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← International Network for Advancing Science and Policy

2024-12-31-accounts

Company number: 04919576 Charity Number: 1106349

International Network for Advancing Science and Policy Ltd

Report and financial statements for the year ended 31 December 2024

International Network for Advancing Science and Policy Ltd

Contents

Reference and administrative information .............................................................................................. 2 Trustees Report ...................................................................................................................................... 3 Independent Auditor’s Report ............................................................................................................... 15 Statement of financial activities (incorporating an income and expenditure account).………………. 19 Balance sheet………………………………………………………………………………………………… 20 Statement of cash flows…………………………………………………………………………………….. 21 Notes to the financial statements ………………………………………………………………………….. 22

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International Network for Advancing Science and Policy Ltd

Reference and administrative information

Company name:

International Network for Advancing Science and Policy Ltd (INASP)

Company number 04919576 Charity number 1106349 Registered office and The Old Music Hall, 106-108 Cowley Road, Oxford, OX4 1JE operational address

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Key management staff • Jonathan Harle, Executive Director • Les Haynes, Finance Director (resigned March 2024) Bankers National Westminster Bank 43 Cornmarket St Oxford OX1 3HA Auditor Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Trustees Report

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

The reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

INASP Vision, Mission and Values

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.

We are a values-driven organisation. Our values reflect our commitment to equity, respecting others, acting with integrity, openness and transparency and provide a lens for our work, both inside and outside of the organisation:

Our values are:

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 objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

We believe that research and knowledge are critical in addressing global challenges and achieving the Sustainable Development Goals. Research and higher education institutions have a central role to play as knowledge producers, and as educators of the next generation of professionals, entrepreneurs and policy makers. Over the last 30 years we have worked with partners across Africa, Latin America and Asia to support career educators and researchers and to facilitate change in research and higher education systems. In recent years we have built a reputation for relevant, high quality, digital learning programmes that are designed with and for learners and professionals in the Global South.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

During 2024, the Executive Director and Board refocused our work, to ensure that we had a clear understanding of our pathway to impact, and a clearer articulation of our specific contribution.

We work to achieve impact in three areas:

  1. Youth can secure meaningful and dignified work

  2. Critical knowledge for policy, practice and communities

  3. Women educators and researchers leading change

We do this by:

Our core expertise is fourfold:

We focus specifically on institutions and individuals with fewer opportunities, aiming to ensure that academics, researchers and students in secondary towns and rural areas have access to high quality learning opportunities, alongside their peers in better-resourced institutions in capital cities.

Our approach emphasises long term capacity development through equitable partnerships and continuous learning and adapting to change.

In identifying and carrying out the aims, the trustees have had regard to their duty in section 4 of the 2011 Charities Act relating to guidance on public benefit. As described in the following paragraphs, all our activities are carried out for the public benefit of people in developing and emerging countries.

Achievements and performance in 2024

Our global digital learning programme, with support from our long-standing partner, the Swedish International Development Cooperation Agency (Sida), was accessed by researchers and educators in 131 countries.

Further partnerships have enabled us to provide dedicated support to researchers in areas ranging from foundational literacy to marine science to gender and economic growth, covering 15 countries:

Youth can secure meaningful and dignified work

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Transforming teaching and learning

Inclusive learning in Nigeria

Critical knowledge for policy, practice and communities

Enabling early career researchers to advance their careers

Equipping marine scientists to translate research into real-world impact

Launching a new ‘digital hub for open research in East Africa’

Assisting education researchers to win research funds

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Sharing our learning and contributing new insights

Alongside our direct support to researchers and educators, we’ve published a series of reports to share our learning and researched and published a series of reports and briefings on critical issues, including

Management changes

In 2024 we made a significant transition in our senior management. Jonathan Harle was appointed into the role of Executive Director in September 2023 and took up post on 1 January, to replace John Young who retired in December 2023.

