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Registered number: 06776342 Charity number: 1127386
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ASS a a a a Se SSS ST SA, INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
a
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## CONTENTS
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|Reference and Administrative Details ofthe Charity, its Trustees and Advisers|1|
|Trustees’ Report|2-7|
|Trustees’ Responsibilities Statement|8|
|IndependentAuditor's Report on the Financial Statements|9-12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Statement ofCash Flows|15|
|NotestotheFinancialStatements|16-28|
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| INTERNATIONAL BACCALAUREATE FUND (UK) | (A Company Limited by Guarantee)
! i | REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021
Trustees Dr Datla Siva Kumari, Chair (resigned 31 March 2021) Paula Margaret Wilcock (resigned 3 October 2020) Thaimur Changezi Matthew Costello (appointed 1 May 2021) Sally Louise Holloway (appointed 1 May 2021) Company registered number 06776342 Charity registered number 1127386 Registered office Peterson House Malthouse Avenue Cardiff Gate Cardiff CF23 8GL Independent auditor Mazars LLP Chartered Accountants 90 Victoria Street Bristol BS1 6DP Solicitors Wither Bergman LLP 16 Old Bailey London EC4M 7EG
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
The Trustees present their annual report together with the audited financial statements of the charity for the 1 duly 2020 to 30 June 2021.
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).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.
## Objectives and activities
## a. Policies and objectives
- The objective of the charity is the advancement of education for the benefit of the public by:
- : the development and promotion of programmes of education for students at different levels within schools (primary, middle and upper secondary levels or such other levels as may be relevant overseas) for adoption by authorizes schools in all countries;
- . the development, administration and promotion of an international examination for authorized schools giving access to higher education in all countries;
- . such other means as the Trustees of the Charity may determine; and . any other exclusively charitable purposes as the Trustees of the Charity may in their absolute discretion determine.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
## b. Strategies for achieving objectives
The charity works with governments, international philanthropical organisations, and other donors to develop partnerships and initiatives to create a more diverse and inclusive IB community, enabling more students to experience and benefit from an IB education regardless of personal circumstances.
## c. Activities undertaken to achieve objectives
In 2020 and 2021, the charity continued to focus its activities on progressing its strategic goal by the continuation of existing projects with the Japanese Government through its Ministry of Education, Culture, Sports, Science and Technology (MEXT), and the Dual Language Diploma Programme with the Republic of South Korea.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
## Objectives and activities (continued)
## d. Grant-making policy
The Fund has established its grant making policy to achieve its objects for the public benefit by promoting programmes of education for students at different levels within schools for authorised schools in all countries. We review the grant making policy regularly to ensure that it reflects the charity's objects and thereby advances public benefit.
The Fund invites applications for grants from schools experiencing temporary financial challenges or schools that are demonstrably increasing access to IB programmes. More information can be found at http://www.ibo.org/become-an-ib-school/support-services-from-the-ib/ib-grants/.
## e. Main activities undertaken to further the charity's purposes for the public benefit
In addition to the activities for the continued partnerships with MEXT and the Republic of South Korea, the charity also continued to provide short-term grants for schools experiencing temporary financial challenges or schools that are demonstrably increasing access to IB programmes.
## Achievements and performance
a. Review of activities
The key operational activities for the charity for the year were:
## Dual language Diploma Programme: Japan
- . Translation of specimen, revision and examination papers for the Japanese subjects for the November 2022 session
- ° Examiner recruitment and training activities * Translation of programme documentation, subject guides and teacher support material . Translation of professional development materials . Translation of assessment recruitment materials . Development work for Examiner facing pages . Regional and global support from iB offices
## Dual language Diploma Programme: Korea
- ‘ Translation of specimen, revision and examination papers , Examiner recruitment and training activities . IBEN development activities . Translation of programme documentation, subject guides and teacher support material . Translation of professional development materials . Regional and global support from IB offices
## b. Information on fundraising practices
The Fund's ultimate parent company, International Baccalaureate Organisation, performs fundraising activities on behalf of the Charity. The organisation does not have a fundraising department per se, but has teams within its Schools Division whose aim it is to increase accessibility to IB programmes. Those teams work with Governments and other philanthropic organisations to create and manage projects to increase the IB footprint within the given jurisdiction.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021
## Achievements and performance (continued)
## c. Investment policy and objectives
The policy which the Trustees will apply in relation to surplus cash is risk averse (in accordance with the policy adopted by the 1B}, investing in money-market accounts and charity bonds to secure rates above those expected in deposit accounts, rather than equities or any other investments that are subject to capital fluctuations. During 2021, interest earned from deposit, money-market and short-term investments amounted to $NIL (2020: $14,624).
