INISTITUTE
FOR
GOVERNMENIT
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR TO 31 MARCH 2024
Charity number 1123926
Company number 6480524

INSTITUTE FOR GOVERNMENT
ANNUAL REPORT AND ACCOUNTS
CONTENTS
Pages
Legal and Administrative Information
Governors, Annual Report
3to12
Independent Auditor's Report
13to15
Consolidated Statement of Financial Activities
16
Charity and Group Balance Sheet
17
Consolidated Statement of Cash Flows
18
Notes to the Accounts
19to30

INSTITUTE FOR GOVERNMENT
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR TO 31 MARCH 2024
Board of Governors
Governor
Lord Sainsbury of Turville
Baroness Valerie Amos
Sir Andrew Cahn
Sir lan Cheshire
Miranda Curtis
Sir Richard Lambert
Baroness Susan Kramer
Sir David Lidington
Dame Angela Eagle
Tamara Finkelstein
Chair
Chair, Finance & Audit Committee
Resigned 13 July 2024
Resigned 8 July 2024
Appointed 5 July 2023
Governors are appointed for an initial term of 3 years. They may be reappointed for further periods of
3 years.
Executive Directors
The Director and Chief Executive of the Institute is Dr Hannah Idvhite. The Director is responsible for
the day-to-day running of the Institute along with a team of Directors and Programme Directors.
Bankers
Barclays Bank
Acorn House
36-38 Park Royal Road
London
NW10 7JA
Registered Auditor
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Principal & Registered Office
2 Carlton Gardens
London
SW1 Y SAA
Website
wvM.instituteforgovernment.org. uk
The Institute for Government is a registered charity (No.1123926) and a company limited by guarantee
registered in England and Wales (No.6480524). It was granted an exemption from the requirement to
use the word Limited on 18 January 2008.

