year  17.587   20.100  -  20.100   11.725 
Individual applicable remuneration cap in previous reporting year  17.628   20.100   11.752   20.100   11.725 

Table 3a. Remuneration of non-senior executives

Position(s) Contractual working hours % FTE Remuneration plus taxable expense allowances Remuneration payable in the future Total remuneration Individual remuneration cap applicable Explanation of exceeding the remuneration cap Contractual working hours % FTE, previous reporting year Remuneration plus taxable expense allowance in previous reporting year
Professor 1,0  214.257   24.394   238.651   209.000  1, 2, 4, 6 1,0  200.439 
Dean 1,0  191.448   23.657   215.105   209.000  1, 2, 4 1,0  186.687 
Professor 1,0  197.637   23.822   221.459   209.000  1, 2, 4 1,0  187.713 
Professor 1,0  211.779   24.625   236.404   209.000  1, 2, 4 1,0  216.089 
Professor 1,0  234.979   25.351   260.330   209.000  1, 2, 4 1,0  228.156 
Professor 0,4  82.434   8.991   91.425   83.600  2, 5 n.v.t. n.v.t.
Professor 1,0  206.525   24.254   230.779   209.000  1, 2, 4, 6 1,0  202.131 
Professor 1,0  207.176   23.647   230.823   209.000  1, 2, 4, 6 1,0  185.342 
Professor /Dean 1,0  190.000   23.667   213.667   209.000  1, 2, 4 1,0  185.491 
Professor 1,0  187.769   23.814   211.583   209.000  1, 2, 4 1,0  184.160 

4.2 Depreciation

M€ 21,1 - (2020: M€ 20,1)

  2021 2020
Intangible fixed assets 1,7 1,4
Tangible fixed assets 19,4 18,7
  21,1 20,1

4.3 Building costs

M€ 19,7 - (2020: M€ 19,2)

  2021 2020
Lease 1,4 2,2
Insurance 0,4 0,4
Maintenance 5,8 4,7
Energy, water 2,9 3,0
Cleaning costs 4,0 4,0
Taxes and levies 2,3 2,3
Other 2,9 2,6
  19,7 19,2
Specification of building costs - other 2021 2020
Environmental Commitment and Risks  0,4  -
Surveillance and security 2,2 2,1
Other  0,3  0,5
  2,9 2,6

4.4 Other expenses

M€ 179,1 - (2020: M€ 170)

  2021 2020
Administrative and management costs 0,5  0,9 
Inventory and equipment 10,1  9,9 
Funds added Other provisions1 -0,1  0,5 
Other 168,6  158,7 
  179,1 170,0
Specification of other expenses - other 2021 2020
Supplies and consumables 0,1  0,1 
Grants and subsidies1 127,5 120,0
Travel and lodging costs 1,2 1,5
Outsourced work 21,2 18,2
Overheads 3,3 3,7
Books, magazines, etc. 6,3 6,5
Org. and legal advice 0,8 0,6
Representation expenses 1,2 1,0
Other 7,0 7,1
  168,6 158,7

5 Financial income and expenses

M€ -0,1 - (2020: M€ -0,1)

  2021 2020
Interest expense -0,1 -0,1
  -0,1 -0,1

6 Results of participating interests

M€ 1,4 - (2020: M€ -2,1)

Subsequent events

For a description of subsequent events relevant to EUR, please refer to the Subsequent Events section in the notes to the consolidated financial statements.

Rotterdam, 20 June 2022

Board of Trustees

H. Brinksma (Prof. dr.), Chair

A.L. Bredenoord (Prof. dr.), Rector Magnificus

  E.M.A. van Schoten (RA, dr.)

Rotterdam, 20 June 2022

Supervisory Board

J. Winter (Prof. dr.), Chair

C.J. van Duijn (Prof. dr. ir.)

Mr L.B.J. van Geest (drs.)

Ms E. Giebels (Prof. dr.)

R. Vas-Bhat (dr.)

Next chapter: Appendix 1: Governance and participation body

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