INTERNATIONAL SCHOOLS OF BUSINESS MANAGEMENT la comparty Ilmlted by guaranteel International Schools of Business Management A company limited by guarantee Annual report and unaudited Financial Statements for the year ended 31 July 2024 Registered no: 1293553 Registered Charity no: 273018 I ISBM IA= INTERNATIONALSCHOOL5 OF BUSINESS MANAGEMENT IA coinpany Ilmlted by guaranreel UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Company Informatlon Trustees, Report Ilncorporatlng the Stiategl¢ and Dl¥È¢tor's Reportsl................................ Independent Examlner's Report to the Members 9.10 Statement of Flnancial Actlvltie5 Ilncluding Income alld EKpendlture accountl........... li statement of Flnancial Position 12-13 Statement of Cash FIow5....... ........ ........ ... ....... ...............................-..-.................,..........................14 Notes to the Flnahtlal Statemenis 15-25 INTERNATIONAL SCHOOLS OF BUSINESS MANAGEMENT la company limited by guarantee) COMPANY INFORMATION Registered Address 15 Bunhlll Row London ECIY 8LP Registered number 1293553 Registered charity number 273018 Independent Examiner Helen Binns FCA Beever and Struthers Chartered Accountants and Buslness Advisors One Express l George Leigh Street Ancoats Manchester M4 5DL Bankers Metro Bank One Southampton Row London WCIB SHA Company Secretary Carol Pearson INTERNATIONAI SCHOOLS OF EUSINES5 MANAGEMENT la company Ilmlted byguarèmteel TRUSTEES, REPORT (INCORPORATING THE STRATEGIC AND DIRECTOR'S REPORTS) FOR THE YEAR ENDED 31 JULY 2024 The Trustees, who are also Directors for the purposes of company law, present their annual Trustees, report and unaudited financial stalemei)ts of International Schools of 8usiness ManaBement (the charitable company) for the year ended 31 July 2024. The report has been prepared io meet the reqtjlrements for a strategic and director's report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accountln8 policies set out on pages 15 to 18 and tomply with the Charities Act 2011, the Companies Act 2006, the charitable companvs Memorandum and Articles of Association, and the requirements of Accounting and Reporting by Charities Statement of Recoinmended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reportliig Standard applicable ii) the United Kingdom and Republic of Ireland IFRS 1021, effective from a¢countlng periods commencing l January 2019 or later. Principal aims and objects The principal activity of the charitable company is the advancement ol education and learning through the operation of an International Teachers Pro8ramme I'ITP'I. Structure, governance and management Governing document Internatlonal Schools of Buslness Management (the charltable company) Is a company limited by 8UBrantee, not having a share capital, and w#5 incorporated on 6 January 1977. It opèr3tes in accordance with a Memorandun) & Articles of Asso¢iati(>n adopted on 6 January 1977. The liability under guarantee of the 12 members is limited to £1 each. The charitable company Is a registered charlty in England and Wales. Organisation and decision making The directors make the key decisions about the conduct of the charitable company. They meet twice a year to transact the business Df the charitable company. The administration of the chaiitable company is carried out by the Compally Secretary. The member schoolslorganisations pay the directors, expense5 for travel to board meetings enabling the directors to fulfil their roles as directors and trustees of the charitable company. The directors receive remuneration from the member schoolslorganisations for their employment as Professors at the schools or in one case as President at the European Foundation for MaiiaEement Development IEFMD Globall. Appo¥ntment, induction and training of Trustees Directors, as Charity trustees, are appointed in accordance with the charitable CoMpan￿S article5 of association which state that each member or8ani5ation may choose one person as thelr representative on the board of directors. In the case of a new ￿h0o1 jolning the INTERNATIONAt SCHOOLS OF BUSINESS MANAGEMENT la company limited by guarantee) tharitahlè company, thè Chair provides informal advice and guidance to ensure a 5Ultable individual is chosen. The directors of the charitable company are a150 charity trustees for the pvrposes of charity law. The (lirectors, ès charity trLfStees, have control of the charitable company and its propert¥ and