INSTITUTE FOR GOVERNMENT
GOVERNORS. ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
The Governors are pleased to present their annual directors, report together with the
consolidated financial statements of the charity and its subsidiary for the year ended 31 March
2024 which are prepared to meet the requirements for a directors, report and accounts for
Companies House.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the
Memorandum and Articles of Association, 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 2015)
Our purposes and activities
The Institute for Government ('the Institute.) is an independent charity. We work with all the
main political parties in Westminster and with senior civil servants in Whitehall, providing
evidence-based advice that draws on best practice from around the world.
The purposes of the Institute for Government are:
The advancement of education in the art and science of govemment in the UK for the
benefit of the public on a non-party polttical basis, and
The promotion of efficient public administration of government and public service in the
UK by providing programmes of education. training, research and study for the public
benefit on a non-party political basis.
We continue to deliver our vision to increase the effectiveness of government in the UK, by
improving the processes of government. and enhancing the decision making and skills of civil
servants and politicians. Our focus is on bringing about long term, sustainable change, with an
emphasis not just on producing proposals but on working to see them implemented and have
an impact on the way the UK is governed.
Principal activities and achievements
2023-24 was another exceptionally busy and suc￿Ssful yearforthe Institute. In a period where
government faced significant challenges, we continued to focus on the key questions for
government effectiveness. In detail, our work covered:
Civil Service - our Commission on the Centre of Government reported in March 2024,
launched by former prime ministers Sir John Major and Gordon Brown. This
major report proposed fundamental reforms, including creating a new Department for
the Prime Minister and Cabinet. It also built on earlier work to make the case for a civil
service statute. The rest of the programme looked at civil service recruitment, the new
Darlington Economic Campus, civil service impartiality and a deep dive into the Home
Office. In January 2024 we published the latest Whitehall Monitor looking at the overall
state of the civil service.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
Policy making - we have continued our work on net zero with a publication on adapting
to climate change and a succession of public and private events. We published case
studies on the policy successes of same-sex marriage and offshore wind and looked
at the chronic policy problem of tackling obesity. Forthcoming work examines Chronic
challenges on housebuilding and the asylum system.
Devolution we engaged closely in the debate on how to deepen devolution across
England. We published two major reports- the first setting out practical advice for local
leaders, and the second with detailed recommendations for how the next government
should take forward devolution. We held events across England - including in London,
Liverpool, Manchester, Sheffield and Bristol- bringing together stakeholders to discuss
how to make a success of devolution. We also conducted extensive analysis of the
May 2024 mayoral elections. the powers and budgets at stake, and the proposals of
the leading candidates. to inform public debate about the importance of these votes.
We also continued to analyse and comment on developments in the other nations,
including the restoration of power-sharing in Northern Ireland and the changes of first
minister in Scotland and Wales.
Public Finances - the team had a few areas of focus in 2023124. The first was on the
effectiveness of the Treasury. This included publishing the final report of our deep dive
into the Treasury's role during the pandemic, a detailed examination of the nature of
Treasury 'orthodoxy' and how to harness the strengths of the Treasury more effectively,
examining how evidence is used in tax policy making and making recommendations
for improving the UK'S fiscal framework. We also started work on how to run the next
spending review and how to manage spending on public services capital more
effectively. We have also focused on regional economic growth - identifying which
policy areas are most appropriate to devolve to sub-national governmenl in support of
growth.
Public bodies and regulation - we published a report on the purpose of public bodies.
We continued to establish our new programme on regulation with public and private
events as well as research on the parliamentary oversight of regulators (launched after
year end). We also published a series of explainers and comments on artificial
intelligence around the Al summit. Following our success in improving information on
public appointments and broadening the scope of their regulation, we continue to
research and publish in this area with a focus on reducing delays to the appointments
process.
Public services - public service performance continues to be the core focus of our
work
with a particular focus on productivity problems in the public sector. We
published an agenda setting report on productivity problems in hospitals, launched a
new event series - Productivity Pitches - highlighting promising frontline innovations,
and produced our flagship annual Performance Tracker publication. We also published
reports on reforming school inspections, retention in public services, different models
for funding health care, and the Office for Local Govemment.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
IfG Academy - the Academy expanded its scope of activities and developed different
streams of learning and development activity. We continued working with our partners
in academia, completing 28 workshops through the financial year. This helped
consolidate our relationships in the wider network of academics and research councils.
Beyond maintaining activity with other sectors including diplomats and campaign
groups, we also diversified our offer by holding our first open course for charities and
NGOS. As the Academy establishes itself in the wider L&D market, we also began to
see an uptick in requests fortraining and resources from the civil seniice. The Academy
has continued and strengthened its work with ministers, civil servants, the opposition
and others from the public sector as part of its wider mission to use learning and
development to support the IFG'S mission to make government more effective.
Ministers - we continued working with government ministers and the civil servants who
work most closely with them to support them to be as effective as possible in their roles.
We also maintained our commentary on the question of ethical standards and
transparency in government, putting forward recommendations for how these can be
better upheld and working with other like-minded organisations to build support for
changes to the system. We continued building our archive of interviews with former
ministers and began preparing to publish an internal database on ministerial
responsibilities since 1979.
General election
we coordinated activity and developed propositions for change
around a core set of priority issues in advance of the election. Alongside this, we
developed a plan for events. explainers and commentary on the general election itself.
Future Plans 2024-25
The Institute's work programme for 2024 continues to focus on our core priorities
pursuing impact from existing work and new projects which support our long-term aims,
and ensuring our work is framed with the extemal context in mind. We are particularly
focused on refining and amplifying our core messages for improving effective government
ahead of and after the general election and have built an impact programme to reflect this.
Political priorities will be in flux, and we may need to adapt our plans to ensure we make
the most of the 'influencing' moment that the election provides.
Our civil service programme will continue to be at the heart of our work - in 2024 it will be
built around generating opportunities to take forward our core messages on civil service
reform in the context of the election while our policy making work will focus on how
government can address chronic policy problems
with a particular focus on complex,
cross-cutting policies and implementing net zero targets.
Our devolution work will look at how a new govemment can ensure English devolution is
more stable and coherent- with a particular focus on the May 2024 elections. We will focus
on how to complete the map of English devolution - and strengthen the powers of existing
mayors. We will also be producing new work on union strategy later in the year.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
Our work on public finances will have a particular focus on developing solutions to some of the
problems we have identified in our work over the last few years - including why the country
has historically underinvested in capital and what can be done about it. We will also be looking
at how to improve the spending review process. We continue to do work on effective industrial
strategy. This will be alongside impact for our work on HMT and tax policy making.
The public services team will be expanding our annual Performance Tracker after securing
new funding, with a stronger focus on local performance. We will be pursuing new research
into what works in prevention in public services. We will have a strong emphasis on the
inheritance of public services for the next government. Alongside this, we will be revisiting the
state of procurement in government.
The public bodies and regulation team will be completing a trio of reports on the creation,
functioning and closure of public bodies and sharing their messages ahead of the election
often a waypoint in the creation and dismantling of quangos.
Our work on ministers will continue to combine research on topics including standards in
government and the conditions necessary for ministers to be effective" capturing the
experiences of outgoing ministers., and making the case for ministerial training. The Academy
will continue to focus on high-quality ministerial and shadow ministerial training both building
demand and delivery
alongside expanding our work with academic institutions on
understanding government. We anticipate an expansion of our ministerial training in the event
of a transition of government.
How our activities deliver public benefit
In shaping our annual objectives and business plans the Institute has considered the Charity
Commission's guidance on public benefit, including the guidance 'public benefit.. running a
charity (PB2)'.
The Institute produces high-quality research reports, comments and analyses that are
independent of government, political parties, individual clients or companies. These are
promoted widely and free of charge to individuals. organisations. practitioners and others with
an active interest in the government of the UK.
Together, these reports and the events arising out of our work provide a robust evidence base
on the governance of the UK. This helps equip the public, parliament and government itself
with knowledge and information on the issues affecting the governing of the UK and the training
of its current and future ministers.
Our staff are frequently invited to discuss the findings of our research on UK and international
radio and television and in print media. In this way our research helps inform the public debate,
media outlets and individual citizens. We have a social media presen￿ on X, Facebook,
Instagram and Linkedln which is free and accessible to the public.
We encourage those with an interest in our work to become involved by joining our mailing
lists and receiving newsletters and being invited to attend our public events.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
With the establishment of the IfG Academy we hope to share our expertise even more widely
in order to improve the process of policy-making at all levels.
Impact is at the heart of our work. We build the research and arguments for change,
relationships, products and channels to improve government. We monitor the impact of our
work very closely and report on it at each meeting to the Board. Our strong relationships,
reputation and quality of argument means we have significant impact on government and
expect that to grow after a general election in which the importance of how government is done
was a key theme of debate.
Financial Review
The Institute's consolidated income amounted to £6,418,767 (2023: £5,740,123) whilst
consolidated expenditure amounted to £5.829,214 (2023: £5,843,450) as shown in the
Statement of Financial Activities. After transfers to designated funds, the consolidated surplus
on all funds was £589,553.
The Institute made a considerable surplus. This was partly due to underspend on salaries
during the period and partly due to the continuing success of its partnerships team in once
again generating over £1 m of financial support for the research programme from corporate
partners who were increasingly interested in the Institute's work in areas such as the
effectiveness of public seniices, regional devolution, implementation of net zero and levelling
up policy. We also saw an ongoing increase in bookings from academic institutions for courses
to support early career researchers to understand government and make an impact on the
policy debate.
The charity has a trading subsidiary, IFG Enterprises Limited which undertakes commercial
activities on behalf of the charity. Prior to 2023-24 it was used to manage office space and
venue hire. In 2023-24 the Institute for Government started using IFG Enterprises Ltd to
manage the following activities.. sponsorship of projects and events and chargeable work
undertaken by the IFG Academy. This represents a change in the balance of activity between
the parent company and the trading subsidiary but makes no difference to the group as a
whole.
In 2022-23 the company made a small profit for the year of £5.749. In 2023-24 the volume and
value of transactions increased as a result of this change and the profit increased to £160,988.
All of the IFG Enterprises Ltd surplus of £160,988 (the net overall P&L position at 31 St March
2024) will be transferred to the Institute as a gift aid payment in line with the standing board
mandate.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
Principal funding sources
The Institute's core funder is the Gatsby Charitable Foundation. Core funding income from the
Gatsby Trust in 2023-24 was £5.252.561 (2023: £4,704.150).
A three-year plan was produced during 2022-23 setting out the research programme the
Institute intended to undertake to 2026 along with the associated cost. A funding request was
then submitted to the Gatsby Trustees asking for their support to deliver the plans. Approval
for funding for the three-year period to March 2026 was given by the Gatsby Board in February
2023.
In addition to this core funding, the Institute funds its project work and events by generating
income from a range of corporate and academic funders and trusts. Details on all sources of
funding are provided on the Institute's website. As noted above, it was an exceptionally positive
year for resource generation with over £1 m contributed to the P&L for the year and a significant
pipeline of opportunities in place for 2024-25.
Reserves policy
Total unrestricted funds increased to £3,972,705 as at 31 March 2024 (2023.. £3,383,152).
There are no restricted reserves (2023: £nil). Fixed assets represent £142,334 (2023..
£213,241) of the unrestricted funds total.
The new lease for 2 Carlton Gardens was signed after year end on 4th April 2023. Designated
funds of £250,000 have been set aside to provide financial security against future significant
one-off costs associated with 2 Carlton Gardens. In addition, the property relocation fund of
£1,000,000 has been established with a view to covering the potential costs of planning a move
and re-equipping new premises in anticipation of the end of the 2023-2026 lease.
The Governors have reviewed their reserves policy and the financial risks faced by the
organisation. The Governors. policy is that the level of reserves, defined as free and
undesignated reserves measured by the amount of retained general funds should be at least
six months, operating costs. Current general fund reserves levels are £2,580,370 (2023..
£2,349,911) which represent 42 % of the planned expenditure of the Institute for 2024-25. It is
therefore the policy of the Institute to continue to build its reserves.
Investment policy
The investment of funds surplus to day-to-day requirements is considered at the Finance &
Audit Committee. These funds are placed on deposit with large reputable banks with as long
a maturity as is consistent with managing cash flow requirements.
Going Concern
The Institute reported a cash inflow of £621,219 for the year (2023.. outflow of £(27,400)).
The group retained a healthy cash balance of £3,994,203 at 31 st March 2024. The Governors
are of the view that the management has the capacity to react quickly to changing
circumstances and the security of the medium-term commitment of the Gatsby Charitable
Foundation provides assurance that the charity is a going concern.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
structure, Governance and Management
Institute for Govemment is a company limited by guarantee governed by its Memorandum of
Association dated 16 January 2008, and revised Articles of Association adopted by special
resolution on 21 September 2010. It is registered as a charity with the Charity Commission.
The Institute is run by the Board of Govemors who are also Members and Directors of the
Company and Trustees of the Charity.
Governors
The Board met every three months during the period covered by the Annual Report to manage
and control the affairs of the Institute. The Govemors concern themselves mainly with issues
of a strategic nature, deciding broad policy for the Institute and ensuring good governance and
compliance. The Institute seeks to maintain a balance of political, civil service and commercial
experience as well as political affiliation among the members of its Board.
The senior management team undertakes the day-to-day management of the Institute's
activities within the framework set out by the Governors and comprises the Director, the Deputy
Director, the Director of Impact. the Director of Finance & Resources, the Chief Economist and
Programme Directors.
The Executive Committee of the board continued to meet regularly throughout the year. The
Committee is chaired by Lord Sainsbury.
The Finance and Audit Committee, chaired by Sir lan Cheshire, also met on a quarterly basis
and reviewed the financial performance and all aspects of risk management of the Institute.
The Remuneration Committee met twice in the year to consider matters relating to recruitment
and retention of staff.
The Articles of Association provide for the appointment and retirement of the Governors on
three-year terms. During the year Miranda Curtis retired by rotation and was re-appointed for
a further term. Sir Richard Lambert also retiied by rotation but was invited to extend his term
for a further year to support the work of the Centre Commission. There is a requirement for a
minimum of three governors and there is no upper limit. though normally the Board will
comprise a maximum of fifteen members.
During the year Tamara Finkelstein joined the Board.
The Governors put forward and discuss potential new Board members amongst the existing
members. Proposals for appointments and re-appointments are reviewed by the Nominations
Committee prior to approval by the Board. The key principles for appointment are that the
Board of Governors should provide a balan￿ of experience including from the civil service,
private sector, the academic sector and also from the major political parties. The Board should
always be balanced in terms of direct political affiliation to ensure its non-partisan position.
There is no specific training or induction for new governors as they have been selected based
upon their experience and interest in the objectives of the Institute.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
None of the Governors receive remuneration or other benefit from their work with the charity
though they may be paid reasonable travel, hotel and other expenses that they incur in
connection with their attendance at Institute meetings. All Governors must declare the nature
and extent of any interest, direct or indirect. they may have in any proposed transaction of the
charity and they will not participate in any discussions or votes on such matters. The Governors
must also declare any conflicts of interest that may arise. Any connection between a governor
or senior manager with a stakeholder (customer, supplier, sponsor, funder, government
department, political party) of the charity must be disclosed in the same way as any other
contractual relationship with a related party.
The Institute has utilised the governan￿ code for chartties to assess compliance with the
principles of the code and identify any measures required to improve its governance standards
and overall effectiveness as an organisation.
Risk Management
The day-to-day task of managing risk is devolved to senior management though the Governors
retain overall responsibility for risk management. Reporting of significant risks, how these are
managed and mitigated forms part of the regular reporting by senior management to the
Governors at board and other sub-committee meetings.
The Institute maintains a risk register in which current risks are reviewed in the context of the
internal and external environment, along with their probabilty and impact. The focus in this risk
register is on the most material risks facing the Institute. risks which if realised could have
serious consequences for all or some of our stakeholders and threaten the future viability of
the I nstitute.
The most significant risks facing the Institute and the ones that inform our reserves policy are
the reliance on Gatsby funding and the length of the lease and potential liabilities relating to 2
Carlton Gardens. Assurances of continuing support have been sought by the Board from the
Gatsby Foundation and a commitment covering the period up to and including 2023-26 has
been received. The potential liabilities relating to 2 Carlton Gardens have been mitigated by
setting aside adequate designated reserves.
The Institute's systems are cloud-based and there is conslant attention to the issue of cyber-
security, ensuring that the Institute's systems are fit for purpose and secure. Cyber Essentials
accreditation has been maintained.
Trading subsidiary
The Institute has a wholly owned subsidiary. IFG Enterprises Limited, which undertakes
commercial activitie5 on behalf of the charity.
A Board Resolution of 11th December 2018 mandated the automatic transfer of the IFG
Enterprises Ltd surplus to the Institute going forward and all profits of IFG Enterprises Limited
are gift aided to the Institute for Government.
10

