researcli ,Iiid Lfftioii'ledoe ir ill lieart 0> dt". elkipniei; Cr)mpany number. 04919576 Charity Numbef.. 11C6349 International Network for Advancing Science Policy Ltd Report andfinancial statementsfor the year ended 31 December 2025 •AFIXSklEII* 12105r226 OMPANIES H(KISE
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Contents Refe¥ence and administrative inlormalion. Trustees ptsrt_...-.................................................................................................................................. Independent auditor's report....--... 17 Statement ol iinan¢iaJ activitiès lincorporatin9 income and expendrture accounti... 8alancesheet................... --20 21 statement of cash flows.................................................. -22 Notes lo the financial statemenls .. ..........-.... -..- .23
Refei'ence and administrative information Company name:" Inlernational Nelworkfor Advancing Science and Policy Ltd IINASPI 04919576 Company number Charity number Registerèd office and operational address 1106349 The Ohl MUS Hall. l-108 Cowley Road. Oxford. OX4 1JE Trustees Trustees. who are also directois under company law. who served during the year and up to the date of this report were as follows.. . Lovise Shaxson (resigned 26 January 20261 Judy Ornumbo Eleanor Sarpong Mayyada Abu Jaber Sirnon Kay Cody Moolman {appoFnted April 20251 Key management staff Bankers Jonathan Harte. Executrve Oirector National Westminster Bank .43 Coinmarkel St Oxford OXI 3HA Auditor Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE
Trustees Report The Trustees present their report and the audited Iinancial statements for the year ended 31 Decembef 2025. The reference and administsative infom)ation set out on page 1 fomis part of thi5 report. The financial slatements comply wrth cuirent statutory requirements. the memorandum anol arlic5e5 of association and the Stalernent of Recommended Piactice - Accounting and Reporting by Charities. SORP applicable lo Ghaiities preparing their accounts sn acan wifh FRS 102. Vision, values, impact, approach Vision <ind mission Our vision is 'research and knowledge at thè heart of devefopment" and OLEr missgon is to support individuals and institutions to produce. share and use research and knowFedge. which can translorm lives. Valiies We are a values4lriven organisalion. Our values reflect our CLYnmitmenl to equity, respecting others. acting wrth integrity. openness and transparency and prO¥e a tens lai our vrk. both inside and oUtSe of the organisation.. In it tO9ether-. We collaborate whlh our partners and those we serve lo undersland Whe we are needed. and the expertise Ihal each party brings lo the table. We eo-design and co-develop solutions as teams We speak up when needed and are equalty open to being challenged by others. Together. we leèrn and evofve. Making change last: Lasting change is our goal. Wè aim for a destination where we are no longer needed, and ViOFk hand in hand with OUT partners to yet there. We are bold and try new ideas as an integral part of learnmg what works. Every voice counts.. Everyone ha5 a contribution to fflake and is listened to with deepest atlenlion. We embrace drfIe¢ÈS and believe that diversty makes our understanding of the worfd more robust. We recognise the innate worth of arj people and aclively seek to address issues of power and equity within (r work. Oorng thrngs right= We we proud ol what we do arKI uphokl the highest standafds of personal and professional honesty and behaviour. We are lair. and open in our decision making and hold ourselves 8ccountable lo delivering the besf wort. Intended impact We believe thal research and kn¢)wledge are crrtical in addressing gk)bal challenges and 3chiewTrg the Sustainable Development Goals. Reseafch and higher education institutions have a centr81 role lo play as knowledge producers. and as educators of the next geneialion of professionals, entrepreneurs and policy makers. Over the last 34 years we have worked wifh partners across Afrrca, Latin America and Asia lo support the careers ol educalors and researchers and lo facilitate change in research and higher education systèms. In recent years we have bullt a repulalion for relevant. high quality. digital learning prograrnmes that are designed with and for learner5 and professionals in the Global South. We work to achieve impact in three outcome areas". 1. Youth can secure meaningful and dwJnif*ed work 2. Critical knowledge is created with and lor policy. practice and communilie5 Women educalors and researchers are leading change AppL"oacli We work lo deSNeT impact in four ways.. Supporting researchers to create relevant and rOroUS knowledge. Supporting educators to creale powerful ¥Ming experience5.
Working with universities. TVET instrtulions and research tnstrtulions to Cfeate an enablin9 institutional ecosystem in which early career academics and educatois- women and men - fhrTVe. Sharing what we learn with others in our sector and assisting them lo arn from their own work. We are a facililalor and a catslysl. We assist our partners lo Ik ab.out how to tackle their chaltenges. onceive of new strategies. and design practical prograrnme5 thal enable them lo make concrete improveménts. At the heart of our work Is our "Sing Scholars platform. a learning community lor and (Jriven by researchers from the majority w(xkl, ailo¥n"ng them to share theiF own expertise and le3rn from theiT peers. Our core exp&rtise is fourfokl_" We work in partnershrp with universities and Technical and Vocational Educab'on and Training ITVETI institutions lo conceplualise and facilitate change programmes lo improve teaching and learning and to sliengthen research. We design and implement high quality dwJital and blended leaming programmes lo enabk individual researchers ancl educators lo strengthen Iherr skills. .INe curate and laalitale digrtal communrties to enab peer5 to connect. Feam ar share knowledge across countries, continents. sectors and (Jis¢iplines. We create gender-responsive leaming programmes Ihat meet the need5 of women researchers and educators and which create more inclusive research and learning environments for all. . We focus specifically on institutK)ns and individuals with lewer opportunrttes. aiming to ensure that acaYemic5, researchers and students in secondary towns and njral areas have access lo hig qualrty learning opporlunities, alongssde their peer5 in beller-resourced Institutions in capital cities. Our appioaGh emph5515es long term capacily development through equitable partnefships and continuou5 learning and adapting to change. We deliver our work Ihrou9h a combined leam of siaff and Assoctates. based in 12 countries. and in partnership wth universtties, tertiary educatton instilutions. fesearch institutions. national s¢ien¢e agencies and other partners acFOSS the wortd. OLir partnerships. and our Associates based in the COLtnlries in which we deliver our work, ensure that we develop and deliver work that is r¢x)led in local contexts. PLibIic benetit In identifying and carrying Qut the aims. the Truslees have had regard to their duty In Section 4 of the 2011 Charities Act relating to guidance on public benefrt. As described in the following paragraphs. all our activities are carried out for the public bènefit of peoplè in developing and emerging countries. The Trustees have referred to the Charity Commission's geneTal guidance on publ benefit when reviewing the charity's aim5 and objectives and in planning its future adivities. In particular. the Trustees consider how planned activities will contribute to the aims and objectives Ihat have been set_ Pi"ogramme summary In 2025 we had 11 funding partner5. an¢J delivered 12 projed5, from large multryear collaboralk)ns to targeted consultancy assi9nments_ F.under I Project Brief description |.Loc3tions and partners Principal projects and programmes Swedish Infernalional Development Cooperation i Agency (Sidal l Rising Scholars- A Eafty career researchers digital learning and I worldwide are motivated lo 5 knowledge addres5 pressin9 societal ommunity12024- 1 challenges bul often lack acce55 1 20281 to the skills. confidencè. and supporf needed to design. deliver, and communicate effective research. Through Rising Scholais. INASP provides targeleif capacity development 8nd peer support Ihal enables ', fesearchers to produce and share I Global- supporting i researchers in 128 countr5 across Alnca. l Asia and Latin America.
