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2022-03-31-accounts

Charity registration number 1164654

Company registration number CE005767 (England and Wales)

INSTITUTE FOR RESEARCH IN SCHOOLS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

INSTITUTE FOR RESEARCH IN SCHOOLS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Humphrey Battcock (Chair) Timothy Edwards Ann Mroz Rev Professor Michael Reiss Sally Williams (Appointed 30 September 2021) Dame M Atkins (Appointed 26 October 2022) J Davies (Appointed 26 October 2022) Professor Dame Julia Goodfellow (Resigned 28 April 2022) Charity number 1164654 Company number CE005767 Registered office Wellcome Wolfson Building 165 Queen's Gate London SW7 5HD Independent examiner Louise Hallsworth FCA Baxter & Co Lynwood House Crofton Road Orpington Kent BR6 8QE Bankers Barclays Bank PLC 83 Wandsworth High Street Wandsworth London SW18 2PR Solicitors Weil Gotshal Manges 110 Fetter Lane London EC4A 1AY Accountants Crossley Financial Accounting Star House Star Hill Rochester Kent ME1 1UX

INSTITUTE FOR RESEARCH IN SCHOOLS

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the financial statements 12 - 20

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity company's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

The Institute for Research in Schools (IRIS) was founded on the belief that young people have the capacity to change the world. If education empowers them with the right tools, school-aged students can contribute to the scientific community right now.

Through our work we have recognised that not all schools currently have the capacity to provide these opportunities to young people, and a further strand of our work, the Research & Innovation Framework, addresses this by providing a toolkit for schools to improve and develop their STEM provision, whatever their starting point.

Objectives for the year:

  1. Provide school students with opportunities to participate in innovative research.

  2. Support schools to develop a culture of Research and Innovation.

  3. Evidence the impact on students of participating in authentic research.

IRIS aims to change the culture in UK education so that authentic research and innovation is part of every young person’s experience.

  1. promoting and facilitating research, problem-solving and enquiry in science, engineering, humanities and the arts;

  2. establishing and developing student-led projects and innovative initiatives;

  3. supporting students and teachers with research projects and creative initiatives;

  4. analysing the impact of such activities on students’ academic performance, career aspirations and university destinations.

Statement on compliance with Charity Commission guidance on public benefit

When deciding on activities and events, the Trustees pay due regard to the Charity Commission's guidance on public benefit.

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Support in schools:

IRIS develops research projects linked with universities and other research organisations for students to carry out in schools. IRIS works with these partner organisations to produce accessible materials and resources to allow the schools and students to carry out their own research. The three Regional Engagement Leads work to support schools and colleges to facilitate university-level research when students are still in secondary education. Some of this support is direct and face-to-face, other support is by phone, email, online seminar or virtual meeting. During the academic year ending in August 2021, IRIS supported 860 students carrying out 99 research projects in schools and colleges. 295 students took part in an Original Research project (one where they had devised the hypothesis to be investigated).

Project development:

IRIS develops and produces projects that are suitable for use in schools and colleges, but which provide university or postgraduate level engagement with research. IRIS works with academics and those from industry to develop and publish these projects for use with students in school. Further details about each of our projects can be found on https://researchinschools.org/projects/.

IRIS Student conferences:

IRIS holds conferences each year to allow students to share their research, and to network with each other and with academics and those from industry. In 2021 the conference was held virtually due to the Covid-19 pandemic. There were 1,085 visits to our virtual conference, with 160 students presenting their research. 98% of students said the IRIS conference was good or excellent. In 2022 conferences will be held in person in Bradford, Edinburgh and London.

Sharing good practice to support a research culture in schools:

During 2021, IRIS also developed the STEM Research and Innovation Framework; a toolkit for schools to build their STEM R&I Provision. This Framework will be launched in April 2022 and rolled out across the UK from September 2022.

