researeh and knowledge at the be8rt of &&elopmellt inasp Company number.. 04919576 Charity Number.. 110S349 International Network for Advancing Science and Policy Ltd Report andfinancial statementsfor the year ended 31 December 2023 International Network for Advancing Science and Policy Ltd Trusteès Report for the year trndod 31 De¢embor 2023 Contents Reference and administrative infornialion Trustees, annual report 2-11 Independent auditorfs report 12-14 statement of financial activities (incorporating an income and expendrture account) ..................................... Balance sheet .16 Statement of cash flows ................................................................................................................................... Notes lo the financial statements 1&26 International Network for Advancing Science and Policy Ltd Trustees Report for the year ended 31 De¢ember 2023 Reference and administrative information Company namg: Intemational Ne￿Ork for Advanang Science and Policy Ltd IINASPI Company number 04919576 Charity numbar 1106349 Rogisternd office and operational addrtrss The Old Music Hall. 10&108 co￿eY Road, Oxford, OX4 1JE Trustsos Trustees. vtho a￿ also directors under company law. who served during the year and up to the dale of this report were as follows.. Louise Shaxson Julian Mason Iresigne(J March 20231 Judy Omumbo Eleanor Sarpong Mayyada Abu Jaber Simon Kay Iieoma Ihuegbu 1ap￿'nted February 20231 Koy managoment staff John Young. Exe¢ulive Director Irelired 31 December 20231 Jonathan Harte, Director of Programmes Les Haynes, Finar￿e Director Banker¥ Nabonal Westminster Bar4¢ 43 Commarket St Oxford OX1 3HA Audltor Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE International Network for Advancing Science and Policy Ltd Trustees Report for the year ended 31 De¢ember 2023 Trustees Report The Iruslees present their rew)rt and the audrted financial statements for the year ended 31 December 2023. The reference and adrnini51ratsve information sel out on page 1 forms part of this report. The financial stslements comply with Cur￿n1 statutory reqU1￿Ments. the memorandum and a￿CleS of associal￿n and the Statement of Recommended Practice- Accounting and Reporting by charit￿s.. SORP applicable lo charibes preparing their accounts in èccordan¢e wrth FRS 102. INASP Vision and Mission Our vision.. Research and knowledge at the heart of development Our mission.. To support individuals and institutions to produce. share and use research and knowledge, which can transform lives. INASP Values We are a values-dnven organis81ion. Our values reflect our commrtmenl to equity, respecting others, ath'ng with integrrty. openness and Iransparenw and provide a lens for our work, both inside and outside of the organisalion.. Our values are.. In It togothfrr: We collaborate our parthers and those we serve to understand where we are needed, and the expertise that each party brings to the table. We co-design and co develop solutions as teams. We speak up when needed and are equally open lo being challenged by others. Together, we leam and evolve. Making chango last: Lasting change is our goal. We aim for a destination where we are no longer needed. and work hand in hand with our partners lo gel there. We are bold and try new ideas as an integral part of learning what works. Every voice counts: Everyone has a contribution to make and is listened lo with deepest attention. We embrace differences and believe that divefsity makes our understanding of the world more robust. We recognise the innate worth of all people and actively seek to address issues of power and equity wlhin our work. Dolng thSngs rSght: We are proud of vthat we do and uphold the highest standards of personal and professional honesty and behaviour. We are fair, and open in our decision making and hold ourselves accountable to delNering the best work. Aims, activities and impact The trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objeciives and in planning rts future activits'es. In particular. the trustees Consider how planne. As a result we ended 2023 wth a deficit for the year of £236,43412022'. £245,076). As noted above. this defi¢il includes a signrficanl investment during the year in future business development support has helped lo expand our pipeline and we are confident of breaking even in 2024. Investment policy The Board requires that non-worf(ing fijnds be placed in short-term low risk, interest eamin9 accounts. th a rise in interest rates during Ihe year. this provided a belter retum than in previous years. Risk management All significant project activities undertaken are subj'ect to a risk review as part of the initial activity assessment and implementation. Organisation•level risks are ￿entsfied