| knowledge that contnTr&utes to pubh"c benefLI, inforrning policy. I practice, and sustainable I developmeni at national and I global levels. Norwegian Agency for Devek)pmenl Cooperation I (Noiadl l Eqtsipping earty l The NORHED piogramff Africa- researchers at I caoer Afri¢An supports hher edLKalh)n and NORHED universities and searcheis lo fesearch institutnS across 18 inslitutiorbs in CamefOOn. I succeed - A African countrie5. In partnership partnership to with Norad. INASP deltvers a | Ethiopia, OR Congo. i Ghana, Kenya. Malawi. stiengthen digital learning programme l Mali. Mozambique. Niger. research cap¥rties '. xxessibk to researchers across l NwJeria. Rwanda, Sudan. ,' at NORHED NORHED institutions. j South Africa, South strengthenbng iesearch skills and I Sudan, Tarizankq. Pfactice. In additron, INASP works i Uganda. Zambia, wth three universrty partners to ', zimbabwe provicje more inlÈnswe support to j research staff and studenls and to I co4evelop hybrid professional development progr8mmes for l èaty career researchers, I contributing to stronger In51ilubonal research capacity and I ' public benefit. i universitie5 in | Africa12024-20271 ". PartneTS.' Jirnma Unwersity. Elhiopia.. j Mekelle University. j EthB)pia', University of Dodoma. Tanzania. UK Foreign, I strengthening Publicly fvnded research often Commonwealth Science Diplomacy I remains inaccessible due to and Development l and Official paywalls and high publishing 01re IFCDOI Development costs. limiting the participation of Asstslance Policy searchers an(J ewdenGe users in I lor Research source-poor instrtutions. INASP I Publishing contributes to public benefit by Reforrn {2024- building an evKlence base to 20261 j (nfoim research publishing refom) and science diplomacy. inclLtding , anatysis of funder open access I pOIleS. reseafch on barriers ,, faced by African evwjence user5. .. and ieviews of Afran research publishing plail<xms an(klinancing i models. supporting mofe equitabje ., 4 access to knowledge and evidence-informed decision-making. l Global. with a particular focus on Africa. I Partners. Science for l Africa Foundation. Kenya". African Population and Health Research Cenlre, Kenya. Templelon World Dogilal Hub for .' Across East Africa, communities l Kenya. Rwanda, Charity i Open Research in . j 3re grapp15ng with complex | Tanzania. Uyanda Foundation East Africa12024- i challen9e5. By establishing a 120261 I digilal hub for open Tesearch In i Partners.. Garissa East Africa we are harnessing the i University. Kenya", Nelson i Iransformalive possibilities ol open Mandela In5trtutE for I science to enable tslentelj young Science and Technology, j Easl African researchers to bring ! Tanzania.. Africa Rural new knowledge. fresh thinking and i University. Uganda. passion to change lives and liveliho(*Ys to bear on scffle of the | I most Ct81 queslions l¥ing.their i
j nalions and commvnrties. and to ' deliver real impact Yaba College of Technology (UNICEF I FCDOI Girls Educatbon and Skills Partnership12024- 2025) '. The prqect increases access to I NHJeria I skills and econom opportunrtles I for adolescent g15 and youn9 I Partner. Yaba College of | women in Nigeria's ICT settor, ThnologY. Lagos supporting irnproved employability. entrepreneurship, and progressÈon into employment | or further education. INASP I COlltribute5 to this public benefil by | ' strengthening the capacrty of Yaba College of Technology ! educators and local Industry I partner5 in gender-iesptsn5ive I pedagogy, enabling them to creale more inclu5Ne learning environments and improve learrbing oulcomes for women and Smaller projects and consultanci•s I UK National Training for Ihe Institute of Health NIHR Global l Health A¢ademy and.Social Care Research INIHRI |12024-2026} I INASP is pioviding training in I iesearch writ¢ng and grant I proposal writing to NIHR funded I researchers from the Global Researchers based j across Africa and Asia Association of Commonwealth l Universities l UK Department l Environment. Food and Rural Affairs Ocean Country CrTrdeveloped by INASP and the ' Afra. Ghana. Partnership l Association of Commonwealth Mozambique. Senegal. Training Universities. this bespoke online rogramme {2024. training programme supports the South Asia.. Bangladesh, 20251 I professK)nal developmenl of | India. Maldives. Sri Lanka i Ocean Country Partnership .' Programme scholars_ It equips Pacific.. Solomon Islands. I Vanual early carew researchers with skills I in policy engagement. community ', Americas Beliie l engagement and gfant wrrting. l enabl¥ng fhem to apply thelr j research more effecbvely to inf¢m poIKy. engage communities and I contribute to real-workl irnpact. Inrernalional Growth and i The Growth and Ecor) Elhiopia, Kenya. Rwancta, i Development Economic '. Opportunitbès for Women IGrOWi j Tanzania. uganda Research Centre l Opportunities for East Africa initiative sUPPOrts IIORCI with Bill & ;. Women IGrOW) I research that advances gender Melinda Gates i East Africa12022- ' eqLEality in the wotld of work. i Foundation and I the William and 20251 including on labour markel j wregation. gender gaps in i Flora Hewlelt i employment and unpaid cafe Foundation i Wotk. INASP Contributed to this public benefil by providing Iraining i lo 12 research teams to slrenglhen their policy engagement strategies and by I facilitating cross-project learning, supporting the use of research to.
' infoim policy and praclu across Ihe region. IntergoveTnmenlal l Technical suppcfft ! Despble Sr9nifanI investment in Authority on to the High-Level j African agricultural knowledge Development Leainin9 Event of '. systems. research evidence is not IIGADI / World I the Food Systems I consistently inlorming F)oli¢y and Bank "l Resilience proyramming. INASP contributed Programme I lo public benefil by providrng j Partners. IFSRPI in Ea51 and expert leaming facilitation for the Intergovernmental I Southern Africa. I fsrst highJevel learning evÈnl of Authority on held In March in I the Food Systems Resilience i Development, Worfd Addis Ababa. I Programme, held al the African l Bank, Centie for Elhiopk?120251 l Union Commission in Addi5 I Coordination ol l Ababa. supporting stronger use of ! Agricultural Research anol l evidence in decisK*n-making. i Developmen( for Southern l Africa. l Ethiopia. Madagascai. Tanzania, Kenya, Somalia. Malawi. Comoros Kenya Wildlife i Tiust I Support to Ufugaj The Ufvgaji Hifadhi"iniliatFve i Hifadhi Initiatrve for supports smallholder INestock l Building Improved j farmers in Kenya's Mara region by & Sustainable i improving access to markets and Livelihoods for value chain5. helpTng to secure Smallholder fairer and mofe suslarnable | Livestock Falmers l incomes. INASP contributed to rn Kenya's | this public benefil by supporting Conservancies ! the devdopment of a knowledge 12023-20251 ecosystem of key stskeholders. I strengthening evidence sharin9 and collaboration to inform the i expansion of the modd. 3ie l FCDO Research I Commissionin9 Centre Evidence use in ., INASP wothed with a team of policymaking" 5pe¢ialisls convened by the Theory of change i Reseaich Commissioning Centre developrnent an I Io PToduce of a Theory of Change I I review ol measures , ITOCI linking the use of evidence (2024-20251 .' wth policy processes. and review i and appraise existing measures of I l evidence use and meas{J$ of facilitating conditx)ns, mapped l according (o the theory of Change. j Global Interventions to | INASP provided bespoke influence the use ol I feedback to Global South i evidence in applicants submilting proposals lo i policymaking the Research Commissioning (EIPM Strand 31- I Centre-s interventions to influen I the use of evidence in I policymaking programme. Afriea and Asia . I Proposal review 1120251 rOl'aMMe impact In 2025: in line with our currenl ftjnding. most of t)ur work ha5 addressed our second impact area. Critical knowledge forpolicy. practice and communities- with tsnty one aelive project under impacl area I 'Youth can secure Ineaningful and dignified work. and no de(licated work under area 3 'Women educators and researcliers are leading change..
