5. General explanatory notes to the annual statement of accounts
The mission of Tilburg University is expressed as Understanding Society. By developing and transferring knowledge and bringing together people from different fields of study and organizations, Tilburg University aims to make an active contribution to society, in addition to contributing to solving societal issues. The main activities are education, research, and valorization.
The policies regarding valuation and profit determination used in the consolidated financial statements are based on the assumption of continuity of the Institution.
Tilburg University is located at Warandelaan 2, 5037 AB in Tilburg. The Chamber of Commerce registration number is 41095855.
System and estimation changes
Compared to the previous year, there were no changes in system and estimates.
In preparing the annual statement of accounts, the management of Tilburg University arrives at assessments on various items and makes estimates that may be material to the amounts reported in the annual statement of accounts. If it is necessary in order to provide the insight required by Article 2:362 (1) of the Netherlands Civil Code, the nature of these judgments and estimates, including the associated assumptions, is included in the explanatory notes to the relevant items of the annual statement of accounts.
The consolidation includes the financial data of the Tilburg University Foundation (Stichting Katholieke Universiteit Brabant) hereinafter referred to as “Tilburg University” or the “Consolidated Group,” together with those related parties in which there is a majority interest or decisive control, as well as the proportional share of joint operations.
The following parties are included in the consolidation:
Tilburg University, Tilburg, 100%
TiU Holding B.V., Tilburg, 100%
Tilburg University Career Services B.V.
TiU Knowledge Transfer B.V.
TIAS Business School B.V., Tilburg, 80%
Tilburg University Fund, Tilburg, 100%
Tilburg University has a multi-year cooperation agreement with Eindhoven University of Technology, the province of Noord-Brabant, and the municipality of ’s-Hertogenbosch regarding the joint graduate school in ’s-Hertogenbosch (JADS), as well as the joint Bachelor’s program in Data Science with Eindhoven University of Technology. Surpluses and deficits from this collaboration are shared between Tilburg University (50%) and Eindhoven University of Technology (50%).
The JADS is recognized proportionately. This implies that Tilburg University and Eindhoven University of Technology recognize the joint assets, liabilities, income, and expenses of the JADS in their annual statements of accounts proportionate to their interest in the JADS (50% each).
The legal entity L-Logic B.V., whose significance in relative financial terms is negligible, is not included in the annual statements of account of Tilburg University.
In the event of a majority interest of less than 100%, a minority interest is included separately in both the result and in group equity. Intercompany transactions, intercompany profits, and intercompany receivables and payables between companies in the Group companies and other legal entities included in the consolidation are eliminated to the extent that the results were not realized through transactions with third parties outside the Group. Unrealized losses on intercompany transactions are also eliminated except in the case of extraordinary depreciation. The accounting principles of companies in the Group and other legal entities included in the consolidation have been changed where necessary to reconcile with the applicable accounting principles for the Group.
Application of Article 402
Given that Tilburg University’s figures for 2021 have been incorporated into the consolidated financial statements, a brief presentation of the figures in accordance with Article 2:402 of the Dutch Civil Code is sufficient in the company financial statement.
Related parties are defined as all legal entities over which dominant control, joint control, or significant influence can be exercised. This refers to the related parties that are part of the consolidation. Furthermore, there are related parties in which there is a minority interest without decisive control. These parties are not involved in the consolidation. In this case, it refers to the following:
Foundation for Endowed Chairs
Tilburg Orientation Program Foundation
Stichting Netspar (Netspar Foundation)
Starterslift Investments B.V.
Midpoint Brabant Foundation
Stichting HOVO, Brabant Seniorenacademie (Higher Education for Older Adults Foundation/HOVO; Brabant Senior Academy)
Transactions of significance with related parties are explained if they were not entered into under normal market conditions. Of these, the nature and size of the transaction and other necessary explanatory information are explained.
Cash flow statement
The cash flow statement has been prepared using the indirect method. The financial resources in the cash flow statement consist of liquid assets, excluding deposits with a maturity greater than three months. Cash flows in foreign currency have been converted at the estimated weighted average exchange rate. Receipts and expenses in respect of interest, dividends received, and profit taxes are included in cash flow from operating activities. Dividends paid are included in the cash flow from financing activities. The acquisition price of the acquired Group company is included in the cash flow from investing activities, to the extent that it was paid in cash. The financial resources present in the acquired group company have been deducted from the purchase price. Transactions in which no inflow or outflow of cash takes place are not included in the cash flow statement.
Policy Rules for the Application of the Standards for Remuneration Act (WNT)
The Standards for Remuneration Act (WNT) for the public and semi-public sector is in effect.