Use of Volunteers

IRIS does not use volunteers to facilitate it's work, beyond partnership work with organisations such as universities and industry

Achievements and performance:

This year the Institute concentrated on 3 key areas of work:

1. Provide school students with opportunities to participate in innovative research.

IRIS continues to extend the reach and impact of it's research projects in schools and colleges. The total number of young people working actively on projects was 840 at the end of the academic year 2020-2021. At the end of March 2022 there were 1,557 students actively working on IRIS projects. This is a significant increase, and we plan to support even more students over the next academic year.

A further focus was to increase the number of young people taking part in Original Research Projects through IRIS. We are making excellent progress against our target of 25% of all projects being Original Research projects by the end of 2022; 26% of all projects are Original Research at the end of March 2022 – with a total of 217 students working on Original Research.

As well as an increase in the number of students taking part in Original Research, in 2021-22 we had several active research projects available to schools and colleges, including two new projects developed during the pandemic.

Our projects in 2021-22 were: Big Data: Covid-19; DNA Origami (Pilot); Earth Observation; Cosmic Mining; Ionic Liquids; Treezilla; Genome Decoders, HiSparc and Carbon Researchers.

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

2. Support schools to develop a culture of Research and Innovation through the development of the Research and Innovation Framework.

We recognise that schools need support to develop the capacity for carrying out real research with young people. Part of our focus this year has been to develop tools and a programme to support schools and school leaders in developing and improving this capacity. We have written the Research and Innovation Framework (R&I Framework) to provide schools with the tools they need to make this change.

The R&I Framework is a toolkit for schools that helps them to improve their STEM provision and increase the science capital of students and staff. It comprises five strands, each of which was produced in consultation with other STEM organisations and each of which addresses an important aspect of developing a vibrant research culture in a school.

3. Evidence the impact on students of participating in authentic research

Evaluation of the impact of our work is a critical part of the organisation. We currently have two strands of

evaluation:

Our impact and reach

From our student surveys at the end of the 2021 academic year:

Fundraising achievements

In 2021/22 IRIS secured the following funding:

£600,000 Battcock Charitable Trust – unrestricted funding in support of the development and delivery of the work of IRIS

£15,780 Henry Royce Institute – to support the delivery of a DNA Origami project with the University of Manchester and our school partners

£7,920 Royal Society of Chemistry Outreach grant – to support the delivery of an Ionic Liquids research project in collaboration with three schools in Northern Ireland and Queens University Belfast.

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Financial Review

Income for the year totalled £639,735 of which £39,725 was related to grants and project funding. Grant income continues to be lower than projected in part due to the continued impact of the COVID pandemic and also the anticipated lead time on securing new grants with the appointment of a Development Manager and the identification of a funding diversification strategy.

Expenditure for the year was within budget. Expenditure increased to £721,639 from £531,007 in the previous year. This increase was largely due to increased spending on salaries as IRIS continued to build the team to meet strategic objectives and respond to demand. With the ending of pandemic related restrictions spending also increased in relation to travel and meetings.

The IRIS team continues to work from home using remote management and cloud based infrastructure, along with home office arrangements. IRIS ended the financial year with £287,979 of unrestricted funds available.

Reserves policy

IRIS policy is to hold reserves equal to 3 months expenditure.

Principal sources of income and how expenditure meets objects

In 2021/22 IRIS’s principal source of income has been the Battcock Charitable Trust. In the year IRIS also appointed a Development Officer to support the diversification and increase in our funding over the coming years.

In the year IRIS invested in its capacity to support income diversification and increase expenditure budget is set and approved by the Trustees ahead of each financial year. This is aligned to strategy and activity plans which are developed by the senior leadership team in consultation with staff, which in turn support the delivery of our charitable objects.

Risk factors and review

Internal risks are minimised through procedures for the authorisation of all transactions and projects, in line with service contracts, aimed at ensuring consistent quality of delivery for all operational aspects of IRIS. These procedures are periodically reviewed to ensure that they still meet the needs of IRIS.

Trustees are mindful of risk exposure, maintaining an up-to-date risk register that guides Trustees in their strategic and operational decision making for IRIS.

