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2022-06-30-accounts

Registered number.. 06776342 Charity number: 1127386 INTERNATIONAL BACCALAUREATE FUND (UK) (A Company Limited by Guarantee> TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantee) CONTENTS Page Rofarenco and Admlnlstratlv• Dotall$ of th• Charlty. Its Tru6t•è$ and Advlsers Trustses. Report TrustO8s' Rgspon$lbllitl&s Statsment Ind•pendent Aud5torf8 Report on tho Flnanclal Statsments 9-12 Statomgnt of Flnanclal A¢tlvltlos Balancè Sh••t 14 statemont of Cash Flow• Notu to th• Flnanclal Statsments 16-26

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limit8d by Guarant8el REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trustè•s Thaimur Changezi Matthew Costello Sally Louise Holloway Iresigned 31 October 20211 Amdrea Smith lappoinled 7 November 20211 Company r•gistsr•d number 06776342 Charlty roglstorgd numb8r 1127386 Reglsterod office Peterson HoLsse Malthou5e Avenuè Cardiff Gale Cardiff CF23 8GL Ind•p•ndgnt audltor Mazars LLP Chartered A￿OUn￿nIS 90 Victoria Street Bristol 8S160P Sollcltorn Withef Bergman LLP 16 Old Bailey London EC4M 7EG Page 1

INTERNATIONAL BACCALAUREATE FUND {UK} {A Company Limited by Guar•nt¢•l TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together with the audited finan¢kal stslemefils of the Charity for the 1 July 2021 to 30 June 2022. The Annual Report serves the purposes of both a TTuslees' report and a directors, Teport under Company law. The Trustees conlirm that the Annual Report and financial statements of the charitable company comply with the curfenl slalutory requirements, the requirements of the charrtable company's governing document and the provisions of the Slalemenl of Recommended Prathce ISORPI applicable to charities preparing their a¢counls in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effective 1 January 20191. Slnce the Charity qualifies as small under section 382 of the Companies Act 2006. the Slralegi¢ Report required of medium and large companie5 under the Companies Act 2006 Istrategic Report and Directors, Reporti Regulats'ons 2013 nas been tsmrtted. Obl8ctlv•8 and actlvltles a. Pollcl•8 and obJ•ctlv? The objective of the charity is the advancement of education for the benefft of the public by.. the development and promotion ol programmes of education for Students at different levels wlhin schools (primary, middle and upper secondary levels or such other levels as may be relevant overseasl for adoption by authorizes schools in all COLtntries; the development, adminislralien and promotion of an international examinatson for aulhorized schools glving access lo higher education in all countries., su¢h other means as U)e Trvslees of the Charrty may deleTmine.' and any other exclusively ¢haiilable purposes as the Trustees of the Charity may in their absolute dI￿retIOn determine. In setting objectives and planning for actsvities, the Trustees have given due ¢onsid&rats'on lo general gui<Jance published by the Charity Commi55ion relating lo public benefit. induding the guidan￿ 'Publi¢ benefit.. running a charity IPB21'. b. Strato9l•$ for achlevlng objKtIv•s The ch8rity works wth governments. international philanthropical organisations, and other donors lo develop partnefships and initiatives to create a more diverse and inclusive IB communty. enabling more students lo experience and benefit from an18 education TegaTdles$ of personal circumslances. c. Actlvltles und8rtaken to a¢hlevè abJ¢¢tlves In 2021 and 2022, the charity conlinued lo focus its actwities on progressing its strategic goal by the conlinualion of exi5thng projects the Japanese Government through its Ministry of Education, Culture, Sports. Science and Technology IMEXTI, and the Dual Language Diploma Programme h￿th the Republic of South Korea. Page 2

