REFORM RESEARCH TRUST
(a company limited by guarantee)
FINANCIAL STATEMENTS
31 DECEMBER 2023
coiYrENTS
Page
Charity Reference and Administrative Details
Trustees, Annual Report
Independent Auditor's report
Statement of financial activity
io
Balance sheet
Sialemenl of cash flows
12
Notes to the financial statements
Company registration number:
Registered charity number:
05064109
1103739

REFORM RESEARCH TRUST
CHARITY REFERE,YCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity name:
Refomi Research Trust
ChArity Dumber..
1103739
Company number:
05064109
Trustees:
J E Palmer (Chair)
G S Boyle
C E Davies
J W Sillem
Dr L D Stoimenova
Secretary:
C E Picldes
Principal address and
registered office..
5-6 St Matthew Street, London, SWIP 2JT
Auditors:
Wheawill & Sudworth Limited, Chartered Accountants, 35 Westgate,
Huddersfield, HDI IPA
Prineipal bankers..
Lloyds Bank
l Legg Street
Chelmsford
CMI IJS
Solicitors:
Wilsons, Alexandra House, Si. Johns Street, Salisbury, Wiltshire, SPI 2SB

REFORM RESEARCH TRUST
TRUSTEES, AhTrlUAL REPORT FOR THE YEAR ELNDED 31 DECEMBER 2023
The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report
and the audited financial statements of the ¢harily for the year ended 31 Decetnber 2023. The trustees have adopted
the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS
102) in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in a¢cord&nce with the accounting policie5 Set out in the notes to the
accounts and comply with the ¢harity's governing document, the Charilics Act 2011 and"Accounting and Reporting
by Charities.. Statement ofRe¢ommended Pra¢lic¢ applicable lo charities preparing their accounts in accordance ivith
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.
The Directors of the charitable company (the ¢harily) are ils Trustees for the purposes of charity law and throughout
this report are ¢olle¢lively referred lo as the Trustees.
The Charity is entitled lo the exemption froTn preparing a strategic report.
OBJECTIVES AND ACTIVITIES
The principal activity of the company in the year under review was that of a registered charity to support the objects
of the charity.
Summary of the object5 of the cbarity
The Reform Research Trust has the following object= "To advance the education of the publi¢ and in particular lo
promote for the public benefit research into matters of public policy and to disseminate the useful results thereof.
'Public policy. means the economic and social implications of government policy and the operation of markets, in
particular in relation to the perfonnance and management of the economy, the provision ol public services and the
structure and size of national and local government, both in the United Kingdom 2nd abr02d."
Public benefit and eligibility criteria
The TrL]Stees confirm that they h<ive referred to the guidance contained in the Charity Commission's general guidance
on public benefii when reviewing the organisalion's aims and obje¢lives and in planning future activities.
The Trust's research is entirely directed al public benefit and associaied activities support that.
ACHIEVEMENTS AND PERFORMANCE
Main activities and achievements for the
ear
Over the course of 2023, Reform continued to shape the debate on the fijture role and shape of the State, publishing
17 policy do¢uments and convening politicians, public sector leaders, academics and experts on average once a week.
In the first half of 2024, Reform launched 2 third work stream, 'Reimagining the Local Stalc,, to add to the existing
'Rcimagining Health, and 'Reimagining Whitehall, work streams, and we have already published 10 policy papers
in the first five months of the year.

