The Institute of International Monetary Research CHARITABLE INCORPORATED ORGANISATION (C.I.O) UNAUDITED FINANCIAL STATEMENTS For the year end 31 December 2023 Registered aharily.. qq55226 Company registration number., CE000630
The Institute of International Monetary Research REFERENCE AND ADMINISTRATION CHAIRMAN OF TRUSTEE8 Professor TIM GDngdon GBE TRUSTEES Mrs Venetia Congdon-Johanne5 Mr Brandon DavSes Professor Terence Kealey Professor Martin Rloketts SECRETARY OF TRUSTEES Mr8 Venella Congdon-Joh8nnes PRINCIPAL OFFICE The Unlveislly of Buckingham Yeomanry House Hunter Street Bucklngham MK18 1EG CHARITY REGISTRATION NUMBER 1155226 COMPANY REGISTION NUMBER .CE000630 INDEPENDENT EXAMINÈR Kameltya Harilson BA (Hons) FCA ATT, on behalf of T8arle & Carvar Llmlted Ch4ndos Housg Sohotrl Lpne Bucklngham Bucklnghamshlre MK18 1HD BANKERS Santsnder UK PIC 2 Trllon Square Regent's Place London NW13AN
The Institute of International Monetary Research TRUSTEES, REPORT The Trustees present thelr annual report and financial statements for the year ended 31 December 2023. Th8 financial Slalemenls have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities: Slalemenl of Recommended Practice applicable lo charities preparing their a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Republicof Ireland IFRS 1021 eff8Ctive 1 January 2019. Structure and Governance Inslilule of International Monetary Research is a registered charity {Charity number 11552261 governed by its constilutlon, dated 07 January 2014. Objectlves The objective of the inslilule is lo advance the education of the public In general on the workings of modern economies, particularly bul not ex¢lu8ively lo increase understandings of the linkages between banks (which issue money) and the rest of the economy. The institute organise research (both wrillen and online) and supports the educational work of The University of Buckingham. Electlon of Twsteg$ Apart from the first charity Iruslees, every trustee must be appointed by a resdution passed al a properly convened me8ling of the charity Iruslees. In selecting individuals for appointment as charity Iruslees, the charity Iruslees much have regard lo Ihe skills, knowledge and experience needed for the effective administration of Ihe CIO. No changes in the trustees since the appolntment of Brandon Davies in Augvst 2019 {lo replace Tim Sanderson). Accounts As income exceeded £250,000 in the year the 8ccounts have been prepared on the accruals basis which is Consistent with the previous period. The Iruslees have agreed lo relain Kameliya Harrison of Tearle & Catver Limited as Independent Examiner. Reviow of thè p&rlod and delivoring a public benefit The Iruslees confinm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, when reviewing the fund's aims and objectives and in determining the grant making policy for the period. As in previous years, the Institute continues lo develop in accordance with the business plan originallyoutlined lo the Charity Commission in late 2013. The Inslilule is now well-eslablished and has carried out a range of activities in accordance with that business plan. Flnanclal Review During the year the charity generaled incomo of £243,57812022- £256,791) which includes donations of £128,365.6712022: £130,089). All income received is unrestricted. The lolal costs of the charity were £238,710 {2022.' £216,544) resulting in an overall surplus of £4,86912022= £40,247).