and assessed in terms of their potential impact and likelihood and tracked using a risk register designed and managed by the Executive Director and reported on and monitored by the Board. In 2023 we have overhauled our approach lo risk management, identifying 15 risks acros5 5 risk categories. and determin1ng our risk appetrte for each to ensure that we are cautsous where necessary and bold where we need to respond to a fast changing wortd. The key risks for 2024, and our approach to mrtig8b.on awe 8$ follows.. International Network for Advancing Science and Policy Ltd Trustees Report for the year ended 31 De¢ember 2023 Riskcategory lll Risk Mitigation Aims and objectives We overreach, moving into new areas lissues, clients, geographies) and become overstretched Carefully review all Business Development opportunities.. do we fvlly understand the client, the context. their specific needs? Do we have the full range of l¢xal conneclior15? Decide e8rfy on what is and isnl worth pursuing. (risk attitude.. boldl Roputatlon Strategi¢ reputational risk.. we spend too much lime on projects that bring in funds but don'l advance our thinking, partnerships or impact Main$treaming the prin¢iple$ of effective cornmunicalion5 through all our work, developing a business case for a comms Spec￿11$1 lo be hired as a priority (risk attrtude.. strongly averse) Honing our offering after each BD conversation to highlight vthal's innovative about our work We rapidly develop seminars V￿th our partners on newly emerging issue$ lo demonslrale our compelence Organlsatlonal sustainabillty (risk attitude.. strongly averse) INASP is unable lo remain a going concem Board closety reviews going concem indicators at every board meeting alongside the fundraising strategy and the foThvard pipeline. Risk register has been reworked to ensure risks are effectively highlighted, managed and reviewed by the Board on an annual basis. Forward pipeline is more closely scrutinised to give an improved Sense of the likelihood ol securing funding. Organisational $ustsinability (risk attitude.. strongly averse) Lowtenn changes in the nature of inlemabonal development nding and funders, both in terms of funding priorrties a￿1 tendering & compliance processes Emphasis on consortium working rather than necessarily leading bids Clear and tight project management and deci$ion- making roles in projects to avoid ineffiuent use of lime Retain and develop key project managerslPM experb.se International Network for Advancing Science and Policy Ltd Trustees Report for the year ended 31 De¢ember 2023 Reserves policy The charity has a general unrestricted reserve of £310.544 as of 31 December 202312022.. £562.9951. Having undergone a number of operational and ftjnding changes over recent years. the trustees felt it was time to review the reserves policy in 2023. Following their review, and conversatsons wlh the auditors. they determined that rt was more appiopriale for INASP lo hold a level of reserves equivalent to at least 5 months operating costs. rather than the previous 9 months. The rationale for this was that INASP does not cuThentty engage in large single contracts, which would make il vulnerable lo delays in contracting and disbursement of funding. They also noted that INASP no longer needs to hold funds to cover the long term financial commitments required by large multi- year conlracls. Our 2024 core operating costs budget for 12 month5 Isalarie5 and general operating expenses) is £546, 183. The current levd of reserves wll cover MO￿ than 6 months running costs which the Trustees deem appropriate. Going con￿rn Our significant investment in business development in 2023 Tesuhed in a major five year fvndino agreement. together wlh other conlra¢ted work which together means we have already secured 75% of our 2024 operating costs. We typically respond to and realise irwme from a number of Smaller projects each year. We also have a series of mature opportunities in the pipeline of varying sizes, and we have scored each of these according lo the likelihood of a contract being signed in 2024. This scoring indicates that- even if we were only lo realise some of these opportunib'es- we would be comfortably above our reserves threshold al the end of the year. We have conts'nued to refine our operating model and enhance the'associale model, which enables us lo respond much more flexibly lo the lunding environment. This means we can pul 109elher expert, cosl-effective teams, including staff, Associates and consultants, in response to calls for proposals and lo implement projects. Our Associates are also able to identify fvnding opportunities through their i)wn netr￿rks that we are nol aware of, and through their organisats'ons lo bid for proje¢ls which are