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
The Institute does not raise funds from the public and considers that it has appropriate
standards and controls in place in its fundraising work with corporate and institutional clients
to ensure that it adheres to the Code of Fundraising Practice. The Institute takes great care to
ensure that its work is not influenced by fundraising activities and all funders and their
contributions to the Institute are disclosed on the website.
Pay policy for senior stsff
The Board of Governors, who are the Institute's trustees and members of the senior
management team comprise the key management personnel of the charity in charge of
directing and controlling, running and operating the Institute on a day-to day basis. All board
members give of their time freely and no governor received remuneration in the year.
The Institute for Government's policy on pay is that it should be based on merit and that it
should reward performance. The Institute has a formally constituted board sub-committee to
address remuneration issues. This meets on a regular basis throughout the year. Its remit is
to consider the basis on which pay decisions are made and to ensure they are in line with the
Institute's mission and recruitment and retention strategy. It also reviews senior pay
decisions and advises the Board on the remuneration of the Director.
Pay decisions are based on merit and, where appropriate for technical and specialist roles,
market rates. The Institute considers each year, according to circumstances, whether to
apply a cost of living adjustment to salaries. The Institute's approach to pay is to balance the
need to attract, retain and motivate appropriately skilled individuals able to deliver the
necessary impact with the financial considerations of being a charity.
Auditor
Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor.
A resolution proposing the appointment of Crowe U.K. LLP as auditors of the Charity for the
year to 31 March 2025 will be put to the Annual General Meeting.
Statement of Governors, responsibilities
The Governors (who are also directors of the Institute for Government for the purposes of
company law) are responsible for preparing the Governors. Annual Report and the financial
statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which
give a true and fair view of the state of affairs of the charitable company and the group and of
the incoming resources and application of resources. including the income and expenditure,
of the charitable group for that period. In preparing the financial statements, the trustees are
required to..
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements"
prepare the financial statements on the going concem basis unless It is inappropriate
to presume that the charrty will continue in business.

