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← Institute For Voluntary Action Research

2024-03-31-accounts

Charity registration number 1114403

Company registration number 05695711 (England and Wales)

INSTITUTE FOR VOLUNTARY ACTION RESEARCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Kamna Muralidharan (Chair)
Sam Brier (Deputy Chair)
Timothy Jones (Treasurer)
André Clarke
John Hailey (Until 18 July 2023)
Anneessa Mahmood
Michael Pitchford
Rosa Powloski
Ruth Stephens
Palmela Witter
Company secretary Ben Cairns
Chief Executive Ben Cairns
Charity number 1114403
Company number 05695711
Principal address The Foundry
17 Oval Way
London
SE11 5RR
Auditor Begbies
9 Bonhill Street
London
EC2A 4DJ
Bankers CAF Bank
25 Kings Hill Avenue
Kent
ME19 4JQ
Solicitors Bates Wells
10 Queen Street Place
London
EC4R 1BE

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

CONTENTS

Page
Trustees' report 1 - 12
Statement of trustees' responsibilities 13
Independent auditor's report 14 - 16
Statement of financial activities 17 - 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 35

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).

OVERVIEW

Over the past year IVAR has continued to deliver an exceptional portfolio of action research projects to support the voluntary sector, which continues to face a number of cascading and connected crises.

IVAR’s work has provided direct support to charities by creating spaces for charity leaders to reflect, share challenges and identify opportunities. We have challenged funders to implement changes to evaluation practices to ensure their processes are not just proportionate but can meaningfully tell a story of change. And we have reinforced the need for change in funder practice and galvanised action through the growing Opening & Trusting grant-making community. Across these strands, IVAR has continued to work hard to ensure that the results of this work and the benefits they can bring are in the public domain, through a rigorous programme of communication and dissemination.

IVAR has been able to serve the VCSE (voluntary, community, social enterprise and not-for-profit) sector by being both responsive to need and identifying areas urgently requiring change through the flexibility core funding has provided. With that in mind, this year, IVAR also began a process of fundraising, articulating with clarity the benefit our work provides to the VCSE sector.

The team have demonstrated thoughtfulness and curiosity in leading a strategy development/refresh process that ensures IVAR continues to remain flexible and fit for purpose while leaning into using our voice and credibility to add value at the interface of public spending, trusts & foundations and the over-stretched and under-resourced VCSE sector.

We have continued to experience real value from our core, unrestricted funding – creating the space for us to respond to voluntary sector need, to build learning communities of charities and funders, to respond flexibly, to build connections, to profile voices, and to share useful and usable insights more widely.

‘Being the best that we can we’ continues to guide and drive all of our work – from how we attend to staff wellbeing, to how we apply action research principles to ensure partners and participants feel heard and respected, through to how we communicate with our different audiences. Against a backdrop of sustained turbulence and uncertainty, we remain committed to balancing wellbeing with impact, and responsiveness with urgency. In doing so, we are paying attention to three particular challenges and opportunities.

1. The power and relevance of Action Research

IVAR operates at the interface between sectors, where other sources of support and representation are slowly disappearing. Our action research provides opportunities for those furthest from power to have their voices heard and responded to; and we believe that, in these challenging times, the core features of the IVAR approach can deliver both hope and confidence. For us to be relevant and useful, we exercise great care in everything we do, striving to act with integrity and authenticity, using our assets for public benefit. So, in the current operating environment, staying true to our action research principles – collaborative, problem-solving, practical, useful for all – feels vital.

Through action research, and with unrestricted funding, we can directly support small charities and work to improve the systems in which they operate – enhancing everyone’s ability to do their best work. This role is ever more important as we move from one emergency to another – from Covid to the cost-of-living crisis, to significant changes in the availability of local authority funding: the ‘new normal’ for charities is meeting increased demand with fewer resources.

IVAR has an important contribution to make here – using our assets to support and champion the sector during a period of extreme difficulty, working with small charities both to identify solutions that funders and public agencies can adopt, and to identify ways to work better together in the context of new challenges.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

2. The importance and potential of Open and Trusting Grant-making

Every day we work with charities and funders ambitious for change – not soon, but now. It’s clear that both know what would make a difference to their funding experience. Although some are looking for more radical transformation, the top priority for most is ‘making better use of everyone’s precious time’. This is important. It tells us that bringing meaningful change is possible – but won’t happen without people who hold more power taking the lead.