INTERNATIONAL BACCALAUREATE FUND {UKI IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Objectivès and activities Icontinu•dl d. Grant-makin9 policy The Fund has estsblished rts grant rnaking policy to achieve its objects for the public benefit by promoting programmes of education foT student5 81 different leve15 Vlithin schools for authorised schools in all countries. We review the grant making policy regularfy lo ensure that rt reflects the charity5 objects and thereby advances public benefit. The Fund invites applications lor grants from schools experiencing temporary financial challenges or schools that are demonslrabty increasing access lo IB programmes. More infomiatson can be found at http'.IlwM.ibo.or9lbec0m&an-i￿SehoOusUpp0rt-se￿Ices-Ir0M-the-ib11b-granl$/. •. Maln a¢tlvltl•$ und•rtak•n to fvrt￿r the Ch*rity'y purposos for th• public b•nefrt In addition lo the activities for the continued partnerships MEXT and the Republic of South Korea. the charity a150 continued to provide short-term grants for schools 8xperigncing temporary financial Challenges or schools that are demonstrably increasing access to IB PTOgrammes. Achlevemgnts and ￿rfornIance a. Rèvlèw of activltl•i The key opgralional aclivrties lor the charity for the yeaf were.. Dual language Diploma Programmfj.. Japan Translats'on ol specimen, rewsion and eKamination papers for the Japanese subjects for the Novembei 2022 session Examiner recruilmenl and training acb'vthes Tlanslalion ol programme documentation, subject guides and teachei support material Translation of professional development materials Translation of assessment recrurtmenl malenals Oevelopmenl work for Examinei facing pages Regional and global support from IB offices Dual language Diploma Programme_. Korea Translation ol specimen, fevision and examination papers Examiner recru¢iment and training a¢tivitie$ IBEN development activsties Tran31ation ol programme documentation, subject guide$ and teacher support material Tr8n51ation of professional development materials Regional and global Support from IB off￿es b. InformaWon on fundrnl$lng pra¢tices The Fund's ullimate parent company, Intemational Baccalaureate OTganisation. performs fijndraising acliwties on behalf of the Charity. The organisation does not have a fundraising department pèr se. bul has teams within ils Schools Diwsion whose aim it is to increase accessibilty to 18 programmes. Those teams work wfth Govemmenls and other philanthropic organisations to create and manage projects to increase the 18 footprint within the given lurisdiction. Page 3

INTERNATIONAL BACCALAUREATE FUND {UKI IA Company Limited by Guarant881 TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 JUNE 2022 Achlgvemants and p•rf¢mance Icontinuedl . Investment policy and objoctives The policy which the Trustees will appty in rdalion to surplus cash is risk aveT8e lin accordance Mth the pollcy adopted by the 18}, investing in money-market accounts and charity bonds lo secure rates above those expected in deposbt ac¢ounls, rather than equities or any other investments Ihat are subject lo capital fluctuations. Dufing 2022, interest earned from deposit, money-market and short-lerm investments amouftted lo $Nil {2021'. $Nill. Flnanclal rov5ow . Golng ¢onc•m After making appropriate enquiries. the Trustees have a reasonable expectation that the Chanty has adequate resources lo continue in opeiabonal existence for the foreseeable future. For this reason. they continue lo adopt the going ¢tsn¢ern basis in preparing the financial slatemer*ls. Further details regaiding the adoption of the going concem basis can be found in the accounlirtg pOl￿e$. The Trustees Consider the impact of COVICk19 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 in¢ome and reserve balance$ which will enable il lo meet current commitments lor th• foreseeable fLrture. b. R8$orv•$ poll¢y The Trustees aim lo bySld up and maintain free reserves In unrestricted funds at a l&vel whlch equates lo approximately three months of unrestricled chariiable expenditure. The Trustees consider that this provides Sufficient funds to respond lo 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 lor by the IB on behalf of the Charity. and hence the Trustees are able lo respond quickly to any change in donation income. The Trustees wll review the situation annually lo en$uTe that the policy adopted by the Trustee$ proteels the Charty from any significant event that would impa¢l on ils financial position. The current level of unrestricted reserves at 30 June 2022 is $929,148 12021". $1.048.4291 all ol which ¢an be delined as free reserves. The reserves have arisen due lo significant donations Ythich have increased the Charity's reserves. The Trustees have decided to ulilise this ovèr a number of years lo maximi5e the benefit lo the recipients of the Charrty's funds. The restricted reserves al 30 June 2022 lotalled $878.964 {2021.. $877,355) and VMII continue lo be utilised in line ith the restrictions S￿l￿e(l by the dOr￿rS. Page 4

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Llmitgd by Guarant88} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Structure, governance and management . Constltutlon International Baccalaureate Fund IUKI {-IB Fund IUKI)" is a private company limited by guarantee which wa$ 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 dividendsl. The company was registered as a charity on 6 January 2009. b. Mothod$ of appolnlmont or 81o¢llon of Tru$tg03 Under the Articles of Association, the Tiustees of the Charity. who act as Directors for the purposes of company law, are appointed by the International B4c¢alaufe3le Organizalion {"Ihe IB"). The minimum number of Trustees s three", there is no maximum. The current Trustees ale 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 appointèd by the members lor a term not exceeijing Ihree years. A retiring Trustee may be fe-appoinled by the members w￿h no limit on the number ol times that a Trustee may be Te-appointed. No formal provision exists in the Articles of Asso¢iatson lor IB Fund UK regarding the rolalion of members. During the year under review, all Trustees of the IB Fund UK were also employees of the IB, including Olli-Pekka stho is Ihe current Director General. c. Organliatlonal $tru¢turn and d•¢lslon-maklng poll¢l The Tru$lee$ have delegated the day-to-day managemenl of operations lo 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 aclivilies. d. Poll¢1￿ ad¢pt•d for th• indu¢tlon and tr•lnlng ol Tru$ts•$ On joining. Trustees are given a document "Introductory operatior￿1 Guide for the 8oard ol Irsternational Baccalaureate Organizalion IUKI Limited" last updated on 5 February 2010. In addition, Trustees are invited lo Board induction acts'vities for all entities of the IB. On-going Iraining will then be prOV￿ed in consultation wlh each Trustee. The Board will Teview the status of Trustee5 on an on-going basis and they ¥vill recommend the rolalion of Trustees as the Board sees fil based on the board asse55menl of the organisalion changes. None of the Trustees received any remuneration or other benefit from the Charity. The Donations Policy of the IB governs the a¢¢eplan¢e of all gifts that are received by IB Fund IUKI. All gifts are further reported lo the Trustees by management. The above-mentioned governance processes ensure that the activities undertaken by the Charty ¢omply wlh the purposes of the Charty and meet fiduciary and slalulory requirements in the UK. Donation decisions are made by the staff of IB, and are reported to the Trustees during the 8oard meetings. Page 5

