The Institute of International Monetary Research CHARITABLE INCORPORATED ORGANISATION (C.I.O) UNAUDITED FINANCIAL STATEMENTS For the year end 31 December 2024 Registered charity.. 7155226 Company registration number,. CE000630
The Institute of International Monetary Research REFERENCE AND ADMINISTRATION CHAIRMAN OF TRUSTEES Professor Tim Congdon CBE TRUSTEES Mrs Venetia Congdon-Johannes Mr Brandon Davies Professor Terence Kealey Professor Martin Ricketts SECRETARY OF TRUSTEES Mrs Venetia Congdon-Johannes PRINCIPAL OFFICE The University of Buckingham Yeomanry House Hunter Street Buckingham MK18 1EG CHARITY REGISTRATION NUMBER 1155226 COMPANY REGISTION NUMBER CE000630 INDEPENDENT EXAMINER James Arter ACA on behalf of Tearle and Carver Ltd Chandos House School Lane Buckingham MK18 1HD BANKERS Santander UK PIC 2 Triton Square Regent's Place London NW13AN
The Institute of International Monetary Research TRUSTEES, REPORT The Trustees present their annual report and financial statements for the year ended 31 December2024. Thefinancial statements 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.. 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. Structure and Governance Institute of International Monetary Research is a registered charity (Charity number 1155226) governed by its constitution, dated 07 January 2014. Objectives The objective of the institute is to advance the education of the public in general on the workings of modern economies, particularly but not exclusively to increase understandings of the linkages between banks (which issue money) and the rest of the economy. The institute organises research (both written and online) and supports the educational work of The University of Buckingham. Election of Trustees Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees. the charity trustees much have regard to the skills, knowledge and experience needed for the effective administration of the CIO. No changes in the trustees since the appointment of Brandon Davies in August 2019 (to replace Tim Sanderson). Accounts The accounts have been prepared on an accruals basis. The trustees have agreed to retain Tearle and Carver Limited as Independent Examiner. Review of the perlod and dellvering a publlc benefit The trustees confirm 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 to develop in accordance with the business plan originally outlined tothe Charity Commission in late 2013. The Institute is nowwell-established and has carried out a range of activities in accordance with that business plan. Financial Review During the year the charity generated income of £208,245 (2023: £243,579) which includes donations of £136,122 (2023.. £128,366). All income received is unrestricted. The total costs of the charity were £196,664 (2023: £238,710) resulting in an overall surplus of £11,581 (2023.. £4.869).
The Institute of International Monetary Research TRUSTEES, REPORT (CONTINUED) Operational Review The Institute's most important work is conveyed by a monthly e-mail on global money growlh trends, sent to over 3,000 subscribers around the world. This continued without interruption during the year in question. The Institute's Director, Damian Pudner, left the Institute's employment on 121h May 2024. The Institute continued its work without this position being filled for the remainder of 2024 and plans to fill the position in 2025. Dr Castaneda - the Institute's second Director from 2016 to 2023 - has continued to support the Institute, whilst undertaking his role as Director at the Vinson Centre, where the Institute continues to operate and is indeed located. The Msc course in 'Money, banking and central banking, at the University of Buckingham has been withdrawn by the University with the final intake of students finishing their studies in July 2025. The decision was taken by the University due to the overhead costs of the programme (requiring visiting lecturers) and the decline in numbers of students. The same action has been taken with the PG Certificate. The Institute is hoping to submit further courses for approval to the University in collaboration with the Vinson Centre in 2025. The University of Buckingham has, in the latter part of the year, been under immense public scrutiny due to the suspension of its Vice Chancellor, James Tooley. The suspension has affected the University's reputation. and the effect has been felt across the University, both in the decline of student numbers and staff morale. The I IMR online programme Money and Banking. An introduction to monetarism is still attracting registrations with 16 student registrations in 2024 (10 in 2023). In 2024 we continued our collaboration with the Institute of Economic Affairs and Vinson Centre for the Essay Competition. We received a high number of entries from sixth formers, but less from undergraduates. This collaboration will continue in 2025. The Institute's focus has continued to be its assessment of the economic effects of money growth trends in the leading economies. The Institute's online commentary proved remarkably successful in the early 2020s. Its staff noticed the money growth explosion of 2020 and correctly warned about the inflation flare-up of late 2021 and 2022; they also noticed a sharp money growth slowdown and even a period of money contraction in late 2022 and 2023 and correctly forecast a return to on-target inflation. This duly happened, across the advanced countries, in 2024. Worthwhile publicity about these successes appeared in the UK quality press and international media. The Annual Public Lecture in November 2024 was given by the Institute's Chair, Professor Tim Congdon, who used the occasion to outline the analytical basis of the Institute's forecasting success. The London-based think tank, the Institute of Economic Affairs, published a short book, The Quantity Theory of Money.. a New Restatement also by the Institute's Chair, Professor Tim Congdon, in June 2024. The management of the Institute's website (www.mv-pt.org), started in 2015 with help from outside website designers, is now managed entirely in-house. The monthly e-mail on global money trends is the Institute's most important product, with thousands of recipients around the world, although with most interest being in the UK.
