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