INSTITUTE FOR GOVERNMENT
GOVERNORS, ANNUAL REPORT
FOR THE YEAR TO 31 MARCH 2024
The Governors are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the charity and to enable them to
ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charity and the group and hence taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the rna1ntenan￿ and integrity of the corporate and financial
information included on the charitable company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation
in other jurisdictions.
Statement as to disclosure to our auditors
In so far as each of the Governors is aware at the time of approving our Governors, annual
report..
there is no relevant information, being information needed by the auditor in connection
with preparing their report, of which the group's auditor is unaware, and
each of the Governors, having made enquiries of fellow Governors that helshe ought
to have individually made, has taken all steps that helshe is obliged to take as a director
in order to make himlherself aware of any relevant audit information and to establish
that the auditor is aware of that information.
By order of the board of trustees
Lord Sainsbury of Turville (Chair)
17 September 2024
12

Independent Auditor's Report to the Members of the Institute for Government
Opinion
We have audited the financial statements of Institute for Government ('the charitable
company,) and its subsidiaries {'the group.) for the year ended 31 March 2024 which comprise
Consolidated Statement of Financial Activities, Charity and Group Balance Sheets,
Consolidated Statement of Cash Flows and notes to the financial statements, including
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.
give a true and fair view of the state af the group's and the charitable company's affairs as at 31
March 2024 and of the group s income and expenditure, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 group in accordan￿ 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 trustee's use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the charitable company's or the group's ability to continue as a going concern for a period of
at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The trustees are responsible for the other information contained within the annual report. The
other information comprises the information included in the annual report, other than the
financial statements and our auditor's report thereon. Our opinion on the financial statements
does not cover the other infomiation and, ex￿pt to the extent othe￿iSe 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 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.
13

Opinions on other matters prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our audit
the information given in the trustees. report, which includes the directors, report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is
consistent with the financial statements. and
the directors, report included within the trustees, report have been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and charitable company and their
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..
adequate and proper accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneration specified by law are not made: or
we have not received all the information and explanations we require for our audit., or
tha trustees wera not entitled to prepare the financial statements in accordance with the small
companies regime and take advantage of the small companies, exemptions in preparing the
trustees, directors, report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees. responsibilities statement [set out on page 131, the
trustees (who are also the directors of the charitable company for the purposes of company
law) are responsible for the preparation of the financial statements and for being satisfied that
they give a true and fair view, and for such internal control as the trustees determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability to continue as a going COn￿rn, 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 decision5 of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities,
inGluding fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is IoGated
on the Financial Reporting Council's website at: M•M.frc.or
.uklauditorsres
onsibilities. This
description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We
identified and assessed the risks of material misstatement of the financial statements from
irregularities, whether due to fraud or error, and discussed these between our audit team
members. We then designed and performed audit procedures responsive to those risks,
including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
14