The Trustees continue to be of the view that the biggest threat to IRIS's future viability would be exposure to liabilities through safeguarding or health and safety risks. In response to this IRIS has robust and active policies in place for Safeguarding and Health and Safety which are subject to regular review. Both elements have a nominated responsible person and events monitored through monthly management meetings and Trustee meetings.

A further risk relates to funds received not being used for the purposes for which they were given. In response IRIS has detailed financial regulations in place, strong financial systems which support their delivery, along with the segregation of duties and independent financial inspection. A budget is produced each year, financial records well maintained and monthly management accounts produced and reviewed by the senior leadership team. The Trustees, as a matter of policy, act on our accountant’s suggestions. The Trustees also consider it prudent to regularly review financial commitments and any associated risk.

Apart from those, other risks include, according to the most recent register:

Mitigation strategies are in place for each.

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Plans for future periods

Our priorities for the coming year are as follows:

Evidence that what we do works

Continue to evaluate the impact of our work, both internally and externally.

Mobilise schools to incorporate authentic research

Authentic research projects in schools

IRIS continues to extend the reach and impact of their research projects in schools and colleges. Over the following year IRIS will appoint a new Head of Engagement, to lead our in-school engagement lead team and to liaise with industry and academic partners to develop and deliver new projects. The total number of young people working actively on projects was 840 at the end of the academic year 2020-2021. At the end of February 2022 there were 1373 students actively working on IRIS projects. This is a significant increase, and we plan to support even more students over the next academic year, with a target of 1,700 students at the end of the 2022/23 academic year.

Facilitate good practice more widely

The Rollout of the Research & Innovation Framework (R&I Framework) and National Research and Innovation Accelerator

The R& I Framework is a toolkit for schools that helps them to improve their STEM provision and increase the science capital of students and staff. It comprises five strands, each of which was produced in consultation with other STEM organisations and each of which addresses an important aspect of developing a vibrant research culture in a school.

The National Research and Innovation Framework focuses guidance on five key strands. Schools can work on all strands simultaneously or choose which area of the five they would like to initially focus on to improve their provision.

Leadership, vision and culture explores the importance and power of leadership in developing a culture of STEM research and innovation in schools.

Research opportunities and the curriculum provides opportunities for students to experience the nature of real science within the curriculum and beyond.

Careers in research and innovation shows students of all abilities and backgrounds the range and opportunities available to them in STEM after they leave school.

Community and collaboration empowers students to address issues within their local community and work with

industry to provide meaningful opportunities for all.

Capturing talent and removing barriers proactively challenges established stereotypes and misconceptions in STEM, building science capital for all and creating a culture of openness and inclusivity.

The STEM Research and Innovation Framework was prepared for download from April 27th 2022.

The STEM Research and Innovation Accelerator is a programme of support to embed the STEM R&I Framework in schools and colleges in the UK, and thus develop a culture of research in UK schools, where every young person can experience authentic research while in school.

INSTITUTE FOR RESEARCH IN SCHOOLS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The Accelerator aims to address the big picture, supporting schools to enhance the curriculum and the overall experience in STEM for all students.

Developing a culture of research and innovation in schools and colleges will achieve this, and we plan to do this by:

Our future plans for the programme:

  1. The R&I Framework put into practice in 10 schools in the first phase of an intensive roll out from September 2022, which will evaluate its impact and develop an evidence base to raise the profile of R&I in schools.

  2. The launch of a national programme from September 2022 to provide professional development for teachers and leaders in how to improve R&I provision in schools, initially to be rolled out to secondary schools through CPD developed with STEM Learning.

  3. The creation of the IRIS Research & Innovation Centre Mark from 2023 – a nationally recognised quality mark for schools which demonstrate excellent practice in science, research, and innovation.

  4. A National Research & Innovation Accelerator Board established to connect practice in schools with national priorities for science, research, and innovation.

Over the financial year 2022-23 we will be actively seeking funding for this R&I Accelerator programme.