funds. Each director is made aware of their duties as trustee upon appointment and accepts their responsibility to keep up to date with changes In statutory reqylrements that affect the rolè and responsibilities of trustees provided by the Companysecretary on a regular basis. A simple record of directors, tralning has been established. The directorsltrustees of the charitable company during the year ended 31 July 2024 were: DirectorsifrLlStees Members Professor S Caselli SDA Bocconi School of Management, Italy Professor I Cohen (appointed 14.06.241 MIT Sloan School of Management, USA Professor E Cornuel European Foundation for Management Development IEFMD Globall. Belgium Profe550r M Debruyne Vlerick Business School, Belgium Professor K de Valck HEC Paris, France Emeritus Professor G Dyas (resigned 14.10.231 INSEAD, France Adjunct Professor T Hellwig appointed 14.10.231 INSEAD. France Professor L Krishnamurthi Kellogg School of Man3gement, Northwestern University, USA Professor P Marten550n (Chair Stockholm School of Economlcs, Sweden Professor J Mullins London Business School, UK Assoclate Professor C Serrano-Archimi IAE- Alx Graduate School of Management, France Professor S Singh Indian School of Business, India Professor S Terence T5ai China Europe International Business School ICEIBSI Professor M Yazlli IMD, Swltzerland Durin8 the 2023-24 linancial year MIT Sloan School of Manaaement joined the Consortium. INTERNATIONAI SCHOOIS OF BUSINESS MANAGEMENT la company Ilmited by guarantee) Pay policy and key management personnel The key management personnel of the chayltable company comprise the trL(Stee5 together with the Company Secretaiy. Neither the trustees nor ihe Company Secretary receive salary ayments from the charitable company. The Company Secretary invoices for services via a limited company. Key tasks undertaken by the Company Secretary and contingency plans in case of an emergency are well documentecl. All crltical financial tasks could be undertaken by the two mandated tr£Jstees in the absence of the Company Secretary. None of the key personnel are co-located and are able to continue to work and communicate virtually at aiiy time. On an exceptional basis, board meetings take place wholly or partially virtually. Trustees, responsibilities The trustees (who are also directors of the chaiitable company for the purposes of company lawl are responslble for preparlng the Trustees, Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practice). Company law requires the trLJStees to prepaTe Financi81 Statements for each financial year whlch glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of re50urce5, includin8 the income and expenditure, of the charitable company for tl)at period. In preparing these Financial Statements, the trustee5 are required to: select sultable accountlng polScles and then apply them conslstently; observe the methods and principle5 in Accounting and Reporting by Charities Statement of Recommended Practice 2019 applic8ble to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021; m3ke Judgements and estlmates that are reasonable prijdent; state whether applicable UK Accounting Standards have been followed subject to any materlal departures disc105ed and explained in the Financial Statements,. and prepare the Financial Statements on the going ¢on¢ern basis unless It is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that ihe Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and hence for taking re3sonable steps for the pyevention and detection of fraud and other irreBularities. Each of the trustees conflrms that.. So far as the trustee is aware, there is no relevant information of which the charitable companvs Indepèndènt èxaminer 15 unaware; and INTERNATIONAI SCHOOLS OF BUSINESS MANAGEMENT la ¢ompany Ilmited by 8uarartteÈl The trustee has taken all the steps that he/she ought to have taken as a trustee in order to make hlinselflherself aware of any ielevant Informatlon and to establlsh that the charitable companvs independent examiner Is aware of that Informatlon. The trustees are rèsprtnsiblè for the maintenance and intÈgrity of the corporate and financial information included on the charitable company's website. Legislation in the Unlted Kingdom governing the preparatlon and dissemlnatlon of Financial Statements may differ from legislation in other jurisdictions. The directors have decided to take advantage of the provision5 of section 477 of the