Chority numb•r. 1199S52 THE IOE FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE IOE FOUNDATION CONTENTS Page Reforgnce and admlnlstratlv• dgtall8 of tho Charlty, Its Tru8tw And advl••rs Tn1. report Ind•pnd•nt èxam1nè rèport Stat•mont of flnanclal a¢tlvltlo8 Balanc• 8h••t Not to tho Ilnan¢l•l st8tffiignts 9-13
THE IOE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trust•É¥ M H Landau. Chalr C Rustomji. Trustee G Wattley. Truste8 Ir8sign•d 12 Marth 2024) V D M¢wlllam, Trttslee P E Aitchison lappoint•d 12 March 2024) A G Gibson lapwjinted 21 JUary 20251 Charlty ro918t•r•d numb 1199552 Prfn¢ipal office Export Hwse. Minerv& BusirÈ8ts P$th, Lynth Wgod, PeterbDrough, PE2 6 A¢eountants MHA, Century House. Tho Lakos. Nt)rthamplon, NN4 7HD Page 1
THE IOE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Tw8tees present their annual report together with the fmanL7al ststements of Ihe The IOE Foundation for thFJ 1 JU 2023 to 30 June 2024. Trustees Ihal the Annual report and flnancknql statements of the harty compty with Ihe current statutory requirements, the requirements of the ¢haritys goveming doojment and the w(wisions of thè Slalemenl of Recommendèd Pr8rb¢e {SORPI "A¢coLtnting and Rewtng ty Chariles" applicablè to charit6e5 preparing their account3 in accA)Tdance wtth the FInala1 RgPQrting Stondard appIable in the UK and Republic of Ireland IFRS1021 (effectivo 1 January 20191. Obl•ctiw and actlvltl C<>nsUluW•n The IOE Fndation, 8 CharitBbl• Incorporated Organ188Uon. w8s r8glstgrgd as 8 foundat)n CIO on 6 July 2022. b. ObJKtIvoS The IOE Foundation is a grant-maker whith focJJses Its work in the fOlknng areas.. 1. The advancement of education of young people in Export and Intem8tlonal Tr8de wilhin the ageB of 1&25 yoars Én the U 2. The provision of ffnancAal grants which $upwrt 8du¢alion inthalN68 at sd)ool$ colbges and unNWSrties. 3. Workirvj in partnew¥hip likfrminded (arities. Maln actlYhl•s undortak•n to further thg Charfty8 pufpixg¥ forth? publlc bort•fft The Trustees have considere(l the Charity Comrnission's requirement in SPect of Public BenefiL In IheÉr wew the Charity meets. in full, the ¢rttetia lo $oli¥fy the te$L In pwtiwlar. in planning future actwiti'e5 of the organisalion, Twst•os considèr ht)w planned aetivibes will contributè to thè sims 8nd objectNes they have AchO•vn¢nts and p8rfornian¢• . Revlew of actlvlt The Charity has forged successful partnerships wth Young Enterprise (chBrity number 313697) and S¢ottOsh Edge {charity numbgr SCIN)35581. A sepgralo Agreomant has additionglty be8n rogthed with Young Entwprfg9 Northern Irefand. Tho Chanty Is awardln9 its Certrfir•lo of HKJh A¢hi¢vom•nt to partiapts undertaking tho IOE & IT •xamin&bon8 at Lgvg13 3, 4 arHI 5 and pas8ing wth a Di81inction. A number of ci)ntacts have boen mad• with other Charities in th• UK with whjm it 13 expectgd to wor* with in the futsjre. Pw2
THE IOE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THEYEAR ENOED 30 JUNE 2024 Financlal . Going concern Aft•r makkng appropriate enquiries. the Tfustees h8W 8 rè8son8trAÈ expectallon th81 the Ch8rty h88 8daquBta re80UTces to conlinue in 0ratIOnal existgnre for the foreseeable firture. For this reason, thgy contsnug to edopt the going concem basL% Sn preparrn9 the finanaal statemen18. Further details regarding the e4Joplion of tho grAng Cor baGls con found in th? ating polKigs. b. R060rrf•s poll Tho Trustees set a reseNe8 pdlw annual+, and thg cuffent pollcy remaui8 thatwe wll Mld a minlmum of thr88 month8. running costs plus liabiljlses. Thts IS to 811)w any potenti wnding up of the organisab.on to go ahead, and 18 in line with recomm¢ndation¥ from th? Charity Commission. The Charlty has totat funds at the year end crf £77,199. Prlnclpal fundlnp During the year the prwiupal fundln9 related to a donOn from Th& Inlt of Exptyt and Intemation81 Trod• ltharity number 266395). Page 3