Yoiitli C<ln seciire meaningfiil aiid dignified work Inclusive learning 171 Nigerio to equip young womenforjobs in the digital indu5h.ies INASP conliftued ils partnership wilh Yaba College of Technology in Lagos to support a Irainins programme aching over 5.000 women and gir15 Wlth skills for the ICT and digital economy. INASP ¢ontributed lo thi5 public benelil by slrenglhenin9 the capacity of Nigerian educatols and industry mentors in gender-re5ponsive pedagogy, enabling Ihern to Cfeale mole inclusive learning environments. In 2025. 109 professionals were supported (180 since the project began). including 29 trained to caade gender-respon5ive praCte lo colleagues. CiitiC<il Iinowledge for policy, practice and conimiiiiities nabling early eareer i'esearehers to odvanee their eareei In 2025 we relaunched oui global learning. communrty as Rising Scholafs, ieflecting its broader purpose and evolution frorn AvlhorAID. With support from Sida and Norad. the prograrnme w85 accessed by researchers and e¢tucators In 126 countries and connected around 14.000 SearCherS worldwide, enabling them lo share knowledge. seek peer and expert advice. and budd collaborations that support the use of research for public benefit. 'Rising Scholars is indeed Ehe light for most students in the Global South who lack acces5 to iesources where they can learn about research." (Woman, Nerial Dufing the year. 8.196 iesearchers participated in dig4tal learning programmes covering granl proposal writing, research wrifing. commLFnilyngaged research and open research practices, with many taking multiple courses. 45Yo of participants were women. A lurther 3.300 researchers attended online events. and 'bite-5ize' leaming vide05 were viewed 2Q,000 limes. exlending access lo Search skills and knowledge at scale. Equipping marine scienti.sts to hnslate resea)h into octio Building on the R15ing Scholars programme. we worked with the Ass¢xlaln of Commonwealth Universiltes lo deliver 8 learning programme fof 100 early career marine scienlisls from 15 coastal countries in Africa. South Asia. the Pacific and Cenlol Arnerlca. The pro9ramrne strengthened participants. ability.lo translate marine research into real-world action through mcjdules on policy influence. Èngaging local commkanilies. and proposal and grant writing. Participanis developed a policy influencing plan, a communrty-based participatory research plan and a collaborative research proposal. supporting the vse of research to Inform policy. practice and communsty engagement. The cotsrse formed part of the Ocean Country Partneiship PfOgrammÈ, funded by the UK Department for Environment, Food and Rural Affairs F?'oin sL'ills to societal impact In 2025 we strengthened our underslanding of how Rising Scholars (leliver5 public benefit by ertabling researchers lo apply their skills for Jnslilutional community and policy impact. Mernbers reported increased research skills. confidence and improvements lo practice. Suppong stronger use ol research beyond individual careers. "My expeiience has been tnjly ernpowering. 11 has encouraged me lo thk criticalty. collaborate effectNely, and stay commrtted to making a t)osilive impact in my tEld.- Iwoman, Tanzania) These skills translated inlg wder benelrt Ihrough improved granl wriling, research des. communication. policy engagement and community engagement. Members reported positive Ghanges within in5tilulions. including wider traTrning, mentorshtp and stronger research environments. and increased allenlion to equity and inclusion. -1 Introduced collaborative feedback sessions inspired by the Rising Scholars comrnunrty. which erthjcaged more open discussion and irnproved research qijality within rny lab.. (Man, Tanzanlal 8eyond in5litulions, members rewted using reseai¢h to stspport comrnunrties and ¢onlribute lo positive changes In policy environmenls.
Rooting Rising Seholars iii it.s copnmunity The community became increasingty community-led. with two c¢VnI¢Y Steward5 appointed Irom UnderpreSented regions. and new Community Administrators and eLearning Specialists from Uganda and Ni9èriaioinin9 existing Administrators from Nepal and Nigeria. Leaining malerials were developed by Southecn experts. Community members increasingly stepped forward (o organtse and host tearThing events, support¢n9 Others to develop. their skills and shape the d¢rection of the commvnity. Assisting uniuersities to develop newprofessionol deuelopinentprogramnies In partnership wrth Norad. we embarked on new institutional collaborations wth the Universrty of Dodorna in Tanzania and the universltte5 of Mekelle and Jimma in Ethiopia. We are wo(king in parlnership with each niversity lo un(Sersland the future need5 of researchers. so we can tailor our programmes to mèet those emerging nee(Is, and lo assist Ihem lo develop professw)nal deveh)pmeTht programmes for their slaff. Reforniing scientific publishing and advaneing open research Researcheis and institutrons we work with continue to face significant barriers to s¢ientific publishing. including paywalls and high costs to publish. In 2025 we worked to raise this issue with decision makers by producing new evidence on the need for refom and convening d15cussnS wilh.global development funders and African science leaders. including alongside UN sclere lorums and at Afn"c8n regtonal events. In parallel, we launched a programme supporting early career researchers from Easl Africa to vse open science tools and appraaches to undertake more relevant and rtgoious research. Over 460 researchers participated, with 25 becoming 'open research champion5' to train and mentor ColagUeS. Partner inslilulions in Tanzania. Kenya and Uganda applied these approaches in work with famer networks and on C0mUnitY water rnanagernenl. reframing cesearch agendas to fespond to cornmunty priorities and explore more participalory approaches. "We'll be diverting.lrom the normal desktop lilerature revie*• and instead leave pur office to listen to what the communbty is saying about the issues they are faGing_- Dr. Julius Huho. Garissa University, Kenya Sharing our learning and conb?butin9 new iitsights AIon9side our direel supporl to TesearcheTS and educators, we have published a series of Teports and brEfings and convened events with funders and partner5 to dTr5CU55 crital issues. They included the following.. Africa's research publffshii)g landscape" examtinAiig joun7als. pgibltshers. 8iid t1 i17frasirucluiE behind Ihein A review olopen access polKy oplions fordevelopmenl Search fu17de FinaiKiiJg Opel? Rese8rGh for Global Developmeiir." l?ow Africa can lead the nexl chapter The fiiliire of opeii access publfrshing (orglobal developmenl.. Tris15 from the UN scnCe Teclirjology and Ii?novalioi? Fonij?? 2025 Global Developine171 Thmiigh Ei)abltiw Sysfenis." Pil11$S1ng Global Resea1) P(Iblishing Refojn? Financial perfoi'mance Peiforniaiice in 2025 In 2025 we launche(I new work from grants secured in 2024. including partnerships with Nofad {2024-20271. the UK Foreign. Commonwealth and Development Office 12024-2026). and the Templeton Wodd Charity Foundalion {2024-20261. Our multi-yeai cooperation with Sida12024-20281 continued: alon95idè a series of smaller projects delivered with the FCDO Research Commission9 Centre. Income rose significantly to £1.375.00912024.' E731.739) and we ended the yèar wilh a surplus ol £173.53712024.. deficit of £121.0871. Th15 Strengthened financial p0511ion enabled us to replen15h reserves. and inve51 in priorily projects to support future delivery and business development, including redevelopment ol the Rising Scholars platfomi. a new website. and Improvements to conlracliny PresSes.
Reserves policy The charity has a general uniestricted reserve of £240,651 as of 31 Oecember 2025 {2024.' £187,S8118nd reslrtcted reserve of£138.360. giving total reserves of£379.011. We expect a transfer of approximately £100,000 to the Unrestrle reserve at the end of March 2026 on cornplelK)n of our current FCDO granL In 2025 the Trustees. guided by Ihe Finance and Audit Committee and Charity ComMissn guidance. reviewed and ViSed the reserves policy lo reflect changes in the organisation's Sue and financial needs. and the true costs of c105uie should this be required. The Trustees set a reserves threshold ol £143,696. provrding a £20.000 buffer above the cakulaled cosls of closufe over a five-month period. Ckjsure cost calculations, and therefore the.reserves threshokl, are reviewed if staffing changes or il monthly fixed operating costs increase. Our 2026 core operating costs bLadget for 12 months {salaries and general opefaling expenses) is £650,70812025. £679,549). Currenl modelling indicate5 that, were no new inco lo be secured (which we judge to be unliketyl. the charity would maIn above lis reserves Ihieshold untrf quarter 3. Going concern. Significant efforts in business developmenl over several years. the replenishmenfofreserves. and an expected uplift to reserves al the end ol March provide a Strong foundation as we enter 2026. We have conb'nued to refine our operating model and enhance the ass(Kiale model. enabling us lo respond more flexibly lo the funding environment. We