However, it’s working together – not for or against each other – which has enduring value, both for funded organisations and the funders committed to supporting their work. This is what our colleagues and friends in the Trust-Based Philanthropy Project in the US describe as being ‘ partners in a spirit of service, leading with trust, respect, and humility’ . Those are the values that we believe can help to shape and drive changes to grant-makers’ practices to enable more flexibility and independence for funded organisations to focus on responding directly to changing needs.

3. The continued need to balance pragmatism with ambition

A year ago, we reflected on the set of (familiar) operational challenges faced by IVAR, including blended and hybrid working; sustaining organisational values and culture; diversifying income sources; the transaction costs of fundraising. To these, we can add: staff turnover (three maternity leaves in the space of five months); difficulties with recruitment; increasingly complex work. We also noted that ‘we have established a reputation and profile – at the interface between voluntary action and funding – that affords us real opportunities to influence and shape, for the common good. So, whilst we remain preoccupied with and committed to prudence and living within our means, we continue to feel a responsibility to think expansively about how best to develop and deploy our assets. For some, the moment calls for IVAR to ‘speak truth to power’ with greater conviction. For others, the need to remain firmly rooted in lived and direct experience is paramount. Finding the most useful path for the organisation – in service of our charitable objects and the voluntary sector – remains a high priority for us.

OBJECTIVES and ACTIVITIES

Introduction

The Institute for Voluntary Action Research (IVAR) is an independent, charitable research institute. IVAR’s charitable objects are to ‘support the development and sustainability of charities and other voluntary, community, social enterprise and not-for-profit (VCSE) organisations through research, education and training’.

Our main interest is voluntary action and social change – activities, services, community development or campaigns that aim to improve the quality of life and opportunity of individuals, groups and communities. We work collaboratively; we concentrate on problem-solving; and we want our work to be relevant and practically useful to the voluntary and community sector, as well as funders, policymakers and other sectors.

Our research approach – collaborative, problem-solving and practically useful – is made possible by our team of staff, trustees and experienced freelance research associates, all of whom have worked in and around the voluntary and community sector as volunteers, paid staff, leaders, trustees, teachers and researchers. Our team understands and cares about the distinctiveness and independence of VCSE organisations and their contributions to social change.

Clients and Partners

Research clients and partners included: AB Charitable Trust, Atlantic Institute, Bank of Scotland, Barnwood Trust, Barrow Cadbury Trust, Bolton CVS, City Bridge Trust, Clothworkers Foundation, Comic Relief, Community Foundation for NI, Community Foundation for Surrey, Co-Op Foundation, Corra Foundation, County Durham Community Foundation, Cripplegate, Economic Cultural and Social Rights UK (Just Fair), Esmée Fairbairn Foundation, Foundation Scotland, Friends Provident, Garfield Weston, Gloucestershire Community Foundation, Gower Street, Hammersmith United Charities, Health Education England, Help on Your Doorstep, Hilden Charitable Fund, Hyde Charitable Trust, Jerwood Arts Foundation, John Ellerman, John Lyon’s Charity, Lankelly Chase, Leeds Community Foundation, Lloyds Banking Group Foundation, Local Trust, London Funders, Maitri Trust, Mercers’ Company, National Lottery Communities Fund – The Big Lottery, Nationwide Foundation, Paul Hamlyn Foundation, Pears Foundation, Peter Minet Trust, Robertson Trust, Shears Foundation, Sir George Martin Trust, Smallwood Trust, Sufra NW, Texel Foundation, The Bromley Trust, The Cabrach Trust, The Legal Education Foundation, The Nisbet Trust, The Orr Mackintosh Foundation (ShareGift), The Pilgrim Trust, The Postlethwaite Music Foundation, The Rayne Foundation, The Tudor Trust, Trussell Trust, Trust for London, UK Youth, United St Saviour’s, Virgin Money Foundation, William Grant Foundation, and Youth Music.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Strategic priorities

In line with emerging practice within the Open and Trusting (O&T) community, we have adapted our existing internal trustees reports and our annual report for core funders to provide a progress update on activity over and above ‘business as usual’ in relation to our key priorities for 23/24.

Goal 1: Healthy and fit for purpose

Maintain the health and wellbeing of the organisation by ensuring that our people have the support, resources and systems they need to delivery high quality research and communications.

