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: 

- give a true and fair view of the state of the Charity's affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

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

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

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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. 

Page 9 



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 undert*k•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: 

- Inquiring of management and, where appropriate, those charged with governance, as to whether the Charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; 

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities; 

- Communicating identified laws and regulations to the 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. 

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: 

- Making enquiries of the Trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; 

- Gaining an understanding of the internal controls established to mitigate risks related to fraud; 

- Discussing amongst the engagement team the risks of fraud; and 

- 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. 

Page 11 



## **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 

Page 12 



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