We obtained an understanding of the legal and regulatory frameworks within which the
charitable company and group operates. focusing on those laws and regulations that have a
direct effect on the determination of material amounts and disclosures in the financial
statements. The laws and regulations we considered in this context were the Companies Act
2006 together with the Charities SORP (FRS 102}. We assessed the required Gompliance with
these laws and regulations as part of our audit procedures on the related financial statement
items.
In addition, we considered provisions of other Saws and regulations that do not have a direct
effect on the financial statements but compliance with which might be fundamental to the
charitable company's and the group's ability to operate or to avoid a material penalty. We also
considered the opportunities and incentives that may exist within the charitable Company and
the group for fraud. The laws and regulations we considered in this context for the UK
operations were taxation and employment legislations.
Auditing standards limit the required audit procedures to identify non-compliance with these
laws and regulations to enquiry of the Trustees and other management and inspection of
regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities,
including fraud, to be within the timing of recognition of income and the override of controls by
management. Our audit procedures to respond to these risks included enquiries of
management and the Trustees about their own identification and assessment of the risks of
irregularities, sample testing on the posting of journals, reviewing accounting estimates for
biases, reviewing regulatory correspondence with the Charity Commission and reading
minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstaternents in the financial statements, even though we have
properly planned and performed our audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and regulations (irregularities) is from the
events and transactions reflected in the financial statements. the less likely the inherently
limited procedures required by auditing standards would identify it. In addition, as with any
audit, there remained a higher risk of non-detection of irregularities, as these may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls. We are not responsible for preventing non-complian￿ and cannot be expected to
detect non-compliance with all laws and regulations.
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.
Tina Allison
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
20 November 2024
is eligible lo act as an auditor in terms of section 1212 of the Companies Ad 2006.
15

INSTITUTE FOR GOVERNMENT
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2024
Unrestricted
General Fund
Designaled
Funds
Notes
Reslricted
Funds
2024
Total Funds
2023
Total Funds
Income from:
Charitable activities
6.321.406
63.680
21.181
12.500
6,418,767
6.321,406
63,680
21,181
12,500
6,418.767
5,706,271
13,505
8,347
12,000
5,740,123
Other trading activities
Investments
Other
Total
Expenditure on:
Raising funds
Charitable activities
15.766
5,716.817
5.732,583
15,766
5,813.448
5,829,214
7,894
5,835,556
5,843,450
96.631
96.631
Total
Net incomellexpenditurel
Transfers between funds
686.184
(455,725)
230,459
(96,631)
455.725
359.094
589,553
1103,3271
18
Net Movement in funds
589.553
1103,3271
Reconciliation of funds:
Total funds brought
forward
Total funds Garried
forward
2.349.911
1.033,241
3,383,152
3,486,479
2.580.370
1,392,335
3,972,705
3,383,152
The statement of financial adivities indudes all gains and losses recognised in the year. All income and expenditure derive
from continuing activities.
The amount of £96,631 allocaled to designated funds (2023.. £68.664) represents the depreciation charge while transfers
between funds are additions to fixed assets (£25.725 - see also Notes 12 & 13 on page 24) and transfers from general lo
designated funds (£430,000- see note 18 on page 26)-
16

INSTITUTE FOR GOVERNMENT
CHARITY AND GROUP BALANCE SHEETS
AS AT 31 MARCH 2024
Notes
Group
2024
Charity
2024
2023
2023
Fixed Assets
Tangible fixed assets
Intangible fixed assets
Investments
12
13
14
64.887
77,447
99.459
113,782
64,887
77,447
100
142,434
99,459
113,782
100
213,341
142,334
213,241
Current Assets
Debtors
Cash at bank
15
488,639
3.994 203
4,482,842
410,879
3 377 528
3,788,407
1,458,726
510,484
2 935 176 3 275 244
4,393.902 3,785,728
Current Liabilities
Creditors..
amounts
falling due within one
year
16
652.471
618,496
563,631
615,917
Net Current Assets
3.830,371
3,169.911
3,830,271 3,169,811
Total assets less
current liabilities
Total Net Assets
3,972,705
3,383.152
3,972,705 3,383,152
3 972 705
3 383 152
3 972 705 3 383 152
The funds of the
charity:
Unrestricted Funds
General Fund
Designated Funds
19
2.580.370
1392 335
3 972 705
2,349.911
1033241
3 383 152
2,580,370 2,349,911
1 392 335 1033 241
3 972 705 3 383 152
Company number 6480524
The profiuloss for the financial year dealt with in the financial statements of the parent company was
£589,553 (2023.. £1105.333)).
The governofs have prepared group accounts in accordance with section 398 of the Companies Act 2006
and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special
provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts
required by the Companies Act 2006 and are for circulats'on to members of the company.
Lord Sainsbury of Turville
Chair of Board of Governors on behalf of the governors
Approved and authorised for issue by the Governors on 17 September 2024
17

INSTITUTE FOR GOVERNMENT
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE
YEAR ENDING 31 MARCH 2024
Group
2024
2023
Cash flows from operating activities:
Net cash provided byl(used Inl operating activities
621,219
(27,400)
Cash flows from investing activities:
Interest income
21,181
{25,725}
8,347
{153,2241
Purchase of tangible fixed assets
Net Cash used in investing activities
{4,5441
(144,877
Change in cash and cash equivalents in the reporting period
616,675
(172,2771
Cash and cash equivalents at the beginning of the reporting period
3 377 528
3 549 805
Total cash and cash equivalents at the end of the reporting period
3 994 203
3 377 $28
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
Group
2024
2023
Net incomel(expenditure) for the reporting period
Adjustments for:
Depreciation charge
Interest income
(Increase)IDecrease in debtors
Increasel(Decreasel in creditors
589,553
(103,327)
96,631
(21,181)
(77,7591
33 975
68,664
(8,347)
36,624
Net cash provided by operating activities
621219
18

