2024-06-30-accounts

Registered number: 06553433 Charity number: 1126291

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

9 Bishop Fleming

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

	Page
Reference and Administrative Details ofthe Company, its Trustees and Advisers	1
Trustees’ Report	2-8
Trustees’ Responsibilities Statement	9
Independent Auditors’ Report on the Financial Statements	10-13
Statement of Financial Activities	14
Balance Sheet	15
Statement ofCash Flows	16
NotestotheFinancialStatements	17-31

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024

Trustees	David Ralph Homer
	William Henry Oldreive
	Olli-Pekka Heinonen
	Andrea Smith
	Charlotte Ruth Ellwood Aris (appointed 10 September 2023)
Company registered
number	06553433
Charity registered
number	1126291
Registered office	Peterson House
	Malthouse Avenue
	Cardiff Gate
	Cardiff
	CF23 8GL
Independent auditors	Bishop Fleming LLP
	Chartered Accountants
	10 North Place
	Cheltenham
	GL50 4DW
Bankers	HSBC Bank PLC
	Cardiff
	CF10 1LF
Solicitors	Withers Bergman LLP
	16 Old Bailey
	London
	EC4M7EG

Page 1

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2024

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 July 2023 to 30 June 2024. The Annual Report serves the purposes of both a Trustees’ report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The Company also trades under the names International Baccalaureate Organization (UK) Limited.

Structure, governance and management

a. Constitution

The Charity is constituted under a memorandum of association dated 02/04/2008 and is a registered Charity, number 1126291.

International Baccalaureate Organisation (UK) Limited (the Charity) is a company limited by guarantee which was registered in the United Kingdom on 2 April 2008, and is governed by its Memorandum and Articles of Association dated 2 April 2008 (that contain an asset lock for charitable purposes and a bar on distribution of dividends). The company was registered as a charity on 14 October 2008. Consequently, the directors are referred to herein as Trustees, being charity trustees for the purpose of the Charities Act 2011, as the person is having the general control and management of the charity.

The sole shareholder of the Charity is International Baccalaureate Organisation (the |B) 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 {B is the recognised leader in the field of 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 three 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.

Page 2

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management (CONTINUED)

d. Policies adopted for the induction and training of Trustees

Trustees are given a document ‘Introductory Operational Guide for the Board of International Baccalaureate Organisation (UK) limited’, last updated on the 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 the IB Board colleagues and are provided with a detailed updated report on the Assessment activities and presentations on the IB’s state of affairs, at least twice a year. The Charity has five trustees, two of whom are employees of IB and three are external trustees. Of the internal trustees, one is remunerated through IB's Foundation Office in Geneva and one through the Charity. The latter is disclosed in the notes to the accounts.

e. Remuneration statement

In order to be successful in all respects, we need to be able to attract and retain staff of the 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:

• e All payments to trustees (no trustee receives “pay”)

• e The number of staff in receipt of more than £60,000 (in bands of £10,000) e Pensions and other benefits

f. Risk management and Internal Control

The Trustees confirm that, on a regular basis, major risks to which the Charity is exposed, as identified by the trustees, are reviewed, and that systems have been established to manage those risks. Identified potential risks include the non-compliance with legal & taxation requirements, exposure to IT system failures, and incomplete billing of income. This has been done in consultation with the IB, with the activities and operations of the Charity included as part of a comprehensive risk framework adopted by the IB. Internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss and include:

• e An annual budget e Consideration by trustees of financial results, and variance from budget e Delegation of authority and segregation of duties

The Charity leverages on the risk management and internal audit processes of the IB. This is conducted across IB by an in-house team to a plan agreed with the Finance, Audit and Risk Management Committee (FARMC) and is reviewed annually..

g. Investment policy

The Charity follows the investment policy of the IB. The IB’s investment policy was revised in September 2023 and remains risk averse. The surplus cash is invested in short term fixed deposits and bonds to secure optimal short to mid-term interest income. The IB does not invest in equities or any other investment that is subject to capital fluctuations. The |B has sufficient cash resources to avoid the need to borrow funds.

