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← Pro Bono Economics

2024-12-31-accounts

Charity registration number 1130567 (England and Wales) Company registration number 06849844

PRO BONO ECONOMICS - trading as PBE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PRO BONO ECONOMICS - trading as PBE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Tera Allas – Chair (Appointed 02 January 2025)
Dr Rubina Ahmed
Matthew Brumsen – Vice Chair
David Gregson
Akiko Hart
Edward Humpherson CB
Jonathan Loynes
Michele Oliver
Belinda Phipps
Damien Régent – Treasurer
Jenny Scott
Charity number 1130567
Company number 06849844
Registered office The Factory
120 London Road
London
SE1 6LF
Auditor Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
Bankers Barclays Bank PLC
Leicester
M60 4EP

PRO BONO ECONOMICS - trading as PBE

CONTENTS

Page
Chair and CEO’s statement 1
Trustees’ report 2 – 11
Statement of Trustees’ responsibilities 12
Independent auditor’s report 13 – 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 32

PRO BONO ECONOMICS - trading as PBE

CHAIR AND CEO’S STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 was a year of significant political change, with the general election delivering the UK’s first Labour government in 14 years. Yet for millions across the country, the experience of low personal wellbeing remained stubbornly high. Our first national audit of low wellbeing revealed that 3.2 million adults are now living below the wellbeing poverty line — a figure significantly higher than before the pandemic. In parallel, the wellbeing of the UK’s young people continues to cause concern, with one in four 15-year-olds reporting low life satisfaction, the worst rate across Europe.

Against this backdrop, PBE is proud of the difference we made in 2024. Further building on the foundations laid by the Law Family Commission on Civil Society, we brought civil society and policymakers closer together to support more productive working between charities and government in the years ahead.

Through our research and policy work, we believe we contributed to the government’s decision to allocate an additional £250 million in preventative funding for children's social care. We raised the profile of other critical issues too, including literacy provision for disadvantaged young people, mental health challenges among expectant and new mothers, and the impact of local authority funding cuts on charities. Our ongoing campaign to grow charitable giving also gained traction with both the outgoing and incoming governments.

Alongside our policy impact, we expanded our direct support to the charity sector, working with 169 organisations — a record for PBE. We matched dozens of charities with volunteer economists, helping them to better measure, understand and communicate their impact.

Internally, 2024 marked an important period of transition. After eight hugely productive years, Lord Gus O'Donnell stepped down as Chair, having overseen PBE’s growth into a highly respected and impactful organisation. We are delighted that he remains closely connected to us as Honorary President.

Entering 2025 we face capacity and funding challenges that provide for a difficult backdrop, but mitigations and actions to address the issues are well under way. We are focused on delivering against the priorities set out in our three-year strategy: to achieve more impact, deepen our influence, and work better as an organisation. We will launch new research strands on loneliness and the private rental sector, continue to build partnerships across civil society and government, and work to ensure that better data and evidence drive improvements in wellbeing across the UK.

With the continued commitment of our staff and volunteers and the generous support of our funders and partners, PBE hopes to meet the challenges ahead and to deliver even greater impact for those we seek to support.

Tera Allas

.............................. Tera Allas (Jul 10, 2025, 10:50am)

Tera Allas

Chair

10 Jul 2025

Dated: .........................

.............................. Matthew Whittaker (Jul 8, 2025, 2:03pm) Matt Whittaker

CEO

08 Jul 2025 Dated: .........................

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PBE

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

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)".

Objectives and activities

The objectives of the charity are to:

When setting the objectives and planning the work of the charity for the year, the Trustees confirm that they have completed their duty under section 17 of the Charities Act 2011 with regards to Charity Commission guidance on public benefit.

About PBE

PBE’s vision is an end to low personal wellbeing in the United Kingdom. To support this, we use economic analysis and our unique connection to the social sector to help charities, funders, firms and policymakers to collectively tackle the causes and consequences of low wellbeing across the country. We do this through two main routes: our impact advice & analysis and our research & policy work.

On the former, we provide impact advice and analysis to individual charities to help them to measure, understand and communicate their impact. On the latter, we produce ‘bigger picture’ analysis and insight that helps to inform and steer the wider policy debate surrounding wellbeing and the social sector.

How we work: Impact advice & analysis

Our in-house and associate experts work alongside our large pool of economist volunteers via three main service lines: Data First Aid; Unlocking Impact workshops; and analysis and advocacy projects.

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

the principles and practicalities of economic evaluation. They allow us to build capacity across a broad range of organisations, while also preparing some to take the next step towards a full analysis or advocacy project. Having attended the workshop, charities that feel ready to go further can follow up with bespoke one-to-one sessions with one of our expert economists, developing a deeper understanding of what impact might mean in their own context.

Delivering support across these three different service lines allows us to work with charities and social sector organisations of all different levels of data ‘maturity’, while embedding a culture and appreciation of impact evaluation across the sector more broadly. In doing so, we highlight and support effectiveness in organisations focused on delivering wellbeing improvements for individuals across the UK.