only open to southern organisalions. We have established clear going concem trigger points and management accounting and business development reporting systems to be able monitor whether these are breached and to assess and adju51 progress a5 necessary during the year. The trustees review the financial position c105ely on a regular basis and assessing going concem is a roubne agenda item al all board and Finance and Audit sutrtrcommittee meetings. As a resutt of these Considerations, we are confident there are no material uncertaints.es about INASP'S ability to continue as a going concem. Structure, governance & management The organisats'on is a charr(able company limited by guaranlee, Incorporated on 2 October 2003 and registered as a charity on 18 October 2004. The company was established under a Memorandum of Association which estsblished its objects and powers and is govemed under its Articles of Association las amended June 20191. All Iruslees give their lime vo1untsri￿ and receive no benefi15 from the charty. Any expenses redaimed from the charty are set out in note 6 to the accounts. International Network for Advancing Science and Policy Ltd Trustees Report for the year ended 31 De¢ember 2023 The charity's objects are.. °Forthe benerrt ofpeople in ￿SOU￿e poor countnes, to a(1Van￿ research and education b The dissemination of arnl imprDving access lo scientif￿, I￿hn￿l, medical and s¢holarfy information. Training educators. librarians, publtshets. rese8￿hets, students and others in the organiZat￿n, managemenl and d￿SeMinatiOn ofinforn?atAM andknowledge,. and Advising other agenues orI￿leS upon such matters". Appointment of trustees The Iruslees are elected to serve for a period of three years after which they may be r￿elected al the next trustees meeting for one more lemi of three years. except in the case of the Chairmanllreasurer who shall be permitted to remain as a trustee unbl their period of office as chairmanltrea5urer has expired. Trustees are not remunerated for their trusteeship and trustee expenses and related party transactions are disclosed in nole 6 to the financial statements. The Chair of the trustees is ulb'mately responsible for recruth'ng new members and consu115 widely on potential candidates lo ensure they represent the areas of the charity's activities andlor contribute the knowledge and skills required for the board of trustees to give good quality oversight and advice lo the charity's executive management. Trustee Inductlon and tralnlng Most candidates are already familiar wth INASP and its activities, but for induction and training purposes they are made aware of their obligations as trustees and members of the Board. They are provided with the terms of reference for truslees, Ihe arlides of the charity an(1 other key documents Such a5 Strategic and financial plans. Rolatsd partles and relatlonshlps othor organlsatlons Related paty transactions in the year are disdose¢J in note 8 lo the financial statements. Remuneratlon poll¢y In determining the remuneration policy, the Board of trustees considers all factors which are deemed necessary. The objecbve of the policy is lo ensure that the ExeculNe Director and staff team are provided with appropriate incentives to encourage enhanced perforniance and are, in a lair and responsible manner, rewarded for their individual contribulions to the success of the Charity. The appropriateness and relevance of the remunerali¢)n policy is reviewed annualty Including reference lo comparisons wih other charities ensuring INASP remains sensitive to the broader issues e.g., pay and employment conditsons elsewhere. We aim lo recruit. subjecl to experience. al Ihe lower- me¢Jium poinl wrthin a band. providing scope lo be rewarded for excellence. We pay the li￿ng wage for all our staff. Delivery of INASP'S charitable vision and purpose is primarily dependent on our staff, which is the largest single element of charrtable expenditure. In 2023 INASP awarded stsff a 1-8°A cost of living uplfft in salary, tapered acfoss the organi5ation so that lower paid staff recewed a higher percentage adjuslmenl. Further infomiabon on pension arrangements and on the salary Costs for the year with comparisons to the previous year are presented in note 6 to the financial statement5. Statsment of rosponsibiliti8s of thè trusts8s 10 International Network for Advancing Science and Policy Ltd TTU5tees Report for the year ended 31 December 2023 The trustees (who are a150 directors of INASP for the purposes of company lawl are responsible for preparing the Iruslees, annual report including the strategic Teport and the financjal ststemenls in accordance ¥Mth applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accountsng Praclicel. Company law requires the