Priorities for FY 23/24

End of year Progress – Headlines

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Goal 2: Inclusive

Advance our Equity, Diversity and Inclusion (EDI) thinking and practice.

Our priority in looking at EDI is understanding what it will take to do our best work for the communities and causes we serve. As a small organisation with limited resources, we have focused on racial equity – while also acknowledging the importance of intersectionality. We used a two-pronged approach to begin to embed racial equity – taking direct action, and making time for considered reflection about IVAR’s role, responsibility and culture. Action has included:

1.https://www.ethnicity-facts-figures.service.gov.uk/uk-population-by-ethnicity/demographics/working-agepopulation/latest/

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Goal 3: Visible and connected

Increase the use of our work by our core audiences.

Priorities for FY 23/24

End of year Progress – Headlines

Goal 4: Changemaker

Improve the day-to-day experience of small charities and community groups by leading a movement for UK grant-making to be more open and trusting.

Priorities for FY 23/24

End of year Progress – Headlines

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Additional Information

A. Project portfolio

Guiding principles

Projects of significance over the course of the year include:

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

B. Communications

Our audience is growing:

Over the course of the year, we published:

There continues to be strong engagement in our work:

Responses to our recent work on social media have included:

Fizza Qureshi, who spoke at our webinar in December where we pre-released the findings of Funding for Black-led organisations and racial justice to the O&T Community:

Congratulations to Institute for Voluntary Action Research for publishing their report on “Better funding for Black-led organisations and racial justice”. I had the honour of speaking at their webinar and sharing my lived experience of engaging with funders over the years. Unfortunately, my experience is not unique, as many racialised people and organisations have experienced covert/overt racism, and in my case Islamophobia too.

This report is an important step towards understanding how funders comprehend and reinforce #racism and microaggressions. There is still much work to be done. I hope funders will heed the actions in the report and start to implement anti-racism strategies in their funding practices, rather than just talking about them.

Please take the time to read the report and join me in advocating for change.

Co-op Foundation on our celebration of three years of Open and Trusting:

By managing expectations of whether a charity should apply for funding, it helps save time for both the applicant and the funder. Accepting risk can bring exciting new possibilities and improve diversity, like working with grassroots organisations and new movements.

Nick Addington, William Grant Foundation, on our new Researcher, Alex’s blog summarising work on reporting for a charity audience – ‘Taking control: reporting for, by and with charities’:

Good advice here for charities to get on the front foot and engage with their funders about how to make reporting work better for both parties

We have presented at over 60 external events, to 650 people – including at The King’s Fund annual conference.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The most popular themes this year have been:

C. Open and Trusting Grant-making/Evaluation Roundtable

The 23/24 update on Open and Trusting Grant-making and plans for 24/25 can be read here. The 23/24 update on Evaluation Roundtable and plans for 24/25 can be read here.

PLANS FOR 2024/2025

The priorities outlined describe activity over and above ‘business as usual’.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Goal

Priorities for FY 24/25

Healthy and fit for purpose

Maintain the health and wellbeing of the organisation by ensuring that our people have the support, resources and systems they need to deliver high quality research and communications.

Inclusive

Advance our Equity, Diversity and Inclusion (EDI) thinking and practice.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Goal

Visible and connected

Increase the use of our work by our core audiences.

Priorities for FY 24/25

Changemaker

Improve the day-to-day experience of small charities and community groups by leading a movement for UK grant-making to be more open and trusting.

FINANCIAL REVIEW

The results of the year’s activity are set out in the attached financial statements. The income less total expenses of the Charity produced a net deficit for the year of £35,080 (2023: deficit of £61,737). Total reserves at the yearend decreased to £171,869 (2023: £206,949). The charity operates from rented premises and accordingly the total of reserves designated and held in the form of fixed assets at the year-end stood at £548 (2023: £3,046). Total designated funds at the year-end were £548 (2023: £56,379).

The Charity generates income from grants, and, to a lesser and minor extent, fees charged for research and education projects and consultancy work respectively. The Charity is supported by key core funders who provide annual grants to support core expenditure, as detailed in note 3 to the accounts.

Individual projects are funded by grants, as disclosed in note 5 to the accounts, and may be undertaken by charity employees or external researchers. Projects are usually relatively small in terms of the funding received.