Our Finance Director, Les Haynes, and our Financial Accountant decided to leave the organisation in early 2024. The Executive Director, in consultation with the board, decided to restructure the finance function to better reflect INASP’s needs and to achieve a more cost-effective solution for the organisation. In place of a part time Finance Director and part time Financial Accountant we recruited a new Finance Manager who has introduced new forecasting and management tools and improved the detail of our management accounting to enable us to monitor income and expenditure more precisely and at project level on a monthly basis.

Due to pressures of work, our Treasurer, Ijeoma Ihuegbu, stepped down in June 2024. In anticipation of her departure, we appointed an experienced independent financial advisor, Mike Wood, to assist us in strengthening our financial planning and forecasting, while we continued to search for a new Treasurer. A new and experienced Treasurer has now been recruited and will be formally appointed to the Board at its April 2025 meeting.

Impact and business culture

In addition to changes to the finance function we have evolved our operating culture and practice in two areas.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

finances, to ensure we are managing cash flow well and that we realise income as planned against grant timelines.

Plans for the future

Now that we have secured two large long-term grants, alongside other substantial funding for 2025, we are in a much better position to make serious plans for the future. We will use the opportunity of a new strategy period to think deeply about how INASP can achieve greatest impact with our partners, colleagues and the communities they support, and the evolution in our organisational form and focus to enable this.

In 2025 we will continue to focus our efforts on supporting early career researchers and educators using our digital and blended learning expertise to provide flexible, accessible learning programmes at scale to professionals across the Global South.

In partnership with universities and research institutions, we will use our digital learning platforms to enable them to provide learning opportunities to their staff and students, and work with them to develop their own in-house staff development programmes.

Alongside our core programme of ‘essential skills’ support, we will continue to expand our programme to encompass support for researchers and educators working in specific thematic areas, such as climate and health.

At the heart of this will be a continued focus on research that is engaged with policy and practice and teaching that equips young people to contribute to society and secure employment, through a focus on critical thinking and problem-solving skills. We aim to build new partnerships that marry our expertise in learning with deep knowledge of local economies and labour markets and assist researchers to connect academic knowledge to societal needs.

Cutting across this work will be a continued focus on gender, to ensure that both women and men are able to succeed in their research and teaching careers and can support their students to learn through gender-responsive teaching and learning, build more inclusive institutions, and deliver research which embeds a gender-responsive approach in its design and implementation.

Our major grants will be:

Alongside our programme delivery, we will place particular emphasis on our measurement and communication of result and impact. We will continue to tighten our plan to hire new communications expertise, publish a regular ‘outcomes and impact’ report, and position the voices of our community so that they can tell their own stories about how they are bringing evidence, ideas and expertise to serve their communities and support policy and decision makers.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Fundraising activities

We are aware of our obligations under the Charities Act to report our fundraising policy. We engage with statutory funders, trusts, foundations, private companies and the public in order to raise our income.

There are three overarching goals in our 2022-2025 business development and fundraising strategy, all of which were achieved in 2024:

1. Realising our mission : Securing grants that enable us to deliver our strategy, identifying business development opportunities under each of our key outcomes, and developing specific plans for maintaining, growing, and acquiring key donor relationships and developing new income streams in each one.

2. Achieving financial sustainability : Balancing the books with the aim to cover staff costs in full, with moderate growth in total income by 2025, and generating a modest monthly surplus to allow us to rebuild reserves.

3. Developing a diversified portfolio of funding : Multiple sizes, and funding models to sustainably deliver support in a mode that fulfils our commitment to Southern leadership and responds to the rapidly changing funding environment.

We have received no complaints about INASP’s fundraising activities.

The funding environment remains extremely challenging, and to ensure we can generate sufficient funding to cover our work in 2025 and beyond we are:

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Trustees Report for the year ended 31 December 2024

Financial review

Business development and fundraising were a key area of investment throughout the year, and we continued to work with an experienced senior fundraising consultant. 2024 was marked by significant progress in fundraising.