INTERNATIONAL BACCALAUREATE FUND IUKI {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Structure. gov•rn8n¢e and management {continu•d) Risk manag•m8nl and Int•mal ¢ontrol$ The Trustee8 conllrm that. on a yearfy basis. major risks to vthich the Charity is exposed, as identified by the Trustees, are rewewed, and that systems have been established to manage those risks. This h85 been done in consultation wilh the IB, wth the activities and operation of the Charity inctuded as part of a comprehensive risk framework adopted by the IB. Identified potential risks include the non-complian￿ legal & taxation requirements, foreign exchange exposure, individual fund balances in deficit and IT system failures. Inlemal controls are designed lo provide reasonable, but not absolut& assurance again51 material misstatement or loss and include.. the consideration by Tiustees of financial results, and variance from budget", the delegation of authorty and segregalion of dLtb"es'. transferring of foreign exchange risk$ lo IBO.. and monitoring of all fund balan￿$. Internal audit is ¢onducted lo o plan agreed Trustees each yeaf, taking into account any subslanlive chan9es in the Charity's processes. Plan8 for future perlods Current plans are for the continuation of the existing projeds for. Dual language Diploma Programme: Japan Training for IB educators Pre-AFC Assistance lo Schools IDP ¢ongullan151 to support the,0￿ardIng. process Orienlalion Seminars lo new and potential DP schools in Japan Completion of translation of progcamme documentation, subject guides and teacher 8UPPtsrt malerlal Completion of translation of professional development materials COm￿ttl0n of translation of assessment re¢wthnenl materials Dual langLiage Diploma Programme.. Korea Training for18 eduealors Pre•AFC Assi$lan¢e lo Schools {DP consultants) to $upport Ihe'on-boarding. pr￿¢$$ Orientation Seminars to new and potential DP schools in Korea Cornpletion of translation of programme documentation. subject guides and teacher support material Cornplelion of translation ol professional developmenl materials Continued IBEN development aCti￿lIeS Small companles Nots In preparing this report, the di￿Glor5 have taken advantage of the sm311 companies exemptions provided by sects'on 41 SA of the Companies Act 2006. Page 6

INTERNATIONAL BACCALAUREATE FUND (UK) IA Company Limited by GuarantÈe} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Disclosur• of infomlatlon to audltor Each of the peysons who are Trustees at the time %then this Trustees. Report is approved has confirmed Ihal.. so far as that Trustee 15 awaie, there is no relevant audit information of which thè charity's aLtditor 15 unawawe, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and lo e$tablish that the charity$ auditor is aware of that information. Auditor The auditor, Mazars LLP. has indicated his wllingn&ss lo continue In office. The designated Tnjstees will propose a mo n reappointing the audrtor at a meeting of the Tfuslees. Approved er f the m¢m￿r$ of the board of Trustees and signed on their behalf by.. Thalm Trustee Dale,, angozl 1 [11122 Page 7

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2022 The Twslees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial stslemeAls in accordance wth applicable law and United Kingdom A¢counlFng Stsndards Iunrted Kingdom Generally Accepted Accounting Pra¢licel. Company law Tequires the Twslees to prepare financial statements for ea¢h financial . Under company law. the Trustees musl not approve the financial 51alements unless they are satisfied th31 they give a true and fair view of the slate of affairs of the Charity and of rts Incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial 5talements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlfy". obseNe the methods and principles of the charib.es SORP IFRS 102}', make judgements and accounting estimates that are reasonable and PTudenl,' slate whether applicable UK A¢¢tsunling Standards IFRS 1021 have been followed, subject lo any malerfal departures disclosed and explained in the financial 51alements', prepare the financial stslements on the going ¢onc&m basis unlès$ it ss inappropriate lo presume that the Charty wll continue in bLtsine88. The Trustees are responsible for keeping adequate accounting record$ that are Sufficient lo show and explaln the Charity's transactions and dis¢lo$e ￿th reasonable accuracy at any time the financial posrtion of the Chartty and enable them to ensure that the financial slalements Comply wth 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 dele¢bon of fraud and other irregularities. Page 8