The Institute of International Monetary Research TRUSTEES, REPORT CONTINUED The In8tllute'.¥ new Dlreolor, Damlan Pudngr, jolned the Intslllulg on Fèbruary 271h 2023. and for some months worked alongslde Ihe prevlDUS Director. Dr Juan CaslaAeda, who remalned al the Inslltule on 8 Part-tlme basis until June 2023. Mr. Pudner spent much of 2023 lrylng to develop Bxecullve educallon It) maoroeconomics and monetary economiGs as an aspèol of the Inslllul&'s oulpul. Ho also parlldpaled In teachln[ on the MSC ¢ourses al Ihg Unlverslty of BuGklngharn. taklng a clos8 Interest In th6 proposed new Msc on 'Money, Banking and Wealth Management,. Dr Castaneda Continued lo work wllh the Inslitule, In hls new rol8 al the Vlnson Cenlre, where the Instllute eonlinues lo operate. Both Dr Caslahoda and Mr Pudner were ncerned lo mainlaln close relallons with the Institute of E¢onornlc Affalrs In London. The Msc course In 'Mon6y, banking and central banklng, al the Unitrorslty of Buckingh¥m Introduced In Seplember2017-Is now Into Ils seventh year, In Ils first yearthe MS¢ programme was attetlded by 12 81udents and In ils second there were 10, Includlng two part-tlm& $ludenls. After 4 decline in Ihe numbers oh the programme to only 8ix In 2019120, 2020 had 12 students on the Msc piogramme and four on tha PG Certlfical& (online) prtrgiamme. 2021 ¥aw 14 studen18 on the MSC programme and 8 students an the Pts Certiri¢ato programme. 2022 saw 7 Msc students and 8 PG Certiflcale 8tudenl6. 2023 had an Intake of 8 on Mso Money Banklng and 2 students on Money and Wealth Management. Our PG Certlflcate In Money and B4nklng had an Int&k8 of 6 students. The Unlverslly of P(J¢klngham student satisfaction survey was voted In 2023 al the number InslSlullon for freedom of expresslon and in the top 10 for its m8nlal wellbelng sglVICa8. The IIMR onllne programme MoneyondBanking. Anlnlroduotlon to mongtorfsm Is 81111 attraollng reglstratlons wllh 2023 wllh 10 studgnl reglstrations116 In 2022). In 2023, we al$0 oollaboraled Wllh the In8lltut8 of Econonllc Atralrs In the Camp Vinson Programm8 held al the Oxford Unlver8lty. This ihlllallve wlll be ongolng and Is Snd8ed scheduled for June 2024. The Inslilulo's foous has conllnued lo be Ils'assessmenl of the economlc effects of money growth trends In the leading economles. Whereas In 2022 the InslSlule secured a Temarksble Irlumph as a sharp Ilse In Inflation demonslraled the valldlly of Ils 2020 forecasts, In 2028 Inflallon started lo moderate Sn response to the central bank poll¢y Ighlenlng whloh began In early 2022. As In other recent years, the InslSlule's res¢arch waswidely qLKJled in the 8pe¢lalized medla, and r¢ceived favour4ble coverage and mentions In Th'8 Telegraph, the Flnancial Tlm8S, Ihe Economlsl and rh8 Speolator, as well as In other new8pap8rs and onlln6 medla, Adding lo our Confer8nce Paper8er168. preparalionswere made for publishlng a papèr by SirPaul Tucker who gave ourAnnual PUTr1¢ Lècture In October 2022 on 'Monelary system stablllly and global dlscord,. The London.based Polllgia Ihlnk lank published a pamphlét by tha Inslllule's Chalr, Proles801 TIM Congdon, In April 2023. It conconlraled on the causes of the Tise of Inflatlon In the UK and In partloular the effeel of the acceloration In Tnoney oiowth engineered by the Bank of Englond In 2020. rhe Hou88 of Lords, Economlc Alfalrs Commlllee Invlled Professor Congdon lo olve evldence on these Issues In May 2023. The manag8nlent of Ihe Inslllulg's web8118 Iww.mv-pt.orgl, siarted In 2015 wllh help from, out8lde webslle deslgners, remalned enllrely In-house. The monthly e-mall on global money tronds18 the Inslllule's most Sniporlanl pioducl, wllh thousands of reGlpionls around the world, although wllh most Inlore51 belng In the UK,