Companies Act 2006 and therefore an audit has not been carried otst for the year under review. Objectives and activities of the charitable company Public benef it When setting the objective5 and planning for the work of the chorltable company the trustees l)ave given careful consideration to the Charity Commlssion's general guidance on public benefit. The charitable company has pursued the principal object for which it was established, namely the advancement of education and learning through the operation of ils flagship International Teachers Programme IITPI for nearly 50 years. The charitable company achieves public benefit by improving the quality of teaching whlch leads to better education resulting in better equlpped students who go on to make 2 greater impact on society. Scholarships are awarded to outstanding candidates from Snstitutions in less well-developed countrles whlch would not otheTh4lse be able to afford to sponsor participants to attend the ITP. In recent years the charilable company has focused on supportin8 particlpants from Africa, Asia, Eastern Europe, and Latin AmeFlCa. Programme delivery The ITP is a development programme aimed at business and management teachers In universities and business schools. The programme is an iiitensive teaching development programme dedicated to helping business educators in universlties and buslness schools across the globè dèvelop thÈir teèching skills and capabilities delivered by education31 expert5 and practitioneis drawn from around the world in 3 highly interactive learning environment. Partlclpat)ts leave the programme with Improved teaching skills and a greater understanding of a wide range of teaching techniques, styles, methods and formals including virtual delivery of teaching. One edition of the ITP is offered annually. The managèment of the progr3mme rotates amongst the member business schoo15 of the ch2ritable company consortium, each host sthool usually hosting two consecutive edition5. The programme is delivered by a diverse group of teachers and professionals who not only have a passion for teaching business topics but also a passion for teaching how to teaeh. They form a unlouè tèam whc>se objective is to provide programme participants with ideas. INTERNATIONAISCHOOLS OF BUSINESS MANAGEMENT la company Ilmlted by guarantee) suggestions and technique5 to improve the way they teach and interact with stLFdents and other learners. The programme also provides opportunities for p3rlicipants to exchange ideas and learn from ea¢h other, as well as to develop thoir personal confidence. The charitable company offers a number of scholarships to deserving participant5 in the form of frèe placès to the bi-annual ITP Booster ProgTamme in addition to those attending the ITP each year. Golng concern The Trustee5 have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The current reserves p051tion would allow the charitable company to continue operating for at least five years without receiving any net income fron) proEramine a¢tlvitles. It is expected that the charitable company will continue to pursue its objects in the future with the board continuin8 to adopt a lowlmedium risk slrategy with a minimum of 50Yo of assets in investments realisable within 3 months. The investment objective is to at least guarantee 3 return of inflation per annum over the long term with the aim to protect the real value of the charitrfs assets. Review of the year The 2023-24 ITP was delivered over 3 modules by Vlerick Business School to particlpants from countrles In Africa, Asia. Eijrope, and South America. Of the 42 participants 22152%1 were female. The price of the 2023-24 programme was £14,500. Four full scholarships totallind 58,000 euros12022-23.. 54,0001 were awarded to participants from less developed countries with a UN Human DèvÈlopmÉnt Index of <0.8 on thè 2023-24 programme. Vlerick Business Schools also hosted the second ITP Booster Programme over 2 days on its campuses in Ghent and Brussels. The price of this piogramme was 1,700 euros. There wèrè 26 participants. One participant from India received a full scholarship. The board meetings in October 2023 and Marchloctober 2024 approved the launch of an online programine aiined at schools who Could not afford to send participants to ITP which ran as a pilot in April 2024 entitled "The Essentials of Teaching and Learning" There were 35 participants mostly from Latin America. A second edition was