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$t¢¢8 David Ralph Homer William Henry Old￿t¥¢ Oll￿Pekka Heinonen Sabine Anna Chalmers (appointed I September 20211 Andrea Smith lappoinled 1 September 20211 Company registernd number 06553433 Charlty roglst•r•d numbgr 1126291 Rogl8tgred 0ffl¢g Peterson House Mallhouse Avenue Cardiff Gale Cardiff CF23 8GL Indop&nd•nt audltor Mazars LLP Chartered Accountants 90 Victofia Street Bristol 8S1 SOP 8ank•rs HSBC Bank plc Cardiff CF10 ILF Sollcltors Wrthers Bergman LLP 16 Old Ba1￿Y London EC4M 7EG Page 1 INTERNAT50NAL BACCALAUREATE oRGAN￿rIoN IUKI LIMITED IA Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together W*ith the audited financial statements of the Charty for the 1 July 2021 to 30 June 2022. The Annual Report serves the purpose$ 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 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