Reglstered number: 06776342 Charfty numbor: 1127386 INTERNATIONAL BACCALAUREATE FUND (UK) (A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ishop Fleming
INTERNATIONAL BACCALAUREATE FUND {UKI IA COMPANY UMITED BY GUARA14TEEI GONTENTS Page Rgfvr•nGo and Admlnlstrativo D•tai18 of th• Cixnpanyp Its Tr•¥ and Advi•ora Tru•tsM' Roport TnMtso•' RMpon•lbllftlM Ststem•nt Ind•p•nd•nt Audltorn. R•port on th• Fln8ncl•l 8tst•m•nts 8-11 Statsm•nt of Fln•nclal Actlvlt 12 Balance Shoot 13 StAtsm•nt of Ca•h Flow• 14 Nots• to th• Fln•nGl•l 8tatem•nl• 15-25
INTERNATIONAL BACCALAUREATE FUND IUKI (A COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THEYEAR ENDED 30 JUNE 2024 Trn•ts Matlhew Costello Andrea Smith Nicole Bien Company rngl8t•r•d number 06776342 Charlty r•glstsrgd numbgr 1127380 R•gl•t•r•d offlG• Peterson House Malthouse Avenue Cardiff Gale Cardiff CF23 8GL Ind•p•nd•nt audltorn Blshop Flemlng LLP Chartered Accountants 10 North Place Chellenham GL50 4DW Sollcltorn Wlther Bergman LLP le Old Bailgy London EC4M 7EG Page 1
INTERNATIONAL BACCALAUREATE FUND IUKI {A COMPANY LIMITED BY GUARAMTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Tru5tee5 present their annual report log8lher the audited financial statements of the Company for the year 1 July 2023 to 30 June 2024. Thè Annual Report gerves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with tha current stslulory requirements, the reqU1mentS of the charitable company's governing document and the provlsions of the Slalemenl of Recommended Practs'ce ISORP} applicable to charities prep8ring their accounts in accordance wkh the Financlal Reportsng Stsndard applicable in the UK and Republic of Ir81and (FRS1021 leffecdve 1 January 20191. Since the Company qualthe8 08 Small under secbon 382 of the Companles Act 2006, the Strategic Report required of medium and large companies under the Companieg Act 20C6 Istrateglc Report and Directors, Report) Regulatlons 2013 has been omilled. ObJgctbv•• and actlvltl•• a. Poll¢SM •nd obl•GtIv•• The charty has charttable object8 that reect the chantable purpoJg9 of the18. These aw the advancement of ueAtlon by.. the development and promoll¢)n of programme8 of education for $ludent8 at different level8 Wthin schools (primary, middle and upper 5eGondary school18vels or such other levels a8 may be relgvant ovèr8è85) for 8doption by aulhoris•d schLX)Is In 811 counlrles., the development, admlnistration and promotion of an Internatlonal examlnalSon for aulhorf8¢d schoolB glvlng acce83 to hlgher educallon In 811 counlrles., Such other mean¥ as the Tru8lee$ of the Charity may delemine,, and such other exclusively charitable purptsges a8 the Trustees ol th? Chorty may in their 8b8olule di8crellan determln•. In seltlng tsbjedves and planning for advltia8, the Trustees have given due consideTalion lo general guidance published by the Charity CommiB$ion relating lo public benefit, including thg guidance 'Publlc benefit.. running Charity IPB2I'. b. Strntsglo• for achlwlng obJ•ctlv•8 The Chanty work$ wlh governments, international philanlhroplcal organisatlons, and other donors to develop partnerships and initialwes to create a rnore diver¥e and Inclu51V8 IB communlty, enabllng rnore sludgn18 10 experience and benefit from an IB education, regardless of personal clrcumstances. . Actlvltl•s und•rtak•n to achlev• obJ•ctive• In 2023 and 2024, the Charfty continued lo focus ils activities on progressing Its strategic goal by the constant ntinualion of exisljng projects with the Japanese government through its Ministry of Edu¢ats'on, Culture, Sports, Science, and Technology IMEXTI, and the Dual Language Diploma Programme with the Republic of SoLrth Korea. Page 2
INTERNATIONAL BACCALAUREATE FUND IUKI IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 ObiectiVo$ and actlvttl•s {CONTINUEDI d. Grant-maklng poll¢lo¥ The Fund has established its grant making pdicy lo achieve ils objects for the public benefit by promoting pro9rammey of education for 51udenls at different levels wthin schools for aulhorised schools in all countries. We review the grant maklng policy regularfy lo ensurg that f( reflects the charity'$ objeols and thereby advanc8$ public benefft. The Fund invites applications for grants from schools experiencing Igmporary financlal challenge$ of school8 are demonstrably increa51ng access lo IB programmes. More infomiation can be found al http'.IlVwM.Ibo.orglbecome-an.isChooIl9upport-SeNce9-from-the-IblIb-9rantsl. •. M•ln aGtlvltlw und•rtak•n to furthor tho Company's purpo•e• for tho publlc b•noflt In addrtlon to the 8cllvitiè8 for the conllnued partnership wth MEXT and Ihe Republic of South Korea. the ch8rlty also contlnu&d lo provide short-lerm grants for school8 experiencing lÈmpor4ry financial ch4llenges or schools that are demon8trably increasing acce89 lo the18 programme8. Achlov•mont• and p•rfomi•nc• . Rovlow ol actlvltt•# The key operatnal actlvlllog for the charity for the year were.. Dual Language Diploma Progrgmm¢'. Japan Translallon of Sptreimen revtslon on examination paperg for the Japanese subjects for the November 2023 se8on Examiner recruilmgnt and training activ1¢8 Translailon of program documenlalion, subject guides and teacher support material Translabon of professional development material8 Development work for Examiner facing page8 Regional ond global 8UPPOrt from IB offices Dual Language Diploma Programme.. Korea Translallon of 8pecimen rev15ion on examination paper5 for the Japanese subjects for the November 2023 session Examiner recruilmènl and training aclivltSes 18EN development activities Transl'on ol program documentation, subject guides and teacher Support material Translth'on of professional development materials Region81 and global support from IB offices b. Infomiatlon on fundral8lnu practlcè The Fund's ultimate parent company, International Baccalaureate Organisalion, performs fundraising activitie5 on behalf of the Charity. The organisalion does not have a fundralslng departr)enl per se. bul has teams within ils Schools Office, whose aim it is to increase accessibility to IB programmes. Those teams work wlh Governments and other philanthropic organisations to create and manag& proieGl$ to increase the IB foolprinl thin the given jurisdiction. Page 3