REFORM RESEARCH TRUST
TRUSTEES, AYIIUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)
As part of the 'Reimagining Health. work stream, Reform published papers.. analysing the actual drivers of the A&E
crisis,. exposing the 'hidden' wait lists in the NHS. providing in-depth review of lessons from international health
systems; identifying ways to improve the UK'S approach to health security- and providing tangible ideas for further
strengthening our response to the deadly threat of antimicrobial resistance. Our lat¢st paper, 'Close enough lo care,,
puts fonvard a new structure for the English health and care system. The received considerable media coverage as
well as interest from across the se¢tor and political spectrum, and has reframed the debate about the fijture of the
NHS model.
In our 'Reimagining Whitehall, work stream, we published papers.. analysing the barriers that stand in the way of
refom]' providing a blueprini for inculeating an efficiency Mindset among civil servants; detailing the experience and
frustrations of junior and tllid-level civil servants in Whitehall; setting out a framework for enabling devolution by
default,. exploring how to embed scientific expertise and approa¢hes into government; and providing a 'how-to-
guide, for executing mission-led government. Most recently, we published a major paper on talent and perfonnance
management in Whitehall, endorsed by the Minister for Cabinet Office who announced several of the paper's
recommendations as government policy.
The Reform team has been active in the media, making the case for meaningful refonn and promoting our ideas for
how lo achieve it. Our work has been covered by, T17e Times, Financial Times, Telegriiph, GiiardEUlI, IndepLFtd¢nt,
Mail, BBC News, City A.M, HSJ, Politico, the Economi.Yl and Th¢ House, and Reform staff have appeared on Times
Radio, LBC, BBC Poliii¢s Live, BBC Any Questions, BBC News, and the BBC'S World Tonight.
Through our leading events programme, Refarm has hosted ministers and shadow ministers, permanent secretaries
and other senior civil servants, and public service leaders, as speakers. We have brought together IOO'S of refomi-
Tninded public, private and third sector experts and practitioners to explore answers lo Britain's most challenging
public policy issues. We have done so with a laser focus on improving outcomes and delivcring value for money
over the long-term.
We remain strictly independent, and throughout all our work we engage aeross the political spectrum. This non-
partisan approach is integral lo who we are, and ensures we can always follow the evidence to put foNiard credible
but bold ideas for change. We will continue to build relationships across party lines during the next Parliament.
Fundraisin
and financial mana
ement
Reform s thndraising activities more than covered our expenditure for 2023.
The Trust does not engage in mass dir¢¢t mailouls or use third party fundraisers, and as such does not pay the
Fundraising Regulator's voluntary levy.
The Trust maintains ils ￿ndS in a bank account with a major bank. This ensures sufficient liquidity lo fund the Trust's
charitable activities and operations. Reform seeks to operate a low-risk approach. its bank account5 being operated
under the direction of the Director.
The currcnt year financial statements were subject to a statutory audit , periodically requested by Trustees.

REFOILM RESEARCH TRUST
TRUSTEES, ANNUAL REPORT FOR THE YEAR ETr4DED 31 DECEMBER 2023 (continued)
FINANCIAL REVIEW
The results for the year and financial position of the company are shown in the financial slalemenls.
STRUCTURE, GOVERNANICE ATr4D MANAGEMEf+4T
The Refomi Research Trust is constituted as a company limited by guarantee with Company Number 5064109. It is
also registered with the Charity Commissioners with Charity Number 1103739. The Trust was cstablished under a
Memorandum of Association which established the objects and powers of the charitable company and is governed
under its Article of Association.
The Trustee5 who held office throughout the year werc Jatnes Palmer, Gavin Boyle, Catherine Davie5, Jeremy Sillem
and Dr Lara Stoimenova.
Trustees take strategie decisions. The day-to-day running of the Trust is in the hands of Refomj's Director, Charlotte
Pickles, who is also the Cotnpany Secretary.
The major risks, to which the charity is exposed, as identified by the Trustees, have been reviewed and systeLI)s or
procedures have been established to manage those risks.
Directors
J E Palmer (Chair)
G S Boyle
C E Davies
J W Sillem
Dr L D Stoimenova
Independent Examinations
The directors decided to dispense with the requirement for a statutory audit of the financial statements for the years
ended.31 December 2020 10 31 December 2022 during whiih the financial slalemenis were subject to an independent
examination. The current year has seen the financial statements being subject lo a slalulory audit.