How we work: Research & policy

Our policy research function aims to uncover new insight and provide new influence that can complement and amplify our work with individual charities. It is delivered primarily by our in-house team, though we additionally commission work from external providers and experts and we work in partnership with other research and policy organisations when appropriate.

We support our policy research work through a programme of free, public events and webinars. These provide us with an opportunity to showcase our own work and open debate around issues of importance to wellbeing and the social sector. We invite a diverse range of experts and practitioners to speak on our panels and emphasise interaction with the audience by way of stimulating discussion and understanding.

How we work: our three-year strategy

In 2024, PBE entered a new three-year strategic phase. In continuing to pursue our mission of improving lives using economics, we established three priority ambitions:

i.More impact: We are scaling our existing service delivery work with not-for-profit organisations across the UK, developing new products and reaching new audiences within the public, private and social sectors, and continuing to grow and diversify our funding base.

ii.Deeper impact: We are developing expertise across more policy themes associated with low wellbeing, growing and strengthening our network of partners to amplify our influence, and supporting better policy and practice by raising the bar on data and evidence.

iii.Better working: We are agreeing, developing and displaying an internal culture that prioritises the wellbeing of our workforce, improving our internal processes to better support our working practices, and investing in our management expertise and personal development.

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PRO BONO ECONOMICS - trading as PBE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Organisational changes during the year

After eight years at the organisation’s helm, Lord Gus O’Donnell stepped down as Chair of the Board in September 2024. Gus oversaw a period of significant growth and enhanced reach at PBE. He left the organisation having supported the development of a three-year strategy that provides the most explicit statement yet of our desire to better understand and tackle low wellbeing. Upon his departure, the remaining trustees agreed to establish Gus as PBE’s Honorary President. In this role, he will work alongside PBE’s cofounder and President, Andy Haldane, to continue to provide advice and support over the coming years.

An open and exhaustive recruitment process resulted in Tera Allas being selected as Gus’s replacement as Chair of the Board, taking up the position from January 2025. Existing PBE trustee David Gregson stepped in as Interim Chair to cover the short period between Gus’s departure and Tera’s arrival.

Three members of PBE’s senior management team moved on to new opportunities over the course of 2024, and we subsequently ended the year recruiting simultaneously for a replacement Director of Research, Policy and Communications and a replacement Director of Development. Both campaigns were successful, with the new arrivals joining in the early months of 2025. We additionally added a new position of Head of Analysis towards the end of 2024, thereby significantly boosting the organisation’s quantitative research capabilities.

Achievements and performance

In developing our three-year strategy, we identified a longlist of policy themes of direct relevance to the complex wellbeing challenges facing individuals in the UK. In 2024 we focused particular attention on three of these areas: the overarching picture of low wellbeing across the country; the experience of children and young people; and challenges and opportunities facing civil society.

Leading and shaping the wellbeing debate

We published our first ‘Low wellbeing in the UK’ report towards the end of 2024, an essential ‘audit’ that sets the stage for our continued efforts to track, understand and improve wellbeing. This report will help scope further work on the triggers and interventions that make a difference. We hope that future editions of this report will unlock further insights and tell a story of progress - of a nation doing better.

Understanding the experiences of children and young people

One in four children in the UK now reports low wellbeing – the lowest in Europe. Given this backdrop, much of our research to achieve change in 2024 focused on the next generation.

In the fourth of a series of annual reports for The Children's Charities Coalition' (formerly Children's Services Funding Alliance), we examined the state of children’s services funding in England. This highlighted the worrying rise in the cost of residential care and the increasing complexity of the challenges England’s most vulnerable children are experiencing. The findings of this work informed subsequent campaigning efforts across a range of stakeholders, including the Children and Young People’s Mental Health Coalition, the Local Government Association, and the Josh MacAlister MP. Partially as a result, the government committed an additional £250 million for children’s social care in 2025-26, focusing investment on additional prevention activity through Family Help.

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Our analysis for the Fostering Network also prompted positive change, with more foster carers being paid a decent allowance this financial year as a result of our work. In Camden alone, the Council agreed to provide an extra £10-25 a week for foster carers looking after children in their borough.

With growing numbers of children missing school due to exclusions, we also worked on a major programme supporting charities that work closely to support this group. Our analysis of the impact that charity Football Beyond Borders has on people’s lives showed that its efforts protect the wellbeing of the children it works with, relative to the outcomes they might otherwise achieve. We estimated that overall, the charity delivered £2.20 of benefits for every £1 spent. More than 500 people tuned in to the report’s launch event, and the findings were subsequently used as evidence in presentations and submissions to No. 10, the Department for Education, the Department for Culture, Media and Sport and the Home Office.

Bringing civil society and government together

We continued to build in 2024 on the important work undertaken as part of the Law Family Commission on Civil Society to unleash more of the social sector’s potential, with a particular focus on using our reach into government, parliament, and the civil service to bring policymakers and the charity sector together to forge solutions.