have establShed clear going concern tTwJgef points_ The Board reviews management ac¢ounts monlhly. and our business deveioprnent systems enable live monitoring of the funding pipeline and modelling of the impact on reserves. allowing timely Identrfication of any adjustments required. The Trustees review the financial position regularly. and consideralioft of going concern is a standing Item at Board and committee meetings. The Trustees have assessed whether the charity is a going concern. meanin9 It has adequate resources lo conb.nue operab'ng for the foreseeable future. This assessment included a review of forecasts, the current financial position. known rtsks and available mitigating actions. Based on this assessment. the Twstees are confident that there are no material un¢ertainties regarding INASP'S ability to continue as a going concern and conclltde that it is appropriate to prepare the financial statements on the going ioncern basis. Investment policy The Board requires Ihat non-wofking funds be placed in sh'ort-lerm risk. interest earning accounts. Eaming from investments were relatively low during the year. Funds We held in the COIF Chaiities Deposit Fund. an ethical investment fund managed by CCLA Investment Management Limrted. Fundraisin(T FiindLciisiiig policy We engage with statutory funders. trusts, foundalK)ns. private companies and the public lo raiae income..Our business developmenl and fundraising strale9y has three overarching goals.. 1. Realising our mission.. Securing grants that enab us to delNer our strategy. identifying business development opportunrfies under each of our key outcomes, and developing specific plans foT maintaining, g1)ng. and acquiring key donoi relationships and developing new in¢ome streams in each one. 2. Achieving financial sustainabilTrty'. Balancing the books with the aim to cover staff costs in lull and gener8ling a modest monthly surplus to allow us to rebuild ieserves. 3. Developirbg a diversified portfolio of funding". Multiple svzes. and lunding models lo sustainably deliver support in a mode that fuifils our commitment to Southem leadership and responds to the" rapidly changing funding environment. 10
We have received rio complaints about INASP'S fundraising a¢b"vtts. Fiiiiding cliinate It has been an exceptionally difficult year for fundraising. Our pipeline has been affeded by Evropean and US funding cuts. strategic shrfts, increased competition and uncertainty among philanthropies, conts"nuing a wider withdrawal from 'public good. iftvestments in research and tertiary education systems. The disruption to international developmenl, knowledge and iesearch fundfjng in Q1 made il particularly dif[Ul1 to build new dialogue with lunders. In response. we recalibrated our appioach and developed sliong. challenge-focused extensions lo our core prografflmes, aligning our eypertise to wnajor societal challenges, partner needs and lunder Pfiorities, including local pharmaceutical manufacturing in Alrica. the cnsis in foundational learning, and the climate-heallh nexus. While the funding climate rernains diificvlt. these ideas are genèrating signrficant enthtjsiasm. Norad has indicated it5 intention to explore continued co¢)peration beyond 2021. alihough in February 2026 we leamed that Sida would end our partnership eady due lo cuts to Swedish overseas development as5istsnce. Vvhile this pbaces additional pressure on fundraising in 2026. il was antipated in our strategy. and with a strong pipeline and continued demand for OLtr support. we rem31n Optimistic about securing new fund5 ¢ioring the year. Fiindraisiiig approach To ensure we can generate sufficient funding to cover our work in 2026 and beyond we a.. Buildin9 new strategic partnerships with Southern partners. including national research and highereducalion agencies. govemment departments. regional universty networks and NGOS. to sGale our proven programmes Strengthening relationships with existin9 funders and partners lo enable u5 to take successfvl projed5 into new phases and posrtion longer-lerm opportunthes. Progressively expanding our Associate team so that we have the right expertise lo respond lo new opportunities and evofving INASP'S business and operating model so thatwe are more strongly rooted and belter positioned lo deliver work auoss AfriGa and Asia. Mapping new donors and using Ihi5 inlelligence to drive a continued pro9ramme ol outreach. lo cultivate new reLHlionship5, and to posilion our ideas and concepts lo show.how we can help them realise their strategies. Retaining the services of a specialist funding and strategy consultancy {Global Leaders) which Is specialised in our sector, to augment the capabilities of our slaff team and board. Paying close attention to shifts in the landscape, such as the wider impact of cuts to development spending by the US and Etjropean govemments. Engaging with the latest debates and trènds. to ensure we are developing new concepts and Ideas Ihat respond lo new opportunit5 for impact, changing technolcJies, and shifts in research and education systems in the countrie5 where we woth. Communicating our ideas and impact. telling more cc¥npeNing stories, raising our prolile and positioning the ideas. expertise and experien¢e ol our gksbal team mosl effectively. Carefully appraising calls for proposals so that we select and respond to only those which are aligned with our strategy. are financially viable and enable us to deliver quality wort while ensuring our organisatitinal heallh. Governaiice, operatAons and risk management . StiTrictLlI-e The organisalion is a fjharilable company limited by guarantee. incorporated on 2 OclobeT 2003 and iegislered as a.charity on 16 October 2004. The company was estab115hed under a Memorandum of Association which eslablished 115 objects and powers and rs govefned under ils Artic1È5 01 Association las amended June 20191 All Trustees give their time voluntarily and ceceive no benetits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts_
The ¢harity's object$ are.. "For ehe benefit of people in Trsoiirce poor countrie5. lo advance research and education by.. The disseminat1 ofand improving access to scientific, technical: Medal and scholaty infom7aln. Trainiiig educat0. librarAans, publisher5, Trsearchers. sludenls and olhefts in the o@a17ization. management and dissemination of infomjalion and knowledge.. and Advising other agencies or bod$ iipon such matlers-_ Day lo day management of the charrty is delegated to the Executive Diiedor and staff team. Appointment of Trustees The Tiuslees are elected lo serve for a perK)d of Ihree years after which they may be reelected at the next Trustees meeting for one more term of the years. except In the ease of the Chairmanltreasurer who shall be permitled to remain 8$ a Trustee until their period of offe as chaimianltreasurer has expired. Trustees are not remunerated for their TFusleeship and TTllStee expenses and felated party transactions are disclosed in note 6 to the financial statements. The Chair of the Trustees ts ullwnately responsible for recruiting new members and consults widely on potential candidales lo ensure they represent the areas of Ihe charity's aclivrties antjlor contribute the knoedge and ski115 required for the board ol Truslees to 94ve good qualLty oversight and advice to the charity's executive management. Triistee indLlCtion and training hAost candidates are aladY familiar with INASP and its activities. bul for induction and training purwses they are made aware of their obligations as Trustees and members of the Board. They are provided with the terms of ieference for Truslees. the articFes ol the charity and other key documents such as strategic and financial plans. and 1-1 mèetings are organised belween Trustees and key staft to introduce them to key programmes and intere51s. Rel<lted paities and i'elationships with other organisations Related party transactions in the year are disclosed in note.7 to the financial statements. Remiineration policy In delermining the remuneration policy. the Board of Trustee5 considers all factors which are deemed necessary. The objective ol the policy Is to ensure that Ihe Executive Director and staff team are provided with appropriate incentives lo encourage enhanced pertoimance and are. in a lair and responsible manner. rewarded for their indivtdual contributions to the success ol the Charity. The approprialeness and relevance of the remvneralion policy is reviewed annualty including referen to cofftparisons with other charrties ensuring INASP remains Sensitive to the broader market e.9.. pay and employment conditions eL%ewhe. We aim lo recruit. subject to experience. at the lower - medium point within a band. providing scope to be rewarded for excellence. We pay the livin9 wage for all our staff. Delivery ol SNASP'S charitable vt5ion and purpose Is prunarily dependent on our 51aft. which is the largesl single element of charitable expenditure. In 2025 INASP awarded staff a 4°A salary uplift, rellecling increases in the cost ol living. taped across the organisation so that lower paid staff reiVed a higher percentage adiustmenl. Further tnformation on pension arrangements and on the salary costs lor the year with comparisons to the previous year are pre5erFled note 6 to the financkal statements. Statemeiit of i'esponsibilities of the "fiiistees The Trustees (who afe also directors ol INASP for the purposes of company law) are reswnsible for preparing the Trustees. annLial report Including the slrateg5c report and the financial 5fatements in accordance with applic3ble law and United lingdom Accounting Standards (Uniled Kingdom Generally Ac¢èpled Accounting PraGlicel. 12