Structure, governance and management Nature of governing document and how the charity is constituted

The Institute for Research in Schools (IRIS) is a registered charity (no. 1164654) and Charitable Incorporated Organisation governed by a constitution dated 1[st] September 2015.

Recruitment and appointment of trustees and directors’ interests

At the end of March 2022 IRIS had a Board of 6 Trustees. Trustees are appointed, after a recruitment process based on a consideration of the qualities, expertise and experience needed by the Board. The board of Trustees has the power to appoint additional Trustees as it sees fit. Members are recruited to bring the broadest possible set of relevant skills to the governance of the Institute.

Organisational structure

In common with most charities IRIS, whilst being governed by the Board of Trustees, has appointed a staff team to whom authority is delegated to carry out its functions and to deal with administration, within the parameters of an annually agreed budget.

Induction and training of trustees

Trustees joining IRIS are subject to vetting and then undergo an induction. The procedure for the induction and training of new Trustees varies according to individual needs and familiarity with the charity, but normally includes the provision of a detailed information pack and one or more meetings with senior staff and/or other Trustees to provide further briefings. The induction includes information on the Governance of the organisation, the most recent Financial Report, and the minutes of the previous Trustee Meeting, as well as an outline of the expectations of Trustees.

INSTITUTE FOR RESEARCH IN SCHOOLS TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Ralatlonshlp wlth wld•r n•twork and r•lat•d partl•s IRIS is wtsll Ilnked ￿th other organl$8llons. Durlng 2021-22 wè hav• wotk•d s8V8ral organisations and r8lated partie5 to d8v8lop, Èhar8, fund or Improv8 OLtr prol8Cts. Amongst th•s8 during 2021-22 are.. The Henry Royce Instllute and Bragg Centre for Materials Sciènco 8t thè Univ$rsity L)f Lo8d$ on th¥ DNA Orlgoml prola¢ th8 UK Spaco Agency and Carbon Footprint on the Carbon Footprint proj8ct,- The Sciertcè and Tèthnology Facilities Council and James Webb Space Telescope UK on the Cosrnlc Mlnlng project,. The Centr8 for Polar Obs•rvaUon and Modelllng- the UK Space Agency and SENSE on the Earth Observation project,. the Open Unlvèrsity on the Tre&￿Ila project. the Wellcome Sanger Instilute on the Genome Decoders project and the Unlverslty ol Br18tol In tho Inillal stgg$s of th8 Blu Data.. Covld-19 prolact. In addition to this we have worked with others in th8 STEM education nefv40rk lo 8haro and amplify our work. or to CLsllaborat•. Th•60 organisation8 Indude the Brftish Sclenc8 Assoclalion, STEM Learnlng and the Royal Sod¢ty of Chèml$try. Our work has also been shared during 2021-22 al the Institute of Government and Public Poll¢y ¢onf$ronc& about a¢¢¥l$rallng tho advan¢om¥nl of women In STEM,. tha Bragg Exchgngg 8t Ihg Unlvgrsity of Leeds 8nd th8 Brltlsh Science ABsoc18tlon STEM In ED c0nf•rnn￿. IRIS Is gratsful for th• con1lnl￿d support of tho Battcock Charftsblo Tru8t. Tho Trustees, raport was approved by the Board of Trusl808. lumphr•y Battcock Ichalrl Trustee Daltd..