We began work under a new five-year cooperation agreement with the Swedish International Development Cooperation Agency (Sida, 2024-2028) and signed new multi-year grant agreements with the Templeton World Charity Foundation (2024-2026), PwC on behalf of the UK Foreign, Commonwealth and Development Office (FCDO, 2024-2026), and the Norwegian Agency for Development Cooperation (Norad, 2024-2027). We also became a partner in the newly established FCDO Research Commissioning Centre, with a role to assist the centre to build a more diverse network of researchers and institutions in the Global South.

A series of smaller consultancies were undertaken, and a series of additional opportunities were developed and cultivated, including strategic partnerships with several African organisations and Africafocused funders.

Income rose in 2024 to £731,739 (2023: £579,240). Delayed contracting by several funders meant that although new grant agreements were signed, we were unable to realise as much income as anticipated, and we ended the year with a deficit of £121,087 (2023: £236,434).

However, new grants mean we entered 2025 with our full operating costs secured for the year (including the costs of several new members of staff) and forecast a modest surplus which will enable us to rebuild reserves during the year.

Investment policy

The Board requires that non-working funds be placed in short-term low risk, interest earning accounts. Earning from investments were relatively low during the year.

Reserves policy

The charity has an unrestricted general reserve of £187,581 as of 31 December 2024 (2023 restated: £310,544) and a restricted reserve of £17,893 (2023 restated: £16,017). Our reserves policy is to hold a minimum of five months operating costs in the unrestricted general reserve. In 2024, reflecting the strong pipeline but delayed contracting by several funders, the Trustees agreed that the organisation could draw down reserves to below this threshold, providing that we maintained the necessary funds to responsibly close the charity should that be necessary.

Our 2025 core operating costs budget for 12 months (salaries and general operating expenses) is £679,549 (2024: £546,183). Taking into account additional costs relating to planned investments in communications, fundraising and staff development, we expect to rebuild reserves to hold 5 months operating costs by mid-year.

Going concern

Significant efforts in business development over 2023 and 2024 have resulted in three new multi-year grants which will provide income up to 2028. We begin 2025 having secured our full operating costs from contracted projects, with a projected surplus of approximately £160,000 by the end of the year which will enable us to steadily rebuild reserves. We expect to realise further revenue from our pipeline in the year, and to grow income for 2026 and beyond.

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Trustees Report for the year ended 31 December 2024

We have continued to refine our operating model and enhance the ‘associate model’ which enables us to respond much more flexibly to the funding environment. This means we can put together expert teams, including staff, Associates and consultants, in response to calls for proposals and to implement projects, and enables us to demonstrate our evolution to become a more Southern rooted organisation.

We have established clear going concern trigger points and management accounting and business development reporting systems to be able to monitor whether these are breached and to assess and adjust progress as necessary during the year. The trustees review the financial position closely on a regular basis and assessing our status as a going concern is a routine agenda item at board and subcommittee meetings.

As a result of these considerations, we are confident there are no material uncertainties about INASP’s ability to continue as a going concern.

Safeguarding

As a values-led organisation, we are committed to promoting the rights of all people to live free from abuse and coercion, we are committed to putting in place safeguards and measures to prevent abuse and to ensure that people are treated with respect.

We are nurturing a culture where any form of abuse is unacceptable and everyone who works with us is safe. We have reviewed our policies and procedures, so that they clearly set out our standards and expectations of staff and establish clear lines of responsibility and reporting. We ensure that our Whistleblowing policy and procedure remains clear and easy to follow, and a direct route remains to the board of trustees.

We have established an annual training programme to ensure staff, associates, trustees and those who deliver work for INASP are aware of and know how to apply these policies and standards.

Risk management

All significant project activities undertaken are subject to a risk review as part of initial planning and this is regularly updated during implementation.

Organisation-level risks are identified and assessed in terms of their potential impact and likelihood and tracked using a risk register, jointly developed between the Board and the Executive Director, managed by the Executive Director, and monitored by the Board. In 2024 we updated our risk strategy. We identified risks in five categories (Aim and objectives; Reputation; Organisational sustainability; Financial and operational; Governance & compliance), our risk appetite for each category, and appropriate assurance mechanisms.