## Financial review
## a. Going concern
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.
The Trustees consider the impact of COVID-19 on the financial results for the year to have been negligible. The Trustees recognise that there is increased uncertainty over donations going forward arising from COVID-19. However, the Charity holds significant cash, deferred income and reserve balances which will enable it to meet current commitments for the foreseeable future.
## b. Reserves policy
The Trustees aim to build up and maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The Trustees consider that this provides sufficient funds to respond to grant applications and incur project spend for a sufficient period in the event of an unexpected decrease in donation income. All governance costs and costs incurred in generating funds are paid for by the IB on behalf of the Charity, and hence the Trustees are able to respond quickly to any change in donation income. The Trustees will review the situation annually to ensure that the policy adopted by the Trustees protects the Charity from any significant event that would impact on its financial position.
The current level of unrestricted reserves at 30 June 2021 is $1,048,429 (2020: $1,256,856) all of which can be defined as free reserves. The current level is in excess of the target free reserves, which equates to approximately $47,000. The excess has arisen due to significant donations which have increased the Charity's reserves. The Trustees have decided to utilise this over a number of years to maximise the benefit to the recipients of the Charity's funds.
The restricted reserves at 30 June 2021 totalled $877,355 (2020: $857,410) and will continue to be utilised in line with the restrictions specified by the donors.
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INTERNATIONAL BACCALAUREATE FUND (UK) : (A Company Limited by Guarantee) | | TRUSTEES’ REPORT (CONTINUED) : FOR THE YEAR ENDED 30 JUNE 2021 | Structure, governance and management | a. Constitution | |
international Baccalaureate Fund (UK) ("IB Fund (UK))" is a private company limited by guarantee which was registered in the United Kingdom on 18 December 2008, and is governed by its Memorandum and Articles of Association dated 18 December 2008 (that contain an asset lock for charitable purposes and a bar on distribution of dividends). The company was registered as a charity on 6 January 2009.
## b. Methods of appointment or election of Trustees
Under the Articles of Association, the Trustees of the Charity, who act as Directors for the purposes of company law, are appointed by the International Baccalaureate Organization (‘the IB"). The minimum number of Trustees is three; there is no maximum. The current Trustees are listed on page 1. In keeping with the election of fund Trustee requirements as found in the Articles of Association of IB Fund UK, Trustees are appointed by the members for a term not exceeding three years. A retiring Trustee may be re-appointed by the members with no limit on the number of times that a Trustee may be re-appointed. No formal provision exists in the Articles of Association for |B Fund UK regarding the rotation of members. During the year under review, all Trustees of the IB Fund UK were also employees of the IB, including Olli-Pekka who is the current Director General.
## c. Organisational structure and decision-making policies
The Trustees have delegated the day-to-day management of operations to IB employees appointed as Fund Managers. To facilitate effective operations, the Fund Managers have delegated authority within the terms of the delegation approved by the Trustees for operational matters including finance, employments and related activities.
## d. Policies adopted for the induction and training of Trustees
On joining, 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 Board induction activities for all entities of the IB. On-going training will then be provided in consultation with each Trustee. The Board will review the status of Trustees on an on-going basis and they will recommend the rotation of Trustees as the Board sees fit based on the board assessment of the organisation changes. None of the Trustees received any remuneration or other benefit from the Charity.
The Donations Policy of the IB governs the acceptance of all gifts that are received by IB Fund (UK). All gifts are further reported to the Trustees by management. The above-mentioned governance processes ensure that the activities undertaken by the Charity comply with the purposes of the Charity and meet fiduciary and statutory requirements in the UK. Donation decisions are made by the staff of IB, and are reported to the Trustees during the Board meetings.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021
## Structure, governance and management (continued)
## e. Risk management and internal controls
The Trustees confirm that, on a yearly 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. This has been done in consultation with the IB, with the activities and operation of the Charity included as part of a comprehensive risk framework adopted by the IB.