approved for April 2025. The first ITP Teaching and Learning Award of 3,000 euros was presented to Christine Kelly by Pal Martensson at the EFMD annual conference in lune 2024. The task force led by the ISBM Chair, Par Martensson, further developed options for developlng new charitable activities including the appolntment of ITP Ambassadors to help promote the progrBmme to a wider Elobal audience. Plans for future periods stockholm Schools of Economics ISSEI is hosting the 2024-25 edition of the ITP. The SSE programme will take place over 3 intensive modules. the second of which will be delivered vlrtually. The prlce has been set at £15,500. SSE will also host the programme in 2025.26. INTERNATIONALSCHOOiS OF BLISINESS MANAGEMENT la company Ilmlted by 8uar8ntÈel Financial review A summary of the year's results can be shown on pages 11-12 of the financial statements. Regular Income Is derSved from fees for the International Teachers Programme. Total Income for the year was £593,30912023: £474,1931. The total expendlture was £558,74312023: £402,027). The net gain on investments was £18,69812023 loss.- £4,980). Durlng 2024 the charltable company achleved a surplvs 01 £53,26412023 surplus £67,186). The overall surplus is made up of a surplus of £53,589 from general funds and a deficit of £325 from designated funds. In addition, cash balances at the bank total £991,71912023.. £995,607). investment in 17,640 income unlts of the COIF Charities Investment Fund were valued at £359,907 at 31 July 202412023.'11,426 units E216,2091 and the general reserve fund is at £617,95012023- £564,361). The trustees consider this is sufficient to cover current commitment5 and the ongoing activities of the Charitable company. Reserves policy The trustees have examined the requirement for free reserves i.e. those general funds not invested In tanglble fixed assets, designated for specific purposgs or otherwise committed. The trustees con51der that, Blven the nature of the charitable company's work, the level of free reserves should cover a Inlnimum of one programme's operating costs. The trustees reviewed this figure and judge it to represent approximately £400,000 based on the average cost of runnlng the ITP over the past 2 years. At 31 July 2C)24 free reserves stood at £617,950 whlch is £217,950 hlgher than the target reserves. Some of these extra funds will continue to be allocated to suppofling scholarships to particlpants from less developed countries over the coming two-year cycle as well as investments new initiatives e.g. the ITP BtsostÉr ènd the online programme. The trustees are of the opinion that thi5 provides sufficient flexlbllity to cover any potential unrecoverable liabilities. In the worst-case scenario of the failure of ISBM'S bank and no addStSonal net Income from operations the trustees belSeve that there wlll be adequate residual working capital from the Financial Services Cosmpensation Scheme to cover ISBM'S core operatlng costs for at least five years. Financial position The balance Sheet 5how5 total net a55ets of £702,62512023.. £649.3611 of which £617,950 12023: £564,361) relates to general funds. These funds are to be used to further develop and promote the charitable company in 2024-25 and beyond. The trustees consider that thls is sufficient to cover current commltments and to finance the ongoing running of the business in accordance with the reserves policy. The charitable company is continually looking to identify new Snltlatlves. These are now the key topics for discussion at pre-board meeting workshops. The desiEnated fund of £84,67512023- £85,000) is intended to 5UPPOTt the long-term development of the ITP and in partitular to finance scholarshlps and other research and INTf RNATIONAL SCHOOLS OF BUSINESS MANAGEMENT la tompany Ilmlted by guarantee) development initiatives consistent with the charitable CoMpan￿S Memorandum and Articles of Association. Risk management The trustees have assessed the major risks to which the cha¥itable company is exposed, in particular those relating to the specific operational areas of the charitable Company. The trustees believe that by monitoring resetve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charitable company, they have established effective systems to mitigate those risks. A risk register has been established and is reviewed at least bi-annually. As part of this process the internal controls are reviewed. Internal Control risks are