Page 3

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management (CONTINUED)

h. Trustees’ indemnities

The Charity has insurance policies in place which indemnify the Charity against losses arising from the negligence or default of the Trustees and Officers.

Plans for future periods

The IB will work to ensure that more students can benefit from an IB education; and that its education continues to meet the challenging need of students, teachers, universities, and employers. Our focus on innovation, service and community in our strategy not only helps us achieve this; but it also aims to ensure that the services we provide our community are high-quality, innovative and excellent.

The trustees have been, and will continue to be, closely concerned in consultation with the IB, with the implications for the Charity of its future development plans, and in monitoring and adapting in response to them to ensure that they continue to deliver the Charity’s objectives.

Objectives and activities

a. Policies and objectives

IBO (UK), hereinafter referred to as "the Charity" has charitable objects that reflect the charitable purposes of the International Baccalaureate Organisation, hereinafter referred to as the IB. These are the advancement of education by:

a) the development and promotion of programmes of education for students at different levels within schools (primary, middle and upper secondary school levels or such other levels as may be relevant overseas) for adoption by authorised schools in all countries;

b) the development, administration and promotion of an international examination for authorised schools giving access to higher education in all countries; c) such other means as the Trustees of the Charity may determine; and

d) such other exclusively charitable purposes as the Trustees of the Charity may in their absolute discretion determine.

The Charity achieves these objects and delivers public benefit by providing services to the IB in support of the B's work with schools, governments and international organisations to develop challenging programmes of international education and rigorous assessment that encourage students across the world to become active, compassionate and lifelong learners who help to create a better and more peaceful world through intercultural understanding and respect. The following are particular areas of the Charity's work:

e Assessment

• ¢ Information and communications technology e Payroll and human resources

An operating agreement exists between the Charity and the IB and provides that, to the extent permitted by law, the Charity will carry out its functions in a manner consistent with the relevant corporate principles, policies, standards, systems and procedures of the IB. This includes responding accordingly to the plans of the IB for its future operation, with regard to its aim to develop inquiring, knowledgeable and caring young people who help to create a better and more peaceful world through intercultural understanding and respect.

In carrying out the functions described above in order to further the Charity's aims, the Trustees have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

Page 4

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Strategic report

Achievements and performance

a. Main achievements of the Charity

During this reporting period the Charity has continued to provide core support to the IBO in the following areas of development:

The Assessment division delivers two sessions per year. The features of a session include but not limited to exam creation (authoring), administration of the examinations (dispatch and return of scripts), moderation, standardization, marking, grade awarding, access and inclusion, release of results and enquiry upon results.

Diploma programme

In the November 2023 examination session:

As in the May 2023 examination session, the November 2023 examination session sawa return to the full assessment model for all DP/CP subjects and awarding standards moved to align with established pre pandemic standards.

The impact of this return to a full assessment model meant:

• . Return to moderation of teacher marking for Internal Assessment (IA) from external marking . Additional examination papers or assessment tasks for students compared with last year . Overall lower student outcomes (grades) expected

Despite this return to pre pandemic expectations, Assessment continued to support a small number of individual students (43) with adverse circumstances (COVID 19 and non COVID 19).

The IB introduced time zoned examination papers for the first time ina November session 44 additional examination papers were created as part of the Time Zone project. The first cohort of Korean students studying the Dual Language Diploma were registered for the session.

23 new schools were added to the portfolio, bringing 521 candidates.

Overall, there was a 12.7% increase in the total number of candidates registered for the N23 session.