- Identified potential risks include the non-compliance with legal & taxation requirements, foreign exchange exposure, individual fund balances in deficit and IT system failures. Internal controls are designed to provide reasonable, but not absolute assurance against material misstatement or loss and include: . the consideration by Trustees of financial results, and variance from budget: . the delegation of authority and segregation of duties; . transferring of foreign exchange risks to IBO; and . monitoring of all fund balances.
Internal audit is conducted to a plan agreed with Trustees each year, taking into account any substantive changes in the Charity's processes.
## Plans for future periods
Current plans are for the continuation of the existing projects for:
Dual language Diploma Programme: Japan
- Training for IB educators
- ° Pre-AFC Assistance to Schools (DP consultants) to support the 'on-boarding’ process . Orientation Seminars to new and potential DP schools in Japan
- . Completion of translation of programme documentation, subject guides and teacher support material . Completion of translation of professional development materials . Completion of translation of assessment recruitment materials
## Dual language Diploma Programme: Korea
- ° Training for IB educators ° Pre-AFC Assistance to Schools (DP consultants) to support the ‘on-boarding’ process . Orientation Seminars to new and potential DP schools in Korea
- . Completion of translation of programme documentation, subject guides and teacher support material . Completion of translation of professional development materials . Continued IBEN development activities
## Small companies Note
In preparing this report, the directors have taken advantage of the smali companies exemptions provided by section 41 SA of the Companies Act 2006.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
(A Company Limited by Guarantee)
## A tenestensnenenenenreenvenint TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021
## Disclosure of information to auditor
Each of the persons who are Trustees ai the time when this Trustees’ Report is approved has confirmed that:
- ® unaware,so far as andthat Trustee is aware, there is no relevant audit information of which the charity's auditor is ° 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 auditor is aware of that information.
## Auditor
The auditor, Mazars LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
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Approved byH of the members of the board of Trustees and signed on their behalf by:
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Thaimur Changezi
Trustee
Date:
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## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## i
## STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2021
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Jaw requires the Trustees to prepare financial statements for each financial . 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 charity 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:
- e 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 charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
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## INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (UK)
## Opinion
We have audited the financial statements of International Baccalaureate Fund (UK) (the ‘charity’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Statement of Financial Position, 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:
- ° give a true and fair view of the state of the charity's affairs as at 30 June 2021 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
- e 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 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 Trustee's 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.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (UK)
## Other information
The other information comprises the information included in the Trustee’s annual report other than the financial statements and our auditor's 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.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## Opinions 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- ° the Trustees’ Report have been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
in light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which the 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 e certain disclosures of Trustees' remuneration specified by law are not made; and
- ° we have not received all the information and explanations we require for our audit.
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| | INTERNATIONAL BACCALAUREATE FUND (UK) | (A Company Limited by Guarantee)
|
## INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (Uk)
## Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement set out on page 8, the Trustees 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' responsible for assessing the charity'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 either the Trustees’ to liquidate the charity or to cease operations, or Trustees' no realistic alternative but to do so.
## 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 the 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. Based on our understanding of the charity andit’s industry, we identified that the principal risks of non-compliance with UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
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 one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
- ° discussing with the Trustees' and management their policies and procedures regarding compliance with laws and regulations;
- ° communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- . considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.
