2024-06-30-accounts

IRM Educational Foundation Annual Report and Financial Statements For the year ended 30 June 2024 Company Registration No. 12159277 (England and Wales) Charity Registration No. 1187373 (England and Wales)

IRM Educational Foundation Contents Page Reference and Administrative Information Trustees, Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Page 2

IRM Educational Foundation Reference and Administrative Information Trustees Antony Cox Chair (appointed 23 August 20241 Zanele Makhubo lappointed 24 September 20241 Clive Thompson lappointed 24 September 20241 Socrates Coudounaris Iresigned 23 August 20241 Giuliano Gregorio (resigned 23 August 20241 Weiye Kou (resigned 23 August 20241 Simone Krummaker (resigned 23 August 20241 lain Wright Iresigned 23 August 20241 Company Number 12159277 Charity Number 1187373 Registered Office 1st Floor 80 Leadenhall Street London EC3A 3DH Page 3

IRM Educational Foundation Trustees, Report The Trustees, who are also directors of the company, have pleasure in presenting their report up to 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's trust deed. the Charities Act 2011 and the Charities SORP IFRS 1021 published in 2015, amended in 2019. Structure, governance and management The Charity is a registered charity, number 1187373. which was registered by the Charity Commission on 15 January 2020. It was incorporated on 15 August 2019 as a company limited by guarantee registered in England and Wales, company number 12159277. The sole member of the Charity is the Institute of Risk Management. The Trustees were initially appointed from senior members of the Institute of Risk Management and others with appropriate experience. In 2024 they came to the end of initial term. New Trustees were appointed in September 2024 with interests in extending risk management education. The Charity does not have any staff and is administered by the Institute of Risk Management. During the period these services were supplied on a pro bono basis. The objectives of the Charity are to advance, for the public benefit, education and in particular education in relation to business and organisational risk management and associated charitable purposes. Financial review The Charity has slowly begun operating during the year. It received its first donation from the Institute of Risk Management. The only expenditure presented in the Statement of Financial Affairs relates to the bank charges and legal and professional fees. The outturn for the year amounted to a surplus of £45.91812023 deficit £9001. as shown in the Statement of Financial Affairs on page 7. The net worth of the Charity at the period-end stood at £48,60812023 £2,690) as shown in the Balance Sheet on page 8. Page 4

It is anticipated in the coming year that donations will be sought from companies and individuals involved in risk management. From these donations grants will be made to individuals supporting their education. Page 5

Reserves policy The trustees are in the process of considering the activities and the level of reserves required. Trustees The trustees who have served on the Board since l July 2023 are: Antony Cox (appointed 23 August 20241 Zanele Makhubo lappointed 24 September 20241 Clive Thompson lappointed 24 September 20241 lain Wright Iresigned 23 August 20241 Socrates Coudounaris (resigned 23 August 20241 Iresigned 23 August 20241 Iresigned 23 August 20241 Iresigned 23 August 20241 Giuliano Gregorio Weiye Kou simone Krummaker Trustees, responsibilities The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustees must not approve the financial statement5 unless they are sat15f led that they give a true and fair view of the state of afFairs of the Charitable company and of the income and expenditure of the Charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consi5tentlv; observe the principles and methods of the Charities SORP,. make judgements and accounting estimates that are reasonable and prudent: prepare the financial statements on a going concern basis unless it is inappropriate to presume the Charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6

Governance The trustees of the Charity are committed to the highest standards of charity governante, which they believe are critical to integrity and performance and to maintaining public confidence. Appropriate policies and systems are in place to evaluate and treat the risks arising from the key activities of the Charity. enabling both advantages and threats to be handled to the overall benefit of the Charity. Signed by order of the trustees Antony Cox Trustee Approved by the Trustees on 29, October 2024 Page 7

IRM Educational Foundation Statement of Financial Activities Year to 30 June 2024 Year to 30 Year to 30 June June 2024 2023 Income Donations 50,000 Total Income Expenditure 14,0821 19001 Net movement in funds and reserves carries forward 45,918 19001 All of the activities of the charitable company are classified as continuing and relate to unrestricted f unds. The notes on page 9 to 11 form part of these f inancial statements. Page 8

