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2022-06-30-accounts

Règistered number.. 06553433 Charity number: 1126291 INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED IA Company ￿Mited by Guarant•8) CONTENTS Page Refèr•nc8 and Adminl$trntlv• Details Ot the Charity, its Trustèès and Advl$•rs Trustees. Report Tru8t88s' Ro$pon$lbllltSe$ Stat•m8nt Ind•pondent Auditorfs Report on th8 Finan¢lal Statsmènts 9-12 stat•m•nt of Finan¢lal A¢tlvltloS 13 Balan¢• Sh••t 14 Statemont of Cash Flows 15 Nots¥ to th• Flnanclal Statoment* 16-30

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI UMrrED IA Company Llmitèd by Guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Tru$t¢¢8 David Ralph Homer William Henry Old￿t¥¢ Oll￿Pekka Heinonen Sabine Anna Chalmers (appointed I September 20211 Andrea Smith lappoinled 1 September 20211 Company registernd number 06553433 Charlty roglst•r•d numbgr 1126291 Rogl8tgred 0ffl¢g Peterson House Mallhouse Avenue Cardiff Gale Cardiff CF23 8GL Indop&nd•nt audltor Mazars LLP Chartered Accountants 90 Victofia Street Bristol 8S1 SOP 8ank•rs HSBC Bank plc Cardiff CF10 ILF Sollcltors Wrthers Bergman LLP 16 Old Ba1￿Y London EC4M 7EG Page 1

INTERNAT50NAL BACCALAUREATE oRGAN￿rIoN IUKI LIMITED IA Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together With the audited financial statements of the Charty for the 1 July 2021 to 30 June 2022. The Annual Report serves the purpose$ of both a Trustees. report and a difectors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitabl? company comply with the Current statutory requirements, the requirements of the ¢harrtable company's 9overning document and the provisions of the SlaleTnenl of Recommended Pra¢ti¢e ISORPI applicable to charities preparin9 their accounts in accordan¢e with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Objectlvos and actlvltjos a. Poll¢le$ and oblectlves The Charity has charitsble objecls that reflect the charitable purposes of the IB. These are the advancement of education by.. al the development and promotson of programmes of education for students at different levels within schooly (primary, middle and upper secondary school levels or su¢h other levels as may be relevant overseas) for adoption by aulhorised Schools in all countries., bl the development, adminislralion and promotion of an intemats'onal examination for aulhorised school$ givlng access to higher e<lu¢alion in all countrie$-, cl such other means as the Trusl&es ol the Charity may determine,. and dl Sueh other exclusively ¢hafi¢able purposes as the Trustees of the Charity may In their absolute discTefjon determine. The Charity achieves Ihtsge objects and delivers public benefit by providing serwces to the IB in support ol the IB'S work wlh Schools. goveinmenls and international organoations to develop challenging programrnes of inlernational e¢Ju¢ali<)n and rigorous assessment that encourage $ludenls across the world to become active, compassionate and lifelong learners who help to create a better and mofe peaceful world through inte￿￿ltUral understanding and respe¢l. The followng are parts"cular areas of the Charity's work". Assessment Information and communIca￿on$ technology Payroll and human resour¢e$ An Cperaling agreement exists bekn¥e¢n the Charity and the IB and provides that, lo the exlenl permitted by law, the Charity wll cary out its lunctions in a manner ¢onsislenl wth the relevant corporate principles, policies. standards, systems and procedures of the IB. This includes responding accordingly to the plans of the IB lor 115 future operation. with regard lo ils aim lo develop inquiring. knovledgeable and caring young people who help lo create a better and more peaceful wodd Ihfough intercultural understanding and respect. In carrying out the functions de$GrTbed above In order to further the Charity'5 airns, the Trustees have complied with the duty in Section 4 of the Chanlies kt 2006 to have due regard to the Chanty Commi5sion'5 published general and relevant sub-sgclor guidance conceming the operation of the public benefit reqL(irement under that A¢1. Pa9e 2