INTERNATIONAL 8ACCALAUREATE FUND IUK (A COMPANY LIMITED 8Y GLIAIiANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Achi•v8m&nts and p•rfornianc• ICONTINUEDI c. Invostment pollcy Jnd obJeGtIvg¥ The policy which the Trustees will apply in relation lo Surplus eash is risk averse, in 8ccord8nce th the policy adopted by the IB. Deposits are rnainlained as cash or. where Management consider possible. low ri8k fixed term deposits rather than equith.es or any other inveslmenls Ihat are subject lo capltal fluctuations. During both 2024 and 2023, no interest wa5 earned on deposits. Flnanclal r•vl•w . Golng con¢em After maklng appropriate enqulrie8. the Tru8lee8 have a reasonable gxpectalion that the Company ha8 adequate regoure88 to conllnue Sn operallonal existence for the fore$8eable future. For this reason. they continue to adopt the going concèm basis in preparing the financlal slatemenls. Further d¢tsi15 rtgard5ng the adoption of the going concem basis can be found in the accounting policies. b. R•¥•r4•• poll¢y The Tru8lee$ aim lo build up and maintain the regerves In unrestricted funds at a level which equates 10 approximately three months of unrestricted charitable expanduro. The Tru$lee¥ ¢onsidèr that thls provides sufficient funds lo respond lo grant applications and incur prgje¢l spend for a sufficient period in the event o18n unexpected decrèase in income. All govern8n¢e costs and ¢osl¥ inGurred in generallng funds are paid for by the IB on behalf of the Chorily, 8nd hence the Trustee5 are able lo respond quickly lo any changes in donation Income. The Tru¥loes will review the $iluallon annually to ensure that the policy adopted by th8 Trustee6 prtslect the Charity from any significant event that would impact on ts financial position. The current level of unrestricted reserves al 30 June 2023, is USD430.746 {2023.' USD797,2841 all of 1¢h Can be defined as free ro$ervg$. The réserves have arisen due to significant donations which have increased the charities reserve¥. The Trustees have decided lo ulilise this over a number of years to maximlse the benefit lo the recipienly of the Charltys lunds. The reslrided re8erve al 30 June 2024 tolalled USD954,85912023.' USD951,3501 and will continue lo be ulili$ed in line wlh the reslrl¢lions 8pectfietJ by the donors. Structur•, gov•fnanc• and man4g•m•nt Constltutlon Intemational Baccalaureate Fund IUKI is a private company limited by guarantee Ithich was registered in the Unrtgd Kingdom on 18 Decembgr 2008, and 15 governed by its Memorandum and Articles of Association dated 18 Oecember 2008 Ithal contain an asset lock for charitable purposes, and a bar on distribullon of dbvidendsl. The ¢ompany was registered as a Charity on the 6 January 2009. Page 4
INTERNATIONAL BACCALAUREATE FUND IUKI IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Slructurop gov9rnan¢• and management ICONTINUEDI b. Metho(ts of appointment or èlectitsn of Tntstses Under the Artlcles of Assoclatbon, the Trustees of the charity. who act as Directors for the purposes of company law, are appointed by the Internab'onal Baccalaureate Organisab'on {'Ihe IB"). The minimum number of Trustees 1$ three., there is no maximum. Current Trustees are 5i8ted on page 1. In keeping wfth the election of Fund Trustee requirements 88 found In the ArtKl8s ol Association of the IB Fund UK, Trustees 8re 8ppolnled by the members for a lem, not exceeding three years, A feliring Trustee may be appointed by tho m8mbers with no limit on the number of times a Trustee may be re-appointed. No formal prowsion exists in the Articles ol AssoGiatson for the IB Fund UK regarding the rotation of members. Ouring the year under review, all Trustees of the IB Fund UK were al80 employee8 of the IB, including the current Dlrector General. c. Organl•atlonal $tructurg •nd d•cl•lonwmaklng pollcl•8 Th• Trusleeg have delegated the day-trtrday management of operatlon¥ lo IB employees appolnted 88 Fund Managars. To facilltale effecuve operallons, the Fund Managers have delegated authority TrthIn the terms of the delegation approved by the Tfuslees foi operational matters, including finance, employrnenls and related activth'es. d. Pollcl•8 adopt•d for tho Inductlon and tralnlng of Tru•t••• On inIng. Trugtees are glven a document 'lntroductory Operation81 Guide for the Board of Internallonal Baccglauregte Org8ni8allon IUKI Limlied,, last updal8d on the 5 February 2010. In addltlon, Tru8te88 are invilad to Board inducts'on aclivibes for all onlilies of the IB. On-going training wll then be provided in consultation vlth each Trustee. The 8oard will review the slalus of Tru51ees on an on-going ba8I8 and they wll Tecommend the rotation of Trustees as the Board seeg fil based on the Board 888egsment of the organisation changes. None of th& Tru8lee8 r81¥•d any remuneratlon or other beneffts Irom the Charty. The Oonalion$ Policy of the IB governs the a¢cepl8nce of all gifts that are received by IB Fund