The work undertaken by the Charity does not always coincide with the accounting year and accordingly income relating to projects that are part completed at the balance sheet date is deferred to the following year to match with the work required to complete the project, as detailed in note 17 to the accounts.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Reserves policy

The Board of Trustees maintains a reserves policy to protect the organisation and the sustainability and independence of its charitable programme by providing time to adjust to changing financial circumstances. This limits the risk of disruption to the programme in the event of a downturn in some of IVAR’s various sources of income, or an unexpected need for additional expenditure. The policy also provides parameters for future strategic plans and contributes towards decision-making.

The Board has established a target range of core reserves of between two and four months’ budgeted core expenditure for the level of general reserves. This is based on a risk assessment of the probability and likely impact on IVAR’s charitable programme that might be caused by a decline in income, an inability to meet financial obligations, or an inability to reduce expenditure in the immediate short-term. The policy ensures a balance between spending the maximum amount of income raised as soon as possible after receipt, while maintaining a level of reserves to ensure uninterrupted operation. The core reserves policy and the target range are reviewed annually to reassess the risks and reflect changes in IVAR’s income, financial obligations and expenditure.

This policy would equate to a target for ‘free’ reserves – unrestricted reserves not matched by fixed assets or other designations – of between approximately £133,000 and £267,000 at 31 March 2024 (2023: approximately £132,000 to £264,000) while the ‘free’ reserves held at that date were £171,321 (2023: £150,569).

Alongside the establishment of core reserves, the Board is also committed to reinvesting surplus funds into the active pursuit of its charitable objectives and organisational mission. To this end, the reserves policy also allows funds to be set aside for the Research Development Fund, to provide a small working fund to support activities that may require specific investment by IVAR (e.g. work with smaller, less well-resourced organisations; supplementary work to disseminate research findings; exploratory work in new areas).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Institute for Voluntary Action Research (IVAR) is a charitable company limited by guarantee and was formally registered on 2nd February 2006 and as a charity on 30th May 2006. IVAR is governed by its Memorandum and Articles of Association as amended by a special resolution on 3rd February 2011. In the event of winding up, members’ liabilities are limited to £1 each.

The trustees are responsible for the management of the Charity, which they delegate to the Director on a day-today basis. IVAR’s Board includes senior practitioners and funders from the VCSE sector.

The Board meets four times a year, or more often if required. It currently has two formal sub-committees: Finance and Remuneration Committee and a Personnel and Recruitment Committee. Ben Cairns has served as Director of the Charity since his appointment on 1st July 2006.

Risks

The trustees confirm that the major risks to which the Charity is exposed have been reviewed, and systems and procedures have been established to manage those risks.

The risk register is maintained and reviewed regularly, including action points to address any significant concerns. The review takes account of changes to IVAR’s strategic goals and objectives as they arise.

The principal current risks being addressed include staff wellbeing (including hybrid working and delivering an ambitious strategy and busy project portfolio); continued close monitoring of project income due to the uncertainty and fragility of IVAR’s operating environment; loss of key people and associated pressures on capacity; and developing communications further (both the platform, e.g. website and different methods for disseminating IVAR’s work) partly to ensure we remain relevant and responsive to the people and causes we want to serve.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

TRUSTEES' REPORT (CONTINUED) (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

Appointments to the Board

During the year, the Board continued the integration of new trustees.

Trustees are inducted by the Board Chair and are provided with a copy of the Charity Commission guidance, The essential trustee: what you need to know, what you need to do. New trustees also receive access to relevant training, minutes of recent Board meetings, recent IVAR reports, meet IVAR staff and, where appropriate, attend events organised by IVAR.

Arrangements for setting the pay and remuneration of key management personnel

The Board has a Finance and Remuneration Committee, which reviews the pay of staff on an annual basis. Where appropriate, the Committee will establish benchmarks on the basis of available data from partner or related charities.

Fundraising

IVAR fully complies with The Charities (Protection and Social Investment) Act 2016. We do not fundraise from the general public, nor do we employ fundraisers or use fundraising agents. We have not received any complaints during the year related to fundraising.

PUBLIC BENEFIT STATEMENT

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity’s activities in supporting VCSE organisations is outlined under ‘Objectives and Activities’ and ‘Additional Information’ above.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

I[oJ]

Kamna Muralidharan (Chair) Trustee Dated: ..........13 November 2024...............