In the May 2024 session:

In May 2024, the IB introduceda trial approach where religious observances were considered when establishing the examination schedule. The start date of the examination schedule was brought forward to achieve this, and examinations were not held on 29/30 April and 3 May. However, based on valuable feedback from schools and a comprehensive investigation conducted by the |B, it was evident that maintaining a longer examination period due to these observances is not feasible. For future examination sessions, the IB has confirmed that examinations will not be held on 1 May (public holiday in a number of countries) and schools will be able to request rescheduling of examinations for religious observances (aligned with the rescheduling policy).

The non exam contingency remained available for those schools that were unable to open and hold examinations or for those students impacted by an adverse circumstance when no other adverse mitigation was appropriate.

Page 5

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Strategic report (CONTINUED)

Achievements and performance (CONTINUED)

The IB increased the number of time zoned examination papers, 93 additional examination papers were created. However, due to delays in the time zone project implementation the IB was not able to introduce the third variant of papers. The full implementation of the time zone project will be complete for the May 2025 session.

Overall, there was a 7.2% increase in the total number of students registered for the May 2024 session (4.9% increase in the number of students registering for the full Diploma Programme (DP), 9.5% increase in Course students and 29.6% increase in the number of students registering for the Career related Programme (CP). 142 new schools were added to the portfolio, bringing 2,398 DP students and 60 CP students. For the first time students were registered in a school in Kosovo.

The IB successfully delivered 1007 examinations (an increase of 10%) to 192,775 candidates in 3,283 schools.

Middle Years Programme

In the November 2023 examination session:

As in the May 2023 examination session, MYP assessment returned to the published model for all subjects, and all students undertaking the MYP were required to complete the full suite of assessments outlined in programme and subject documents. Schools were expected to make all reasonable efforts to administer the on screen examinations. Mitigations that had previously been in place were no longer available.

However, the IB recognized that there may have been circumstances where some students were unable to sit exams due to physical absence caused by, for example, COVID 19 or other adverse/medical reasons (illness, quarantine, mandated school closure or legal right to remote education), and in those cases schools were able to request for a student to take the full on screen assessment from home or school, within one week of the original on screen examination date. Adapted Partially Completed Unit Planners (PCUPs) were available on request for schools that had prolonged closures. These mitigations were not requested by any schools this session.

There were 1362 registration for the on screen examinations, up 37.7%, and 334 registrations for the e portfolio subjects (up 51,1%).

5,611 candidates registered for the Personal Project a decrease of 3.6% on the previous year.

In the May 2024 session:

The May 2024 MYP examination session was a stable session with no new courses introduced. Three students were supported with emergency rescheduling of examinations due to adverse circumstances. May 2024 was the first session we used the alternative venue procedure for MYP where an MYP student (based in India) sat a proportion of their on screen exams at ISEF (International Science and Engineering Fair) in Los Angeles.

Overall, there was a 3.62% increase in the total number of students registered for the May 2024 session (13.74% increase in the number of students registering for the full MYP Certificate and a 2.61% increase in the number of students registering as MYP Course students). 62 new schools were added to the portfolio, bringing 3,409 additional students. Iceland registered students for the first time.

In total 66,821 candidates sat on screen examinations, 18,587 ePortfolios and 98,587 candidates registered for the Personal Project.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Strategic report (CONTINUED)

Financial review

a. Going concern

The service fee the Charity receives for Assessment Services provided is calculated using a mark-up on costs incurred. In the light of this construction the Trustees consider that any financial uncertainties on the Charity will be negligible.

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees consider an amount equal to one year of operational expenditure to be the Charity's target short term free reserves. Given the recharge nature of the business, this is considered appropriate. The trustees will review the situation annually to ensure that the policy protects the Charity from any significant event that would impact its financial position.

c. Funds policy

Within the Charity's books, all funds are held as unrestricted. Currently there is a surplus, totalling £20.5m (2023: £20.9m). This represents the Charity's free funds.

Engagement with employees and employment of the disabled

Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. The Company carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.

The Charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:

• ° Equal opportunities policy ° Volunteers’ policy

• ° Health & safety policy

In accordance with the Charity's equal opportunities policy, the Charity has long-established fair employment practices in the recruitment, selection, retention and training of disabled staff.