The key risks for 2025, and our approach to mitigation are as follows:

Risk category Risk
manifestation		 Mitigation
Organisational
sustainability
(risk appetite:
strongly averse)		 INASP is unable
to remain viable
for long enough
to plan for the
next phase of its
existence.		 With Templeton, FCDO and Norad, INASP is now
financially secure for the next year (modelling into 2026
will be done in early 2025). However, we have identified
a risk that Sida could cut our funding because national
political pressures in Sweden are putting increasing
pressure on the international development budget. We
have already had a 25% cut in 2022/3 and believe that
Sida is unlikelyto cut the entireprogramme. The

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Executive Director and Senior Project Manager maintain
good contacts with the Sida team managing our
contract. Cuts to the Sida programme could be
damaging in the short term (especially to the AuthorAID
community) but we would be able to sustain this on a
limited basis through Norad. Efforts will continue in 2025
to secure additional funding from other donors to
broaden the funding base. Science diplomacy seems to
be a high priority for FCDO but the UK aid programme is
under threat with a challenging Budget, and we keep
monitoring it.
Action: The risk of both of these is being monitored and
factored into our financial forecasting.
Governance &
compliance(risk
appetite: strongly
averse)		 The
Board
becomes
too
small to govern
effectively		 All Board members have extended their terms for
another three years. A new Treasurer has been
appointed and will join the Board at its April meeting.
Aims and
objectives
(risk appetite: bold)		 INASP can’t make
the
transition
away
from
an
Oxford-based
organisation
without
compromising its
mission
and
values		 We think the likelihood of our not being able to make a
good transition is low given how we propose to go about
it – in a spirit of radical openness with staff, funders and
associates. There is a lot of work to do beforehand –
specifically around improving how we communicate our
new mission and impact – before we can begin
conversations. Our forecasts show that if additional
income is secured and recognised in 2025, we would be
in a position from late Q3/early Q4 to start the process
of making the transition.
Action: we need to get a lot better at communicating our
work and our impacts – as soon as we are able to,
investing in comms expertise should be a priority. We
will also develop a simple business case for investing in
comms strategically.
Financial &
operational risks
(risk appetite:
strongly averse)		 Our
financial
procedures
are
insufficient for the
work of making
the transition		 We are in a very different position from where we were
a year ago. The Executive Director and new Finance
Manager have overhauled our finance systems, giving
us a much better handle on programme and
organisational finances and allowing much more
granular forecasts. A new Treasurer might want to do an
internal audit to identify processes that could be
improved in line with our intention to start the transition
in 2025.
Action: to discuss with the new Treasurer from April.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Structure, governance & management

The organisation is a charitable company limited by guarantee, incorporated on 2 October 2003 and registered as a charity on 18 October 2004. The company was established under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association (as amended June 2019).

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.

The charity’s objects are: “For the benefit of people in resource poor countries, to advance research and education by:

Appointment of trustees

The trustees are elected to serve for a period of three years after which they may be re-elected at the next trustees meeting for one more term of three years, except in the case of the Chairman/treasurer who shall be permitted to remain as a trustee until their period of office as chairman/treasurer has expired. Trustees are not remunerated for their trusteeship and trustee expenses and related party transactions are disclosed in note 6 to the financial statements.

The Chair of the trustees is ultimately responsible for recruiting new members and consults widely on potential candidates to ensure they represent the areas of the charity’s activities and/or contribute the knowledge and skills required for the board of trustees to give good quality oversight and advice to the charity’s executive management.

Trustee induction and training

Most candidates are already familiar with 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 trustees, the articles of the charity and other key documents such as strategic and financial plans.

Related parties and relationships with other organisations

Related party transactions in the year are disclosed in note 8 to the financial statements.