trustees lo prepare financial ststements for e%h financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. induding the income and expenditure. of the charrtable company for that period. In preparing these financial statements, the tnjstees are required to.. Select suf(able accounting policies and then apply them consistenty. Observe the methods and principles in the Charits"es SORP. Make jLJdgemenls and eslimales that a￿ reasonable and prudent. State whether applicable UK Accounting Stsndards and statements of recommended practice have been followed, subject lo arty material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charity ￿11 Continue in operation. The Iwslees are responsible for keeping proper accounting records thal disdose with reasonable accuracy al any lime the financial position of the charrtoble company and enable them to ensure that the financial Slalemenls comply the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable steps for the prevention and delects'on of fraud and other irregulanbes. In so far as the Iruslees are aware.. There is no relevanl audrt information of wthi¢h the Charitable company's auditors are unaware. The Iruslees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit infomiation and to establish ihat the audrtors are aware of that information. The Iruslees are responsible for the maintenance and integrity of the ￿rpOrate and financial information included on the charitable company's website. LegiSlat￿n in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legi51alion in other jurisdicty'ons. Members ofthe chanty guarantee lo contribute an amount not exceedin9 £1 to the assets of the charity in the event of wnding up. The total number of Such guarantees at 31 December 2023 was 6 12022.'61. The trustees are members of the charity, bul this entiues them only to voting rights. The trusiees have no beneficial interest in the charity. Auditor Wenn Townsend were appointed as the charitable company's auditors during the year and have expressed their wllingness lo continue in that capacty. The Iruslees. annual report whKh includes the strategic report ha5 been approved by the trustees.. On 19 March 2024 and signed on their behaw by.. Louise Shaxson Independent auditorfs report To the membèrs of Intèmational Nètwork for Advancing Science and Policy Ltd Independent Auditor's Report Opinion We have audrted the ffinancial ststements of Intemalional Netsvorf( for Advancing Scien¢e and Policy Ltd (the charitable company) for the year ended 31st December 2023 which comprise the Statement of Financial ActiV￿e$. the Balance Sheet, the Statement of Cashflow and notes lo the financial stslements. including a summary of significant a¢¢ounting policies. The financial ￿po￿ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslements". give a true and tsir view of the slate of the chantable company's affairs as at 31st December 2023, and of ils incoming resour¢es and appli¢alion of resour¢e$, including ils income and expenditure, for the year then ended". have been properly prepared in accordance wlh United lfjngth)m Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit In accordance with Inlemabonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are fvrther de￿ribed in the Auditor's responsibilities lor the audit of the financial siatements secbon of our report. We are independent of the ¢haritsble company in accordance with the ethical ￿qUIrementS that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in a¢cordan¢e with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the finan¢ial $lalements, we have concluded that the Iru$tee$' use of the going concem basis of accountin9 in Ihe preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not idenltfied any material uncertainties relating lo events or conditions that. individually or collectively. may cast signthcant doubt on the charitsble company's abilty lo continue a5 a going concem for a penod of al least hvefve month5 from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of the trustees ￿th respect to going concem are described in the relevant sections of this ￿pOrt. Other information The trustees are responsible for the other infom)ab"on. The other infomab.on comprises the infomiation included in the trustees. annual report, other than the finanaal statements and our 8udilor's report Ihereon. Our opinion on the financial stslements does not cover the other inforTnation 12 Independent auditorfs report To the membèrs of Intèmational Nètwork for Advancing Science and Policy Ltd and, except lo the extent olherwse explicrtty slate¢J in our report. we do not express any form of assurance cmclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inftsrmation and, in doing so, consider whether the other