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with Accounling 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 20151- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 1021 and the Companies Act 2006.
Institute for Government meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the
relevant accounting policy note{s).
b)
Preparation of the accounts on a going concern basis
The Governor5 having a55e55ed the charity'5 financial p05iLion, it5 plan5 for the foie5eeable future, the
risks to which it is exposed and forecast projections are satisfied that it remains appropriate to prepare
the financial statements on the going concern basis. Further details on the Snstitute's going concern
assessment are provided in the Goverr)ors' Annual Report on page 8.
Critical accounting judgements and estimate uncertainty
In the application of the charity's accounting policies, which are described in this note, Governors are
required to make judgements, estimates and assumptions about the carrying values of assets and
liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period, or in the period of the revision and future periods. The 2023-26 lease
on 2 Carlton Gardens was signed at the beginning of 2023-24. All future obligations under that lease will
be reassessed and provided for as deemed necessary over the life of the lease. The Governors are of
the view that there are no assumptions concerning the future or estimations of uncertainty affecting
assets and liabilities at the balance sheet date which are likely to result in a material adjustment to their
carrying amounts in the next financial year.
d)
Group financial statements
In accordance with the requirements of SORP 2015 the financial statements consolidate the results of
the charity and its wholly owned subsidiary IFG Enterprises Limited on a line-by-line basis. The results
of IFG Enterprises Limited are shown in Note 5.
Income
Income from any source including grants is recognised when the charity has entitlement to the funds,
any performance conditions attaching to the item(s) of income have been met, it is probable that the
income will be received and the amount can be measured reliably and is not deferred.
Our principal source of income, from the Gatsby Charitable Trust, is given as an annual grant towards
our general operating costs. The grant is therefore recognised evenly across each financial year. For
other grants and income for specific projects and events series, income is recognised when any
performance criteria have been met and with regard to the length of the project being funded or the
number and timing of events in a funded series.
Income received in advance for any event. project or room hire or provision of other specified service is
deferred until the criteria for income recognition are met including when an event actually takes place or,
where a project runs across financial years, with regard to resource inputs into a project or specific
deliverable or performance criteria.
19

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
fl
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of Ihe charity.
Designated funds are unrestricted funds of the charity which the Governors have decided at their
discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has
specified are to be solely used for particular areas of the Institute's work or for specific projects being
undertaken by the Institute.
g)
Expenditure and irrecoverable VAT
Expenditure is recognised On￿ there is a legal or constructive obligation to make a payment to a third
party, it is probable that settlement will be required and the amount of the obligation can be measured
reliably. Expenditure is classifi'ed under the following activity headings=
Costs of raising funds comprise the costs of commercial trading by the subsidiary and their associated
support costs.,
Expenditure on charitable activities includes the costs of events, projects and research and other
activities undertaken to further the purposes of the charity and their associated support costs.,
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is Charged as a cost against the activity for which the expenditure was incurred.
h)
Allocatlon of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake
charitable activities. Support costs include back office costs, finance, personnel, payroll and governance
costs which support the Institute's projects and activities. These costs have been allocated bekneen cost
of raising funds and expenditure on charitable activities. The bases on which support costs have been
allocated are set out in Note 8.
Tanglble fixed assets
Individual fixed assets costing £500 or more are recognised at cost and are depreciated over their
estimated useful economic lives on a straight-line basis as follows..
Asset category
Long leasehold buildinglimprovements
Office equipment
Furniture & fittings
Annual rate
Based on term of leaselestimated lease extension
33/0
Intangible fixed assets
The Institute launched a new website in 2022-23. Its cost will be amortised over its estimated useful
economic life of three years on a straight-line basis.
k)
Financial instruments
I rsstitute for Government has financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value
and subsequently measured at amortised cost using the effective interest method.
Financial assets held at amortised cost comprise cash and bank in hand together
with trade and other debtors and accrued income. Financial liabilities held at
amortised cost comprise trade creditors. other creditors and accruals.
20

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
ml Cash at bank and In hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past
event that will probably result in the transfer of funds to a third party and the amount due to settle the
obligation can be measured or estimated reliably.
Pensions
The Charity has a money purchase scheme for qualifying employees. Pension costs charged to the
Statement of Financial Activrties represent the contributions payable by the Charity in the period.
LEGAL STATUS OF THE INSTITUTE
The Institute is a company limited by guarantee incorporated in England & Wales and has no share
capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to
£1 per member of the charity. The Institute's registered office address is 2 Carlton Gardens, London,
SW1Y SAA.
FINANCIAL PERFORMANCE OF THE CHARITY
The consolidated statement of financial activities includes the results of the charity's wholly owned
subsidiary which undertakes commercial activities including room hire on behalf of the charity. The
summary financial performance of the charity alone is:
2024
2023
Income
Gift aid from subsidiary company
6,256,439
160,988
5,726,480
3,743
6.417,427
5,730,223
Expenditure on raising funds and charitable activities
5,827,874
5,835,556
Net Income
589,553
(105.333)
Total funds brought forward
3,383,152
3,488,485
Total funds carried forward
3,972 705
3,383,152
Represented by:
Designated unrestricted income funds
General unrestricted income funds
2,580,370
1,392,335
3 972 705
2,349,911
1033 241
3 383 152
21

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
INCOME FROM CHARITABLE ACTIVITIES
2024
2023
Grant from Gatsby Charitable Foundation
Project and event sponsorship income
Learning and development courses
Other income from charitable activities
5,252,561
875,525
193,319
4,704.150
770.659
231,348
114
5 706 271
6,321,406
The Gatsby Charitable Foundation continues to provide an annual inflation-adjusted general
purposes grant towards the core operational costs of the Institute. This grant is formally committed
until March 2026.
INCOME EARNED FROM OTHER ACTIVITIES
The wholly owned trading subsidiary IFG Enterprises Limited is incorporated in the United
Kingdom (company number 07240242) and pays all of its profits to the charity under the gift aid
scheme. IFG Enterprises Limited now manages all the business activities of the Institute
for Government, including charitable activity. Financial statements for the company's financial
year to 31 March 2024 have been prepared. A summary of the results is shown below.
The summary financial perfonnance of the subsidiary alone is..
2024
2023
Turnover
Interest income
Cost of sales and administrative costs
Net profit
893,901
964
733,877
160,988
13,505
138
7,894
5,749
Retained earnings brought forward
Amount gift aided to the charity
Retained earnings carried forward
(2,006)
160,988
There is a management fee of £732,537 payable to the parent company included in the results
above (2022.. £7,297) relating to the cost of sales of events held by IFG Enterprises Limited.
As at 31 March 2024, IFG Enterprises Limited had total assets of £1,260,274 (2023.. £104,580)
and total liabilities of £1,260,174 (2023.. £104,480).
OTHER INCOME
Other Income includes £12,500 (2023: £12.000) which represents recharges for the use of
facilities at 2 Carlton Gardens by the Public Chairs Forum including utilities and other service costs
incurred by the Institute in respect of the whole building and is unrestricted general fund income.
22