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limit8d by Guarariteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 strateglc r&port Achlovements and prfomiance a. R•vlow of a¢tlvltle8 Diploma programme In the Novomber 2021 examination session.. In November 2021 a dual route $e5sion was offered lo schools due to the Covid-19 pandemic. Of the 914 $¢hools with registered candidates, 14.4'A11321 opted for the non*xaminats'on route. The IB successfully delivered 311 examinations lo 16.869 ¢andidates in 914 school$. Overall, there was a 14.5¢A decrease in the lotsl number of candidates registered for the November 21 session. A significant decrease was seen the number of retake candidate$ l-50.2'hl and anticipated candidate regislralions were more in line wlh pr&pandemic levels. There was a 21.6% reduction in the number of 8¢ho¢ls registered for the November 2021 session. This is due lo the wthdrawal ol public schools in Ecuador1681 and fewer May 2021 candidates regislefing for retakes in November 2021 1210 fewer May session schools registering candidates in November 21). 23 new schools were added lo the portlolio, bringing 383 candidates. In the May 2022 session: In May 2022 a dual route approach was offered lo DPICP sch¢)018, an exam roule was taken by 2,954 schools 1168,877 candidates) and a non-exam route was taken by 136 gchool$15,015 candldalesl. The IB successfully delNered 607 examlnalions lan increase of 16%110 173.892 candidates in 2,954 schools across 140 countries. OveraS1, there was a 1.89QA increase in the total number of candidates ￿gistered lor the May 2022 session 10.470A increase in the number of candidate$ registering for the ftjll Diploma Programme (DPI and a 37.51% in¢rea5e in the number ol ¢an<Jidate5 regislering for the CareeT4<elated Programme (CPI. 159 new $¢hools were added lo the portfolio, bringing 2.734 candidales. Mlddl• Y•arn Programme In the Novémber 2021 oxamination session.. In Novernber 2021 the IB made the decision lo continue to offer an allemalive to on•screen examinations to allow MYP students to complete an assessment even rf the on-screen examinations could not be facililaled within their school. The eA5se5sment Onknscreen exam route was taken by 58 schools1244 candidates) and the alternative task route was taken by 6 schools121 candKlate51. The IB su¢ce5sfully delivered 52 on-screen examinations for 265 students in 64 schtstsls 181 % more on-scr¢en examinations were produced in May 2022 than in previous sessions to accommodate for the allemative lasksl. 7,441 candidates registered for the Personal Prqect. Nine new schools were added to the portfolio, biinging 683 add￿onal ¢an¢Jidates. All nine schools registered course candidates for the marsdatory personal Project only Ino registrations for ePortfolio or on-screen examinations received for these schools). Page 3

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limitod by Guarant8el TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 strategic report Icontinuodl A¢hl•v•mènts and ptrrfomian¢• l¢ontinu•dl In the May 2022 session.. In May 2022 the IB made the decision to contsnue to offer an alternative to on-screen examinations to allow MYP students to complete an assessment even if the on￿screen examinations could not be facililaled wthin their school. The eAssessmenl on-screen exam roLtte wa5 taken by 236 schoo15 {9,649 candidates) and the allernalive task roule was taken by B schools and1111 candidalesl. The IB successfully delivered 118 on-screen examinations for 9.649 sludenl8 in 236 schools 178% more on- screen exarninalions were produced in May 2022 than in previous sessions lo accommodate lor the allernatlve lasksl. In lots19.649 candidates sal 54.952 on-screen examinations and 89,072 ¢an¢Jidates regisler&d for the Pefsonal Prqecl. 83 new schools were added to the portfolio, bringing 4,028 addition￿ candidates. Flnan¢lal revl•w a. Golng conc•m The service fee the Charity re¢eive$ lor As$e$smenl Services provided is ¢al¢ulaled using a mark-up tsn costs in¢urred. In the light of this wn$lruction the Truste¢¥ consider that any financial impact of COVID-19 on the Charity wll be negligible. b. Ras8rv•8 ￿t1¢Y The Trustees consider an amounl equal to about ten weeks. expenditure IS4.6ml to be the Chaiity's target short term free reserves level Ilo cover payment terms with its cuslomerl. This ￿￿Uld be built up over a period ol years as the loan from the Charity's parent Is repaid. The Truslees wll review the situab'on annually lo ensure that their policy protects the Chanty from any signrficanl event that would impact its financial p0511ion. c. Funds poll¢y Within the Charity's books. all lunds are held as unrestricted. Currently there is a surplus, lotalling $27m 12021.. $26ml. This represents the Charitys free funds. Stru¢tur•, gov¢rnan¢• and manag•mont Constitution The Charity is consliluted under a Memorandum of Assoaalion dated 21412008 and Is a registered charity number 1126291. International Baccalaureate Organrzation IUKI Limited (the Chartyl is a company limited by shares which was registered in the United Kingdom on 2 April. 2008, and is governed by rts Memorandum and Articles of Association dated 2 Apr¢l. 2008 (that contain an asset lock for charitable purposes and a bar on distribution of dividends). The company was iegistered as a charity on 14 October, 2008. Consequently, the directOTS are referred lo herein a5 Trustees, being charty trustees for the purp05e5 of the Charities Act 2011 as the persons having the general control and management of the Charity. Page 4

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Structure, governance and management (continued)

The sole shareholder of the Charity is International Baccalaureate Organization (the IB) which is an independent non-profit-making foundation registered in Switzerland. It was founded on 28 October, 1968 under the name of 'Organization du Baccalaureat International' and functions according to the requirements of the Swiss Civil Code. The IB is the recognised leader in the field of international education, encouraging students to be active learners, well-rounded individuals and engaged world citizens.

b. Methods of appointment or election of Trustees

Under the Articles of Association, the Trustees of the Charity are appointed by the IB. The minimum number of Trustees is two; there is no maximum. Of the five current Trustees, one (Olli-Pekka Heinonen) is the Director General of the IB, and two are independent of the IB, and bring a mixture of business and legal skills, as well as knowledge of the not for profit sector and international issues, to the Board.

c. Organisational structure and decision-making policies

The Charity relies on IB's robust governance framework, with the Board of Governors and its committees representing governance and policy best practices. The remit of the Board of Governors and committees covers all of the activities of the IB's entities, including the Charity, contributing expert advice and providing independent scrutiny of the IB as a whole.

d. Policies adopted for the induction and training of Trustees

Trustees are given a document "Introductory Operational Guide for the Board of International Baccalaureate Organization (UK) Limited", last updated on 5 February, 2010. In addition, Trustees are invited to attend Board meetings of the Charity either in the IB's Cardiff office, or in the IB's global centre in The Hague where they can meet with senior members of staff representing all of the IB's activities. External Trustees also have the opportunity of discussion with their 18 Board colleagues and are provided with detailed updated reports on the Assessment activities and presentations on the IB's state of affairs at least twice a year. None of the Trustees received any remuneration or other benefit from the Charity.

e. Remuneration statement

In order to be successful in all respects, we need to be able to attract and retain staff with a wide variety of skills, knowledge and experience, some of which is highly specialised.