inf¢)rmalion is materially inconsistent with the financial statements or our kn￿edge obtained in the audrt or otherwse appears to be materially misstated. If we identfy such material inconsistencies or apparent material mi55talemenls, we are qUI￿d to delemiine whether there is a m*erial misststemenl in the financial statements or material misstatement of the other infomiation. If, based on the work we have perfomied, we conclude that there is a material misstslement of this other information. we are requi￿￿ to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the Work undertaken in the course of the audrt.. the information given in the trustees, report (incorporating the trustees, report) for the financial year for whi¢h the financial statements are prepared is consistent wlh the financial slalements., and the Iruslees, report has been prepa￿d in accordance V•ith applicable legal requirements. Matters on which we are required to report by exception In the light of our knovAedg& and understsnding of the charitabk company and its environment obtained in the course of the audit, we have not idenbfied material misstatements in the trustees. report. We have nothing lo report in ￿SpeCt of the follo%￿n9 matters in relab'on lo which the Charities (Accounts and Reports) Regulalions 2008 require us lo ￿POrt lo you if, in our opinion.. the infom*ion given in the financial $latemenls is •r￿onSistent in any material respect wlh the Iruslees, report". or the charitsble company has not kept adequate accounting records". or the financial statements are not in agreement with the accounting records and retums., or we have not received all the Inlomalion and explanations we require for our audit. the Iruslees were not enlilled lo P￿pare the financial slalemenls in accordance with the small companies, regime and take advantage of Ihe small companies, exemption in preparing the Iruslees. annual rewrt and from the requirement lo prepare a slralegi¢ report. Responsibilities of trustees As explained more fully in the trustees, responsibililies $t*emenl. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satssfied that they gwe a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the prepar*ion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stslements. the trustees are responsible for assessing the ¢haritsble company's abilty to conts'nue as a going concem. disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. ￿ have no realistic attemative but lo do so. 13 Independent auditorfs report To the membèrs of Intèmational Nètwork for Advancing Science and Policy Ltd Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high ￿Ve1 of assurance, but is not a guarantee that an audit conducted in a¢cordan¢e with ISAS IUKI wll afvoys detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, indNidually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with ¢xJi responsibilrties. oudineil above. to delecl m*erial missl*emenls in respect of irregularities, including fraud. The spectfic procedures for this engagement and the extent lo which these are capable ol delecb.ng irregularities, in¢lLKling fraud is detailed below.. Enquiry of management and those charged wth govemance around actual and potential litigation and claims., Reviewing minutes of meetings of those charged wlh govemance., Reviewing financial slalemenl disclosures and testing to supporting documentation lo assess compliance applicable laws and regulation$', Performin9 audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transath'on$ outside the normal ¢ourne of business and reviewing accounting eslimales for bias. Because of the inherent limrtations of an audit, there 1$ a risk that we wll not detect all Irregularit￿$, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wlh a law or regulation is removed from the events and transactions rellected in the financial stalement$. as we will be le$s likely lo become aware of instances ol nonrk for Advancing Science and Policy Ltd Balance sheet Company no. 04919576 As at 31 December 2023 2023 2022 Note Fixed assets= Tangible asseis Current a5sets= Debtors Cash at bank and in hand 30.949 363.643 19.601 678.149 394,592 697.750 Uabllltles: Creditors.. amounts falling due within one year 12 68.031 134,865 Net current assets 326.561 562,885 Total assets less current Ilabllltles 326.561 562,995 Total net assets 326,561 S62.995 The funds of the charlty. Unrestricted income funds.. General unrestricted funds Restricted funds 19a 19a 310,544 16,017 562.995 Total unrestricted funds 326.561 562,995 Total charlty funds 326.561 562.995 Approved by the trustees on 19 March 2024 and signed on their behalf by Louise Shaxson 16 Internatlonal Network for Advanclng Sclence and Pollcy Ltd Statement of cash flows For the year