The Institute of International Monetary Research TRUSTEES, REPORT CONTINUED) The Inslltute prepares a monthly updat8 tsn global monatary trends, as well as a monlhly Newsletter, which are now dlstrlbuled to almost 2,500 e-m911 addresses from the UK and abroad, wllh a conllnued open rate of around ¥5-45¥0 for the money nol8 and 25-35% for the now818rter. With inflallon retu.rnlng to more nom)al levals In 2023, Ihg ¢enlralily of ihe Inslltule's 2020 warnings on the Inflation risks Inherent In hloh money growth has been less noli¢ed. Bulthe fall in infl2tlon has followed a fall in money growth, whlch tho Inslltule Identllied In sprlhg 2022. The Inslllule's analyllcal framework has ther6forfj r)nce more shown11s relevanee and usofulneBs, Professor Congdon conlributad artloles to Th9 Crlllc, while Mr Pudner wrote pleGes for CllyAM. Moro genèralty, the In8tilute conllnued lo make an important contribullon lo the Inlernallonal dabate on money growlh developments In 2022. Tho soci&l mèdla a¢¢ounls DI the Inslilute conllnued to be used regularfy lo sproad the research agenda of Ihe In811tute, 'and to send updates on forthcomlng events and th8 relea$& ol new educallonal vldeos, Their aLKlienGa grew further In 2022. The Inslllule's Annual Publlc Lecture in Octob¢r 2023 at the Royal Aulomoblle Club In London, wlth Paul Tucker was attended by o¥ier 180 peopl&, r¢Gorded and Ilsled on our YouTubè channel. A conference paper Is due to be produced and dlslrlbuted In Aprll 2024, Our Ahnual Morielary Conference was heLd al the Universlly of Bucklngham in OGlober 2023 on 'What Is the best monetary regime?, The conferen¢e was Ilve slr88m8d on Zoom allènded by 51 people and also atlend6d by 20 people in house. In addltton, the Inslllule contlnues lo host a webinat gerle5.on Mon0 and central banklng Since the sprlng 2020, with t0 lo three speakers p&r term. We are iiery pleased to report a good number of students from the UK and abroad allended the webinars. The vldeos wllh the PTe$entalions of the speakers were made avallable to the publlc on our webslle and Dn ou 6oclal media accounts arid YouTube channel. The Institute has now ralurned lo 'normal' proceedlngg wllh regards to118 evgnt8 and me8llng3 sin¢e Ihe Covld restrlclions havo been relaxed. Re8erve5 Poll¢y Total unreslrlclod fund8 at 31 Deoemb8r 2023 were £201,210 (2022.. £196,941). The charlly had a cash balance at Santsnder Bank 4t 31 December 2023 of £204,943 (2021.. £202,534), Our pollcy is to hold on short term deposit sufflcient funds lo cover total expendlture for ong year and our objective Is to ullllse the In¢omè In coverlng DveFh&ad8. Any shortfalls whlch may occurwlll b9 covèred by way of a donation from Prolassor TIM Congdon CBE. Risk Management The trusleeshave examined the majorslraleglc, buslne8s and operallonal rlsk8whlchlhe charlly faces and conftrm Ihatthgy are happy there arg sy81ems In place to lessen Ihe8e risks. Future Develop.m9nts The tru81ees have consldered thè ImpaGI of the Covld-19 outbreak on thelr fuiure plans and al this slag& Ih&re Is no changé lo the strategy for th8 oharlty. Slnce Maroh 2020 we have ImpSernented numerous procedures to ensure that we can conllnue to work effectively, wl)Ilst remote. The core of our resgarch Is still being publlshed and dlslribuled to our contacts and we are conllnulng wllh our collaboration wlth lh8 Unlverslly of BuGklngham In relallon lo our Msc programme and future programme8. A new Msc ¢oursg - on 'Monoy, banklng and weBllh manaoemenl'_ has been Introduced and is now 88eklng student supptsrt, Brandon Davleg has boen In8lrum8nlal In the design and conlenl of the 'naw means of payment. module of the ¢ourse whlch Introduces 8ludenls lo advances In the flntech Industry and central bank dlgllal currencles, and Ihelr impact on monetary polioy and régulatory issues. The course wlll also focus on how to us8 monot8ry analysls and Investment strategy In a modern economy and