UK. All glfts are further reported lo the TruBlees by management. The above-menlioned governance processes 8n8ure that the activities undertaken by the Charity comply with the purposes of the Charity and meet fiduciary and slalutory fequirements in the UK. Donation d•ci8ion8 are made by the 8laff of IB, and are reported lo the Trustees during the board meets'ngs •. Rl•k m#nag•m•nt and Intsmal Control The Trusleeg conlimi that, on 8 yeady basis, major risks lo lch the charty is exposed. as idenlrfied by the Trustees. are reviewed, and that systems have been established lo manage those risks. Th18 has been done in consullalion with the IB, th the advilies, an operation of the Charity included as part of a comprehensive ri8k framgwork adopted by the IB. Identified potential risks include the non-comp1lare wth gaI & taxallon requlremenls, foreign exchange exposurg, indiwdual fund balances in deficrt, and IT system failures. Internal controls are designed lo provide reasonable, bul not ab$dtrte. insurance against material. misslalement or1088 and in¢lud•". Ccn5ideration by Iruslee5 gf financial re5uhs, and variance from bu¢Jget The delegation of aulhorty and Segregation of duties Transferring for an exchange ri5k$ to IBO., and, Monitoring of all fund balances Pag• 5
INTERNATIONAL BACCALAUREATE FUND IUKI (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTlhlUEDI FOR THE YEAR ENDED 30 JUNE 2024 Pl•ns for futur• period• Current plans are for the conlinualion ol thg exlsb'ng projects for.. Du81 Language Diploma Programme.. Japan Training for18 educator9 Pre-AFC assistance to schools IDP ¢w$urtantsl to support the 'on-btsarding' process Orientation seminar5 to new and potential DP schools in Japan Completion of translation of program do¢umenlats'on, subject guides, and teacher 8upport material Completion of translation of professlonal develcpmenl materials Compleuon of translation of 988essment recruitment m3lerial# Dual Language Diploma Programme.. Korea Tralning for IB educators Pr&AFC assistance lo schools {DP con¥ubntsl to support the'onwt)0grdlng' proce88 OTientabon yeminars to new and potential DP ychools in Korea Completion of translatKin of program documentation, subject guides, and teacher Support malerlal Com ets.0n of translation of professional dgvelopmenl materials Connued 18EN development 8Ctivllies Sm411 companlm Not• In preparing Ihls report, the Dlreclors have taken advantage of the small companie8 exemptlons provided by 8ectlon 41 SA of the Companiès Act 2006. Dliclo8tsr• of Infomiatlon to •udltor• Each of the persons who are Twstees al the lime when thi5 Twslge8' Report IJ approvèd h88 confimed that.. so far a8 Ihat Trustee is awar•, there 18 no relgv9nt 8udll Informatlon of which the charlty'8 audllor8 are unaware, and that Trustee has taken all the slep8 that ought to have been 18ken 4¥ a Trustee in order lo be aware of any relevant audit Information and to establish that the charty's auditors are aware of that infomialion. Auditor¥ The 8udttor8, Bishop Flemlng LLP, have indicated thelr willlngness to continue in offiGe. The designated TnJ5ts9s will propose a motion reappointing the auditors 81 a meeting of the Trustees. Apyoved by order ol the members of the board of Trustees and 8igned on their behalf by.. Andrna Smlth Trustee Date.. ¥2.25 Page 6
INTERNATIONAL BACCALAUREATE FUND {UKI IA COPAPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONS181LITIES FOR THE YEAR ENDED 30 JUNE 2024 The Trusl&es (who are 81$0 the directors of the Company lor the purposes of company lawl are sponSible for preparing the Trustees, Report and the financial stslements in accordance wlth applicable law and Unlted ingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Pr8Ctkel. Company law requires the Trustees lo prepare financial statements for each financial year. Under company18w. the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and falr view of the stale of affairs of the Company and of rts incoming re8ource8 and application ol res¢)ur¢es, includlng ils Income and expenditure. for that period. In preparing these financial 51alemenls. the Trustees are required lo.. 8elecl Sultable accounn9 policles and then apply them con$i$tenlly', observe the methods and principles of the Charities SORP IFRS 1021.. make judgment5 and accounting eslimales that aro r•a8onabl• and prudent., slate whether applicable UK Accounting Stsndards {FRS 1021 have been follod, subject to any malgrtal departures disclose(l and explalned in the financial slalements,. prepare the financi41 slalements on the going Concern b8818 unless rt is inapproprfate lo presume that the Company wll continue in bu8lne88. The Trustees are responsible for keeping adequate accountjng records that are sufflclent to show and explaln the Company's transactions and disclose with reasonable accuracy al any tsme the financial position of Ihe Company and enable them to ensure that the financial slalemen18 comply th the Companles Act 2006. They are a180 responsible for $8fegu8rding the assets of the Company and hence for taking reasonablè Stèps for the preventlon and delectlon of fraud and other Irregularitl•8, Approved by order of the member8 of the board of Tru81ee8 and slgnod on118 behalf by.. Andre• Smlth Trustee Page 7