minimised by a clear system of delegated authority and control, and procedure5 for the authorlsation of all flnan¢ial transactions. The directors are satisfied that the containment actions in place w511 be adequate to manage and reduce the key risks identified. Principal risks and uncertainties The key risks and uncertalnties faclng the charitable company are.. retaining ISBM'S charitable status given recent surpluses, cannibalising the maln ITP following the launch of the remotelonline programme and maintaining the programme reputation. Participant numbers for 2024-25 are sufficient to ensure a healthy contributlon to cover central operating costs and ongoing projects. The trustees are also aware of the potential risk of holding large fund5 Wlth one principal bank. Seeking additional ljanking solutions will be a priority in the coming year. These main risks and uncertainties are being managed through regular and timely communication with board members and current participants. Clear budgeting, break-even analysls and close reporting of marketing and admissions are vital. Active engagement of board schools, m3nagement by their represenlatives 15 a150 key to future viability. This report has been prepared in accordance with the 5peclal provisions of Part 15 of the Companies Act 2006 relatin8 to small companies. Approved by the Board of Dlrectors on 7 March 2025 and signed on their behalf by: P. Marten550n Director INTERNATIONAI 5CHOOL5 OF BUSINESS MANAGEMENT 18 tompaay limlted byguaranteel INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS OF INTERNATIONAL SCHOOLS OF BUSINESS MANAGEMENT FOR THE YEAR ENDED 31 JULY 2024 I report on the 3ccc>unts of the charitable company for the year ended 31 July 2024 which are set out on pages 11 to 25. Respective Responsibilities of Trustees and Examiner The trustees (who are also the directors of the charitable company for the purposes of company lawl ère respon51ble for the prepa¥ation of the accounts. The trustees consider that an audit 15 not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charitable compaiiy is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. Examine the accounts under section 145 of the 2011 Act., Follow the procedures laid down in the gener31 Dirèctlons glven by the Charity Commission under section 14515llbl of the 2011 Act,. and State whether parlicular matters have come to my attention. Basis of Independent Examiner's Report My examination was cariied out in accordance with the general Directions given by the Charity Commlsslon. An examination includes a review of the accounting records kept by the charitable company and a comparison of the accounts presented wlth those records. It also includes Conslderatlon of any unusual items or disclosures in the accounts, and seeking explanati0115 from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlled In an audlt and con5cquently no opinion Ss given as to whether the accounts present a 'true and fair view, and the report is liniited to those matters set out in the Statement below. Independent Examlner's Statement In connection with my examination, no matter has come to my attentlon.. l. which gives me re350nable cause to believe that in any material respect the requirements: to keep accounting records In accordance with section 386 of the Companie5 Act 2(X16; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companies Act 2006 2nd with the methods and principles of the Statement of Recommended Practlce.. Accountlng and Reporting by Charlties have not been met- or INTERNATIONALSCHOQL5 OF BUSINESS MANAGEMENT la company Ilmlted by Euaranteel 2. to which, in my opinion, attentiori Should be drawn in order to enable a proper understanding of the accoijnts to be reached. Helen Binns IFCAI Independent Examiner One Express l George Leigh Street Manchester M45DL Date 71.s..!a.o2.5 10 INTERNATIONAISCHOOLS OF BUSINESS MANAGEMENT a company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 UnTestrlcted Funds fjeneral Fund5 De51Bn8led Funds 2024 Notes Total Funds Totsl Funds 2tr24 2024 2023 Irom.. 585383 466A82 Pio$iamthedeliVèry InveStmEntlncome 7.826 7,826 ¥ot411Atomè 593,309 593J09 474,193 Expendlluroon.. 