Charity Regi8trntlon No. 1164854 Company Reglstration No. CE00$767 (England and Wal•sl INSTITUTE FOR RESEARCH IN SCHOOLS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
INSTITUTE FOR RESEARCH IN SCHOOLS LEGALAND ADMINISTRATIVE INFORMATION TTu$tees Humphrey Battcock (Chairl Professor Sir Lesz8k Borysiewicz rimolhy Edwards Professor Damg Julia Goodfellow Ann Mroz Rev Professor Mlchaal Re15S Chfyrlty numbor 1164654 Cornpany numbor CE005767 Re9l•tered offlcg Wellcome Wolfson Buildlng 165 Queen'¥ G8tO London SW7 5HD Independent •xamln•r Dovld Wal¥h FCCA Baxter & Co Lynwood Hous8 Crofton Road Orpinglo Kent ME19 4JQ Bankern Barclays Bank PLC 83 Wandsworlh Hlgh Streèt Wandsworth Londvn SW182PR 80lleltorg Weil Golshal M&ng85 110 Fetter Lane London EC4A 1AY Accountant• Crossley FlnancialAccounllng Star Hou$0 star Hill Rochester Kent ME1 1UX
INSTITUTE FOR RESEARCH IN SCHOOLS CONTENTS Page Trusle86' rèport Ind8p8ndent 8xamingrfs fOPOrt Slalem8nt of Ilnanclal actlvlll•s Statement of flnancl81 p08111on Slalem8nl of cash flowo Note3 to tho flnand81 st8lemenl$ 10-19
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their report and financlal slatamenls for the year ended 31 March 2021. The financial statements have been prapared in accordanee wilh the accountlng policiès set out in nole 1 to Iht financi81 slalements and comply wilh Ihè charity company's ooverning document. the Companies Acl 21W6 ancl 'Accounting and Reporting by ChafS1ies'. Slalament ol Recommended Practice appllcable to cM3rilles preparing their accounts Sn accordance with the Financial Reporting Slandard applicable in the UK and Republlc of 5r¥land IFRS 1021 1?s amended for accounting periods commencing from 1 J8nuary 20161 Sln¢e the company 4uallfle5 a8 small under se¢iK)n 383, strategic report required ol medium ènd large companie5 under The Companle8 Act 2006 Istratèglc Report and Directorfs Report) Regulations 2013 is not fequired. Obloetlves and actlvltl•g Th8 In51iluta lor Rese8rch In Schools IIRISI is 8 chgrily Ih8t was rounded In 2016. The purpose of the charity 18 to Bpprk young p8opl8'9 passlon lor STEM subjects and inslll an appwcialion ol reseafch by.. Providing opportuniliea lo particlp8ta In cullin9-6dge STEM research while still In School. Pfovlding tgacher$ and techniclaris wllh the support they n*&d lo conlrlbule lo, and mentor, sclen¢a rese3rch with thelr students. Promoting and faci1S1)ling 5uslainod collaborations baeen schools and unlverslliès. To dale. the main actlvily und?rtaken by the charily has been the en9agemenl tsl leacher5 and sludents in rèsearch projects that enable Ihern to partlclpalo in culllng-adge s¢i8nc6. Th5$ support$ awareness ol STEM career3 and providès 1ink5 Into universilles and Industry for studenls and leachor5. enhanclng Iheir learnlng and crèallng benaficial networks, Th¢ work of the charity Mas rec8ntly grown to Incorporale addlllonal ?lamenl$ as well as Ime Provlslon and calebralion ol thes¢ cultlng-edge projecls In schotsls. Part ¢f our work is provlding evldence ol good practice in aulhenlic r8sear¢h In 3chools and Jh8ring Ihlg Informallon wllh Schools, sehool leader5, Induslry and universities. Thè charity also 8Sm8 lo bulld c8paclty In Schools whl¢h do not currentty engage Ihelr $ludents In r8sear¢h. To help us achleve Ihls alm we are developing p Researth ond Innovation Frgmework whlch will be laun¢hed In S8p(embgr 2021.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT} {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achlevements and perfomiance: As of March 2021. IRIS was running 93 proj8cls with 664 sludents in 56 different schools. This Is despite the $ignificanl disruplion ol schools as a result of the Covld-19 pandemic. We anlicipale a significant uplifl in the numb8fS Df schools and studenly 8Ctively engaging with projecls nexl year as Ihe impact ol Covid-19 15 felt less stiongly. Additionally, we have implémenied a new monitoring and reporting system to provide a more accurate picture of how many students are benefitting from IRIS. work. We have slgnlflcanlly expanded our Staff team ov8r the past year. In August 2019. Dr. Jo Fostèr was appointed as Direclor and several key changes to the