We aim, therefore, to be competitive in the different recruitment markets where we compete for talent and to take a balanced and responsible approach to the use of the Charity's funds.

In accordance with SORP FRS102, we disclose:

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INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Structure, govgmanc• and manag¢mont Icontinugd) f. Rlsk management and Intemal Control The Trustees confirm that, on a regular basis. major risks to which the Group is exposed. as identified by the Trustees, are reviewed. and that systems have been eslablished to manage those risks. Identified potential risks ndude the non-compliance vth legal 8 taxation requirements, exposure lo IT system failures, and incomplete billing ol income. This has been done in Consultation wth the 18. wth the activities and operation of the Group induded 35 part of a comprehensive risk framework adopted by the IB. Internal controls are designed to provide reasonable, bul not absolute. assLtran¢e against material misstatement or loss and include.. an annual budget ¢onsideralion by Trustees of finan¢tal results, and variance from budget delegation ol authority al￿ segre9atKJn of duties Internal audit 1$ conducted by an in-house team to a ￿an agreed wth Trustees oach year, tsking into accoLtnl any substantive changes in the Chality's processes. g. Trusto•8' Ind•mnities The Charty has insurance policies in place vknich indemnfy the Chalty against losses arislng from the nts91igence or defautt of the Trustees and Officers. h. Kgy managom•nt P•T#onno1 omployed at th• Global Centre Icardiffj Nam8 Andrea Smith Sarah Per Wood Matthew Glanville Eleonore Kromhoul Jon Tomkinson Paul Teulon Maria Krainova Holt Adrian Lan ton wef 1910712021 Ok5ana Ja eczn wel 0110512022 Roncie Bil re51 ned 3110812021 Tob Courtne -Thomas resi ned 3111012021 Desl natlon Chief Slrale and Transformai¢on Officer Head ol Assessment O eralions Head ol IT O eralions Head of Assessment Princi les and Practice Head of Assessrllenl Develo ment and Delive Head ol Privac Global Head of Global Reco Head of Business Chan Head of HR UK Head of Pro ramrne Head of HR UK Head of IB An5wer5 wef 01106Q022 ital Assessment Plans for ftrtur• p•dod$ The IB will work lo ensure that more students can benefft from an IB edu¢abon', and that this education continue5 to meet the changing needs of students, teachers. univeTsities and employers. Our focus on innovation, s¢rvi¢e and community in our strategy not only helps us achieve this., but also aims lo ensure that the services we provide our ¢ommunity are high qualrty, innovative and excellent. The Trustees have been and wll continue to be closety concerned, in consultation with the IB, wth the implications for the Charity of ils luture development plans. and in monitoring and adaptsng in response to them lo ensure that they continue to delww the Charity's objectives. Page 6

INTERNATIONAL BACCALAUREATE ORGANIZATION {UKI LIMITED IA Company Limited by Guarant￿) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Engaggmont with employees and employment of the disablèd Employees have been consulted on issues of concem to them by means of regular ￿nSUltatsve committee and staff meetings and have been kept informed on syctfic matters direth by mana9emenL The Charity has implemented a number of detailed policies in relalion to all aspeets ol personnel matter5 including.. Equal opportunitie5 poIKy Volunteers, policy Health & safety poI￿Y In accordance wth the Charty's equal opportunities policy. the Charity has long-established fair employment pracb'ces in the recruitment, selection, retention and training of disabled staff. Full details of these policies are availalAe from the Charity's office$. Dls¢losur• Of Infomiatlon to audltor Each of the persons vtho are Trustees al lime vknen thig Trustees, Report is approved has ￿nIlm)ed that.. so far as that Trustee is aware. Ihere is no relevant audit information of vknich the charity's auditor 18 unaware. and that Trustee has taken all the 81eps th31 ought to have been taken as a Trustee in order lo be awarè of any rèlevant audit informal￿n and to &$tabli$h that the charitys audrtor is aware of that infomiation, Audltor The 4udilor, Mazars LLP, has indicated his wllingness to conb'nue in office. The designated Trugleeg vlll prop06e a motion reappointing the auditor al a meetsng of the Tnjsleey. Approved by order of the members of the tr4)afd of TNstees on and sHJned on their behalf by.. 0111-Pèkka H•lnon•n Trustee Page 7