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INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (UK)
Our audit procedures in relation to fraud included but were not limited to:
- ° making enquiries of the Trustees’ and management on whether they had knowledge of any actual, suspected or alleged fraud;
- e gaining an understanding of the internal controls established to mitigate risks related to fraud; ° discussing amongst the engagement team the risks of fraud; and e addressing the risks of fraud through management override of controls by performing journal entry testing.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.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:
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| STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) | FOR THE YEAR ENDED 30 JUNE 2021
## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
|
| | |
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|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|2021|2021|2021|2020|
|Note|$|$|$|$|
|Income|from:|
|Donations|and|legacies|4|17,415|1,069,175|1,086,590|743,963|
|Charitable|activities|5|.|.|.|94,440|
|Investments|6|.|.|~|14,624|
|Total|.income|17,415|1,069,175|1,086,690|853,027|
|Expenditure|on:|
|Charitable|activities|225,842|1,049,230|1,275,072|907|489|
|Total|expenditure.|225,842|1,049,230|1,275,072|907,489|
|Net|movement|in|funds|me(208,427)|19,945|(188,482)|(54,462)|
|Reconciliation|of funds:|
|Total|funds|brought forward|1,256,856|857,410|2,114,266|2,168,728|
|Net|movement|in funds|(208,427)|19,945|(188,482)|(54,462)|
|Total|funds|carried|forward|meme1,048,429|ee877,355 ee1,925,784|2,114,266|
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The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 28 form part of these financial statements.
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## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee) REGISTERED NUMBER: 06776342
## eeeAN
BALANCE SHEET AS AT 30 JUNE 2021
||||2021||2020|
|---|---|---|---|---|---|
||Note||$||$|
|Current assets||||||
|Cash at bank and in hand||5,637,580||4,311,080||
|||5,637,580||4,311,080||
|Creditors: amounts falling due within one||||||
|year|10|(1,304,243)||(333,058)||
|Net current assets|||4,333,337||3,978,022|
|Total assets less current liabilities|||4,333,337||3,978,022|
|Creditors: amounts falling due after more||||||
|than one year|11||(2,407,553)||(1,863,756)|
|Net assets excluding pension asset|||1,925,784||2,114,266|
|Total net assets|||1,925,784||2,114,266|
|Charity funds||||||
|Restricted funds|14||877,355||857,410|
|Unrestricted funds|14||1,048,429||1,256,856|
|Totalfunds|||1,925,784||2,114,266|
The entity was entitied to exernption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Thaimur Changezi
Trustee Date:
The notes on pages 16 to 28 form part of these financial statements.
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INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||STATEMENT OF CASH FLOWS|
|||FOR THE|YEAR ENDED|30 JUNE|2024|
|||i|
|2021|2020|
|||
|Cash|flows|from|operating|activities|
|Net|cash|used|in|operating|activities|4,326,500|1,270,953|
|Cash|flows|from|investing|activities|
|Dividends,|interests|and|rents|from|investments|-|14,624|
|Net|cash|provided|by|investing|activities|-|14,624|
|Change|in|cash|and|cash|equivalents|in|the year|1,326,500|1,285,577|
|Cash|and|cash|equivalents|at|the|beginning|of|the|year|4,311,080|3,025|503|
|Cash|and|cash|equivalents|at|the end|of the|year|5,637,580|4,311,080|
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The notes on pages 16 to 28 form part of these financial statements
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## INTERNATIONAL BACCALAUREATE FUND (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. General information
International Baccalaureate Fund (UK) is a private company limited by guarantee registered in England and Wales, company number 6776342 and a registered Charity, charity number 1127386. Its registered office 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
International Baccalaureate Fund (UK) 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 presentational currency of the financial statements is USD which is the functional currency of the charity. The financial statements are rounded to the nearest $. The financial information relates to the year ended 30 June 2021 and the comparative information relates to the year ended 30 June 2020.
- 2.2 Going concern
The financial statements are prepared on a going concern basis, on the expectation of continued growth in charity donations in the future which lead to the Trustees to consider that there are no material uncertainties about the entity's ability to continue.
- 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.
Where there is a clear indication that a donation has been provided on the basis of future activities being carried out, the charity has recognised income on an accruals basis. The donation will first be recorded as a liability on the balance sheet and subsequently released to incoming resources in line with completion of agreed activities.
Donated services are recognised as both income and expenditure in the year to which they relate. The balance relates to the audit and accounts preparation fee being donated by the IB.
- 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.
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| INTERNATIONAL BACCALAUREATE FUND (UK) | (A Company Limited by Guarantee) | NOTES TO THE FINANCIAL STATEMENTS : FOR THE YEAR ENDED 30 JUNE 2021
## 2. Accounting policies (continued)
## 2.4 Expenditure (continued)
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
The charity makes grants to schools at the discretion of an IB Grant Selection Committee. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## 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 institution with whom the funds are deposited.