INTERNATIONAL BACCALAUREATE FUND {UK} (A COMPANY LIMITED 8Y GLIARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INTERNATIOPIAL BACCALAUREATE FUND {UK OPINION We have audrtetJ the finanGial statements of Inlernauonal Baccalaurgate Fund IUKI {Ih8'chaTitable company'l for the year ended 30 June 2024 which comprise the Slalement of Financial Ath"vilies. the Balance Sheet, the Statement of Cash Flows and the related note8, induding 8 summary of significant accounting pglicie3. The financial reporting framework that has been applled in their preparation is appllcable law an(1 United Kingdom ounling Standards. including Financl81 Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland. (United Kingdom Generally Accepted A¢counting Practice). In our opinion the financial slatemenl8'. give a true and fair view of the stale of the charitable Company'$ affairs as al 30 June 2024 and of ily incoming resources and application of resources, inclLtding its ineome and expenditure for the year then ended", have been properly prepared In accordance wlth Unhed Klngdom Generally Accepted Accounting Pfacll¢e,' and have been prepared In accordance vlth the requlrements of the CharRles Act 2011. BASIS FOR OPINION We conducted our audk In accordance wlh Inlem8llonal Standards on Audibng IUKI IISAS IUKII and appllcable law, Our responslbilllies under those 31andard$ are further descrlbed in the Audilor5' re5ponyibilib.es for the audit of the financial 8t8lemenl$ Section of our report. We are independent of the charitsble company in accordance th the ethical requlrements that are relevant to our audit of the financial gtatemenls In the United Kingdom, Including the Financial Reporting Council's Ethlcal Standard. and we have fvlfilled our other ethical Te$pon$ibililies in accordance with these requiTement5. We believe that th• audbt evidence we have obtained is suffieienl and approprlate to provide a basis for our oplnlon. CONCLUSIONS RELATING TO GOING CONCERN In auditlng the financial statements, we have concluded that the Tru¥tee¥' use of the golng concem l)asS8 of aOuntIng in thè preparalitsn ol the financlal slalemenls is appropriate. Based on th& work w have performed, we have not Identified any material uncertainties relatlng lo events or conditlons that, indlvidually or collectively, may cast signrficanl doubt on the charitable company's ability to continue as a going concem for 8 period of at lea8t 1ve months from when the financial Ststgments are authorised for issue. Our re8ponsibililies and the re8pon$lbilities of the Trustee8 th re8pect to going wncem are descrlbed In the ielevanl sections of this report. OTHER INFORMATION The other Information comprisos the infonnation included in th• Annual Report other than the financial 51atemenly and our Audrtors, Report Ihereon. The Trusteèg are sponsIble lor the other infomalion contained thin the Annual Report. Our opinion on the financial stslements does not cover the other informatlon and. except to the exlent otherwse explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomation and, in doing so, consider whether the other inforniation is materially inconslstent wlh the financi81 $tslÈmenls or our knowledge obtained in the course of the audit, or otherwse appears to be materially misstated. If we identify such materi81 ineonsistencies or apparent material misslalemenls, we are requlred to determine whgther this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed. we conclude that there Is 8 materfal misstslement of this other information, we are required lo report that fact. We have nothing to report in this r&gard. Pagg 8
INTERNATIONAL BACCALAUREATE FUND {UK) IA COMPANY LIMITED BY GUARANTEE} INDEPENDENT AUDITORS, REPORT TO THE MEM8ERS OF INTERNATIONAL BACCALAUREATE FUND (UK} ICONTINUEDI MATTERS ON WHICH WE ARE REQUIRED TO REPORT 8Y EXCEPTION We have nothing to report in rèypecl of the ft>llowing matters where the Charities (Accounts and Reports) Regulations 2008 requires u$ to feport lo you if, in our oplnlon.. Ihe infomi8tion glven in the Trustees, Report is Inc31$1ent in any materlal respect wlh the financial 8latements', or sufficient accounting records have not been kept., or the financial statements are not in agreement wth the xcounling records and reluTll3'. or we have not received all the information and explanati¢Ms requirè for our audS1. RESPONSIBILITIES OF TRUSTEES AS explained morè fully in the Trusletrs. Rtsponslbllllleg Statement, the Tru81ee8 (who are al80 the dlrectors of the charitsble company for the purposes ol company lawl are responsible for the preparallon of the flnanclal statemen18 and for being sallgfled that they give a true and fair view. and for such intsrnal control as the Tfu8l•e8 d&termln8 18 nece8sary lo enable the proparation of fin¥nGl81 Btatem•nl$ that are free from mal•rlal mis$lalemenl, whether due lo fraud or error. In preparfng the fin8nclal stalemenl8. the Tru8tee8 are re$pon8ibl8 for assessing the charttable company's ability to continue a8 a going concern, ¢Jisclo8ing, as appli¢able, rnatters related to goln9 conc•fn and using the golng oncem ba$18 of acGountsng unless thg Trustee5 either intsnd to Ilquldalo the chadtsbl• ¢LYnpony or to ceaae operth'ons. or have no realiyts'c alternativè bul lo do so. Pago 9