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED A Company Limited by Guarantsel STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2022 The Trustees (who are also the directOTS of the Charity for the purposes of company law) are responsible for preparing the Truslee5' Report including the Slrategi¢ Report and the financial statements in accordance with applicable law and Urtiled lQ"ngdom Accounting Standar¢Js (United ltingdom Generally A￿pIed A¢¢ounting Praclicel. Company law requires the Trustee$ lo prepare financial slalements for ea¢h financial year. Under company law, the Trustee$ musl not approve the financial statements unless they are satisfied that they givè a true and fair view of the stsle of affairs of the Charity and of rts in¢oming resources and application of resource5, includin9 Its income and expenditure. lor that period. In preparing these financièl statement5, the Trustee$ are required to.. select suitable accounting po1￿leS and then apply them consistently., observe the methods and Pfinciples of the Charities SORP IFRS 102)., make judgement$ and accounting esb"mate5 that are reasonable and prudent., stsle whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slalemenls.. prepare the financial slalements on the 90ing concem basis unless it19 inappropriate to presume that the Charity will continue in busine$$. The Trustee$ are responsible lor keeping adequate a¢￿UntIng re¢oTdy that are Sufficient lo show and explain the Charity's transactions and disclose with reasonable accura¢y al any b.me the financial position ol the Charity and enable them to ensure that the financial statements comply the Ctsmpanie5 Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for tho prevention anrt dele¢lion of fraud and other irregularities. Pa9e 8

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED

Opinion

We have audited the financial statements of International Baccalaureate Organization (UK) Limited (the 'Charity') for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees' with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees' responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED {A Company ￿MIted by Guarantso} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANIZATION (UK} LIMITED Our responsibility is to read the other information and. in doing so, consider whether the other infomiation 1$ materially inconsistent wrth the financial staternents or OUT knovAedge obtained in the course of the audit. or olherwse appears lo be Material￿ misslaled. If we identrfy such material inconsistencies or apparent material misslalemenls, we are reqvired lo determine whether this gives rise lo a malefial misslatemenl in the financial slalements themselves. 11. based on the V*YJck we have performed, V+E conclude that there is a material misslalemenl of this other information. we ale required to report that fact. We have nothing lo report in this regard. Opinions on other matter5 prescribed by th• Companias Act 2006 In oui opinion, based on the work undertaken in the course of the audit.. the information given in the Slralegic Report and Iho Trn$lees' Report for the financial year for whlch the financial slalemenls are prepared 1$ consi51enl with the financial slalements.. and the Strategi¢ Report and the Trustees, Report have been prepared in accordance with applicable legal requirements. Mattorn on which wo are roqulrod to report by •xceptlon In Ilghl of the knovAedge and understsnding of the Charity and its environment obtained in the course of the audit. we have not identified malenèl misslalemenls in the Strategic Report or the Trustees, Report. We have nothing lo report in re$pe¢l of the folb%Mng matters in relat￿n to bthich the Companies Act 2006 requlres us to report to you Sf. in our opinion.. adequate accounting records have not been kept. or returns adequate for our audrt have not been Teceived from branches not visited by us., or the financial stalemenls are not In agreement wth the accounting records and relurn$,' or Certain disclosures of Iwslee$' remuneration specrfied by law are not made., or we have not received all the inlofmatton and explanations V•P require lor our audit. Respon5ibilitie$ ol Trustsos. As explabned more fulty in the Trustees. Responsibilities Statement sel out on page 8, the Trustees, responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal ¢onlrol as the Trustees, is ne¢essary lo enable the preparation of financial statements that are free from material misstatement, vthelher due lo fraud or emji. In preparing the financial statements, Ihe Trustees, responsible for assessin9 the Charity's ability lo continue as a going concem, disclosing, as applicable. matters related to going ¢oncem and using the going ¢on¢ern basis ol accounting unless the Trustees, either to liquidate the Charty or to cease operations, or Twstees, no realisti allemalive but to do so. Page 10

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the Charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at w .frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of the audit report

This report is made solely to the Charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's members as a body for our audit work, for this report, or for the opinions we have formed.

Richard Bott (Senior statutory auditor) for and on behalf of Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street Bristol BS1 6DP

Date: 15 December 2022

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INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED IA Company Llmited by Guarantèe) STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2022 Unrestricted funds 2022 Total funds 2022 Total fund8 2021 Note Income from: Charitable actsvi1Ses 23,738.818 23,738,816 23,114,026 Total Incomè 23,738.816 23,738.816 23,1 14,026 Expendlture on: Charitable a¢livit¢es Other expenditure 22,649.779 22,649.779 21,992,353 43,302 Total expondltur• 22,649,779 22.649,779 22.035,655 Not Incomo betore n•t IlossesVgaln& on Inv•$tments Net IIOss8sllgains on investments 1,089,037 1501.7581 1,089,037 1501,7581 1,078.371 322,616 N•t movom•nt In funds 587.279 587.279 1,400,987 R9¢0ncllSatlon of funds: Total funds brought fowdrd Nel movement in funds 26,070,27S 587,279 26.070,27S 587,279 24,669,288 1,400,987 Tot*1 funds ¢arrf¢d forward 26,657,554 26,657,554 26,070,275 Page13