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Institute for Voluntary Action Research for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

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

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

Opinion

We have audited the financial statements of Institute for Voluntary Action Research (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The 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 charity 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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going 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.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF INSTITUTE FOR VOLUNTARY ACTION RESEARCH

Extent to which the audit was capable of detecting irregularities, including fraud

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements;

– Enquiries and confirmation of management and the trustees as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;

– Review of minutes of Board meetings throughout the period;

– Incorporating unpredictability into the nature, timing and/or extent of testing;

– Evaluation of the selection and application of the accounting policies chosen by the company.

– In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

– We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Katherine Dee FCA (Senior Statutory Auditor)

for and on behalf of Begbies ...18/11/24................ Chartered Accountants Statutory Auditor 9 Bonhill Street London EC2A 4DJ

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Core grants
3
276,000
55,000
Charitable activities
5
288,522
273,910
Investment income
4
11,241
-
Total income
575,763
328,910
Expenditure on:
Raising funds
6
25,309
-
Charitable activities
7
585,534
328,910
Total resources expended
610,843
328,910
Net expenditure for the year/
Net movement in funds
(35,080)
-
Fund balances at 1 April 2023
206,949
-
Fund balances at 31 March 2024
171,869
-		 Total
2024
£
331,000
562,432
11,241
904,673
25,309
914,444
939,753
(35,080)
206,949
171,869		 Total
2023
£
325,000
503,458
4,290
832,748
26,760
867,725
894,485
(61,737)
268,686
206,949

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Core grants
3
290,000
35,000
Charitable activities
5
179,619
323,839
Investment income
4
4,290
-
Total income
473,909
358,839
Expenditure on:
Raising funds
6
26,760
-
Charitable activities
7
508,886
358,839
Total resources expended
535,646
358,839
Net expenditure for the year/
Net movement in funds
(61,737)
-
Fund balances at 1 April 2022
268,686
-
Fund balances at 31 March 2023
206,949
-		 Total
2023
£
325,000
503,458
4,290
832,748
26,760
867,725
894,485
(61,737)
268,686
206,949

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 548 3,046
Current assets
Debtors 15 35,202 30,317
Investments - notice account 16 163,636 106,268
Cash at bank and in hand 210,756 168,377
409,594 304,962
Creditors: amounts falling due within 17
one year (238,273) (101,059)
Net current assets 171,321 203,903
Total assets less current liabilities 171,869 206,949
Income funds
Unrestricted funds
Designated funds 21 548 56,380
General unrestricted funds 171,321 150,569
171,869 206,949
171,869 206,949

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The accounts were approved by the Trustees on .......13 November 2024..................

.............. Kamna Muralidharan (Chair) ................ Trustee

Company Registration No. 05695711

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
26
Investing activities
Purchase of tangible fixed assets
Withdrawal from/(investment in) term
deposit accounts
Interest received
Net cash (used in)/generated from
investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Bank balances and short-term deposits		 2024
£
-
(57,368)
11,241		 £
88,505
(46,127)
42,378
168,377
210,756
210,756		 2023
£
£
(117,499)
(3,032)
46,520
4,290
47,778
(69,721)
238,098
168,377
168,377

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Institute for Voluntary Action Research is a private company limited by guarantee incorporated in England and Wales. The registered office is The Foundry, 17 Oval Way, London, SE11 5RR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Grants are recognised in line with the charity's entitlement to the grant. Grants which are received for specific time periods are allocated to those time periods. And any sums to which the charity is not yet entitled, but have already received are deferred and not recognised in the year.

Income relating to commissioned projects is recognised in line with the performance of that project. Where income is received in advance of work having been performed the income is deferred to the extent that the work is yet to be undertaken.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Resources expended

All expenditure is accounted for on an accruals basis.

Expenses incurred in undertaking activities for the fulfilment of the charity's objects are shown as direct charitable expenditure. The charity operates two types of charitable activity - charitable research projects and grant-making to Build an Equitable Workforce.

Fundraising costs are the costs of application and reporting on the charity's income.

Support and governance costs, which cannot be directly attributed to particular activities, have been apportioned proportionately to salary costs and allocated to charitable activities and fundraising cost. No material costs are thought to be applicable to grant-making to Build an Equitable Workforce.