Remuneration policy

In determining the remuneration policy, the Board of trustees considers all factors which are deemed necessary. The objective of the policy is to ensure that the Executive Director and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Charity. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other charities ensuring INASP remains sensitive to the broader issues e.g., pay and employment conditions elsewhere.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

We aim to recruit, subject to experience, at the lower – medium point within a band, providing scope to be rewarded for excellence. We pay the living 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 charitable expenditure. In 2024 INASP awarded staff a 2.9% cost of living adjustment, tapered across the organisation so that lower paid staff received a higher percentage adjustment. Further information 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 statements.

Statement of responsibilities of the trustees

The trustees (who are also directors of INASP for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 6 (2023:6). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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International Network for Advancing Science and Policy Ltd

Trustees Report for the year ended 31 December 2024

Auditor

Wenn Townsend were appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.

The trustees’ annual report which includes the strategic report has been approved by the trustees:

On and signed on their behalf by: 24 April 2025 …………………………… | Louise Shaxson (Trustee)

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Independent auditor’s report To the members of International Network for Advancing Science and Policy Ltd

Independent Auditor’s Report

Opinion

We have audited the financial statements of International Network for Advancing Science and Policy Ltd (the charitable company) for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflow and 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report

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Independent auditor’s report To the members of International Network for Advancing Science and Policy Ltd

thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to 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 audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

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Independent auditor’s report To the members of International Network for Advancing Science and Policy Ltd

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to 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 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 statements.

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 respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial 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 to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report To the members of International Network for Advancing Science and Policy Ltd

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………..

Ajay Bahl BA BFP FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend

Chartered Accountants and Statutory Auditor 30 St. Giles Oxford OX1 3LE

……………………………2025

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International Network for Advancing Science and Policy Ltd

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

----- Start of picture text -----
2024 2023
Unrestricted Restricted Total Total
as restated
Note £ £ £ £
Income from:
Charitable activities
Programme work 2 277,459 447,138 724,597 558,449
Investments 7,142 - 7,142 20,791
Total income 284,601 447,138 731,739 579,240
Expenditure on:
Charitable activities
Programme work 4a 391,321 461,505 852,826 815,674
Total expenditure 391,321 461,505 852,826 815,674
Net income / (expenditure) for the year 4 (106,720) (14,367) (121,087) (236,434)
Transfers between funds (16,243) 16,243 - -
Net movement in funds (122,963) 1,876 (121,087) (236,434)
Reconciliation of funds:
Total funds brought forward 310,544 16,017 326,561 562,995
Total funds carried forward 187,581 17,893 205,474 326,561
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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International Network for Advancing Science and Policy Ltd

Company no. 04919576

Balance sheet

As at 31 December 2024

Note
Fixed assets:
9
Tangible assets		 £ 2024
£
-		 £ 2023
as restated
£
-
Current assets:
10
15
Cash at bank and in hand
Debtors		 11,497
647,282		 - 30,949
363,643		 -
Liabilities:
11
Creditors: amounts falling due within
one year
Net current assets		 658,779
(453,305)		 205,474 394,592
(68,031)		 326,561
Total assets less current liabilities 205,474 326,561
Total net assets 205,474 326,561
18
Restricted funds
19
The funds of the charity:
Unrestricted income funds:
Unrestricted general funds		 187,581
17,893		 310,544
16,017
Total charity funds 205,474 326,561

Approved by the trustees on and signed on their behalf by 24 April 2025

…................................................... Louise Shaxon (Trustee) 7

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International Network for Advancing Science and Policy Ltd

Statement of cash flows

For the year ended 31 December 2024

----- Start of picture text -----
Note 2024 2023
as restated
£ £ £ £
Cash flows from operating activities
Net cash provided by / (used in) operating activities 14 276,497 (335,297)
Cash flows from investing activities:
Dividends, interest and rents from investments 7,142 20,791
Net cash provided by / (used in) investing activities 7,142 20,791
- -
Net cash provided by / (used in) financing activities
Change in cash and cash equivalents in the year 283,639 (314,506)
Cash and cash equivalents at the beginning of the year 363,643 678,149
Cash and cash equivalents at the end of the year 15 647,282 363,643
----- End of picture text -----

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charitable company meets the definition of a public benefit entity under FRS 102.