INTERNATIONAL BACCALAUREATE ORGANIZATION {UKI UMITED IA Company Llmlt¥d by Guarantee) BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Note Flxed asJet# Tangible assets 13 3,033,883 4.675,854 3,033.883 4,675,854 Currfjnt as$•ts Debtors 14 24,876,690 2,240,117 775.916 62,246.923 Cash al bank and in h8nd 27.116,807 63,022.839 Credllors". amounts lalling due %Mthin on• year 15 {837.2411 138.821,5301 Not curr•nt a$¥*ts 26.279,566 24,201,309 Total ass•ts188$ Current Ilablllti 29.313.449 28,877,163 Credilor8.' amounts falling due after more than one year Provisions for liabilities 16 11.503.5441 11,152,351> 11,651,8581 11,155.0301 Net a88•ts •xcludlng p•n•Son ass•t 26,657,554 26.070,275 Total not ass•ts 26,657,554 26,070,275 Charlty funds Restricted funds Unre8lri¢t&d fvnds 19 19 26.657.554 26,070,275 Total funds 26.657.554 26,070,275 The Trustees acknovAedge their fespon$ibilrties for ¢omplying the requirement$ of the Act with respect to accounting record5 and preparation of financial Slatemenls. The financial slalernenls were approved and authorised for issue by the Trustees on signed on their behalf by". and fjli, FJI rf2bb- Olli-Pekka Heinonan Trustee The notes on pages 16 to 30 fomi part of these financial stslement5. Page 14

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 C$h flows from oparatlng a¢￿vItieS Net eash used in operating activsbos 159,740,128> 60,599,816 Ca8h flows from inve$llng actlvltl•i Purchase of Intangible assets Purchase ol tangible fixed assets Disposal of investments 1461 1695,4361 1,613 1266,6781 Net cash usèd In Inv•sUng ¢tivltl•s 1266,6781 1693,8891 Cash flow8 from Ilnanclng actSvltle8 Nèt cash provldèd by finan¢lng actlvbtles Chango In cash and cash •quivalents in the yoar Cash and cash equivalents at the beginning of the year Ca8h and ¢•sh equb¥al•nts at the ond of the year 160,006,806) 59,905,947 62,246,923 2,340,976 2,240,117 62,246,923 The notes on pages 16 10 30 fom part of these financlal statements Page 15

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED {A Company Llmited by Guarantee) NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Ggnoral Infomatlon International Baccalaureate Organizatson IUKI ￿'MIted is a private company lirniled by 5haTes, reg151ered in England & Wales, registered number 06553433 and a registere(1 chanty, number 1126291. 11$ registered office, and that of the SLtbsidiary, is Peterson House. Mallhouse Avenue. Cardiff Gale. Cardiff, CF23 8GL. Ac¢ountlng pollcl•8 2.1 8asis of preparatlon of financlal statements The financial statements have been prepared in accordance wth the Charilies SORP IFRS 1021 Accounting and Reporting by Charities.. Statemenl of Recommended Practi¢& applicable to ¢harits'es preparing their accounts in ac￿rdanCe wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20151. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. International Baccalaureate Organization IUKI Limrted meets the definilien of a public benefit enlily under FRS 102. Assets and liabilities are inth'alty recognised al historical cost or transaction value nless olhewse slated in the Televant accounting poI￿y. The presentation currency of the financial statements ig USD vthich is the functional curren¢y of the Charity and they are rounded to the neare$l dollar. The financrdl infomiation relate5 to the year ended 30 June 2022 and the comparative informatson relates Its the year ended 30 June 2021. 2.2 Golng conc•m The financial statements are prepared on the going concern basi$. based on Continuing support from the parent undertaking, International 8accalaureate Organyzation, and the axpeclalion of continued gr0￿h in the assessment services in the future. The going concern basis Is dependent on the going concem of its parent entity. International 8ac¢alaureale Organisatson. 2.3 Incom• A51 incorne is recogni5ed once the Charity has entrfemenl to the income. it is probable that the income wll be received and the amount of income receivable can be measured reliabty- The seryice reeharge betvthn the Charity and the IB is for all establishment, payroll and other business costs and expenses. The income foi thi5 is recognised in line wilh Ihe COTresponding expenditure. Page 16

INTERNATIONAL BACCALAUREATE ORGANIZATION {UKI LlhllTED IA Company Limitad by Guarant901 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 A¢¢ounting policies {cOntin￿dI 2.4 Expendlturo Expenditure is ￿cogniSed on¢e there is a legal OT con51rucbve obligation to transfer economic benefit to a third party, it is probable that a transfer of e¢onomic benefils wll be required In settlement and the amount ol the oblvJatson b8 measured ￿11abty. All expenditure, including termination benefrts, 1$ a¢¢ounled for on an accruals basis. Costs are apportioned befv￿en expenditure categories in a manner which reflects the allocats'on of resources lo these areas. Costs of aclivth'es in furtherance of charitable activities are educational and assessment- related in nature. Support C051s have been allocated beN¥een these items. Governance costs comprise the costs involved in the govemance of the Charity, ils compliance with eonstilulional and statutory requirements and its accountsbilty lo the public. 2.5 Interest rncglvabl• Interest on funds held on deposit is induded when receivable and the amount Can be measured reliably by the Charity., this is nomially upon notification of the interest paid or payable by the Bank. 2.6 For•lgn currfynelos The Charity's income and ¢a$h llows are pnmarily generated in US dollars and management information is reported in US dollars. The fUn¢t￿}nal ¢uirency of the Charity is US Jollars. During the year. the Charity changed the currency in vthich il presents 115 financial statements from pounds lo US dollars. in order lo better reflect the performance of the Charity. Foreign curyency transactions are translated into US dollars using the spot exchange rate Prevailing on the date of the transactions. Exchange gains and losses resulting from the selllement of forelgn currency transa¢tion$ and revalvalion of rnonelary Issets and liabilities al the balance sheet date are recorded in the income slalement. Monetsry assets and liabililies denominated in foreign ¢urren¢ies are translated into US dollars at the exchange late prevailin9 at the balance Shoet dale. 2.7 Intangible assots and amortlsatSon Intangible assets #re capitalised at cost, and depreciated $0 a$ to WTf(e off the costs of fixed asset$ ss eslimaled residual value over their estimated useful lives on a slraighl-line basis al the followng annual rates. Amortisation 1$ prw¢Jed ¢)n the followng ba51S'. Computer SOf￿Are 20 % per annum Al each balance sheet date. the Charity rewevts the carrying amounts of ils intangible fixed assets to determine whether any assets have suffered an impaimienl 1055. Any Impaimient loss is recognised in the stslement ol financial a¢tiviéies in the year in vthich (( occurs. Page 17