In January 2024, we hosted the Labour and Civil Society Summit. Headlined by the Prime Minister-to-be Keir Starmer, it was attended by 18 members of the Shadow Cabinet and 140 charity leaders. This major event was the first time the Labour front bench had explicitly set out the role that it wanted to see charities and civil society playing under a Labour government. It laid the foundations for the Civil Society Covenant that Labour has been developing with charity representatives since assuming power after the General Election.

Towards the end of the year, we followed this event up by bringing together around 100 civil servants and 200 charities in a major Civil Alliance conference. Headlined by the new Minister for Civil Society Stephanie Peacock, the event provided an opportunity for members of the two sectors to forge new relationships and develop practical proposals for improving collaboration.

And we helped a large number of civil society organisations to better navigate the policymaking landscape too. Within 48 hours of the General Election, our team provided free access to a detailed database of all MPs with backgrounds in the charity sector. The tool has been accessed over 3,000 times to date, making a real difference to many smaller charities’ influencing efforts.

Helping more charities than ever before

Alongside developing our strategic approach to tackling big picture challenges, we continued to provide research and economic expertise to charities across the UK that make their own contribution to supporting those with the lowest wellbeing. Over the course of 2024, we received 257 requests from charities for our support – a recordbreaking number. And we helped more charities than ever before – reaching 169 organisations with our services.

Typically, the impact of PBE’s services lasts well beyond the original intervention. The capacity PBE builds, the skills we confer, the research we undertake, and the relationships we establish can transform the activity of an organisation over the longer term. In 2024, we helped charities use their data better, tell more compelling stories, win funding, operate more effectively, and target their services better to those most in need.

We supported 96 charities through our flagship Unlocking Impact workshops (UIW), helping charities begin their impact journey. Charities like Leeds Older People’s Forum (LOPF), an organisation dedicated to promoting the wellbeing of older people in Leeds. It represents a network of social sector organisations, working together to

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

ensure older people have the opportunities, freedom, and support to live the life they want, focusing on areas such as health, social care, housing, transport, and leisure. LOPF told us that attending our UIW helped it to develop a more in-depth understanding of its impact and subsequently use this knowledge to be more effective, attract further long-term funding, and support its strategic ambitions.

We helped a further 51 charities through economic analysis, advice and research projects. And we supported 29 charities through our Data First Aid (DFA) service, which matches charities with volunteer economists who undertake data analysis, research or visualisation for them.

This included Bath Cats and Dogs Home (BCDH), a charity that provides veterinary care for pets of homeless or vulnerably housed people, educates young people about responsible pet ownership, and partners with the Trussell Trust to supply pet food in local food banks. The charity knew there were some areas of Bath, Somerset and Wiltshire that it wasn’t serving as well as it might and wanted to make sure it was allocating its resources to support the people who needed it the most. Through the DFA support it received from a PBE volunteer, the charity developed a template that allows it to target its resources more effectively and tailor its fundraising strategies more appropriately.

The rapid growth in charity support that we’ve recorded over recent years has been underpinned by a marked reduction in our turnaround time. In 2020 we received a total of 66 charity enquiries and took an average of 224 days to reach a conclusion (that is, completion of whatever activity we’ve undertaken); in 2024, with nearly three times as many enquiries coming in, we cut the average turnaround time to 89 days. That’s been driven by continuous improvement in our processes and by the establishment of deliberately swifter-acting services. And it’s come with no dilution in quality. In fact, our average recommendation score has grown over the same period – from 90% in 2020 to 93% in 2024.

Among the innovations we’ve introduced in support of increased efficiency, we’re especially pleased in 2024 to develop our partnerships with economic consultancies. These have allowed us to collaborate effectively on more complex charity projects or where we don’t have internal capacity, while simultaneously providing rewarding experiences for a wider number of economist volunteers.

The model worked particularly well in relation to the support we provided to Veterans Aid, a charity that helps to tackle homelessness among the ex-service community. Working with the charity, we developed a brief for two projects: a cost-benefit analysis and qualitative research with a written report. We were then able to hand over the first phase of the work to a volunteer team from Cambridge Econometrics before bringing in a FTI consulting to run the second phase. The partnership worked extremely well, with the charity and the two consultancies all benefiting, and it’s an approach we hope to continue to develop in 2025.

A growing presence in public policy debate

Through both our direct support of charities across the country and our exploration of systemic change, we helped inform a range of policy debates and changes throughout 2024.

Our insights and analyses were reflected in party manifestos ahead of the General Election, and in the Buckland Review of Autism Employment. And we further raised awareness about the impact of local authority funding cuts on the charity sector, the lack of literacy support for children and young people in deprived areas of the country, the scale of the mental health challenges faced by many expectant and new mothers, and much more.

Since 2022, we’ve been working alongside a range of partners to bring about reform that can increase philanthropic giving in the UK. In 2024, we secured cut through on this issue with both the outgoing and the incoming governments. For example, Civil Society Minister Stephanie Peacock declared that: “I will work with

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

colleagues across government and with you and your sectors to make philanthropic giving as easy and compelling as possible across the country, in a renewed partnership”.