THE IOE FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Struciur•. go¥•rnanc• and managèmènt . Methods of appolntm•nt or •l•etion of Tru¥ttt8 The management of the Charty is th8 responsibilty of the Trustees who are •18ded urbder Ihe terms of th• Charitys Consbtubon. b. Policttts dopted lorthe Inducllon and tralnlng of Trnsteos TNstees are re(¥uited lIh a view to Iheir experience and skills. Potential Twstees are encouraged to att•nd meeting of the Board of Trustees to leam more about the wort of the Charlty and th8 role of a Trustee. A new Tru8lees' induction session is off8r8d to all no èlected Twst8&s. Training is provided as necessary to all Trustees. Trustees have a rango of qualffications and skill¥, 88 as a range of eXrIenc in the voluntsry, statutory and private s$&ors. There must be at least three Charty Trustees. If the number falls telow thls minimum. the remaIng Tru81ee vr Trustees may act only to call a meeting irf the Chality Twu$lges or gHK>int 8 ngw Chartty Trustee. The maximum number of Charity Trustaes 1$ 12. Thè Charity TNstèes may nc appolnt any Charfty Tn19¢ If a8 a resuk the number of ¢harfty Tru$lèe$ woulj ¢x¢egd thg maximum. Ap8rt fr(Mn tho fir8t Charlty TFuslees, every Trustee rnu81 be 8ppJinted fcf a te of three yeaT8 by a resolulic passed at a proOy convened meeting of the Charity TNstees. . Flnan¢Sal rl$k managomont The Trusleos have assessed the malor rfsks to %thlc the Charlty18 exposed, in paTdtsJ18r thoso rglat9d to the opèratTrons gnd finances of the Charity. and are saSfied th* systems and proceduie8 are in pla to miligate eXP08ure to the major risks. d. Oryani8ational 8tructuro and declslon maklng The tharty Is govemed by a Board of Tru8tOè8. whlch Is re8pon$lb18 for tt8 eff8ctlve management and fiJtur8 dgv$k)pmgnL Plam for futuro p•rfod4 Tho Ch¥ity Intands to continua to work with key partner oryani8alion8 whith d8lNer the Charif<s deslred ¢ttoM•S and whose Impact can be measured. Page 4
THE IOE FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 St#tèment of Trustees. MspDnsibiltti•¥ The Trustees we responsible for preparing the Trust86s' report 8nd the financi¥l stst6mgnts in accordance with 8pplThbl8 taw and United Kingdom Accounting Stand8rds Iunrtèd lQ"ngdom Gènèrdlty AcPtsd AccLJunting Practice>. The law apF4icable lo thaiib•s in Enand & Wales requires tha TnjstS lo wéparè fin181 st8monts for each financAal year whith give a tru6 and fair viaw of th• stalg of affairs of the Charity and of ils ineomSrwJ Tesources and application of reScT¢s, induding its income and expenditwe. for that periort. In prapaiing the rmanctal statsm8nts, thè Tru$1¢8¥ arg T?quirgd lo: $d8cl $LilaLqo accounting policies 8nd then #pptythem consistsnty., observe the method$ and prin¢6 ofthe Charities SORP IFRS 1021,. make judgmenls and aLjn16n9 gstim8tss that are 8$Onale and wdenL stste whether applicable UK Awunting Standards IFRS 102} have bsen folh)wd, s)]9¢¢ lo any material departures thsclosed and explained In the