INTERNATIONAL BACCALAUREATE FUND (UK)

(A Company Limited by Guarantee)

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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

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

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Llmlt•d by Guarant￿) INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND IUKI Our responsibility is to read the other information arKI, in doing so, consider vthelher the other infoTmahon is materially inconsistent with Ihe financial statements OT our knowledge obtained in the course of the audrt. Of otherwse appears to be materially misstated. If we Klenbfy swh materk?I Inconsistencies or apparent maleriAI misstatements. we are required lo detemiine vl)ether this gives rise to a material misstatement in the ffinan¢ial stslemenls themselves. 11, bayed on the work V•t have perfomed, V•t condude that there is a malenal misststemenl of th1$ other knfomiation. ¥e required to rep)rt that fxL We have nothing to r•port in this r•gard. Oplnlon¥ on oth•r matt•r• pr••crlb•d ty th• Companl•s Act 2006 In our opin￿, based on the undertk•n in the course of the audit: the infomialion given in th• Tw$l•fj$' Report for the fin•nual year for vthich th• fin•ncwl slalem•nl$ ar• prepared is consistent with the financial 5talement5,' and the Tru$ltè8' Report hav• bo•n prep•r•d In accordarKe wth ap￿1¢¥blo 1 requlremenls. Mattèrn on vthlch w• •r• r•qulY•d to r•port by •xc•ptlon In Ilght of the knO￿edge 8nd under8thnd1r￿ of the Charity and it8 environment obtsin?d In lh• ¢our80 of th• audrt. we havg not idenlil+ed material mi•slalemenl$ in th• Twst885' Repo We have nothing lo rfjport in respect ol I￿lO￿n9 matters in relat￿n lo which the Companie• Act 20C requires us to report to you il, in our opinion-. adequate a¢counlin9 rfjcords hav• nol b8¢n kept. or retums adequate for our audlt havè nol b•en received from branche5 not vigited by us; or the financial statements are not in agreement V•ith the aCC￿nti￿ re¢ords and ￿tUrns., or ¢ertaTn Ois¢bsure$ ol Trustees. reML1nefat￿n specffied by law are not made; or we have not received akl the inlomiation and el￿ana￿on5 W2 Tequire for our audit.. or the Truslets. not enb.ued lo prepar• the fwwn¢ial $lat•m•nts li ac￿rI￿alKe %bith the $rno11 comp•ni•8 regime and lake advantage of the Small compwMU' •x•mplxyi in preparing the Twslees. Repryt and from the requirement to prepare a Strategic Repo Re#pon51bllltles of Trust•H' A$ explained more fulty in the Trustees. Responsibilities Statemenl set ¢)ul Dn page 8. the Trustees. responsible for Ihe p￿parats"0n of the financial slalements and for being satssfied that Ihey give a true and lair view. and lor such inleinal conlrd as the Trustees. 1$ n￿eSsary lo enable the preparation of ffinanoal $lalement$ that are free from material misstslemenL vknether due lo fraud or error. In preparing the financial statements. the Trustees, responsible lor assessing the Charity's abilty to continue as going concem. di$clos¢ng. as applicable. matters related to going concem and using the going concern basis of accounting unless the Tnsstees. either lo l*]uidale the Charity or to cease operations. or Trustees, no realislie alternative but to do so. Page 10

(A Company Limited by Guarantee)

INTERNATIONAL BACCALAUREATE FUND (UK)

INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (UK)

Auditor's responsibilities for the audit of the financial statements

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

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

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

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

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

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

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

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

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

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INTERNATIONAL BACCALAUREATE FUND (UK)

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE OF INTERNATIONAL BACCALAUREATE FUND (UK)

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

Use of the audit report

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

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

Date: 15 December 2022

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INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantee) STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2022 Unrostrictgd lund5 2022 Rostricted funds 2022 Total funds 2022 Totsl fund$ 2021 Nots Income from.. Oonations and legacies 1.125,105 1,125.105 1,086,590 Total Income 1,125.105 1.125,105 1,088,590 ExpendSturfr on: Charitable acllvities 119,281 1.123,496 1,242,777 1.275,072 Total 8xpgndlturo 119.281 1,123,496 1,242,777 1,275,072 N•t mov•m•nt In funds 1119,261) 1.609 1117,6721 1188,4821 R•¢on¢lllatlon of lundg: Total funds brought foThrdrd Nel movement in funds 1.048,429 1119,2811 877.355 1,609 1,925,784 1117,6721 2,114,266 1188,4821 Total funds ¢arr5ed forward 929,148 878,964 1,808,112 1.925,784 The Statemgnt of Financial Activities I￿ludeS all gains and losses recognised in the year. The notes on pages 16 to 26 fomi part of thes¢ financial $tslemenl$. Page 13