Having taken consideration of the amount of unrestricted reserves, the trustees consider there is a reasonable expectation that INASP has adequate resources 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 statements.

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 the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when the charity 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’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

f) Expenditure and irrecoverable VAT

Expenditure is 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 the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

Costs of raising funds relate to the costs incurred by the charitable company in inducing third

g) Allocation of support costs

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 the percentage of contribution for each activity. This is a change from the prior year allocation based on staff time and is considered to be a more accurate reflection.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities and have been allocated to activities on the same basis as the prior year.

h) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

i) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the 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 to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) 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 acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

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 month in which the related payroll payments are made.

n) Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the spot rate on the day of transaction and for US$ are then held in the accounts at an average weighted value. Exchange differences are taken into account in arriving at the net incoming resources for the year.

2 Income from charitable activities

Programme work
ACU-OCCP (i57)
OTT OFS (i49)
CGD-Europe (i51)
IDRC Scaling Care (i53)
ACBF-Haus (i55)
PEBL Evaluation
IDRC-GROW (i45/2 )
IDRC-GROW (i45/3)
UNICEF-GESP (i50)
ESSA (i60)
Templeton (i61)
PWC - (FCDO Evidence Fund) (i62)
Small Projects
Total income from programme work
Other income
Swedish International Development Cooperation
Agency (Sida)
KWT (i52)
NORAD (i63)
Sub-total for other programme work		 Unrestricted
£
-
48,003
11,723
7,850
19,019
20,104
24,750
-
10,393
114,500
-
17,320
-
-
-
3,797
277,459
-
277,459		 Restricted
£
320,000
-
-
-
-
-
-
17,388
-
-
11,298
-
52,473
39,921
6,058
-
447,138
-
447,138		 2024
Total
£
320,000
48,003
11,723
7,850
19,019
20,104
24,750
17,388
10,393
114,500
11,298
17,320
52,473
39,921
6,058
3,797
-
724,597
-
724,597		 2023
Total
as restated
£
356,460
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
356,460
201,989
558,449

In the previous year income from charitable activities of £421,179 was restricted.

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

----- Start of picture text -----
For the year ended 31 December 2024
3a Analysis of expenditure - Current year
2023
2024 Total Total
as restated
£ £ £ £ £
The Swedish
International Other
Development charitable Other
Cooperation activities restricted Support
Agency (Sida) (unrestricted) funds Governance costs costs
Staff costs 171,474 65,679 53,884 - - 291,037 537,443
- - - -
Foreign Exchange (3,377) (3,377) 1,489
-
Programme delivery costs 145,067 103,405 47,090 265,004 560,566 263,161
Audit fees - - - 4,225 - 4,225 7,300
Board expenses - - - 375 - 375 6,171
Depreciation (note 9) - - - - - - 110
316,541 169,084 100,974 4,600 261,627 852,826 815,674
- - - -
Support costs 217,637 43,990 (261,627)
Governance costs - 4,600 - (4,600) - - -
- -
Total expenditure 2024 316,541 391,321 144,964 852,826 815,674
- - - -
Unrestricted general funds 391,321 391,321 410,000
Restricted funds 316,541 - 144,964 - - 461,505 405,674
- -
Total expenditure 2024 316,541 391,321 144,964 852,826 815,674
----- End of picture text -----

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

----- Start of picture text -----
For the year ended 31 December 2024
3b Analysis of expenditure - Previous year
2023 Total
as restated
£ £ £ £ £ £
Sida - Global
Platforms for
Equitable
Knowledge Other
Ecosystems charitable
(GPEKE) activities Other restricted Support
(restricted) (unrestricted) funds Governance costs costs
Staff costs 201,227 317,391 18,825 - - 537,443
- - - -
Foreign Exchange 1,489 1,489
-
Programme delivery costs 101,838 23,373 16,489 121,461 263,161
Audit fees 3,600 - - 3,700 - 7,300
- - - -
Board expenses 6,171 6,171
Depreciation - - - 110 - 110
306,665 340,764 35,314 9,981 122,950 815,674
- -
Support costs 50,307 59,255 13,388 (122,950)
Governance costs - 9,981 - (9,981) - -
- -
Total expenditure 2023 356,972 410,000 48,702 815,674
----- End of picture text -----