ended 31 December 2023 Note 2023 2022 Cash flows frorn operating activities Net cash provided by l (used in) operating activities 1314,506) 1215,8921 Cash flows from Investlng acrlvltles: Net cash provlded by l (used In) InvestSng artlvltles Change In cash and cash equlvalents In the year 1314,506) 1215,8921 Cash and cash equivalents at the beginning of the year 678.149 894,041 Cash and cash equlvalents at the end of the year 363,643 678,149 International Network for Advancing Science and Poliry Ltd Notes to the flnanclal statements For the year ended 31 December 2023 l Accountlng pollcles al Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin9 Standar(J applicable in the UK and Rèpublic of Ireland IFRS 1021 leffective I January 20191- (Charities SORP FRS 1021. Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are iniiially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy OT note. b) Publlc beneflt entlty The charitable company meet5 the definition of a public benefit entity under FRS 102. c) Golng concern Having taken consideration of the amount of unrestricted reserve5. the trustee5 consider there is a reasonable expectation that INASP has adequate resouices to continue in operational existence for the foreseeable future. The Trustees are also satisfied with the controls in place for monitoring and flexing the budget throughout the year. Accordingly we continue to adopt the going concern basis in preparing this annual report and financial staiements. Following the continued investment of reserves during 2023 to secure the future of INASP going forward, the trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to ihe carrying amounts of assets and liabilities within the next reportin9 period. d) Income Income is recognised when the chariiy has entitlement to the funds. any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grant5, is recogni5ed when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, ir is probable that the income will be received and the amount can be measured reliably and is not deferred. e) Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. thi5 15 normally upon notificaiion of the interest paid or payable by the bank. f) Expendlture and Irrecoverable VAT Expenditure 15 recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and thè amount of the obligation can be measured reliably. Expenditure is classified under ihe following activity headings.. Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose Expenditure on charitable activities includes the costs of delivering services, and other activitie5 undertaken to further the purposes of the charity and thèir associated support costs. Other expenditure represents ihose iiems noi falling inro any other heading International Network for Advancing Science and Poliry Ltd Notes to the flnanclal statements For the year ended 31 December 2023 g) Allocation of sUPPOrt C05ts Resources expended are recognised in the period in which they are incurred. Resources expended are allocated to the particular activity where the cost relates directly to that activity. However. the cost of overall direction and administration of each activity. comprising the salary and overhead costs of the central function. is apportioned based on staff time involved in the activitv. Governance costs are the costs associated with the governance arrangements of the charity. These costs are a550ciated with constitutional and statutory requirements and Include any c05t5 a550ciated with the strategic management of the charity's activities and have been allocated to activities on the same basis as support costs. h) Operatlng leases Rental charges are charged on a straight line basis over the term of the lease. l) Tanglble flxed assets Items of equipment are capitalised where the purchase price exceeds £ 1.000. Depreciation costs are allocated to activities on the basis of ihe use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Depreciation is provided at rates calculated io write (lown the cost of each asset to its estimated resldual value over its expected useful life. The depreciation rates in use are as follows.. Computer Equipment - 3 year5 straight line Office Equipment - 3-5 years straighi line Furniture & Fitting5 - 3-5 years straight line J) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepaymen(s are valued at the amount prepaid net of any trade discounts due. kl Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisiiion or opening of the dep051t or similar account. Cash balances exclude any funds held on behalf of service users. 