Financial review

Total income for 2024 stood at £1,742,818, drawn from a combination of grants, donations, consultancy and gift aid (2023: £1,613,829). In 2024 we successfully met our ambition to continue to build our unrestricted and research funding to support our strategic goals of building and deepening our impact while diversifying our income sources and de-risking our income profile.

Restricted income received during the year stood at £527,394 (2023: £426,894), with continued funding for specific projects from Porticus, City Bridge Trust, the Law Family Charitable Foundation and CAF, alongside new funding from the Lloyds Bank Foundation, Benefact Group and the Henry Smith Charity.

Income opportunities are generated by our in-house Development team, and we are regulated by the Fundraising Regulator. We do not use a professional fundraiser or commercial participator and have received no complaints from the public in relation to our fundraising.

We are grateful for the continued support of several grant-making trusts, including CAF, City Bridge Trust, Garfield Weston, the Golden Bottle Trust, the Law Family Charitable Foundation, Mohn Westlake, and Porticus. Additionally, our thanks go to corporate funders such as FTI Consulting LLP, PA Consulting Services Ltd, Weil, Gotshal & Manges LLP, and OakNorth Bank PLC, and to all our major donors.

Expenditure in 2024 was £1,707,263 (2023: £1,452,131), a year-on-year increase driven primarily by an increase in the number and size of our public events and an increase in Economic Associate and consultancy support for our charity projects and research outputs. Additionally, we used more pro bono support from our corporate lawyers, Weil, Gotshal & Manges LLP, to support higher rates of consultancy projects, and there was an increase in staff costs relating to the second year of our salary increases following the benchmarking work conducted in 2022.

At the end of 2024, headcount had risen incrementally to 20 (2023: 18).

Reserves policy

The net result of our income and expenditure outturns was a surplus of £35,555. This comprised a £12,038 surplus in restricted activities and a £23,517 surplus in unrestricted activities.

Our policy is to maintain free reserves (unrestricted funds minus any fixed and intangible assets) that at any time cover our unrestricted operating expenses for at least three months, with an upper limit of six months. The policy is set to mitigate a key risk to PBE, namely periods of reduced income caused by our, at-times, ‘lumpy’ funding model.

Given the unrestricted expenditure profile at the end of 2024, the policy dictates that we hold somewhere between £298,000 and £596,000 in free reserves. At the end of 2024 our free reserves totalled £413,111.

The charity maintained restricted reserves of £207,413 at year-end, to be expended in 2025 on CAF, the Law Family CSEVO project, and Porticus. The charity maintained no designated funds.

The departure of two members of the senior management team towards the end of 2024 – including the Director of Development – and the inevitable lag in onboarding replacements meant that trustees anticipated pressure on cashflow in 2025 and the likelihood of reserves dropping below the minimum level of three months of expenditure set out in the organisation’s reserves policy. The board remained satisfied however, that the

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

fundamentals of the organisation would support a recovery in income over the medium-term.

Longer term, we want to grow our reserves, as agreed by the board as part of the three-year strategy. This reflects both the larger size of the organisation and the increased risk of having periods of lower income given the longer lead times associated with research funding. This will be achieved as cashflow allows.

The reserves policy is reviewed annually by the Finance, Audit and Risk Committee (FARCom) and by the board.

The board carries out regular reviews of the charity’s financial performance and reserves position. It considers that the charity has adequate financial reserves to continue to deliver its plans. It has a reasonable expectation that it will have adequate resources to continue to operate for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue its operations. The accounts have therefore been prepared on the basis that the charity is a going concern.

Risk management

The trustees are responsible for ensuring that the charity has an appropriate system of risk management and controls. They are also responsible for safeguarding the assets of the charity, and for taking reasonable steps to prevent fraud and other irregularities.

FARCom works closely with the executive to identify, manage and mitigate appropriate risks through a risk register, and to report progress to board meetings. Trustees have a programme of controls to manage financial risks through management account reporting and consideration of liquidity, cash flows and going concern status.

The key issues identified in the risk register in 2024 remained the potential loss of income or difficulties with reserves, as we continued to grow and diversify our funding base in support of a broader programme of work. These risks were heightened towards the end of the year with the co-incidental but simultaneous departure of two members of the senior management team, and the associated absence of any dedicated fundraising capacity within the in-house staff. Replacements have subsequently been successfully onboarded and recruitment of an enhanced Development team got underway early in 2025, but the hiatus inevitably impacted on the funding pipeline and therefore raises the risk of some slowdown in income generation throughout 2025.