INSTITUTE FOR RESEARCH IN SCHOOLS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE FOR RESEARCH IN SCHOOLS Ind8p•ndènt èx•min•rf r•port to the Trustees of The Institute For Re•earch In Schools Itho'¢omyny'l I report to the tharity Trust885 on my examination of th& accounts of the company for the year ended 31 Marth 2021. This report is made solely to the company's Truste8$. a$ a body, Sn a¢¢ordonC¥ Wlth Part 4 of the Charitles (Accounts and R8POrts1 Regulations 2008. My work has been und¢rtak$n So that I mlght $tstO to th$ company's Trust•86 thos8 matters l am required to stat8 trj them in an Indèpènd8nt &xamln8ls r•port and for no othar purpos&. To the fullest extent pemitted by law, I do not accept 01 assume respon8Iblllty lo anyono olhor than thè company and tho eompanvs Trustaos as a body, for my work or for thls r8POrt. R•ponslbllrtl•s and b••ls of r•port As tho Trusto8s of th8 chartty land also tts dlrectors for Ihg purpDSeS of company lawl you ar8 rè8ponslblè for thé pmparation of th• financlal statamènts in accordance the requirements of th8 Compan188 Act 2006 (the 2C4)6 Actl. Havlng satl8fied my8elf that the flnandal 8ts1emenl8 of thg ¢h8rlty 8rg not r$qulrgd lo ba gudtt8d undar Part 18 of the 2006 Act and are ellgible for Independent ex8mlnallon. I report in ra5poGI of my 8xamln8llon of tho charity's financial statements carried out under section 145 01 the Charities Act 2011 (the 2011 Actl. In ¢arrylng out my 6X8mlnation I hove followed all the 8ppIIc8ble Dlrectlons glven by the Charity Comm18sion undor 8e¢t6on 14515llbl of th• 2011 A¢L Indepondont •xamlnerf• ¥tat•m•nt Slnce thè charlty'8 grD88 Incomè axc88dod £250,000 yOLtr examln8r must be 8 member of a body 118ted In seclhjn 145 of the 2011 A¢t. l confirm that l am qualifiad to undèrtakè thè 8xAmlnation bacauso 1am Fellow Member of Ihe Institute of Chartersd A¢¢ounlanls in Engl8nd & W81&8 IICAEWI. whlch 18 ona of tho Ilstad bodleB. I havè complèt•d my •x8mlnAtlon. I conflrrn that no matters hav& come to my attentlon In conn8d¢n wtth thè •xamln8lion 9ivlng m• eausè to ￿li•Ve that In any mat&rfBI r•spact'. gccountln9 iacords wore not k6pt Sn fespect ol tho chority as rgquirgd by 88ct£on 386 of the 2006 Acl,. or the flnanclal st8tem6nts do not accord w51h those records., or the financlal slaternenls do not comply wlth the 8ccounllng requlr8mgn18 01 $grllon 396 of th8 2006 A¢t other than any requirement that the accounts give a Inje and fair view whi¢h is not a matt&r considorsd 88 part of on indèpandent oxamination,. or the financial statements have not been prepared in accordan￿ wlth the mtsthod$ and prin¢Splos of th• Statement of Recommended Practice for accounllng and reportlng by charlUe5 applicable lo tharille8 proparing thèir accounts In accordanc8 with tha Financbal Reportlng Standard appllcable in the UK and Republic ol Ireland IFRS 102}- I have no concerns and have come across no other Matters in connection with the gxaminalion to which attentlon should b$ drawn In thls report in order to enable a proper understandlng of the financAal statements lo b& r&8chad. Loulse Hallsworth FCA Baxter & Co Lynwood Hou Crofton Road Orplnglon Kent BR6 8QE Dated.. .l..&.. lJ.Il.a

INSTITUTE FOR RESEARCH IN SCHOOLS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations
2
616,025
23,700
Investments
3
10
-
Total income
616,035
23,700
Expenditure on:
Charitable activities
4
704,316
17,323
Net (expenditure)/income for
the year/
Net movement in funds
(88,281)
6,377
Fund balances at 1 April
2021
376,260
-
Fund balances at 31
March 2022
287,979
6,377		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
639,725
504,250
-
10
122
-
639,735
504,372
-
721,639
513,142
17,865
(81,904)
(8,770)
(17,865)
376,260
385,030
17,865
294,356
376,260
-		 Total
2021
£
504,250
122
504,372
531,007
(26,635)
402,895
376,260