INTERNATIONAL 8ACCALAUREATE FUND {UK) IA Company Limited by Guarantee) REGISTERED NUMBER: 06776342 BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 Note Curr8nt a$sgts Cash al bank and in hand 4.327.660 5.637,580 4.327,660 5,637,580 Credilor8'. amounts tslling due wthin one year {684.401) {1,304,2431 Not currgnt a8s•ts 3,643,259 4,333,337 Total a#sets I￿% curront Ilabilltl88 3,643,259 4,333,337 Creditors.. amounts falling due after more than one year (1,835,147) 12,407,553) Not as80ts oxcludlng p•nslon assot 1.808,112 1,925,784 Total n•t assets 1,808,112 1,925.784 Charlty funds Re8tricled funds Unreslricled fund8 12 878,984 929.148 877.355 1,048.429 12 Total fund$ 1,808.112 1,925,784 The entity was entiued lo exemption from audit under section 477 of the Companies Act 2008. The members have not required the entty lo obtain an audit for the year in queS1￿n in accordance with section 476 of the Companies Act 2006. However. an avdil is required in accordance bMth section 144 of the Charities Act 2011. The Trustees a¢kno￿edge their responsibilib.es for complying With the ￿qUirements of the Act with respect to accounting records and preparation of financial statements. The financial st the small comp tements have been prepared in accordance V￿th the provisions applicable to ent￿e$ subject lo nies regime. em were approved and aLrthoTised for issue by the Trustees and signed on their behaw by.. Thalmur Trustee Oate.. zi Illi I The notes on pages 16 to 26 form part ol these financial ststements. Page 14

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantoe} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Cash flows frorn operatlng actSvltles Net cash used in operating actiwlies 11,309,920) 1,326,500 Cash flows from Inve$tlng activitigs Nèt caèh provldod by Investlng actlvltles Chang• In ¢a$h and ¢•$h •qulvalonts In th• y•ar Cash and cash 8quival¢nt$ at the beginning of the year {1.309,9201 5,637,580 1,326,500 4.311,080 Cash and cash oqulval•nts at the end of the year 4,327.660 5.637,580 The note$ on pages 16 10 26 form part of these finartcial statements Page 15

INTERNATIONAL BACCALAUREATE FUND (UK) IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Goneral inforniatlon International Baccalaureate Fund IUKI is a pfivale company limrted by guarantee registered in England and Wales, company number 6776342 and a Tegistered Charrty, charity number 1127386. Its regl$tered office is Peterson House. Malthouse Avenue, Cardiff Gate, Carditf. CF23 8GL. Accountlng pollcles 2.1 8asis ot pr•paration of financlal statgmonts The financlal slalements have been prepared in accordance wth the Charities SORP IFRS 1021 Accounting and Reporting by Chanties." Slalemenl of Recommended Practice applicable to ¢harilie8 preparing their accounts in accordance wlh the Financial Reporb'ng Standard applicable in th& UK and Republi¢ of Ireland IFRS 102} leffecbve l January 20151. the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS 1021 and the Ctsmpanie5 Act 2006. International Baccalaureate Fund IUKI meet$ the definition of a public benefrf( entity under FRS 102. Assets and liabilities are inibally recognised at historical cost or transa¢lion value unless olhemse slated in the relevant accounts'ng poI￿y. The presentational currency of the financial statements 15 USD vthich 1$ the functional currency of the Charity. The financial Slalemenls are rounded lo Ihe nearest $. The financial information relales lo the year ende<l 30 June 2022 anij the comparative infomalion relate$ lo the year ended 30 June 2021. 2.2 Golng conc•rn The financial ststemenls are prepared on a going ￿nCern basis. on tl)e expectation of etsntinued gr0￿h in charity donations in the fvture which lead to the Tnjstees lo consider that there are no material uncertainties aboul the entity's abilily to con&nue. 2.3 Income All income is recognised once the charity has enlitlemenl to the income, it is probable that the in¢om 11 be received and the amount of rncome receNable can be measured reliably. Where there is a clear indication that a donation has been prowded on the basis of future activities being carried out. the charity has recognised I￿ome on an a¢¢wals basis. The donation ￿711 first be recorded as a liability on the balance sheet and subsequently released lo Incoming resources in line with completion ol agreed activities. Donated services are recognised as both income and expenditure in the year lo whlch they relate. The balance relates lo the audit ond accounts preparation fee bein9 donated by the IB. 2.4 Expènditure Expenditure is recognised once there is a legal or ¢onstructTve obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefts will be required in settlement and the amount of the obligation ¢an be measured ￿118bfy. Expenditure is classified by activity. The costs ol each actiwty are made up ol the total of ¢Jire¢l ro$15 and shared costs, including support costs involved in undertaking each actNty. Direct costs attributable to a 51ngle activity are allocated directly lo thal actrvity. Shared costs which contribute to mole than one activity and support costs which are not attributable lo a Sing￿ activity are apportioned betsveen those a¢livities on a basis consistent with the use ot resources. Page 16