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limit￿ by GuaTanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting polici•s l¢ontlnuod} 2.8 Tanglble flxed assets and doprn¢latlon Tangible fixed assets are carried at cost, net of deprecialKsn and any provislon for Impairment. Depreciation 1$ provided al rates calculated to wrrte off the cost of fixed a$$&ts. less their estimated residual value, over their expeded u5efvl lives on the followrtg bases.. Long-term leasehold property Fixtures and fittings 10% per annum 10- 33 % per annum Al each balance sheet date, the Charty rewews the carrying amounts ol ils tangible fixed assets lo determine whether any assets have suff&red an impaimient loss. Any impaiment loss is recognised in the slalemenl of financial actsvities in the year in %thich rt ￿￿r$. 2.9 D8btors Trade and other d8blors are recogni8ed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-lem highly liquid investments with a Short maludty of three months or less from the dale of acqui$th'on or opening ol the deposit or similar account. 2.11 Llabllltl•s Liabililieg and provisions are recognised when thefe is an obligatson at the Balance Sheet dale as a result of a past event, il is probable that a Ir8nsfer of economic benefft wll be required in selllemenl, and the amount of the settlemenl can be estimated reliably. Liabilities are re¢ognised al the amount that the Charity anticipates it wll pay to settle the debt or th amount it has received as advanced payments for the goods or Services il musl provide. 2.12 Provision Provisions are rneasU￿d at the best estimate of the amounls required lo settle the obligation. Where the effect of the lime value of money 1$ material, the provision is based on the present value ol those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwnding of the discoLtnl is recognised ￿thin interest payable and similaf charges. 2.13 Flnanclal In$twments The Charty only has financial assets and financial liabilthes of a kind that qualfy as basic financial instruments. Basic financial instrumen15 are initially recognised al transaction value and subsequenlty measured al their settlemenl value. 2.14 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease temi. Page 18

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limited by Guarantee} NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accountlng pollci•$ Icontlnu•dl 2.1 S Penslons The Charity opeTates a defined ¢ontrtbution pension scheme and the pension charge represents the amounts payable by the Charity to the fvrtd in respect of the year. 2.16 Fund accountlng General fund$ are unrestr.cted funds %thich are available for use al the discretion of the Trusleeg In furtherance of the geneial objectives of the Charity and vA)t¢h have not been designated for other purposes. Crftl¢al accountlng estimates and ar¢a$ of ludg¢mont Estimates and judgements are continvalty evaluated and are based on historical experience and other factors, including expe¢lalion5 of future events that are believed to be reasonable under the drcumstance¥. Critical accounting eslimales and assumptions.. The Chaiity makes eslimales and assumpti￿8 concerning the future. The resurtlng accounting estimates and assumptions wll, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of ¢ausing a material odjustmenl to the carrying amounts 01 assets and liabilities wthin the next financial year are discussed be￿￿. Critical areas ol iudgement.. There aro judgements made in determining whether provisions are required and at what value. A dilapidations provision 15 held relating lo the eslimaled cost of repairs lo the Cardiff offices at the end of the lease, based on anticipated futLtre costs. Given that the timing of lease exit is uncertain, wth potential for lease extension. the valve and timing of the ￿5VIt5Thg payments is also uncertain. There have been no actual ¢osls to compare ihe estimate lo however. A ditapidations provision of $1.2m is held al the year end. In¢omo from charltabl8 8Ctlvltles Unrostricted funds 2022 Total fund$ 2022 Assessment 23,738,816 23,738,816 Page 19