Full details of these policies are available from the Charity's offices.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

• ° so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• ° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Olli-Pekka Heinonen Trustee Date: FRAGA=

Page 8

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• ° select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles of the Charities SORP (FRS 102);

• ° make judgements and accounting estimates that are reasonable and prudent;

• ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

LMAMy - 2bMe. /for— —, Oili-Pekka Heinonen Trustee Date: 4 A p08—

%

Page 9

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED

Opinion

We have audited the financial statements of International Baccalaureate Organisation (UK) Limited (the ‘charitable company’) for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 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:

• 6 give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ° have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.

Page 10

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• . the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• e the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our Knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• ° adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• ° the financial statements are not in agreement with the accounting records and returns; or

• ° certain disclosures of Trustees' remuneration specified by law are not made; or

• ° we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 11

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (CONTINUED)

Auditors’ 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 Auditors’ 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.

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

• e We have considered the nature of the sector, control environment, and financial performance; e We have considered the results of enquiries with management and trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and

• e We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

• e Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• e Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• e Reviewing board meeting minutes;

• e Enquiring of management in relation to actual and potential claims or litigations;

• e Performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around year-end cut off; and

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material

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14 February 2025

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024

				As restated
		Unrestricted	Total	Total
		funds	funds	funds
		2024	2024	2023
	Note	£	£	£
Income from:
Charitable activities	4	25,665,166	25,665,166	22,591,556
Total income		25,665,166	25,665,166	22,591,556
Expenditure on:
Charitable activities		25,616,257	25,616,257	23,444,236
Total expenditure		25,616,257	25,616,257	23,444 236
Net income/(expenditure) before net losses on
investments		48,909	48,909	(852,680)
Unrealised exchange loss on translation		(481,154)	(481,154)	(16,223)
Netmovement in funds		(432,245)	(432,245)	(868,903)
Reconciliation offunds:
Total funds broughtforward		20,931,251	20,931,251	21,800,154
Net movement in funds		(432,245)	(432,245)	(868,903)
Totalfundscarriedforward		20,499,006	20,499,006	20,931,251

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 17 to 31 form part of these financial statements.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:06553433

BALANCE SHEET AS AT 30 JUNE 2024

					As restated
			2024		2023
	Note		£		£
Fixed assets
Tangible assets	10		612,421		1,281,125
			612,421		1,281,125
Current assets
Debtors	11	684,206		20,460,675
Cash at bank and in hand		22,618,934		1,741,067
		23,303,140		22,201,742
Creditors: amounts falling due within one
year	12	(1,983,494)		(1,300,304)
Net current assets			21,319,646		20,901,438
Total assets less current liabilities			21,932,067		22,182,563
Creditors: amounts falling due after more
than one year	13		-		(189,918)
Provisions for liabilities	14		(1,433,061)		(1,061,394)
Net assets excluding pension asset			20,499,006		20,931,251
Total net assets			20,499,006		20,931,251
Charity funds
Restricted funds	15		-		-
Unrestricted funds	15		20,499,006		20,931,251
Totalfunds			20,499,006		20,931,251

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Olli-Pekka Lhe kon —§ Trustee Date: FPl m4Yh 5

The notes on pages 17 to 31 form part of these financial statements.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

==> picture [466 x 312] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |As|restated| |2024|2023| |Note|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|17|21,308,075|274,036| |Cash|flows|from|investing|activities| |Proceeds|from|the|sale|of tangible|fixed|assets|-|1,128| |Purchase|of tangible|fixed|assets|(430,208)|(376,329)| |Net cash|used|in|investing|activities|(430,208)|(375,201)| |Cash|flows|from|financing|activities| |Net cash|provided|by financing|activities|-|-| |Change|in|cash|and|cash|equivalents|in|the|year|20,877,867|(101,165)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|1,741,067|1,842,232| |Cash|and|cash|equivalents|at the|end|of the|year|18|22,618,934|1,741,067| |The|notes|on|pages|17|to|31|form|part|of these|financial|statements|

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. GENERAL INFORMATION

International Baccalaureate Organization (UK) Limited is a private company limited by shares, registered in England & Wales, registered number 06553433 and a registered charity, number 1126291. Its registered office, and that of the subsidiary, is Peterson House, Malthouse Avenue, Cardiff Gate, Cardiff, CF23 8GL.