13,979 11.97& 19,052 ProEramrne delwery 494.443 50.325 544.7fj8 382,975 Total•xppndltuil 50BAI8 50.325 558,742 402,027 Inwt¢DÈnts 18,698 18.69B 14,9801 NeLlneom•l lexpendiiuiel bel¢ie 103.589 1511.3751 53,264 6Y.186 Trènsfer betwèen lunds IS116 (SO,r￿] 50,( Netthovemerttlhfurtds 51S89 53,264 67,186 1¥16 564,%1 85,( 649.36L 582.175 IAuEU5t 2023 FvndbèIa￿e5￿t X5116 617.950 84,675 702,615 649.361 All of the charltable ¢ompan¢s actlvities derived from continuing operations duiing the bove two financial periods. The stalement of financial activities includes all gains and lossès recognised in the year. The Notes on pages 15 to 25 form part of these flnancial statement5. INTERNATIONALSCHOOLS OF BUSINESS MANAGEMENT la company Ilmlted byguaranteel STATEMENT OF FINANCIAL POSITION AS AT 31JULY 2024 Registered Number: 1293553 Notes 2024 2023 C￿r￿nt a55ets Investments 12 359,￿7 216,209 DebtQTS 13 13,468 Cash at bank and In hand 991,719 995,607 1,365,094 1.211,816 Creditots ArnouDt5 f¥lllnE duÈi¥ithln one year 14 1662,4691 1562,4551 Net turrent asseis 702,625 649,361 Total neta5set5 702,625 649,361 The funds of the chaTltzble comp3ny.' Unrestrlcted lunds.. De518n4ted fund Is 84,675 85,0 General fund 16 617,950 564,361 17 702,625 649,361 For the year ended 31 July 2024, the charitable tompany wa5 entitled io exemption from audit under sectlon 477 of the Companies Act 2006 relaling to small companies. The members have not required the charitablè company to obtain an audit of its account5 for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting rècords and the preparation of accounts. INTERNATIONALSCHOOLS OF BUSINESS MANAGEMENT la company limited by¥uar8ntèÈl These accounts have been prepared in accordance with the provisions applicable to companies subject to the sm311 companles, regime. The financial statements on pages 11 to 25 were approved by the Board of Dirertors and authorised for issue on 7 March 2025 and are signed on their behalf bv.. P. Martensson Dlrector The notes on pages 15 to 25 form part of these financial statements. 13 INYERNATIONALSCHOOLS OF BiISINESS MANAGEMENT (H company limlted byÉuaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 otes Cash flow5 from ope¥atlng a¢iivllles'. et cash influw Irom operatlng attlvltles 113,286 163.704 Cash flows from InvestlnB actlvltles: Investment income and Sntere5t re¢elvèd Proceed5 from the disposal of Investments Pvrcha5p of Investments Net cash provlded by Inve5tlng actlvlties 7,826 7.711 1125,OODI 1117.1741 7,711 Change In rash and Cash equlvalents In theyear 13,8881 17J,415 Cash cash equlvalents 8t l August 2023 995.607 824.192 Cash and cash equlvalents at 31 july 2024 991.719 995,607 Notes to ihe siatemeni of cash flows for theyeaT to 31July 2024. A Ret¢nclllatlon of net movement In funds to net ¢4sh used in operatlng actlvltlès 2024 2023 Net movement In funds las perthe statement of flnartclal actlvltlesl Adlustments lor.. L055es Igainsl on ETrvesttnents Inve5tfflent income Jnd inierest receiv8ble Decrease / Ilncreasel In debtOTS Ioecreasel increase in c¥editors Net cash inflow Irom oper¥tlDg actlvliles 53,264 67,186 118.69BI 17.8261 lJ3,4681 100,014 iia,286 4.980 17,7111 99,249 163,?04 Analys15 01 changes In net debt 2023 Cash flows 2024 Cash at bank and In hand Cash held by inve5trnent tnanaEers Total cash and £ash equlvalents 995,607 13,8881 991,719 995,$07 13,8881 991,719 14 IMfERNATIONAI SCHOOLS OF BUSINÉSS MANAGEMENT la company limlteil by 8lJèta#teel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Legal status The charitable company is a private company limited by guarantee incorporated in the Unlted Klngdom (England and Wales) and has no Share capital. The reglstered office of the charitable company 1$ 15 Bunhill Row, London. ECIY 8LP. The principal activities of the charity are the advancement of education and learnlng through the operation of an Internatlonal Teachèrs Programme. In the event of the charitable company being wound up, the liability in iespect of the guarantee is limitèd to £1 per member of the charitable company. Statement of compliance The flnancial statements have been prepared in accordance wlth Atcountlng and Reporting by Charitie5.' Statement of Recon)mended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard appllcable in the United Kingdom and Republic of Ireland IFRS 1021 leffective l Janltary 20191 Icharitiès SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charltable company constitutes a publlc beneflt entity as defined by FRS 102. The financial statements are presented in sterling and are rounded io ihe nearest pound. Accounting policies The princlpal accounting policies adopted, jLJdgements and key sources of e5timatSon uncertalnty in the preparation