INTERNATIONAL BACCALAUREATE FUND (UK) (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE FUND {UKI (CONTINUED) AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been apFointed as auditor under section 144 of the charib.es Act 2011 and report in accordance th the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable a¥suran¢e about whether the financial statements as a vthole are free from material misstalemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan¢e wrth ISAS IUKI will always detect a material misstslement when il exi$l$. Migstalemenls can arfse from fraud or error and are wn¥idered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial 81atements. Irregulartues, inclu¢Jlng fraud. are Instances of non-compliance with laws Bnd regu1811ons. We design procedure8 In line wlth our re8ponsibililie8, oullin&d above, lo deteGt material ml881atemenls in respect of Irregularities. includlng fraud. The extent to %thich our procedures are capable of delecb'ng irregularilie8, including fraud 15 delalled below.. Wè hav• con8id•r•d the nature of the sector, control environment, and flnanclal performanG•', We havo Gonsidgred the results of enquirie$ with management and trustees in relatlon lo their ovm idènbfieation and a8sessm•nt of the risk of irregularitie8 wlhin the entity., and We have reviewed the documentation of key proctt$s88 and controls and ptsrfomed walkthroughs of tran8aclions lo confirm that the 8y&lem$ are operallng in line wlh documentsllon. A8 a result of these procedur••, we have considered the opportunilles and incentives that may exist thin the or9anisalion for fraud and identified the highest area of risk to be in relation lo revenue recognition, th particular risk in relation to year-end cul off. In common wth all gudils under ISA5 IUKI we are also requSred to rform specrfic procedure8 to respond to the rlsk of management overrid•. We have al80 obtained under¥t3nding of th? legal and regulatory frameworks that the Charity operates In. fKu$ing on provlsions of those laws and regulalbons that had a dlrect effect on the delerminauon of materlal arnounls and di8closurès in thè financial slatemenls. The key laws and regulation8 we considered in this context included the Charibes Act 2011, Charfty SORP 2019, FRS 102 and the terms and conditions attaching lo material grants received by the Charty. In addition, we conSided the provisions of other laws and regulatlony Ih8t do not have a difecl effect on the financlal 5talementg bul compllanee wih which may be fundamental lo the Charity's ability lo operate or avoid a material penaty. These included data protection regulabons, health and safely regulations and employrnent legislation. Our procedures to resp)nd lo risks identifled Included the following.. Reviewng the financial 5talemenl disclosures and te8Ung 10 8upporUng documenlatlon lo assess compllance v*ilh provisions of relevant laws and regulations described as having a dlrecl effect on the financial slatemenls., Performing analytical procedures to idenb'fy unusual or unexpected relabonshlps that may Indlcate risks of material misstatement due lo fraud., Reviewn9 board meeting minutes., Enquiring of management in relation to actual and potential claim8 or liligation$', Performing detsiled transactional lesling in latIon ID the recognition of revenue, specifically grants, wth a parb"cular focus around year-end cut off,. and In addressing the risk of fraud through management OVerre of controls, tesb'ng the appropriateness of journal entries and other adjustments., assessing whether the judgmonts made in accounting estimates a indicative of potential bias., and evaluating the business rationale of significant transactions that are unusual QT Outside the nomal course of buslnes8. Page 10
INTERNATIONAL BACCALAUREATE FUND (UK) {A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITOR3. REPORT TO THE MEMBERS OF INTERNATIONAL BACCALAUREATE FUND {UKI {CONTINUEDI We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert lo p0¥5ible indicators of fraud or non-compliance with law8 and regulations throughout the audit. As a result of the inherent limotslions of an audit. the 18 8 r18k that not all irregularities. Includlng a material ml8slalement in financial 81atemenlg or non-compliance wlh regulation, wll be detected by us. The fisk ncreases the fvrther removed compllance th a law and fegulalion is from the events and Iransacllons reflected in the financial 6talements, given wll be less likely lo be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this mèy involve intentional concealment, lorgery. collusK•n, omission or mlsrepresenlation. A further description of our responsibilities for the audit of Ihg financial $t8lemenls Is bcated on the Financlal Reports'ng Council'$ %wb$ite at.. This descrlpts.on foms part ol our Audilor¥' Report. USE OF OUR REPORT Thls report 55 made solely to the charitable company's Iru8tees, a8 a body, In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audll work h88 been undertaken 80 that we might State to the charrtable comp8ny'8 truglees those maller8 we 8re required lo state to them in an Auditors, Report and lor no other purpose, To the fullest extent perniitted by law, we do not aGcept or assume respon81bllity lo anyone other than the charrtable company and ils members, as a body, for our audll Y+rJrk, for th18 report, or for the oplnions w8 have formed. Davld 8ud•r FCA DChA Bl•hop Fl•mlng LLP Chartered Accountants statutory Audllor8 10 North Place Chellenham GL50 4DW Date.. 14 February 2025 818p Flemlng LLP are ellglble to act a8 audRor8 In t•rm8 of Secllon 1212 of the Companiès Act 20C6. Page 11
INTERNATIONAL BACCALAUREATE FUND {UK) IA COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINAMCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Rg$trl¢tgd Unr•strlctsd funds funds 2024 2024 USD USD Total funds 2024 USD Total funds 2023 uso Incom• from: Chantsble activilies 1,922,032 1,922,032 1,592,397 Total incomg 1,922.032 1.922.032 1,592,397 Exp•ndltur• on.. Charitable octsvities 1.918.523 368,263 2,286.786 1.724,380 Totsl gxpondltur• 1,918,523 368,263 2.286.786 1,724,380 N•t movemont In fund# btrfi)r• oth•r rocognl••d g*ln•lllo••••l 3,509 1368.263 1364.754) (131,9831 othor rgcognl••d gainBI{loi•••l: Exchange gainlllossl 1,745 1,74S 72,485 Not mov•m•nt In fund• 3,509 1366,6181 1383,0091 159,4981 R•conclllatlon of funds.. Total fund8 brought forward N81 movement in fund8 951,350 3,509 797.264 1366.518) 1,748,614 (363,0091 1,808,112 (59,4981 Total fund• carrlod foThv4rd 954,859 430,748 1,385,605 1,748,814 The Statement of Flnanclal Actlvltlee Inctude8 all gains and I0e8 rec¢)gni8ed In the year. The notes on pages 15 to 25 forni part of the¥? finoncial $talemenlg. Page 12