The Institute of International Monetary Research TRUSTEES, REPORT (CONTINUED provld8s a nolabI9 and cornpllmenlary addlllon to the In8111ule's wort( And that of Ils e'xisting programmes, N8w Inlllallves wlll b8 to s8ek orgnt support for monel8ry hlslory prolocis and lo develop executive educallon. OLsr research has been referenced Bcro$s Iheworld Ihrouyhoul and sincelhe pandemlc, and ha ralsed our profile in the lop polloy-maklno Insllluttons, In unIver$lO8 and In the leadlng financial cenlres. Signed on behalf of the Iru51ees ProfessorTlm Con9 on CBE Chalmian of Yrust&es
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF INTERNATIONAL MONETARY RESEARCH I reportto thè trustees on My &xamlnallon oflhe accounlg ofThe Insutute of Internatlonal Monelary Res&arGh ('thg charily'l for Ihe year ended 31 December 2023, whloh ar8 sèl out on pages S to 12. Ro8ponslbllltle¥ and ba$lg of report As the truslees of the ¢harily, you are respon8lbl6 forlhe preparatlon Df the accounts In a¢cordance with the requlr8menls of th8 Chari119s Aot 20111'the 2011 Aol'l. I report In r8speoi of my exBminallon of the charily's accounts carrled out under socllon 145 of the 2011 Act and in carrylno out my examlnallon I have followed all the appllcable Directions given by the Charity Commlssion und8r 86¢11on 145 (51(b) of the 2011 Aol. An Indgpendent examlnAllon does not involve gatherlng all Ihe evldonea thatwould be requlred In an audit and con$equenlly doos not cover a11 the mallers that an auditor considers givlng Ihelf oplnlon on the accounts. Th8 plannlng gnd Conduct of an audll goe8 beyond the limlted assurance that an independent ¢xamination can provlde. Consequently, l 8xpre8s no oiinlon as Its whethor tho accovnls present a'lrue and falrvlew, and my roport Is Ilmlled lo thoÈ8 spg¢illc matter8 $81 Out In the lfidependenl examinèr's slalemenl. Indepèndont examlngr's statttmgnt Slncè the charity's gross Income exceeded £250,000, your examiner musl be a member of a body 1161ed in section 145 of th9 2011 Act. I confirm that l am qualilled to undettake the examlnalion, becausè l am a memb8r of the Inslilule of Chartered Accountants England and Wales, whlch Is on¢ ol the Ilsled bodles. I havo completed my. examlnalion. l ¢onfirm that no materlal matlers have ¢ome to my altenllon In connecllon with the examinatlon glvlng me reasonable cause to belleve that In any material respect-. aceounllng recordswere not kept In regpect cif the charlty as requlred by se¢tloh 130 of the 2011 Act., or Ihe accounts do not accord wllh those recorcls. or the ac¢ounls do not comply wllh the appllcable requlremen15 Conoernlng the lorm and conlenl of a¢cDunls sel oul In the Charities {Accounts and Reports) Regulations 2008 olh8T than any r8qulrement Ihat the aoaounls glv9 a'lrue and falr vl8W whloh Is not a maller consldered as part of an Independenl examination. I havg no concems and have come across no other matter$ In connection wllh the axaminallon to whioh attention should be drawn In this report In order to en81)18 a proper undorslandlng of tha accounts to be reached. Kameltya Harrlson BA IHons) FCA ATT The Inslltule ol Chartered Accounlanls In England and Wgles ON BEHALF OF TEARLE & CARVER LIMITED Chandos House, School Lane Bucklnghan) Buckingham8hSre MK18 1HD Dalo-. PA(Je 14
Instltute of International Monetary Research statement of Flnanclal Actlvitie8 for the Year Ended 31 December 2023 2023 Unreslrfc18d fund 2022 Total funds Note8 INCOME AND ENDOWMENTS FROM Donalk)n8 8nd le9acles 128,366 130,091 Other trading act1vleS 116213 126702 Total 243.579 256,793 EXPENDITURE ON Charltablè acllvilies Char51Bbl& AcllvRle8 295,4SO 211,353 Governan¢8 Totsl 238.710 216547 NET INCQME 4.869 40.246 RECONCILIATION OF FUNDS Total lunds brought foward 196,341 156,095 TOTAL FUNDS CARRIED FORWARD 201,210 196341 Pago IS