organisalion were made during 2020. A slraleglc plan was implemented lo secure and enhance the financial and operational lulur¥ of the oiganisallon. We have developed the resources availablè to schools to rnake them more accè5slble. All prolecls now follow lour-pha8e formal Ihal guide5 studen15 through Ihelr re898r¢h, from developing background knowledge 10 formali5ing and lesllng their own que$llons. Students then sharo their findings with Iheir peers and the national research ¢omrnunily through the IRIS conferencès. While Ilexible. our projecls are now alipned wilh th& a¢ademlc school year. IRIS prolecls are supported wllh con¥islenl and slruclured resourc¢$ Ihal can be 8ccessed by ¥lther students or their le8chers. Tea¢htrrs' evaluation résponses regardin9 our new resources hove been strongly poslllve. Our planned conferencè prograrnrne lor 2020 was cancelled because ol the re8lricllons Imposed due lo Covid-19. In late 2020 a decision was taken to hold Ilie May 2021 conferences virtually. Thls gave u$ 1Sme lo prepare and provldad a degr$6 ol cert8lnty for School staff and sludenls. Wè launched a new website whlch provKles a visually exciting platform for our work. Our web trafflc has Increa5e4, wilh over 700 new users during March 2021. and we hav8 plans lo develop thi5 further We hav• Impr0v8d our internal ev8lualion programme and published an Impact R¢port to show the effocl our ¢an be found on our website. Evaluation and feedback from leachers and sludenls led inlo Ihe red?velopment of our projects, wabsile and working pracllces. As in previous years. In16rnal evaluation indicated very strang SUPPOrt for our work, wllh bolh teachers and sludenls belng oveNh6lmlnoly posllive about their experlenca. Evaluallon que51ionnaires have now been built Into the project framework. rosulling in much hlghér response rates le.9. 82Vo ol sludgnls In Aulumn 20201. which enable us Io ¢oplure m95sages more clearty. Teachèrs reporied that our projeds motivale and chalJEn98 sludgnts, while also glvSng a conl?xl for science learning. Slud6ntS Say our projects glve th¢m a broader understanding ol scien¢6 and show them how $Gience can help In thè re81 world. They ¢njoy the projects and say thèy also develop skllls such as team worklng and cornmunicalion. In the 2020 follow-up survey. while 98% 01 our studenls said they want 4 career In sci8nce, 40% fvlt more certain about this after doing the projecl than they had beforehand. W8 have ambitious plany to strengthen oui avalualion and have appointed a research team from Unlversily College London lrnslitute of Education lo extèrnally evaluate our work and the impa¢1 it has on allainmenl and progre55ion.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Flnanclal Review Income for the year totalled £504,372, of which £4,250 wa5 related to grants and projecl funding. Grant income was le38 than exp¢cted du8 to the irnpact ol the 2020 pondemic on the funding environmenl. Many fundlng schemes were paused or reduced and there was, Ih8relore, increased competition for these limited resources. Expenditure lor the year was wilhln budg8t. As a result ol the p8ndemiG. expenditure decreased lo É531,007 from £605,972 In the previous year. This decrease was Sar9ely due to reduced spending on salaries - Iherg was a delay in ono post holder starling th&ir ro18 and another post holder reducod Ihelr hours. Additionally, travel costs wero much lower than anlicipaled. The IRIS leom was 8ble to Continue working from home due lo Its cloud-based Infrastructure ond 518ff home office setups. As IRIS. aclivity moved enllrely onlina, there wa5 less spending on office and prlnling expenses. IRIS ended the financial year wilh funds avaSlable of £376.260. all unrestricted. Mlnlmum Regerves Pollcy Thg Trusl&es have adopted a pollcy lo rnalntain r8s8rves lo be in excess of 3 months oxpendilure. The Trustee3 increased Ihp requir8d minimum reserve balance lo £185,QOO from £180.000 to cover IRIS expenditure lor ciica 3 month5. People #nd Org4nlsatlon Tho team has expanded wilh new foles bging crealod, Including a Communlcalions Managor and Graphic Designer, Vve al80 recrulted Ihree new Regional School Engagement Leads. on# ol whom