The charity is not registered for VAT and expenditure categories include their irrecoverable VAT elements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture & equipment 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

Where material the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key area of estimation in the current and previous year is the deferral of project income where income is received in advance of the work performed. The deferral is calculated with reference to the estimated percentage of the project performed at the balance sheet date with reference to key project stages and deliverables.

3 Core grants

Donations and gifts
Add/(less) net movements on deferred income		 Total
2024
£
325,000
6,000
331,000		 Total
2023
£
277,000
48,000
325,000

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Core grants (Continued)
Grants
Esmée Fairbairn Foundation 60,000 78,000
Tudor Trust 60,000 62,000
Pears Foundation 50,000 50,000
Paul Hamlyn Foundation 55,000 50,000
National Lottery Community Fund 55,000 35,000
Garfield Weston Foundation 45,000 -
Other - 2,000
325,000 277,000
4 Investment income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Bank interest receivable 11,241 4,290
5 Charitable activities
2024 2023
£ £
Consultancy 7,550 2,366
Project income 554,882 501,092
562,432 503,458
Analysis by fund
Unrestricted funds 288,522 179,619
Restricted funds 273,910 323,839
562,432 503,458

Where projects are undertaken jointly, funds received on behalf of third party charities are not included in the above totals.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5
6		 Charitable activities
(Continued)
2024
2023
Grant project funders of £5,000 and above - funding received
£
£
Atlantic Institute
47,205
10,550
Bank of Scotland
24,368
-
Barrow Cadbury Trust
29,225
14,000
City Bridge Trust
36,250
8,750
Clothworkers Foundation
5,500
5,000
Comic Relief
12,975
45,000
Community Foundation Northern Ireland
5,000
-
Co-Op Foundation
54,973
-
Corra Foundation
5,000
16,000
Economic, Social, and Cultural Rights UK
6,295
-
Foundation Scotland
15,000
5,000
Health Education England
10,000
10,000
Help on Your Doorstep
6,000
-
John Lyon's Charity
5,000
5,000
Joseph Rowntree Foundation
-
5,000
Just Ideas
21,838
-
Lloyds Banking Group Foundation
27,500
25,000
Local Trust
-
49,725
London Funders
54,050
30,949
National Lottery Community Fund - The Big Lottery
172,700
152,100
Paul Hamlyn Foundation
5,000
-
Robertson Trust
7,500
5,000
The Blue Thread
-
5,000
The Cabrach Trust
10,000
10,000
The Orr Mackintosh Foundation
5,000
-
The Trussell Trust
37,500
-
Trust for London
-
10,000
UK Youth
19,870
20,870
United St Saviour's
17,000
17,000
William Grant Foundation
5,000
-
Grant project funders below £5,000
39,730
58,548
Add/(less) net movements on deferred income
(130,597)
(7,400)
554,882
501,092
Raising funds
2024
2023
£
£
Fundraising and publicity
Staff costs
18,405
19,859
Governance costs
314
468
Support costs
6,590
6,433
25,309
26,760

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

Research
Project
Costs
Grant-
making to
Build an
Equitable
Workforce
2024
2024
£
£
Direct costs
Staff costs
509,222
-
Research associate fees
89,705
-
Other direct costs including publications and conferences
109,508
5,000
708,435
5,000
Grant funding of activities (_See_note 9)
-
10,000
Share of support and governance costs (See note 10)
Support
182,333
-
Governance
8,676
-
899,444
15,000
Analysis by fund
Unrestricted funds
570,534
15,000
Restricted funds
328,910
-
899,444
15,000		 Total
Research
Project
Costs
Grant-
making to
Build an
Equitable
Workforce
2024
2023
2023
£
£
£
509,222
507,622
-
89,705
95,413
-
114,508
82,292
1,000
713,435
685,327
1,000
10,000
-
5,000
182,333
164,437
-
8,676
11,961
-
914,444
861,725
6,000
585,534
502,886
6,000
328,910
358,839
-
914,444
861,725
6,000		 Total
2023
£
507,622
95,413
83,292
686,327
5,000
164,437
11,961
867,725
508,886
358,839
867,725

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Description of charitable activities

Research Project Costs

IVAR's main activity is carrying out research projects, dissemination of the results of those projects and other educational activities within the voluntary and community sector. The Trustees' Report contains further details of the range of projects undertaken.

Grant-making to Build an Equitable Workforce

Grant-making to support young people from Black and Minoritised communities to improve their access to work in social research and the voluntary sector.