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

INSTITUTE FOR RESEARCH IN SCHOOLS STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 2022 2021 Not•• Fix•d •ssets Intangib￿ a88ets Tangible assèts 15.326 14,451 19,747 11,039 29.777 30.786 Curront a¥s•ts Dgbtor8 Cash at bank and In h8nd 10 7.619 308,951 13.311 358.697 316,570 372.008 Crodttorn: •m•unt• falllnq duo wlthln on•y 11 {51,991} 126,5341 Not currènt as88ts 264,579 34S.474 Total i•*•ts l••• curr•nt Il•bllltlè• 294.356 376,260 Incom• fund• Ro$lrl¢téd funds Unr88trlct8d fund8 12 8.377 287.979 376,260 294,358 376,260 Th& company Is enliled lo tho &x8mption from the audll rtrqulromgnl ¢ontaSn8d In Section 477 of lh• Companles Act 2008, foi the year ended 31 Mar¢h 2022. The dlroctors 8cknow18dge th8lr responBibilili¥s for ¢omplylng wlth tha requiT•monts of tho Companie8 Ad 2006 vAth re8pect to ￿￿Ounting racords and the preparellon of fJn8nclal statements. Thg mombws have not required th¢ ¢ompany to obtaln an Audit of Its flnan¢141 stat•menl8 for the year In queslbn In accordance vAth 8ectlon 476. These finarKial statemonts hava b••n preparad in accord8nc• wth thg provl8ion3 appllcBble lo companS•8 8ubloct to Ihe Small compani#s regime. The financi81 stat•m•nts were approved by th& TN$t•￿ on ..... Humphrey Battcock ICh81rl Tru8tO9 Company Reglstratlon No. CE005T67 10-

INSTITUTE FOR RESEARCH IN SCHOOLS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
15
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
-
(7,811)
10		 £
(41,945)
(7,801)
-
(49,746)
358,697
308,951		 2021
£
(22,106)
(649)
122		 £
(28,352)
(22,633)
-
(50,985)
409,682
358,697

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Institute for Research in Schools is a private company limited by guarantee incorporated in England and Wales. The registered office is Wellcome Wolfson Building, 165 Queen's Gate, London, SW7 5HD.

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Institute For Research In Schools meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.4 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.5 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development 5 year straight line

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 3 years straight line Computers 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

2 Donations

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations
600,000
-
Grant income
16,025
23,700
616,025
23,700
Donations
Donations from individuals
600,000
-
600,000
-
Grant income
Wellcome Trust
15,025
-
University of Bristol
1,000
-
University of Manchester
-
15,780
Royal Society of Chemistry
-
7,920
16,025
23,700		 Total
Unrestricted
funds
2022
2021
£
£
600,000
500,000
39,725
4,250
639,725
504,250
600,000
500,000
600,000
500,000
15,025
-
1,000
2,000
15,780
2,250
7,920
-
39,725
4,250		 Total
Unrestricted
funds
2022
2021
£
£
600,000
500,000
39,725
4,250
639,725
504,250
600,000
500,000
600,000
500,000
15,025
-
1,000
2,000
15,780
2,250
7,920
-
39,725
4,250
504,250
500,000
500,000
-
2,000
2,250
-
4,250

3 Investments

Bank interest

Unrestricted Unrestricted
funds funds
2022 2021
£ £
10 122

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Staff costs
Travel and subsistence
Research costs
Charitable donations
Marketing costs
Computer and website costs
Staff training
Other office costs
Insurance
Conferences and meeting rooms
Project materials
Legal and professional
Gifts
Contracted staff
Support costs (see note 5)
Governance costs (see note 5)
Analysis by fund
Unrestricted funds
Restricted funds
Support costs
Support
costs
Governance
costs
£
£
Depreciation
8,820
-
Accommodation costs
1,416
-
Other office costs
9,189
-
Accounting fees
10,151
840
Independent examination
fee
-
1,620
29,576
2,460		 2022
£
518,817
15,383
23,996
792
24,512
44,730
872
874
9,787
25,136
3,513
876
235
20,080
689,603
29,576
2,460
721,639
704,316
17,323
721,639
2022Support costs Governance
costs
£
£
£
8,820
5,871
-
1,416
826
-
9,189
3,525
-
10,991
9,711
1,080
1,620
-
1,560
32,036
19,933
2,640		 2021
£
411,215
(51)
16,457
-
28,661
34,882
1,249
1,279
4,205
-
-
-
-
10,537
508,434
19,933
2,640
531,007
513,142
17,865
531,007
2021
£
5,871
826
3,525
10,791
1,560
22,573