2. ACCOUNTING POLICIES

• 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

International Baccalaureate Organisation (UK) Limitedinternational Baccalaureate Organisation (UK) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The presentation currency of the financial statements is GBP which is the functional currency of the Charity and they are rounded to the nearest pound. The financial information relates to the year ended 30 June 2024 and the comparative information relates to the year ended 30 June 2023.

PRIOR YEAR ADJUSTMENT

Previously the financial statements of the Charity have been prepared in US dollars in line with the reporting of the ultimate parent company, International Baccalaureate Organisation (IBO). However as the Charity transacts in pound sterling and is regsitered in the UK, the functional and presentational currencies of the Charity have always been pound sterling.

The financial statements for the current year have therefore been prepared in pound sterling to appropriately reflect the functional currency of the Charity and prior year balances have been restated accordingly.

As the restatement affects the presentation of the whole of the financial statements, it is not practicable to disclose here the translation adjustments for each financial statement line item affected.

2.2 GOING CONCERN

The financial statements are prepared on a going concern basis, based on continuing support from the parent undertaking, International Baccalaureate Organisation, and the expectation of continued growth in the assessment services in the future.

The going concern basis is dependent on the going concern of its parent entity, International Baccalaureate Organisation.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES (continued)

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The service recharge between the Charity and the IB is for all establishment, payroll and other business costs and expenses. The income for this is recognised in line with the corresponding expenditure.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

• 2.6 FOREIGN CURRENCIES

The Charity's income and cash flows are primarily generated in pound sterling. The functional currency of the Charity is pound sterling. During the current year, the Charity has changed the currency in which it presents its financial statements from US dollars to pounds, in order to better reflect the performance of the Charity.

Foreign currency transactions are translated into pounds using the spot exchange rate prevailing on the date of the transactions. Exchange gains and losses resulting from the settlement of foreign currency transactions and revaluation of monetary assets and liabilities at the balance sheet date are recorded in the income statement. Monetary assets and liabilities denominated in foreign currencies are translated into pounds at the exchange rate prevailing at the balance sheet date.

2.7 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on the following basis:

Computer software

• 20% perannum

At each balance sheet date, the Charity reviews the carrying amount of its intangible fixed assets to determine whether any assets have suffered an impairment loss. Any impairment loss is recognised in the statement of financial activities in the year in which it occurs.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES (continued)

2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property

• 10% per annum

2.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 LIABILITIES

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.13 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

2. ACCOUNTING POLICIES (continued)

2.14 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

1. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

There are judgements made in determining whether provisions are required and at what value. A dilapidations provision is held relating to the estimated cost of repairs to the Cardiff offices at the end of the lease, based on anticipated future costs. Given that the timing of lease exit is uncertain, with potential for lease extension, the value and timing of the resulting payments is also uncertain. There have been no actual costs to compare the estimate to however. A dilapidations provision of £1.1m is held at the year end.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

4. INCOME FROM CHARITABLE ACTIVITIES

		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
Service	Recharge	25,665,166	25,665,166
		Unrestricted	Total
		funds	funds
		2023	2023
		£	£
Service	Recharge	22,591,556	22,591,556

