## **Regulatory Policy Institute** ## **Report of the Trustees for 2023-24** ## **Charity Registration Number** : 1011894 **Address** : 9 Royal Belgrave House, Hugh Street, London SW1V 1RR ## **Trustees** : Professor Tony Appleyard (Chair) Gerard Fox (Research Director) Harold Hutchinson Stephen Smith Professor George Yarrow (Treasurer) **Charity Object:** Promotion of the study of regulation for the public benefit, both in the UK and, with the collaboration of other partners, internationally. **Organization:** A small team of Trustees, most of whose members are active participants in the Institute’s work and an Executive Director responsible for the day-to-day administration and organization of the work. These are supported by an Advisory Board and a panel of Research Associates and Senior Research Associates. The Advisory Board offers a pathway (though not the only pathway) for recruiting potential new Trustees, since it provides for a lesser initial involvement in the Institute’s work than is called for by Trusteeship. ## **Activities during 2023-24** The major events of the year were: A conference in Westminster with the theme ‘Seeing the Wood from the Trees’ and the subtheme ‘Managing networks and systems under pressure from excess, competing demands’. The Institute’s Annual Competition and Regulation Conference at Lady Margaret Hall, Oxford University, with sessions on Government Reform, Fairness in the Communications Sector, Navigating a Path to Net-Zero, Regulatory Currents in the Water Sector, and Regulating AI Two Hertford seminars, one on the ‘Nirvana Fallacy’ and one, led by Lord Sedwill, on Government Reform. The completion of a series of five teaching courses on the theory and practice of regulation at introductory, intermediate and advanced levels for regulators in Saudi Arabia, in partnership with the Digital Regulatory Academy sponsored by the country’s Communication, Space and Technology Commission. The major publications of the year, all posted for open and charge free access on the website, covered the following topics: National defence issues Post Office governance The distinction between ‘plans’ and ‘strategies’ English land use regulations Merits review in competition and regulatory cases The regulation of migration flows The energy trilemma The implications of cognitive neuroscience for the design of governance structures. ## **Achievements and performance** All the events were well received by their participants. In particular, participants in the conferences continue to value the interchanges that the ‘public square’ ethos of the gatherings promote. The publications continue to attract a global readership, with the heaviest concentration in the UK and the second heaviest in Australia in New Zealand. ## **Financial matters** The intensity of effort required by the programme of teaching courses – which has been a ‘one-off’ event in terms of Institute’s 30+ years history – led to spikes in both revenues and costs in the financial year 2023-4, with the former being significantly in excess of the latter. In consequence and as indicated in the financial statements, reserves at the end of year stood well in excess of the targeted minimum reserve level of £100k. Looking to the future, this means that, for an estimated period of about three years, the Institute will be able to reduce the effort expended in seeking funding for the Charity’s activities and correspondingly increase resources allocated more directly to the pursuit of the Charity’s object, promoting the study of regulation. On behalf of the Board 29 January 2025 ## **Unaudited Financial Statements** **for the Year Ended 31 March 2024** **for** **Regulatory Policy Institute** **Regulatory Policy Institute** ## **Contents of the Financial Statements for the Year Ended 31 March 2024** ||**Page**| |---|---| |**Income Statement**|1| |**Balance Sheet**|2| |**Report of the Accountants**|4| |**Detailed Income and Expenditure Account**|5| |**Detailed Balance Sheet**|6| **Regulatory Policy Institute** ## **Income Statement** ## **for the Year Ended 31 March 2024** |**TURNOVER**
Other income
Staff costs
Depreciation and other amounts written off assets
Other charges
Taxation
**SURPLUS**|2024
£
389,131
3,844
(92,334)
-
(118,543)
(730)
181,368|2023
£
210,432
337
(35,081)
(320)
(69,090)
(64)
106,214| |---|---|---| Page 1 **Regulatory Policy Institute (Registered number: 02659216)** ## **Balance Sheet 31 March 2024** |**CURRENT ASSETS**
**CREDITORS**
Amounts falling due within one year
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**RESERVES**|2024
£
410,311
(1,895)
408,416
408,416
408,416|2023
£
229,121
(2,073)
227,048
227,048
227,048| |---|---|---| ## **NOTES TO THE FINANCIAL STATEMENTS** ## 1. **STATUTORY INFORMATION** Regulatory Policy Institute is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address are as below: |**Registered number:**|02659216| |---|---| |**Registered office:**|9 Royal Belgrave House| ||Hugh Street| ||London| ||SW1V 1RR| ## 2. **AVERAGE NUMBER OF EMPLOYEES** The average number of employees during the year was 2 (2023 - 1). The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for: - (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. continued... Page 2 **Regulatory Policy Institute (Registered number: 02659216)** **Balance Sheet - continued 31 March 2024** The financial statements have been prepared in accordance with the micro-entity provisions. The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 ............................................. and were signed on its behalf by: > ........................................................................ Gpore Professor G K Yarrow - Director Page 3 **Regulatory Policy Institute** ## **Report of the Accountants to the Directors of Regulatory Policy Institute** As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages one to three and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. Webb Teasdale Accountancy Ltd Boston House Grove Business Park Downsview Road Wantage Oxfordshire OX12 9FF Date: ............................................. This page does not form part of the statutory financial statements Page 4 **Regulatory Policy Institute** ## **Detailed Income and Expenditure Account for the Year Ended 31 March 2024** |**Turnover**
Income
**Other income**
Deposit account interest
**Expenditure**
Insurance
Staff salaries
Staff pension contributions
Telephone, fax, e-mail
& website costs
Conference expenses
Sundry expenses
Accountancy
Research and teaching
**Finance costs**
Bank charges
**Depreciation**
Computer equipment
**NET SURPLUS**|2024
£
888
82,865
9,469
604
25,971
1,127
1,100
87,035|£
389,131
3,844
392,975
209,059
183,916
1,818
182,098
-
182,098|2023
£
693
27,926
7,155
570
38,847
1,175
1,100
26,705|£
210,432
337
210,769
104,171
106,598
-
106,598
320
106,278| |---|---|---|---|---| This page does not form part of the statutory financial statements Page 5 ## **Regulatory Policy Institute** ## **Detailed Balance Sheet** ## **for the Year Ended 31 March 2024** |**CURRENT ASSETS**
VAT
Trade debtors
Tax
Prepayments
Bank deposit account
Bank current account
Paypal
**CREDITORS**
**Amounts falling due within one year**
Tax
Social security and other taxes
Accrued expenses
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**RESERVES**
Income and expenditure account|2024
£
2,138
1,284
5,528
466
363,477
37,418
-
410,311
(794)
-
(1,101)
(1,895)
408,416
408,416
408,416
408,416|2023
£
2,095
-
-
480
196,633
25,082
4,831
229,121
(64)
(909)
(1,100)
(2,073)
227,048
227,048
227,048
227,048| |---|---|---| This page does not form part of the statutory financial statements Page 6 Independent Examiner's Report to the Trustees on the unaudited financlal statements of the Regulatory Policy Institutè I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Companies Act 2011 ('the Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have compleled 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 company as required by section 386 of the 2006 Act: or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J Camden MAAT 38 Segsbury Road Wantage Oxon OX12 9XP 17th December 2024 Page 10