5. General explanatory notes to the consolidated financial statements

General explanatory notes

Activities

Tilburg University's mission is denoted by Understanding Society. By developing and transferring knowledge and bringing together people from different disciplines and organizations, Tilburg University aims to make an active contribution to society and contribute to solving social issues. The main activities are education, research, and valorization.

Continuity

The accounting policies used in the consolidated financial statements are based on the assumption of continuity of the institution.

Registered office

Tilburg University is located at Warandelaan 2, 5037 AB in Tilburg. Its Chamber of Commerce number is: 41095855.

Foreign currency

The consolidated financial statements have been prepared in euros. The charges and revenues resulting from transactions in foreign currencies, respectively receivables and payables, are translated at the exchange rate as of the transaction date and balance sheet date, respectively.

Operating lease

Tilburg University has lease contracts for which a large portion of the advantages and disadvantages associated with ownership are not borne by the institution. These leases are accounted for as operating leases. Lease payments, taking into account fees received from the lessor, are recognized in the consolidated revenues statement on a straight-line basis over the term of the contract.

General accounting policies

The consolidated financial statements have been prepared in accordance with the statutory provisions of Title 9, Book 2 of the Dutch Civil Code and the definite statements of the Annual Reporting Guidelines issued by the Dutch Accounting Standards Board (RJ). These provisions are applicable pursuant to the Education Reporting Regulations (RJO). The financial statements have been prepared in euros.

Assets and liabilities (excluding group equity) are generally valued at acquisition or manufacturing price, current value, present value, or amortized cost. If no specific basis of valuation is stated, valuation is at the acquisition price. References are included in the balance sheet, the statement of revenues and charges, and the cash flow statement. These references refer to the explanatory notes.

System and estimation changes

Compared to the previous year, there are no system changes or changes to the accounting estimates.

Estimates

In preparing the financial statements, the Tilburg University Board forms judgements on various items and makes estimates that may be essential to the amounts included in the financial statements. Where necessary to provide the insight required by Section 2:362(1) of the Dutch Civil Code, the nature of these judgments and estimates, including the associated assumptions, is included in the explanatory notes to the relevant financial statement items.

Consolidation

Included in the consolidation are the financial data of Tilburg University Foundation (hereinafter: Tilburg University or Consolidated Group) together with those related parties in which there is a majority interest or decisive voice, as well as the proportional share of joint operations.

The following parties are involved in the consolidation:

  • Tilburg University, Tilburg, 100%

  • TiU Holding B.V., Tilburg, 100%.

    • KUB 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 collaboration agreement with TU/e, the province of North Brabant and the municipality of 's-Hertogenbosch regarding the joint Graduate School in 's-Hertogenbosch (JADS), as well as the joint Bachelor’s in Data Science with TU/e. Surpluses and deficits arising from this collaboration will be divided between Tilburg University (50%) and the TU/e (50%).

JADS is accounted for proportionally. This means that Tilburg University and TU/e recognize the combined assets, liabilities, revenues, and charges of JADS in proportion to the interest in JADS (50% each) in their financial statements.

If there is a majority interest of less than 100%, a minority interest is shown separately in both result and group equity. Intercompany transactions, intercompany profits, and intercompany receivables and payables between group companies and other legal entities included in the consolidation are eliminated to the extent that the results have not been realized through transactions with third parties outside the Group. Unrealized losses on intercompany transactions are also eliminated unless there is an extraordinary depreciation. Accounting principles of group companies and other legal entities included in the consolidation have been changed where necessary to reconcile with the applicable accounting principles for the Group.

Application Article 402

Since Tilburg University's 2022 figures are included in the consolidated financial statements, a condensed presentation of the figures in accordance with Section 2:402 of the Dutch Civil Code has been sufficient in the separate financial statements.

Related parties

Related parties are all legal entities over which dominant control, joint control, or significant influence can be exercised. This concerns the related parties included in the consolidation. There are also related parties for which there is a minority interest and no decisive voice. These parties are not included in the consolidation. These are:

  • Endowed Chairs Foundation

  • Tilburg Orientation Program Foundation

  • Netspar Foundation

  • CentERdata Foundation

  • Braventure Foundation

  • Starterslift Investments B.V.

  • Mindlabs Association

  • Brainport Foundation

  • Midpoint Brabant Foundation

  • HOVO Foundation, Higher Education for the Elderly.

Significant transactions with related parties are disclosed to the extent that they are not entered into under normal market conditions. Of these, the nature and extent of the transaction and other information needed to provide insight are disclosed.

Cash flow statement

The cash flow statement is prepared using the indirect method. Cash in the cash flow statement consists of liquid assets, excluding deposits with a maturity longer than three months. Cash flows in foreign currencies have been translated at an estimated average exchange rate. Interest receipts and expenses, dividends received, and income taxes are included in the 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 under the cash flow from investing activities, insofar as payment in cash has taken place. Cash present in the acquired group company has been deducted from the acquisition price. Transactions involving no cash inflows or outflows have not been included in the cash flow statement.

Policy rules application of the Dutch Senior Executives in the Public and Semi-Public Sector (Standards for Remuneration) Act (WTN)

The WNT for the public and semi-public sector is in effect.

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