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
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