INTERNATIONAL BACCALAUREATE FUND {UKI IA COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:06776342 BALANCE SPIEET AS AT 30 JUNE 2024 2024 USD 2023 USD Nots Curr•nt assets Cash al bank and In hand 3,966,493 4,894.287 3,966,493 4,694,287 Creditors.. amounts falling due within one {657,0391 {642,376} Net currwrt •¥¥gts 3.309.464 4,251,911 Tolal au•ts l••• curr•nt Ilablllti 3,309,454 4,251.911 Crodllor8.' amounts falllng due after more than one year 11,923,849) (2,503.2971 Totsl net a•8ets 1,385,60S 1,748.614 Charfty lund• Re$lrtcted fund8 Unrestricted fvnd8 10 10 954.859 430.746 951,350 797,264 Tot•1 fvnd¥ 1,386,605 1,748,614 Thè enlity way enlilled lo exèmptlon from audit under 8ecllon 477 of the Companles Act 2006. Tf* members have not required the enllty lo obtain an audlt for the year in qua$llon in a¢cord4nGe with Sgcbon 476 of the Companie8 Act 2006. However. an audlt is requirgd In a¢GordanGe with sects'on 144 of the Charities Act 2011. The Trustees acknoedge their responsibilities for comptylng wtih the qUIrementS of the Act th resyd to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wih the provislons appllcable to gntibg5 ¥ubjecl to the ¥mall companies regime. The financial statemen18 Vre approved and authorised for188ue by the TTU8tee¥ and signed on thelf behaff by.. Andrea Smlth Tru8t•e Dats.. Xs. The note8 on pages 15 to 25 fom part of these financi818talements. Page13
INTERNATIONAL BACCALAUREATE FUND {UKI (A COMPANY LlhllTED BY GUAIiANTEEI STATEhlENT OF CASH FLOWS FOR THE YEAR ENDED 30JUNE 2024 2024 uso 2023 USD C•sh flo from oporntlng actlvltl•8 Net ca8h provldedl{u8edl In opernlng acllvltle8 1929.5391 566,627 Cash flows from Invostlng actlyltles Unreali88d exch8ng8 gain 1,74S Ngt G•sh provldgd by Inv•itlng actlvlti 1,746 C•h flows from flnanclry actlvlti Not c••h provld•d ty Ilnanclng actlvltl Chang• In •h nd ¢##h •qulv•l•nt• In th• y•ar Cash and cash equlvalenl8 at the beglnning of the year 1927.794 4,894,287 668.627 4,327,860 C••h •nd G••h oqulvalents at th• •nd of th• y•ar 3.966.493 4,894,287 Tha notes on pagt8 15 10 25 fomi part of these financlal 8t8temenl8 Page 14
INTERNATIONAL BACCALAUREATE FUND IUKI
IA COMPAMY LIMITED BY GUARANTEEI
NOTE8 TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GENERAL INFORMATION
Inlemational Baccalaureate Fund IUKI 15 a private company limited by guarantee registered in England
and Wa1ts5, company number 6776342 and a registered Charity, ¢harity number 1127386. Its regisler•d
office is Perterson House, Malthouse Avenue. Cardiff Gale, C8rdiff, CF23 8GL.
ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial ¥tslements have been Ppared In acec
IMTERNATIONAL BACCALAUREATE FUND (UK} IA COMPANY LIMITED BY GUARAMTEE) NOTES TO THE FIPIANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 ACCOIJNTING POUCIES Icontlnu•d} 2.4 EXPENDITURE IGONTINUEDI Exp8ndf(ure on charitable activities is incurred on dbreclly undertaking the aGtlvities vthlch further the Company'8 objectives. as 11 as any a580C181ed 8UPPOrt costs. GovemanGe costs are those incurred in connection with administration of the Chartty and compliance th constilulional and Statutory requirtments. The charity makes gfonls lo schools at thè discretion of an IB Grant Selection Committee. Grant8 payable are Gharged in the year where the offer is made except in thostr cases where the offer is condibonal. such grants being recognised as expenditure where the conditions attaching are fuilled. Grants offered subject lo condStion8 1¢h have not been met •t the year end are noted aa commlthienl, bul not accfued as expendrture. 2.6 TAXATION The Company i¥ Gonsidered to pass the legts Sel out Sn Paragraph 1 Schedula S of the Flnance Act 2010 gnd therefore il meets the dellnllion of a charllable company for UK corporatlon tax purpose6. Accordingly, the Company is polentlalty exempl from laxalion in respect of income or capital gains received withln categories covered by Chapter 3 Part 11 of the corporab.on Tax Act 2010 or Section 256 cf the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclu8lvely to oharitable purposes. 2.6 CASH AT BANK AND IN HAND Cash al bank and in hand inGludes cash and short-lerm highly liquid InveslmentB with a ghort maturity of three months or less frorn the date of acquisth'on Of OP8ning of the dgposil or slmllar accaunl. 2.7 LIABILITIES AND PROVISIONS Liabilities are recognised vthen there is an obligation 81 the Balance Sheet date as 8 regult of a p881 gvent. il is probable that a transfer of economic benefll I11 be requlred in Settlement, and the amount of the settlement can be esllmaled lIably. Liabllille8 are recognlsed at the amount that th? Company antldpates k wll pay lo setue the debt or the amount il h¥8 recelveil 03 advanced payments for the goods or servlces11 must provide. Provl$ions are measured at the best 8stlmate of the amounts required to Sett the obligation. 2.8 FINANCIAL INSTRUMENTS The Company only h89 financial assets and flnanclal Ilabilities of 8 kind that quallfy as basic financial instruments. Basic financlal instruments are initially recognised al Iransactign value and subsequently meJ5ured al their settlernenl value with the exception of bank loans which are subsequently meaSud at amortiseo cost using the effective interest method. 2.9 FUND ACCOUNTING Restricted funds are funds which are lo be used In accordance wth specific restrIctn5 imposed by donors or which have been raised by the Company for parb¢ular purposes. The cog18 of raising and administering such funds a charged 3981n$l the spe¢ific fund. The aim and use of each restrictsd fijnd is set out in the notes lo the financial statements. Page 1