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limitad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinu•dl 2A Expendlture Icontlnuodl Governance costs are those incufred in conne¢tion vhth administration of the Charty and ¢ompli3n¢e th constitutional and $tatulory requirements. The chafily makes grants lo Schools at the di$¢retion 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. Grant5 offered subject to conditions vthich have not been mel at the year end are noted as a eommilmenl, but not accrued as expenditure. 2.5 Taxatlon The Charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finanee Ael 2010 and therefore it meels the definibon of a char*tsble company for UK corporatlon lax purposes. Accordingly, the Charity is potenlialty exempt from taxalion in re$pe¢t of income or ¢apilal gains received wthin calegories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sects'on 256 of the Taxats'on of Chargeable Gains Act 1992. to the extent that such income oi gains are applied exdusively lo charitable purposes. 2.6 Cash at bank and in hand Cash at bank and In hand indudes cash and short-temi highly liquid investments wlh a short malurlty of three months or less from the dale of a¢quisilion or opening of the deposit or similar account. 2.7 Liabi15tles and pro¥lslons Liabilitiès are recognised when there is an obligation at the Balance Sheet date as a result of a past event, il 15 probable Ihal a transfei of economic benefrt will be required in settlement, and the amount ol the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity afili¢ip8les il wll pay 10 Settle the debt or the amoynt il has received as advanced payments lor the goods or services il musl provide. Provisions are measured at the best estimale of the amoun1$ required lo settle the obligation. 2.8 FlnancSal Instrumgnts The Charity only has financial assets and fir¢ancial liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments are In￿allY recognised at transaction value and subsequently measured at their settlement value wrth the exception of bank loans ¥thich are subsequently measured at amortised c051 using Ihe effectNe inleresl method. Page 17

INTERNATIONAL BACCALAUREATE FUND {UKI {A Company Limited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinufrdl 2.9 Fund a¢¢ountlng General funds are ￿n￿$tn.¢ted funds vthi¢h are available fof use al the discretion of the Trustees in furtherance of the general obje¢tsves of the Charity and have not been designated for other purposes. Reslricled funds are funds %thich are to be used in accordance Specific r•slri¢li¢ns imposed by donor5 or thich have been raised by the Charity for particular purpo$e$. The costs ef raising and adminislenng such funds are charged against the specific fund. The aim and use of each restricted lund 1$ sel out in the notes lo the financral ststements. Crili¢al a¢¢¢untlng •$tlmat•$ and ar•a$ of Judgern•nt Estimates and judgements are continualty evaluated and are based on historical experience and other factors, including expeciations of fulure events that are believed lo bo reasonable under the clrcumslances. Crltical accounting eslimales and assumption8= The Charity makes estimates and assumptions concerning the future. The resulting accounllng eslimales and assumptions VAII. 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 liabilth'es wthin the next financial year are (li￿U$$ed below. Cri￿C81 ar•as oljudgement: A key area of judgement in these financial statements is the recognition of income. whieh requires judgements lo be made Tegarding vknether or nol there are performance conditions included wlhin the grants being received. This then determines ￿ether income is recognised uplronl when iecelved or whether il is deferred and released ￿en the pertormance conditions are met. There is also estimation uncertainly regarding the reliability of the estimate of the amount lo be received and whether any bad debt prowsion should be recogni5ed In respect of slow paying grantors. Page 18

INTERNATIONAL 8ACCALAUREATE FUND (UK) IA Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 In¢om• from donations and legacies Unrestricted Rostrlcted funds funds 2022 2022 Total funds 2022 Grants MEXT- Japanese Government Japanese Government German Govemmenl Republic of South Korea 391.025 31,877 27,048 675,155 391,025 31,877 27,048 675,155 1,125,105 1,125,105 Unr•strl¢tod Retstrictod fund$ funds 2021 2021 Total funds 2021 Grants MEXT - Japanese Govemment Japanese Govemmenl German Government Republic of South Kofea Donated services 451,656 31,578 55.902 530,039 451,65S 31,578 55,902 530,039 17,415 17.415 17,415 1.069,175 1,086,590 Page 19