REFORM RESEARCH TRUST
TRUSTEES, ANTr4UAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)
Trustees, Re5ponsibilitie5 Statement
The Trustees, {who are also the directors of Refonn Research Trust for the purposes of company law), are responsible
for preparing the Trustees, Annual Report and the financial statements in accordance with applieable law and United
Kingdorn Accounting Standards (United Kingdom Generally Accepted A¢counting Praetice}.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the charsty and of the incoming resources and
application of resources of the charity for that period. In preparing these financial slalemenls, the trustees are required
to..
sele¢t suitable accouniing policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102).
make judgements and estimates that are reasonable and prudent.
state whether applicable aceounling standards have been followed, subject to any material departures dis¢losed
and explained in the financial slatemenls,.
prepare the financial slalemenls on a going concern basis unless it is inappropriate to presume that the charity will
continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any
time the financial position of the charity and cnable them to ensure that the financial sialements Comply with ihe
Charities Act 2011 and the c.harity {Accounts and Reports) Regulations 2008 Comp<inies Act 2006. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevei)lion and
detection of fraud and othcr irregularities.
Thc Trustees are responsiblc for the periodic maintenance and inteTrrity of the proprietary charity and financial
information included on the charity's webslte. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdi¢tions.
ON BEHALF OF THE BOARD
Approved by the board on 24 July 2024
sig
on ils behalf by
J E Palmcr
Chair

REFORM RESEARCH TRUST
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Auditor's Report to the trustees of Reform Resear¢h Trust
We have audited the financial statements of Reforn) Research Trust (the 'charilable company,) for the year ended 31
December 2023 which comprise the Statement of Financial A¢tivilies, the Balancc Sheet, the Cash Flow Statement
and the notes to the financial statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Finartcidl Repurling Siundcird applict7ble in ihe UK and
RepiiblEc oflreland {United Kingdom Generally Accepted A¢¢ouniing Practice).
The report is made solely lo the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts
and ReporES) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's tLUStees
those matters we are required to state to them in an auditor's repon and lor no other pU￿oSe. To the fullest extent
pem]itted by law, we do not aceepl or assume responsibility to anyone other than the charity and the charity's trustees
as a body, for our audit work, for this report, or for the opinions we have fomed.
In our opinion the financial slalemenls:
give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of ils incoming
resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Stand1£ rds on Auditing (UK) (ISAS (UKI) and applicable
law. Our responsibilities under those statements are further described in the Auditor's responsibililies for ihe audit
ot the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eihi¢al Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bclicve that thc
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conelusions relating to going concern
In auditing the financial slalements, we have Coneluded that the trustces. use of the going concern basis of accounting
in the preparation of the financial slaten]ents is appropriate.
Bascd on the work we have pcrfotined, we have not identified any material uncertainties relating to ev¢nts or
conditions that, individually or collectively, may cast significant doubts on the charity's ability lo Continue as a going
concern for a period of at least twelve months from when the financial statements are auihorised for issue.
Our responsibilities and the responsibilities of the trustees with respe¢t lo going concern are described in the relevant
sections of this report.

REFORM RESEARCH TRUST
INDEPETr4DENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Other Information
The other information comprises the information included in the trustees, annual report, other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other infomation. Our opinion on
the financial statements does not cover the other infomiation and we do not express any fomi of assurance conclusion
thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other inforniation is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othenvise
appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemcnts,
we are required to determine whether this gives rise to a material misstatement in the financial statements themselvcs.
If, based on the work we have performed, we conclude that there is a material misslatcment of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exeeption
We have nothing to report of the following matters in relalion to which the Charities (Accounts and Reports)
Regulations 2008 require us to report lo you if, in our opinion..
the infomiation given in the trustees. report is inconsistent in any material respe¢t with the financial
statements. or
sufficient a¢counting re¢ords have not been kept. or
the financial statcmenls are not in agreement with the accounting records,. or
we have not received all the infonnation we require for our audit.
Responsibilities oftrustees
As explained more fully in the Trustees, Responsibilities StalemLnt sel out on page 5, the trustees are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the trustees determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due lo fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a
going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of
accounting unless the trustees either intend to liquidate the ¢harily or cease operations, or have no realistic alternative
but to do so.