1> Credltor5 and prov151ons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event rhat will probably result in rhe transfer of funds to a ihird parry and the amounr due to settle the obligation can be measured or estimated reliably. Creditor5 and provi5ion5 are norrnally recognised at their settlement amount after allowing for any trade discounts due. International Network for Advancing Science and Poliry Ltd Notes to the flnanclal statements For the year ended 31 December 2023 m) Pensions The charitable company operates a defined contribution group personal pension plan for the benefit of its employees, and also makes payments to other defined contribution schemes for employees who are not members of the group scheme. Pension costs are recognised in the monLh in which the related payroll payment5 are made. n) Forelgn currencles Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transaciions in foreign currencies are translated into sterling at the spot rate on the day of transaction and for USS are then held in the accounts at an average weighted value. Exchange differences are takèn into account in arriving at thè net incoming resources for the year. 2 Income from charlrable activitles 2023 Total 2022 Total Unrestricted Restricted Forelgn, Commonwoalth and Dèvelopment Offlce IFCDOI Transforming Employabiliiy for Social Change in East Africa ITESCEAI 4,671 Sub-total for FCDO programme work 4.671 Swedlsh Int•rnatlonal De￿lOpm*n¢ Cooperatlon Agency (Slda) Global Platforms for Equitable Knowledge Ecosystems IGPEKEI 356.460 356,460 547,229 Sub-total for Sida programme work 356.460 356,460 547,229 Other Income 137,270 64,719 201,989 167,015 Total income from programme work 493.730 64.719 558.449 718,915 In the previous year the TESCEA income of £4.671 was restricted. 3 Other Charltable acrlvltles 2023 Total 2022 Total Unrestricted Restricted Donations 118 118 All income from other charitable activities was unrestricted in the previous year. 20 International Network for Advancing Science and Policy Ltd Notes to rhe flnanclal statements For the year ended 31 December 2023 4a Analysi5 of expenditure - Current year Governance costs Support costs 2023 Total 2022 Total Global Platforms for Transforming Equitable Employability Knowledge for Social Ecosystems Chan9e in Easi IGPEKEI Africa (fESC Other Charitable aciiviries Restrirted Funds Staff costs Inote 61 Forelgn Exchange Programme delivery costs Audit fee5 Board expenses Depreciation Inote l 01 201.227 317,391 18.825 537,443 1,489 263,161 7,300 6,171 525.986 13,4471 433.080 6,900 6.263 1,429 1 ,489 121,461 101.838 3,600 23.373 16.489 3,700 6.171 110 306,66S 340.764 35.314 9.981 122,950 815,674 970.211 Support cosrs 50.307 59.255 13.388 1122.9501 Governance costs 9.981 19.9811 Total expendlture 2023 356.972 410.000 48.702 815,674 970.211 Total expenditure 2022 547,227 8.842 414.142 970.211 In the previous year the TESCEA expen(Jiture of £8.842 was restric¢e¢J. Internatlonal NeThvork for Advanclng Sclence and Pollcy Ltd Notes to the financial statements For the year ended 31 December 2023 4b Analysls of expendlture - Prevlous year Governance costs Support costs 2022 Total Global Platforms for Transforming Equitable Employability Knowledge for Social Ecosystems Change in East IGPEKEI Africa (TESC Other Charitable activities Staff costs (note 61 Foreign Exchange Programme delivery costs Partner costs Audit fees Board expenses Depreciation (note l 01 212,970 3,867 309.149 525.986 (3.447) 433,080 13,4471 121,878 271,425 4,105 35,672 3,200 3,700 6,263 1,429 6,900 6,263 1,429 487,595 7.972 344.821 11.392 118,431 970.211 Support costs 59,632 870 57,929 1118,431) Governance costs 11.392 111,3921 Total expendlture 2022 547.227 8.842 414.142 970.211 Total expenditure 2021 573,612 878,535 602.927 2,055,074 22 Interna￿Onal Network for AdvarKlng Sdence and Polky Ltd Notss to tht financial stattménts For the year ended 31 December 2023 Net Incomlng resour¢es for the year Thls Is slated after charglng I Icreditlngl.. 2023 2022 Operatlng lease renials= Property Auditors, remuneration (excluding VAT)= Audit Other seNice5 Foreign exchange105se5 1 (gain51 2.722 4.776 3,700 3.600 1.489 3.700 3,200 13,4471 Analysls of staff costs. trustee remuneratlon and expenses. and the cosi of key mana9ernent personnel 2023 2022 Staff costs were as follow.. Salaries and wage5 Social security cosis Employer's contribution io defined coniribuiion pension schemes Other forms of employee benefits 440.893 53.327 35.903 7,320 425,823 54,311 35,638 10,214 537,443 525,986 The followSng number of employees recelved employee beneflts lexcludlng employer penslon costsl durSng the year between.. 