Charlty number: 1199552 THE IOE FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023 THE IOE FOUNDATION CONTENTS Page Refergnce and adrninistrative dgtails of tho Charity. its Trustees and advisers Trustees. roport Independent examlnerfs report Statement of flnanelal acllvltles Balonoe sheet Notes to the financial ststements 9-10 THE IOE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2023 Trustees M H Landau. Chair lappolnted 5 July 2022} C Ruslomji, Trustee lappoinled 1 December 2022} G Wattley. Trustee12ppointed 5 July 20221 V D Mcwilliam, Trustee (appointed 5 Juty 20221 Charty reglstered number 1199552 Prlnclpal offlce Export House, Minerva Buslness Park. Lynch Wo¢)d. Peterborough. PE2 6FT Accountants MHA. Century House. The Lakes. North8mplon, NN4 7HD Page 1 THE IOE FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 30 JUNE 2023 The Trustees present their annual report together with the fin8ncial statements of the The IOE Foundation for the period 5 July 2022 10 30 June 2023. The Trustees confirm that the Annual report and financi81 statements of the Charity comply with the current statutory requirements, the requirements of the Charills governing document and the provisions of the Sialemenl of Recommended Practice ISORP) 'Accounling and Reporting by Charities" applicable to charities preparing their 8ccounts in accordance with the Fin8ncial Reporting standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 2019}- Objectives and actlvitles Constltutlon The IOE Foundation, a Charitable Incorporated Organisation. was registered as a foundation CIO on 5 July 2022. b. Objectlves The IOE Foundation is a grant-maker which focuses ils work in the followng areas. 1. The advancement of education of young people in Export and International Trade within the ages of 16-25 years in the UK. 2. The provision of financial grants which support education initiatives al schcols, colleges and universities. 3. Working in partnership with like-minded Charities. ¢. Main activities undertaken to furthgr tho CharIt￿S purposgs foi tho public bonofit The Trustees have considered the Charity Commission's requirement in respect of Public Benefit. In their view the Charity meets, in full. the criteria to satisfy the lesl. In particular, in planning future activities of the organi$21ion. the Trustees consider how planned aclivilies will contribute to the aims and objectives they have sel. Achievernents and pgrfoTmancg . Review of activities The Charity has forged successful partnerships with Young Enterprise (charity number 3136971 and Scottish Edge (charity number SC003558). A separate Agreement has additionally been reached with Young Enterprise Northern Ireland. The Charity is awarding its Cerbficale of High Achievement lo participants undertaking Ihe IOE & IT examination5 at Levels 3, 4 and 5 and passing with a Distinction. A number of contacts have been made with other Charities in the UK wtlh whom it is expected lo work with in the futur&. Page 2 THE IOE FOUNDATION TRUSTEES. REPORT ICONTINUEI)) FOR THE PERIOD ENDED 30 JUNE 2023 Flnanclal rèvlew a. Golng concern After making approwiate enquiries. the Trustees have a reasonable expectstion that the Charity has adequate resources to conllnue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basls In preparing the financial statements. Further details regarding the adoption of the going concern basls can be found in the accounting policies. b. Reserves pollcy The Trustees sel a reserves policy annually. and the current policy remains that we will hold a minimum of three months, running costs plus liabilities. This is to allow any polerilial winding up of the organisation to go ahead. and is in line with recommendations from the Charity Commission. The Charrty has total funds at th8 period end of£49.985. ¢. Prfnclpal fundlng During the period the principal funding related lo a donation from The Institute of Export and Intemational Trade (charity number 266395) Page 3 THE IOE FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2023 Structure* governance and management . Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected under the term5 of the Charitys Conslitulion. b. Policies adopted for the induction and training of Trustees Trustees are recruited with a view to their experience and skills. Potential Trustees are encouraged lo attend a meeting of the Board of Trustees lo learn more about the work of the Charity and the role of a Trustee. A riew Trustees, irkduction session is offered to all r1e￿Y elected Trustees. Training is provided as necessary to all Trustees. Trustees have 8 range of qualkfications and skills, as well as a range of experience in the voluntary. slatutory and private seelors. There must be at least three Charity Trustees. If the number falls below this minimum, the remainin9 Trustee or Trustees may act only to call a meeting of the Charity Trustees or appoint a new Charity Trustee. The maximum number of Charity Trustees is 12. The Charity Trustees may not appoint any Charity Trustee rf as a result the number of charity Trustees would exceed the maximum. Apart from the first Charlty Trustees, every TrLtstee must be appointed for a tem of three years by a resolution passed al a properly convened meeting of the Charity Trustees. c. Flnanelal rlsk management The Trustees have assessed the major risks to which the Charity is exposed. in particular those related to the operations and finances of the Charity. and are satisfied that systems and procedures are in place lo mitigate exposure lo the major risks. d. Organlsatlonal structure and decislon maklng The charity is govemed by 8 Board of Trustees, which is re$ponsible for rts effect5ve management and future development. Plans for future perlod$ The Charity intends to wnlinue to work with key pather organisations which deliver the charit￿s desSred outcomes and whose impact can be measured. Page 4 THE IOE FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2023 Statgment of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards {United knngdom Generally Accepted A¢counting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair vtew of the state of affairs of the Charity and of its incoming resources and application of resources. including its income and expenditure, lor that period. In preparing these financial stalemenls, the Trustees are required to: select suitable accountin9 policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102}- make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any rnaterial departures disclosed and explained in Ihe financial ststements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in busine$5. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial slalements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by. M H Landau Chair Date.. 131411 Page 5 THE IOE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 JUNE 2023 Independent axaminer's report to the Trustees of The IOE Foundation {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 30 June 2023. Responslbilities and basls of report As the Trustees of the Charity you are responsible for the preparation of the accoLFnts in accordance with the requirements of the Charities Act 2011 ￿he 2011 ACV). I report in respect of my examination of the Charitrf5 accounts c8fTied out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direelions given by the Charity Commission under section 145{51{bl of the 2011 Act. Independent examiner's slatement Your allenlion is drawn to the fact that the Charity has prepared the accounts in accordance wlh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities prepaTing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations but has been withdrawn. l understand that thi5 has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or aft&r 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records., or the accounts do not comply with the appltcable requirements concerning the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have Gome across no other m8llers in connection with the examlnalion lo which attention should be drawn in this report in order to enable 8 proper understanding of the accounts lo be reached. Signed- Dated.. 24 April 2024 RebeGca Hughes Bsc {Hons> FCCA MHA Chartered Accountants Northampton. United Klngdom Page 6 THE IOE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2023 Unrestricted Total fund$ funds Period ended Perlod ended 30 June 30 Jung 2023 2023 Note Income from: Donations and legacies 50.000 50,000 Total income 50,000 50.000 Expenditure on: Raising funds 15 15 Total expenditure 15 15 Net movement In funds 49,985 49,985 Reconciliation of funds: Net movement in funds 49,985 49.985 Total funds carried forward 49.985 49.985 The Statement of financial activities inciudes all gains and Fosses recognised in the period. The notes on pages 9 10 10 fomi part of these financial statements. Page 7 THE IOE FOUNDATION BALANCE SHEET AS AT 30 JUNE 2023 2023 2023 Note Cu￿ent assets Cash at bank and in hand 49.985 Net current assets 49,985 Total assets less Cuffent liabllitles 49.985 Total net assets 49,985 Charityfunds Reslricled fund5 Unrestricted funds 49,985 Totsl lunds 49.985 The financial statements were approved and aLrthorised for i$sue by the Trustees and signed on their ￿half by.. M H Landau Chair Dale.. 1314IL4- The notes on pages 9 to 10 fomi part of these financial ststemenls. Page 8 THE IOE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023 Accounting policies 1.1 Basls of preparation of financial statements The finaF7cial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their aecounls in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclNe 1 January 2019}. the Financial Re￿rting Standard applicable in the UK and Republic ol Ireland IFRS 102} and the Charities Act 2011. The IOE Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿iSe slated in the relevant accounting policy. 1.2 Going concern The Trustees have concluded that there are no material uncertainties about the Trusts ability to continue as a going concem and that they can continue lo adopt the going concern basis in preparing the annual report and accounts. 1.3 Income All income is recognised once the Charty has enltdemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1A Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activty- Direct costs attributable lo a single activity are allocated dlreclly lo that aetivity. Shared costs which eontribule lo more than one activity and support costs which are not attributable to 8 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 Ilme spenl. and depreciation charges allocated on the portion of the asset's use. ExpenditLtre on charitable activities is incurred on dI￿¢11Y undertaking the activities which further the Charitys objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 9 THE IOE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023 Accounting policles (continu9d) 1.6 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in fLtrrtherance of the general ol¥ectiV8s of the Charity and which have not been design81ed for other purposes. Income from donations and legacles Unrestrlcted funds Perlod ended 30 June 2023 Total funds Period ended 30 June 2023 Donations 50,000 50,000 Statement of funds Statement of funds . curront perlod Balance at 30 Jung 2023 Income Expendlture Unrestricted funds General Funds- all funds 50.000 (151 49,985 Analysis of not assets between funds Analysls of net assets between funds - current perfod Vnrestrlcted funds 2023 Total funds 2023 Current assets 49.985 49,985 Total 49.985 49.985 Page 10