REFORM RESEARCH TRUST
INDEPENL DENT AUDITOR'S REPORT FOR THE YEAR EIYDED 31 DECEIVIBER 2023
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under seetion 144 of the Charitics Act 2011 and report in accordance with the
Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatemcnt, whether due to fraud or error, and to Issue an auditor's report that includes oiir opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial ststements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respeci of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We gained an understanding of the legal and regulatory framework of the Charity (ind considered the risks of acts by
ManaDement and the Trustees which were contrary to applicable laws and re(Jul<ltions, including fraud. We made
enquiries of the Tn]stees to obtain further understanding of the risks of non-compliance.
We fo¢used on laws and regulations that could give rise to a material misstatement in the finan¢ial slatemenls. Our
tests included, but were not limited to-.
agreement of the financial statcment disc105ures to underlying sUPPOrting documentations
enquiries of the trustees regarding known or suspected instances of non-¢omplian¢e with laws and
regulations-
review of minutes of the Trustees, Board meetings throughout the year,. and
obtaining an understanding of the control environment in place to prevent and detect irregularities.
Our audit procedures were designed to respond to risks of material misstatement in ihe financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of nol dele¢ting
one resulting from error.
Because of the inherent limitations of an audit, there is a risk that we will not dete¢l all irregularities, including those
leading to a material misstatement in the finan¢ial statements or non-compliance with regulation. This risk increases
the more that compliance with a law or regulation is removed from the events and transactions reflected in the
financial statements, as we will be less likely lo become aware of instances of non-compliancc. Thc risk is also greater
regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery?
collusion, omission or misrepresentation.

REFORM RESEARCH TRUST
INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ETr4DED 31 DECEMBER 2023
As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional
scepticism throughout the audit. We also..
Identify and assess the risks of material misstratetncnt of the financial statements, whether duc to fraud or
crroi. design and perforni audit procedures responsive lo those risks, and obtain audit evidence that is
sufficient and appropriate lo provide a basis for our opinion. The risk of not detcctin¥ a malciial misslalemenl
resuliing from fraud is hi&,her than one resiiliing from error, as fraud may involve ¢ollusion. forgery,
intentional omissions, misrLpresenlations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the charity's internal
control.
Evaluate the appropriateness of a¢counting policies used and the reasonableness of accounting esiimales and
related disclosures made by the Iruslees.
Conclude on the appropriateness of the trustees. use of the (Troing concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the charity's ability to continue as a going concern, If we conclude that a n]aterial
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modity our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, fijture events or conditions
may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, slru¢lure and content of the financial statements, including the disclosures,
and whether the finan¢ial slalements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governancc regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
35 Ivestgate
Hudderstield
HDI IPA
24 July 2024
Wheawill & Sudworth Limited, Statutory Auditor
Wheawill & Sudworth Limited is eligible to act as an auditor in teLins of section 1212 of the Companies Act 2006.

10
REFORM RESEARCH TRUST
STATEIVIETr4T OF fINANCIAL ACTIVITY
for the year ended
31 DECEMBER 2023
Total
Funds
2023
Total
Funds
2022
Unrestricted Restricted
Fund5
Funds
Note
Incoming resources
3 Events, sponsorship & donations
4 Investment income
568,275
568,275
393.596
Total income and endowments
568,275
568,275
393,596
Expenditure on
5 Cost of generating funds
5 Charitable activities
5 Governance costs
58,347
427,380
3,000
35,305
277,643
5,807
427,380
3,000
Total charitable expenditure
488,727
488,727
318,755
Total res0￿reeS expended
488,727
488,727
318,755
Net incomel{expenditure)
79,548
79.548
74,841
13 Gross transfer behveen funds
Tr4et movement in funds
79,548
79,548
74,841
Total funds brought forward
712,765
712,765
637,924
Total fund5 carried forward
792,313
792,313
712,765
Continuing operations
None of the charity's aetivities were acquired or discontinued during the current year.
Total reeognised gain5 and 105se5
The charity has no recognised gains or losses other than the net movement in funds for the current and previous
periods.
The notes on pages 13 10 21formpart ofihesefinancial statements.