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

----- Start of picture text -----
|||| |---|---|---| |This is stated after charging / (crediting):|2024|2023| |£|£| |Operating lease rentals:| |-| |Property|2,722| |Auditors' remuneration (excluding VAT):| |Audit|4,225|3,700| |Other services|3,500|3,600| |-| |Foreign exchange losses / (gains)|1,489|

----- End of picture text -----

Analysis of staff costs, trustee remuneration and expenses, and the cost of key management 5 personnel

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |Staff costs were as follow:|£|£| |Salaries and wages|362,404|435,893| |-| |Redundancy and termination costs|35,912| |Social security costs|31,641|58,327| |Employer’s contribution to defined contribution pension schemes|24,808|35,903| |Other forms of employee benefits|13,475|7,320| |Other staff costs|20,876|-| |489,116|537,443|

----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |£60,001 - £70,000|1|-| |£70,001 - £80,000|-|1| |£80,001 - £90,000|1|1|

----- End of picture text -----

The total employee benefits including pension contributions and employer's NI of the key management personnel were £132,938 (2023: £230,471).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No trustees received payment for professional services supplied to the charity (2023: none).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £57 (2023: £6,175) incurred by one (2023:6) members relating to attendance at meetings of the trustees.

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |Programme work|6|7| |Support|2|3| |8|10|

----- End of picture text -----

7 Related party transactions

During the year, no payments or contracts were awarded to related parties. During the prior year, £8,784 was received from Oxford Policy Management for contracted work, a company that Jonathan Harle's partner is employed by.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

----- Start of picture text -----
8 Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for
charitable purposes.
Office
9 Tangible fixed assets equipment Total
Cost £ £
At the start of the year 3,940 3,940
- -
Additions in year
- -
Disposals in year
At the end of the year 3,940 3,940
Depreciation
At the start of the year 3,940 3,940
- -
Charge for the year
- -
Eliminated on disposal
At the end of the year 3,940 3,940
Net book value
- -
At the end of the year
- -
At the start of the year
All of the above assets are used for charitable purposes.
10 Debtors 2024 2023
£ £
Trade debtors 1,551 7,707
Other debtors - 14,849
VAT - 426
Prepayments 9,946 7,967
11,497 30,949
11 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,541 25,844
Taxation and social security 32,182 10,911
Accruals 7,196 13,888
Deferred income 394,386 17,388
453,305 68,031
12 Deferred income
Deferred income comprises funds received in advance of the expenditure they relate to being made.
2024 2023
£ £
Balance at the beginning of the year 17,388 18,433
Amount released to income in the year (17,388) (421,179)
Amount deferred in the year 394,386 420,134
Balance at the end of the year 394,386 17,388
----- End of picture text -----

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

13 Pension scheme

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 month in which the related payroll payments are made.

14 Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Interest receivable
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2024
£
(121,087)
-
(7,142)
19,452
385,274
276,497
At 1 January
2024
Cash flows
£
£
363,643
283,639
363,643
283,639		 2023
as restated
£
(236,434)
110
(20,791)
(11,348)
(66,834)
(335,297)
£
647,282
647,282
At 31
December
2024

15 Analysis of cash and cash equivalents

16 Future commitments

There are no future lease payments under non-cancellable operating leases or other commitments to disclose for 2024. (2023: two staff expressed an interest in taking a severance package during 2024 with a potential financial impact of £36,182.)