Institute of International Monetary Research Balance Shoet 31 Decembor 2023 2023 Unrèslricted fund 2022 Total fundB Noles FIXED ASSETS Tenglble assets 839 CURRENT ASSETS PFepaymenl8 and accrued Incomè Cash 41 bank 1,053 1,174 .202 534 205,998 203,708 CREDITORS Amounts lalllng due wllhln one year {5.626) {7,3671 NET CURRENT ASSETS 200 371 196341 TOTAL ASSETS LESS CURRENT LIABILITIES 201,210 196,S41 201,210 196,341 NET ASSETS FUNDS Unreslrlcled funds 201210 196.341 196341 TOTAL FUNDS 201210 The financial $181emenls w8r8 approved by the Board of Tru81ees and aulhoris8d for 18$uo on -.K.i..l.Dl../. ?Ok.¥.......... and were slgned on118 behalf by.. Trusteè Pag? 16
Institute of Internatlonal Monetary Research Notes to the Flnanclal Statements for the Year Endod 31 December 2023 ACCOUNTING POLICIE8 Basis of preparlng the flnanclal $lat8menl$ Tho flnan¢lal slalgmonls ol the charity, which k% a publlc b¢nelll enlSly under FRS 102, have beon prepared In AG¢ordance wllh Ihg Ch8111Ses SORP IFRS 1021 'Accounllng and Reporting by Charilles., Slalemènl of Recommended Praclice applloable lo charllles preparlng their accounts in acGord8nc8 wllh tho FlnancSal Reportlng Standard applicable in the UK and Republle of Ireland IFRS 102118Ne¢llve 1 January 20191,, Flnanc5al Reportiny Standard 102 The Flnangial Repodlng Standard applicab In the UK and Republlc ol Ire18nd' and U)& Charilies Acl2011. The linanoial slatamonls have been prep8r6rl under the hlglollcal cost convenllon. In¢ome All incom818 r8cognlsed In the Slalemenl ol Finan¢lal Aclfvllles On th¢ ¢harlly has entlllethanl lo th8 lu¥bd8, It Is probable that th8 in¢omg wlll be r8cglv¢d and the emounl can bè measur8d rell&bly, Expanditure LSabllill¢s are recogni$td as expendllure as soon a$ there18 a18gal or con8lrucllve obllgalion commilling the charity to Ihal expendllurt, 51 Is probable that & Iransfar of economle benellls wlll bè requlred In 8elilemenl and the amount ol th8 oblSgalion can be measured r611ably. Expenditure18 accounted for on an accruals ba818 and has been classified under hèading5 that aggregate all ¢081 relolgd lo th6 category. Where co818 cannot bo dlre¢lly allrlb(tled lo partlcular headlngs they havo been allocated lo a¢llvlll8s on a basls ¢on¥181enl wSlh thè u$& ol resour¢o$. Tanglblo flxed assets Depr8ciatSon 18 prOVed 81 the follong annual ièle$ in ordai lo wrlle off ga¢h ass81 over lis esilmaled U881ul lile. Taxatlon The charlly18 8X8mpt from lax on 11$ di8r11ab actilIes. Fund #ccountlng Unroslricled funds ¢an be used1n a¢¢oTdancewith the char51able oblecllv6s al the dls¢rellon ollho Iruslees. Reslthled fundB can onty be uÈÉd for partl¢ular reslrl¢l8d purp0$08 wllhln th8 oblects of th8 charlly. Reslrt¢lbns arlse whon speclllod by the donor orwhen funds ar& ra55ed for partS¢ular r8slrloled purpo689. Further èxplanallon ol the natur$ and purpose of each fund Ss In¢luded In the noteB lo the flnan¢lal Stolemenls. Pa9017
Instltute of Intarnatlonal Monetary Research Notes to the Financlal Statements . continued for the Year Endèd 31 Dacember 2023 OTHER TRADING ACTIVITIES 2023 2022 Msc CouTS6 Feos Ohlino Tralnlng Programme SeNl¢e Fees Glft Ald rant Aword peaker F8e6 Other Income 47,074 834 20.000 28.216 2,493 40,000 27,543 1250 19,000 89 853 11S213 126 702 TRUSTEES, REMUNERATION AND BENEFITS Th¢re were no INSte&$' r¢munerollon or other b?nèfils for the year ended 31 December 2023 nor for the year ended 31 December 2022. Tru8teas' wanso$ Thor¢ w8re no Iru$lees' expens08 pald for th&. yoar endad 31 D&Mb•r 2023 nor for Ihg yoar ended 3.1 D¢¢griiber 2022, STAFF COSTS Aggt¢gatè Rgmunèratlon 2023 2022 Wages 199,821 1T5,982 The avela9e monthly number of ernploy¢es duilng the year was 88 follow8.. 2023 2022 Dlreol Supporl No employo8S tecglved emoluments In ox¢es8 of £60,000. Pasje I