INTERNATIONAL BACCALAUREATE FUND IUKI IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIDED 30 JUNE 2024 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT E5timate8 and ludgmenl are continually evaluated and are based on historical experience and other factors. including expectstions of fvture events that are belièved to be reasonable under the clrcum8tsnce3. Crf(Ical accountlng estimates and assumpUon¥'. The Company make8 e81imale$ and a8$umplion$ concemlng thè future. The re¥ulling acwunling esllmales and assumpts'ons wlll, by definits'on, seldom equal the related 8clual results. The estimates and a88umptlons that have a significant risk of causing a material adju8tment to the Garn9 amounts of a8$èts and liabilities wthln the next financSal year are discussed below. CrltScal arna8 of ludgm•nt: A key af&8 of lud9menl In these financlal statements 19 the recOgnOn of income, vthbch require$ judgements lo be made regarding whether or not there are performance COndOn$ included wllhin the grants being received. Th1¥ then delemlne3 vthelher income is recogniséd upfront when recelved or ether It is delerred and releaBed when the performance conditions are met. There Is al80 eslimalion uncertainty regarding the Teliabillty of the egtlmale of the amount lo be reGelved and whether any bad debt provislon should be recognl8ed In respect o181ow paying grantor5. Pa9e 17
INTERNATIONAL BACCALAUREATE FUND IUKI (A COMPANY LIMITED BY GUARANTEE> MOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 INCOME FROM CHARITABLE ACTIVITIES Rtstrlcted fund• 2024 USD Total funds 2024 USD MEXT- Japantse Govemmont Japanese Govemment German Govemmenl Republ of South Korea JF Research Grant King Faijal FOUndaon 340,679 340,879 72,040 1,157,966 337,769 13,578 71040 1,157.966 337.769 13,578 1.922,032 1.922,032 Re8trlcled fundj 2023 USD Total funds 2023 USD MEXT- J8pane8e Government Japanese Govemmenl German Govemment Rgpublic of South Koro8 JF Researth Grant 562,738 31,446 40,835 635.598 321,782 562,738 31.446 40,835 835,596 321,782 1,592.397 1.592,397 Page 18
INTERNATIONAL BACCALAUREATE FUND (UK) {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ANALYSIS OF EXPENDITURE ON CHARITA8LE ACTIVITIES Summary by fund typ• RtrIctfid Unrngtrlcted funds funds 2024 2024 USD USD Total 2024 USD Geman Fund Japanese Dual Language DP Japanese Grant South Korean Dual Language DP IB Grant JF Research Grant Saudl Arabla Teacher Tralnlng Pr0cl IB Grant Award8 Other 38,010 375,679 89,150 1,157,966 38.010 375,679 89,150 1,157,988 B9.768 244.140 13.578 308,750 1.746 59,768 244.140 13.578 3,750 1,745 1.918,523 368,263 2.286,708 Restcled Unregtmcted funds fund8 2023 2023 USD USD Total 2023 USD Gerni4n Fund J8pane8e Dual Languag• DP Japanese Grant South Korean Dual Language DP IB Grant JF Re8•arch Grant Other 64,654 523,$38 88,131 635.596 84,654 523,538 88,131 635.596 199,850 208.092 4.519 199,850 20B.092 4,519 1,520,011 204.369 1,724,380 AUDITORS. REMUNERATION 2024 USD 2023 USD Fees payable lo the Company's audttorfor the audit of Ihe Company's annual accounts 15,744 15,250 Page 19
INTERNATIONAL BACCALAUREATE FUND IUKI IA COMPANY LIMITED BY GUARANTEEI NOTE3 TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 TRUSTEES. REMLINERATION AND EXPENSES Durlng the year, no Trustees recelvèd any remunefalion or other beneffts (2023 - USD NIL). Durbng the year ended 30 June 2024. no Trustee expense5 have been Incurred12023- USD NIL). CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 USD 2023 USD Amount$ owed to group undertaking$ 657,031 642,376 CREDITORS.. AMOUNTS FALLING DUE AFTeR MORE THAN ONE YEAR 2024 USD 2023 USD Accruals and der1ed income 1,923.849 2,503,297 Page 20
INTERNATIONAL BACCALAUREATE FUND {UKI IA COMPANY LIMITED 8Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 10. STATEMENT OF FUNDS STATEMENT OF FUND8- CURRENT YEAR Balance at 30 Jun• 2024 USD Balance at 1 July 2023 U30 Transfern Inlout USD In¢offla Exwndlturn USD USD UNRESTRICTED FUNDS General Fund Degignated Fund- General De8ignated Fund- IB Grant 658.113 79,383 59,788 1.746 14641 1308,0311 351,383 79.383 (367,7991 308,031 797,264 1,745 1368.2831 430,746 RESTRICTED FUNDS AIM Malaysban Govemment Gemion Fund JapaneBe Dual Language DP Japanese Grant MYP.. The Ngxl Chapter SoLth Koréan Dual Languago DP JF Research Grant Saudi Arabl# Teachlng Prolect 211.597 204 39,200 128.171 446.33a 211.597 34,234 4.200 39.021 445,338 72.040 340,679 (38,010) (375,6791 {89.150) 13,150 113.690 1,157,966 11,157.9661 337,769 (244.1401 13,578 113,5781 13.150 207,319 951,350 1.922,032 11,918.S231 964.869 TOTAL OF FUNDS 1.748.814 1.923,777 12.286,786) 1,385.605 P8ge21