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES

	Activities
	undertaken directly	Support costs	Total funds
	2024	2024	2024
	£	£	£
Office communications, IT & other supplies	905,662	-	905,662
Realised exchange losses/(gains)	10,527	-	10,527
Wages and salaries	17,010,168	-	17,010,168
Other staff costs	365,819	-	365,819
Temporary staff/contractors	374,217	-	374,217
Depreciation	387 204	-	387,204
Support costs	-	6,112,088	6,112,088
Other	450,572	-	450,572
	19,504,169	6,112,088	25,616,257

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

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----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |As|restated| |Activities|Asrestated|As|restated| |undertaken|Support|Total| |directly|costs|funds| |2023|2023|2023| |£|£|£| |Office|communications,|IT|&|other|supplies|913,926|-|913,926| |Realised|exchange|losses/(gains)|(7,991)|-|(7,991)| |Wages|and|salaries|14,227|588|-|14,227|588| |Other|staff|costs|310,081|-|310,081| |Temporary|staff/contractors|516,411|-|516,411| |Depreciation|596,019|-|596,019| |Support|costs|-|6,186,286|6,186,286| |Governance|costs|46,613|-|46,613| |Profit/loss|on|sale|of fixed|assets|(4,158)|-|(4,158)| |Other|659,461|-|659,461| |17,257,950|6,186,286|23,444,236|

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ANALYSIS OF SUPPORT COSTS

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Support|Total| |costs|funds| |2024|2024| |£|£| |Staff costs|2,775,225|2,775,225| |Management|75,880|75,880| |Finance|40,933|40,933| |Human|Resources|226,833|226,833| |Information|Technology|661,834|661,834| |Facilities|1,092,537|1,092,537| |IBO|UK|donation|to|IBO|1,193,546|1,193,546| |Governance|45,300|45,300| |6,112,088|6,112,088|

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS (continued)

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----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Asrestated|As|restated| |Support|Total| |costs|funds| |2023|2023| |£|£| |Staff|costs|2,187,318|2,187,318| |Management|77,494|77,494| |Finance|48,368|48,368| |Human|Resources|128,172|128,172| |Information|Technology|744,191|744,191| |Facilities|1,386,499|1,386,499| |IBO|UK|donation|to|IBO|1,614,244|1,614,244| |6,186,286|6,186,286| |6.|GOVERNANCE|COSTS| |2024|2023| |£|£| |Fees|payable|to|the|Company's|auditor and|its|associates|in|respect|of:| |The|auditing|of accounts|of associates|of the|Company|23,900|23,000| |7.|STAFF|COSTS| |As|restated| |2024|2023| |£|£| |Wages|and|salaries|16,585,968|14,249,163| |Social|security|costs|1,708,048|1,317,842| |Contribution|to|defined|contribution|pension|schemes|1,491,377|847,901| |19,785,393|16,414,906| |The|average|number|of|persons|employed|by|the|Company|during|the|year was|as|follows:|

----- End of picture text -----

==> picture [437 x 38] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |Employees|354|310|

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

7. STAFF COSTS (CONTINUED)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

				2024	2023
				No.	No.
In	the	band	£60,001 - £70,000	32	19
In	the	band	£70,001 - £80,000	12	8
In	the	band	£80,001 - £90,000	5	5
In	the	band	£90,001 - £100,000	5	5
In	the	band	£100,001 - £110,000	2	2
In	the	band	£110,001 - £120,000	1	1
In	the	band	£120,001 - £130,000	1	-
In	the	band	£140,001 - £150,000	2	-
In	the	band	£150,001 - £160,000	1	-
In	the	band	£160,001-£170,000	1	1

Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. Termination costs are recognised when paid through payroll. The total termination payments in the year were £152,476 (2023: £NIL).

The Charity considers its key management personnel to comprise of the Trustees, Department Heads and the Chief Strategy and Transformation Officer. The total employment benefits including employer pension contributions of the key management personnel were £2,139,419 to 19 employees (2023: £1,302,250 to 14 employees).