leads on Original Research, lo further develop thi5 a¥pecl ol our work. Wg have also strengthened our focus on evaluation, promotino our Research Assoclale lo Evaluolion Lead and SntggratlTIg ovalualion into all Ihal wè do. A Deputy Director and Development Manager hava been re¢ruiled to 510rt Work early in tho next financial year. Th8 Deputy Direclor will support the Director and further promulgate th6 work on the Res#arch and Innovalion Frafflework. The Development Lead will devise a strategy lor fundraising to ¥ecure lurthor income slreams. SlÉve Greenwood, who has been involved with IRIS Irom inception, has giv$n notice Ihal he will lake ratlremenl in July 2021. The TruBl8es thank Ouf 0Srector, Jo Fosl8r, and all her team lor rèspondlng so well 19 the Covid-19 pand8mic and for adapting to the challenges It presantad, taking the opportunity to make IRIS more resiliént lor th* lulurtr.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Rosponse to Covid-19 We havè responded prDmplly and effectively lo the challenges raised by Covid-19. The pandemic and subsequent Èockdown and school closures presented significant challengos lo IRIS, as lo all oryanisalion5 who work directly with teachers and 8ehoo13. In response to impending school c105ures, in March 2020 we worked quickly lo redesign one of our research projects so Ihal it could be accessed by sludenls wilhoul explicit teacher support. We promoted this research project through existlng IRIS schools as well as using our so¢ial media channels and webslte. This project Introduced students lo C05mSc Minlng and key Ihemes from tha maln project, including 3peclral analysi5 and pholorllelry, 187 sludenl6 from 60 different schools completed thè project. 73% of students were from slate schools while 21% weig from independent and 60/0 frorn International schools. The fe¢dback rgllecled Irom the post participalion survey was very posilive. Students reporled that they look part In the project becouse they wanted lo learn more about Ihe topics involved. The posl partlcipalion survey re5Lills show that p?rtlcipanls lett that they leaml 8 lot Bboul th• key them0$ explor$d in the prolg¢1, including Webb. While Covid-19 pre5ènled Ihe org8ni5ation with many challènges, It also gav¥ u5 some lime and space lo reflect on what we have achieved 50 far and con5idoi how we build on this lo aohieve our aim of providing opportunitie5 for authentic research in Schools. Although still in the e3dy sl8985, the Director has started lo lay oul the foundation5 01 a new and ambllious slrale9ic direclion lor IRIS. Al the heart of this ViSiDn is collaboration with a wlde range of partner organisalions lo amplify IRIS, message. We are developing 8 4-day, iesldential CPD course for teacher5 Qn 'Researeh In Schools,. which will be hosted and lully funded by STEM Learning In Summer 2021. Each allending teacher will raceive a bursary of £600. STEM Learnlng'5 investment In thls programmg is 8 testsmenl Ihelr confidence in IRIS and our work. SITueture, 9overnane• and managem*nt IRIS is a Charitable Incorporated Organi5ation ICIOI registered wlth the charl1S Commi5slon in England. regislered number 1164854. The Tru5te6s. who are al30 the direelor8 for the purpo$a ol cornpony law, and who served durfng the year and up lo tha dale ol slgnature ol th8 financial 5talemen15 were.. Humphrey Battcock Professor Steven Rose Iresigned May 20201 Prolgssor Sir Le$zak Bory51ewicz Profe550r Dame Julia Goodlellow Ann Mroz Timothy Edwards Reverend Professor Michael Reiys Humphrey B81tcock reTralns as the elected chair. All Tru51ees completed Safeguarding Iralning as part of IhE ongoing comrnilmenl to saleguaidin9 Wlthin the charity.
INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Saf8guardlng and Health & Safety Durin9 the period the post of Health & Safoty Offlcer was held by Michael Grocott. The post of Safeguarding Officer was held by loinlly Di Jo Foster (England & Wales) and Laura Tyza¢k Iscotlandl. A11 staff have reGeived appropriate guidance in these lrnport3nt area$, and there were no reported incidents duTtng the y8ar. The Tru51ees' report was approved by the Board of TTysl6es. Humphrey Battcock (Chairl Trustee Dalod..