finanaal statfjrn9nts: èpare the financTrd statements on the going concem basis unl8ss il is inapprc¥iaie io UMe Ihat the Charrty will continL* in businvJs. The TNsts•s T•$ponsthh for keeping adequate aCCnting records that are sufficient to show and explain CharW$ tr8¢hOn$ and di8close w¢th reasonable acDJracy at any lim& thè financAal posit ofthe Charity and enaL4e thern to ensure Ihat the financid ststements eomply wmh the Charrfiès Act 2011. Ihe Charity (Aectsunts and Reports) Regulatlons 2Crf)8 and the WOViSiDnS of the TN51 deed. Thgy are also responsibEe fcf safeguarding the assets of the Charlty and hence fortsking rt83onable steps for the prevention 8nd detedon ol fraud and other irro9al1tM$. Approved by order of the members of the board of Trusiees and signed on theÉr behalf by. H L•ndau Chair Page 5
THE IOE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Indepond•nt •xarnin•rfs r•port to th• Trust0•6 of Th• IOE Foundatlon I'th• Charlty) I r8PQrt to thg tharity Trustees on rny examination of the accounts of the Charty for th? ygar ènd8d 30 June 21)24. R•#pon*biliti•¥ and ba¥1¥ of report As tho Truste8s of Ihe Charity you are TPOnsible for the preparation of the acco15 in accordanc8 with the requirom¢nls of the Charib•8 Act 2011 Ilhe 2011 Art). I report in respeet of my examination of the Chmritys Sents carriÉd out under $oCtion 145 of the 2011 Art and Sn ¢8Y7n9 oul my gxafflination I have followed the applicable DirBCtion8 klven by the chlty Commisgon under séction 14515){b) of the 2011 Act. Ind•pgndfjnt 9xaminerf •tatemerrt Your attenuon Is drawn lo th9 fact Ihal thg Charity h4$ wgpar¥d th9 8¢counts in a¢¢ord8nce wth Accounting aThJ Raporting by Charitiès: St8temÈnt of Recommended Practicè aprAitAblÈ to d)ar1$S preparing th accounts in acc¢Ydan¢e with the FinancHI Reporting Standard apPcable in the UK and Republ'c of Ireland {FRS 1021 in pyeference lo the Accountin9 and Reportin9 by ChilleS.. Statement of Recomm•nd•d Practice ssued on 1 Apth 2CK)5 which is referred lo in the exlant regatjns but has been vhlhdTaWn. l understsnd that thks hAs bÈÈn donè ift ordèr for thè 8tr£AJnts tts prov4de È true far vi8w in accordance with Iho G¥fallY Accepted AntIng Praclice effective for reporting permjds beginning on or after 1 JaThJary 2015. I have romplel8d my gxarnination. I confirm that no fflatteTS have come to my attenlion win•ction with the examinab.on giwng me cause to believe that in any material respeca=
ceounling record¥ were not kept in re8ped of the Charity a8 re4uired by secbon 130 of thè 2011 Acl". or
the accounts do not accord with those records" or arxounls do not comply wlh the 8ppll¢able re¢w0MentS concemino the fr)m and conlenl of sents $¢t out in lh¢ Charibgs (Accounts and Rgports} Re9ationS 2008 other than any wuirernenl that the accounts give a 'lrue and f8irf view which 18 not a matter CCsIdered as part of independent examlnation. I have no concerns and have cixne acTOSS no otrer matters in connection with the examination lo whith attention Sh t* dc8vm in this roport in OTder lo enable s pr(fJ¢r undwstsndFng of the eco)unts to be raach8d. Signed.. Retecca Hughas BS¢ IHon$l FCCA Dated= 27 March 2025 MHA Chartèred Accwnt Norlhampton, United Kingdom P89e 6