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
As in previous years there is no simple distinction belween Research and Learning & Development
as identifiably different charitable activities. As such expenditure on charitable activities is not
segmented. The expenditure on our charitable work is analysed below.
2024
2023
Staff salaries and other staff related costs
Premises and other building related costs
Events and Staff Catering
Transcription and other research costs
Office supplies
IT costs
Depreciation
Finance costs including bank charges
Website and media costs
Irrecoverable VAT
Governance costs
Support costs
3,589,992 3,693,991
848,410
895,600
402,158
370,266
24,409
6,963
24,540
12,088
64.553
67,137
96,631
68,664
886
2,244
161,754
118,330
157,043
134,920
41,551
39,173
401,521
426,180
Total
5,813,448 5,835,556
ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
The Institute initially identifies the costs of its support functions. It then identifies those costs which
relate to the governance function. The table below gives analysis of support and governance costs
including the basis on which these are calculated.
General
support
Governance
Total
2023
Basis of calculation
Staff costs
316,627
18,413 335.040 330,338
Support function staff
time spent on support
funclion activities
Building costs
84,841
84,841
95,548
Support function staff as
proportion of FTE staff
Audit and
accountancy fees..
Audit
Tax advisory
22.900
238
22,900
238
21,750
1,500
Governance
Governance
Legal and
professional fees
53
53
16,217
Governance
Total
401,521
41,551 443.072 465 353
The total paid to the charity's auditors was £22.900.
23

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ANALYSIS OF STAFF COSTS. TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF
KEY MANAGEMENT PERSONNEL
The aggregate payroll costs were as follows:
2024
2023
Salaries and wages
Social security costs
Pension costs
Other costs
2,916,851
2,885,854
326,545
350,707
598,813
541,671
10,240
9,801
3 852 449 3 788.033
During the year there were redundancy or termination payments totalling £5,200 (2023. £nil}.
The number of staff with emoluments greater than £60,000 was:
2024
2023
£60,000 - £69.999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000- £109,999
£110,000- £119,999
£120,000- £129,999
£130,000- £139,999
£170,000- £179,999
£210,000- £219,999
Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged
to unrestricted funds. The banding disclosures have changed from gross pay of net of pension and charitable giving
salary exchange for 2023 to loial gross pay for 2024.
The charity trustees were not paid nor did they receive any other benefits from employment with the charity or its
subsidiary in the year12023'. £nil). No charity trustee received payment for professional or other services supplied
lo the charity (2023.. £nil).
During 2023-24, the key management personnel of the parent charity comprised the trustees, the Director,
Deputy Director, Director of Finance & Resources. Director of Partnerships, Director of Communications and
Marketing, Programme Directors, Director of Impact and Chief Economist of the Institute for Government. The
total employee benefits of the key management personnel of the charity were £1,681,764 (2023.. £1,399,246).
The key management personnel of the group are the same as those of the Charity.
10. STAFF NUMBERS
The average number of persons employed by Institute of Government whether on a full time or part time basis
during the period, analysed by category. was as follows..
2024
No.
2023
No.
Research, Learning and Development
Office, management and services
38
17
55
36
17
53
24

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
11. CORPORATION TAXATION
The Charity is potentially exempt from taxation in respect of income or capital gains received within categories
covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains
Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes.
12. TANGIBLE FIXED ASSETS
Group and Charity
Cost
Leasehold
Improvernents
Office
Equipment
Furniture &
Fittings
Total
Balance brought forward 1 April 2023
Additions
Transfer to Intangible Assets
Disposals
2.857,211
689,585
17.998
443.316 3,990.112
1,341
19.339
45,408
61,617
107,025
Balance carried forward at 31 March 2024
2,857,211
662.175
383 040 3 902 426
Depreciation
Balance brought forward at 1 April 2023
Charge for the period
Disposals
2,857,211
611,256
42.373
45.408
422,186 3,890,653
11,538
53,911
61,617
107,025
Balance carried forward 31 March 2024
2.857.211
608,221
372 107 3 837 539
Net book value at 31 March 2024
Net book value at 1 April 2023
13. INTANGIBLE FIXED ASSETS
Assets under
Construction
Intsngible
Assets
Total
Cost
Balance brought forward at 1 April 2023
Additions
124,435
6.385
124,435
6,385
Transfers
Balance carried forward at 31 March 2024
130.820
130.820
Amortisation
Balance brought forward at 1 April 2023
Charge for the period
Disposals
10,653
42,720
10,653
42,720
Balance carried forward 31 March 2024
53.373
Net book value at 31 March 2024
Net book value at 1 April 2023
113782
113782
25