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED IA Company Limitod by Guaranto•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Income from charitabl• activiti•$ le¢ntinu•dl Unrestrlctad funds 2021 Total funds 2021 Assessment 23,114.026 23.114,026 Ch•rltable ActSvlt5es Total 2022 Total 2021 Office comrnunicabons. IT & other supplies Realised exchange lossesllgains} Other Other staff costs Temporary slaffl¢ontra¢tor8 Wages and salaries Depreciation Support costs Inole 61 Governance costs Inole 71 Total 1,203,268 146,81 $1 636,585 79,481 334,224 15,462,013 15,144,785 713,282 714.059 4.216,710 3,970.543 51 1,387,551 32.742 562,927 126.919 22,649,779 21,992,353 Support ¢o$ts 2022 2021 Management Finance Human Resources Informadon TeChr￿lO9Y Fa¢ilsties 875,271 168,250 43.960 1,217.842 1.911,387 603.236 181,026 124.557 1.233.637 1.828.087 4,216.710 3.970.543 Page 20

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED {A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Gov8rnanc8 co$1$ 2022 2021 Auditors. r•muneration 51,031 52,827 51,031 52,827 Othor oxpenditure Total fund¥ 2022 Bank charges and interest Unroltri¢tsd funds 2021 Total funds 2021 Bank charges and interest 43.302 43,302 Audltor's rgmun•ratlon 2022 2021 Fees payable lo the Chari￿$ auditor and ts associates for the audtt of the Charity's annual accounts Fees payable to the Charity's auditor and its a$so¢iale$ in respect of.. The auditing of accounts of a550ciales of the Char5ty All assurance services not included above 28,670 28.670 24.157 2,265 24,157 6,895 Pa9e21

INTERNATIONAL BACCALAUREATE ORGANIZATIOM {UK) UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 10. Staff ¢08ts 2022 2021 Wages and salaries Social security cosls Contribution lo defined contribution pension schemes 14.349.817 14,009,323 1.534.894 1,345,975 1,065.092 1,016.533 16,949.803 16.371,831 The average number of per$ons employe(I by the Charity during the year was a$ follows.. 2022 No. 2021 No. Staff 286 283 The number of employees vA)08e emF4oyee benefits (excluding employer pension ¢ostsl ox¢eeded $60,000 was.. 2022 No. 2021 No. In the band $87,$01- $100.000 In the band $100,001 $175.000 In the band $220.001- $227.500 Provislons for termination benefits are Tecognised onty vthen the company Is demonstrably commttted lo lerminale the employment of an employee or of a group of employees before their normal retirement dale or to provide lerminalion benefit5 as a result of an offer made in order lo encourage voluntary redundancy. Termination Costs are recognised when paid through the payroll. The lolal termination payments in the year were $115,271 12021.. $160,377). The Charity cons¢ders its key management peTsonnel lo comprise the trustees, Departrnenl Heads and the Chief Strategy and Transformation Officer. The total employment benefits including employer pension contributions of Ihe key management personnel were $1.14m12021'. $1.01 m}- 11. Trustees, remunerntion and expenses During the y&ar, no Truslees received any remuneration or other benefrts12021 - $NILI. During the year ended 30 June 2022, expense5 tolalling $NIL were reimbursed or paid direclly to no Truslees12021 $NIL to no Trustees). The expen5e5 relate to travel and SLFbsislence. Page 22

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA company Limited by Guarantge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. Intanglble assots Comput•r SOf￿are Cost Al 1 Juty2021 29,555 AI 30 June 2022 29,555 Amorti$atlon At l Juty2021 29,555 At 30 June 2022 29,555 Not book valu• At 30 June 2022 At 30 June 2021 Page 23

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limited by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 13. Tangiblo fixed assets Long-t8rm leasehold Fixtur8s and pro￿rtY fittlng8 Total Cost or valuatlon At 1 July 2021 Additions Disposals 13,363,020 2,817 4,774,796 263,861 1326,1111 18,137,816 266,678 1326,1111 At 30 June 2022 13.365,837 4,712,546 18.078,383 D8pro¢latlon At 1 July 2021 Charge for the year On ¢Jigpo$al$ 9,584,554 1,417,160 3,877,407 490,618 1325,2381 13,461,961 1,907,776 1325,2361 At 30 June 2022 11,001,714 4,042,787 15,044,501 Not book v•lu• At 30 June 2022 2.364,123 669,759 3,033,882 At 30 June 2021 3.778.466 897,388 4,675,854 14. D•btor¥ 2022 2021 Due vAthln one yoar Amounts owed by group underlakings Other debtors Prepaymenis and ac¢rued income 24.254,323 216.387 405.980 48,552 727,364 24.876.690 775,916 Page 24

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Umlt•d by Guarnntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 15. Crèditors: Amounts falling du• within on• y•ar 2022 2021 Trade credltors Amounts owed lo group undertaking8 Other taxation and social security Accruals and deferred income 105,540 350,638 37,299,929 7,659 1,163,306 10,646 721,055 837,241 38,821.530 16. Credltors: Amounts lalllng duo aft•r mor• than on• year 2022 2021 Amounts owed to group undertakings Other uedilor$ 1,066,977 436,567 1.215,291 436,567 1.503,544 1,651,858 The aggregate amount of liabilities payable or repayable whdly or in part more than five years after the reporting dale is.. 2022 2021 Repayable by inslalmenl8 643,528 643.528 In 2009. IBO provided IBO {UKI Ltd with an intefest free loan of GBP2.5 million 10 5UPPOrt il's working capital arrangements. The loan was being repaid at GBP125,000 per year. Since the balance sheet dale, 180 (UK) Ltd has repaid the full rèmaining balance of the loan to IBO. Page 25