Company law requires the Trustees to prepare fnancial slatemenls each financial year whh give a true and fair view of the siluation ol the charitable company and of the incoming fesources and application of resources. including the income and expenditure, of the charrtable company for Ihal period. In p¥eparing these finan¢ial statements, the Trustees are required to". Select suitable accounting polrcies and then apply them consistently. Observe the rnelhods and principles in the Charities SORP. Make judgements and estimates that are reasonable and pwdent. Stale whether appIable UK Accounting Standards and statements of recommended practice have been followed. Subject to any material departures di5c105ed and explained in the financial slalements. Prepare the financial statements on the going concem basts unless it is inappropriate to wesume that the charity wi51 continue in operabon. The Trustees are responsible for keeping proper accounting ie¢ord5 that d15c105e Mth reasonable accuracy at any lime the financial position of the chaTrtable wmpany and enable Ihem to ensure that the financial statementg comply with the Companies Ad 20C6. They are also responsible lor safeguarding the as5els of the chaTrtable cornpany and hence for laking reasonablè steps for the prevenlion and Oelection of fraud and olher irregularities_ In so far as the Trustees are aware.. Theré is no relevant audit information of which the charitable company's aL+ditors are unaware. The Trustees have taken all 51eps that they ought to have taken lo make themselves aware ol any relevant audit information and to establish that the auditors are aware of that inform*ion. The Trustees are responsible for the maintenance and integrity ol the corporate and financial informab.on included on the charitable company's websrte. Legislation in the Unileol Kingdom goveming the preparation and dissemination of financial statements May drffei from legislatn in other jurisdictions. Members of ihe charily guarantee to ¢onlribute an amount not e¥edIng £1 to Ihe assets ol the charity in the event ofwinding up. The total number ol such gLFarantees at 31 December 2025 was 612024".51. The Trustees are fflembers ol the charity. but thi5 entilles them only to voting rights. The Trustees have no beneficial interest in the charity. Management structiire Boord A new Treasurer. Cody Moolman, was cecruited in early 2025 and joined the Board at ils April 2025 meeting. Working with Cody. the Execvlive have initiated a phased Internal audit process to ensure we evolve and adapt our financial policies and procedures lo track changes to 9oveinance atKI compliance qUIrements. 1 2025 the B03rd of Tru51ees revised ils commifiee structure. establishing a new Governance and Risk Committee, and revising the lellns of referen and frequency of the Finance and Audrt Committee and HR and Safeguarding Committee. This aims lo ensure that the 8oaid has specialisl oversight of key responsibiltties. and a clear mechanism lor pOrting into the board. whilst enabling thè 8oard to spend more tirne reflecting on the strategic questions. E.Yeciitive The charity's day to day management is delegated to the Exectrtive Director. Jonathan Harle. An operational plan is developed by the exe¢utive and agreed with Trustees. which h8enfifies key objectives for Ihe year and sets performance indieators, against which the Trustees moniror progress_ In 2025 these covered financial performance (surplus and re5erves.' forward operating costs secufedl." business development and irnpacl Istrategy development, impact reporting, fvnder engagement)," operatK)ns and delivery Iprogramme innovation)". people and ¢apacity IKPI leaffl motivation. engagèment and confidence). We have continued to evolve our operating culture and piaclice 10 ensure we are able lo reco9nise income in a timely fashion and to ensure that otjr efforts are clearly focused on outcomes arTrd impact The Executive Directoi ¢eads a staff team of 9 lin 2024 there were 6 staff members} and an Associate team of 18 lin 2024 there were also18 associates). Day lo day operations and delivery are managed by a Senigr Project Manager, Finance Manager, and Operafions Manager. Programrnes are delivered by joint teams of staff and Associates. reporting lo the Senior Pioject Manager. In early 2025 we recfulted three new staff one ol whom is based in Nairobi. Kenya. Whilst a modesl step. this cefEects oui ambition to rool ovrselves more strongly in the research and tertiary educalion systems with which we woth. and lo diversify our team. 13
Rislc Inaiiagement All significant project acltvities undertaken are subject to a risk review as part of planning and this 15 regularly updated d¢Jring irnplementaln. Organisalion-level risks a idenfified and assessed in terms of theFr potentTal impacl a¥Kf likelihood 8nd tracked using a risk register, jointly developed between the Board and the Executive Director, manayed by the Exetvlive Director. and monitored by the Board. In 2025 we developed a new risk pollcy and an updated risk strategy, using Ihe Charily Comrnission's guidance. The new policy anif slralegy wver risk5 in four areas" GovernanGe and cornplianGe. which affect oui abrlity to carry out our legal, and stslijtory obligalM)ns. or lo meet the reqU1MentS of our funders and partners_ These woulLI arise from weaknesses in.. b02rd and board committee composition and operation." organisational poJ&¢ies and strategies. Operational risks. which affect our ability to plan and deliver fvndable work. These would arise from weaknesses in our organisatnal operating model. project and prografflme delNery," our visibility and reputation in a Crowded and compets.tive environmenl Financial risks, which affect our sustainability as a vjable Organisatn. These would atise from weaknesses in our financial control, forecasting and management processes including management of contracting risks and of our re5eNes. our dependency on limited income 50urce5. Environmental Iisks. which affe¢t our organisational relevance and, through that, our sustainability. These would arjse from.. geopolitical shifts whh sh3pÈ funder prTities". technolog1 asJvan¢emenls which shape our delivery model. value of our expertise, or cost effectiveness of OUT delNery. The key risks for 2026. and our approach fo mit@alion are listed here". Category Statement ol the risk & potential Risk management acttons impact Govèrnance & omplian¢e None identtfied al present I nla Operational Ttieie is a risk that if we do not secure new funding. staff on the FCDO project leave before completion and we are unable to deliver frnal outpuls, which will also risk final payment for milestones. Continue Io WOTk with both staff to nurture funder relationships and develop proposaks. Further funder engagement planned over Nove( 2025 and.in QI 2026_ Operational There is a risk that the w()rkload and pressu that results from programme delivery and business development in a small team. plus insecur¢ty in funding, leads to burnout andlor staff turnover. There 4 is a particular iisk to the ro of the Executive Direclor. Continue to offer monthty wellthing" afterrtoons in addttion lo leavè and encouia9e slaff to use these. Streamline contracting processes and c¥eafe fiamework contracts for Associates. tg relieve pre55uie. By end of Jan 2026. Training for progiamme team on elfe¢tive management of consullants. Key Peison Risk pdicy in place. To be reviewed and updaled by in Q12026. April 2026. Operational There is a risk that our digital pL3tforms are not suffic*ntly secure to withstand cyber attacks and that breach significantly comprises our ability to deliver coce programmes. Commissft suppliers to develop new Rising Scholars platform lo improve our core delNery inlraslructure. De5ions by MarchlApril 2026. Bvild by MaylJune 2026. launch in JunelJuly 2026. Financial There ig a risk that risk that we are nable lo meet operational c051$ as they become dve. Respond lo Sida funding cul by reprofiling budget lo maximise coverage of fixed cosis. reducing associated project aclivilie5