Future plans

Notwithstanding this risk, the overall intention for 2025 is to support a steady rise in impact and influence while guarding against overreach and burn out. To that end, we have three clear priorities:

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

PBE is a registered charity and a company limited by guarantee and is governed by its memorandum and articles of association. The company was incorporated on 17 March 2009 and registered as a charity on 15 July 2009.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of the signature of the financial statements were:

Lord Gus O’Donnell - Chair (Resigned 08 October 2024) Tera Allas – Chair (Appointed 02 January 2025) Dr Rubina Ahmed Matthew Brumsen – Vice Chair David Gregson – Interim Chair (08 October 2024 to 01 January 2025) Akiko Hart Edward Humpherson CB Jonathan Loynes Michele Oliver Belinda Phipps Damien Régent – Treasurer Jenny Scott

PBE is governed by a Board of Trustees which meets up to four times a year. Trustees are appointed by Board resolution. In selecting new Trustees, the Board utilises a Nominations Committee to consider the skills, knowledge and experience needed for the effective running of the charity. Since 2017, Trustees are initially appointed for a term of three years and may be reappointed at the annual retirement meeting for up to two further terms.

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Board is responsible for the strategic direction of PBE and for appointing the Chief Executive. Charity staff are accountable to the Trustees through the Chief Executive and carry out the day-to-day operations of the charity in accordance with the policies and procedures approved by the Board. The Board has five subcommittees, and all trustees sit on at least one committee:

In 2024, Trustees updated, reviewed and approved the charity’s risk register, delegation of authority, investment, accounting and safeguarding policies.

Prior to their appointment, new Trustees go through an induction process and are provided with a copy of the Memorandum and Articles of Association, the Trustees’ Annual Report and Financial Statements, together with other relevant information. New trustees are given a trustee mentor and are invited to spend time with the charity executive.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Indemnity insurance is held for the Trustees.

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PRO BONO ECONOMICS - trading as PBE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Tera Allas

Tera Allas (Jul 10, 2025, 10:50am)

..............................

Tera Allas

Chair

10 Jul 2025 Dated: .........................

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PRO BONO ECONOMICS - trading as PBE

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees, who are also the directors of Pro Bono Economics for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 financial statements, 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 financial statements 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.

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PRO BONO ECONOMICS - trading as PBE

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF PBE

Opinion

We have audited the financial statements of PBE (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the 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:

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 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

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

TO THE TRUSTEES OF PBE

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

TO THE TRUSTEES OF PBE

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

TO THE TRUSTEES OF PBE

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Stephen Meredith

Stephen Meredith (Jul 10, 2025, 11:35am)

Stephen Meredith BA FCA DChA (Senior Statutory Auditor)

For and on behalf of Alliotts LLP, Statutory Auditor

Chartered Accountants

Cross Lanes

Guildford

GU1 1UJ

10 Jul 2025 Date: .........................

Alliotts LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

16

PRO BONO ECONOMICS (TRADING AS PBE)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
1,011,388
527,394
Charitable activities
4
188,176
-
Investments
5
10,015
-
Total income
1,209,579
527,394
Expenditure on:
Raising funds
6
263,106
69,300
Charitable activities
7
922,956
446,056
Total expenditure
1,186,062
515,356
Net income for the year/
Net movement in funds
23,517
12,038
Fund balances at 1 January
2024
397,826
195,375
Fund balances at 31
December 2024
421,343
207,413		 Total
Unrestricted
funds
2024
2023
£
£
1,538,782
1,043,016
188,176
138,889
10,015
5,030
1,736,973
1,186,935
332,406
255,924
1,369,012
834,566
1,701,418
1,090,490
35,555
96,445
593,201
301,381
628,756
397,826		 Restricted
funds
2023
£
426,894
-
-
426,894
32,326
329,315
361,641
65,253
130,122
195,375		 Total
2023
£
1,469,910
138,889
5,030
1,613,829
288,250
1,163,881
1,452,131
161,698
431,503
593,201

The statement of financial activities includes all gains and losses recognised in the year.

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.

PRO BONO ECONOMICS (TRADING AS PBE)

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds		 2024
£
98,554
601,728
700,282
(79,758)		 £
8,232
620,524
628,756
207,413
421,343
628,756		 £
52,200
606,045
658,245
(73,354)		 2023
£
8,310
584,891
593,201
195,375
397,826
593,201

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The members have not required the charitable company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

10 Jul 2025

The financial statements were approved by the Trustees on .........................

Tera Allas

..............................Tera Allas (Jul 10, 2025, 10:50am) Tera Allas - Chair Trustee

Company registration number 06849844

PRO BONO ECONOMICS (TRADING AS PBE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(7,507)
10,015		 £
(6,825)
2,508
-
(4,317)
606,045
601,728		 2023
£
(3,336)
5,030		 £
249,459
1,694
-
251,153
354,892
606,045

PRO BONO ECONOMICS (TRADING AS PBE)

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

1 Accounting policies

Charity information

Pro Bono Economics (trading as PBE) is a private company limited by guarantee incorporated in England and Wales. The registered office is The Factory, 120 London Road, London, SE1 6LF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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

The Trustees are confident the charity has the resources to meet its liabilities as they fall due for at least 12 months from date of signing the accounts. Hence, they consider the charity to be a going concern.

1.3 Charitable funds

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

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 Income

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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Expenditure is recognised on the accruals basis. Liabilities are recognised as soon as there is a legal constructive obligation to pay.