INTERNATIONAL BACCALAUREATE FUND {UKI IA Company Llmbtod by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Analysis of Expenditure on Charitsblè Activiti•$ Unrostrl¢t¥d R•$trl¢t•d funds funds 2022 2022 Total funds 2022 German Fund Japanese Oual Language DP Japanese Grant South Korean Dual Language DP Other 18 Grant 39,327 391,025 17,989 675,15S 39.327 391.025 17.989 675.1 SS 3.168 116,115 3.166 116.115 119,281 1,123,496 1,242.777 Unro$trlcted funds 2021 Restrlcted funds 2021 Total fund# 2021 Chinese Tran$lalionJ German Fund Japanese Dual Language DP Japanese Grant South Korean Dual Language DP Argentine Sludenls. Support Project Other IB Grant Governance costs 5,677 19,600 451,656 35,371 530.039 6.887 5,677 19.600 451,656 35,371 530,039 6.887 23,872 185,945 16,025 23,872 185,945 16,025 225.842 1,049,230 1,275,072 Governance costs- Auditor's remuneratlon 2022 2021 Fees payable to the Charitys audttor for the audit of the Charity's annual accounts 14.335 14,335 Fees payable to the Charitys audrtOT ir¢ respect of.. All non-audit services not included above 1,690 1.690 Page 20

INTERNATIONAL BACCALAUREATE FUND {UK) IA Company Limited by Guarant801 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Trustees. remungratlon and •xpon$•$ During the period no Trustee received any ￿mUneratIon nor were feimbuT5ed any expenses12021 $Nill. The Charrty has insurance policies in place indemnrfy the Char¢ty against loyse8 arising from negligence or defauA of the Trustees and Officers. Crgdltor¥: Amounts falllng duo wlthln one year 2022 2021 Amounts owed lo group undertakings 684,401 1.304,243 Crodltors: Amounts falllng dug aftor morg th•n on• year 2022 2021 Accruals and deferred income 1,835,147 2,407,553 10. Defèrrod Incomè 2022 2021 Deferred income at 1 July 2021 Re$our¢es deferred during the year Amounts releases during the year 2,407.553 1,863,756 611.622 1.614,363 11,184.0281 11.070,5661 1,835.147 2,407,553 Fln•ncl•l instruments 2022 2021 Financial assets Financial assels measured at fair valug through income and expendiluie 4,327,660 5,637.580 Financial assets measure(l at fair value through income and expenditure comprise ca$h at bank and in hand. Page 21

INTERNATIONAL 8ACCALAUREATE FUND (UK) IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. Ststement of funds Stat•m•nt of fund$ - ¢urr¢nt year Balanco at 30 Juno 2022 Balancè at 1 July 2021 Tran$f&rs inlout Income Expondlturo Unr¢stri¢ted tunds General Fund Designated Fund 18 Grant 909.278 79,383 59,768 13,1661 1116,1151 789,997 79,383 59,768 {116,115} 118,115 1,048.429 {119,281} 929,148 R8Strl¢tod fund¥ AIM Malaysian Government German Fund Japanese Dual Language DP Japanese Grant MYP.. The Next Chapter SoLrth Korean Dual Language DP 211,597 36.302 211.597 24,023 27.048 391.025 31.877 139.3271 1391.0251 117.9891 170.968 445,338 184.856 44S.338 13.150 675.155 1675.1551 13,150 877,3SS 1,125,10S {1,123,4961 878,964 Total of lunds 1.925,784 1.125.105 11.242.777) 1,808.112 Page 22

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. Statement of funds Icontinuodl Doscription of funds G•n•ral fund comprises the amounts freely available for the charity lo spend. Deslgnat•d Fund Comprises aM￿nIS transferred from the Genefal Restricted Fund to be spend as decided upon by the Twslees. IB Grant fund is a fttnd designated by the Trustees to which amounts are transferred from the general fund in order that grants may be awarded to $chooh. General restricted fund This is an historic collection of bjnds received, dating from before 2008 which have been allocated to feslricted but with no supporting paper¥srJrk. After detailed research the Tru51ee$ have decided il is reasonable lo transfer the balance lo unrestricted reserves as a designated fund. AIM Mal4y8lan Gov•rnm•nt This is a fund lo support the eslablishmenl and development of18 schools in Malaysia. The Pfojecl has been successfulty completed and remalning funds will be used for protessional development for qualifw'ng Malaysian schools. Chlnes8 Tran$latlons Thi$ 1$ historic money received %thich is being used for Chinese translation projects. G•rnian Fund Thig is a fund for the development and translation expenses for German ag a rts$pon$e language. Thi5 fund is considered lo be a reslricled fund by Tfuslees and so has been moved from unrestricted funds. Japan08• Grant Thls Is a fvnd for the fvrther development of IB capacity in Japan. Jopan¢s• Dual Languagè DP This 1$ a donation from the MEXT Japanese government wth the goal to translate, teach & assess selected subjects in the IB Oiploma Programme in Japanese,. to enable schools in Japan lo participate in the project,. to translate key IB Diploma Programme documents.. lo build the IB capacity in Japan by growing the number of IB Educators. and to train examiners. MYP: The Next Chapter This is a fijnd to support the development of the Middle Year Programme. Management are looking for suitable MYP assessment system developments for this fund. South Korean Dual Languag¥ DP This is a donation from the Republic of South Korea Nmlh the goal lo translate, leach& assess selected subjects in the IB Diploma Programme in Korean.. to enable s¢hools in Korea lo parts¢ipale in the project." lo translate key IB Diploma Programme documents., lo build the IB capacity in Korea by growng the number of IB Educators. and lo train examiners. Page 23