of the financial statement5 are laid out below. Basls of preparatlon These financlal statemer)ts have been prepared for the year to 31 July 2024. The financial statements have been prepared under the historical cost convention with items recognised 3t cost o¥ transaction value unless otherwise stated in the Televant accountlng policies below or in the notes to the financial statements. Crltl¢al accountlng estimates and areas of judgement Preparation of the financial statements requires the trustees and management to make significantjudgements and estimates. The items in the lin3ncial statements where these judgements and estimates have bèen made include.. Determining any necessary provision for bad or doubtful debts. Determining rate of exchange on foreign currency tr8nsaclions. 15 INTERNATIONAC5CHQOiS OF 8USINESS MANAGEMENT la company Ilmlted by guarantee) Assessment of Bolng concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made th15 a55e5sment in respect to a periorl o* one year from the date of approval of these financial statements. The trustees of the charitable company have concluded that, while the after effects of the COVID-19 pandemlc continue to be felt, they are confident that the charitBble company will continue as a going concern. The trustee5 are of the opinlon that the charitable company will have 5ufflcSent resources to meet Its liobilitles as they fall due. The most 51gniflcant areas of ludgement that èffect items In the financial statements are detailed above. With regard to the next accounting period, the year ending 31 July 2025, the most significant issue that affects the carrying value of the assets held by the charitable company is the successful delivery of the next ITP. Yhi5 will primarily be measured by the level of repeat participation and the number of participants recruited from new and lapsed schools. Feedback from the poiticipants to colleagues 15 key to mainlaining hiEh levels of participation. Income recognltlon Income is recognised in the year in which the charitable company is entitled to receipt, it is probable the charltable Company will receive income and the amount can be measured with reasonable certainty. Income is deferred only when the charitable company ha5 to fulfil condltions before becominE entsiled to it or where the income specifically relates to activities in a future accounting period. Income comprises primarily of fees for attendance at the ITP and Interest receivable Dn funds held with the charitable companvs bankers and investment fund. Interest on funds held on deposit is included when receivable and the arnount can be measured reliably by the charltable company,. this Is normally upon notification of the interest paid or payable by the bank. Fees from participants are included as intome from charitable activities as they relate to the charitable company'5 maln activlty, the delivery of the ITP. All amounts receivable in respect of courses completed at the year-end are included to the extent that it is probable the charitable company will receive the income and the amount can be measured wilh reasonable certaintv. £xpendlture and the basls of apportioning cost5 Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to make a payment to a third partvi It is probable that a transfer of economic beneflts will be required in settlement and the amount of the obligation can be measured reliably. All expenditijre is accounted for on an accruals basis. Resources expended comprise expendlture on charltable activities, being the charitable company's primary charitable purposes as described in the trustees, report and fundraislnÈ Costs. Such costs include: Delivery of the International Teacher5 Programme Marketing of the International Teachers Programme. INTERNATIONALSCHOOLS OF BUSINES5 MANAGEMENT la company Ilmlted byguargnteel Scholarships and grants payable are payments made to participants from institutions which cannot afford the full programme fee In the furtherance of the charitable objects of the charitable company. Unconditional scholarsl)ips and grants are accrued once the participant has been notified of the scholarship or grant award. Governance costs are the costs associated with the Eovernance of the charitable companv and its assets, and the costs associated with the strategic, as opposed to the day to day, management of the charltable companws actlvitles. These are allocated to charitable activitie5. Irrecoverable VAT