and relocusing efforts of staff téam towards business development. By end of Feb 2026. Review Varian anasIS on monlhfy basis I (management accounlsl and actively monttor pipeline and impact on reseNes using new forecasting and modelling tool, pdale Board as parl of monthly financial reporting and ide'nlrfy a¢*"ustments or decisions needed. Continue lo actNety engage Gates. IDRC and FCDO about a fulure phase ovef Q1 2026 and continue lo develop conversations with other fvnders. Continue to lead new proposals & new strategy. to secure funds for other projecls on which two staff members could be employed. Environmental There is a risk that a retreat from development aid by European and US funders conlinue5 to generate extreme Comtillon lor philanthropic lunders. and we struggle lo compete. erther because of our offer, or because of our kjcatnn l operatln9 base. Environmental There is a risk that technological advancemenl and specifically generatwe Al undermine5 the value of our core learning programme. and our funding conslrainls mean we a unable to adapt last enough. Continue to explore new operaling models and localion as part of new strategy. Continue to approach new funders includin9 corporate philanthropy with ideas aligned to their interests e.g. pha{matIcal manufacturing. See mitigating actions for operational risk 3 "1 above. Continue updates lo our rore learning programme- e.g. lo incorporale elements on effective use of Al- to continue to posrfion OUT expertise. Sil fegiiarding iNe are committed to prorwting the rh1$ of all peOe to ljve free from abuse and coercion. we are cornmitted lo putting in place safeguards and rneasures to prevent abuse and to ensure that people are treated with respect. We are nurtunng a culture where any fom of abvse Is unacceptable and everyone who works with us is safe. Ijve have {evwed our policies and procedures. so that they ¢leafly set out our standards and expectations ol si3ff and establish clea¥ linès ol re5ponsilm.lity and portIng. We ensure that our$$11ets1oWing policy and procedure rernairis clear and easy lo Idlow and a direct route remains lo Ihe board of Trustees. We have eslablished an annual ITaining programme to ensure staff, associates, Trustee5 and those who deliver work for INASP are aware ol and kn<)w how to apply Ihe5e poliGies and standards. AiidiLoi' Wenn Townsend were appointed as the charitable company's auditors during the yèar and have expressed . their willirbgness to contrnue in that capaciEy. 15
Plallis for the future During 2025 we convened a series of tliscussions with staff. associates and partners to shape a new strategy. This process has generated fresh rdeas and given us greaterclarity ovef the distinctive contribution that INASP can Make. and the direction we need to move in. We aTe consjdering how we can rool ourselves more strongly in the countries and in thè research and tertiary education systems in which we wtsrk through new operating mode15, and how we can do More to support to tertiary in51rtLrtions. researchers and educator5 more strongly to key socielal challenges. Initial read-outs from Ihis process were discussed with staff and Board in late 2025, and we plan to publish a new strategy in Q2 2026. Over 2026 we will be invesling in our dryilal infrastrucfure. building a new plattorm to SUPPOrt the Rising Scholars cornmunily. and will be deepening our woth to understand and communicate the wider impact of our work, and that of our partners. We wll continue to work with Global Leaders to develop new ideas. convene discussions with funders and partners. arKI lo position our thinking on how research arKJ lertiaiy education syslems can respond to the challenges of our tirnes. The Trustees, annual repc¥t which includes the slratÈgic report has been appioved by the Truétees.. On 30.AFffj.I 2026 ar signed on thwr behalf by: ......... Cody Moolman ITrusleel 16
Independent auditor's report To the rnernbe of International Network for Advancing Science and Policy Ltd Independent Auditor's Report Opinion We have audiled the financial statements ol International Neiwork for Advan¢4ng Science and Polw Ltd (the charilabk company) foi the year ended 31st December 2025 which comprise the Statement of Financial Activities. the Balance Sheet, the Stalemenl of Cashftow and notes lo the financwl sialements. including a summary of significant accountin9 policies. The financial reporting framework that has been applied in their preparation is applicable law and United King¢Yom Accounting Standards. incltsding Financial Reporting Slanclard 102 The Financial Reporting Standard applicable in Ihe UK and RepLblic of Ireland Iuniled Kingdom Generalty Accepted A¢countin9 PradKel. In our opinion the financial statements". give 8 true and fair view ol the stste of the charitable company's affairs as at 31 st December 2025, and ol rts incoming restyjices and applicatron of iesoijrces. including Its income and expendiltjre. for the year then ended". have been properfy prepared in accordance wilh United Krngdom Generally Actep(ed Accounting Pradice. and havè been prepared in ac¢ordance wlh the requirements of the Companies Act 2006. Basis for opinion We condvcled our audit in accordance wilh International Standards on Auditing (UK} IISAS {UK)l and applicable law. Our responsibilitie5 under those standards are further described in the Audrtor's responsibilities for the audit ol the financial statements seclion of our report. We are independent of the charitable company in accordance with the ethical requiiements that are relevant to our audrt of the financial stalements in thè UK, including the FRC'S Ethical starard. and we have fulfilled our other ethical responsbilities In accordance with these requirements. We believe thal the audit evidence we have obtained Is sufficient and appropriale to provide a basis for our opinion. Concliisions ielatin(T to going concern In aiKfiting the financial statements. we have concluded that the tnjstees. use of the goin9 cOnrn basis of 'accounting in the preparation of the financial statements is appropriate_ Based on the work we have pertormed. we have not entified any material uncertainties felatin9 to events or conditions fhat. individually or collectively. may cast Snificant doubt on the charitable company s ability to continue a5 a going concem for a period of al least tWee months from w+ren the financ¢al slatements. are authori5ed for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern a described in the relevant seclions of thi5 report. Other intorination The Iruslees are responsible for the other information. The other rnloimalton comprises the informalion included in the trustees, annual report. other than the financial statemenls and our auditorfs report thereon. Our opin50n on the financial statements does not c(wer the olher inlormalion and. excepl lo the extent otherwise explicitly slate(S in our report. we do not express any fomi of assltrance conclusion thereon. In connection with our audrt of the financial 5talementS. OUT responsibility is to read the other information and, In doing so, consider whether Ihe othei Information is materially inconsislenl with the financial statements OT our knowledge obtained In the audil or otherwise appears lo be materially mis513ted. Il we identify such material Ineonsistencies or apparent material misslatements, we are required to determine whether Ihefe is a
Indèpendènt auditor's report To the rnembers of International Network for Advancing Science and Policy Ltd material misstatement in the financial slatemenls or a nwterial rnisstalement of Ihe oiher information.11, based on the woth we have performed. we condLKle Ihat there is a malersal misslatemenl of this oiher infomalion, we are required to report that fact. We have nothing to report in Ihi5 regard. Opinions on other mattels prescribed by the Coinpanies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit". the information grven in the irusiees. report lincooratirrtJ rhe Irustee5' reportl for the financial year for which the financial statements are prepafed is consislent the financial statements.. and the trustee5' report has been prepared In accordance wilh applicable legal requirements. Matters on which we are reqiiired to i"eport b). exception In the lighl of our kno%edge and underslanding of the charitable company and its environment obtained In the coijrse ol the audit. we have not idenfified materkgl missl8temÈnts in thé trustees, reporl. Wè have nothing lo Teport in respecl ol the following matters in relation lo whjch the Charities {Accounts and Reports) Regulalions 2008 require us to report lo you if, in our opinion.. the Information given in the finanGial statements is inconsistent in any material respect with the trustees, report.. or the charilable company has not kept adequate accounting records., or the financial statements are not In agement with the accounltng records and turns.. or we have rtrot received 311 the information and explanations we requife lor our audit. the trustees were not entitled to prepare the financial statements in accoidance with the small companies. regime and take advantage of the small companies. exemption in Pparing the Irustees. annual report and from the requirement to prepare a Strateg report. Respoiisibilities of tl-llbtees As explained more fLilly in Ihe Iru51ees' responsibilities statement. Ihe tnjslees {who are also the directors ol the charilable company for the purposes of company lawl are responsible for the preparation ol the linancial statements and for being satisfied that they give a irue and fair view. and lor such inleinal control as Ihe Ir(sStees detemine is necessary lo enable the preparation of financwl slatements that are free liorn material misstalemenl. whettter due to fraud or erfor. In preparing the finanaal stalefflents. the trustees are fesponsible for assesslng the charitable company's abilrty to continue as a going concern. disclosing. as applicable. malleis related to going concem and using the goin9 concem basis ol accounting unles5 the Iwslee5 eilher inlend to Iiqijidate the char¢lable company or to cease operations. or have no iealistic allemalive byl io do 50_ AiiditOl"'.q L"esponsibilAties toi the aiidit of the flnaiicial statements Ou¥ objective5 are to oblain reasonable assurarlce aboul whether the financial statements as a Whts are free from Mate81 missiatement. 