IRM Educational Foundation Balance Sheet As at 30 June 2024 30June 2024 30 June 20Z3 Note Current a55ets Debtors falling due within one year Cash at bank 2.690 48,608 Net current assets 48,608 2,690 Total assets 48.608 2,690 Reserves Unrestricted reserves blf Retained 5urplus/ldeficitl for the year Total reserves clf 2,690 45,918 48.608 3,590 19001 2.690 For the financial period ended 30 June 2024. the charitable company was entitled to exemption from audit under the Companies Act 2006, Is. 4771 and the members have not required the Charitable company to obtain an audit of it5 accounts for the period in question in accordance with s. 476. The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2CK)6 with respect to accounting records and the preparation of accounts. The financial statements have been prepared in accordance with the special provisions of Part IS ofthe Companie5 Act 2006. Approved by the Trustees and authorised for Issue on 29th October 2024 and signed on its behalf by: Antony Cox Trustee Clive Thompson Trustee Company Regi5tr4tion No, 12159277 Re￿stered Charlty No. 1187373 Page 9

IRM Educational Foundation Notes to the Financial Statements Year ended 30 June 2024 Accounting policies Accounting convention These financial statements have been prepared in accordance with Section IA of the Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the requirements of the Companies Act 2006 as applicable to companies in the small companies regime, together with the Charities SORP IFRS 1021 published in 2015, amended in 2019. All funds held by the Charity are held on an unrestricted basis, which the trustees are f ree to use for any purpose in furtherance of the charitable object5. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention. The trustees have prepared forecasts for the foreseeable future and consider it appropriate to prepare the accounts on a going concern basis. Income All income 15 recogni5ed once the Charity has entitlernent to the income, it can be certain that the amounts will be received and the monetary value of income can be measured with sufticient reliability. Page 10

Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed that they will receive a grant and any condition attaching to the grant IS Outside the control of the Charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable. Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Financial instruments The Charity only has financial assets and f inancial liabilities of a kind that qualif ies as basic financial instruments. Basic financial instruments are initially recognised at transaction values and subsequently measured at their settlement value. Debtors, amounts falling due within one year 2024 2023 Other debtors 2,690 2,690 Financial assets carrying amounts included in the above are £012023.. £2,690). There were no impairment provisions at the period end. Page 11

Parent company At 30 June 2024 IRM Educational Foundation had only one member. the Institute of Risk Management. Related party transactions and trustees, remuneration Tru5tee5 received no emoluments, nor were they reimbursed any expenses during the period. There were no related party transactions noted during the period. Page 12

IRMEdFoundationStats2024 Draft for Trustees approval Final Audit Report 2024-11-01 Created.. 2024-1Lk29 8y'. M Slep {Magda.step￿9on￿"￿.0r9l Status.. Svjned Transaction ID.. cBjCH8CAA8AA￿￿S￿U3_Dwvs1JTzdA7FN¥jb￿2V1 "IRMEdFoundationStats2024 Draft for Trustees approval" Histor Docurnenl created by M Step [e-mail]) 2024.1￿29. 1..15..55 PM GMT P. Document emailed to Antony Cox {antony.￿XI@btinternet.r￿1 for Signalu 2024-1￿29- 1'.16..LK) PM GMT Document emailed lo Clive Thompson ([e-mail]) for signature 2024-1￿29- 1.'16..01 PM GMT Email viewed by Antony Cox [e-mail]) 2024-1[￿29- 2..08..18 PM GMT Document e-signed by Antony Cox {anlony.¢ox1 @bllntemel.￿MI s￿n¥t￿re Dat•.' 2024-11>29- 2..10."22 PM GMT- TIN &wrc". ser¥¢r Email viewed by Clive Thompson [e-mail] 2024-11-01- 4..11.'43 PM GMT Document e-signed by Clive Thompson [e-mail]) Svjnalure Oate.. 2024-11￿1- 4..12..49 PM GMT- TITh SoNco.' Ser Agreement completed. 2024.11.01 . 4..12.49 PM GMT Q Adobe Acrobat 51gn