INSTITUTE FOR RESEARCH IN SCHOOLS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR RESEARCH IN SCHOOLS Independent examlnerfs r•port to the Trustees of Th8 Inslltute For Research In Schools Ithe 'company'l I report to the charity Trustees on my ex8minalion of th8 accounts ol the company for ltte year ended 31 March 2021. This report Is made sol¢ly lo the company's Trustees, as 3 body, In accoidance with Part 4 of the Charities (Accounts and Report51 Regulations 2008. My work has been undertaken so Ihal I mighl slate to Ih company's Truslees Ihose mallers l am required lo slate lo them In an Independent examiner5 iopori and lor no olher purpose. To Ihe fu11esl extènt permilled by law, I do not accepl or assuine responsibility lo any¢ne other than the company and the compony'8 Trustee$ as a body. for my work or lor thi5 report. Responslbilltl¢s and basls of report As the Truslees ol the charily land also ils directors lor thè purposes of company lawl you are responsible IOT the preparabon of Ihe financlal slalemènts In accordance with the requir8menls of the Companies Acl 2006 Ilha 2D06 Acll. Havlng sa115fied rnysell that the financlal statemenls Of th6 charity are not required lo be audlted under Part 16 01 the 2006 Act and are eligiblè lor Independent examinalion. I report in respect ol rny examinalion of Ihe chaiily's financi81 slalemenls carried out under section 145 ol Ihe Charities Acl 2011 Ilhe 2011 Acll. In carrying out my gxaminallon I have lollowed all the applicable Dire¢tions glven by the Charity Cornrnission under 8oclion 14515llbl ol Ihe 2011 Act. Ind8p•ndent ex¥mlnerf¥ 8tal¢m•nt Since Ihe chafily's gfOSS Income exceeded £250,000 your 8xaminer musl be a member tsl a body li51tsd in section 145 01 the 2011 Acl, I confirm that l am qua5ifi¢d to undertoke Ihe examlnallDn because l arli Fellow Mamber ol Ihe Associalion of Chartered Cerlifled Accountants IFCCAI. which is one of the11sled bod5. I hgV8 compleled rny examin8llon. l ¢onflrrn that no matters hav• come lo my attention in connection with the examination giving m8 cause lo believe that in any material r6specl'. accounting records were not képl in respect ol th8 charity a5 required by section 386 of the 2008 Act,, or the financial slalemenls do not accord wllh those records., or the linancSa1 sl8lements do not compty with the occounling regulments ol Section 398 of Ima 2006 Act other than any requirement that the accounts giv8 a true and f8ir view which Is not 8 maller considered as psrt of an independent èxamlnallon., or the financial slalem8nls have not been prepared in accordance with Ihe methods and p(Incipl•s of Ihe Stalemenl of Racommended Pracllce for accounting and reporliny by charities applicable lo charities preparing their accounts in accordance with th8 Flnancial Reporting Standard opplic3ble in Ihe UK and Republlc of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which atténtion should ba drawn in this report in order to enable a prDper undeislandlng ol the financial slalernents e reach d. David Walsh FGCA Baxter & Co Lynwood Housa Crofton Road Orpington Kent ME19 4JQ Dated.. 15 June 2021
INSTITUTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unrestrl¢ted Restrlcted fund5 fund8 2021 2021 Total Unrestricted Restricled funds funds 2020 2020 Total 2021 2020 Notes Donations Investments 504,250 122 504.250 122 800.000 141 51,140 851.140 141 Total Incom• 504,372 504,372 800,141 51.140 851,281 Charitablo activities 513,142 17,865 531,007 S72.697 33,275 605.972 Notlgxpendlturèlllncom lor the yearl Ne¢ movern8nt In fund¥ 18,7701 117,8851 128,8351 227,444 17,865 245,309 Fund balances a11 April 2020 385,030 17.865 402,895 157,586 157.586 Fund balanc8B at 31 March 2021 378,260 376,260 385.030 17,865 402.895 The statement of flnanclal aclivltie5 in¢ludes all galns and losses re¢ognlsed Sn the year. All in¢ome and expenditure derlvf frorn continulng aclivltle3. The 3l&lemenl of flnancSal activltles also compli¥$ wllh the r8qulrernenls for an Income and expenditure account under the Ccmpanle5 Act 2006.
INSTITUTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2021 2021 2020 Nots5 Flx?d assets Intanglble assets Tangibla a5set5 19.747 11.039 13,901 30,786 13,901 Currènt a$s•t8 Debtors Cash at bank and in hand 10 13,311 358,897 11,952 409,682 372,008 421,634 Creditors.. Amountg fallln9 du? wlthln one yair 11 126,5341 132,6401 N81 currgnl asset$ 345,474 388,994 Totil a$sgt• 1081 curr8nt Ilabllltl•8 378.260 402,895 Incomg fund$ Restrlcled lunds Unraslrlcled funds 12 17,885 385,030 378,280 376.260 402,895 The company l¥ enlllled lo th& exempllon from the audll raqulrem&nt conl&in6d in secdon 477 of the Companles Acl 2008, for thè year endgd 31 March 2021. The dire¢tors aeknowledge their re8ponsSbililie$ lor ensurlng that the charity keeps accounling rectsrds which comply wllh seclion 386 01 the Act 8nd for preparing nanCIal slalernénts which give a true and fair view of the Slalp of aNairs ol the company a5 81 thg end ol the financial year and of ils incoming resources and applicallon DI resources, Including Its income and expendilure. lor the fln8ncio1 year In 3ccordanc& wllh the requiretllFnls ol $eclions 394 and 395 and which olherwlse comply with the requirements ol the Companies Act 2006 relating lo financial 51alemant5, $0 lar aB applScable lo the company. The member5 have not requlred Ihg cornpany to obtain an audit of Its flnancial sialgrnanls lor the year In questlon In accordance with sedion 476. These financial Statements have begn prepared accordance with the provisions appllcable to comp8nles subject to the amall cornpanies reglme. The financial statements were approved by the Trustees on Humphrey 8atlcock (Chairl Trustee Company Rggistratlon No. CE005767
INSTITUTE FOR RESEARCH IN SCHOOLS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Notes Cash flows from operating aetlvltle8 Cash (absorbed byllgeneraled from operations 15 128,3521 262,281 Investlng octlvltley Purchase of intangible 8sse15 Purchase of l&ngible fixed assets Inveslmenl incorlle rgceivèd 122,1061 16491 122 110,0131 141 Net cash u¥8d In Inv85ting a¢livltle8 122.6331 19,8721 Net ca$h used In flnancing actlvitlaj N•t Idecrgaoelllncr8ase In ¢a$h and rash •qulval¢nt• 150,9851 252,409 Cash and cash eguivalen15 at tseginning of year 409,682 157,273 Cash and cash equlvalentB pt end ol y•ar 358,697 409.682
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollcle9 Charity information Institute loi ResearGh in Schoals is 3 piivale comp8ny limited by guarante8 incorporated in England and Wales. Tha registered office Is Vvellcome Wollson Building, 165 Qu8en's Gate, London. SW7 5HD. 1,1 Accountlng ¢onvgntiDn The ffnancial statemen15 have been prepared In accordance with Accounting and Reporting by Charilies.. Slalemfrnt ol R8eommended Practice applicable lo charities preparing Iheir accounts in accorrlance with Ihg Flnancial Reporting Standard 8pplic8ble in Ihe UK and Republic of Ireland IFRS 1021 lelleclive 1 January 20151 Icharilies SORP IFRS 10211. Ihe Financial Rèporting Standard applicable in the UK and Republic of Ir61and IFRS 1021 and Ihe Companle3 Act 2006. The Institute For Research In Schools meets the d8finition of a publlc beneflt entity under FRS 102. Assets and liabilille5 are initially reco9nised at hi51oric81 co&t or Iransaclion value unless olhetwise slated in the relevant accounting policy. Th8 financial statements are pr¢pared In sterling. which Ss th8 functional currency of the ch8rlly. Monètary mDunt5 in Iheye financial sla19men15 are rounded to the nearest £. 1.2 GolnB concern Al the lime ol approvlng the fin8nclal slal8menls, the Trustees have a reasonabla expectation that Ihe ch811ty has adequate re50urcey lo continu8 In oper81ional exlslence for the foreseeable lulure. Thus the Trustees conllnue to adopl the golng concern basi8 OY accounting in preparing the financial s18lemenls. 1.3 Incomlng re3our¢g9 Income 15 recognised when the charity is logalty enlltled lo 51 after any porforman¢e conditions have been mel, the amounts can bo mgasured reliably, 8nd It Is probab18 thal Inc<>m8 wlll be recttlved. Cash don3liDns are recogn15ed on receipt. Other donatlons arg recognls&d once th9 eharily has been notified ol the donation. unle¥8 performance condllions requlre dolerral ol thè amount. 10