INTERNATIONAL BACCALAUREATE FUND IUKI IA Company Limited by Guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. Statement of funds Icontinuedl Statsment ot tunds- prlor year Balanc• at 30 Jung 2021 Balance at 1 July 2020 Transfers inlout Incom• Expendlture Unrostrlcted funds General Fund Designated Fund IB Grant 1,117,705 79.383 59,768 1.390 123,872) 1185.9451 909,278 79,383 59,768 16,025 1201,970) 185,945 1,258,856 17.415 1225.842) 1.048,429 Ro$trf¢t•d funds AIM Malaysian Govemrnenl Argentine Students Fund Chbnese Tran$lalion$ German Fund Japanese Grant MYP.. The Next Chapler South KoTean Dual Language DP Japanese Dual Language Diploma 211,597 6,887 5.677 211,597 16,8871 15.6771 119.6001 135.3711 55,902 31,578 36,302 170,968 445,338 174.761 445.338 13.150 530,039 1530,0391 13,150 451,656 1451,6561 857.410 1.069,175 11,049,230) 877.355 Total of funds 2.114,266 1,069.175 {1.275,072) 1,925,784 Page 24

INTERNATIONAL BACCALAUREATE FUND IUKI (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 13. Roconciliation of net movement in funds to net cash flow from operating activitlè8 2022 2021 Nel expenditur¢ for the year las per Ststement of Financial Adiviiiesl 1117,6721 {188,4821 Adjustments for: Increaselldecrea5el in Credrtors 11,192,248) 1,514,982 Not cosh provld•d bylluS￿ In} 0￿￿tIng a¢tlvltl•8 11.309,9201 1,326,500 14. Analy$ls of cash and cash •qulvalents 2022 2021 Cash in hand 4,327,860 5,637,580 Totsl cash and ¢a$h èqulv•lènts 4,327.660 5.637,580 Analysis of changes Sn net debt At 1 July 2021 Cash flows At 30 Jung 2022 Cash al bank and in hand 5.637.580 {1.309,9201 4,327,660 5.637,580 11,309,920) 4,327,660 Page 25

INTERNATIONAL BACCALAUREATE FUND {UKI {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2022 16. Anatysi$ of net assets between funds Amalysis of net assets befv￿en funds- current period Unrestricted Restricted funds fund5 2022 2022 Total funds 2022 Current assets Creditor$ due within one year Creditors due in more than one yeèr 929,14 3,398.512 4,327.660 1684,4011 {684.4011 11,835,147) 11.835.147) 929.148 B78,964 1,808.112 Analysls of net assets be￿ttn funds- prior peritid Unre$trl¢ted fund$ 2021 Rè$trlcttsd fundi 2021 Total funds 2021 Current assets Creditors due wthin one year Creditors dye in more than one year 1.048.429 4,589.151 5,637.580 {1,304.2431 {1,304.2431 {2,407.5531 {2.407,5531 1.048.429 877,355 1.925,784 17. Rglat•d party transa¢tlon$ The Charity's ultimate parent company is International Ba¢Calau￿ale Organization IIBOI, an independent non-prolit-making foundabon registered in Swtzedand, registered number CHE-107.025.266. 11 iy governed by a Board of Governors. The Board may contain betsveen 9 and 11 memberg al any one lime, currently there aTe 11. Consolidated financial statements can be obtained from Roule des Morillon8 15. Grand-saconnex. Geneve. CH-1218, Swilzertand. IBO is deemed to exercise control as it has the right lo appoint or remove a majorty of the board ol IB Fund IUKI. In his posrtion as Director General of the IB, oll￿pekka Heinonen attends all the meetsngs of the Board of Govefnors of the IB. and sils on the Board of Trustees of the Charity. The Charitls audit fees of $14.335 12021". $14,335) and fee5 for preparation of the year end financ¢al statements of S1.69012021.' $1.6901 are recognised as a dollab.on from the IB. Grants payable totalling $684,401 12021.. $1,304,243) are to Inlemalional Ba¢ca18ureate Organizalion. This entity makes project expense payment$ on behalf of the Charity which are subsequently reimbursed. Page 26