8. Explanatory notes on the separate items of the consolidated statement of income and expenses.

Assets

Fixed assets

1.1.1.3.	Intangible fixed assets - Goodwill

	Purchase price	January 1, 2021	7,097,496
	Depreciation/amortization	January 1, 2021	-5,116,111
	Book value	January 1, 2021	1,981,385

	Investments	2021	-
	Disinvestments, purchase price	2021	-
	Disinvestments, depreciation/amortization	2021	-
	Depreciation/amortization	2021	-354,875

	Purchase price	December 31, 2021	7,097,496
	Depreciation/amortization	December 31, 2021	-5,470,986
	Book value	December 31, 2021	1,626,510

Goodwill is depreciated over a period of 20 years.

1.1.2.	Tangible fixed assets			December 31, 2021	December 31, 2020

1.1.2.1.	Buildings			122,446,053	125,549,176
1.1.2.2.	Land			16,991,650	13,653,542
1.1.2.3.	Inventory and equipment			13,771,331	14,486,632
				153,209,035	153,689,350


1.1.2.1.	Buildings		Buildings	Buildings under construction	Total buildings

	Purchase price	January 1, 2021	210,279,897	3,370,667	213,650,564
	Depreciation/amortization	January 1, 2021	-88,101,388	-	-88,101,388
	Book value	January 1, 2021	122,178,509	3,370,667	125,549,176

	Investments	2021	2,475,705	2,973,090	5,448,795
	Disinvestments, purchase price	2021	157	-	157
	Disinvestments, depreciation/amortization	2021	-157	-	-157
	Depreciation/amortization	2021	-8,551,918	-	-8,551,918

	Purchase price	December 31, 2021	212,755,445	6,343,756	219,099,202
	Depreciation/amortization	December 31, 2021	-96,653,149	-	-96,653,149
	Book value	December 31, 2021	116,102,297	6,343,756	122,446,053


1.1.2.2.	Land		Land	Land development	Total land

	Purchase price	January 1, 2021	10,689,569	5,690,630	16,380,199
	Depreciation/amortization	January 1, 2021	-	-2,726,657	2,726,657-
	Book value	January 1, 2021	10,689,569	2,963,973	13,653,542

	Investments	2021	3,600,000	75,115	3,675,115
	Disinvestments, purchase price	2021	-	-	-
	Disinvestments, depreciation/amortization	2021	-	-	-
	Depreciation/amortization	2021	-	-337,007	-337,007

	Purchase price	December 31, 2021	14,289,569	5,765,745	20,055,314
	Depreciation/amortization	December 31, 2021	-	-3,063,663	-3,063,663
	Book value	December 31, 2021	14,289,569	2,702,081	16,991,650

The category of buildings under construction consists of New Construction (€1.2 million), Meerkoldreef (€0.8 million) and other projects under construction (€4.4 million). In April 2022, Tilburg University purchased an educational building on Meerkoldreef in Tilburg for €3.6 million.

1.1.2.3.	Inventory and equipment		Inventory and equipment

	Purchase price	January 1, 2021	29,810,108
	Depreciation/amortization	January 1, 2021	-15,323,476
	Book value	January 1, 2021	14,486,632

	Investments	2021	4,125,150
	Disinvestments, purchase price	2021	2,337,909
	Disinvestments, depreciation/amortization	2021	-2,337,909
	Depreciation/amortization	2021	-4,840,450

	Purchase price	December 31, 2021	31,597,349
	Depreciation/amortization	December 31, 2021	-17,826,018
	Book value	December 31, 2021	13,771,331

Fixed assets with a book value of nil as of January 1 are entered as disinvestments as of the end of the financial year, and they are recognized as such.