1. TRUSTEES' REMUNERATION AND EXPENSES

The Charity has five Trustees, two of whom are employees of IB and three are external Trustees. Of the internal Trustees, one is remunerated through IB's Foundation Office in Geneva and one through the Charity. The latter is disclosed in Note 7. David Homer and Charlotte Ellwood Aris (external Trustees) received fees from the IB for their work as examiners.

	2024	2023
	£	£
David Homer	9,210	2,801
Charlotte Ellwood Aris	414	-
	9,624	2,801

During the year ended 30 June 2024, expenses were incurred by 1 Trustee totalling £11,939 (2023: ENIL).

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

9. INTANGIBLE ASSETS

	Computer
	software
	£
COST
At 1 July2023	24,305
At 30 June 2024	24,305
AMORTISATION
At 1 July2023	24,305
At 30 June 2024	24,305
NET BOOKVALUE
At 30 June 2024	-
At30June2023	-

10. TANGIBLE FIXED ASSETS

	Long-term
	leasehold	Computer
	property	equipment	Total
	£	£	£
COST ORVALUATION
At1 July2023	10,964,316	4,041,323	15,005,639
Additions	-	430,208	430,208
Disposals	-	(126,330)	(126,330)
At 30 June 2024	10,964,316	4,345,201	15,309,517
DEPRECIATION
At 1 July2023	10,200,086	3,524,428	13,724,514
Charge forthe year	762,615	333,702	1,096,317
On disposals	-	(123,735)	(123,735)
At30June2024	10,962,701	3,734,395	14,697,096

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

10.	TANGIBLE FIXED ASSETS (CONTINUED)
		Long-term
		leasehold	Computer
		property	equipment	Total
		£	£	£
	NET BOOKVALUE
	At 30 June 2024	1,615	610,806	612,421
	At 30 June 2023	764,230	516,895	1,281,125
11.	DEBTORS
				As restated
			2024	2023
			£	£
	DUE WITHIN ONE YEAR
	Amounts owed by group undertakings		-	19,959,024
	Other debtors		6,358	39,606
	Prepayments and accrued income		677,848	462,045
			684,206	20,460,675

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		As restated
	2024	2023
	£	£
Trade creditors	198,934	367,022
Amounts owed to group undertakings	653,848	-
Other creditors	212,148	9,295
Accruals and deferred income	918,564	923,987
	1,983,494	1,300,304

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

			As restated
		2024	2023
		£	£
Other creditors		-	189,918
PROVISIONS
		Employee
	Dilapidation	benefit
	provision	liability	Total
	£	£	£
At 1 July 2023	1,061,394	-	1,061,394
Additions	54,940	316,727	371,667
	1,116,334	316,727	1,433,061

14. PROVISIONS

The dilapidations provision is a provision for the cost of repairs to the Cardiff offices at the end of the lease. Given the timing of lease exit is uncertain, the value and timing of the resulting payments is also uncertain. The movement this year relates to the building up of the provision over time.

The employee benefit liability relates to the IBO Anniversary Awards, which provide financial benefits for staff members based upon years of service delivered. Initial recognition of the liability is at 30 June 2024, with the prior year liability recognised in accruals.

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INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

15. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR

			As restated	As restated			Balance at
		Balance at 1					30 June
				July 2023	Income	Expenditure	2024
				£	£	£	£
	UNRESTRICTED FUNDS
	Reserves		20,931,251		25,665,166	(26,097,411)	20,499,006
	STATEMENT OF FUNDS - PRIOR YEAR
							Balance at
				Balance at			30 June
			1	July 2022	Income	Expenditure	2023
				£	£	£	£
	UNRESTRICTED FUNDS
	Reserves		21,816,377		22,591,556	(23,476,682)	20,931,251
16.	ANALYSISOFNETASSETSBETWEEN	FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Tangible fixed assets	612,421	612,421
Current assets	23,303,140	23,303,140
Creditors due within one year	(2,300,221)	(2,300,221)
Provisions for liabilities and charges	(1,116,334)	(1,116,334)
TOTAL	20,499,006	20,499,006