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. bul Is not a guarantee that an audit conducted in ¢cord3nce with ISAS IUKI will aayS detect a material misstatement when il exists. Mi5Statemen15 can arise from fraud or error and are considered material If. tndividually or in Ihe aggregate. Ihey could reasonably be expected lo influence the economic decisnS ol u5er5 laken on the basts of these financial Statements. Irregularities, including fraud. are instances of non-ccxmpliance wrth lavs and regulations We desjgn piocedures in line with our responsibilitles. outlined above, lo deteGI material misstatements in respect of Ie9vIar11Ies. including fraud. The speciftc procedvres For Ihis engagemenl and Ihe extent to which these are capable of detecting irregularities. including fraud is detailed below.. 18
Independent auditor's report To the mèmbers ot International Network for Advancing Science and Policy Ltd Enouiry ofmanagement and those charged wrth governan around actual and potentwl IOtion and claims.. Reviewing minules of meetings of those charged wth governance.. Reviewin9 finanual slatement di5c105ures and testing lo supwrting documenlati()n lo assess compliance with appIab1è laws and regulations.. PÈrfomrng audit wort( over the nsk ol mana9emenl overrKle of controls. including testing Of journal entries and other adJuslment5 lor appropriateness. evaluating the business rationale ol significant transactions outside the normal course ol busJr7es5 and reviewing accounting estimates for bias. Because of the inherent limrtations ol an audit. there is a risk that we will not detect all irre9ulaTilies, including Ihose leading to a material misstalement in the financial statements or non<ompliance with regulation. This risk increases the more that compliance with a law regulation is removed fioffl the events and transactions reflected in the financial statements. as we will be sS likely lo become aware of instances of non-complianee. The risk 15 also greater regarding Irregularitses occuriing due to fraud ralher than error. as fraud involves intentional cce81ment, forgery, collusion. omission or mi5representalion. A further description of our responsrbilrt*s for the audit of the financial statements is located on Ihe Financial Reporting Council's website al Vh¥W.Irc.org.uklauditofsresponsibilities. This description fomis part of our auditor's report. Use ot oiir report This report is made solely to the tharitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 20C6. Our audit work has been undertaken so that we might slate to the charitable company's member5 Ih05e malte15 we A required to state to them in an auditor's report and for no othèr PLJrpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitabk c¢)mpany's members as a body, for our audii work. for thi5 report. or for the opinions we have formed. Ajay Bahl BA BFP FCA (Senior Statutory Auditor) For and on behalfof Wenn Townsend Chartered Accountant5 and Statutory Auditor Chartefed Accovntants and Statutory Auditor 30 St. Giles Oxford. OX1 3LE 2026
International Nemirk for Advanclng Science and Policy Ltd Statement of financlal actlvities (incorporating an income and expenditure account) For the ar e'nded 31 December 2025 2025 Total 2024 Total Unrestricted Restricted Income from: Charitable activities Programme work Investments 153,145 13.785 1.208.079 1.361.224 13.785 724,597 7.142 Total Income 166.930 1.208.079 1.375.009 731.739 Expendlture on: Charltable actlvlties Programme work 3a 113.860 1.087.612 1,201.472 852.826 Total expendiwre 113.860 1.087.612 1.201,472 852.826 Net Income l {expenditure) for the year 53,070 120.467 173.537 {121.087) Transfers bet¥veen funds Net movement In funds 53.070 120.467 173.537 1121.0871 Reconclllatlofi of funds: Total funds brought fotward 187,581 17.893 205.4:74 326,561 Total funds carrled fofward 240.651 138.360 379.011 205,474 All of the above results are tlerived from corttinuin9 attivities. There were no other recognised gains or losses other than those stated above. 20
Intrinarlonal NÈt*vrk for Advandn9 Sc5eno and Follcy i Balance sheet Company no. 04919576 As at 31 Decefflber 20Z5 2025 2024 Mote Flxed assets: Tangible asseis CUrn£ assets.. Debtors io 231.192 654.782 11.497 fA7.282 Cash at bank and in hand 885.974 658.779 Llabllltles: Creditors.. amounts fallin9 due within one year <506.963) (453.305) Net current assets 379.011 205.474 Total a55ets le55 cyrrevrt Ilabllllle5 379.011 20S.474 Toul net assets 379.011 Z05.474 The funds of the charlty. Unresrrtcied income lunds.. Unre5tFicted 9eneral funds Restrlcted funds 18 19 240.651 138.360 187.S81 17.893 Toul charSty funds 379.011 205.474 Approved by the tmstees on 3.1og1kniiand sTrgned on thetr behalf bv . Cody Moolman rrrusteel 21
Internatlonal Network for Advanclng Sdence and Policy Ltd Statement of cash fl For the ar ended 31 December 2025 Note 2025 2024 Cash flows from opernfjng actmties Net cash pr¢)vlded by l (used In) operatifW activltles 14 16,285) 276.497 Cash flows from investlng actmties: Dividends, interest and rents from investments 13.785 7,142 Net cash provlded by l (used In) Investlng aCtlvltSes Net cash provided by l (used In) finandng actl¥ltles Change In cash and cash equivalents in the year .7.500 283.639 Cash and cash equlvalents at the beginning of the year 647.282 363,643 Cash and cash equlvalents at the end of the year 15 654.782 647.282 22
Internatlonal Network for knclng Science and Pollcy Ltd Notes to the finanoal ststemen¢S For the ar ended 31 December 2025 l Atrountlng pollcles a) 8asls of prepararion The financial statemenis have been prtpared in accordance with Accounting and Reportrng by Charities.. Starement of Recommended Pracrice applicable to charities preparing their accounts in accordance with rhe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffective I January 20191- ICharitie5 SOIiP FRS 102), the Financial Reporting Standard applicable kn the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised ar hTr5torical cost or transattlon value unless otherwise stated in the relevant accounting policy or note. b) Publlt nefftt entlty Tht charitable company meeis the definition of a public benefit entity under FRS 102. c) Golng concorn Having taken consideration of the amount of unrestrirted reserves. the trvstÈes consider there is a reasonable expectation that INASP has adequate resource5 to continue in operational existence for the foreseeable future. The Trustees are also satisfied wiih the contro15 Irt place for monitoring and flexing the budget throughout the year. Accordingly we continue to adopt the going concern basi5 in preparing this annual report and financial siatements. The trustees do not consider that there are any sources of maierial uncertainty at the reporting date that have a significant risk of causing a material adjustment ro the carrytng amounts of assets and liabilities within the next reportin9 period. d) Income Income is recognised when the charity has entitlement tts the funds. any perfomiance condition5 attached to the income have been met, it 15 probable that the income will be received and that ihe amount can be measured reliably. Income from government and other grants. whether 'capital' grants or'revenue. grant5. is recognised when the charity has entitlement to the funds. any performance condhtions attached to the 9Tanis have been met. it Is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the Pfovision of a specified sef¥ice is deferred uniil the criteria for income reco9nition are met. e) Interest. receivable Interesi on funds held on deposit is included when receivable and the amount can be measured reliablv by the charity.. this 15 normlY upon notification of the Trnterest paid or payable by the bank. Expendlture aftd Irrec0r8b1e VAT Expenditure is recogni5ed once there is a legal or constructive obli9ation Eo make a payment to a third party. it is probable that setilement will be required and rhe amount of the obli9ation can be measured reliably. Expenditure is classified under the followin9 activity headings..