## 2.6 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## 2.7 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.
## 2.8 Liabilities and provisions
Liabilities 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.
## 2.9 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
2. Accounting policies (continued)
## 2.10 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. 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:
A key area of judgement in these financial statements is the recognition of income, which requires judgements to be made regarding whether or not there are performance conditions included within the grants being received. This then determines whether income is recognised upfront when received or whether it is deferred and released when the performance conditions are met.
There is also estimation uncertainty regarding the reliability of the estimate of the amount to be received and whether any bad debt provision should be recognised in respect of slow paying grantors.
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| | |
## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 4. Income from donations and legacies
| 7
||Unrestricted
funds|Restricted
funds|Total
funds|
|---|---|---|---|
||2021|2021|2021|
||$|$|$|
|Grants||||
|MEXT - Japanese Government|-|451,656|451,656|
|Japanese Government|-|31,578|31,578|
|German Government|-|55,902|55,902|
|Republic ofSouth Korea|-|530,039|530,039|
|Donated services|17,415|-|17,415|
||17,415|1,069,175|1,086,590|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||$|$|$|
|Grants||||
|MEXT - Japanese Government|-|382,426|382,426|
|Japanese Government|-|30,827|30,827|
|German Government|-|48,801|48,801|
|Republic ofSouth Korea|-|263,391|263,397|
|Donated services|18,518|-|18,578|
||18,518|725,445|743,963|
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## INTERNATIONAL. BACCALAUREATE FUND (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 5. income from charitable activities
||||Total|
|---|---|---|---|
||||funds|
||||2021|
||||$|
||IB Grant||-|
|||Unrestricted|Total|
|||funds|funds|
|||2020|2020|
|||$|$|
||IB Grant|94,440|94,440|
|6.|Investment income|||
||||Total|
||||funds|
||||2021|
||||$|
||Deposit account interest||-|
|||Unrestricted|Total|
|||funds|funds|
|||2020|2020|
|||$|$|
||Depositaccountinterest|14,624|14,624|
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|
7 |
: |
## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 7. Analysis of Expenditure on Charitable Activities
|
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021|2021|2021|
||$|$|.
§|
|Chinese Translations|-|5,677|5,677|
|German Fund|-|19,600|19,600|
|Japanese Dual Language DP|-|457,656|451,656|
|Japanese Grant|-|35,371|35,371|
|South Korean Dual Language DP|-|530,039|530,039|
|Argentine Students’ Support Project|-|6,887|6,887|
|Other|23,872|-|23,872|
|IB Grant|185,945|-|185,945|
|Governance costs|16,025|-|16,025|
||225,842|1,049,230|1,275,072|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||$|$|$|
|Chinese Transiations|-|1,095|1,095|
|German Fund|-|52,399|52,399|
|Japanese Dual Language DP|-|382,426|382,426|
|Japanese Grant|-|32,815|32,815|
|Saudia Arabia Teacher Training|-|250,241|250,241|
|Other|34,995|-|34,995|
|IB Grant|135,000|-|135,000|
|Governance costs|18,518|-|18,518|
||188,513|718,976|907,489|
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## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 8. Governance costs - Auditor's remuneration
||2021|2020|
|---|---|---|
||$|$|
|Fees payable to the charity's auditor for the audit ofthe charity's annual|||
|accounts|14,335|13,500|
|Fees payable tothe charity's auditor in respect of:|||
|Allnon-auditservicesnotincludedabove|1,690|2,440|
## 9, Trustees‘ remuneration and expenses
During the period no Trustee received any remuneration nor were reimbursed any expenses (2020 - $nil).
The Charity has insurance policies in place which indemnify the Charity against losses arising from negligence or default of the Trustees and Officers.