2023 No. 2022 No. 60,000 - £69,999 70,000 - £ 79.999 £80,000 - £89,999 The total employee benefits includin9 pension contilbuiions and employei's Nl of the key management personnel were £230,471 12022.. £240,132). The charity rrustee5 were not paid or received any oiher benef115 from employrnenr wirh rhe chariry In the year12022.. £nill. No irustees received payment for professional services supplied to the charity 12022'.1 £1.9501 as detailed in note 8. Trusrees, expenses represenis rhe paymeni or relmbursemenr of iravel and subslsience costs rotalllng £6,175 12022.. £6,263) incurred by 612022..61 member5 relating to aitendance ai meetlngs of the trustees. Staff numbers The average number of employees (head couni based on number of staff emplgyedl durlng the year wa5 as follow5.. 2023 No. 2022 No. Programme work Support io Relaied party tran5acrlons During rhe year, £8.784 was received from Oxford Policy Management for coTriratted work, a company thar lonarhan Harles partner 15 employed by 12022.1 £1.950 10 a trusieel. There are no donations from related parties which are outside the normal iour5e of busine55 and no restvicied donations frorn related parties. 23 Interna￿Onal Network for AdvarKlng Sdence and Polky Ltd Notss to tht financial stattménts For the year ended 31 December 2023 Taxatlon The charitable company is exempt from corporation tax as all lis income 15 charitable and is applied for Charitable purposes. Office equipment l O Tanglble flxed assets Total At the start of the year Addirions in year Disposals in year 3.940 3.940 At the end of ihe year 3.940 3,940 Depre¢latlon At the start of the year Charge for the year Ellmlnated on disposal 3.830 3.830 110 At the end of ihe year Net book value At the end of the year 3.940 3,940 At the start of the year All of the above asseis are used for charitable purposes. I l Debtors i 10 2023 2022 Trade debtors Other debtors VAT Prepaymenrs 7,707 14.849 426 7,967 12,376 1,435 5,790 30.949 19,601 12 Credltors: amounts fallln9 due wiihln one year 2023 2022 Trade creditors Taxation and soclal securllv Funds held for partners Accruals Deferred income 25.844 10.911 66,423 14,499 24,730 10,780 18.433 13.888 17.388 68.031 134,865 13 Deferred Income Deferred incorne comprises fund5 received in advance of the expendiiure they relaie to being made. 2023 2022 Balance at the beginning of ihe year Amount released to income in the year Amount deferred in the year 18.433 (421,1791 420,134 102,660 1557,6551 473,428 Balance at the end of the year 17.388 18.433 24 Interna￿Onal Network for AdvarKlng Sdence and Polky Ltd Notss to tht financial stattménts For the year ended 31 December 2023 14 Penslon scheme The charsiable company operaies a deflned contrlbutlon 9roup personal pensSon plan for the beneflt of its employees, and also makes paymenis io oiher defined contribution schemes for employees who are not mernbers of the group scheme. Pension costs are recognised in the month in which the related payroll payrnent5 are rnade. 15 Reconclllatlon of net Incomel(expendlture) to net ash Ilryw frorn operatlng artmtles 2023 2022 Net Incom*llexpendlturt) for rtportlng perlod (as per the statement of financlal actmtles) Depreciaiion charges Ilncreaselldecrease In debtors Increa5elldecrea5el in crediiors 1236.4341 1245,0761 1,429 177.857 1150,1021 111,3481 166,8341 Net cash provlded byllused In) owatln9 a¢iMtles 1314.506) 1215,8921 16 Analysls of (ash and cash equfvalents At31 Oecember 2023 January 2023 Cash flows Cash In hand 678.149 1314.5061 363.643 Total o5h and cash equfvalenQS 678.149 1314,5061 363.643 17 Future commltments There are no furure lease paymenrs under non-cancellable operaring leases io disclose for 2023 12022 none). Ar rhe end of 2023, two 5raff informed u5 of iheir decision io leave our employrneni in 2024, under the terms of a contraciual variation made in 2021 which includes a coniractual paymeni on departure. and which results in a financlal liability of £34,145. 18 Le9al status of the charlty The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of wlndin9 up is limited io £ l. 25 Interna￿Onal Network for AdvarKlng Sdence and Polky Ltd Notss to tht financial stattménts For the year ended 31 December 2023 At the stan of the year Income & Expenditure & At the end of gains losse5ltran5fers the year 19a Movement5 In fvnds- current ￿ar Restrlcted funds.. Kenya Wlldlife Trust - In support of Developing a knowledge ecosystem for a livelihood programme Inforrnaiion Developrneni Research Centre IIDRCI - support Grow Easi Africa reseach teams 22.419 16.4021 16.017 42.300 142.3001 Total restrlrted funds 64,719 148.7021 16,017 General unrestrkned funds: 562,995 514.521 1766,9721 310 544 Total funds: 562.995 579.240 1815,6741 326.S61 Movemonts In funds- prlor yur At the start of the year Income & Expendiiure & At the end of gains lossesitransfers the year 19b Rtstrlcted funds.. TESCEA 4.671 14,6711 Total restrlrted funds 4,671 14.6711 General unrestrkted funds: 808.071 720.464 1965,5401 562 995 Total funds: 808.071 725.135 1970,2111 562.995 26