The chaTltible company is not registered for VAT. The irrecoverable VAT Is charged against the expenditure heading for which it was incurred. Tangible fixed assets Tangible fixed assets are stated at cost. All a55etS C05ting more than E2,000 and with ar) expected useful Ilfe of more than one year are capitalised. The charitable company has Enil taiigible fixed a55ets as at 31 July 2023. Debtors Debtors are recognised at their settlement amount, less any provision for non- recoverability. Prepayments are valued at the amount prepaid. Current Investments Current Investments comprise units held in the COIF Charities Investment Fund. They are valued at the mid-market value a5 at the year-end date. Cash at bank and in hand Cash at bank and in hand represents such account5 and Instruments that are avallable on demand or have a maturity of less than three months from the date of acquisition. Credltors and provlslons CredStors and provisions are recognised when there is an obllgation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are rècoEnised at the amount the charitable company anticipates it wlll pay to settle the debt. Forelgn currency transactions and balances All Eains 2nd losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on Investmènts arè calculated as the difference between fee proceeds and their opening carrying value or their purcha￿ value if acquired subsequent to the first dav of the financial year. Unreèlised gains and1055e5 are calculated as the difference between the fair value at the year end and their carrying value. Realised and unreali5ed investment gains and losses are combined in the Statement of Financial Activities. Monetary assets and liabilities denominated In foreign cijrrencies at the balance sheet date are reported at the rates of exchange prevailing at that date. 17 INTERNATIONAL SCHOOLS OF BUSINESS MANAGEMENT la comp3ny limilÈd by guaranteel General funds The Beneral fund comprises those monies whSch are freely available for application towards n7eeting the tliaritable objectives of the charitable coinpany at the discretlon of the trustees, for example scholarshlps and grants. Deslgnated funds The designated funds were established by the trustees with the primary aim of providin8 scholarshlps to enable participants to attend from institutions which cannot afford the full prosramme fee, and to support other rÈsearch and dèvèlopment initiatives. Flnanclal Instruments The charitable company only has finar)¢ial assets and financi31 liabilitie5 of a kind that qualify as basic financi31 instruments. Basic financial instruments are initially recognised at transaction value and subsequeiitly measured at their settlement value. Deferred income Course fees received in advance, by the charltable company. for courses to be delivered in a future financlal year, are deferred on the balance sheet and will be recognised as income in the financial year to which they relate. Income from charitable activities General Fund Designated Fund 2024 Total Ftsnds 2023 Tutal FvnLIs Programme delpiery 585,483 585.483 466.482 2024 Total Funds 585.483 585,483 466,482 2023 Total Funds 466,482 466,482 5. Investment income G¢neT31 Ftrnd DÈslgn8ted Fund 2024 Total Funds 2023 Tot#1 Funds B2nk InterÈst 7,826 7.826 7,711 2024Total Funds 7.826 7.826 7,711 2023 Total Funds 7,711 7.711 18 INTERNATIONALSCHDOLS OF BUSINESS MANAGEMENT la company Ilmlted by8u8¥8nteel Expendlture on ralslng funds GÈneral f4Jnd Desl8nated Fund 2024 Total Funds 2023 Total Fund5 Marketing 13.975 13,975 19,052 and 5Eationery 2Q24 Total F￿ndS 13,975 13,975 19,052 2023 Total Fund5 19,052 19,052 Expendlture on charltable activities General F4Jnd Couwses dellvery General Fund Governance DeslEnaled Funds 2024 Total Funds 2023 Total Fut)ds 4deMIc 214717 151259 Tiavol, acconimod4tiOfi ndiaterillg 142005 142,4fy5 Llll.fj64 84.469 84A6Y 38,706 A&DI AIurnnldeve'.opment 3.5 3.58 1.334 FoiÈl8n E￿han(e 8,925 ¢925 Iiiso I,Q58 1fj9 IndEpendentexarnlnEr Jgo 2.190 1,8JO 2a.463 23A63 1,313 Travel, accarnmodatK)n and5ub515tetKe 11,916 11,9A6 13,225 Inlormation te19 67..186 Fund balaniesèt IAugv5t2OJ2 459.342 122.83J S82.175 F￿n￿balanCeS at allu￿201) 564.361 B5,000 649,361 24 INTERNATIONAI SCHOOLS OF BUSINESS MANAGEMENT la company Ilmlted by guaranteel The statement of financlal activltles Include5 311 gains and losses In the year. All incoming resources and resources expended derive from Continuing operations. ICi4kyL' '*isiJ 11 W- ¥ 25