THE IOE FOUNDATION STATEMENT OF FINANCIAL ACTIVrnES FOR THE YEAR ENDED 30JUNE 2024 Unr•5trict•d funds funds funds Y•ar Y•ar ond•d P¢rbJ ended 30 Junè 30 Junè 30 Juno 2024 2024 2023 Note kn¢om• from: Donations and kg8rAe$ 5ri,000 50,000 Total Income 50.000 50.000 Expendltur• on: Rthing funds Charitable aCtitieS 2.786 20.000 2.786 20.000 15 Total •xp•ndltuYe 21786 22.786 15 Net rnov•m•nt In funds 27.214 27.214 49.985 R•ctsnciliation of funds: Total fttnds brought forward N8t mov&ml in fund¥ 49.985 27.214 49.985 27.214 49.985 Totsl fund8 ¢arrfod fornard 77,199 77.199 49.985 The Statement of fingla1 actiw'lies in(*Jdes all gains and losses recognised in the year. The notes on pages 9 to 13 fcim part of the financt81 stslgmerrts. Poge 7
THE IOE FOUNDATION BALANCE SHEET AS AT30 JUNE 2024 2024 2023 Flxed ¥ssets Cuffent ass8ts Ca$h al bank and in hand 99.719 49.965 99,719 49.985 Creditors.. amounts falling due within on• {22,S201 N•t eurront a••¢ts 77,199 Total n•t a•sots Tl.199 49,985 Charity funds Restricted fund8 Unrestrided funds 77.199 49.985 Total furbds 77.199 49.985 Th8 financial slalam8nts %%Ère aFvoved aThJ aulhorisad foT by th• Trust8•s on and I1r behall by. H Landa Chair The not•s on pages 9 to 13 form part of these ana81 $tatom•nl$. Page 8
THE IOE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30JUNE 2024 Accounting pollcl• 1.1 Basls of pr•parntion of finanelal stst£m•nt8 Tha finan081 stat•monts have bgen prepared in acccfdance wlh the Charlies SORP IFRS 102) - and Reporting by Charities.. Ststement of Reccrnended Practi apFqtob to ¢haribes preparing their account8 in accordance with the Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 11r21 leffeclNe 1 January 2019). the Financ4al RgPQrtiryq Stsndord applicable in the UK and Republic of Ireland (FRS 1021 and the Charities Act 2011. The IOE Foundalion m8•ts th• dèfinibon of 8 public b8nefft Onlty undar FRS 1W2. Assets and ILabilities are inittally r6cognisod at Ilstorical cost or tronsaclion valuo lasS (theM8e 8tated in th relevant 8ccount#lg policy. 1.2 Golng ¢oncem The Trusl&es hav& eonduded that thera ar• no m81Brial UnclbaS about the Trusts ability to rDntinue as a going eoncèm and that thèy CBn eonlinu8 to adopt the going concern basi8 in preporing the onnual rgpL¥t ¥nd a¢¢ourtt9. 1.3 In¢om• l income is lerSed cffice the Charity has tillernent to the income, it is wobablo that the income will be received aThJ th& amwnt of incom8 r8caivable can te rneasured rdiat4y. 1.4 Expenditurn Expgndilure 15 reroynised once there is a legal or constnjdive obh'g81ion to transfer economic benefrt to a third party. f( is probable that a transfer of economic beneffls WHI be requlred in sement and Ihe amount of the obligalion can be measured reliat4y. Expenditurg is das$tfied by activty. The Tr)sts of each actwty are made up of the total of direct L¥)xts 8nd shared costs, including support costs involved in undertaking eath activity. Direct costs attribut8ble lo a single activity are loCated directly to that activty. Shar8d eosts byhith contrknLtte lo more than cffle activity and support CO8ts which arè not attributablè to a single activity ar8 apporticffied betsveen Iho#• activiti.es on a basis conslstent wNh the use of resourees. Certtral slaff costs are allocated on the basÉ$ of timè spènt, and dep¥iation Ghar9es allocated on the porlion of the assat's use. Exp?ndilur¢ raising funds indudes all expenditure inrred by the Charty tQ Taise funds for its ¢harrtablè pu0#e& and indudes tthts of all nrSinG activities evenls and 0chantabl& trading. Expenditure on charflable acbvities Is IncJJrred on directly undertakin9 the Xt1tS which fwther th¥ Charity's obiectr4es. as as any associatéd support CAlSts. Grants payable are chaT9ed Ihe Jpar when the offer is made eXpt in those cases where the offer is conditionpj, such grants beSThJ recognised a$ expenditure when the condrtions Bttathing are fulfilled. Grants offere¢J subject to condtbons which have not been mel at the year gnd are noted as a commitment, but not 8ccnJed 88 expenditu All expendriure i8 inclusNe of irrecoverable VAT. Page 9