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:

Fixtures and fittings 3 years
Computers 3 years

PRO BONO ECONOMICS (TRADING AS PBE)

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

1 Accounting policies

(Continued)

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.

Items are capitalised where the net expenditure value is greater than £500 and the expense is capital by nature.

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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

PRO BONO ECONOMICS (TRADING AS PBE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.10 Employee benefits

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.

PRO BONO ECONOMICS (TRADING AS PBE)

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

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
424,288
10,000
Grants
550,300
517,394
Donated goods and
services
36,800
-
1,011,388
527,394
Donations and gifts
Major gifts
388,500
-
General donations
2,889
-
Events income
23,506
10,000
Gift Aid
15,238
-
Other
(5,845)
-
424,288
10,000
Grants receivable for
core activities
Porticus
-
110,694
Law Family Charitable
Foundation
250,000
155,000
City Bridge
300
57,000
Charities Aid Foundation
-
125,000
Other
300,000
69,700
550,300
517,394		 Total
Unrestricted
funds
2024
2023
£
£
434,288
384,016
1,067,694
659,000
36,800
-
1,538,782
1,043,016
388,500
365,000
2,889
5,647
33,506
1,926
15,238
11,443
(5,845)
-
434,288
384,016
110,694
-
405,000
350,000
57,300
-
125,000
-
369,700
309,000
1,067,694
659,000		 Restricted
funds
2023
£
-
426,894
-
426,894
-
-
-
-
-
-
108,694
154,680
37,500
125,000
1,020
426,894		 Total
2023
£
384,016
1,085,894
-
1,469,910
365,000
5,647
1,926
11,443
-
384,016
108,694
504,680
37,500
125,000
310,020
1,085,894

4 Charitable activities

Fees for Services

Supporting Supporting
Charities Charities
2024 2023
£ £
188,176 138,889

Fees for services relate to consultancy income. As part of our work to diversify our funding base we have increased the amount of consultancy work we undertake and have subsequently become VAT registered.

PRO BONO ECONOMICS (TRADING AS PBE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

5 Investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 10,015 5,030

6 Raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising
Staging fundraising
events
46,175
20,496
Staff costs
173,949
47,686
Support costs
42,982
1,118
Fundraising
263,106
69,300
263,106
69,300		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
66,671
17,333
-
221,635
203,017
30,181
44,100
35,574
2,145
332,406
255,924
32,326
332,406
255,924
32,326		 Total
2023
£
17,333
233,198
37,719
288,250
288,250

PRO BONO ECONOMICS (TRADING AS PBE)

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

7 Charitable activities

Supporting
Charities
£
Staff costs
291,052
Consultancy
58,149
Economic associates
30,158
Other service delivery costs
26,627
405,986
Share of support costs (see note 8)
58,625
Share of governance costs (see note
8)
10,271
474,882
Analysis by fund
Unrestricted funds
344,115
Restricted funds
130,767
474,882
For the year ended 31 December 2023*
Unrestricted funds
310,331
Restricted funds
90,270
400,601		 External
Affairs
Research &
Policy
£
£
219,290
503,335
4,462
-
-
-
30,450
30,570
254,202
533,905
24,541
64,807
5,322
11,353
284,065
610,065
171,653
407,188
112,412
202,877
284,065
610,065
228,753
295,482
83,311
155,734
312,064
451,216		 Total
2024
£
1,013,677
62,611
30,158
87,647
1,194,093
147,973
26,946
1,369,012
922,956
446,056
1,369,012		 Total
2023
£
791,867
57,264
9,062
151,079
1,009,272
129,810
24,799
1,163,881
834,566
329,315
1,163,881

PRO BONO ECONOMICS (TRADING AS PBE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Support costs

Depreciation
Rent
Office supplies
Computer running costs
Travelling and
entertainment expenses
Insurance
Bank charges
Other staff costs
HR consultancy (Gift
In Kind)
Hire of room (Gift In Kind)
Audit fees
Accountancy
Legal and professional
(Gift In Kind)
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
£
£
7,585
-
30,000
-
9,996
-
52,640
-
4,699
-
7,171
-
114
-
34,933
-
12,405
-
1,800
-
-
9,847
-
7,044
30,000
16,630
191,343
33,521
37,525
6,575
147,973
26,946
185,498
33,521		 2024
£
7,585
30,000
9,996
52,640
4,699
7,171
114
34,933
12,405
1,800
9,847
7,044
46,630
224,864
44,100
174,919
219,019		 Support
costs
Governance
costs
£
£
7,530
-
26,225
-
14,342
-
57,094
-
872
-
7,840
-
105
-
47,472
-
-
-
-
-
-
7,788
-
6,139
-
16,921
154,512
30,321
31,670
6,049
129,810
24,799
161,480
30,848		 2023
£
7,530
26,225
14,342
57,094
872
7,840
105
47,472
-
-
7,788
6,139
12,381
192,328
37,719
154,609
192,328

Governance costs include payments to the auditors of £9,847 (2023- £7,788) for audit fees.

