Registered number: 07783813 Charity number: 1146741
INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 15 |
INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Trustees | Prof H M Anderson |
|---|---|
| Prof M Chauvet | |
| Ms S Goncalves | |
| Prof B Hansen | |
| Prof S Holly | |
| Prof T Magnac (resigned 31 December 2024) | |
| Prof B Rossi | |
| Prof J Wright | |
| Company registered number 07783813 Charity registered number 1146741 Registered office 279 Wellbrook Way Girton Cambridge Cambridgeshire CB3 0GL Company secretary Prof M Chauvet Accountants Michael Hewett FCA DChA Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers HSBC Bank plc 63-64 St Andrews Street Cambridge CB2 3BZ |
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees present their annual report together with the financial statements of the Charity for the 1 October 2024 to 30 September 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The principal object of the Charity is to advance the education of the public in the subject of econometrics and its applications to a variety of fields in economics, in particular, but not exclusively, by advancing and supporting research in that field and disseminating the results of such useful research to the public.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
In order to fulfil the Charity's objectives the Trustees have the power to undertake the following activities:
-
Hold, promote or support conferences, seminars, meetings, symposia and lectures, both in the UK and worldwide;
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Arrange for the publication and dissemination of the records and reports of the proceedings of the charity, or associated activities, in the form of books, journals, pamphlets and bulletins or any other form of record which would promote the objects of the Charity;
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To encourage the study and understanding of the subject of econometrics by the provision of grants or scholarships or other financial assistance to any charitable organisation or persons undertaking such studies, both in the UK and worldwide;
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To provide advice or information.
ACHIEVEMENTS AND PERFORMANCE
a. Review of Activities
The IAAE runs a very successful annual conference that receives submissions of over 1,100 papers, and a total of around 600 papers are accepted for presentation. It is becoming one of the largest conferences in the Economics profession.
The IAAE strongly supports junior economists, including PhD students and assistant professors. The IAAE has annual prizes for the best paper presented by graduate students at the IAAE conference. We also provide travel assistantship/grant to both graduate students and teaching assistants to attend the IAAE conference.
IAAE also supports dissemination of applied econometric research by supporting conferences and workshops around the world. We also support an IAAE annual lecturer who presents at the IAAE conference.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
The 13th Annual Conference was hosted by the University of Torino in Italy between 25 and 27 June 2025.
The key note speakers were Alberto Abadie (Professor of Economics, Massachusetts Institute of Technology), Mark Watson (Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, Princeton University), Barbara Rossi (Professor of Economics, ICREA-University Pompeu Fabra and EUI), Elie Tamer (Louis Berkman Professor of Economics, Harvard University), Fabio Schiantarelli (Professor of Economics, Boston College) and Alessandro Sembenelli (Professor of Econometrics, University of Torino).
FINANCIAL REVIEW
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Summary of year
During the year the Charity received donations of £30,357 (2024: £30,316), membership fees of £22,295 (2024: £25,319) and investment income of £5,373 (2024: £8,245). Expenditure on charitable activities comprised grants payable to institutions and individuals of £21,519 (2024: £14,318) and net conference expenditure amounting to £18,602. There were also various other support and governance costs amounting to £9,166 (2024: £27,383). Total expenditure (excluding the movement in foreign exchange) for the year was £48,228 (2024: £27,854). Net income for the year of £8,738 (2024: £86,620) has been added to the brought forward unrestricted funds of £492,729, bringing the total unrestricted funds and free reserves carried forward to £501,467.
c. Reserves policy
The IAAE Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately six months of unrestricted charitable expenditure, which amounts to around £15,000 - £20,000. The Trustees consider that this level will provide sufficient funds to finance the main IAAE activities such as the Annual IAAE Conference, applications for grants, and to ensure that support and governance costs are covered. IAAE is expected to receive donations from Wiley over the next two years. The free reserves (£501,467) are currently in excess of this figure and these excess reserves are to be dedicated to workshops, grants and conferences.
d. Principal funding
The charity's main source of income is an annual donation from John Wiley & Sons Ltd (publishers of the Journal of Applied Econometrics).
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 September 2011.
The principal object of the Charity is to advance the education of the public in the subject of econometrics and its applications to a variety of fields in economics, in particular, but not exclusively, by advancing and supporting research in that field and disseminating the results of such useful research to the public.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The following Trustees were in office during the period:
Prof M Chauvet Ms S Goncalves Prof B Rossi Prof T Magnac (resigned 31 December 2024) Prof B Hansen Prof H Anderson Prof S Holly Prof J Wright
c. Organisational structure and decision-making policies
The day to day running of the Charity is overseen by the Trustees, who are supported by an administrative assistant.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Charity for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Prof S Holly Trustee
Date: 15 December 2025
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2025.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Michael Hewett
Dated: 15 December 2025
FCA DChA
Peters Elworthy & Moore Salisbury House, Station Road, Cambridge, CB1 2LA
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Note INCOME FROM: Donations and membership fees 3 Charitable activities 4 Investments 5 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2025 £ 52,652 - 5,373 58,025 49,287 49,287 8,738 492,729 8,738 501,467 |
Total funds 2025 £ 52,652 - 5,373 58,025 49,287 49,287 8,738 492,729 8,738 501,467 |
Total funds 2024 £ 55,635 64,441 8,245 |
|---|---|---|---|
| 128,321 | |||
| 41,701 | |||
| 41,701 | |||
| 86,620 | |||
| 406,109 86,620 |
|||
| 492,729 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee) REGISTERED NUMBER: 07783813
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note CURRENT ASSETS Cash at bank and in hand CURRENT LIABILITIES Creditors: amounts falling due within one year 10 NET CURRENT ASSETS TOTAL NET ASSETS CHARITY FUNDS Unrestricted funds TOTAL FUNDS |
506,566 (5,099) |
2025 £ 501,467 501,467 501,467 501,467 |
499,721 (6,992) |
2024 £ 492,729 |
|---|---|---|---|---|
| 492,729 | ||||
| 492,729 | ||||
| 492,729 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Prof S Holly Trustee
Date: 15 December 2025
The notes on pages 9 to 15 form part of these financial statements.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. GENERAL INFORMATION
The Charity is a company limited by guarantee. The members of the company are the Trustees, who are named on page 1. 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 registered office is Faculty of Economics, University of Cambridge, Cambridge, Cambridgeshire, CB3 9DD.