Depreciation and amortization are calculated from the year the asset is placed in service on its acquisition cost, based on the following percentages (unless otherwise explained):

Land	0%
Grounds development	5% - 10%
Buildings	1,7% - 3,3% - 5% - 10%
Equipment and inventory	10% - 25 %

1.1.3.	Financial fixed assets	Book value December 31, 2020	Investments in 2021	Disinvestments 2021	Profit/Loss 2021	Book value December 31, 2021

1.1.3.1.	Participating interests in group companies
1.1.3.1.4.	Holding participating interest in Starterslift	13,655	-	-	-5,936	7,719
1.1.3.7.	Securities
1.1.3.7.3.	Other obligations	1,963,900	544,657	975,150	-	1,533,407
	Total Financial fixed assets	1,977,555	544,657	975,150	-5,936	1,541,126

TiU Holding has a 44% participating interest in Starterslift. The result recorded in 2021 relates to 2020 (-€3,159) and 2021 (-€2,777).

The current value of the securities as of December 31, 2021 was €1,541,126. All securities are publicly traded and freely available. The sum of revaluations is disclosed in the explanatory notes on equity.

Current assets

1.2.2.	Receivables	December 31, 2021	December 31, 2020

1.2.2.1.	Debits	8,897,216	10,840,493
1.2.2.9.	Valuation of Projects in progress	1,453,523	1,686,413
	Subtotal Receivables	10,350,739	12,526,906

	Accrued assets
1.2.2.11.	Taxes and social security premiums	-	213,843
1.2.2.12.	Expenses paid in advance	5,321,978	4,991,003
1.2.2.13.	Advances provided	56,875	48,986
1.2.2.14.	Interest receivable	15	15
1.2.2.15.	Other accrued assets:
	Income not yet received	2,601,550	2,370,733
	Income not yet received from grant projects	3,573,822	3,236,468
	Other accrued assets	940	940
	Subtotal Accrued assets	11,555,180	10,861,988
1.2.2.16.	Provision for irrecoverability	-214,056	-230,104
	Total Receivables	21,691,863	23,158,790

The provision for irrecoverability has been created within TIAS. The receivables have a remaining maturity of less than one year.

1.2.4.	Liquid assets	December 31, 2021	December 31, 2020

1.2.4.1.	Cash	17,782	9,461
1.2.4.2.1.	Bank accounts	12,929,737	62,285,935
1.2.4.2.2.	Deposit	16,043,917	19,729,922
1.2.4.3.	Treasury banking	37,520,679	-
	Total Liquid assets	66,512,116	82,025,318

Liquid assets include a bank guarantee in the amount of €313,584. The other liquid assets are freely available. As of July 2021, Tilburg University has placed its liquidity with the Ministry of Finance within the framework of Treasury Banking.

Liabilities

2.1.	Equity	Status December 31, 2019	Designated use 2020 Results	Other transactions 2020	Status December 31, 2020	Designated use 2021 Results	Other transactions 2021	Status December 31, 2021

2.1.1.	Group equity
2.1.1.1.	General reserve
2.1.1.1.1.	General reserve (public)	103,521,054	-1,743,910	5,661,936	107,439,080	3,269,796	4,549,648	115,258,525
2.1.1.1.2.	General reserve (private)	9,490,715	-516,724	-	8,973,991	81,790	-	9,055,781
2.1.1.1.3.	General reserve participations (private)	3,991,463	-734,820	-	3,256,643	612,882	-	3,869,525
2.1.1.1.4.	General reserve consolidated related parties	980,402	982,236	-	1,962,638	152,856	-	2,115,494
	Total General reserve	117,983,634	-2,013,218	5,661,936	121,632,352	4,117,324	4,549,648	130,299,325

2.1.1.2.	Special purpose reserves (public)	22,948,986	-	-5,661,936	17,287,050	-	-4,549,648	12,737,402
2.1.1.6.	Revaluation reserve	94,500	-	62,000	156,500	-	25,850	182,350
	Total Group equity	141,027,120	-2,013,218	62,000	139,075,902	4,117,324	25,850	143,219,077

2.1.2.	Third-party share	818,846	-173,556	-	645,290	62,148	-	707,438

	Total Equity	141,845,966	-2,186,774	62,000	139,721,192	4,179,472	25,850	143,926,515

Earmarked reserves are disclosed in the company financial statement.