Other staff costs relate to staff recruitment and staff training costs for the year.

9 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 9,847 7,788
Depreciation of owned tangible fixed assets 7,585 7,530

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or were paid expenses during the year.

PRO BONO ECONOMICS (TRADING AS PBE)

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

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
20
2024
£
1,043,514
118,806
72,992
1,235,312		 2023
Number
18
2023
£
873,659
92,572
58,834
1,025,065

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2024 2023
Number Number
£60,000 - £69,999 - 2
£70,000 - £79,999 2 1
£80,000 - £89,999 1 -
£120,000 - £129,999 - 1
£130,000 - £139,999 1 -

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

PRO BONO ECONOMICS (TRADING AS PBE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Tangible fixed assets

Fixtures and
fittings
Computers
£
£
Cost
At 1 January 2024
6,841
35,315
Additions
-
7,507
At 31 December 2024
6,841
42,822
Depreciation and impairment
At 1 January 2024
4,988
28,858
Depreciation charged in the year
1,308
6,277
At 31 December 2024
6,296
35,135
Carrying amount
At 31 December 2024
545
7,687
At 31 December 2023
1,853
6,457
14
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
31,785
Prepayments and accrued income
66,769
98,554
15
Creditors: amounts falling due within one year
2024
£
Other taxation and social security
35,955
Trade creditors
11,752
Accruals and deferred income
32,051
79,758
16
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
72,992		 Total
£
42,156
7,507
49,663
33,846
7,585
41,431
8,232
8,310
2023
£
21,150
31,050
52,200
2023
£
35,588
3,913
33,853
73,354
2023
£
58,834

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.

PRO BONO ECONOMICS (TRADING AS PBE)

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

17 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 Balance at Incoming Resources Balance at
1 January
2023		 Incoming
resources		 Resources
expended
1		 January 2024 resources expended 31 December
2024
£ £ £ £ £ £ £
Charities Aid
Foundation - 125,000 (62,140) 62,860 125,000 (160,677) 27,183
The Oak
Foundation 3,600 - (3,600) - - - -
City Bridge 4,167 37,500 (41,667) - 57,000 (57,000) -
The Law
Family
Charitable
Foundation - 130,000 (114,179) 15,821 155,000 (135,273) 35,548
The Law
Family
Commission 42,355 24,680 (67,035) - - - -
Porticus 80,000 108,694 (72,000) 116,694 110,694 (82,706) 144,682
Metropolitan
Public
Gardens
Association - 1,020 (1,020) - - - -
Lloyds Bank
Foundation - - - - 10,000 (10,000) -
Benefact
Group and
Henry Smith - - - - 69,700 (69,700) -
130,122 426,894 (361,641) 195,375 527,394 (515,356) 207,413

PRO BONO ECONOMICS (TRADING AS PBE)

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

17 Restricted funds

(Continued)

The Charities Aid Foundation funded a programme to put the case of civil society at the forefront of policymakers' minds before and after the General Election. Funds were spent in the year, with the balance carried forward as restricted reserves to be spent in 2025.

The Oak Foundation delivered support to a portfolio of homelessness charities. The funds were spent in 2023.

The City Bridge Trust project supports charities providing services in London. The grant received was spent within the year.

The Law Family Charitable Foundation funded a programme of research around specific recommendations from the Law Family Commission on Civil Society. The grants received in 2024 were largely spent during the year, with the balance carried forward as restricted reserves to be spent in 2025.

The Law Family Commission on Civil Society is a programme of ground-breaking research into how the potential of civil society can be unleashed. The grants carried forward from 2022 and received in 2023 were spent in that year.

Porticus granted funds to support the project, IntegratED bridge: economics of wellbeing for children in adversity. The grants received in 2023 and 2024 were largely spent during the year, with the balance carried forward as restricted reserves to be spent in 2025.

The Lloyds Bank Foundation granted funds to support the delivery of the Civil Society Conference held in January 2024. The grants received was spent within the year.

The Benefact Group granted funds to support the charity sector to become more effective through forming better connections within the private sector. The grants received was spent within the year.

The Henry Smith Charity granted funds to support the Civil society meets the Civil Service event. The grants received was spent within the year.

18 Unrestricted 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.

At 1 January
2024

£
General funds
397,826
Previous year:
At 1 January
2023
£
General funds
301,381		 Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
1,209,579
(1,186,062)
421,343
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
1,186,935
(1,090,490)
397,826		 Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
1,209,579
(1,186,062)
421,343
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
1,186,935
(1,090,490)
397,826
At 31
December
2023
£
397,826

PRO BONO ECONOMICS (TRADING AS PBE)

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

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
8,232
-
Current assets/(liabilities)
413,111
207,413
421,343
207,413
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Tangible assets
8,310
-
Current assets/(liabilities)
389,516
195,375
397,826
195,375		 Total
2024
£
8,232
620,524
628,756
Total
2023
£
8,310
584,891
593,201

20 Operating lease commitments

Lessee

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:

2024 2023
£ £
Within one year 15,000 15,000

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel (defined as Chief Executive Officer, Director of Operations and Finance, Director of Development, Director of Services and Director of Research, Policy and Communications) is as follows.