INTERNATIONAL BACCALAUREATE FUND IUKI IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 10. STATEMENT OF FUNDS {CONTINUEDI The General Fund comprises the amoun15 freely available for the charty to spend. The De$igne(l Fund comprises amounts transferred from the General Unreslrfcled Fund lo be spent 88 decided up)n by the Iru¥tees. The IB Grant fund is a fund designated by the Trusl&es to vthich amounts are transferred from the general fund in order that grants may be awarded to Schools. AIM Malaysian Government is a fund lo support the establishment and development of IB schools Sn Malayasia. The project has been successfully completed and remaining fvnds will be used for profesonal development for qualltyng Malaysian schools. The German Fund 18 a fund for the develaprnenl and Iranslatkjn expenses for German as a response language. Thls fund Is considered to be a restricted lund by Trustee8 and 80 has bèén moved from unreslrictsd funds. The Japanese Dual Language DP Is 8 donatlon from the MEXT Japanese govemment wth the goal to Iranslale, teach & assess selected $ubjecl8 In the IB Diploma Programme in Japanesg,. to enable schools in Japan lo participate in the project,. lo translate key IB Diploma Programme documents,. to build the IB capacity in Japan by grwng the number ol IB educator5, and lo tr8ln examiners. The Japane$e Grant IB 4 bjnd for the further development of IB capacty in Japan. MYP.. The Next Chapter 18 a fvnd to Jupport tho development of the Mlddlé Ye8r Programme. Management are looking fc< surtable MYP 98ses8mtrnt 8y8tem d8v•kipments for Ihls fund. South Korean Du41 Language DP 18 a donatlon for the Republic of South Korea with th• goal to translate, teach & assesg selected subjec18 In the IB Diploma Programme In Kore8n,' lo enable schools in Korea to partlcipale In the project., to translate key IB Diploma PTogramme documents.. to build the IB capacity in Korea by growing the number of IB educators, and lo traln examlner8. The JF Research Grant is a grant lo build the foundatv)n for a visbn of wellbeing In global education In a post-pandemic era. where wellbeing 18 not only a system reaction to CTIS18, bul the core of the Internallonal educatlon ecosystem, th a clear definition and more solid evidenc&based approach. The Saudi Arabia TeaGhing Projgct is 8 grant from the King F818al Foundallon, lo be used by the IB In a ay that wll serve the lurtherance of Ihe18'9 obJecVe5 In the Kingdom of Saudl Arabia. Page 22
IMTERNATIONAL BACCALAUREATE FUND (UK) {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 10. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS - PRIOR YEAR Balance at 30 June 2023 USD Balance al l July 2022 USD Transfers inlout USD Income Expenditure USD USD UNRESTRICTED FLINDS General Fund Designated Fund - General Oesignatod Fund - IB Grant 789,997 79,383 59,768 72,485 14,5191 1199,8501 6S8,113 79,383 59,768 1199.8501 199,850 929.148 72,485 1204,3691 797.264 RESTRICTED FUND8 AIM Malaysian Govemmenl German Fund Japanese Dual Language DP Japanese Grant MYP,. The Next Chapter South Koie8n Dual Language DP JF Research Grant 211,597 24.023 211,597 204 39,200 128,171 445,338 40,835 558,538 31,446 164,6541 1519.3381 188,1311 184,856 445,338 13,150 635.596 321,782 163S,5961 1208,092} 13,150 113,890 878.964 1,588.197 11,515,811) 951,350 TOTAL OF FUNDS 1,808.112 1,660,682 11,720,180} 1.748.614 11. ANALYSIS OF NET ASSETS 8ETWEEN FUNOS ANALYSIS OF NET ASSETS BETWEEN FUNOS . CURRENT PERIOD Restrl¢t•d Unrn8trlctod funds funds 2024 2024 USD uso Total fund$ 2024 USD Current assets Creditors due thin one year Creditors due in more than one year 3.535,747 1657,0391 {1.923,8491 430.746 3.966,493 1657,0391 {1.923,8491 TOTAL 9S4.859 430,746 1,385,605 Page 23
IMTERNATIONAL BACCALAUREATE FUND IUKI (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEh1ENTS FOR THEYEAR ENDED 30 JUNE 2024 ANALY818 OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Reslrieted Unre8tricted funds funds 2023 2023 USD USD Totsl fund8 2023 USD Current agse18 Creditors due wthin one year Creditors due in more than one year 4,097.023 1642,376) 12.503,2971 797,264 4.894,287 1642.376) {2,503.2971 TOTAL 951,350 797,264 1,748,614 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 12. 2024 USD 2023 USD Net èxp8nditurn for the rIOd la8 per Stslement of Financial Activitie81 1364,754) 1131,983) ADJUSTMENT8 FOR: Increaselldecreagel In credhors IS99.7851 826,125 NET CASH PROVIDED BYIIUSED INI OPERATING ACTIVITIES 1964,539) 494,142 13. ANALY313 OF CA8H AND CASH EQUIVALENTS 2024 USD 3,966,493 2023 USD 4,894,287 Cash In hand TOTAL CASH AND CASH EQUIVALENTS 3,966,493 4,894,287 Page 24
INTERNATIONAL BACCALAUREATE FUND {UKI (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 14. ANALYSIS OF CHANGES IN NET DEBT At 1 July 2023 Ca•h flows USD At 30 June 2024 U80 USD 4,894.287 Cash al bank and in hand 1927.794) 3,966,493 4.894,287 1927,7941 3,966.493 1S. RELATED PARTY TRANSACTIONS The Charlty'8 ultimalo p8r8nl Company is Inlem8llonal Baccalaureate Organizalion IIBOI. an Indep¢rent non-profil-making foundation registered In Svltzerland, regi81eied number CHE-107.025.266. 11 18 governed by a Board ol Govemors. The Board may contsin behveen 9 and 11 members 81 any one #me, cufrently there are 11. Consolldated financi81 $tstemenl8 Gan be obtained from Rue du Pré4e-la-Bichette 1. CH-1202 Genève, Switzerland. IBO 1$ dgemgd to exercise control a8 11 ha8 the rfght lo appolnl or remove a majorrty of the board of IB Fund IUKI. In hls posluon as Dlrector Gener81 of th• IB, 0111-P•kka Helnonen attend8 911 the meetlngs of the 804rd of Governors of the IB, and sits of Ihe Board of Trustee¥ of the Charty. The Charlty's Audlt and preparation ol thè year end financl81 statement fees of USD15,744 (2023.. USOI5,250} ar• r•cognl8ed 88 a donafjon from the 18. Grants pgyable tolalling USD857,039 12023.. US0638,1761 are due lo Intematlonal Baccalaureate Organbzallon. This enllty makes project expense payments on behalf of the Charlty which are 8ubgequenlly relmbursÈd. Page 25