The revaluation reserve is held for changes in the value of securities included in financial fixed assets. Changes are directly recognized in equity.

2.2.	Facilities	Status December 31, 2020	Transactions 2021	Withdrawals 2021	Additions 2021	Release 2021	Status December 31, 2021	Balance < 1 year	Balance > 1 year

2.2.1.	Personnel facilities
2.2.1.1.	Reorganization facility	708,518	-	322,099	98,382	66,702	418,099	363,530	54,569
2.2.1.2.	Long-term savings leave	1,931,008	-	163,221	371,363	55,297	2,083,853	347,309	1,736,544
2.2.1.3.	WGA deductible	806,404	-394,000	87,941	1,088	-	325,551	86,852	238,699
2.2.1.4.	Anniversary facility	1,801,803	-	152,868	356,335	-	2,005,270	196,307	1,808,963
2.2.1.5.	Redundancy pay	824,511	-	602,806	652,665	-	874,370	486,267	388,103
2.2.1.6.	Long-term illness	65,996	394,000	65,996	276,237	121,522	548,715	475,217	73,498
2.2.1.7.	Other personnel facilities	1,786,793	-	1,071,471	546,062	-	1,261,384	748,284	513,099
	Total Personnel facilities	7,925,032	-	2,466,402	2,302,132	243,521	7,517,241	2,703,766	4,813,475

2.2.4.	Other provisions	200,000	-	178,959	265,000	21,041	265,000	144,000	121,000

	Total Provisions	8,125,032	-	2,645,361	2,567,132	264,562	7,782,241	2,847,766	4,934,475

Facilities are justified at nominal value, as the time value of money is immaterial. The facility for long-term illness was part of the WIA/WGA facility in 2020, and it will be included separately in the statement as of 2021. The addition of other facilities is related to the renovation of the facade of the Koopmans building.

2.3.	Long-term debts	Status December 31, 2020	Loans taken out in 2021	Repayments 2021	Status December 31, 2021	Of which 1–5 years	Of which > 5 years	Interest rate

2.3.3.1.	BNG Loan 40.100760.01	3,562,500	-	3,562,500	-	-	-	3.585%
2.3.3.2.	BNG Loan 40.97636	12,762,310	-	12,762,310	-	-	-	4.390%
	Total Long-term debts	16,324,810	-	16,324,810	-	-	-

Both of these loans were paid in full in 2021.

2.4.	Short-term debts	December 31, 2021	December 31, 2020

2.4.3.	Debts to credit institutions	-	1,195,356
2.4.7.1.	Instalments received in advance for projects in progress	1,648,716	1,694,314
2.4.7.2.	Loss provision for projects in progress	552,176	689,080
2.4.8.	Creditors	6,125,076	8,760,423
2.4.9.1.	Payroll tax	6,238,770	5,751,227
2.4.9.2.	Social security premiums	1,725,907	1,639,746
2.4.9.3.	Sales tax	1,377,419	474,405
2.4.9.4.	Corporate tax	227,637	18,396
2.4.10.	Pensions	2,397,423	2,116,638
2.4.11.	Coordinator funds	2,418,737	2,026,214
	Subtotal Short-term debts	22,711,861	24,365,799

	Other liabilities
2.4.13.1.	Tuition fees received in advance	11,729,590	16,385,893
2.4.13.2.	Tuition fees received in advance for contract teaching	17,237,612	18,486,452
2.4.14.	Ministry of Education, Culture, and Science grants received in advance	133,550	15,441
2.4.16.1.	Income received in advance from grant projects	11,687,881	13,067,083
2.4.16.2.	Income received in advance from Netspar	5,755,968	6,466,765
2.4.16.3.	Income received in advance from NPO	2,815,000	-
2.4.16.4.	Other income received in advance	4,769,529	5,051,852
2.4.17.	Vacation pay and vacation days	9,966,408	9,409,723
2.4.19.	Other accrued liabilities and deferred income	6,064,494	5,412,356
	Total Accrued liabilities and deferred income	70,160,033	74,295,565

	Total Short-term debts	92,871,894	98,661,364

The item “prepaid tuition fees” decreased relative to the previous year. This decrease is due to the lowering of tuition fees for all students in relation to COVID-19. The NPO funds received in advance relate to both teaching and research. In connection with the repayment of long-term loans, there is no longer any debt to credit institutions.