Instltute of International Monetary Research Notes to th& Flnancial Statements - continued for tho Year Endod 31 December 2023 COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTIVITIES Unroslricled fund INCOME AND ENDOWMENTS FROM Donatlons and leg&¢ies 130,091 Othér trading AtstlI 126,702 Toial 2S6,793 EXPENDITURE ON Chatltable actlvllie8 Chaillable Aciivliies Govèrnance 5,194 Total 216547 NET INCOME 40.246 RECONCILIATION OF FUNDS Total lun18 brought fowaTd 156,085 TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS Computer e4uSpmgnt COST Addlllons DEPRECIATION Charge for year 280 NET BOOK VALUE Al 31 Dg¢ombgr 2023 839 Al 310ecember 2022
Institute of Internatlonal Monotary Research Notes to the Flnanclal Statements - contlnued for the Year Ended 31 De¢embar 2023 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Olhar crad.Ilor8 MOVEMENT IN FUNDS Nel rriovemenl In funds Al 31112123 Al 111123 Unyestrleted fund8 Goneral fund 196,341 4.869 201.210 TOTAL FUNDS 196,341 201210 Not movemenl In lunds. Included In the above are a$ FollowB'. Incomlng r¢60UI¢èS Resourees expended Movem6nl In funds Unrastrlcted lunds Genpral fund 243,579 1236,7101 4,869 TOTAL FUNDS 243 579 238,7101 Comparatlves fov inovemgnt In funds N81 movem8hl in lund8 At 31112122 At 111f22 Unreslrlcted funds General fund 156,095 40,246 196,341 TOTAL FUNQS 156 096 40,246 Page110
Institute of Internatlonal Monetary Rèsearch Notes to the Flnancial Statoment8- contlnued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS-conlinued Comparalivo net movement In lunds, Included in the above are as follows,. In¢omlng Tesour¢&s Resources oxpend8d IAoyemènl In lund8 Uore81rlcted fund G8neral fund 256.793 {216,547} 40,248 TOTAL FUNDS 256 793 216 5471 A ¢UTrenl year 12 month5 and prlor year12 months cornbined p0811ioh L8 a8 follow8: Net Tnovemonl In fundg Al 31112123 Al 111122 Unreslrlcted funds G?neral fund 156,09S 45,115 201,210 TOTAL FUNDS 156095 201210 A currehl year 12 month8 and prfor year 12 monlhscornblned n¢1 movement In fun¢8. In¢luded In the above are as follows.. Incomlng re3uuTees Resources Oxpgndad MovoM8nl In fund$ Unro$lrlcled funds Gonoral fund 500,372 1455.2fj71 45.116 TOTAL FUNDS 500,372 455 2571
Institute of Internatlonal Monetsry Research Notes to the Flnanelal Statempnts - contlnu8d for the Year Ended 31 Décember 2023 RELATED PARTY DISCLOSURES The Charlly 1$ under Iho ¢onlrol of Ihg5 Irusleas a8 $81 page 1. Durlng the year Professor T Collgdon CBE, Chalrman of Iruslees. di)nated £117,00012022.'114,5181 Pagp 112
Institute of Intsrnatlonal Monetary Research Detalled Statament of Flnanclal Actlvltlos forthe Year Ended 31 D8cember2023 2023 2022 NCOME AND ENDOWMENTS Donallons and Iguacles Donalbns 128,366 130,091 Other Iradlny a¢tlvltlos MSC Cour80 Fe88 Online Tralnlng Programm8 ewlcè Fees Glrt Ald Grahi Award Speak*¥ Fees Olhar Income 47,074 834 20,000 28.216 54,563 2.493 40,000 27,543 1,260 19,000 89 853 115213 126 702 Total Incomlng resource8 243,579 266,793 EXPENDITURE harltablè actlvllles Wages Research Adverfistno nlerns Event E¥pgnses vfrjeo Compul6r equlpm8nl 169.822 370 4,671 130,214 67 9,273 34 15,09EI 14,282 7,600 280 197,025 164,686 Support C1$ Human r8$our¢es Wages Sundrip9 Slafl Eirpan8eE 30.000 7,402 758 45,769 6,253 38,160 56,110 Othèr Sundrie$ 225 557 Govarnan¢e costs Accounlqnty and18gal fees 3,300 5,194 Thts pagedo¢s iioi form of Ilie3laliiloiy tljianciol 3tatuments
Institute of Intgrnatlonal Monetary Research Dgtallod Ststement of Flnanclal Actlvltles for the Year Ended 31 Decembèr 2023 2023 2022 Tolol resourc08 exp8hd8d 238,710 Nèt Income Thls pog¢ doo$ not form pArtofiiie stTrtiiloiy fln*iclal slalejnents P&g¢ 12