Intematlonal Net4votk for Ad¥andng Sdeme and Pollcy Ltd Notu to th financlal staternen15 For the year ended 31 Dectmber 2025 l AccountFng pollcles Icontlnued) Costs of raising fund5 relate to the costs incurred by the charitable company in inL1ucing third" parries tts make voluntary conrributions to ir. as well a5 the cost of any activities ¥th a fvndralslng purpose Expendsiufe on charitsble acuvbtie5 includes the co$ of delivtrin9 service5. and other aaiwiies undertaken ro further Ihe purposes of the charity and their associated support costs. Other expenditure represents those items not falling ifiro any other headin9 Allocatlon ofsupport costs Resources expended are recognised in the period in which ihey are incurred. Resgurces expended are allixated t¢) the particular aaivity where ihe cost relaies directly to that aciivity. However. the c05t of oveiall direaion administravon of each acriviry. cornprisin9 the salary and overhead costs of the centval funttion. Is apportioned based on ihe percentage Of contribution for each actlwty. Thi5 Is a chaTr9e from the prior year allocat6on based on staff lime and is consideitd io be a more accurate refteciion. Governance cosis are the costs assocoated with the governance arran9ements of the tharity. These costs are a550csaied wsth con511tutional and statutory requirements and include any costs associated with the srrate9ic rnanagernent of rhe charily's acrivities and have been allocated to actiwties on the same basls as the prior year. h) Operatlng leases Rental charges are ch3r9ed on a strai9hi lint basis crter the ierm of the lease. Tanglbli fixed asstts Iterns of qquiprnent are capi115ed where ihe purchase price exceeds £l.OQO. Depreciation cost5 are allocated to activities on the basis of the use of the relaied assets in Ihose artIries. Assers are reviewed for Impairment If circumstsnces indicate their Carrying value may exceed theif net ieallsable value and value In use. Depreciation Is prwded at rates calculated to te drm the cost of each assei to its estimated residual ¥alue over Its expected useful life. The depreciation rates in use a as follows.. Computer Equipment- 3 years 51raight line Office Equipment- 3-5 years strai9ht Ilne Furniture & Fitting5- 3-S year5 51rai9hi line Jl Debtors Trade and oiher debiors are recognised at ihe selllernent amount due after any trade dbsc¢wnr offered. Prepayments are valued ai the amount prepaid ner of any rrade discounrs due. kl Cash at bank and In hand Cash at bank and cash in hand indudes cash and short term highly liquid investments a short maturlty OT three monrhs or less fiom the date of 3¢qIIFSltion or opening of the deposir or similar account. 11 Crtdltors and provlslons Creditors and proTrrisions ale recognised vknere the charity has a present obligation resultin9 Irom a p•st event that 11 probably result in ihe transfer of funds to a third party and the amount due to settle the obligaiion can be measured or estimated reliably. Creditors aad promsions are normally recogni5ed at their settlement amount after allowin9 for any trade discounts due. 24
Inteynational Network for fvaavanclng Sclence and Policy Ltd NoTrs to the finantlal statemems For the year ended 31 Decernber 2025 I . Accountlng pollcles (contlnuerfj m) Forelgn currencles Monetary assets and liabilities in foreign CLJrrencies are translaied inio sterling at the rates of exchange rtiling at the balance sheei dale. Trans3Ctions in foreign currencier are translatod into tcrSing ar the Jpot rate on the day of transaction and for USS are then held in the accounts at an average weighied value. Exchange differences are thken inio account in arriving at rhe net incomin9 resources for the year. 2 Income from char•table 1VIlle$ 2025 Total 2024 Total Unrestricted Re5triaed Programme work Swedish Iniernatlonal Developmeni Cooperation Agency (Sida) ACU-OCCP (157) OFS li49} CGD-Europe (151) IDRC scaling Care li53) ACBF-Haus (155) PEBL Evaluaiion IDRC-GROW li4512 ) IDRC-GROW li4513} UNICEF-GESP li50) li521 ESSA li60) Templeton {i611 PWC - {FCDO Evidtnce Fund) (1621 NORAD li63) SPS Evidence Use (165) 3ie RCC 1168) IGAD FSRP 11671 NIHR {i661 303.677 303.677 320.000 22.986 22.986 48.003 11.723 7,850 19.019 20.104 24.750 17.388 10.393 14,500 1,298 17.320 52.473 39,921 6.058 3.797 14.141 65,678 14.141 65.678 {8.6761 8.676 158.686 399.585 354.807 158.686 399.585 354.807 7.655 7.102 10.984 24.599 7.655 7.102 10.984 24.599 Sub-total for other programme work 153.145 1.208.079 7.361.224 724.597 Other Income Total income from programme work - 153.145 1.208.079 1.361.224 724.597 In the previous year income from charitable activities of £447.138 w45 restricted. 2S
Forth¢y¢¥Ènd¢4 31 DÈ<¢rthi2025 Ja 1015Tqid W?4Tot *3- Staff ¢osrs FvTrynExEh¥ 45.1 140.9 13.37 SGQ.556 4225 102.151 76.931 129. Izi.Mo lifets 305.4 11.654 1.201.469 Suppkrtcwtl 3&9$9 zo.I 1131.3 Tw1 E¥p¢r•kwt 2015 2.109 )44.577 331.540 324.105 JJÈI IF).XEO 152.826 113. RÈ5vI(tEd 275.1 141.577 316.540 Jwi l.Dl7,611 461.505 TEXvnzq25 2T5.1O9
3&540 3311 113.16D 852.826 26
Internatlonal Netrk for Advanang Sde1 and pol Ltd . Note5 tD ihe finan(i•l ststtmtttts For the year ended 31 December 2025 3b knaly51s of exptndlture- Pr05 ar 1024 Totsi The s*1$h Iniemational Cooperation 4ency aCtTr7tS Other re5tiithd (&dal InStCte&fr funds GLM3ce costs 5iaff cos Foreign &¥chan Prograrnme delfvery c05t5 171.474 65.679 53.884 291,037 ,377) 560.566 4,225 375 13.37n 265.004 14S.067 103.40S 47.0 4,225 375 8oard expense5 Depreciation 316.541 169.OU4 100.974 4.600 261.627 8S2.826 Support rosrs 217.637 43.990 1261.627) Go¥ernance costs 14.6001. TO¢ Èxpenditure 2024 a16,S41 391.321 14.964 852,826 27
rnatlonal Network for Pthanckn9 ScknKe and pkY Ud For ihe year Qndad 31 Decefflb•r 2025 Net KOnnY resour(es Wor thE Thls Is Staid •ftew chaf9in9 1 (ctydiiir4).' 2025 2024 Operatii1912a5e Tert5". Propemf Auditors. ¥ernunera¢ion <exduding VAT).. Audit Other 5eMces Fortl9n ExchaThJe 1055ts 1 (9aihS) 4.320 4.225 3.500 An•fy51s of sTaff £•s15. Tfu5tw and eMper15es. and tht ttsst of kry managem•nt prs•Dn•l 2025 2024 Siaff cosis iyere as foltw. Salaries and wages Redundancy and temiinatlon costs So(iat security <oSt5 Emptoyei's Conthbytion i• defined rorttwiblrtkpn pEnsn sthenx5 orher forms of eryloytt bentfirs Other staff C¢Jst5 440.339 362.404 35.912 31.641 Z4.B08 13.475 20.876 40.865 26.141 10.242 517.517 489.116 The fokn%in9 number of receiTrtd bEnefrt5 (eKluthny ernployer penslon ros15) durln9 the year betsveen.. 2025 2014 E60.001 - £70.000 £70.001 - £80.000 £80.1)01 - £90.1500 The tot41 ernployee beoefils Including pension contributlOn5 and empt1$ p41 of ihe key management personnel were É98.664 12024.. 132.938). The charlty ttuslees wore twr paid 01 roci¥ed aThy oiher tstfftrfi frorn empiwMEftiwirh ihe thaTY In rheyear" 12024.. £nlD. Plo rrustees Fe<ervEd payfftrti for professn setvi¢es supIe¥J to the thorty IZ024. none). Tw51ees' expenses preSentS ihe paymenr or telmbursefflenr of travel and 5ubslstence costs iotallln9 É4.478 (2024= £57) Incurred kn'six r2O24'. one) mernbEr5 retating io attendance at rnettings of the trustees. The avera9e number of employees Ihead couni based on Dufflberof staff ernplryedj duriThJ thE yeUV•a5 a5 l•llrwis= 2025 2024 Programme vlork Support Related parw iran5aalDhs Durln9 th yar. no payrThents or <OnLrnaS wer awatrded to reled partles. There •¢t no rf•fiaiiOnS from fl<d p•rtks which wtslde the normal rouwst of buSIsS and M resirfotd donaiions from related parties. 28
INt•rMtlDThal Netsvork forAd¥anckng SclerKe and Polky Ltd N¢¢t5 to the ftnandal 5ratements For the year eThlÈd 31 ¢eMber 2025 Taxaiion The charitable company Is exempt from corporation tax as all its Ilme is charitabl¢ aThd is applied for charitable puwposes. Office equipment Tanglble flxed assets C05t At Ehe start of tht yeat Addition5 in year D15posals in ye Total 3.940 3.940 At the eThd of the 3.940 3.940 Deproclaiion Ar ihe start of the ypar Charye for the year Elimlnated on dSsposal Al Ihe end of ihe ar Net btsok value At end ofthe 3.940 At the start of thè year All of the abo¥E.assets are used fof (hiThble purpose5. 10 Debtors 2025 2024 Trade ¢Jebtors OfheT debtors VAT Pr¢payments 184.27Z 27.980 18.940 5.946 231.192 11,497 I I Credltor5: 119 wlthln 2025 2024 Trade creditofs Taxation and socSal se<uiity A(CTuals Deferred incorne 66.616 63.174 Zl.065 356,108 19.541 32.182 7.196 394.386 506.963 453.305 12 Oeferred lficom Oeferred incornt comprises funds re¢eived Èn athaftce ot the expendifurt they ielate w bÈing made. 2025 2024 Balance ai ihe beglnning of the year Amount velea5td to income in ihe year Amounr deferred in ihe year 394.386 1394.3861 356.108 17.388 (17.386) 394.386 8al4nre at fhe end of year 356.108 394,386 29
Fortheytarondod JI DKernber2025
The charilablt ¢omp•tyoptr¥es 4 t50&1 ponsion plan fortho benifit olits
eOyeES, and makes pallent5 fo other dtfined ¢ontnbufbon s
For thvAd4)I I)rnherI015 Al the ilaii Losses 1.4$9 tl.434 Q75.lO6 Jl,027 1.626 TryS¢llS .676) IOPC (N5- 151.617 399.565 3$4.Wl 10.1•9 65.041 30.701 - IKCKJ fun4J > 35.541) 17.B93 1.10•.•79 11.OR7.51 iji.) ArthE L•sse5 ATfh of Ae51rtctq4 fund¥.' 3lQ.OQ 3.459 14.434 KoryaYMJVeTFuII052J IDRC 045-21 16.017 17.1 $1.4?3 (ZZ.7691 4.7$0 4.tgj 6.Q51 .>Tn 1461.5051 1$.Z43 rot offl•n (Gth) E451Alrk• Pr.09¢. TeLptOO61j. rtaINUts fprllPETh P45otthknEastA&kL" to . (FCtK) EvidMct Fuftéj U611- MIroIS to rosar¢h that rewjtrts témffpJrtlry nt4ds. ?A31- Equ15 r¢5¢11$ t• s." iWear¢h 4t M0W¥r•nTs5 knAltk•. tyts4f+kfrr5 t1le fixed 396.Y06 .419.061 1350.708) •45.974 1506.963) 130.360 Fund5 7atsl FvrAs 423.861 650.719. 170.517> TrAal 164.4Ql 41.IlY> OS.174 31