2024 2023
£ £
Aggregate compensation 569,529 573,596

There were no other disclosable related party transactions during the year (2023 - none).

PRO BONO ECONOMICS (TRADING AS PBE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

22 Analysis of changes in net funds

The charity had no material debt during the year.

23
Cash (absorbed by)/generated from operations
Surplus 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)/decrease in debtors
Increase/(decrease) in creditors
Cash (absorbed by)/generated from operations		 2024
£
35,555
(10,015)
7,585
(46,354)
6,404
(6,825)		 2023
£
161,698
(5,030)
7,530
86,030
(769)
249,459

Issuer

Alliotts LLP

Document generated Tue, 8th Jul 2025 13:58:19 BST

Document fingerprint 93beecb2ee0baab7a3b3e247e0b4a87c

Parties involved with this document

Document processed

Party + Fingerprint

Tue, 8th Jul 2025 14:03:28 BST Thu, 10th Jul 2025 10:50:46 BST Thu, 10th Jul 2025 11:35:23 BST Thu, 10th Jul 2025 11:35:23 BST

Matthew Whittaker - Signer (257a00ea55104c41231bd431ec73447d) Tera Allas - Signer (81b1e64bfd94a521b5ab76fcf8bca802) Stephen Meredith - Signer (3ba204ffdf4b652fd1f830def0cbe2fd) Samantha Merchant - Copied In (5a224f51c0e67673f1a6519d945a2c3d)

Audit history log

Date

Action

Tue, 8th Jul 2025 13:58:19 BST Tue, 8th Jul 2025 13:58:19 BST

Tue, 8th Jul 2025 13:58:19 BST Tue, 8th Jul 2025 13:58:19 BST Tue, 8th Jul 2025 13:58:58 BST Tue, 8th Jul 2025 13:59:00 BST Tue, 8th Jul 2025 14:03:10 BST Tue, 8th Jul 2025 14:03:28 BST Tue, 8th Jul 2025 14:03:28 BST

Tue, 8th Jul 2025 14:03:28 BST Tue, 8th Jul 2025 22:55:40 BST Wed, 9th Jul 2025 9:19:43 BST Thu, 10th Jul 2025 10:46:48 BST Thu, 10th Jul 2025 10:47:18 BST

Envelope generated by Alliotts Guildford Support (94.228.44.8) Envelope duplicated from Pro Bono Ltd Updated Accounts YE 31.12.24(569a18f5b12f45273fc30a0c7895a88b) by Alliotts Guildford Support (94.228.44.8) Document generated with fingerprint 93beecb2ee0baab7a3b3e247e0b4a87c (94.228.44.8) Document generated with fingerprint 24590fb2012a053979ea94fb207ec19c (94.228.44.8) Sent the envelope to Matthew Whittaker (Matt.whittaker@pbe.co.uk) for signing (94.228.44.8) Document emailed to matt.whittaker@pbe.co.uk Matthew Whittaker viewed the envelope (82.9.38.6) Matthew Whittaker signed the envelope (82.9.38.6) Sent the envelope to Tera Allas (tera.allas@gmail.com) for signing (82.9.38.6) Document emailed to tera.allas@gmail.com Tera Allas opened the document email. (172.224.226.28) Tera Allas opened the document email. (66.249.93.102) Tera Allas opened the document email. (66.249.93.96) Tera Allas opened the document email. (66.249.93.99)

Thu, 10th Jul 2025 10:48:48 BST Thu, 10th Jul 2025 10:49:39 BST Thu, 10th Jul 2025 10:49:42 BST Thu, 10th Jul 2025 10:49:52 BST Thu, 10th Jul 2025 10:50:46 BST Thu, 10th Jul 2025 10:50:46 BST

Thu, 10th Jul 2025 10:50:47 BST Thu, 10th Jul 2025 11:28:34 BST Thu, 10th Jul 2025 11:35:23 BST Thu, 10th Jul 2025 11:35:24 BST

Thu, 10th Jul 2025 11:35:24 BST Thu, 10th Jul 2025 11:35:24 BST

Tera Allas opened the document email. (66.249.93.99) Tera Allas opened the document email. (66.249.93.102) Tera Allas viewed the envelope (86.142.239.202) Tera Allas viewed the envelope (62.252.169.135) Tera Allas signed the envelope (86.142.239.202) Sent the envelope to Stephen Meredith (stephen.meredith@alliotts.com) for signing (86.142.239.202) Document emailed to stephen.meredith@alliotts.com Stephen Meredith viewed the envelope (94.228.44.8) Stephen Meredith signed the envelope (94.228.44.8) Sent the envelope to Samantha Merchant (Samantha.Merchant@alliotts.com) for signing (94.228.44.8) This envelope has been signed by all parties (94.228.44.8) Document emailed to Samantha.Merchant@alliotts.com