REFORM RESEARCH TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes
2023
2022
Fixed assets
Tangible assets
8,886
7,521
Current a55ets
I l Debtors
Cash at bank and in hand
71,661
813,461
56,094
730,970
885,122
787,064
12 Creditor5: amounts falling
due within one year
{101,695}
(81,820)
Net current assets
783,427
705,244
Net assets
792,313
712,765
Fund5
Unrestricted funds
13 Restricted funds
792,313
712,765
Total funds
792,313
712.765
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024
and are signed on its behalf by
J E Palmer
Chair of Trustees
The notes onpages 13 to 21formpart ofthesefinancic71 slalementj.

12
REFORM RESEARCH TRUST
STATEMENT OF CASH FLOWS
for the year ended
31 DECEMBER 2023
2023
2022
Note
17 Net cash flow from operiiting activities
86,778
88,434
Cash flow from investing activitie5
Proceeds of sale of tangible fixed assets
Payment to acquire tangible fixed assets
(4,287)
(393)
Tr4et cash flow from investing activities
14,287)
(393)
Net increasel(deerease) in eash and cash equivalents
82,491
88.041
Cash and cash equiv*lents at l January 2023
730,970
642,929
Cash and cash equivalent5 at 31 December 2023
813.461
730,970
Cash and cash equivalents consist of:
Cash at bank and in hand
813,461
730,970
Cash and cash equivalents at 31 December 2023
813,461
730,970

13
REFORM RESEARCH TRUST
NOTES TO THE Fif*ANCIAL STATEMENTS
31 DECEMBER 2023
Summary of significant accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied
consistently throughout the year.
(a) Company Information
Refomi Research Trust is a private company limited by guarantee incorporated in England and Wales. The
registered office is 5-6 St Matthew Street, Westminster, London. SWIP 2JT.
(b) Basis of preparing the financial statements
The charity ¢onstitutes a public benefit entity as defined by FRS 102. The financial statements have been
prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢li¢e
applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK
Generally Accepted Practice as it applies from l January 2019.
The financial statements are prepared on a going concern basis under the historical cost convention. The
financial statements are prepared in sterling which is the ￿nCtIOnal currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have bcen consistently applied lo all years presented unless otherwise slated.
(c) Incoming resources
All incoming resources are included in the Statement of Financial A¢tivities (SOFA) when the charity is legally
entitled to the income and the amount can bc quantified with reasonablc accuiacy. The following specific
policies are applied to particular categories of income. Voluntary incomL is received by way of grants,
donations and gifts and is included in full in the Statement of Financial Activities when receivable. Investment
income is included when receivable.
Donations, legacies and other foLins of voluntary income are recognised as incoming resourccs when
receivable, except insofar as they are incapable of financial measurement.
Donations receivable for the Eeneral purposes of the Trust are credited to Unrestricted Funds. Donations for
purposes restricted by their wishes of the donor are taken to Restricted Funds where these wishes are legally
binding on Reform Research Trust Trustees, except that any amounts required to be retained as capital in
accordance with the donor's wishes are a¢counted for instead as Endowments
pemanent or expendable
according to thc nature of the restriction.
(d) Expenditure recognition
Expcnditure is recognised on an accruals basis as a liability Is incurred. Expenditurc includes any VAT which
cannot be fully recovered and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs of staff and expenses attributed lo allracting voluntary
income
Expenditure on charitable activities comprises those ¢osts incurred by the charity in the delivery of its
activitie5 and service5
Governance costs include those costs associated with meeting the constitutional and statutory
requirements the charity in the delivery of its activities and services