The financial statements are presented in GBP.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
International Association for Applied Econometrics meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates or judgements made by management in preparing these financial statements.
2.2 GOING CONCERN
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Trustees do not believe that there are material uncertainties in relation to going concern.
2.3 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. ACCOUNTING POLICIES (CONTINUED)
2.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Membership fee income is recognised in the period in which it is received.
Donations are recognised in the period in which they are received.
Conference income is recognised in the period in which the conference took place.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs including governance costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. ACCOUNTING POLICIES (CONTINUED)
2.7 FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.8 CASH AT BANK AND IN HAND
Cash at bank and 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.
2.9 LIABILITIES
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.10 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3. INCOME FROM DONATIONS AND MEMBERSHIP FEES
| Unrestricted funds 2025 £ Donations 30,357 Membership fees 22,295 52,652 TOTAL 2024 55,635 |
Total funds 2025 £ 30,357 22,295 52,652 55,635 |
Total funds 2024 £ 30,316 25,319 |
|---|---|---|
| 55,635 | ||
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2025 £ IAAE Annual Conference surplus - TOTAL 2024 64,441 |
Total funds 2025 £ - 64,441 |
Total funds 2024 £ 64,441 |
|---|---|---|
5. INVESTMENT INCOME
| Unrestricted funds 2025 £ Interest received 5,373 TOTAL 2024 8,245 |
Total funds 2025 £ 5,373 8,245 |
Total funds 2024 £ 8,245 |
|---|---|---|
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Expenditure on charitable activities TOTAL 2024 |
Direct costs 2025 £ 18,602 - |
Grant funding of activities (See Note 7) 2025 £ 21,519 14,318 |
Support costs 2025 £ 9,166 27,383 |
Total funds 2025 £ 49,287 41,701 |
Total funds 2024 £ 41,701 |
|---|---|---|---|---|---|
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| IAAE Annual Conference net expenditure | 18,602 | - |
ANALYSIS OF SUPPORT COSTS
| Bank and card charges Website costs Administration support costs Foreign exchange loss Independent examination fee (governance cost) Governance costs |
Total funds 2025 £ 883 2,199 - 1,059 3,752 1,273 9,166 |
Total funds 2024 £ 6,646 2,312 2,178 13,847 2,400 - |
|---|---|---|
| 27,383 |
7. ANALYSIS OF GRANTS
| Expenditure on charitable activities TOTAL 2024 |
Grants to Institutions 2025 £ 8,156 3,229 |
Grants to Individuals 2025 £ 13,363 11,089 |
Total funds 2025 £ 21,519 14,318 |
Total funds 2024 £ 14,318 |
|---|---|---|---|---|
In 2024 and 2025 all expenditure was unrestricted.
All of the grant funding activities related to grants to institutions as detailed overleaf.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Name of Institution CIREQ CEF Association The Remini Centre for Economic Analysis Società Italiana di Econometria UK Econometrics Study Group Fondation Jean-Jacques Laffont UEA Publishing Project Ltd. Whova Inc. |
2025 £ 770 767 1,534 - - - 384 4,701 8,156 |
2024 £ - 789 1,680 789 (818) 789 - - 3,229 |
|---|---|---|
8. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner's remuneration amounts to an independent examiner fee of £1,610 ( 2024 - £1,600 ) , and accountancy fees of £810 (2024 - £800).
9. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 30 September 2025, no expenses were reimbursed or paid directly on behalf of Trustees (2024 - on expense of £1,187 to one Trustee). The expense in the prior year related to travel and attendance at the IAAE Conference.
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INTERNATIONAL ASSOCIATION FOR APPLIED ECONOMETRICS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals | 5,099 | 6,992 |
11. RELATED PARTY TRANSACTIONS
During the year, M Chauvet (Trustee) received $1,000 sponsorship towards a workshop on "energy transition and climate change", which took place at the University of California, Riverside in September 2024. This workship event was the fourth in a series of workshops on energy economics and climate change initiated by Hilde C. Bjørnland (BI Norwegian Business School), Yoosoon Chang (Indiana University), Marcelle Chauvet (University of California, Riverside) and Joao Issler (FGV-Getulio Vargas Foundation). Other than those disclosed in the Trustees' Remuneration and Expenses note, there were no other transactions involving related parties (2024: no transactions other than those disclosed in the Trustees' Remuneration and Expenses note).
During the year ended 30 September 2025, one expense of £1,273 was reimbursed directly to S Holly (Trustee) in respect of reinstating the Charity at Companies House.
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