Page 28

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

		Unrestricted	Total
		funds	funds
		2023	2023
		£	£
	Tangible fixed assets	1,281,125	1,281,125
	Current assets	22,201,742	22,201,742
	Creditors due within one year	(1,300,304)	(1,300,304)
	Creditors due in more than one year	(189,918)	(189,918)
	Provisions for liabilities and charges	(1,061,394)	(1,061,394)
	TOTAL	20,931,251	20,931,251
	RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW	FROM OPERATING
17.	ACTIVITIES
		2024	2023
		£	£
	Netexpenditure forthe period (as perStatement of Financial Activities)	(432,245)	(868,903)
	ADJUSTMENTS FOR:
	Depreciation charges	1,096,317	1,580,333
	Loss/(profit) on the sale offixed assets	2,595	(426)
	Decrease/(increase) in debtors	19,776,469	(425,676)
	Increase/(decrease) in creditors	809,999	(411,623)
	Increase in provisions	54,940	147,761
	Foreign exchange differences on translation	-	252,570
	NET CASH PROVIDED BY OPERATING ACTIVITIES	21,308,075	274,036
18.	ANALYSIS OF CASH AND CASH EQUIVALENTS
		2024	2023
		£	£
	Cash in hand	22,618,934	1,741,067
	TOTALCASHANDCASHEQUIVALENTS	22,618,934	1,741,067

Page 29

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

19. ANALYSIS OF CHANGES IN NET DEBT

						At 1 July		At 30 June
						2023	Cash flows	2024
						e	£	£
Cash	at	bank	and	in	hand	1,741,067	20,877,867	22,618,934
						1,741,067	20,877,867	22,618,934

20. PENSION COMMITMENTS

The Charity operates money purchase pension schemes with Scottish Equitable and Standard Life for United Kingdom based employees of the IB. The pension cost charge represents contributions payable by the Charity to the fund and amounied to £1.5m (2023: £1.0m).

1. OPERATING LEASE COMMITMENTS

At 30 June 2024 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

	2024	2023
	£	£
Not laterthan 1 year	954,059	885,262
Laterthan 1 year and not later than 5 years	2,466,434	273,445
Later than 5 years	2,862,490	-
	6,282,983	1,158,707

This includes land and building amounts payable.

22. EMPLOYEE DEFINED BENEFIT PLAN

The IBO Anniversary Awards provide financial benefits for staff members based upon years of service delivered.

International Baccalaureate Organisation (UK) Limited has not previously recognised a net defined benefit liability for Anniversary Awards. Initial recognition of the liability at 30 June 2024 is relfected as a past service cost.

The liability held in International Baccalaureate Organisation (UK) Limited at 30 June 2024 totalled £316,727, held within creditors on the balance sheet, classified as an other long-term employee benefit under IAS 19 with remeasurements of the net defined benefit liability recognised in profit and loss.

Further disclosures have been made in the consolidated International Baccalaureate Organisation financial statements.

Page 30

INTERNATIONAL BACCALAUREATE ORGANISATION (UK) LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

23. RELATED PARTY TRANSACTIONS

The Charity earned a service fee from its parent company of £25.2m (2023: £22.6m) for assessment services provided. At the year end the Charity was owed £Nil (2023: £20.0m) by the ultimate parent undertaking and made a donation to the parent company of £1.2m (2023: £1.6m). At the year end, the Charity had an outstanding loan of £0.7m (2023: ENil) to the ultimate parent undertaking.

24. CONTROLLING PARTY

The Trustees regard Swiss Foundation, International Baccalaureate Organisation (IBO), an independent non-profit based at Rue du Pré-de-la-Bichette 1, 1202 Genéve, Switzerland, registered charity number CHE-107.025.266, as the ultimate parent undertaking. IBO is deemed to exercise control as it has the right to appoint or remove a majority of the board to International Baccalaureate Organisation (UK) Limited.

Page 31