14
REFORM RESEARCH TRUST
'OTES TO THE FINAB4CIAL STATEMENTS (CONTINUED)
31 DECEMBER 2023
{e) Tangible fixed a55ets
Tangible fixed assets are stated at cost (or deemed Cost) or valuation less accumulated depre¢ialion and
accumulated in]pairnient losses. C05t includes Costs directly attributable to making the assets capable of
operating as intended.
Deprcciation is provided at the following annual rates in order lo write off each asset over lis esiimaled useful
lifc.
Fixtures, fittings & Equipment
-25 % reducing balance per annum
(Q Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at cach balance
sheet date. If such indication exists, the recoverablc amount of the asset, 01 the asset's cash generating unil, is
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount,
an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the
impairment loss is a revaluation decrease.
(g) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern] liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
(h) Financial instruments
The company has ele¢ted lo apply the provisions of Section I I 'Basic financial Instruments" to all of its
financial inslrumenls.
Finaneial instruments are recognised in the charity's balance sheet when the charity becomes party to the
contractual provisions of the instrument.
Ba5icfinancial asJets'
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less
any provision for impairment. Loans rcceivable are measured initially al fair valu¢, net of transaction costs
and are subsequcntly carricd at amortised costs using the effective interest method, less any provision for
impairnient.
BasicfiAanciul liabilities
Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price unless
Ihe arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future payments discounted al a market rate of interest. Financial liabiliiies ¢18ssified as payable within
one year are not amorrised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
DereeoRiiition offiAancial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.

REFORM RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
31 DECEMBER 2023
(i) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered
to pass the tests set out in Paragraph I Schedule 6 Finance Act 201 O and therefore it meets the definition of a
charitable company foi UK corporation tax purposes. The ¢harily is Consequently exempt from corporation
tax on its charitable activities.
(i) Fund Accounting
Unrestricted funds are available for use at the discretion of the Trnslees in furtheran¢e of their charitable
objectives unles5 the funds have been designated for other purposes.
Restricted fijnds are subject to specific conditions by donors as to how they may be used. The purposes and
uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital musl be maintained by the
charity.
(k) Pension costs and other employee benefits
The charity operates a defined contribution pension scheme. Contributions payable to the scheme are charged
to the Staiement of Financial Activities in the period to which they relate.
The eosl of any unused holiday entitlement is recognised in the period in which the employee's services are
rcceived.
Termination benefits are recognised immediately as an expense when the charity is demonstrably cotnmilted
to terminate the employmeni of an employee or to provide terniination benefits.
(l) Leases
Rentals payable Ejnder operating leases, including any lease in¢entives received, are charged as an expense on
a straight-line basis over thc term of the relevant lease.
Critical accounting estimates and judgement5
In the application of the charity's accounting policies, the Truslecs are required lo make judgements, estimates
and assumptions about the carrying amount of asscts and liabilities that arc not readily apparent from other
sour¢es. The estimates and associated assumptions are based on historical cxperience and other fa¢lors that
are considered lo be relevant. Actual results may differ fron] these estimates. Thc estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the pcriod
in which the estimate is revised where the revision affects only that period, or in the period of the revision and
future periods where the revision affects both current and future periods.

16
REFO￿￿ RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
31 DECEMBER 2023
Events, sponsorship and donations
Unrestri¢ted
Fumds
Restricted
Funds
2023
Total
2022
Total
Events, sponsorship and donations
568,275
568,275
393,596
4 Investment Income
Unrestricted
Funds
Restricted
Funds
2023
Total
2022
Total
Interest received
Expenditure
Cost of Cbaritable Governanee
Generating Activities
Costs
Funds
2023
Total
2022
Total
Staff costs
Fundraising events
48,347
329,140
377,487
248,482
48,347
329,140
377,487
248,482
Share of support costs {nole 6)
Share of governance costs (note 6)
10,000
98,240
108,240
3,000
64,466
5,807
3,000
58,347
427,380
3,000
488,727
318,755
Analysis by fund
Unrestricted funds- general
58,347
427,380
3,000
488,727 318,755
Restricted funds
58,347
427,380
3,000
488,727 318,755