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
14.
INVESTMENTS
Charity
2024
2023
Investment in subsidiaries
100
100
The charity holds 100 shares of £1 each in its wholly owned trading subsidiary company IFG Enterprises
Limited which is incorporated in the United Kingdotn. These are the only shares allotted, called up and fully
paid. The activities and results of this company are sumtnarised in Note 5.
15.
DEBTORS
Group
2024
Charlty
2024
2023
2023
Trade debtors
VAT
Other debtors
Amounts owed by subsidiary
Prepayments and accrued income
195,884
9,175
2,196
267,425
52,076
35,178
2,196
1.145,330
223,946
265,128
2,820
2,820
101,902
140 634
281.384
140.634
488,639
410,879
1,458,726
510,484
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
Charity
2024
2023
2023
Trade creditors
Accruals and deferred income
Other taxation and social security
other creditors
164,328
315,608
96.718
75.817
138,407
385,662
84,723
9,704
164,328
226,768
96,718
138,407
385.662
82,144
9,704
652,471
563,631
615,917
17.
DEFERRED INCOME
Group
Charity
2024
2023
2024
2023
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous
periods
121,808
100,790
(88.658)
114,288
119.308
(111,788)
121,808
11,950
(88,658)
114,288
119.308
1111.788)
133,940
121808
45,100
121,808
26

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
18. ANALYSIS OF CHARITABLE FUNDS
Analysis of movements in unrestricted and restricted funds 2023-24
Balance
Income
Expenditure
Transfers
Balance
1 April 2023
31 March 2024
Unrestricted Income
Funds
General funds
2,349,911
6,418,767
{5.732.583}
{455,725}
2,580,370
Designated Funds
Fixed asset fund
Property relocation
fund
Capital and
maintenance fund
213,241
620.000
(96.631)
25,724
380,000
142,334
1,000,000
200.000
50,001
250,001
Restricted Funds
TOTAL FUNDS
3,383,152
6,418,767
5,829,214
3 972,705
Analysis of movements in unrestricted and restricted funds 2022-23
Balance
Income
Expenditure
Transfers
Balance
1 April 2022
31 March 2023
Unrestricted Income
Funds
General funds
2,537,798
5,740,123
{5.774.786}
{153,224}
2,349,911
Designated Funds
Fixed asset fund
Propety relocation
fund
Capital and
maintenance fund
128,681
620.000
(68,6641
153,224
213,241
620,000
200.000
200,000
Restricted Funds
TOTAL FUNDS
3 486.479
5.740,123
5.843 450
3 383 152
The fixed asset fund represents funds set aside equivalent to the net book value of the fixed assets of the
organisation. The fixed assets are depreciated over time and therefore it is appropriate to put funds aside
covering the reduction in economic value of the Institute's fixed assets.
The propety relocation fund represents a round sum estimate of the replacement cost of office equipment and
fixtures and fittings in the event of an office move at the end of the lease at 2 Carlton Gardens.
The capital and maintenance fund represents funds put aside to cover future costs in relation to 2 Carlton
Gardens which, by their nature. can be both large and unpredictable in timing.
The 2023-26 lease for Carlton Garden wa5 signed on 4 April 2023. Vvhere it imposes clear legal obligations,
provision will be made over the life of the lease to cover them. The need for designated funds will be assessed
accordingly.
27

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
19.
ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Group
total
funds
funds
General
Designated
funds
Fund balances at 31 March 2024
are represented by:
142,334
142.334
Tangible fixed assets
3.232,841
1,250,001
4,482,842
Current assets
(652,471)
(652,471)
Current liabilities
2.580,370
1,392,335
3,972,705
Unrestrlcted
Restricted
Group
total
funds
funds
General
Designated
funds
Fund balances at 31 March 2023
are represented by:
Tangible fixed assets
213,241
213,241
Current assets
2.968.407
820,000
3,788,407
Current liabilities
618.496
618,496
2.349,911
1,033.241
3,383.152
28

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
20. OPERATING LEASE COMMITMENTS
At 31 March 2024, the charity had the following total operating lease commitments,.
Group
2024
Charity
2024
2023
2023
Operating lease commitments due"
Not later than one year
Later than one year and not later than
five years
Later than five years
Lease payments recognized as an
expense
600.000
5.315
598.630
5,315
598,630
485,000
598,630
485,000
The above commitments represent the charge for an operab'ng lease on 2 Carlton Gardens.
The lease with rent set at £485,00 expired on 4th April 2023.
A three-year lease with rent set at £600.000 was signed on 4th April 2023.
Lease payments recognised as an expense in 2023-24 were £598,630.
The Charity has set aside £250k as a designated fund for any maintenance and reinstatement costs which
may be needed during the remainder of its lease at Carlton Gardens. ￿ere the 2023-26 imposes clear legal
obligations, provision will be made for the estimated cost over the life of the lease.
21. RELATED PARTY TRANSACTIONS
The charity does undertake transactions with its wholly owned subsidiary IFG Enterprises Limited in the normal
course of business. For 2023-24 there was a recharge of £732,537 to IFG Enterprises Limited (2023.. £7,297)
for the costs incurred by the Institute in supporting the business of IFG Enterprises Ltd. This has increased
significantly from year to year as the Institute now transacts all commercial activity through its subsidiary, not
just its non-charitable activity. When there are remaining profits from IFG Enterprises Ltd's business they are
gift aided by that company to the Institute. For 2023-24 this amount will be £160,988 (2022.. £3,743). There were
no other related party transactions during the year.
29

INSTITUTE FOR GOVERNMENT
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
22. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 2023
Unrestricted
General Fund
Designated
Funds
Notes
Restricted
Funds
2022
Totsl Funds
2021
Total Funds
Income from:
Charitable activities
Other trading activities
Inveslmenls
5.706.271
13,505
8,347
12.000
5.740.123
5.706,271
13,505
8,347
12,000
5,740,123
5,355.103
300
302
Other
43,712
5,399,417
Total
Expenditure on".
Raising funds
Charitable activities
Total
7.894
5,766,892
5,774.786
7,894
5.835,556
5,843,450
660
68,664
68.664
4,906,286
4,906,946
Net incomel{expenditurel
Transfers between funds
Net Movement in funds
(34,663)
{153,224)
{187,88n
(68,664)
153,224
84,560
{103,327}
492.471
18
(103,3271
492,471
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward
2.537.798
948,681
3,486,479
2,gg4,008
2.349,911
1.033.241
3,383,152
3.486,479
The statement of finanoal activities includes all gains and losses recognised in the year. All income and expenditure derive
from continuing aclivilies.
30