The Institute of International Monetary Research TRUSTEES, REPORT (CONTINUED) The Institute prepares a monthly update on global monetary trends, as well as a monthly Newsletter, which are now distributed to almost 3,000 e-mail addresses from the UK and abroad, with a continued open rate of 3545 % for the money note and for the newsletter. With inflation returning to more nomial levels in 2023, the Institute's 2020 warnings on the inflation risks inherent in high money growth have become less ntral in the public debate on economic policy. But the fall in inflation has followed a decline in money growth, which the Institute identified in spring 2022. The Institute's analytical framework has therefore once more shown its relevance and usefulness. Professor Congdon contributed articles to The Critic, while Mr Pudner wrote pieces for CityAM. More generally, the Institute continued to make an important contribution to the international debate on money growth developments in 2024. The social media accounts of the Institute continued to be used regularly to spread the research agenda of the Institute, and to send updates on forthcoming events and the release of new educational videos. Their audience grew further in 2024. The Institute's Annual Public Lecture in November 2024 at the Royal Automobile Club in London, with Tim Congdon as speaker was attended by over 200 people, recorded and listed on our YouTube channel. A conference paper is due to be produced and distributed in early 2026. The Annual Monetary Conferencewas notheld in 2024, with the lack of a full-time Director being a constraint on the Institute's organizational resources. Reserves Policy Total unrestricted funds at 31 December 2024 were £212,791 (2023: £201,210). The charity had a cash balance at Santander Bank at 31 December 2024 of £215,464 (2023: £204,943). Our policy is to hold on short term deposit sufficient funds to cover total expenditure for one year and our objective is to utilise the income in covering overheads. Any shortfalls which may occur will be covered by way of a donation from Professor Tim Congdon CBE. Risk Management Thetrustees have examined the majorstrategic, business and operational riskswhich the charity faces and confirm that they are happy there are systems in place to lessen these risks. Future Developments The impact of the Covid-19 on Ihe Institrrte's oFerdtions now lies in the past The is no change in the Institute's strategy. Since March 2020 we have implemented numerous procedures to ensure that we can continue to work effectively, whilst occasionally remote. The core of our research is still being published and distributed to our contacts and we are continuing with our collaboration with the University of Buckingham in relation to our Msc programme and future programmes.