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies Icontlnuedl 1,4 Re¥ources 8xpend8d Expenditure is recognised once there is 8 legal or conslructive obllgation to Iransler economic benefit lo a third party, il is probable Ihal a tran51¢r ol economlc benefits will b& required in selllemenl and the amounl of the obligation can be measured rèliably. Expendilurtr Is classified by aclivily. The cosls ol each activity are made up ol the tot81 ol direcl costs and shared cosls, including supporl costs Involved In undertaklng each activity. Direcl costs allribulable lo a single aclivily are allocated direclly lo that aclivity. Shared costs which conlribule lo more Ihall one activity and SLippori cost$ which are nol atlribulable lo a singlè activity are apporlioned between Ibose activities on a basis consistent with the us& ol sOurCeS. Céntral staff cosls are allocalod on the basls of lime spent, and depiecialion charges allocated on Ihe portlon ol the as58t's use. Fundralslng costs ar? those In¢urred in $oeklng voluntary contributions and do nol include the costs ol dlssemlnaling infurmalion in support of the charitable aclivilies. Support costs are Ih05¢ costs incurre dlreclly in suppori of expendllure on the objecls ol the company and include piojecl management carried out at Headquarter3. Governanc* costs arg those incurred in ¢onneclion with adminislralion ol Ihe Company and complianc& with conslilullon81 and slalutory requiiemenls. Costs ol generating funds 8r8 cos15 Incurred in allracling Voluntary incorne, and those incurred in trading aclivilies that raise funds. Charitable activities and Govtrrnance costs are ¢osls Incurr8d on thè company's aperalions, includ1ng support costs 8nd cost8 r&lallng lo the governance ol the ¢ompany Bpportioned lo charilablg aclivilios. 1.5 Intangible flxed assets other than goodwlll Intangible assets acqulred separately Irom a business are rocDgnised 81 cost and are subs&quenlly measur8d al cosl185s accumulaltrd amort15allon and accumulJled Impairm8nl losse¥. Inlanglble assets acqulred on buslrtess combinations are racognls¥d separatèly from goodwill at the acquislliun d81e where il is probable that Ihe expected lulurg econornic benefits Ihal are 8tlribulablg to the a5sel will now lo the entity and lh¢ lair valutr ol Ihe asset can be measured reliably., th& intangible assel arises from conlraclual or other lègal rights,. and the Inlanglble a55è1 Is separable from the entity. Arnortlsallon Is raoogn15ed so a8 lo wrlle off th• cost or valuation of assets less Iheir residual value5 ov¢r their useful lives on the lollowlng b858S'. Websit8 d&velopment S year straight line 1.6 Tanglble flxed 38$ets Tangible fixed 8S5ets are initially measurèd al cost and subsequently rneasured at cost or valuation, nel of deprecialion and any impairment losses. Depreciation Is reco9nised so a5 to write Dff the cost Qr valuallon of as5els less their resldual values over their useful lives on the following bases.. Plant and equlpment Computers 3 year8 straight Ilne 5 years slraiuht Iln8 The gain or los$ arlsing on the disposal of an asset Is dg18rn1Ined as th8 differencè belmeen the sale proc88tJ5 and the carrying value of th8 asset, and Is recogni58d in nel 1ncornellexpendUreI lor the year.
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting pollcles Icontlnuedl 1.7 Financlal Instruments The charity ha5 ele¢led to apply the prDvisions ol Section 11 '8851c Financial Inslrumènls, and Section 12 'Olhei Financial Instruments Issues, ol FRS 102 to all of Ils financial inslrumenls. Financial insliumen15 8r8 recogni5ed in the chaiitys balance sheet when the charity become8 party to the conlraclu81 provision5 Of the inslrumenl. Financlal a5sel$ and liablllllos arg offsel, wSlh tha nel amoun13 pre$enled in the financial statements, when there is a18gaSly enforceable ri9ht to set off the recognisèd amounts and there is an intèntion lo seiiie on a net basis or lo reali5e the asset and settle the Ilabilily 5imullaneously. Basic fin8n¢l81 assgts Basic fin8nci31 asse15. whh Include deblors and cash and bank balancgs, are inllially rneasuied al Irynsaclion price Including transaction cos15 and are subsequenlly cariied al amoilised cost using ltte eiffrcllve interest rnelhod unles5 the arrangomenl conslllules a financin9 Iransa¢lion, wher+ the transaction is rne3suied at the present value ol the lulure receipts d5scounled al a rnarket rale ol Interest. Financlal a85els dassilied as rec8ivable wilhin one year ar¢ not amortised. Bhsie Ilnancial liabilltlos Basic financial liabilities, Includlng ¢redltors and bank 108ns are initially recogniygd at tran$aclion price unless th8 arrangement constilule5 a financing transaction. where the debt instrument is measur8d al the present value of the luluie payments dlscounted al a maikel rate of interest, Flnancial liabililles cla55ilied a3 p8yatile withln one ygar aro not amortised. Debt in51rurn•nls are subsoquently ¢arried at amortlsed Cost, uslng thè affective interest ratè method. Trado credllors a18 obligalians to pay lor goods or saNice5 that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable ara clas5ilièd a5 current liabllilie3 il payment is due wilhin ona year or less. 11 not. thèy are pr£$enled 83 non-curront ligbililies. Trade creditors ale recogn15ed iriiliall at transaction price and subsequently measured at amortised cost using the effective inlefesl niethod. 