REFORM RESEARCH TRUST
NOTES TO THE FIT+lANCIAL STATEMENTS (continued)
31 DECEMBER 2023
Support Costs
Support
Costs
GoTr'ernance
2023
2022
Total
Costs
Total
Rent and other office costs
Professional fees
Policy events
Charitable publications
Independent examination fees
Accountancy
Auditors remuneration
Legal and professional
72,001
2,004
72,001
2,004
45.182
1,493
9,701
8,090
1,250
1,250
1,250
1,750
1,250
1,750
3,307
108,240
3,000
111,240
70,273
7 Tru5tee5
None of the 'lrustees (or any persons connected with them) received any remuneration or were reimbursed for
travelling expenses during the year.
Staff Costs
2023
2022
Wages & salaries
Pension costs
363,732
13,755
239,915
8,567
377,487
248,482
The average monthly number of employees during the year was as follows..
2023
2022
Employees
The number of employees earning over £60,000 pa excluding pension
contributions were..
£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£90,00 I-L100,000
No tru5tecs received any remuneration from the charity. The ¢harily does reimburse expenditure in order
for the trustees to attend meetings.
During the year this amounted to..
Nil
Nil

18
REFORM RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
31 DECEMBER 2023
Tangible fixed a55etS
Office
equipment
Totals
Cost:
At l January 2023
Additions
Disposals
70,391
4,287
70,391
4,287
At 31 December 2023
74,678
74,678
Depreciation:
At l January 2023
Charge for the year
Eliminated on disposal
62,870
2,922
62,870
2,922
At 31 December 2023
65,792
65,792
Net book valuc:
At 31 December 2023
8,88C)
8,886
At 31 Deccmb¢r 2022
7,521
7.521
10 Financial instruments
2023
2022
Carrying amount of financial assets
Trade & othcr debtors {notc I l)
57,000
38,520
Carrying amount of financial liabilities
TTdde & other creditors itnd accruals (note 121
14,397
12,100
Cash at bank and in hand are financial assets measured at face value
Prep<lyments and accrued income, taxation and social security and deferred in¢ome do not meet the definition
of financial instruments and therefore are not included in the amounts above.
I l Debtors: amounts falling due within one year
2023
2022
Prepayments and accrued in¢ome
Trade debtors
Other debtors
14,661
57,000
17,574
37,800
720
71,661
56,094

19
RF.F0￿v1 RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMEI%TS {continued)
31 DECEML BER 2023
12 Creditor5: Amount5 falling due within one year
2023
2022
Taxation & social security
Deferred in¢ome
Trade creditors
Other creditors
Accrllals
55,971
1.179
1.672
11,546
43,333
888
1,271
9,941
101,695
81,820
13 Restrieted Funds
Restricted funds
Net
In funds
Transfers
Between
At 1.1.23
At 31.12.23
Nct movctncnts in funds includcd in the above are as follows..
Restricted funds
Incoming
Resovrees
Resources
Expended
Movement in
Funds

20
REFORM RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS {¢ontinued)
31 DECEM& BER 2023
14 Analysis of net assets between funds
Total
Fund5
2023
Unrestricted
2023
Restricted
2023
Fund balances at 31 December 2023 are
represented by..
Tangiblc Assets
Current assets/(liabilities)
8,886
783,427
8,886
783,427
792,313
792,313
Total
Fund5
2022
Unrestricted
2022
Restricted
2022
Fund balances at 31 December 2022 are
represented by-.
Tangible Assets
Current assetsl(liabilities)
7,521
705,244
7,521
705,244
712,765
712,765
15 Obligations under leasing arrangements
The lolal future minimum lease payments under non-cancellable operating
leases are as follows..
2023
2022
Expiring..
In less than l year
In more than one year but not more than 5 years
In more than 5 years
85,812
136,412
85,812
136,412
16 Related party transactions
During the year, thc CharÈty received unconditional donations from trustees totalling £10,000 {2022 - £7,000).
There is no one controlling party of the Charity.

21
REFORM RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMEIITS {continued}
31 DECEMBER 2023
17 Reconciliation of net ineomel(expenditure) to net cash flow from operating a¢tivities.
2023
2022
Net incomel(expenditure) for the year
79,548
74,841
Adjustments for..
Rcntal income recognised in slalemenl of financial activities
Depreciation of tangible fixed assets
Increase/{decrease) in deferred income
{In¢rease)/decrease in debtors
Increase/(de¢rease) in creditors
2,922
12,638
(15,567)
7,237
2,410
39,842
(48,512)
19,853
Net cash flow from operating activities
86,778
88,434