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI UMITED IA Company Limitad by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 JUNE 2022 17. Provisions Provl$lon At 1 July 2021 Movement in year 1,155,030 12,679} 1,152,351 Provislon The dilapidatsons prowsion is a provision for the cost ol repairs lo the Cardiff offices at the end of the lease. Given the Ilming ol lease exit is uncertain, the value and liming of the resulting payments is also uncertain. The addition this year relaley to the building up of the provision over lime. 18. Share capital 2022 2021 1 ordinary Share of £1 The Share ha8 attached to rt fvll voting, dividend and ￿PI￿r distribution linduding on wtnding upl rights,. il does not confer any rights of redemption. P8ge 26

INTERNATIONAL BACCALAUREATE ORGANIZATION (UK) LIMITED IA company Limited by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 19. Statement of funds Stattment of funds- currant year Balanc• at 30 June 2022 Balance at 1 July 2021 Gainsl (Losses) Incom• Exp•ndltur• Unrestrlcted funds General Fund 26,070,275 23.738,816 122,649,779) 1501,7581 26.657,554 ststement ot fund8 - prlor yaar Balanc• at 30 Jun• 2021 Balance at 1 July 2020 Gainsl (Losses) lTrcom• Expendltur• Unwstrlcted funds Geneial Fund 24,669,288 23,114.028 {22.035.6551 322,616 28,070,275 Page 27

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2022 20. Analysls of net assets b•tw•on funds Analysis of nel a$s•ts betsveen funds- current period Unre5trlcted funds Total funds 2022 2022 Tangible fixed asset8 Current assets Creditors due wlhin one year Creditors due in more than one year Provisions lor liabilities and charges 3.033.883 3.033,883 27,116,807 27.116,807 1837,2411 1837.2411 {1,503,5441 {1,503,5441 11.152,3511 {1,152,3511 26,657,554 28,657,554 Analysis of nel assets betsyeen funds- prior period Unr8strl¢tgd funds Total funds 2021 2021 Tangible fixed assets Current assets Creditors dut wthin one year Creditors due in more than one year Provisions for liabilities and charges 4,675.854 4.675,854 63,022.839 63.022,839 139,258,097) 139,258.097) {1,215,291I 11,215.2911 {1,155,0301 11,155,030) 26,070,275 26.070,275 Page 28

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI UMITED IA Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 21. Reconciliation ol not mav•ment In funds to net cash flow from operating activttie$ 2022 2021 Net in¢om• for the year las per Statement of Financial Adiviiiesl 587.279 1,400,987 Adjustmonts for: Depreciation charges Amortisalion charges Loss on the sale of fixed assets De¢rea$ellin¢reasel In debtors Increaselldecreasel in ¢redilors Increage in provisions 1.907.776 1.902,257 1,686 137,263 124,100.7741 19.524,201 138,132,803) 37.366,221 12.6791 267,201 873 Net cash provldod byllu8•d Inl 0￿ratIng a¢tlvltles 159,740,1281 60,599,816 22. Analysls of cash and cash oqulvalents 2022 2021 Cash in hand 2,240.117 62,246,923 Total cash and ¢8$h frqulvalents 2,240,117 62,246,923 23. Analysls of ¢h4nge$ in net debt At 1 July 2021 Cash flows At 30 June 2022 Cash at bank and in hand 62,246,923 160,006.8061 2,240,117 24. Contlngent liabilitlos The Charity has no conlingenl liabilities as al 30 June 2022 (2021.. $Nil). Page 29

INTERNATIONAL BACCALAUREATE ORGANIZATION IUKI UMITED IA Company Limited by Guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 25. Penslon commitment$ The Charity operates money purchase ￿nSiOn schemes with Scottish Equitable and Standard Life for United Kingdom based employees of the IB. The penston cost charge represents ¢onlribulions payable by the Charty lo the fund and amounted to $1.065m12021- $1.017ml. 26. Op9r4tlng kas• commltments At 30 JLtne 2022 the Charity ha¢J commitments lo make future mlnimum lease payments under nor cancellable operating leas&$ as loilows.. 2022 2021 Land and bulldlng* amounts payablo: Within 1 year Befv￿en 1 and 5 years 915,407 610,271 1,042.630 1.737,717 1,525,678 2,780.347 2022 2021 Oth•r amounts payable: INilhin 1 year Betsveen 1 and S year8 200.646 482,331 200,646 200,646 682,977 27. R8laled party transactlons The Charty earned a seThice fee from ils parent company of $23.7m {2021.. $23.1ml for assessment services provided. Al the year end the Charty owed £24.2m lo {2021.. $37.3m by) the ultimate parent undertakin9 and had an outstanding loan of $1.Om12021'. 51.3ml lo the ultimate parent undertaking. 28. Controlling party The Trustees regard Swss Foundation, lntemats.onal Baccalaureate Organtzation IIBOI, an independent non-profit-making based al Route des Morillons. 15 Grand-sacconex, Geneva. CH-1216 Swilzerland, iegistered Charity number CHE-107.025.266, as the ults-male parent undertaking. IBO Is deemed lo exercise control as il has the right to appoint or remove a maiorty ol the board of Inl&rnalional Baccalaureate Organwtson IUKI Limrted. Page 30