9 Grants payable

Grant- Grant-
making to making to
Build an Build an
Equitable Equitable
Workforce Workforce
2024 2023
£ £
Grants to institutions:
The Ubele Initiative 10,000 5,000

Grant-making to Build an Equitable Workforce

Grant-making to support young people from Black and Minoritised communities to improve their access to work in social research and the voluntary sector. One grant was paid during 2024 (2023: One)

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10 Support costs

Staff costs
Depreciation
Rent, insurance and service charges
Payroll administration and recruitment
IT costs and website
Bookkeeping and accountancy fees
Printing, postage, stationery and telephone
Publishing materials, events, marketing, subscriptions
and publications
Travel and subsistence (non-project)
Sundry
Audit fees
Legal and professional
Trustee expenses
Trustees insurance
Trustee recruitment
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
£
£
62,932
-
2,498
-
41,745
-
14,621
-
15,435
-
17,425
-
20,109
-
1,570
-
11,863
-
725
-
-
5,400
-
2,807
-
236
-
547
-
-
188,923
8,990
6,590
314
182,333
8,676
188,923
8,990		 2024
£
62,932
2,498
41,745
14,621
15,435
17,425
20,109
1,570
11,863
725
5,400
2,807
236
547
-
197,913
6,904
191,009
197,913		 2023
£
62,003
3,580
35,630
4,585
15,249
16,775
17,537
1,902
12,312
1,297
5,024
1,078
-
507
5,820
183,299
6,901
176,398
183,299

Support and governance cost have been allocated across fundraising and research using a ratio based on salary costs.

Governance costs include payments accrued to the auditors of £5,024 including VAT (2023: £5,024) for audit fees.

11 Net movement in funds
Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 5,400 5,024
Depreciation of owned tangible fixed assets 2,498 3,579

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Employees

Number of employees

The average monthly number of employees during the year was:

Generating funds
Research projects
Support and administration
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
0.2
10.6
1.2
12
2024
£
519,108
53,132
18,319
590,559		 2023
Number
0.2
10.6
1.2
12
2023
£
518,390
54,076
17,018
589,484

The number of employees whose annual remuneration, excluding employer's pension contributions, was £60,000 or more were:

pension contributions, was £60,000 or more were:
2024 2023
Number Number
£60,001-£70,000 1 1
£90,001-£100,000 1 1

The above members of staff were enrolled in the defined contribution pension scheme, with employer contributions paid of £4,398 (2023: £4,402).

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14
Tangible fixed assets
Cost
At 1 April 2023
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
16
Current asset investments
Bank notice accounts		 Furniture & equipment
£
9,451
9,451
6,405
2,498
8,903
548
3,046
2024
2023
£
£
29,836
23,849
3,811
2,731
1,555
3,737
35,202
30,317
2024
2023
£
£
163,636
106,268		 Furniture & equipment
£
9,451
9,451
6,405
2,498
8,903
548
3,046
2024
2023
£
£
29,836
23,849
3,811
2,731
1,555
3,737
35,202
30,317
2024
2023
£
£
163,636
106,268
9,451
6,405
2,498
8,903
548
3,046
2023
£
23,849
2,731
3,737
30,317
2023
£
106,268

The notice account is subject to 125 days notice before withdrawals can be made.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
18
Trade creditors
Accruals
Deferred income
Arising from grants and project income
Balance as at start of year
Released in year
Deferred in year
Balance as at end of year		 2024
£
12,498
180,297
15,859
29,619
238,273
2024
£
180,297
2024
£
55,700
(55,700)
180,297
180,297		 2023
£
14,832
55,700
17,895
12,632
101,059
2023
£
55,700
2023
£
96,300
(96,300)
55,700
55,700

18 Deferred income

During the year, IVAR received £nil (2023: £nil) from statutory sources other than grants from the National Lottery Community Fund and Health Education England. There is no outstanding work in respect of amounts recognised as income during the year.