Earmarked target grants from the Ministry of Education, Culture, and Science (in accordance with Model G2 Accounting for grants with a settlement clause)

G1 Justification for grants whose surplus, if any, is added to the lump sum

Description	Allocation reference	Date	The activities were fully implemented and completed in accordance with the grant decision at the end of the reporting year.

Grant scheme for additional help in the classroom	COHO21-20009	04/08/2021	Yes

This refers to the funds for the second tranche of the “Corona jobs” grant.

G2A Grants to be used only for the purpose for which the grant was made, expiring at the end of the reporting year.

Description	Allocation reference	Date	Amount of allocation	Received up to and including previous reporting year	Total eligible expenses up to and including previous reporting year	Balance as of January 1 in reporting year	Received in reporting year	Eligible expenses in reporting year	Balance as of December 31 in reporting year

Grant scheme for “corona jobs” in higher education	COHO10040	13/04/2021	261,085	-	-	-	261,085	172,907	88,178
Professional learning communities	PLG 2013 15	02/12/2013	200,000	200,000	197,197	2,803	-	-	2,803
Professional learning communities	PLG 2013 11	02/12/2013	200,000	200,000	199,547	453	-	-	453
Supervision of starting teachers	BSL 2013 03	02/12/2013	1,296,000	1,296,000	1,283,816	12,184	-	-	12,184
			1,957,085	1,696,000	1,680,560	15,440	261,085	172,907	103,618

The amounts justified in Model G2A are unspent funds and must be repaid in full. The determination of grants awarded in 2013 has been delayed and is expected in April 2022.

Off-balance sheet rights and obligations

Long-term financial liabilities

Lease obligations

Tilburg University has a variety of lease agreements for the rental of commercial buildings and land. The agreements have expiration dates of January 31, 2022; September 30, 2022; November 30, 2022; March 31, 2025; and August 31, 2025, respectively. The total obligation is €3,713,121, with €1,473,000 relating to 2022 and €2,240,121 relating to the period 2023–2025.

In addition, TIAS Business School B.V. has a lease agreement for a period from April 1, 2017 to March 31, 2032 with an obligation of €800,311 for 2022, €3,448,647 for the period 2023–2026, and €5,188,677 for the period thereafter. Within the first five years, TIAS has the right to return 50% of the second floor. If this is done, Trappenburch C.V. will be required to pay a fine of €250,000. A bank guarantee of €200,000 has been issued for this purpose.

Tangible fixed assets

With regard to the realization of New Building 2, Tilburg University entered into a contract with a construction company in 2021, in the amount of €16,641,426. The latest completion date for New Building 2 is June 12, 2023.

Miscellaneous

Tilburg University has an off-balance sheet obligation for maintenance and other contracts totaling €3,450,644. The contract value of expiring contracts in 2022 is €2,842,424, with a contract value of €608,220 between 2022 and 2024.

In addition, 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. Tilburg University’s contribution is €10 million in-kind.

Off-balance sheet liabilities relating to the fiscal unity

Tilburg University Foundation (Stichting Katholieke Universiteit Brabant) constitutes a fiscal unity for VAT purposes with TiU Holding B.V., TIAS Business School B.V., and Tilburg University Career Services B.V. Pursuant to the Collection of State Taxes Act, the Foundation and the aforementioned legal entities are each jointly and severally liable for taxes owed by the combination.