5 Support costs

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year, no trustee has been reimbursed for any expenses (2021 - £nil).

7 Employees

The average monthly number of employees during the year was:

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 - £70,000
£70,001 - £80,000
8
Intangible fixed assets
Cost
At 1 April 2021 and 31 March 2022
Amortisation and impairment
At 1 April 2021
Amortisation charged for the year
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 2022
2021
Number
Number
11
9
2022
2021
£
£
426,450
334,801
41,692
31,543
50,675
44,871
518,817
411,215
2022
2021
Number
Number
1
1
1
-
Website development
£
22,106
2,359
4,421
6,780
15,326
19,747		 2021
Number
9
2021
£
334,801
31,543
44,871
411,215
2021
Number
1
-
2,359
4,421
6,780
15,326
19,747

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9
Tangible fixed assets
Plant and
equipment
Computers
£
£
Cost
At 1 April 2021
20,874
23,692
Additions
-
7,811
At 31 March 2022
20,874
31,503
Depreciation and impairment
At 1 April 2021
20,874
12,664
Depreciation charged in the year
-
4,388
At 31 March 2022
20,874
17,052
Carrying amount
At 31 March 2022
-
14,451
At 31 March 2021
-
11,039
10
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
-
Prepayments and accrued income
7,619
7,619
11
Creditors: amounts falling due within one year
2022
£
Other taxation and social security
13,018
Trade creditors
5,957
Other creditors
5,930
Accruals and deferred income
27,086
51,991		 Total
£
44,566
7,811
52,377
33,538
4,388
37,926
14,451
11,039
2021
£
2,250
11,061
13,311
2021
£
-
594
6,155
19,785
26,534

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Resources Balance at Incoming Resources Balance at
1 April 2020 expended
1 April 2021		 resources expended 31 March
£ £ £ £ £ 2022
£
Royal Society of Chemistry - - - 7,920 (4,043) 3,877
Henry Royce Institute - - - 15,780 (13,280) 2,500
Science & Technology Facilities Council 7,328 (7,328) - - - -
Wellcome Trust 10,537 (10,537) - - - -
17,865 (17,865) - 23,700 (17,323) 6,377

Royal Society of Chemistry

Royal Society of Chemistry provided IRIS with a grant for the implementation of the IRIS ionic liquids pilot project in Northern Ireland.

Henry Royce Institute

Henry Royce Institute provided IRIS with grant for the development of the IRIS DNA Origami project.

INSTITUTE FOR RESEARCH IN SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

13
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:
Intangible fixed assets
15,326
-
Tangible assets
14,451
-
Current assets/(liabilities)
258,202
6,377
287,979
6,377		 Total
Unrestricted
funds
Restricted
funds
2022
2021
2021
£
£
£
15,326
19,747
-
14,451
11,039
-
264,579
345,474
-
294,356
376,260
-		 Total
2021
£
19,747
11,039
345,474
376,260

14 Related party transactions

The Charitable Company received donation income during the year amounting to £600,000 from the Battcock Charitable Trust (2021 - £500,000). The Battcock Charitable Trust is a related party by virtue of Humphrey Battcock being the Chair of Trustees of the Charitable Company and a trustee of the Trust. No amounts were due to the Charitable Company at the year end.

15

Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash absorbed by operations		 2022
£
(81,904)
(10)
8,820
5,692
25,457
(41,945)		 2021
£
(26,636)
(122)
5,871
(1,359)
(6,106)
(28,352)