## 10. Creditors: Amounts falling due within one year
|||2021|2020|
|---|---|---|---|
|||$|$|
||Amounts owed to group undertakings|4,304,243|315,758|
||Other creditors|-|17,300|
|||1,304,243|333,058|
|11.|Creditors: Amounts falling due after more than one year|||
|||2021|2020|
|||$|$|
||Accrualsanddeferredincome|2,407,553|1,863,756|
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| |
|7
## INTERNATIONAL BACCALAUREATE FUND (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 12. Deferred income
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||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|$|$|
|Deferred|income|at|1|July 2020|1,863,756|752,648|
|Resources|deferred|during|the year|1,614,363|1,756,927|
|Amounts|releases|during|the|year|(1,070,566)|(645,819)|
|2,407,553|1,863,756|
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|13.|Financial|instruments|
|2021|2020|
|$|$|
|Financial|assets|
|Financial|assets|measured|at|fair value|through|income and|expenditure|5,637,580|4,311,080|
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Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
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INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee)
## eeEsse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 14. Statement of funds
## Statement of funds - current year
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|1|Transfers|30|June|
|July|2020|Income|Expenditure|in/out|2021|
|$|$|$|$|$|
|Unrestricted|funds|
|General|Fund|1,117,705|4,390|(23,872)|(185,945)|909,278|
|Designated|Fund|79,383|-|-|-|79,383|
|1B|Grant|59,768|16,025|(201,970)|185,945|59,768|
|1,256,856|17,415|(225,842)|-|1,048,429|
|Restricted|funds|
|AIM|Malaysian|Government|211,597|-|-|-|211,597|
|Argentine|Students|Fund|6,887|-|(6,887)|-|-|
|Chinese|Translations|5,677|-|(5,677)|-|-|
|German|Fund|-|55,902|(19,600)|-|36,302|
|Japanese|Grant|174,761|31,578|(35,371)|-|170,968|
|MYP:|The|Next|Chapter|445|338|-|-|-|445|338|
|South|Korean|Dual|Language|
|DP|13,150|530,039|(530,039)|-|13,150|
|Japanese|Dual|Language|
|Diploma|-|451,656|(451,656)|-|-|
|857,410|1,069,175|(1,049,230)|-|877,355|
|Total|of funds|2,114,266|1,086,590|(1,275,072)|-|1,925,784|
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|
## INTERNATIONAL BACCALAUREATE FUND (UK)
## (A Company Limited by Guarantee}
eeeeeenerresi NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 14. Statement of funds (continued)
## Description of funds
General fund comprises the amounts freely available for the charity to spend.
Designated Fund comprises amounts transferred from the General Restricted Fund to be spend as decided upon by the Trustees.
IB Grant fund is a fund designated by the Trustees to which amounts are transferred from the general fund in order that grants may be awarded to schools.
General restricted fund This is an historic collection of funds received, dating from before 2008 which have been allocated to restricted but with no supporting paperwork. After detailed research the Trustees have decided it is reasonable to transfer the balance to unrestricted reserves as a designated fund.
AIM Malaysian Government This is a fund to support the establishment and development of IB schools in Malaysia. The project has been successfully completed and remaining funds will be used for professional development for qualifying Malaysian schools.
Chinese Translations This is historic money received which is being used for Chinese translation projects.
German Fund This is a fund for the development and translation expenses for German as a response language. This fund is considered to be a restricted fund by Trustees and so has been moved from unrestricted funds.
Japanese Grant This is a fund for the further development of IB capacity in Japan.
Japanese Dual Language DP This is a donation from the MEXT Japanese government with the goal to translate, teach & assess selected subjects in the IB Diploma Programme in Japanese; to enable schools in Japan to participate in the project; to translate key IB Diploma Programme documents; to build the IB capacity in Japan by growing the number of IB Educators, and to train examiners.
MYP: The Next Chapter This is a fund to support the development of the Middle Year Programme. Management are looking for suitable MYP assessment system developments for this fund.