19 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 18,319 17,018

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund for each employee.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2022 resources expended 1 April 2023 resources expended 31 March 2024
£ £ £ £ £ £ £
UK Evaluation Roundtable - 32,105 (32,105) - 32,550 (32,550) -
Connecting Health Communities - 132,100 (132,100) - 88,000 (88,000) -
National Lottery Community Fund - 35,000 (35,000) - 55,000 (55,000) -
Open & Trusting Grant-making - 135,134 (135,134) - 152,885 (152,885) -
Learning in Uncertainty - 10,000 (10,000) - - - -
Tech for Good Evaluation - 14,500 (14,500) - 475 (475) -
- 358,839 (358,839) - 328,910 (328,910) -

UK Evaluation Roundtable

The Evaluation Roundtable is a network of foundation leaders in the UK, the US and Canada. The Roundtable aims to improve evaluative practice in foundations by infusing it with cutting-edge ideas, and by providing foundation staff with an opportunity to refine and deepen their thinking and practice. It is a public resource for information on what other foundations are doing on evaluation, as well as for ideas about where and how foundations might develop their practice.

Connecting Health Communities

A three year project to build health partnerships funded by The National Lottery Community Fund.

- National Lottery Community Fund Partnerships England Wide

Restricted core funding.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

- Open & Trusting Grant making

A project that started to capture the key features of funder responses to the Covid-19 crisis but which has evolved to become a call for funders to adopt open and trusting practices for grantees.

Learning in Uncertainty

Project funded by the Tudor Trust.

Tech For Good Evaluation

Learning Coordination project funded by Comic Relief.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Resources Balance at
1 April 2022 resources expended 1 April 2023 expended 31 March 2024
£ £ £ £ £ £
Fixed Asset Fund 3,593 3,032 (3,579) 3,046 (2,498) 548
Core Expenditure
Contribution 106,667 - (53,333) 53,333 (53,333) -
110,260 3,032 (56,912) 56,379 (55,831) 548

Fixed Asset Fund

The fixed assets are considered to be not easily realisable and accordingly are not represented in the general reserve. The balance carried forward is equal to the year-end net book value of fixed assets.

Core Expenditure Contribution

The designation of £160,000 as a contribution to core expenditure arose from funding from Atlantic Philanthropies in the 2021 financial year. Trustees have, in accordance with their intention at the outset, released this amount in full, evenly over the three years ending 31 March 2024.

22 Analysis of net assets between funds

Analysis of net assets between funds
Designated
Fund
Unrestricted
Fund
2024
2024
£
£
Fund balances are
represented by:
Tangible assets
548
-
Current assets/(liabilities)
171,321
-
171,869
-		 Total
Designated
Fund
Unrestricted
Fund
2024
2023
2023
£
£
£
548
3,046
-
171,321
53,334
150,569
171,869
56,380
150,569		 Total
2023
£
3,046
203,903
206,949

23 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year

2024 2023
£ £
13,077 11,449

In October 2020, the charity relocated and signed a five year lease with a four month break clause. The 2023 and 2024 figures for lease commitments within one year include four months of rent and agreed service charges at the prevailing rate including VAT.

INSTITUTE FOR VOLUNTARY ACTION RESEARCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Trustees and Related party transactions

Remuneration of key management personnel

The remuneration of the two key management personnel for the full year, (2023: Two key management personnel, one for the full year) is as follows.

2024 2023
£ £
Aggregate compensation including employer's pension and national insurance
contributions 176,738 177,823

No trustees were in receipt of remuneration for their services as trustees. No trustees received associate fees (2023: Richard Hopgood, fees and expenses of £4,200).

IVAR has authority to make payments to trustees for consultancy work contained in its governing document. Any payments have been made in accordance with the trustees remuneration policy and approved by the trustees.

Two trustees received £282 of reimbursement of travel expenses during the year (2023: Two: £248).

The charity purchases trustee insurance as identified in note 10.

The charity has participated in the Cycle to Work scheme. During the year Ben Cairns, the Chief Executive, drew a scheme loan of £1,080 and the repayments had yet to start at the balance sheet date.

25 Limited by guarantee status

The charitable company's legal structure is that of a company limited by guarantee. In the event of the company winding-up, each member is liable to contribute to any deficit to a maximum of £10 per member.

26 Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Increase/(decrease) in deferred income
Cash generated from/(absorbed by) operations		 2024
2023
£
£
(35,080)
(61,737)
(11,241)
(4,290)
2,498
3,580
(4,885)
(15,678)
12,617
1,226
124,597
(40,600)
88,506
(117,499)		 2023
£
(61,737)
(4,290)
3,580
(15,678)
1,226
(40,600)

27 Analysis of changes in net funds

The charity had no material debt during the year.