1.8 R•tlroment benèflts Payments lo d81ined contribution ¥tlir¢rnenl benefit schemes are charged 85 an expense as they fall due. 1.9 Fund accountlng General funds are unreslricled funds which aro available for use al the discretion of the Truslees in furtherance ol the ggneral objèclive5 01 the company and which have not been design8led lor olhei purpo$es. Reslrlcted fund5 are lund5 whlch are lo be used in accordancè with specific restrictions imposed by donor5 or which h8ve been ra15ed by the company lor pgrticular purposps. The costs of raisln9 and admini516fing such funds are char9ed again51 the 5pecili¢ fund. The alm and use of each restricled fund is sel out in the notes lo the financlal statemen15.
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Donations Unrestricted Unreetrfcted Restricted funds funds funds Total 2021 2020 2020 2020 Donations Grant income 500,000 4,250 800,000 800,000 51.140 51,140 504.250 800,000 51,140 851.140 Donatlons Donations from IndSvidu81¥ 500,000 800,ODO 800,000 500,000 800,000 800,000 Grant Ineomg UK Space Agency Royal Comrnlsslon lor thg Exhibition of 1851 Sclgnce & Technologles Facililles Coun¢il Wellcome Tru51 Universily of 8rlslol Llniverslty of Manchester 500 14.500 13,492 22,648 500 14,500 13,492 22,848 2.000 2,250 4,250 51,140 51,140 Investmgnt8 Unrestricted UnreslrKl8d lunds funds 2021 2020 Bank interest 122 141 13-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Charitable activitiès 2021 2020 Staff costs Travel and subsisténce Prolesslonal lee5 M8rkeliDg costs Computer coslg Training costs Other offica coBI8 Insurance Conferences Contracted staff 411,215 329.733 37,671 16.457 28.661 34,882 1,249 1,279 4.205 31,119 40.412 3.687 1,155 4,124 33.172 89.601 10,537 508,434 570,674 Support cosls1s&8 note 51 Governan¢8 coslB (see note 51 19,933 2,640 32,552 2,746 531,007 805.972 An41ysl¥ by fund Unreslrlcled funds Rgslrtcled funds 513,142 17.865 572,697 33.275 531.007 605.972 Support COgtB Support Govornance costs obt 2021 Support Governance costs costs 2020 Depreciation Accommodation costs Othèr office costs Accounting fee5 Independent examination fee 5,871 826 3.525 9,711 5.871 826 3.525 10,791 6,889 2.266 12.354 11.043 8.8B9 2.266 12.354 12.099 1,080 1.05e 1,580 1,560 1,690 1,690 19,933 2.640 22,573 32.552 35,298 14
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEOI FOR THE YEAR ENDED 31 MARCH 2021 Trustees None ol Ihe Trusl&es lor any persons connected wllh theml receiv8d any r8rnuneration or benelrts from the charily durin9 the year. During the year. no trustee h88 been relmbursed lor any expenses12D2D- £3341. Employe•s Nurnbor of employees Th& average monthly number ol ernployees during the year was.. 2021 Number 2020 Nurnber Employees Staff ¢o$ts 2021 2020 Wag£s and salaries Soclal security costs Other penslon costs 334.801 31.543 44,871 277,000 22,553 30,180 411,215 329,733 The numbar ol employe85 whos8 annual remuntrallon was £60,000 or more were.. 2021 Number 2020 Numbor £60,000. £70,000 15
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Intsngible flxed assets Websito dovoloptD&nl Cost Al 1 April 2020 Additions 22,106 Al 31 March 2021 22.106 Amortl8atlon arhd Impalrmtnt Al 1 April 2020 Arllortlsalion charged for the ytrar 2,359 Al 31 Mafch 2021 2,359 Carrylng amount At 31 March 2021 19,747 At 31 March 2020 Tan9lbl6 Ilxed assgts Plont and •qulpm•nt CompulQrn Total Cost Al 1 April 2020 Addillons 20.874 23,043 649 43.917 649 Al 31 March 2021 20.874 23,892 44,566 Depreclallon and Impalrment Al 1 April 2020 Depreciation chaT9?d In the year 20,874 9,141 3,512 30,015 3.512 Al 31 Marth 2021 20.874 12.653 33,527 Carrylng amount At 31 March 2021 11.039 11,039 At 31 March 2020 13,901 13,901 16-
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 10 Debtors 2021 2020 Arnounts lalling due wlthln on• year.. Trade debtor$ Prepayments ond eccrued Income 2,250 11,061 11,952 13.311 11,952 11 Cr8dltor8.' amounts falllng due wlthln one year 20Z1 2020 Trade credilors Other credil¢rs Accruals and dafarred incom¢ S94 6,155 19,785 4.367 2.615 25,658 26,534 32,640 17.