The Institute of International Monetary Research TRUSTEES, REPORT (CONTINUED) New Inltiatlves wlll be to seek grant support for monetary history projects and to develop exe¢utlve education. Our research has been ref6r8nced across Ihe world throughout and slnce the pandemlc, and has raSsed our profile in the lop pollcy-maklng Institullons, in universltias, and In the lèadlng financl81 cenlres, Slgned on behalf of th8 INstees ProfèssorTlm Congdon CBE ChaSrman of Truste8S Pagè 13
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTE OF INTERNATIONAL MONETARY RESEARCH I reportto the trustees on my examination of the accounts of The Institute of International Monetary Research ('the charity,) for the year ended 31 December 2022, which are set out on pages 5 to 9. Responsibilities and basis of report As the trustees of the charity. you are responsible forthe preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5){b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fair view, and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. James Arter ACA On behalf of Tearle and Carver Ltd Chandos House School Lane Buckingham MK18 1HD Date: Page 14
Institute of International Monetsry Research Statement of Financial Activities for the Year Ended 31 December 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 136,122 128,366 Other trading activities 115,213 Total 208,245 243 579 EXPENDITURE ON Charitable activities Charitable Activities 193,364 3,300 235,450 3,260 Governance Total 196,664 238 710 NET INCOME 11,581 4,869 RECONCILIATION OF FUNDS Total funds brought forward 201,210 196,341 TOTAL FUNDS CARRIED FORWARD 212,791 201,210
Institute of Internatlonal Monetary Research Balance Sheet 31 December 2024 2024 Unrestrlcled fund 2023 Total funds Notes FIXED ASSETS Tangible asse18 1,690 839 CURRENT ASSETS Prepayments and accrued Incomé Cash at bank ,1.262 215464 1,053 204,943 216,726 205,996 CREDITORS Amounts falllng due wllhln one year (5,825) (5,6251 NET CURRENT ASSETS 211,101 200.371 TOTAL ASSETS LESS CURRENT LIABILITIES 212,791 201,210 NET ASSETS 212,791 201,210 FUNDS Unrestricled funds 212,791 201210 TOTAL FUNDS 212 791 201,210 The flnanc tements were approved by th8 Board Of Truste8s and aulhorlsed for Issue on and were slgned on its behalf by.. Trustee P8ge 16
Institute of International Monetary Research Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basls of preparlng the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, 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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commltting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings thataggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. OTHER TRADING ACTIVITIES 2024 2023 Msc Course Fees Online Training Programme Service Fees Gift Aid Speaker Fees Other Income 27,273 7,697 47,074 834 20,000 28,216 19,000 89 36,816 337 115213
Institute of International Monetsry Research Notes to the Financial Statements - continued for the Year Ended 31 December 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS Aggregate Remuneration 2024 2023 Wages 156,033 199,821 The average monthly number of employees during the year was as follows: 2024 2023 Direct Support No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacles 128,366 other trading activities 115,213 Total 243,579 EXPENDITURE ON Charitable activities Charitable Activities 235,450 3,260 Governance Total 238,710 NET INCOME 4.869 RECONCILIATION OF FUNDS Total funds brought forward 196,341
Institute of International Monetary Research Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund TOTAL FUNDS CARRIED FORWARD 201,210 TANGIBLE FIXED ASSETS Computer equipment COST At 1 January 2024 Additions 1,119 1,508 At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year 280 657 At 31 December 2024 937 NET BOOK VALUE At 31 December 2024 At 31 December 2023 839 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other creditors 5,625 5,625 MOVEMENT IN FUNDS Net movement in funds At 31112124 At 111124 Unrestrlcted funds General fund 201,210 11,581 212,791 TOTAL FUNDS 201,210 212 791 Page 10
Institute of International Monetary Research Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - contlnued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 208,245 (196,664) 11,581 TOTAL FUNDS 208,245 196 664) 11,581 Comparatives for movement in funds Net movement in funds At 31112123 At 111123 Unrestricted funds General fund 196,341 4,869 201,210 TOTAL FUNDS 196 341 4,869 201210 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 243,579 (238.710) 4,869 TOTAL FUNDS 243,579 238,710) 4,869 A current year 12 months and prlor year 12 months combined position is as follows.. Net movement in funds At 31112124 At 111123 Unrestricted funds General fund 196,341 16,450 212,791 TOTAL FUNDS 196,341 16,450 212,791
Institute of International Monetsry Research Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 451,824 {435,374) 16,450 TOTAL FUNDS 451.824 435 374) 16,450 RELATED PARTY DISCLOSURES Professor T Congdon CBE, Chairman of the Trustees donated £120,000 (2023'.£117,000) during the period
Institute of International Monetary Research Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 136,122 128,366 other tradlng activities Msc Course Fees Online Training Programme Service Fees Gift Aid Speaker Fees other Income 27,273 7,697 47,074 834 20,000 28,216 19,000 89 36,816 337 115,213 Total incomlng resources 208,245 243,579 EXPENDITURE Charitable activities Wages Research Advertising Event Expenses Video Competition prizes Computer equipment 156,033 179 11,004 1,589 10,000 6.000 657 169,822 370 4,671 14,282 7,600 280 185,462 197,025 Support costs Human resources Wages Sundries Staff Expenses 30,000 7,402 758 6,555 1,042 7,597 38,160 other Sundries 305 225 Governance costs Accountancy and legal fees Total resources expended 196,664 238,710 Net Income 11,581 4,869