17 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

18 Movement in unrestricted general funds

Unrestricted general funds
Total unrestricted general funds
Unrestricted general funds
Total unrestricted general funds
Current year
Previous year		 At the start
of the year
£
310,544
310,544
At the start
of the year
as restated
£
562,995
562,995		 Income
£
284,601
284,601
Income
as restated
£
158,061
158,061		 Expenditure
Losses and
transfers
£
£
(391,321)
(16,243)
(391,321)
(16,243)
Expenditure
Losses and
transfers
as restated
as restated
£
£
(410,000)
(512)
(410,000)
(512)
At the end of
the year
£
187,581
187,581

At the end of
the year
as restated
£
310,544
310,544

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International Network for Advancing Science and Policy Ltd

Notes to the financial statements For the year ended 31 December 2024

19 Movement in restricted funds

Current year
Restricted funds:
Sida
Kenya Wildlife Trust (i52)
IDRC (i45-2)
Templeton (i61)
PWC - (FCDO Evidence Fund) (i62)
NORAD (i63)
Total restricted funds
Restricted funds:
Kenya Wildlife Trust (i52)
IDRC (i45)
Total restricted funds
Previous year
Global Platforms for Equitable
Knowledge Ecosystems (GPEKE)		 At the start
of the year
£
-
16,017
-
-
-
-
16,017
At the start
of the year
as restated
£
-
-
-		 Income
£
320,000
11,298
17,388
52,473
39,921
6,058
447,138
Income
as restated
£
356,460
22,419
42,300
421,179		 Expenditure
Losses and
transfers
£
£
(316,541)
-
(12,881)
-
(22,769)
5,381
(57,223)
4,750
(44,714)
4,793
(7,377)
1,319
(461,505)
16,243
Expenditure
Losses and
transfers
as restated
as restated
£
£
(356,972)
512
(6,402)
-
(42,300)
-
(405,674)
512
At the end of
the year
£
3,459
14,434
-
-
-
-
17,893

At the end of
the year
as restated
£
-
16,017
-
16,017

Purpose of restricted funds

Sida - Developing a digital learning community to advance early career researchers in lower middle income countries.

Kenya Wildlife Trust (i52) - Developing a knowledge ecosystem for the Mara livelihoods programme.

IDRC (i45-2) - Research uptake and policy engagement support to research teams under the Growth and Economic Opportunities for Women (GrOW) East Africa programme.

Templeton (i61) - Digital Hub for Open Research in East Africa: Harnessing open research capabilities to generate new knowledge solutions in East Africa.

PWC - (FCDO Evidence Fund) (i62) - Equipping young East African early career researchers to deliver research that centres community needs.

NORAD (i63) - Equipping early career African researchers to succeed: a partnership to strengthen research capacities at NORHED universities in Africa.

Transfers

£16,243 was transferred from unrestricted funds to cover the overspend on restricted funds during the year.

20 Analysis of net assets by fund

Current year
Tangible fixed assets
Current assets
Current liabilities
Total
Previous year
Tangible fixed assets
Current assets
Current liabilities
Total		 Unrestricted
Funds Restricted Funds
£
£
-
-
234,918
423,861
(70,517)
(382,788)
164,401
41,073
Unrestricted
Funds Restricted Funds
as restated
as restated
£
£
-
-
345,169
49,423
(34,625)
(33,406)
310,544
16,017		 Total Funds
£
-
658,779
(453,305)
205,474
Total Funds
as restated
£
-
394,592
(68,031)
326,561

30

International Network for Advancing Science and Policy Ltd

Notes to the financial statements

For the year ended 31 December 2024

In the prior financial year, the unrestricted fund included restricted income from charitable activities of £356,460 and restricted expenditure on charitable activities of £356,972. A restatement of the comparatives has been made in order to show these amounts within restricted funds. The excess of expenditure over income was covered by a transfer of £512 from unrestricted funds. The overall impact on total funds at the prior year end is therefore £nil.

Funds previously reported
Restatement
Funds restated
Global Platforms for Equitable Knowledge Ecosystems (GPEKE) income and
expenditure transferred to the restricted fund		 Unrestricted
Funds
£
310,544
-
310,544
Restricted
£
16,017
-
16,017		 Total
£
326,561
-
326,561

31