THE IOE FOUNDATION NOTES TO THE FINMCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024 Accounting pollcles {eonlrnu•d) 1.5 Cash at bank and In hand Cash at bank and In hand IndeS cash and 8hort-temi highly IN4uKI investments I1h a short maturty of three month$ or loss from the date of acqui8rfion or opening of the depo¥il or $iml account. 1.6 Llabiliti08 and provlslons Liablities are recognised wthan thara is 8n oblwation at thè BÈlancè AhèÈt thle as a rnsult of a past event, rt is probable that 8 tr8nsfar of a¢onomic will b8 required 8¢ttl•hent, th amourEt tsf th? ¥ettlement can be estimated reliably. Liabiliti93 are recognised al Ihe amount that the Charity antldpates It VAII pay lo settte the debt or thg amount it has received as advanced payments for Ihè goods or strrwi I mu$1 provRIe. Pmwsions ale measur•d at th• b•st •slimala OF th? amounts requed to settle the obligatiffi. Wh•rn the effect of the timo value of money is material, the prowsion Is based on the present value of tho89 amounts, disclted at the ithscount rate that reflects the risks sppKific to the liability. The unwindlny of th& disc¢)unt is rec4Jgni8ed Fn the Statement of financial activittes as a finance cost 1.7 Fund ¥¢counting GeneraF fLNJds are url[ld fvnds are avaifable for use al the diBcretion cl tho TNS1 In furtherance of the 9enoral c*4'erAives of the Charity and which have not been deshjnated for other ry)ow. Incorne from donations and l•gacl•s Unregtrlcted Total Total fund8 funds fd$ Yw ÈndÈd Y•arènd•d P8rtod ended 30 June 30 Juno 30 June 2024 2024 2023 Donalicfis 50.000 50,000 Paga 10
THE IOE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 Anal1 of grants Grants to In•titutlon8 Total eund¥ T(knl funds Period èndod 30 June 2023 30 June 2024 30 June 2024 Young Enterprise Award 20,000 Analyl* of •xp•nditur¢ on charitsble xtiviti Sumrnary by fundtype unrtted fund8 Total Pwiod ended 30 Jun& 2023 30Jun• 2024 30Jun• 2024 yfig Entsrprise Award 20.OOD 20.000 Analy818 of oxpendlturn by actsvltle¥ Grant luhd5ng of actlvltl•s Totsl funds funds Period ended 30 Jun? 2023 30 Juno 2024 30June 2024 Young Enterprise Award 20,OCKJ 20.000 Page11
THE IOE FOUNDATION NOTES TO THE FINAJICIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Cweditorn: Arnounts falllry due wlthln one year 2024 2023 Amounts owed to group undertakings Acc¥ua15 and deferred incoma .200 1,320 22.520 stat•m•nt of Ivnd ststgmerrt of ld8. cuTrnt y•4r Balanc• at 30 June 2024 Balance It 1 July 2023 Income EXpendir UnrnStrf¢t funds Genèral Funds- al fun(ts 49.98S 50.000 122.786) 77.199 st0tsm9nt of funds- prlory•ar Batance at 30 June 2023 Incorne Expendkture Unro#tricted funds General Funds- al funds (151 49.985 Pap12
THE IOE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 natysls of not ass•ts b•tw••n funds Analy•i• of net ats betrween lunds- current pertod Unrnstrfctod lunds 2024 Total fun 2024 Cwrent assets CditOrs due wlhin one year 99.719 22.520) 99,719 122,620) Total 77,199 7T,199 Page 13