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR THE YEAR ENDED JI MARCH 2021 12 R••lrkl•d fufrt11 Ih• In¢orMlundi ollhry chHIty kncd• reltiktedfundl ¢ompri•kng Ih•fL4bthng un¥¥p•ndod oldonallons ¥nd 9rAnis ontlusl Ipr purpui•S Mcvomnt In lund• ID£qffli UX sYA9¢Y Roypl Comfflsiion 1orExhlbilion 011851 Srlènc• & T•chr¢•Y F4cMill•¥ COLW Ilcomo Trwl soo 14.350 13.642 22.847 7.328 Wollcomo Ilcom plovldod IRIS wllh p th•Cr+tnry 9IDDI to tèvor ¢wrh•&di oftd proi•cl foll lor G•rnm¥ D•cod•r4, V•rtiQO Ind Wtyll Wd. Tho qiqnl iv sub.1 to quuiivrfy piymoni in 4rrgitB lof expend1tte Incuri•d. Expgndilufft cl•KNd fvIl1 tlie loirn¥of th• orani. Thii giinl h48 now boan OxpqndDd no In• ¢4iiv4d lomard S¢ienc(t S Tochngl491•5 F•cililiu Council bay• pwVjed iuppvrt Itrf th• d•wbpmertl ol a now woi•d In •ilrophyii¢i lor tg IChDl S4piuillbO1 2411. Yho Hiini v015 Iht dtsvolopmnt ol Ind WPPDrt Ipr icmoii. Spend to d•t• hi¥ • on iht key d•Fi¥ryiaeS •• dolinqd lor lh• pnJlKI. Ihthirnnt hoinow bolln frxpgndpd IhD catrnd loM•rd b•1an¢•l t•
INSTITUTE FOR RESEARCH IN SCHOOLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2021 13 Analysls of net assets between fund5 UnrgstrScted Restricted funds fLFnd8 2021 2021 Total Unie5tricled Restricted funds funds 2020 2020 Tolal 2021 2020 Fund balanc85 al 31 March 2021 aro represented by.. Intangible fixed assets Tan9ible assets CuTienl asset 19,747 11.039 19,747 11,039 13.901 13,901 345,474 345,474 371,129 17,865 388.994 376,260 376,260 385,030 17.865 402.895 14 R•lated party transactlorts The Charitabl8 Cornpany welved donation income durSng the year amounting lo £S00.0(KJ Irom the Batlcock Charitable Tfust 12020 - £800,000). The 8allcock Charitable Trust 15 a relaled party by viilue ol Humphrey Ballcock bein9 the Chair ol Truslo8s ol the Charllable Company and a Iru8lee of the Trust, No mounts were du8 to the Charilabl8 Cornp¥ny al the year end. 15 Cash gonorated from opgratlon• 2021 20ZO IDeflclll15urpu3 for the year 126,6381 24S.309 Adlu51ments for.. Investment income reco9nisad In slalement ol financi81 aclivllleB Depreclatlon and impairment of tanglbl8 fixed assets 11221 5.871 6.889 Movement5 in workin9 eapilal.. IlncrBaselldeciease in debtors (Derreasellincrease In creditors 11,3591 16,1061 7,466 2,758 ash labsorbod byllgeneratgd from opgrations 128,3521 262.281 19