South Korean Dual Language DP This is a donation from the Republic of South Korea with the goal to translate, teach& assess selected subjects in the IB Diploma Programme in Korean; to enable schools in Korea to participate in the project; to translate key IB Diploma Programme documents; to build the IB capacity in Korea by growing the number of IB Educators, and to train examiners.
age Z Page 25 A é
INTERNATIONAL BACCALAUREATE FUND (UK)
,
## (A Company Limited by Guarantee}
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
14. Statement of funds (continued)
## Statement of funds - prior year
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|Transfers|30|June|
|1|July|2019|Income|Expenditure|in/out|2020|
|$|$|$|$|$|
|Unrestricted|funds|
|General|Fund|41,238,059|33,142|(53,513)|(99,983)|1,117,705|
|Designated|Fund|-|-|-|79,383|79,383|
|IB|Grant|328|94,440|(135,000)|100,000|59,768|
|1,238,387|127,582|(188,513)|79,400|1,256,856|
|Restricted|funds|
|General|restricted|79,381|-|-|(79,381)|-|
|AIM|Malaysian|Government|211,597|-|-|-|211,597|
|Argentine|Students|Fund|6,886|-|-|4|6,887|
|Chinese|Translations|6,772|-|(1,095)|-|5,677|
|German|Fund|3,597|48,801|(52,399)|1|-|
|Japanese|Dual|Language|DP|23|382,426|(382,426)|(23)|-|
|Japanese|Grant|176,746|30,827|(32,815)|3|174,761|
|MYP:|The|Next|Chapter|445,339|-|-|(1)|445,338|
|South|Korean|Dual|Language|
|DP|-|263,391|(250,241)|-|13,150|
|930,341|725,445|(718,976)|(79,400)|857,410|
|Total|of funds|2,168,728|725,445|(907,489)|-|2,114,266|
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| |
## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 15. Reconciliation of net movement in funds to net cash flow from operating activities
||||2021|2020|
|---|---|---|---|---|
||||$|$|
||Net expenditure forthe year (as per Statement of Financial Activities)||(188,482)|(54,462)|
||Adjustments for:||||
||Dividends, interests and rents from investments||-|(14,624)|
||increase in creditors||1,514,982|1,340,039|
||Netcash provided by operating activities||1,326,500|1,270,953|
|16.|Analysis ofcash and cash equivalents||||
||||2021|2020|
||||$|$|
||Cash in hand||5,637,580|4,311,080|
||Total cash and cash equivalents||5,637,580|4,311,080|
|17.|Analysis ofchanges in net debt||||
|||At 1 July||At 30 June|
|||2020|Cash flows|2021|
|||§|$|$|
||Cash at bank and in hand|4,311,080|1,326,500|5,637,580|
|||4,311,080|1,326,500|5,637,580|
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## INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
## 18. Analysis of net assets between funds
Analysis of net assets between funds - current period
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021|2021|2021|
||$|$|$|
|Current assets|1,048,429|4,589,151|5,637,580|
|Creditors due within one year|-|(1,304,243)|(1,304,243)|
|Creditors due in morethan one year|-|(2,407,553)|(2,407,553)|
||1,048,429|877,355|1,925,784|
|Analysis of net assets between funds - prior period||||
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020|2020|2020|
||$|$|$|
|Current assets|1,256,856|3,054,224|4,311,080|
|Creditors due within one year|-|(333,058)|(333,058)|
|Creditors due in more than one year|-|(1,863,756)|(1,863,756)|
||1,256,856|857,410|2,114,266|
Analysis of net assets between funds - prior period
## 19. Related party transactions
The Charity's ultimate parent company is International Baccalaureate Organization (IBO), an independent non-profit-making foundation registered in Switzerland, registered number CHE-107.025.266. It is governed by a Board of Governors. The Board may contain between 9 and 11 members at any one time, currently there are 11. Consolidated financial statements can be obtained from Route des Morillons 15, Grand-Saconnex, Geneve, CH-1218, Switzerland. IBO is deemed to exercise control as it has the right to appoint or remove a majority of the board of IB Fund (UK). In his position as Director General of the IB, Olli-Pekka Heinonen attends al! the meetings of the Board of Governors of the IB, and sits on the Board of Trustees of the Charity.
The Charity’s audit fees of $14,335 (2020: $16,078) and fees for preparation of the year end financial statements of $1,690 (2020: $2,440) are recognised as a donation from the IB.
Grants payable totalling $1,304,243 (2020: $315,703) are due to International Baccalaureate Organization. This entity makes project expense payments on behalf of the Charity which are subsequently reimbursed.
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